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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Hyundai sales of luxury cars grow in U.S. on launch of new Genesis
Hyundai Motor, South Korea’s top automaker, said Sunday its sales of large luxury vehicles in the United States grew significantly from a year earlier in May, largely on the launch of a new model of the Genesis luxury car.Hyundai Motor, together with its affiliate Kia Motors, sold a combined 2,622 large luxury vehicles in the U.S. last month, up 41 percent from the same month last year.The companies’ combined market share also gained 1.9 percentage points on-year to 8.9 percent, it said. The May
June 15, 2014
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Lone Star wins tax refund case
A Seoul court ruled Friday that the state tax office refund Lone Star Funds 119 billion won (US$117 million) in taxes collected from the U.S. buyout fund in its sale of a stake in Korea Exchange Bank (KEB).In June 2007, Lone Star, which bought KEB in 2003, sold part of its stake in the lender for 1.19 trillion won via a block sale.Local tax authorities withheld 10 percent of the sale proceeds in capital gains taxes. Challenging the taxation, LSF-KEB Holdings, Lone Star's subsidiary, filed a laws
June 13, 2014
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Samsung ties up with Marvel
South Korean tech giant Samsung Electronics said on Friday it has formed a partnership with U.S. entertainment giant Marvel in an effort to promote its new tablet PC Galaxy Tab S.The partnership was announced at a launch event in New York City for the Galaxy Tab S. The two firms will cooperate in the development and marketing of digital content for Galaxy Tab S users. ‘‘Under the strategic partnership, Galaxy Tab S users will be able to access over 15,000 Marvel Comics for three months with free
June 13, 2014
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Korea, Canada initial free trade agreement
South Korea and Canada are expected to sign a bilateral trade pact in the second half of this year as the two nations’ chief negotiators signed the final draft of a free trade agreement in Seoul, the Ministry of Trade, Industry and Energy said in a press release on Friday.The signing is considered the last step before the official signing as the ministry has confirmed that the agreement in hand will no longer be subject to further changes.The draft, the English version of which can be read at th
June 13, 2014
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Galaxy Note 4 may come with fingerprint sensor
Samsung Electronics’ Galaxy Note 4, expected to be unveiled in September, may adopt touch ID fingerprint sensors, a source said. “Samsung Electronics is considering fingerprint sensors on its Galaxy Note 4 that may be area-type sensors instead of Galaxy S5’s swipe-type sensors,” said the industry watcher, who declined to be identified. The comments were in line with earlier plans from Galaxy S5’s fingerprint sensor provider Synaptics, which said it would be unveiling a small area-type scanner in
June 12, 2014
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GS E&C enters Africa with Tunisian plant deal
GS E&C, one of South Korea’s leading builders, has made inroads into the Tunisian market for the first time by winning a 69.4 million euro ($93.9 million) deal to build a desalination plant at a resort in southern Tunisia, company officials said on Thursday. GS E&C said its water desalination subsidiary GS Inima Environment, S.A. secured the Djerba plant deal through a consortium with Aqualia S.A., a Spanish water management company.The South Korean builder, which saw an earnings shock last year
June 12, 2014
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Schedule hazy for opening of 2nd Lotte World
Lotte Group chairman Shin Dong-bin appeared to be determined to woo the media ahead of plans for opening the second Lotte World in July, making frequent appearances to highlight the significance of the landmark project. On Wednesday, Shin hosted a site tour for visiting board members of the U.S.-based Asia Society, a nonprofit organization aimed at boosting exchanges between the U.S. and South Korea. It marked the first time that Lotte had opened the complex to foreign visitors, with Shin mappin
June 12, 2014
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North Chungcheong Province to hold global bio expo in September
South Korea is gearing up for a large-scale international bio industry exposition in Osong in September to display state-of-the-art biotechnologies and to promote the city as a global mecca in the field, organizers said Thursday.Hosted by the government of North Chungcheong Province, the Ministry of Trade, Industry and Energy and the local municipal government, the Osong International Bio Industry Exposition will kick off its 17-day run starting Sept. 26 in the Osong Biovalley in Osong, some 120
June 12, 2014
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Korean Air to suspend flights to two Japanese cities next month
Korean Air Lines, South Korea’s largest flag carrier, said Thursday that it will temporally suspend flight services to two destinations in Japan due to a drop in passenger traffic.The airline said flights linking Incheon International Airport, the South’s main gate way, to Akita Airport, located in the northwestern part of Honshu, will be halted from July 26 through Oct. 25. Flights to Oita Airport that service the city of Kunisaki in northeastern Kyushu will be halted starting on July 4 and rec
June 12, 2014
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Emirates Airlines officials visit ministry over regulations
A handful of Emirates Airlines officials visited South Korea’s Transport Ministry on Tuesday ahead of a government review of the customer service divisions of all 81 foreign air carriers in the country to address a growing volume of complaints. “Emirates visited (the International Air Transport Division) for an explanation of aviation regulations in South Korea,” said an official of the Ministry of Land, Infrastructure and Transportation. But he denied that the visit was directly linked with new
June 11, 2014
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Shares of E-Land affiliates extend rally on China investments
Share prices of E-World and Deconetishion surpassed the 15 percent daily growth ceiling on Tuesday and Wednesday on news that their parent company E-Land Group has succeeded in attracting prominent investment from Wanda Group, China’s largest cultural enterprise. “Investments from the Chinese Group, led by China’s richest man Wang Jianlin, into E-Land have given a green light to the share prices of the two affiliates that had once been isolated in the capital market, ’’ Kiwoom Securities said in
June 11, 2014
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CJ forms safety management unit
Kim Keun-yungFood and entertainment giant CJ Group said Wednesday that it has appointed Kim Keun-yung, former manufacturing executive of CJ CheilJedang, as chief safety officer of its new safety management department.The newly established department will oversee the safety policies for all of its affiliates under one overarching system, according to CJ. “While until now each subsidiary had been responsible for its own safety supervisions, rising concerns over safety and growing demands for colla
June 11, 2014
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GS Inima wins $94m bid for Tunisian desalination plant
GS Inima Environment S.A., one of the world’s leading water treatment companies, secured a 69.4 million euro ($93.9 million) deal to build a desalination plant in Tunisia, the firm’s South Korean parent company said Wednesday.GS E&C, a leading builder in the country that acquired Inima in 2012, said its Spanish subsidiary sealed the Djerba plant order through a 50-50 consortium with water management company Aqualia S.A. The order was placed by Tunisia’s water resource management corporation.The
June 11, 2014
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[Herald Interview] Vienna seeks to attract Korean start-ups
The vice mayor of Vienna, Austria, said the city plans to support creative Korean start-ups seeking to set up businesses in the capital.“We now have a few Korean start-ups in Vienna, but I hope to see more promising Korean companies in the city,” said Vienna’s Vice Mayor Renate Brauner in an interview with the Korea Herald in Seoul. “Seoul and Vienna have many things in common. Both cities have a combination of tradition and modernity, and a rich cultural heritage, which is a good base for innov
June 11, 2014
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Hankook Tire starts work on R&D center
DAEJEON ― Hankook Tire, the nation’s largest tire manufacturer, on Tuesday reaffirmed its ambition to become a “top-tier” company in the global market as it announced its decision to break ground on a 266.6 billion won ($300 million) research and development complex. The new facility, dubbed the “Hankook Technodome,” will be located on a 96,328-square-meter site in Daejeon, some 140 kilometers from Seoul. When it is completed by 2016, it will be the company’s sixth R&D center globally, the compa
June 10, 2014
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Thai water projects in jeopardy
The state-run Korea Water Resources Corp., or K-water, expressed concerns that its combined 6.2 trillion won ($6.1 billion) water management projects in Thailand may slip through its fingers following a recent mandate by the National Council for Peace and Order, Thailand’s highest military organization, to halt the plans. The South Korean consortium led by K-water is responsible for two of the 10 projects, the A-3 and A-5, worth about 380 billion won and 5.9 trillion won, respectively. The 10 pr
June 10, 2014
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AmorePacific aims high with premium hair care brand Ryo
AmorePacific, the nation’s No. 1 cosmetics and skin care maker, is upping the ante in the burgeoning hair care market with specialty niche products based on Korea’s traditional herbal medicine. The company’s research and development efforts for hair care products date back to the early 1950s when its founder and former president Suh Sung-whan launched ABC Pomade, a hair grease made of natural ingredients aimed at protecting the user’s scalp. Then the company started studies on adopting herbal m
June 10, 2014
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Global talent shortage highest since 2007
Nearly 40 percent of global employers are plagued by talent shortages this year, the highest level since 2007, a survey by an international staffing agency showed. According to the survey conducted by ManpowerGroup on 37,000 employers in 42 countries and territories, 36 percent of the respondents were having difficulty finding candidates with the right skills to fill open positions. “Talent shortages continue to persist and are impeding employers’ ability to deliver value for their customers,” s
June 10, 2014
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NTS raids LG Hausys, LG Chem in tax probes
NTS raids LG Hausys, LG Chem in tax probesTax investigators on Tuesday raided LG Hausys in part of what could be a group-wide tax audit on LG.In an unprecedented move, National Tax Service officials entered the headquarters of LG Hausys, LG Group’s subsidiary specializing in construction materials, according to sources. The surprise investigation was known to have been made at the same time as an LG Chem raid around 10:30 a.m., when the NTS officials rushed into the chemical company’s headquarte
June 10, 2014
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LG하우시스, LG화학에 이어 국세청 조사
국세청이 10일 오전 LG화학에 대한 고강도 세무조사에 착수한대 이어 LG 하우시스도 조사 대상에 포함된 것으로 확인되면서 대대적인 LG 계열사 세무조사 배경에 대한 관심이 증폭되고 있다.10일 오전 국세청 조사국 직원 40여명이 서울 여의도 LG화학 본사에서 약 2시간의 실랑이 끝에 자료를 확보했다. 이날 국세청에서는 추가로 약 100여명의 직원을 LG하우시스 본사에도 투입해 회계장부 등 영치를 진행한 것으로 알려졌다. 이번 세무조사가 LG그룹에 대한 집중 조사가 아닌지 의심되는 가운데 LG의 다른 계열사들도 상황을 예의 주시하고 있다. LG하우시스 관계자는 “통상적으로 회사가 설립된 지 5년째에 세무조사가 이뤄지므로 예상 가능한 일이었다”고 설명했다.일각에서는 이번 조사가 탈세혐의를 기반으로 한 특별 세무조사라는 해석이 나오고 있다.(코리아헤럴드 석지현 기자)<관련 영문 기사>NTS raids LG Hausys, LG Chem in tax probe Tax investigat
June 10, 2014