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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KT No. 1 in mobile, Internet
KT Corp. said Thursday that it had been selected as the No. 1 company in terms of quality mobile communication and high-speed Internet services by the Korean Standards Association and the Korean Society for Quality Management.The KSA-KSQM’s 2014 Korean Standard-Quality Excellence Index showed that the country’s largest telecommunications company excelled in the two services. KT marketing executive Han Jun-seok (left) poses after the company was recognized for its superb mobile and Internet servi
Sept. 18, 2014
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Hyundai Motor reveals ambitious plan for new real estate
Hyundai Motor Group, chosen Thursday as the buyer of the land that the state energy agency put up for sale, laid out an ambitious plan to use the expensive property to build a global business center and an automobile theme park emulating auto giant Volkswagen.The world's fifth-largest automotive conglomerate submitted the winning bid of 10.55 trillion won (US$10.12 billion) for the 79,345-square-meter site in posh southern Seoul that currently houses the Seoul headquarters of the state-run Korea
Sept. 18, 2014
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Hyundai Motor to buy KEPCO land for 10.5 tln won
Hyundai Motor Group won the bid to buy the lucrative land asset of the state-run Korea Electric Power Corp. (KEPCO) by offering 10.55 trillion won ($10.14 billion), the power provider said Thursday.Hyundai Motor beat Samsung Electronics to buy the 79,345-square-meter site, seen as the last sizable piece of land available for development in Seoul, to build its new global business center in the affluent Gangnam district. It was estimated to be worth more than 3.3 trillion won.Hyundai Motor Group m
Sept. 18, 2014
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Kakao to provide news services late this year
Kakao Corp., South Korea's biggest mobile messenger service provider, said Thursday it plans to start its news services late this year in the country, issuing a challenge to Naver Corp., which dominates online media contents.To that end, Kakao has been expanding ties with news providers to distribute their contents through its new platform, and will kick off a test-run version of the application next week, the company said. It aims to start a full-fledged service by the end of the year."The app
Sept. 18, 2014
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[Graphic News] Top 4 chaebol create 140tr won in economic value
The economic value created by South Korea’s four largest conglomerates reached 140.2 trillion won ($135.8 billion) in 2013, accounting for 9.7 percent of the country’s GDP, a report by a corporate research firm said Wednesday.According to CEO Score, analyses based on audits submitted to the state financial regulator last year showed Samsung Group, the country’s No. 1 family-run conglomerate with 19 listed companies, generated economic value worth 68.37 trillion won, or 4.7 percent of the GDP.Thi
Sept. 17, 2014
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[Herald Interview] Korea Post eyes global markets
This year marks the 130th anniversary of the adoption of modern postal services on the Korean Peninsula and the establishment of the state-run mail service provider Korea Post.Over the years, technological advancements such as the Internet and smart gadgets have changed the way people and industries communicate and have opened up new transnational business opportunities.While these changes serve as a grave threat to traditional postal services, they also offer the postal industry a chance to inn
Sept. 17, 2014
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POSCO deepens presence in Indonesia
CILEGON, Indonesia ― The city of Cilegon, a coastal city in Banten province, Indonesia, is emerging as one of the most vibrant industrial cities in Southeast Asia, with the launch of the biggest steel mill in the region early this year. Krakatau POSCO ― a joint venture between South Korea’s POSCO and Indonesia’s state-run Krakatau Steel ― has run the integrated steel mill with a blast furnace here since it completed the plant on Dec. 23.POSCO, which holds a 70 percent stake in the venture, inves
Sept. 17, 2014
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Kia’s new Sorento couples smooth ride with responsive driving experience
Kia Motors’ all-new Sorento offers a sedan-like refined ride with a responsive driving experience that should give the carmaker a competitive edge in the global SUV market.The vehicle, lengthened by 95 millimeters bumper to bumper compared to the previous generation model, has better structural rigidity thanks to extensive use of high tensile steel and industrial adhesives in its construction.Its wheelbase, another factor that improves ride quality and passenger comfort, has grown 80 mm, with th
Sept. 17, 2014
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Paris Baguette, Lotte Duty Free, Shin Ramyun top rankings
SPC Group’s Paris Baguette, the nation’s No. 1 bakery chain, has been taking endless leaps in baking delicious and nutritious bread since it was established in 1986. They use different ingredients for each product, making quality baked goods. Making the first move to import wheat from France is one example. Customers will be able to taste a traditional French baguette soon. Also, they have increased the percentage of milk in their milk cake to 60 percent to bring out the pure taste of milk, and
Sept. 17, 2014
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Korean firms’ brand awareness improves: Productivity Center
The state-run Korea Productivity Center published the National Brand Competitiveness Index for 206 major brands in 59 industries in the nation early this month. The NBCI, an index that measures brand awareness, image and customer relationships, was measured based on companies’ marketing activities.This year, the KPC gathered opinions on industries’ top brands from around 100,000 consumers ― both users and nonusers ― in major cities including Seoul, Busan, Daegu, Gwangju and Daejeon. The Paris Ba
Sept. 17, 2014
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2014 NBCI results
The National Brand Competitiveness Index has shown a significant rise in overall brand competitiveness between 2014 and 2004, the year the survey was first carried out.Between the highest score of 76 and the lowest score of 68, the duty-free industry ranked the highest in brand competitiveness while 10 other industries, including tobacco, SUV, smart phone and tire makers, ranked the lowest. There were 40 brands with scores of over 70 in 2004, but the number of brands has sharply increased to 130
Sept. 17, 2014
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Samsung, Hyundai Motor bid for KEPCO land
Samsung Electronics Co. and Hyundai Motor Group submitted bids Wednesday to buy the site of the state-run Korea Electric Power Corp (KEPCO)'s Seoul headquarters, a closely-watched real estate deal estimated at trillions of won, inside sources said.The property, the last sizable piece of land available for development in Seoul's affluent Gangnam district, is estimated to be worth over 3.33 trillion won ($3.22 billion), but the bidding prices were not immediately known. KEPCO will announce the wi
Sept. 17, 2014
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[Graphic News] Hyundai, Kia came in third in global sales
Hyundai Motor and Kia Motors, the nation’s two largest auto companies, came in third among car manufacturers worldwide in reliance on global sales, according to Japanese automobile research firm Fourin on Sunday. Overseas orders of Hyundai and Kia cars in 78 countries accounted for 84.8 percent of their total sales, taking third place among global auto companies, behind Volkswagen (86.8 percent) and Nissan (85.2 percent). The overseas sales for BMW (84.7 percent), Renault (82.3 percent), Honda (
Sept. 16, 2014
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KEPCO to wrap up bidding for main office property
South Korea’s state-run power provider Korea Electric Power Corp. said Tuesday that it will wrap up the bidding process for its main office property in southern Seoul this week and announce the new owner of the prime piece of real estate estimated to be worth over 3.33 trillion won ($3.22 billion).KEPCO said bids will be accepted until 4 p.m. Wednesday, with the winner to be announced at 10 a.m. the following day. It said the party that submits the highest bidding price will be selected.The land
Sept. 16, 2014
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Galleria signs partnership deal with N.Y.’s Bergdorf Goodman
The Galleria, one of the poshest department stores in southern Seoul, signed a partnership agreement with the New York-based store Bergdorf Goodman on Monday, in an attempt to attract more foreign customers and expand its brand globally. It said the tie-up is a starting point for the retail store to “build its brand on the global stage and forge a foothold for extensive alliances with other world-class department stores.” The Galleria was the second-most visited department store for foreign shop
Sept. 16, 2014
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Conglomerate hiring to remain steady in 2014
Many South Korean conglomerates will likely add the same number of employees or boost their hiring slightly in 2014 compared to the year before, a poll carried out by the lobbying group of large businesses showed Tuesday. According to the Federation of Korean Industries survey carried out on the top 300 large businesses in terms of sales, 52.9 percent said they will hire the same number of workers as in 2013, with 15.1 percent saying they will increase hiring.It said while 68 percent of companie
Sept. 16, 2014
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OB to invest W120b on quality improvement
South Korea’s top beer manufacturer Oriental Brewery said it would make product quality its top priority and invest 120 billion won ($115.8 million) to improve its quality control process.It also offered an apology for the unconventional smell detected in its best-selling beer Cass, which was recently found to have an oxidized odor caused during the distribution and storage process.“All business strategies will be meaningless unless they are backed by product quality,” said CEO Chang In-soo in a
Sept. 16, 2014
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Q3 corporate earnings outlook slashed
South Korean companies are expected to report weaker-than-expected earnings for the third quarter as Samsung Electronics, which wields enormous sway over the country’s overall corporate earnings chart, is likely to suffer another earnings shock and low oil prices hurt local refiners’ bottom lines, the latest data showed Tuesday.The operating profit estimate for 173 listed companies was reduced by 3.7 percent for the July-September period to 30.77 trillion won ($29.65 billion) as of Friday from a
Sept. 16, 2014
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[Graphic News] Chaebol-owned land 62 times the size of Yeouido
The total amount of land owned by South Korea’s top 10 conglomerates has reached 62 times the total area of Yeouido.According to a survey conducted by chaebul.com, 92 listed companies affiliated with the nation’s top 10 conglomerates owned 181.2 square kilometers of land as of the end of last year.The amount was up 7.2 percent from 2008.Also, the land value rose 35.8 percent, from 45.7 billion won ($44 billion) to 62 billion won during the same period.Samsung Group recorded the steepest rise, fr
Sept. 15, 2014
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[SUPER RICH] The art of feng shui
Feng shui can be laughed off as mere superstition in today’s highly advanced society.Still, some of the wealthiest people in South Korea believe that it helps them not only find peace and fortune, but also intentionally select the best land so that they and their ancestors can feel the qi, or energy.Coincidence or not, many superrich attempt to practice good feng shui. Tens of thousands of people wanting to feel good qi make pilgrimages to the birthplaces of conglomerate founders, while some sup
Sept. 15, 2014