Most Popular
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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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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Man killed by fellow hunter who mistook him for wild boar
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Complaint filed against ex-state oil firm chief over takeover deal
The state audit agency said Friday it has filed a complaint with the prosecution against a former chief of the state-run oil company for incurring a huge loss from a shady takeover deal he led while in office.The move came after the Board of Audit and Inspection of Korea found that the Korea National Oil Corp. (KNOC) suffered a loss of around US$279 million in the firm's shady acquisition of the Canadian refining firm, North Atlantic Refining Limited (NARL), in 2009. The loss was incurred after
Jan. 2, 2015
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Hyundai, Kia set 2015 sales target at 8.2 mln units
Hyundai Motor Group's chairman said on Friday the group's two carmakers set a goal to produce and sell 8.2 million vehicles this year after exceeding their sales targets for 2014. In a ceremony marking the start of 2015, Chung Mong-koo said it would "not be difficult" to reach the combined sales target of Hyundai Motor Co. and Kia Motors Corp. and added that it won't be long before they produce and sell more than 9 million units."This year's target has been set at 8.2 million, which will not be
Jan. 2, 2015
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Number of firms on watchdog's list edge up in Jan.
The number of business group affiliates subject to restrictions on mutual investments and loan guarantees edged up by one in January from a month earlier, South Korea's antitrust watchdog said Friday.The Fair Trade Commission (FTC) said the overall number of firms on its watch list stood at 1,676 belonging to 63 business groups as of this month, from 1,675 tallied in early December.A total of 18 firms -- including affiliates belonging to Lotte Group, the country's largest retail conglomerate, an
Jan. 2, 2015
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[Newsmaker] ‘Nut rage’ spreads to family fiasco
A monthlong drama that started with a flight delay over a packet of macadamia nuts continued Wednesday, when an arrest warrant was issued for Cho Hyun-ah, a former Korean Air executive accused of violating aviation safety law and obstructing the flight crew in their duties.Cho, the eldest daughter of Korean Air chairman Cho Yang-ho, became the first female chaebol scion to be held in a detention center.But the “nut rage” scandal spread to other members of the Cho family, after prosecutors reveal
Jan. 1, 2015
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POSCO offloads POSFINE
POSCO, the nation’s top steelmaker, on Wednesday offloaded its shares in POSFINE, a slag powder producer, to a local private equity fund for an estimated 30 billion won ($27.5 million), industry sources said.Under the deal, POSCO sold its 69.22 percent stake in POSFINE to Hahn & Co. The move came two months after POSCO had opened talks with the fund in line with its reorganization efforts.Hahn & Co. also reportedly plans to acquire the remaining shares in POSFINE from Tongyang Cement & Energy Co
Jan. 1, 2015
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Dongbu Construction files for court receivership
Dongbu Construction, a financially troubled construction arm of South Korea’s 18th-largest conglomerate Dongbu Group, said Wednesday it has filed for court receivership.“Our company has applied for the court receivership program with the Seoul Central District Court,” Dongbu said in its regulatory filing. Dongbu Group, whose business portfolio ranges from insurance and construction to steelmaking, has been under pressure from its creditors to beef up its worsening financial status.The builder ha
Jan. 1, 2015
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Refineries eye Dubai crude at $65-$70 in 2015
South Korea’s major refineries expected the prices of Dubai crude oil to hover around $65 to $70 this year as the free fall in global oil prices will likely be eased by a slowdown in the U.S. shale gas supply, industry sources said Thursday.Out of the four market leading companies of SK Energy, GS Caltex, S-Oil and Hyundai Oilbank, three refineries forecast that the Dubai crude will rebound to $65 or $70 on average throughout 2015 from $53 on Dec. 30, 2014, according to the sources.The other com
Jan. 1, 2015
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Korean exports hit record high in 2014
South Korea’s exports rose to a record high last year with the country’s overall trade volume also climbing to a new all-time high, the government said Thursday.South Korea’s overall exports came to $573.1 billion in 2014, up 2.4 percent from the previous year, according to the Ministry of Trade, Industry and Energy.Imports gained 2 percent on-year to about $525.7 billion. The country‘s trade surplus also rose to a new high of $47.4 billion.It marked the fourth consecutive year the country’s ove
Jan. 1, 2015
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Convicted tycoons hope for state mercy
With economic recovery on the government agenda for the new year, business magnates who have spent more than a year behind bars are longing for state mercy and a return to their former positions. While politicians and policymakers are involved in a political tug-of-war over the issue, some conglomerates, including SK Group and CJ Group, are expecting that public antipathy against their imprisoned chiefs will cool down. They have claimed that a leadership vacuum has delayed their key management d
Jan. 1, 2015
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KORAIL to sell Incheon airport railroad
KORAIL, the nation’s railway operator, announced on Wednesday it will launch a bid to offload its railroad unit Incheon International Airport Railroad as part of its efforts to reduce debt. The state-run enterprise and its financial investor Hyundai Marine & Fire Insurance seeks to sell their combined 90.1 percent ownership of the debt-ridden railway line, connecting the airport with Seoul Station, whose value is estimated at 4 trillion won ($ 3.6 billion), including 2 trillion in debt. “The res
Jan. 1, 2015
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Hyundai Motor bets on China with two new factories
Hyundai Motor Group announced a plan to expand its facilities in China on Thursday, under which it will build two manufacturing plants in the world’s largest auto market by 2017. Construction of the plants in the southwestern city of Chongqing and northeastern Hebei province will start as early as 2015 and wrap up around 2017, the company said in a press release. The two factories will have the capacity to produce up to 600,000 units of mostly small cars every year. It will raise Hyundai’s annua
Jan. 1, 2015
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[Herald Interview] ‘CSR is crucial to sustainable growth’
Korean companies need to take a strategic approach to their corporate social responsibility-related activities to link them to sustainable growth for the company, the head of a global CSR strategy consultancy said. “CSR is not a matter of how enterprises spend their money. It’s about how they earn money,” Lee Yoon-suk, founder and CEO of InnoCSR Group, said in a recent interview with The Korea Herald.Lee, 36, emphasized the high correlation between a company’s CSR and sustainable growth.“Compani
Jan. 1, 2015
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Financial regulator vows to control household debt
The chief financial regulator said Thursday that tackling household debts would take priority in government policies next year, along with economic reform to improve the fundamentals of the economy and sharpen competitiveness.“Restructuring of household debt is a top priority for financial stability in 2015,” Financial Services Commission chairman Shin Je-yoon said in a New Year’s message.“We’ve set 2015 policy guidelines in order to improve the quality of household debts.”South Korea’s family l
Jan. 1, 2015
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S. Korean major refiner eyes Dubai crude at $65-70 in 2015
South Korea's major refineries expected the prices of Dubai crude oil to hover around US$65 to $70 this year as the free fall in global oil prices will likely be eased by a slowdown in the U.S. shale gas supply, industry sources said Thursday. Out of the four market leading companies of SK Energy Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co., three refineries forecast that the Dubai crude will rebound to $65 or $70 on average throughout 2015 from $53 on Dec. 30, 2014, according to t
Jan. 1, 2015
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Retailers look to diversify channels
This year, where and how you shop will tell you what kind of a consumer you are. Amid the long-standing frozen consumer sentiment, retailers are expected to diversify their channels in order to satisfy people with different income levels and needs.Outlets surging2014 was a harsh year for the nation’s traditional retailers. According to ETrade, a stock trading firm, the domestic department store market ― worth around 29.8 trillion won ($28 billion) in 2013 ― is expected to experience slow growth
Dec. 31, 2014
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Tough road ahead for shipbuilding, steel industries
The nation’s shipbuilding and steel industries, both of which were in recession last year, are forecast to go through another difficult year in 2015 mainly due to the worsening business environment. The Federation of Korean Industries, a leading business association in Korea, issued a dim outlook for the shipbuilding industry this year, which suffered from record losses in the second quarter of 2014.Hyundai Heavy Industries, the world’s largest shipbuilder, reported record operating losses of 1
Dec. 31, 2014
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Construction industry shifts focus to emerging markets
Apartment construction cranes move construction material at a POSCO Engineering and Construction construction site. (Bloomberg)South Korean builders are expected to expand investment into the world’s emerging markets this year as they seek ways to sustain growth amid tough market conditions in the Middle East, which previously was the top client for the industry. The global oil price plunge and fierce competition were the main factors that propelled Korean contractors to seek new business opport
Dec. 31, 2014
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Hyundai Heavy, unionists strike tentative wage deal
Hyundai Heavy Industries Co. said Thursday it has reached a tentative agreement on wages with its unionized workers, putting an end to the partial strikes that have taken place since last November. Under the agreement, the shipbuilding conglomerate agreed to increase basic pay by 37,000 won (US$33.94) per month, a 2 percent hike, and give workers company stocks equivalent to 150 percent of the base monthly salary together with another 2 million won as a bonus.The company also agreed to include i
Dec. 31, 2014
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Korean Air ex-VP's sister slammed for vowing revenge over 'nut rage'
A family member of the former Korean Air Lines Co. executive at the center of the "nut rage" scandal came under fire on Wednesday after prosecutors revealed a text message in which she promised to "take revenge" on behalf of her sister. Cho Hyun-min promised her sister Hyun-ah she would "take revenge no matter what" via a text message on Dec. 17 in apparent outrage over the ongoing probe into a row involving nuts that delayed the departure of a flight. The 31-year-old Cho, who currently holds an
Dec. 31, 2014
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Hyundai, Kia set 2015 sales goal at 8.2 mln units
South Korea's top carmaker, Hyundai Motor Co., and its smaller affiliate Kia Motors Corp. are aiming to sell 8.2 million units globally next year, about 1.5 percent higher than their global sales this year, industry sources said Wednesday.Although the final decision on these figures is yet to be made, Hyundai's and Kia's sales targets for overseas markets are likely to stand at 3.18 million units and 1.44 million units, while those for the home turf may come to 1.87 million and 1.71 million, res
Dec. 31, 2014