Most Popular
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Can Jennie break the K-pop solo artist slump?
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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20 minors registered as CEOs making over 100 million won
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Netflix, streaming platforms come under fire for loose ratings
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Hyundai Group chief included on ‘Asia Power Businesswomen’ list
Hyundai Group said that chairwoman Hyun Jeong-eun had made it onto the list of 50 “Asia Power Businesswomen” published by Forbes Asia on Thursday.Forbes wrote that “Hyun made a comeback in 2014, raising nearly $3 billion to restructure her debt-ridden Hyundai Group” by selling subsidiaries and assets, and added that she decided to focus on shipping, machinery and North Korean operations. Hyun Jeong-eun Lee Boo-jinForbes also described Hyun as being “at the forefront of inter-Korean relations, wo
Feb. 26, 2015
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[Herald Interview] ‘Restaurant curation’ booms in Korea
So-called curated dining businesses, collections of famous restaurants under one roof, are catching on in Korea. According to the founders of Over the Dish, a Seoul-based restaurant curator, success in the industry is all about location and a competitive edge in theme selection. “It seems like a fad ― from the high-end Galleria Department Store in southern Seoul with Gourmet 494 to the rather affordable and hearty Food Empire at IFC Mall in Yeouido, the select collections of popular diners seem
Feb. 26, 2015
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POSCO E&C set to face probe on slush fund charges
POSCO Engineering & Construction, the construction unit of South Korea's top steelmaker, POSCO, may face an investigation over slush funds created by its executives involved in projects in Vietnam, industry sources said Thursday.The South Korean builder confirmed news reports that some of its employees working on its Vietnamese projects, such as the construction of a new city and roads, were reprimanded in July for operating illegal slush funds worth about 10 billion won (US$9.13 million) Prime
Feb. 26, 2015
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Samsung starts mass production of high-end flash memory for smartphones
South Korea's tech giant Samsung Electronics Co. said Thursday it has started mass production of an upgraded flash memory chip for smartphones with a high speed and a high capacity, which will help mobile devices run more stable. Samsung claimed that the 128GB Universal Flash Storage for smartphones is an industry first, and is faster and slimmer, and consumes less power compared with previous flash memory chips. The company said it will also roll out 32GB and 64GB versions. Samsung said the U
Feb. 26, 2015
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Corporate earnings outlook still murky but major players to see improvement
The first-quarter earnings outlook for South Korea's listed firms remains cloudy due to economic uncertainties, such as a weaker Japanese yen, but major players are expected to see improvement in their bottom lines on their market dominance, data showed Thursday. The combined operating profit estimate for 177 listed companies was reduced by 0.34 percent for the first quarter as of Tuesday from the beginning of the year, according to an analysis by financial information provider FnGuide. The ea
Feb. 26, 2015
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Hyundai E&C bags $212 mln construction deal in Singapore
South Korea's No. 2 builder Hyundai Engineering & Construction Co. said Thursday it has clinched a $211.46 million project to construct a commercial building in Singapore. Under the deal with real estate developer Frasers Centrepoint, the South Korean company will build the Frasers Tower, a 38-story office building, to be located on Cecil Street in the Central Business District in Singapore, according to Hyundai E&C. The main building will also have a three-story basement parking facility, a
Feb. 26, 2015
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Lotte, Shilla vie for Jeju downtown duty-free shops
South Korean duty-free retailers Hotel Lotte and Hotel Shilla are competing again to open more stores, this time on the country's southern island of Jeju, which has become a business hotspot teeming with Chinese tourists who have proven to be zealous shoppers. The two duty-free giants, in addition to local builder Booyoung Group, have submitted proposals to the customs office for a license that would enable the winner to operate for five years one of the island's two downtown duty-free faciliti
Feb. 26, 2015
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[Graphic News] Korean home electricity use below OECD average
South Koreans use significantly less electricity at home than people in other OECD countries.According to the Korea Energy Economics Institute, South Koreans used 1,278 kWh of electricity on average in the home in 2012, ranking 26th out of 34 countries in terms of electricity use. The figure is only 55 percent of the OECD average (2,335 kWh).The country that used the most electricity in the home was Norway (7,415 kWh), followed by Canada (4,387 kWh) and the U.S. (4,374 kWh).The low home electric
Feb. 25, 2015
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Lotte Group hopes to buy Italian airport retailer
Lotte Group hopes to acquire Italian airport retailer World Duty Free to grow into the world’s No. 2 duty-free shop operator, group officials said Wednesday. According to news reports, the nation’s fifth-largest conglomerate by assets submitted a proposal to acquire a controlling stake in WDF. Lotte Shopping, which operates Lotte Duty Free, has made the offer estimated at 3 trillion won ($2.7 billion) to 4 trillion won, the reports said. “We are interested in WDF. But it is difficult to confirm
Feb. 25, 2015
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PEFs, Shinsegae, Hoban join competition to buy Kumho Industrial
The heated race to take a 57.48 percent stake in Kumho Industrial, the de facto holding company of Kumho Asiana Group, started Wednesday among private equity funds, Shinsegae Group, and a domestic builder.Four domestic private equity funds, retail giant Shinsegae, and Hoban Construction, a mid-tier local builder, have joined the bid by submitting a letter of intent to underwriters.According to sources, the confirmed PEF bidders are MBK Partners, IMM Investment Corp., IBK Securities-Keistone Part
Feb. 25, 2015
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Hyundai E&C to join forces with GE for energy, infrastructure biz
Hyundai Engineering & Construction Co., South Korea's No. 2 builder, said Wednesday it has signed a preliminary deal with U.S. conglomerate General Electric Co. to enhance cooperation in the global energy and infrastructure businesses. Under the deal, the two companies will join hands in various construction and engineering projects throughout Asia, Europe, and the Middle East, as well as in the Americas, according to the builder's press release. "The deal was possible thanks to the firm tru
Feb. 25, 2015
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Open bid for control of S. Korea's No. 2 air carrier draws local builder, PEFs
A handful of private equity firms and a local builder proposed Wednesday to buy the controlling stake in formerly debt-ridden South Korean builder Kumho Industrial Co., whose sales package includes major shares in the country's No. 2 air carrier. At least four investment firms have submitted letters of intent to get a hold of the construction firm, including IBK Securities-Keistone Partners, Jabez Partners Co., MBK Partners, and IMM Private Equity, according to investment bank industry sources
Feb. 25, 2015
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Gov't to support timely development of U.S. military base, Hyundai
The government will support the timely development of land in Seoul returned from the U.S. military and property purchased by Hyundai Motor Group to fuel investment, South Korea's top economic policymaker said Wednesday. In a meeting of economy-related ministers in Seoul, Choi Kyung-hwan said the government will shorten the administrative process for the large projects. For the land to be taken over from the U.S. Army in Yongsan, central Seoul, measures will be implemented so that actual devel
Feb. 25, 2015
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Sales at S. Korea's discount outlets, department stores plunge in Jan.
Sales at South Korea's discount outlets and department stores continued to drop from a year earlier in January, but the decline was largely due to a base effect from the Lunar New Year's holiday, the government said Wednesday. In January, combined sales at the country's three major discount outlet chains plunged 18.3 percent on-year, with numbers for the three major department store chains also tumbling 11 percent, according to the Ministry of Trade, Industry and Energy. January marks the fift
Feb. 25, 2015
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S. Korean credit card firms' 2014 net edges up
South Korean credit card firms saw their combined net profit inch up last year from a year earlier despite a prolonged domestic economic slump and a massive data leak from major card issuers, industry data showed Wednesday. Eight credit card issuers posted a combined profit of 1.86 trillion won ($1.68 billion) in 2014, up 4 percent from 1.79 trillion won the previous year, according to the data. Their revenues also rose 4.5 percent on-year to 20.3 trillion won from 19.4 trillion won over the c
Feb. 25, 2015
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S. Korea's int'l air passenger traffic jumps 15.8 pct in Jan.
South Korea's international air passenger traffic surged to a record high in January partly on a large increase in passengers to and from China, the government said Wednesday. The number of international air passengers to and from South Korea reached 5.38 million in January, up 15.8 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport. The increase was partly attributed to a growing number of South Koreans going abroad for vacation, along with
Feb. 25, 2015
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54 industries designated for SME protection
A quasi-government panel on Tuesday designated 54 types of businesses as small- and medium-sized companies, a decision aimed at protecting them from business expansion by conglomerates. The Korean Commission for Corporate Partnership said the new categories this year are stationary retail, tobacco wholesale, rice cakes for rice cake soup, woodchips and rental car service.Of the 77 businesses that were due to be taken off the list, up to 49 industries including coffee bean and tofu production wer
Feb. 24, 2015
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Korean Air, KAI vie for fighter jet project
Korean Air and Korea Aerospace Industries will compete for an 8.5 trillion won ($8.3 billion) fighter jet project, the nation’s arms procurement agency said Tuesday.The lucrative defense project is designed to develop the country’s mid-level jets to replace the aging F-4s and F-5s.“Our own technology will enable the military to utilize the fighter jets for the next 30 years through continuous product improvement,” a Korean Air official said. The country’s largest airliner teamed up with European
Feb. 24, 2015
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LS to export underground power cable to Denmark
LS Cable & System, the nation’s top power cable-maker, said Tuesday it had signed a 25 billion won ($23 million) power cable supply contact with Energinet Fredericia, Denmark’s national power transmission system operator.Under the deal signed Monday, the company will supply a 300-kilometer-long high-voltage underground cable for the Danish project to modernize and improve the transmission system of the greater Copenhagen area by the latter half of 2016. “Through the deal, the company will furthe
Feb. 24, 2015
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[SUPER RICH] Superrich donating for scientific development
Scientific development, especially in medicine and technology, has had a considerable effect in raising living standards by saving lives and improving the quality of life.The vast majority of scientific developments are led by the government ― the main reason being the astronomical costs that can only be properly funded by the state. Even in the U.S., personal and private funding for scientific research barely reaches 10 percent of total funds.Experts emphasize that donations from superrich indi
Feb. 24, 2015