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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K-pop CEOs sidestep key issues at National Assembly audit
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Jean-Michel Granier appointed Adidas Korea head
Jean-Michel GranierGlobal sporting goods maker Adidas on Thursday appointed Jean-Michel Granier as the head of Adidas Korea. The 49-year-old has previously worked as the regional manager of the company’s Southern European division. He is credited with decent success in European states battling against sluggish economies. “With his experience as a branding expert, we expect him to show off his expertise here,” Adidas Korea said. German-based Adidas posted $19.7 billion in 2013 global sales. Adida
July 3, 2014
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Aramco to acquire S-Oil stocks from Hanjin Group
Khalid A. Al-Falih, Saudi Aramco CEOAramco Overseas Company, the largest shareholder of S-Oil, said Thursday it would take over the 32 million shares of S-Oil from Hanjin Group in a move that highlights the firm’s commitment to South Korea. “This transaction underscores Saudi Aramco’s confidence in the Korean economy and its strategy to enhance its presence in the growing Asian markets and AOC’s commitment to S-Oil growth,” Khalid A. Al-Falih, Saudi Aramco president and CEO, said in a statement.
July 3, 2014
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POSCO close to commercializing lithium extracting method
POSCO on Thursday said it was nearing commercialization of a new technology that can efficiently and quickly extract high-quality lithium directly from raw materials.The nation’s largest steelmaker said its Research Institute of Industrial Science and Technology has been perfecting the technology. Lithium is a key material in high-capacity rechargeable batteries used to power mobile phones, laptop computers and electric vehicles. Lately, a rise in the demand for environmentally friendly vehicles
July 3, 2014
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Chinese business leaders to seal partnerships with Korean tycoons
The largest-ever Chinese business delegation, composed of more than 200 Chinese CEOs, will visit Korea on Thursday with Chinese President Xi Jinping. “The 250-member delegation includes star Chinese business gurus, including Alibaba founder Jack Ma, Huawei Technologies president Ren Zhengfei and Baidu CEO Lobin Lee,” the Korea Chamber of Commerce and Industry said in a press release. Based on the scale of the delegation, industry sources said a number of investment and corporate cooperation pact
July 2, 2014
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Hanwha forms team for Dow Chemical bid
Hanwha Chemical has accelerated its efforts to purchase the petrochemical division of Dow Chemical by establishing a task force to manage the process. The team is said to consist of Credit Suisse as an advisor and more than 20 Hanwha employees. Internationally acclaimed law firm Skadden, Arps, Slate, Meagher & Flom is also on the team, according to industry sources. If realized, the country’s ninthlargest business conglomerate by assets will pay around 3 trillion won ($2.9 billion) for the deal,
July 2, 2014
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Conglomerates’ reliance on exports deepens in 2013
South Korean conglomerates’ dependence on overseas markets deepened last year, as they relied on exports for nearly half of their sales, data showed Wednesday.Out of the 1,445.6 trillion won ($1.43 trillion) in total sales, 48 percent, or 693.6 trillion won, came from exports, up 2.2 percent from 2012, according to CEO Score, a market researcher that tracks corporate management data. The data was based on an analysis of 1,451 firms belonging to 45 conglomerates. Domestic sales, on the other hand
July 2, 2014
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Singapore Airlines offers discounts on tickets to Southeast Asia
Singapore Airlines on Tuesday announced sales on return air tickets to some Southeast Asian countries for travel between July 1 and Aug. 31.In a sale that will continue up until July 22, the airline has slashed the fares on tickets for routes between Korea and Singapore to 476,700 won ($472) from 650,000 won.This summer promotion offers return tickets to 15 summer vacation spots, including Kuala Lumpur, Bangkok, Kota Kinabalu, Phuket or Penang, from 622,600 won. Fares include taxes and surcharge
July 2, 2014
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Hanjin sells off stake in S-Oil
Hanjin Group, the nation’s largest logistics conglomerate, announced on Wednesday that it sold off a 28.41 percent stake in S-Oil for 2 trillion won ($1.9 billion) to Saudi-based Aramco, the largest shareholder of the oil refinery. “The decision was made as part of the group’s capital-raising efforts to address its deteriorating financial health,’’ the group said in a press release. So far, the group has raised 3.6 trillion won of capital. The cash flow of Hanjin Group has been worsening since i
July 2, 2014
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K-Glass to be unveiled in 2015
K-Glass, an electronic eyewear device developed by a team of South Korean researchers, is expected to be launched early next year, according to industry experts familiar with the matter. “We plan to commercialize K-Glass in a small quantity late this year or early next year,” said Yoo Hoi-jun, a professor at South Korea’s Korea Advanced Institute of Science and Technology University, in an interview with The Korea Herald. KAIST introduces the K-Glass, embedded with augmented reality technology.
July 2, 2014
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Hyundai Oilbank to invest $2.9b in widening portfolio
South Korea’s fourth-largest refinery, Hyundai Oilbank, said this week that it would invest 3 trillion won ($2.9 billion) for new businesses, mainly in nonrefining sectors, in an attempt to diversify its business portfolio.The firm pledged to make a departure from its traditional business areas by aggressively entering new sectors such as propylene derivatives and carbon black as well as expanding overseas investment on energy business. “When the new business gets into its stride, the portion of
July 1, 2014
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Samsung develops new SSD
Samsung Electronics’ 850 PRO solid state drive for personal computers. (Samsung Electronics)Samsung Electronics launched its consumer solid state drive powered by 3-D V-NAND 850 PROat the Samsung SSD Global Summit in Seoul on Tuesday. The company said it planned to launch the new SSD early this month in 53 countries including South Korea, the United States, China and Germany. This marks the first time Samsung has unveiled a consumer SSD powered by 3-D V-NAND following the launch of its enterpris
July 1, 2014
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Trade surplus hits record high in 1st half
South Korea’s exports in the first half rose 2.6 percent on-year to $283.6 billion. Its imports moved up 2.7 percent to $263.3 billion, with the country’s trade surplus hitting $20.3 billion, the Ministry of Trade, Industry and Energy said in its monthly trade figure report. The surplus is the largest tallied for the first half, with the daily export average of $2.13 billion exceeding previous highs.It said economic revivals in the U.S. and EU fueled demand, with exports of information technolog
July 1, 2014
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L’Oreal Korea names new chief
Yann Le BourdonL’Oreal Korea said Tuesday it has appointed Yann Le Bourdon, former general manager of L’Oreal Luxe Latin America, as its new president effective July 1. A graduate of CESEM Reims Management School in France as well as ESB Business School in Germany for international management, Le Bourdon has a 24-year international track record in global markets including France, Germany, Korea, Spain and Latin America, mainly working for L’Oreal Luxe. As general manager of L’Oreal Luxe in Korea
July 1, 2014
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Hyundai Heavy wins $700m order from Malaysia
Hyundai Heavy Industries Co., the world‘s largest shipbuilder, said Tuesday it has obtained a $700 million order for two offshore natural gas platforms from Hess E&P Malaysia. Hyundai Heavy said work would begin this month for completion by the second half of 2016. The facilities will be installed at the Bergading offshore gas field, 150 kilometers northeast of Kota Bharu, the company said. “A series of offshore gas exploration is expected in the Southeast Asian region in the future, and the lat
July 1, 2014
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Daewoo E&C wins largest hotel construction project in Korea
Daewoo Engineering and Construction said Tuesday that it won a 398.7 billion won ($394.1 million) order to build what will be the largest hotel complex in its home market.The complex will consist of three buildings on 14,798 square meters of land in Yongsan, central Seoul. It will have 1,730 rooms and four basement levels when completed.This will be 1.5 times larger than Lotte Hotel in downtown Seoul which operates 1,156 rooms. “This is the single largest civilian construction project to date in
July 1, 2014
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Shinsegae opens ‘Gourmet Street’
Shinsegae Department Store opened “Gourmet Street” at its headquarters in central Seoul, presenting some of the best delicacies in the country. Famous restaurants such as Dean & Deluca cafe; Noodle Bar by Homurang; Maruteo, and Parc have been added. Relatively familiar restaurant brands including Sushi Bar; Chrystal Jade Express; Johnnie Rocket Burger; Crema di Montagna and Gongcha have also nestled into the area. Gourmet Street is part of Shinsegae’s grand renovation of the Food Market at the b
July 1, 2014
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CJ Food World opens in China
CJ opened “CJ Food World,” near the historic site of Tiananmen square in Beijing on June 27. This is the second restaurant complex in China for CJ, following the Beijing Lidue outlet, which opened in 2012. In the 1,250 square-meter Food World, some of the most famous CJ’s food and beverage brands including Tous Les Jour and Twosome Coffee operate alongside Italian restaurant TLJ Italian Bistro and CJ LogoShop Qianmen. “We have joined hands with Soho China, a local real estate developer, to prese
July 1, 2014
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MCM SPACE opens in Myeong-dong
Fashion brand MCM opened MCM SPACE at Myeong-dong in central Seoul. With celebrities including the brand ambassador EXO as well as actors Seo Kang-joon, Kim San-ho and singer Sunmi attending the opening ceremony on June 26, the German-based label disclosed its fall-winter collection. The collection is themed “Digital Soldier,” with camouflage and animal prints dominating the bags, hats and other fashion items. (baejisook@heraldcorp.com)
July 1, 2014
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[SUPER RICH] Superrich and Hawaii: A love affair
The mild climate, averaging 28 degrees, and the endless beaches full of well-sculpted bodies frolicking under the sun have long made Hawaii a paradise where many go for a respite. Wealthy, high-profile figures from all over the world including former U.S. President George Bush, actor Al Pacino and singer Katy Perry have chosen to enjoy time off vacationing at homes they purchased in Hawaii. Korean business tycoons also seem to have fallen in love with the Polynesian island ― which coincidentally
June 30, 2014
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[SUPER RICH] Rich or poor, tastes run the same
The 1990s were a time when the cafes of Cheongdam-dong stood out as the trendiest places to hang out.Even Samsung Group chairman Lee Kun-hee would appear from time to time with his two daughters in order to enjoy waffles or other sweet treats.During its peak, the Cheongdam-dong cafes were not only popular among third- and fourth-generation chaebol figures, but also among first-generation idol pop stars.However, after nearly a decade or so has passed, what had once been a gathering ground for the
June 30, 2014