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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Seoul, Beijing to extend currency swap deal to 2017
South Korea’s central bank said Saturday it has agreed with its Chinese counterpart to extend their maturing currency swap deal by three years to 2017.In a meeting in Washington, Bank of Korea Gov. Lee Ju-yeol and People’s Bank of China Gov. Zhou Xiaochuan signed an agreement to extend the bilateral deal to Oct. 10, 2017, the central bank said in a statement. The accord was to expire this year.In October 2011, the two central banks agreed to double their won-yuan swap to 64 trillion won ($60 bil
Oct. 12, 2014
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[Herald Interview] Chinese eyeing more M&A deals in Korea: expert
China’s takeover appetite for Korean companies will continue to rise, targeting technology firms and consumer goods makers, a market researcher forecast.In the latest deal, Chinese apparel company Lancy Group acquired a 15.3 percent stake in Agabang, Korea’s oldest baby wear brand. Several Chinese companies reportedly have expressed interest in buying out Pantech, the nation’s third-largest smartphone maker.According to Merger Market, a global deal news provider, China’s takeovers of Korean comp
Oct. 12, 2014
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Cities urged to reinvent outdated infrastructure
NEW YORK ― A global expert in urban planning called for cities to seek to reform their outdated infrastructure for sustainable growth. Urbanization around the world has been accelerating and cities, which already account for some two-thirds of global energy consumption, drive the world’s growth. “Cities around the world, however, are facing challenges their original planners could have never imagined,” Roland Busch, a managing board member of German industrial giant Siemens, told The Korea Heral
Oct. 12, 2014
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Hyundai Heavy calls for executives’ resignations
The top management of Hyundai Heavy Industries, the nation’s top shipbuilder, on Sunday asked all of its executives except for the chairmen and CEO to file for resignation, as part of its desperate restructuring attempt to recover from the aftermath of the record-breaking 1.1 trillion won ($1 billion) deficit it posted in the second quarter. According to company sources, the group’s vice chairman Choi Kil-sun and the newly appointed CEO Kwon Oh-gap on Sunday delivered the message to more than 26
Oct. 12, 2014
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Hyundai, Kia struggle to shore up presence on home turf
South Korea’s top two automakers ― Hyundai Motor and Kia Motors ― are facing uphill battles with foreign rivals in the local auto market with their combined local market share staying below the 70 percent mark, industry data showed Sunday.Hyundai Motor and its smaller affiliate Kia Motors held a combined 67.3 percent in the home auto market in September, the lowest since December last year when the comparable figure was 66.7 percent, according to the Korea Automobile Manufacturers Association. T
Oct. 12, 2014
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Samsung ups stake in NAND flash memory market in Q2
Samsung Electronics, the world’s largest computer memory chipmaker, increased its share in the global NAND flash memory market in the second quarter on its technical prowess, industry data showed Sunday. According to research firm IHS iSuppli, Samsung sold some $2.31 billion worth of NAND flash memory used for smartphones and other mobile devices in the April-June period, accounting for 40.6 percent of the $5.66 billion in sales worldwide.The second-quarter stake represents a 3.2 percentage poin
Oct. 12, 2014
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Imports of Japanese steel continue to surge
South Korea’s imports of Japanese steel products increased for the first time in six months in September as the weak yen helped push down their prices, ringing alarm bells for local steelmakers that are already facing falling profitability amid low demand, industry data showed Sunday.According to the Korea Iron and Steel Association, South Korea imported a total of 678,000 tons of Japanese steel products, mostly steel plates, last month, up 10.7 percent from a year earlier.Local steelmakers led
Oct. 12, 2014
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S. Korean economy to face tougher times: poll
The majority of South Koreans thinks the national economy will remain mired in a slump and face difficult times, a nationwide poll carried out by a leading business association said Sunday.The survey, conducted on 800 people over age 19, showed 73.2 percent of the respondents expressing pessimism about the state of the economy down the road with quite a few expecting things to get worse, the Federation of Korean Industries said. Of the total, 20.4 percent thought the economy will head downhill.
Oct. 12, 2014
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Security service firms fined for hampering competition
South Korea’s antitrust watchdog said Sunday that it has fined two major security and safety service providers a combined 5 billion won ($4.7 million) for hampering market competition through years-long covert cooperation.S1 Corp., an affiliate of Samsung Group, and ADT CAPS were fined 2.5 billion won each for sharing their equipment in provincial regions with a promise not to compete against each other in those areas, according to the Fair Trade Commission. The equipment sharing took place from
Oct. 12, 2014
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Samsung Group heiress files for divorce
Lee Boo-jinLee Boo-jin, the eldest daughter of Samsung Group chairman Lee Kun-hee, is going through divorce proceedings, the company said Saturday.Ending a 15-year marriage, the 44-year-old CEO of Hotel Shilla, the group’s hotel unit, filed for divorce mediation with her husband Im Woo-jae, at the Seongnam branch of Suwon District Court on Wednesday, according to the company. Im serves as vice president of Samsung Electro-Mechanics. Born in 1968, Im joined Samsung C&T in 1995 and met the younger
Oct. 12, 2014
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Preferred bidder for Dongbu Hitek to be chosen this week
A preferred bidder for an electronics unit of the financially troubled Dongbu Group may be selected as early as this week, industry sources said Sunday.Dongbu, South Korea's 18th-largest conglomerate, and its main creditor, the Korea Development Bank, have been seeking to sell Dongbu HiTek Co., the world's ninth-largest foundry, which makes chips for companies that don't have semiconductor fabrication facilities.The troubled conglomerate wants to sell its 37 percent stake in Dongbu HiTek for an
Oct. 12, 2014
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Samsung develops 5 times faster WiFi technology
Samsung Electronics Co., a South Korean tech giant, said Sunday that it has developed a core technology for a faster wireless fidelity (WiFi) network, whose Internet access it claims is more than five times faster than the current WiFi access.Samsung, the world's largest manufacturer of smartphones, said the new WiFi technology allows users to download and upload data at speeds of up to 575 megabits per second (Mbps), compared to the currently available 108 Mbps.For one, smartphone users will be
Oct. 12, 2014
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Two major security service firms fined for hampering competition
South Korea's antitrust watchdog said Sunday that it has fined two major security and safety service providers a combined 5 billion won (US$4.7 million) for hampering market competition through years-long covert cooperation.S1 Corp., an affiliate of Samsung Group, and ADT CAPS were fined 2.5 billion won each for sharing their equipment in provincial regions with a promise not to compete against each other in those areas, according to the Fair Trade Commission (FTC). The equipment sharing took pl
Oct. 12, 2014
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Samsung ups stake in NAND flash memory market in Q2
Samsung Electronics Co., the world's largest computer memory chipmaker, increased its share in the global NAND flash memory market in the second quarter on its technical prowess, industry data showed Sunday.According to research firm IHS iSuppli, Samsung sold someUS$2.31 billion worth of NAND flash memory used for smartphones and other mobile devices in the April-June period, accounting for 40.6 percent of the $5.66 billion in total around the globe.The second-quarter stake represents a 3.2 perc
Oct. 12, 2014
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Samsung Chairman's eldest daughter files for divorce
The eldest daughter of Samsung Chairman Lee Kun-hee is going through divorce proceedings, the company said Saturday.Ending a 15-year marriage, Lee Bu-jin, 44, filed for divorce mediation with her 46-year-old husband, Im Woo-jae, at the Seongnam branch of Suwon District Court on Wednesday, according to the company. Meditation during divorce is a way of finding solutions to issues such as child custody and spousal support without a formal trial. When an agreement is not reached amicably, a divorce
Oct. 11, 2014
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[Weekender] Adorning mini-me
Ahn Hyun-ji, a 34-year-old office worker, recently received an unexpected request from her 3-year-old nephew as his birthday gift ― a BMW. He was referring to the BMW 3 Series convertible kids’ car priced at about 500,000 won ($470) here. “A Pororo toy car was not even on his wish list,” she said. “I first hesitated but decided to invest for the only child of my family.”Now is the so-called era of “eight pockets for one mouth.” Due to a falling birthrate, almost eight people ― parents, grandpare
Oct. 10, 2014
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[Weekender] Traditional baby clothes find niche with modern look
Traditional handmade baby clothes with a modern twist are gaining popularity through word-of-mouth in the high-end baby wear market.“One-hundred percent hand-sewn baby clothes using traditional Korean fabric seem to appeal to moms, who look for items offering unique design and comfort to their newborn baby,” said Kang Keum-seong, who runs Viin Baby, a newborn baby wear brand based on the design of the traditional Korean hanbok. Kang, a famous traditional Korean patchwork “jogakbo” designer, debu
Oct. 10, 2014
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[Weekender] Children’s luxury market booming
Thirty-one-year-old housewife Kim Jin recently bought her 2-year-old daughter a winter coat from Moncler for just over 1 million won ($930). She knew her daughter would probably wear it for no more than two years because kids grow so quickly, but said she could not resist buying it. “It would make a great match with my Moncler winter jacket. It is kind of a fad among mothers here to wear matching garments with their children,” she said. In her Internet community, Kim said, women gladly share the
Oct. 10, 2014
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Hankook Tire breaks ground on Tennessee plant
Hankook Tire CEO Suh Seung-hwa (fifth from left), Tennessee Gov. Bill Haslam (sixth from left) and other company and government officials attend the ground-breaking ceremony for the tire maker’s new plant in the U.S. state on Thursday. (Hankook Tire)Hankook Tire Co., the world’s seventh-largest tire maker by sales volume, said Friday that it has begun construction work on its first U.S.-based production facility in Tennessee.The company, one of the fastest-growing tire manufacturers in the world
Oct. 10, 2014
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Park promotes creative economy for regions
President Park Geun-hye visited the central city of Daejeon on Friday as part of her efforts to promote the growth of new and innovative businesses across the nation.One of the Park administration’s key objectives is to boost the economy by turning creative ideas into businesses through the fusion of science and technology, culture, IT and other realms.Last month, the government announced a plan to link the country’s conglomerates to innovation centers nationwide as part of efforts to build a “c
Oct. 10, 2014