Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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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[Herald Interview] ‘Don’t waste time worrying about glass ceiling’
The key for women seeking to break through the glass ceiling is to stop thinking too much about it and focus more on getting their work done, according to Hwang Mi-young, chief customer officer of Kyobo Life Insurance.“A keen awl is visible even when you try to hide it inside your pocket. What I am trying to say is that if you have the ability to prove your worth, everyone will acknowledge it and give you your due credit, regardless of which gender you are,” said Hwang in an interview with The K
July 31, 2014
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[Graphic News] Average corporate CEO serves 2.6 years
A South Korean CEO serves for an average of 2.6 years, which is shorter than the minimum of three years endorsed by the country’s commercial law, according to data from corporate tracker CEO Score on Wednesday. The data showed that 367 chief executives, who accounted for 63.7 percent of the 576 executives surveyed, stepped down after less than three years. Another 102, or 17.7 percent, stayed on for less than a year. At an average of 3.94 years, the CEOs at LG Group affiliates were found to stay
July 30, 2014
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[Herald Interview] Lab Series campaigns for ‘less is more’
Lab Series, an Estee Lauder skin care line for men, believes less is more when it comes to men’s cosmetics. “For beginners, starting with one or two ― perhaps all-in-one products ― is enough. When they are ready, they could mix some more,” said Paul Jarrod Frank, a skin care expert at Lab Series, in a recent interview with The Korea Herald. “I would rather have customers buy a single classic product for 20 or 30 years than buy multiple (types) at once without knowing the exact pros and cons,” he
July 30, 2014
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Kia Motors to add three driving centers
Kia Motors, the country’s second-largest carmaker, will open three new driving centers this year that offer more customers a place to relax and test-drive cars as they wait for their vehicles to be repaired. Kia currently operates 15 driving centers at critical operation and maintenance points such as Pohang in North Gyeongsang Province, Cheongju in North Chungcheong Province and Daejeon. The additional three facilities will be built in Gangseo-gu in Seoul, Changwon in South Gyeongsang Province
July 30, 2014
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IFC may blacklist Korean builders over collusion
The International Finance Corporation, a private lending arm of the World Bank Group, may blacklist a number of Korean construction companies for fixing prices in bids for pork-barrel projects after reviewing builders defenses. “The IFC has asked the Korean builders to offer explanations on the recent announcement by the Korean government that they were found guilty of collusion,” said an official at the Construction Association of Korea.The IFC is one of the largest funding sources for major Ko
July 29, 2014
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Korean Air introduces 10th A380 jumbo jet
Korean Air, the nation’s largest flag carrier, said Tuesday that its 10th A380 jumbo jet has arrived at Incheon International Airport.It will be adopted into the Incheon-Houston route starting Aug. 3. Since the introduction of the luxury double-decker aircraft in 2011, the company has enhanced its competitiveness in long-haul services to U.S. cities like Los Angeles and New York and Paris.Among all global A380 operators, Korean Air said its planes have the lowest seating capacity at 407 passenge
July 29, 2014
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Daewoo Shipbuilding inks consulting deal with British firm
Daewoo Shipbuilding & Marine Engineering, South Korea’s second-largest shipbuilder, said Tuesday it had signed a deal with a British defense company to provide production and management consulting services on naval vessels.Daewoo Shipbuilding will provide BAE Systems Surface Ships with a report by November on proposals for improving its productivity, the South Korean company said in an emailed statement.BAE is an arm of BAE System Group, the world’s third-largest defense company. It has been try
July 29, 2014
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Korea’s current account surplus slips in June
South Korea extended its current account surplus to a 28th consecutive month in June but saw the figure slip from the previous month as the surplus for goods narrowed, central bank data showed Tuesday.The current surplus reached $7.92 billion last month, compared with a revised $9.08 billion in May, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.With the June data out, South Korea’s current account surplus for the first s
July 29, 2014
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KT turns to net loss on falling returns
KT Corp. said Tuesday that it swung to a net loss in the second quarter from a year earlier, apparently due to falling returns from its traditional fixed-line business and expenditures from its restructuring program in April.The net loss came to 757.2 billion won ($738 million) in the April-June period, compared to a net profit of 133.3 billion won a year ago, the country’s No. 2 mobile carrier said in a regulatory filing. The company also posted a net loss of 40.9 billion won in the first quart
July 29, 2014
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Hyundai Heavy swings to net loss in Q2
Hyundai Heavy Industries, the world’s largest shipbuilder, said Tuesday it swung to a net loss in the second quarter from a year ago mainly due to a reserve for expected loss from large-scale projects and the stronger home currency.Net loss came to 616.6 billion won ($601.7 million) in the April-June period, compared with a net profit of 66.8 billion won a year ago, the shipbuilder said in a regulatory filing. Sales fell 2.1 percent to 12.81 trillion won in the period. The company also posted 1.
July 29, 2014
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Future unclear for Samsung bio business
Kim Byoung-jooPresident Park Geun-hye has reiterated that Korea’s future lies in building a creative economy, and the biopharmaceutical industry is often cited as a key pillar in such an economy. Out of the local conglomerates, Samsung Group has been showing the most conspicuous progress in the area, but whether it can replicate the legacy of its success in semiconductors and smartphones remains a big question. This is mostly due to the way chaebol operate. Their rigid, top-to-bottom structure o
July 29, 2014
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Association of mid-sized companies makes debut
A business association representing South Korean mid-sized firms made its debut as the Association of High Potential Enterprises of Korea on July 22 following the enforcement of a special law for cultivating mid-sized firms. “We expect that mid-sized firms, which have long been isolated in the big business-driven Korean economy, will be able to work in an improved business environment to make more aggressive advancements into globally competitive enterprises,’’ AHPEK chairman Kang Ho-gap said at
July 29, 2014
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Organica rolls out ‘3-day Super Cleanse’
Organica, a Korean premium organic whole food company, unveiled a three-day detox program with juice made with superfoods on Tuesday as part of its efforts to lead the nationwide juice cleanse trend.The three-day juice cleanse program, called the “Just Juice 3-day Super Cleanse,” enriched nutrients and flavors by high-pressure processing methods and adding superfoods such as spirulina, turmeric, chlorella and chia seeds to its product lineup. The so-called superfoods are a loosely defined collec
July 29, 2014
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[SUPER RICH] Buying and selling Korea
The wealth of the superrich can at times appear mindboggling to ordinary people. For this edition, The Korea Herald Special Investigative Team translated the wealth of the nation’s superrich into what is still considered one of the most desired forms of liquidity ― real estate. Buying a cityThe total value of shares owned by the country’s top 100 stockholders stands at 75.5 trillion won ($74 billion), according to market reports. The amount is almost equivalent to the price of 115,070 apartments
July 28, 2014
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[SUPER RICH] Samsung heirs flaunt the Galaxy fashion
Executives of global tech giants are rapidly abandoning their strict dress code for more casual, trendier apparel as a means of conveying a more modern and creative message to the public.One such man is Lee Jay-yong, vice chairman of Samsung Electronics. He dresses mostly in casual business attire that comes from mid- to low-priced brands. The reason he does this is to emphasize his Galaxy accessories, which go well with perfectly pressed suits, but stand out more when matched with less-restrict
July 28, 2014
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Starbucks to diversify, go upscale
Starbucks Korea on Monday announced that it will diversify its business portfolio, and that this will include becoming more luxurious and exclusive.Toward this end, the U.S.-based company that is arguably responsible for changing Koreans’ coffee habits by introducing freshly roasted, ground and brewed espressos said it will open an upscale outlet in southern Seoul. It also will be expanding its premium coffee lines and developing exclusive menu items to fulfill the growing demand for personalize
July 28, 2014
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Amway Korea steps up social contributions
Amway Korea, the Korean unit of the U.S.-based direct-sales giant, is ramping up efforts to give back to society with its social responsibility campaign Hope Vitamin, in celebration of its 11th anniversary this year.The company currently operates four programs mainly aimed at children’s wellness. Among them, the Hope Vitamin volunteer program encourages Amway employees and the company’s independent business owners to participate in volunteer activities on a regular basis. Amway employees and th
July 28, 2014
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KOGAS chief hosts communication session with employees
Korea Gas Corp. CEO Jang Seok-hyoKorea Gas Corp. CEO Jang Seok-hyo hosted a communication session with employees on Monday to explain the pending management issues, the company said on Monday. The move came after the KOGAS labor union launched a strike last week against the company’s plan on debt and employee benefit restructuring. “The most imminent task ahead of the company is to regain the trust of the public back through innovative corporate reform measures,” Jang said. One of keys in the re
July 28, 2014
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Hyundai Mobis to build car lamp plant in Czech Republic
Hyundai Mobis, South Korea’s largest auto parts maker, said on Sunday that it would invest 95 million euros ($127 million) to build a car lamp factory in the Czech Republic.The factory near Ostrava will have an annual capacity to produce head and rear lamps for 750,000 vehicles of its parent Hyundai Motor and Kia Motors operating in the region.“The European factory is expected to reduce foreign exchange risks and save distribution time and costs,” an official at Hyundai Mobis said.This is Hyunda
July 27, 2014
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Hanjin boss named PyeongChang Olympics organizing chief
Cho Yang-hoHanjin Group chairman Cho Yang-ho was named the chief organizer of the PyeongChang 2018 Olympic Winter Games, the group said Saturday.Cho, who previously led the PyeongChang Olympic bidding committee in 2011, will replace Kim Jin-sun, and is expected to be appointed after the organizing committee’s general congress in early August. “I will devote myself to a successful Winter Olympics using my experience from the bidding committee,” Cho said in a press release. Cho has served as presi
July 27, 2014