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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O’2nd unveils collaboration with painter
SK Networks’ women’s fashion brand, O’2nd, released a collaboration with Belarussian painter Anna Silivonchik, depicting mythical animals and characters as well as childhood dreams on their latest dresses, T-shirts, skirts and pants, as well as shoes, necklaces and bags. “We will continue with our Art & Culture concept introducing fantasy and serenity to fashion,” the company said in a press release. (baejisook@heraldcorp.com)
June 24, 2014
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POSCO drops plan to buy 2 units of cash-strapped Dongbu: CEO
POSCO, South Korea's largest steelmaker, has dropped its plan to acquire Dongbu Steel's Incheon plant and a power station in Dangjin under the wing of Dongbu Group, a cash-starved local conglomerate, due to associated financial burden, the company's chief executive said Tuesday.In a meeting with reporters, POSCO CEO Kwon Oh-joon said POSCO, which is trying to concentrate on core business areas and reduce unnecessary outlays, has decided not to pursue the "package deal" to buy the steel mill and
June 24, 2014
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Korea's reconstruction team in Afghanistan ends 4-year mission
A South Korean reconstruction team in Afghanistan has successfully completed its four-year-long mission, helping rebuild the war-torn nation, a pool report said Tuesday.South Korea's provincial reconstruction team, comprising some 150 civilian aid workers and police officers, has been stationed in the northern province of Parwan since mid-2010 to build and operate a hospital, a police training center and other aid facilities.At the U.S. military base at Bagram in Afghanistan, South Korea on Mond
June 24, 2014
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[Super Rich] Business tycoons as sports patrons
Behind any nation that is big on sports is the support of corporate tycoons who either own professional teams, provide sponsorship or head various sports associations. South Korea is no exception.There is no doubt that the ceaseless support and sports diplomacy from chaebol management, who usually own billions in assets, has aided the performance of athletes.One way of doing so is by heading major sports associations, although recently this trend has changed slightly with former athletes taking
June 23, 2014
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LG G3 off to a good start
LG Electronics’ new marquee smartphone, the G3, is expected to be well received in the global market as it got off to a solid start on its home turf, according to industry watchers. The phone sold over 250,000 units in 25 days since it launched in May in the domestic market ― the pace is two times faster than its predecessor the G2, mobile carriers said. The LG G3 also topped the list in an online survey of 3,000 consumers done by local phone review website Cetizen last week. The G3 took the fir
June 23, 2014
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KT&G releases new Raison Sun Presso cigarette
KT&G’s Raison Sun PressoKT&G, the country’s largest tobacco manufacturer, has launched capsule-type Raison Sun Presso, the company announced Monday.Raison Sun Presso is the latest edition to KT&G’s Raison Presso lineup launched in 2012. Company officials said consumers will now be able to choose from four different products in the series. According to the firm, each cigarette contains a capsule in the filter that when popped, releases two flavors.The new package contains an image of waves under
June 23, 2014
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Vehicle carbon fund could cause surge in local car prices: report
The proposed introduction of a low-carbon vehicle cooperation fund could cause a surge in car prices and would not help lower the amount of greenhouse gases being released into the atmosphere, a report by the lobbying group for South Korea’s largest businesses said Monday.The report by the Federation of Korean Industries claimed the average price of cars sold in the country will rise by between 520,000 won ($510) and 2.43 million won in 2020, compared to 2015, when Seoul wants to implement the s
June 23, 2014
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Lotte E&C wins $70.2m Vietnam highway construction order
Lotte Engineering and Construction said Monday it has won a $70.2 million order to build a highway in Vietnam.The order, placed by Vietnam Expressway Corp., calls for Lotte E&C to build the first section of the 140-kilometer-long Da Nang-Quang Ngai Expressway.The South Korean builder will work with local construction company CCI on the 16.5 kilometer stretch of the four-lane highway. It said the construction should be completed in 36 months after work begins.The overall project is being supporte
June 23, 2014
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POSCO Energy consortium wins 1.5 trillion won deal in Mongolia
POSCO Energy, a unit of South Korea’s top steelmaker POSCO, said Monday a consortium it belongs to has signed a 1.5 trillion won ($1.34 billion) contract to build and operate a combined heat and power plant in the suburbs of Ulaanbaatar, the capital of Mongolia. The consortium plans to start building the power plant with an annual generating capacity of 450 megawatts in 2015 and complete it by 2019, POSCO Energy said in a statement. The consortium consists of POSCO Energy, GDF Suez of France, So
June 23, 2014
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[Herald Interview] ‘Imperial Tobacco is here to stay’
When it comes to marketing in Asia, time is irrelevant, says Roberto Ascoli, division director of the British multinational company Imperial Tobacco Group.“We’re not here for one year or two years. We’re here for 20 years, 30 years, 50 years and so on. The progress has been initially slow, but we’re satisfied with what we have done. But we want to do more,” Ascoli said in an interview with The Korea Herald on June 12.Ascoli’s remarks came during a short visit here to discuss the imminent launch
June 23, 2014
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Jeju’s Chinese investment influx raises hopes, worries
South Korea’s southern resort island of Jejudo is known for three things in abundance: wind, stone and women. Now the temperate volcanic island with unique local culture and cuisine has to add one more to the list: Chinese business. The island with a population of 600,000 is drawing money from Chinese companies and home buyers looking for places to invest in, encouraged by incentives offered by the South Korean government.Unlike for other parts of Korea, Chinese nationals can stay on Jejudo with
June 23, 2014
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Builders fined for collusion on incineration facility bids
South Korea’s antitrust watchdog said Monday it has fined six local builders a combined 10.6 billion won ($10.4 million) for conspiring in bidding for the construction of waste incineration facilities. The six are GS Engineering and Construction, Kolon Global Corp., Daewoo Engineering and Construction, Dongbu Corp., Hyosung Ebara Engineering, and Halla Energy and Environment, according to the Fair Trade Commission.They are accused of collusion in bidding for the construction of “clean centers” i
June 23, 2014
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SK Energy, Hyundai Oilbank chosen for discount gas stations
SK Energy and Hyundai Oilbank won the contract to supply oil to discount gas stations across the country for one year starting next month, the state-run Korea National Oil Corp. said Monday. The two refiners won the bid put up jointly by the KNOC and the National Agricultural Cooperative Federation (NongHyup) to select providers of gasoline, diesel and kerosene to over 1,000 discount retailers.SK Energy, the nation’s largest refiner, won the bid for the first time, while No. 3 Hyundai Oilbank wo
June 23, 2014
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China's turf war hampers Hyundai Motor's major expansion plan
A bureaucratic turf war between China's central government and its provincial government of Chongqing has delayed granting a final approval for South Korea's top carmaker, Hyundai Motor Co., to build its fourth plant in China, a diplomatic source and company officials said Monday. The diplomatic source, who spoke on the condition of anonymity, also said South Korean President Park Geun-hye and Chinese President Xi Jinping could discuss the issue on the sidelines of their summit meeting in Seoul,
June 23, 2014
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Ford to compensate Korean customers for overstated fuel efficiency
U.S. automaker Ford Motor Co. will compensate South Korean owners of its vehicles that have overstated gas mileage, the transportation ministry said Monday.According to the Ministry of Land, Infrastructure and Transport, 30 Ford vehicles sold here have been found to have less gas mileage than advertised. This marks the first time that local consumers will be compensated over a mileage gap.The ministry said it may fine the U.S. automaker but did not elaborate on the amount or other details.The ve
June 23, 2014
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Ministry conducts probe of Hyundai Tucson air bag
Hyundai Motor’s Tucson crossover utility vehicles is under probe by the nation’s transportation authorities over a defect that could cause the front passenger air bag not to deploy in an accident. The Ministry of Land, Infrastructure and Transportation confirmed the investigation on Sunday. Tucson is the only vehicle that is currently under a defect investigation related to an air bag flaw launched by the ministry. The ministry plans to end the probe within this year. Tucson ix. (Hyundai Motor)
June 22, 2014
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Samsung’s heir Lee to meet Chinese leader
Samsung Electronics’ vice chairman Lee Jay-yong will reportedly meet with Chinese President Xi Jinping during his visit to South Korea from July 3-5, according to industry sources. On his developing itinerary, Xi plans to visit Samsung Electronics’ headquarters, located in Suwon, Gyeonggi Province, accompanied by Lee, sources said. Samsung heir-apparent, Lee will take China’s State President on a tour of the Samsung Innovation Museum, which opened at the Suwon site last April. Regarding Xi’s vis
June 22, 2014
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Coffee market still brewing
South Korea’s coffee market is forecast to continue to grow, despite growing concerns over market saturation. The country’s coffee imports marked 52,660 tons from January-May this year, up 13.6 percent from the same period a year ago, according to the Korea Agro-Fisheries & Food Trade Corp. Coffee imports have continued double-digit growth for the past five years, it added. Industry watchers say that there is more room to grow in the coffee market, seeing new pockets of consumption from the fast
June 22, 2014
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Manufacturers less upbeat about Q3 forecast
South Korean manufacturers were less upbeat about their business outlook for the third quarter than in the previous quarter after April‘s deadly ferry sinking slowed down domestic consumption, a poll showed Sunday.According to the poll of 2,473 companies by the Korea Chamber of Commerce and Industry, the Business Survey Index for the July-September period was tallied at 103, down 8 points from 111 in the second quarter. A gauge of corporate expectations on economic conditions, BSI index above th
June 22, 2014
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Think tanks revise down 2014 growth estimate
Private and state-run think tanks have lowered their 2014 economic growth forecasts, according to reports out Sunday.The Hyundai Research Institute had earlier expected South Korea’s gross domestic product to grow 4 percent in 2014. The latest HRI report lowered the outlook by 0.4 percentage point to 3.6 percent, saying the slow recovery in private consumption and construction will drag down the domestic demand.The growth rate of private spending is expected to reach 2.5 percent, far below the G
June 22, 2014