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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Zuckerberg visits Samsung’s Suwon office
Facebook CEO Mark Zuckerberg visited Samsung Electronics Co.’s key factory complex and exchanged talks with top officials on various industry fields, Samsung said Wednesday.“Facebook CEO Mark Zuckerberg and COO Sheryl Sandberg visited Suwon Samsung Digital City, south of Seoul, on Oct. 15,” Samsung said in its release. “The purpose of the visit is to exchange success experiences of the two companies.” Samsung said Zuckerberg met with top officials, including Shin Jong-kyun, who heads the IT and
Oct. 15, 2014
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Samsung tests 5G network while in transit
Samsung Electronics Co. said Wednesday it has successfully conducted tests on the fifth-generation (5G) network capable of transmitting 150 megabytes of data per second in a vehicle travelling at over 100 kilometers per hour."It marked the first time for 5G network technology to boast speeds at gigabit-per-second (Gbps)-level in an actual mobile environment, and not in a lab," the company said in a press release.Samsung added the technology also boasted speeds of 7.5 Gbps in a stationary environ
Oct. 15, 2014
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Tesco may exit from Korea: sources
Speculation that U.K-based retail giant Tesco may pull out of Korea gained steam this week on reports that the new Tesco CEO may visit to decide on whether to close Homeplus, Tesco’s Korean unit. “It seems like employees are talking about the possibility of Tesco exiting from the country,” a corporate insider at Homeplus told The Korea Herald.Homeplus is the nation’s second-largest discount chain. Its CEO Do Sung-hwan, who took office in May last year, and a number of other high-ranking official
Oct. 14, 2014
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Chiefs of top builders asked to attend Assembly audit
Top executives of Samsung and Hyundai’s construction arms are expected to face some tough questions regarding recent fines when they take the stand at the parliamentary audit by the nation’s antitrust watchdog next week. The National Policy Committee on Monday asked Samsung C&T CEO Choi Chi-hun and Hyundai E&C’s CEO Jung Soo-hyun to appear before lawmakers as witnesses. According to data from the Fair Trade Commission, South Korea’s construction companies faced combined fines of 960 billion won
Oct. 14, 2014
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Korea posts first-ever trade surplus in cosmetics: KITA
South Korea posted its first-ever trade surplus in the cosmetics sector this year, thanks mainly to a rise in exports to China, a traders association said Tuesday.In the first eight months of 2014, the country’s trade surplus in cosmetics stood at $147.66 million, the Korea International Trade Association said. The country sold more makeup products abroad than it imported from March to August, it said.From January through August, cosmetics exports to China, the No. 1 export market for South Kore
Oct. 14, 2014
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Merck chairman offers secret to success
Johannes Baillou, chairman of the board of partners at E. Merck KG, the holding company of Merck Group, visited the Korea Electronics Show at Ilsan Kintex and the 15th World Knowledge Forum at Hotel Shilla on Tuesday.It is his first visit to Korea since he was inaugurated as chairman in January. He was a member of the family board of E. Merck KG from 1994 and is now leading the Merck family, along with Merck Group’s board chairman Frank Stangenberg-Haverkamp.During his visit, Baillou participate
Oct. 14, 2014
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Hyundai Veloster coupe best selling in U.S. market
Hyundai Motor Co.’s Veloster coupe ranked No. 1 in terms of sales in the U.S. small sporty hatchback market, industry data showed Tuesday.According to Autodata, a dedicated provider of automotive information, the Veloster’s sales reached 2,777 units in September, edging ahead of the 2,737 Fiat 500s sold in the world’s second-largest new car market.It marked the first time since Oct. 2011 that the Veloster beat out all of its competitors, such as the Scion TC, Volkswagen GTI and the Mini Cooper S
Oct. 14, 2014
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Shilla Duty Free to open store at Macau Airport
Hotel Shilla, Samsung Group’s hotel and duty-free business unit, said Tuesday that it would open its new duty-free store at Macau International Airport on Nov. 7 jointly with Hong Kong’s Sky Connection. It will be the Korean luxury hotel and duty-free chain’s second overseas branch, following the first one at Singapore Changi Airport. According to company officials, the new store will span 1,122 square meters, almost half of Macau airport’s total duty-free zone.While Hotel Shilla will handle bea
Oct. 14, 2014
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Korea’s rice production to shrink 1.1% this year
South Korea’s rice output is expected to drop slightly in 2014 from last year because of reduced cultivation area but will still be more than enough to meet the country’s demand, the Agriculture Ministry said Tuesday.The country’s rice output is forecast to reach some 4.18 million tons, down 1.1 percent from 4.23 million tons in 2013, according to the Ministry of Agriculture, Food and Rural Affairs. “Overall output is expected to slip 1.1 percent from that of last year as the total area under cu
Oct. 14, 2014
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International food firms flock to Foodpolis
A growing number of food companies at home and abroad are displaying a growing interest in South Korea’s food cluster, Foodpolis. More than 100 companies have already signed deals with the Agriculture Ministry here to operate in Foodpolis, which is set to be completed by 2016 in Iksan, North Jeolla Province. The firms, according to the local government, apparently view Foodpolis as an ideal investment source due to its proximity to China and Japan, and also because of the advantages offered by K
Oct. 14, 2014
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German car-tuning firms to invest $100m in Korea
German firms have agreed to invest $100 million to nurture a car-tuning industry in a South Korean province, a local governor said Tuesday. Through A-Seung Automotive Group, their South Korean dealer, four firms ― ABT Sportsline, Brabus, TECHART Autombildesign GmbH and AC Schnitzer ― will provide the technology and human resources necessary for a design center in Gyeonggi Province that will train car-tuning professionals.The investment will also be used for building a museum as well as a theme p
Oct. 14, 2014
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State-run power provider makes sharp climb in market cap after
The state-run Korea Electric Corp.(KEPCO) leaped in its market capitalization on the local bourse less than one month after signing a jaw-dropping 10.55 trillion won (US$9.88 billion) land deal, outdoing Hyundai Motor Co. to become the third-biggest player on the KOSPI, data showed Tuesday. A consortium led by Hyundai Motor Co. snatched the site of KEPCO's Seoul headquarters through a bidding on Sept. 18 with a price tag of nearly triple the appraised price.Following the deal, KEPCO's shares hav
Oct. 14, 2014
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[SUPER RICH] The allure of art
What makes art so fascinating to the superrich? Collecting artwork can be seen as a high-class hobby that befits the lives of society’s wealthiest. In fact, one way to measure wealth in modern society is how avid they are in collecting expensive art. This measure has become gender-irrelevant. While men were not frequent customers in the world of art in the past, the situation has changed drastically. Instead of collecting random pieces of work, these superrich collectors focus on finding those t
Oct. 13, 2014
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Lotte opens landmark shopping mall
South Korean retail giant Lotte Group will be opening Lotte World Mall, the nation’s largest shopping mall, in the Jamsil area of southern Seoul on Oct. 14 in a move that it hopes will put an end to disputes over the safety of the structure. “We are pleased to see the group taking the first step toward its two-decade-long dream to build a global landmark in Korea,” said So Jin-sei, a Lotte Group president, who is responsible for the group’s external relations division, at a press conference held
Oct. 13, 2014
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BAT Korea agrees to end labor disputes
British American Tobacco Korea and its labor union have decided to put their differences aside over the next three years to work together for a sustainable future, BAT Korea said Monday.“We understand the difficulties the tobacco industry faces today as the demand for cigarettes is declining while competition is intensifying,” said Goo Seong-il, the head of BAT Korea’s labor union. “Both the union and management will work to overcome these difficulties and together contribute to the development
Oct. 13, 2014
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Korea’s agricultural exports jump 13.9% in September
South Korea’s exports of farm and agricultural products grew significantly from a year earlier last month on growing shipments to Japan and China, the government said Monday.Outbound shipments of agricultural goods came to $512.4 million in September, up 13.9 percent from the same month last year, according to the Ministry of Agriculture, Food and Rural Affairs.The increase was largely attributed to a rise in shipments to Japan and China, the world’s two single largest importers of South Korean
Oct. 13, 2014
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International bio expo wraps up successful 17-day run
An international bioindustry exposition hosted by a South Korean provincial city has officially ended after surpassing its target visitor mark, organizers said Monday.The Osong International Bio Industry Exposition was held from Sept. 26-Oct. 12 in Osong, an up-and-coming bioindustry center located 120 kilometers south of Seoul.More than 900,000 visitors, well over the original target of 700,000, came to the exposition, which showcased the nation’s recent history in the field and provided a glim
Oct. 13, 2014
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Daum Kakao apologizes for security concerns
Daum Kakao CEO Lee Sir-goo on Monday bowed before the public and apologized for causing commotion and concern over Kakao Talk’s weak security protections.He said the newly merged company would prioritize users’ privacy as part of efforts to boost information protection, and that it will no longer accept requests by investigators to monitor its users' messages.“We deeply apologize for the confusion and our belated security measures,” Lee said in an urgent press conference in Seoul on Monday.“We s
Oct. 13, 2014
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Lotte opens disputed high-rise amid safety row
South Korean retail giant Lotte Group said Monday it is opening the lower floors of its 123-story skyscraper in a posh southwestern Seoul district this week after receiving the city government's permission amid ongoing safety concerns over "sink holes."In a press event ahead of the official opening, Lotte said it plans to open "Lotte World Mall," which encompasses shopping and entertainment facilities, in the lower floors of the multi-purpose complex in Seoul's Jamsil district over a three-day p
Oct. 13, 2014
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Samsung Heavy wins 664 bln won order for LNG carriers
South Korea's leading shipbuilder Samsung Heavy Industries Co. said Monday it has won a 664 billion won (US$622 million) order to build three liquefied natural gas (LNG) carriers from an Asian shipper.Under the deal signed with a undisclosed shipper, Samsung Heavy will build three 174,000-cubic-meter level carriers by 2018, which will be equipped with a "dual fuel" engine system that bolsters efficiency.Once completed, they will be deployed to ship U.S. shale gas to Asian countries. Samsung Heav
Oct. 13, 2014