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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Agriculture Ministry partners with Portuguese food association
South Korea’s Agriculture Ministry said Monday that it had partnered up with PortugalFoods, a Portuguese food association, at SIAL Paris 2014, an international food exhibition being held in Paris from Oct. 19-23. PortugalFoods is a Portuguese agro-food association, which was set up in 2009 to promote the nation’s food industry and to build networks with compatriot and foreign firms. The South Korean government said the partnership was a follow-up measure to the discussion the presidents of the t
Oct. 20, 2014
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Gasoline-driven import cars recover lost ground against diesels
Gasoline-driven import cars that have been sidestepped by the popularity of their diesel siblings in South Korea made a comeback in September by capturing a 30 percent share of sales, industry sources said Monday.Data by the Korea Automobile Importers and Distributors Association showed that of the 17,027 new cars sold last month, 5,105 units had gasoline engines, with 11,174 vehicle, or 65.6 percent, having diesels. Sales figures also included 743 hybrids and five electric cars.September marked
Oct. 20, 2014
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LSIS spearheads technology for railroad control systems
South Korean cable-maker LSIS said it had secured a global safety-related certification for its newly developed system for controlling unmanned trains, dubbed the Korean radio-based train control system. The cable-maker said the KRTCS had been awarded the international safety and reliability certification Safety Integrity Level 4, the highest safety grade in the railroad sector, from Lloyds Register Rail of the U.K. for the first time in Korea. The SIL certification confirms the electronic, elec
Oct. 20, 2014
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Korean firms spending big on stake purchases
South Korean firms have increased spending on purchasing stakes in affiliated firms and other companies this year, seeking mergers and acquisitions to realign their business portfolios, the main bourse operator said Monday. Companies listed on the local stock market spent a total of 12.19 trillion won ($11.49 billion) through Oct. 15 to obtain stakes in other companies, compared with 10.99 trillion won a year earlier, according to the Korea Exchange.Such a spike in spending on stake purchases ca
Oct. 20, 2014
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Korea’s international air traffic grows 9.1% in Q3
South Korea’s international airline traffic rose 9.1 percent from a year earlier in the third quarter, partly on a rise in the number of flights to and from China, the government said Monday.In the three months ended Sept. 30, the number of international flights to and from South Korea came to 98,113, according to the Ministry of Land, Infrastructure and Transport.The ministry attributed the increase in part to this year’s Asian Games held in the country’s western port city of Incheon, noting th
Oct. 20, 2014
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Hyundai Motor launches updated Sante Fe 2015 in home market
Hyundai Motor Co. on Monday launched the updated 2015 Sante Fe midsize crossover, the latest version of one of the carmaker's steady sellers, in its home market.The popular SUV comes with an optional tire pressure monitoring system (TPMS), smart tailgate, a 220-volt inverter to recharge various portable devices, and collision warning systems.South Korea's No. 1 carmaker said the two-row, five passenger version will be sold with the R2.2-liter diesel engine for the first time, promising better pe
Oct. 20, 2014
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Gasoline-driven import cars recover lost ground against diesels
Gasoline-driven import cars that have been sidestepped by the popularity of their diesel siblings in South Korea made a comeback in September by capturing a 30 percent share of sales, industry sources said Monday.Data by the Korea Automobile Importers and Distributors Association (KAIDA) showed that of the 17,027 new cars sold last month, 5,105 units had gasoline engines, with 11,174 vehicle, or 65.6 percent, having diesels. Sales figures also included 743 hybrids and five electric cars.Septembe
Oct. 20, 2014
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[Herald Interview] Saudi Arabia to benchmark Korea’s transport systems
A top official of Saudi Arabia’s capital city of Riyadh said that he would like his country to adopt Korea’s smart transportation system, which was unlike anything he has seen before. “I was impressed by Seoul’s clean, efficient and safe public transportation system which also covers most parts of the city at reasonable fares,” Mohammed Bin Ali Alsheikh, Economic Studies Unit Director of Arriyadh Development Authority, told The Korea Herald Oct. 17. Nine officials, including Alsheikh, from Arriy
Oct. 19, 2014
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Stocks of top Hyundai Motor Group units plummet
The combined stock value of Hyundai Motor Group’s three top affiliates plummeted by just under 19 trillion won ($17.8 billion) on shaky performances and the purchase of a pricey land lot in southern Seoul, market watchers said Sunday.According to the Korea Exchange and market researcher FN Guide, the total market capitalization of Hyundai Motor Co., Hyundai Mobis and Kia Motors Corp. stood at 80.16 trillion won as of Friday, down 18.93 trillion won from 99.09 trillion won on Sept. 17.The drop fo
Oct. 19, 2014
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Korea wins bid to host 2021 global gas gathering
Korea has successfully attracted the 2021 World Gas Conference to Daegu through a vote at the International Gas Union, state-run Korea Gas Corp. said in a press release on Friday. Norway, China and Russia had competed against the country to win the bid for the triennial gas industry gathering, at which members discuss pending issues and challenges. ‘‘Korea will become the third nation in Asia to host the WGC after Japan in 2003 and Malaysia in 2012,” KOGAS said. Jang Seok-hyo, the chief of KOGAS
Oct. 17, 2014
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Concerns rise over runway safety at Gimpo Airport
Gimpo International Airport, a major gateway to Seoul, has been compromising the safety of users by allowing trainee-operated planes to run on the same runway for passenger jets, a lawmaker said Friday during a parliamentary audit of the airport’s operator Korea Airport Corp.According to Rep. Lee Noh-geun of the ruling Saenuri Party, the number of flights by trainees surged to 44 in 2013 from 16 in 2010. He added there were several accidents during the same period, including three injuries. “Oth
Oct. 17, 2014
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Seoul shares fall sharply
South Korean stocks fell sharply Friday as lack of market confidence in the global economy caused jittery foreign investors to offload holdings. The local currency fell against the U.S. dollar. Starting the day on the plus side, the benchmark Korea Composite Stock Price Index soon lost ground and surrendered the psychologically important 1,900 mark in the afternoon before ending the day at 1,900.66, down 0.95 percent, or 18.17 points, from Thursday’s close.Trading volume was moderate at 354.86 m
Oct. 17, 2014
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GS Group sets eye on Indonesian market
GS Group, one of the top 10 conglomerates in Korea focusing on energy, construction and retail businesses, said Thursday it has finished hosting its fourth overseas CEO meeting in Indonesia on Wednesday and Thursday.“During the CEO meeting, attendants visited business sites of the group’s affiliates in the emerging Indonesian market to better understand the market and to search for new business opportunities,” the group said in a press release. High-ranking officials of the group who joined the
Oct. 16, 2014
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Renault Samsung resumes overtime work to meet demand for SM7 Nova, Rogue
Renault Samsung Motors Co. said Thursday that overtime work has resumed at its Busan plant to meet a rise in demand for its refreshed SM7 Nova luxury sedan and the Nissan Rogue crossover SUV.The move marks the first time since November that workers put in overtime and made cars over the weekend. The local unit of French automaker Renault S.A. had halted overtime operations in the face of weak domestic demand and a drop in exports.“Starting this month, both the day and night shifts are putting in
Oct. 16, 2014
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Philip Morris donates freezer truck to welfare group
Philip Morris Korea on Wednesday donated a freezer truck to a social welfare center in Seoul to help deliver fresh food to underprivileged children, company officials said.The truck will be operated by the Leftovers’ Love Sharing Community, a welfare organization for children, according to the firm.“We have put a total of 40 trucks on the roads over the last 15 years, and they reflect our promise to help share the warmth in our society,” said Kim Byung-chul, Philip Morris’ corporate affairs dire
Oct. 16, 2014
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Hite Jinro brews for global audience
Hite Jinro’s persistent efforts to globalize appear to be paying off as the leading South Korean distiller is successfully shipping to a growing number of regions across the world. Until now, Hite Jinro was mainly focused on the Asian and U.S. markets, but recently began to expand significantly and added a number of new continents to its clientele.Early this year, the distiller partnered with Dominican Republic’s leading tourist company, Barcelo Group, to target Latin American consumers. It also
Oct. 16, 2014
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KT&G net up 198 pct in Q3 on strong sales
South Korea's largest tobacco manufacturer, said Thursday its third-quarter net profit rose 198 percent from a year earlier on strong sales at home and abroad. Net income was tallied at 266.9 billion won (US$251.94 million) in the July-September period, nearly tripling from 89.45 billion won a year earlier, the company said in a regulatory filing. Sales rose 8 percent to 1.16 trillion won in the cited period, and operating profit surged 15.4 percent to 338.2 billion won. The numbers reflect the
Oct. 16, 2014
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BOK cuts key rate to record low
South Korea’s central bank cut its benchmark interest rate to a record low of 2 percent from 2.25 percent on Wednesday on the grounds of a sluggish global and domestic economy. The Bank of Korea last lowered the rate from 2.5 percent to 2.25 percent in August. “Despite the signs of a global economic recovery, the world economy is faced with several uncertainties including further changes in the Fed’s monetary policy, a prolonged euro-area slowdown, weak growth in the emerging markets and lingeri
Oct. 15, 2014
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POSCO mulls importing Russian coal via North Korea
South Korea’s top steelmaker POSCO and shipper Hyundai Merchant Marine are exploring the possibility of importing Russian coal via North Korea ahead of the pilot program of the Rajin-Khasan logistics project scheduled for next month, industry sources said on Wednesday. Hyundai Merchant Marine plans to charter a bulk carrier to ship the coal from Rajin in Rason Special City, North Korea, to Pohang, North Gyeongsang Province, in the South based on an order placed by POSCO, according to sources. Th
Oct. 15, 2014
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Asiana to pay $55 million in freight shipping settlement
Asiana Airlines agreed to pay $55 million to purchasers of freight shipping services to resolve claims of price-fixing, according to a court filing. The South Korean airline is one of more than two dozen worldwide that faced allegations of conspiring to inflate shipping prices in the case in federal court in Brooklyn, New York. Settlements have been reached with 22 airlines so far totaling $903 million, lawyers for the plaintiffs said today. Plaintiffs filed a request today seeking court approva
Oct. 15, 2014