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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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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Korean Air considers fresh funding for Czech Airlines
Korean Air, the nation’s flagship carrier, said Monday that it was considering injecting fresh capital into Czech Airlines, which recently launched restructuring plans to tackle its financial problems. Korean Air, seeking business expansion in Europe, acquired a 44 percent stake in Czech Airlines last year. Both the carriers are part of the Sky Team global alliance. “We are considering fresh funding for Czech Airlines,” said a Korean Air spokesperson. “But we have not yet finalized the size or t
Oct. 27, 2014
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Sales at department stores, supermarkets drop in September
Sales at discount outlet chains and large department stores fell in September, largely due to less shopping during the country’s traditional holiday of Chuseok, the government said Monday.Combined sales at the country’s three major discount outlet chains plunged 10.1 percent on-year last month, a turnaround from an on-year increase of 3.2 percent in the previous month, according to the Ministry of Trade, Industry and Energy.The drop was partly attributed to two fewer business days due to the Chu
Oct. 27, 2014
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[SUPER RICH] World’s top brands
Interbrand, an American brand consultancy, has been releasing an annual ranking of 100 global brands since 2000, evaluating each brand’s financial performance, role and strengths.A closer look at Interbrand’s reports issued between 2004 and 2014 reveals the ups and downs that the brands have experienced through the years, and also reflects the changes in different industries. For instance, some top brands suffered sudden and unexpected declines in their value, while others that were thought to n
Oct. 27, 2014
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AmorePacific aims to boost sales in China
SHANGHAI ― AmorePacific Group, a leading South Korean beauty goods maker, said that it will aim to increase sales ninefold in China by 2020.The group chairman Suh Kyung-bae said Wednesday that this was in line with its new vision to become the top cosmetics brand in Asia and the world.“We will strive to become the No. 1 in Asia by 2020, and ultimately the global No. 1 in the future, from being Korea’s No. 1 beauty products maker,” Suh said during an opening ceremony for its new plant in Shanghai
Oct. 26, 2014
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LG Electronics, LG Chem to support social enterprises
LG Electronics said Sunday that it would set up a 6 billion won ($5.6 million) fund with its affiliate LG Chem to invest in social enterprises over the next three years.The South Korean tech giant said the LG Social Fund would financially support companies such as social venture firms and village enterprises seeking to improve the country’s socioeconomic conditions by creating innovative solutions.The LG companies said they hoped LG-backed social enterprises would not only increase productivity
Oct. 26, 2014
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[Herald Interview] TNT Korea eyes growth in medical logistics service
TNT Korea, the South Korean subsidiary of global express delivery company TNT, is pushing ahead with its clinical express service as its core business amid the growing importance of Korea’s health care sector.“TNT Korea was a pioneer in bio and health care delivery service in Korea. It has seen double-digit growth every year since it started the service in early 2000s,” Kim Jong-chul, managing director of TNT Korea told The Korea Herald. TNT’s clinical express service offers a specialized temper
Oct. 26, 2014
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Korea leads in manufacturing, lags in quality of life
South Korea ranks among global leaders in such areas as manufacturing, research and development and financial wealth, but is middle of the pack in terms of quality of life and labor conditions, a report by an international traders association showed Sunday.The findings based on statistical data gathered from around 170 sources, covering such areas as the economy, trade and social development, indicated that the country’s strength lay in manufacturing, the Korea International Trade Association sa
Oct. 26, 2014
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Korea leads in manufacturing, lags in quality of life
South Korea ranks among global leaders in such areas as manufacturing, research and development and financial wealth, but is middle of the pack in terms of quality of life and labor conditions, a report by an international traders association showed Sunday.The findings based on statistical data gathered from around 170 sources, covering such areas as the economy, trade and social development, indicated that the country’s strength lay in manufacturing, the Korea International Trade Association sa
Oct. 26, 2014
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[Weekender] Hiking popularity boosts outdoor market
Despite falling sales in Korea’s overall fashion market, demand for outdoor clothing has risen steadily.On any day of the week, especially on the weekends, you can see groups of people heading out to hike the nation’s abundant and easily accessible mountains. This trend has contributed to the growth of the outdoor clothing market. However, hiking is no longer considered Korea’s only outdoor activity. An increasing number of people are enjoying camping, mountain biking and rock climbing.Hiking in
Oct. 24, 2014
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Electronics firms probed over accounting fraud
The South Korean customs and financial authorities have launched an investigation into suspicions that a mid-sized electronics firm and its affiliate, championed as some of the fiscally healthiest companies, committed accounting fraud amounting to hundreds of billions of won, state officials said Friday.According to the officials, the Korea Customs Service is looking into allegations that privately-owned Moneual Inc., a manufacturer of computers and other small home appliances, altered the books
Oct. 24, 2014
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Former Kia Motors employees indicted over confidential info leak
Three former employees of Kia Motors Corp., South Korea’s No. 2 automaker, have been indicted on charges of leaking confidential information to a Chinese competitor, Seoul prosecutors said Friday.The suspects, including a former member of the board of directors surnamed Choi, are accused of sending computer files containing the automaker’s internal documents to Geely Automobile Holdings in June 2013, prosecutors said.The Seoul Central Prosecutors’ Office said it has indicted the suspects without
Oct. 24, 2014
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Auto-sector trade surplus shrinks in Q3: customs data
South Korea’s surplus in the automobile sector declined on-year during the third quarter as imports of vehicles jumped on the growing need for foreign brands, customs data showed Friday.South Korea exported a total of 653,000 units of vehicles, which was worth $9.3 billion, during the July-September period, up 2.4 percent from a year earlier, according to the data by the Korea Customs Service. Car imports surged 37.4 percent over the same period to 64,000, which was estimated at $2.1 billion.The
Oct. 24, 2014
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Hyundai E&C earnings drop 20.1% in Q3
Hyundai Engineering and Construction Co., South Korea’s second-largest builder, on Friday posted a 20.1 percent on-year drop in its net earnings for the third quarter, mainly due to fines paid for anti-trust rule violations. Net earnings totaled 135.1 billion won ($127.3 million).Despite a weakened bottom line, the company’s operating profit jumped a solid 12 percent to 230.7 billion won in the same period, with sales surging 20.5 percent from the year before to a little under 4.26 trillion won,
Oct. 24, 2014
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Hotel construction lures investors
With a growing number of foreign tourists visiting South Korea causing accommodation problems, the hotel construction market has emerged as the most attractive investment destination in the country despite the local housing market slump, industry data showed Friday.Local real estate investment trusts, companies that own or operate profit-making real estate, inked six new contracts worth more than 900 billion won ($853.4 million) to build new hotels or renew old ones in 2013 alone, compared with
Oct. 24, 2014
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Kia Motors’ net earnings plunge 27.2% in Q3
Kia Motors Corp., South Korea’s No. 2 automaker, said Friday its net earnings for the third quarter plunged 27.2 percent on-year to 657.4 billion won ($619.5 million), due to unfavorable exchange rates that offset strong gains in the total number of cars it sold. Operating profit also dropped 18.6 percent to 566.6 billion won in the same period, with earnings generated by sales dipping 1.9 percent to a little over 11.41 trillion won, the company said in a regulatory filing.Kia reported selling 7
Oct. 24, 2014
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SK Global Chemical unveils new paraxylene plant in Ulsan
SK Global Chemical and its joint venture partner Japan’s JX Nippon Oil & Energy unveiled a new production plant for paraxylene in Korea’s southeastern city of Ulsan on Thursday. According to SK Global Chemical, the two companies have poured 936.3 billion won ($887.4 million) into the new facility for Ulsan Aromatic Corp. based on a 50-50 joint venture. Test operations kicked off in June. The 460 billion won in funding from JX was the largest foreign direct investment made in Korea to date, offic
Oct. 23, 2014
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Daewoo E&C starts Bongdam Prugio sales
Daewoo Engineering & Construction has begun sales of apartments in its latest Prugio complex, dubbed the “Bongdam Central Prugio” that will become the biggest apartment complex in the Bongdam area of Hwaseong, Gyeonggi Province. Prugio is the company’s flagship housing brand, introduced in 1994.The complex is comprised of 1,265 apartments in 12 buildings ranging from 59-84 square meters. A rendition of the Central Prugio apartment complex in Bongdam in Hwaseong, Gyeonggi Province. (Daewoo E&C)Th
Oct. 23, 2014
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Hyundai Genesis gets highest safety test score in Australia, New Zealand
Hyundai Motor Co. said Thursday that its new Genesis premium sedan received the highest ever safety test score in Australia and New Zealand, sidestepping well-established rivals from Japan and Germany.South Korea’s largest carmaker said the Genesis, first unveiled in its home market in late 2013, got the top five stars in the Australasian New Car Assessment Program safety rating scheme with an overall score of 36.88 out of 37. The score is the highest tallied in the ANCAP’s 21-year history and i
Oct. 23, 2014
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Watchdog probing instant noodle, snack makers for fixing prices
South Korea’s antitrust watchdog has launched a probe into suspicions that major instant-noodle and snack makers were involved in fixing prices, government sources said Thursday.“A probe is underway as there are suspicions that some companies had conspired to hike prices of their products at a certain level,” a Fair Trade Commission official said. “An on-spot inspection has already been completed and we will keep monitoring to secure specific evidence going forward.”He said that the evidence at
Oct. 23, 2014
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Construction permits for new homes increase for 9th month
The number of construction permits issued for new homes grew from a year earlier in September, marking the ninth consecutive month of such increase, the government said Thursday. According to the Ministry of Land, Infrastructure and Transport, the number of new home permits issued last month came to 37,726, up 11.4 percent from the same month last year.The rise, however, came mostly from an increase in Gyeonggi Province, which surrounds the capital Seoul.The number of construction permits issued
Oct. 23, 2014