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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Korean firms rank in global top 10 in nine industries
South Korean companies were ranked in global top 10 in nine industries last year, CEO Score, a local company information provider, said Sunday. The researcher tracks corporate management data, based its results on global sales.Nine industries where South Korean companies ranked in the global top 10 based on sales included smartphones, home appliances, shipbuilding, semiconductor, automobiles, steel, auto parts, shipping, and communications, the company’s data showed.Samsung Electronics, the coun
June 22, 2014
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[Weekender] Busan-Jinhae revs up as key business, travel destination
Citizens in Busan Metropolitan City, the nation’s second-largest city, with a population of 3.56 million, were shocked in 2012 when the city came behind Incheon in a global survey to measure its competiveness. Incheon was ranked 56th, while the survey put Busan at 64th. The Economist Intelligence Unit conducted the survey on 120 cities in the world to address emerging city power. “City policymakers took the survey results seriously and started considering how to boost the city’s competitiveness
June 20, 2014
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[Weekender] Shinsegae draws Chinese shoppers
Chinese visitors pose at Shinsegae Centum City in Busan. (Shinsegae Group)Armed with the world’s largest department store, Busan has been drawing Chinese big spenders as one of the most favored shopping destinations in Korea.“A growing number of Chinese visitors are boosting sales of imported luxury goods, made-in-Korea electronics devices and local beauty products,” said an official from the Busan branch of Shinsegae department store. Shinsegae Group, a leading retail giant in Korea, opened Shi
June 20, 2014
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[Weekender] Busan-Jinhae becomes destination for global tech firms
The Busan-Jinhae Free Economic Zone Authority has made a decadelong effort to attract high-tech companies by creating an optimal business environment via its infrastructure for research and development, information technology, engineering and logistics.The agency plans to transform the region into an industrial and logistics hub of Northeast Asia by boosting its competitiveness in the race for foreign investments against China, the world’s single largest market, and Japan, the world’s second-lar
June 20, 2014
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[Weekender] BEXCO broadening role in MICE industry
Busan Exhibition & Convention Center appears to be taking a vital step toward becoming a globally competitive business and events destination, offering innovative and integrated MICE facilities and events.BEXCO, a landmark for business travelers, is nestled close to Haeundae beach and Centum City, the world’s largest department store. It is building up momentum to catch up with fast-growing MICE, an integrated concept connecting exhibitions and conventions with tourism and cultural content.“BEXC
June 20, 2014
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Nongshim breaks ground for Chinese bottled water factory
Foodmaker Nongshim on Wednesday started constructing a bottled water factory where water from Mt. Baekdusan ― sitting on the border between China and North Korea ― will be processed for consumers in China. The country’s No.1 instant noodle and snack maker is hoping that the new plant will help the company advance into China by supplying up to 80 percent of the product to Chinese supermarkets. A rendering of Nongshim’s Baeksansu plant. (Nongshim)“The plant will pave the way for us to compete wit
June 20, 2014
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U.S. may add Hyundai Motor to safety probe
U.S. safety regulators are considering reviewing all major automakers, including Korea’s Hyundai Motor, for air bag and ignition switch problems following the recent massive recalls from General Motors.On Wednesday, the National Highway Traffic Safety Administration opened new investigations into Chrysler to evaluate problems with ignition systems and the failure of air bags to deploy in crashes.The agency said in a statement that it “examined all major manufacturers’ strategies as they are rela
June 20, 2014
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Asiana signs comprehensive cooperation MOU with Air Astana
Asiana Airlines Inc., South Korea’s No. 2 flag carrier, said Friday that it has signed a comprehensive cooperation pact with Kazakhstan’s Air Astana Airlines.The memorandum of understanding (MOU) reached in Astana, Kazakhstan, allows the two airlines to upgrade their existing code-sharing arrangement from “block space” to “free sale” and to expand cooperation in ground operations, in-flight services, information technology know-how and ticketing.The free sale system that goes into effect on July
June 20, 2014
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Import beers outsell local brands during World Cup
South Korea’s beer market, enjoying its peak season due in part to the ongoing World Cup tournaments and summer season events, has been buoyed by import beers that did better in sales than local brands, industry data showed Friday. In a period of six days since the Brazil World Cup kicked off on June 13, beer sales rose 12.4 percent compared with the same period a year earlier, according to the data.Import beers showed bigger growth, soaring 44.5 percent on-year, while sales of local brands, mos
June 20, 2014
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KT eyes ‘GiGAtopia’ as it marks 20 years of Internet service
KT Corp., the nation’s largest telecom firm, is readying to usher in “GiGAtopia,” a mobile environment connected through superfast gigabit technology, as it marks the 20th anniversary of providing the first Internet service in South Korea. Since KT provided KORNET for the first time in the nation in June 1994, South Korea has grown into a country with the highest percentage of Internet users. The Internet speed has also increased 10,000-fold to 100Mbps from 9.6Kbps in 1999. KT was also the natio
June 19, 2014
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[Herald Interview] Carver sees opportunities in China
Small and mid-sized South Korean beauty brands, which are in a neck and neck race in South Korea, have been turning their eyes to China for a while now to capitalize on the burgeoning demand for high-quality beauty products that are still affordable. Carver Korea is one such company that is working its way into the market. “China is a tough market to get into, but it is also a mine of opportunities,’’ Carver Korea director Ahn Jang-kyun said in an interview with The Korea Herald, noting that the
June 19, 2014
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Korea unprepared for power cuts: Schneider Electric
Despite growing demand for safety nationwide, Korea lacks of measures to cope with sudden power cuts, France-based Schneider Electric, a global management solution provider, said Thursday. A survey of 1,496 organizations nationwide in different sectors, including major hospitals and data centers, found that only 40 percent had an uninterruptible power supply (UPS) system. A UPS is a device that keep an organization to be powered for at least a short time when power is out. “UPS is an essential t
June 19, 2014
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Jin Air to become first local LCC to offer long-haul flights
South Korean budget carrier Jin Air Co. said Thursday it will start long-haul flight services, becoming the country’s first low-cost airline company to do so.Without specifying when such services will commence, the company said it will take over a B777-200 twin-engined wide-body jet later this year and add two more in 2015 for long-distance routes. “The move is expected to provide a new growth engine for the company, which currently has to compete in an increasingly tough market where carriers m
June 19, 2014
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POSCO named world’s most competitive steelmaker
POOSCO, the nation’s top steelmaker, said on Wednesday it received the most competitive award for 2014 from World Steel Dynamics, a global steel information service provider. The steel giant received the award for the fifth consecutive year, the company said in a press release. In an assessment of 36 steelmakers around the world, WSD gave the top mark of 7.91 points out of 10 to POSCO. It said POSCO received highest points in four segments, including technological innovation and human resource m
June 18, 2014
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Samsung chairman on path to recovery: company official
Lee Kun-hee, the de facto head of Samsung Group who has been hospitalized for over a month after suffering a heart attack, is in stable condition and becoming more responsive, although he is still unable to communicate, a group official said Wednesday.“The chairman is slowly showing signs of recovery,” said Lee Jun, Samsung’s chief communications officer, adding that the tycoon also responds when receiving reports on company affairs.When asked if Lee has fully gained consciousness, the official
June 18, 2014
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Hyundai Mobis ranked world’s 6th largest car parts supplier
South Korea’s No. 1 car parts manufacturer, Hyundai Mobis, ranked sixth overall among the world’s automotive components suppliers, a report by a U.S. publication showed Wednesday.According to Automotive News, which releases the Top 100 Global OEM Parts Supplier list every year, Hyundai Mobis rose two notches in the latest report based on corporate earnings for 2013.The list showed that besides Hyundai Mobis, five other South Korean companies made the top 100 cut, including Hyundai Wia Corp. and
June 18, 2014
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Korea, Saudi Arabia agree to expand direct air route
South Korea and Saudi Arabia have agreed to more than double the number of weekly flights between the two countries, the transport ministry here said Wednesday.In a recent aviation meeting, the two countries agreed to increase the allowed number of direct flights from the current three to seven per week, according to the Ministry of Land, Infrastructure and Transport.The additional flight permits will soon be distributed to the countries’ flag carriers.The permits, however, would not necessarily
June 18, 2014
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Fast-growing Gulf carriers making inroads into Korea
Emirates Airlines, Etihad Airways and Qatar Airways ― the three fast-growing airlines based in the Persian Gulf ―are expanding in South Korea to lure new customers, particularly coveted transit passengers traveling to Europe and the United States. In their latest push, aviation officials from the United Arab Emirates visited Seoul on Wednesday to ask their Korean counterparts to open up more flights between the two countries. Emirates and Etihad each operate seven flights per week to their respe
June 18, 2014
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Forum discusses ways to combat desertification
More than 200 experts, academics and policymakers discussed how to counter desertification at an international forum in Seoul on June 10.The Korea Forest Service and “People Planting Tree,” a research group consisting of National Assembly members, co-hosted the forum to mark the United Nations’ World Day to Combat Desertification, which is observed annually on June 17.Participants discussed a wide range of challenges the global community is facing due to desertification and suggested ways to pro
June 18, 2014
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Korea supports Mongolian forest-planting projects
The Korea-Mongolia Greenbelt Forestation Project aims to plant some 3,000 hectares of trees to combat drought and desertification in Mongolia.The state-run Korea Forest Service signed a memorandum of understanding with the Ministry of Environment and Green Development of Mongolia in July 2006 as part of efforts to support the Mongolian government’s 30-year Greenbelt program, which aims to make the landlocked country greener. The move followed former President Roh Moo-hyun’s visit to Mongolia to
June 18, 2014