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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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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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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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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K-pop CEOs sidestep key issues at National Assembly audit
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[Herald Interview] DHL puts faith in female, Asian talent
DHL’s personnel chief Angela Titzrath. (Park Hae-mook/The Korea Herald)The logistics industry may be one of the most male-dominated sectors. But Deutsche Post DHL, the German-based logistics giant, has poured considerable resources into reversing this long-held tradition. “We cannot allow ourselves the luxury to take only 50 percent of professional leaders out there,” Angela Titzrath, personnel and labor director at DHL, told The Korea Herald in a recent interview in Seoul.“Having more female ex
June 4, 2014
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Three firms vie for Tongyang Power
Three companies are competing in the final stage of bidding to acquire Tongyang Power, which has a business license for a 2,000-megawatt power plant building project in Samcheok, industry sources said on Tuesday, The final contenders are POSCO Energy, a Daewoo Engineering & Construction-led consortium, and a consortium led by Daelim Industrial. Both Daewoo E&C and Daelim Industrial are ranked on the nation’s top 10 builder list. This rendering depicts the upcoming 2 million-kilowatt Samcheok th
June 4, 2014
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Hyundai Motor begins producing heavy-duty trucks in China
Hyundai Motor, South Korea’s top carmaker, has started producing heavy-duty trucks in China, a company official said Wednesday, joining an intensifying competition with rivals such as Daimler and Volvo for the Chinese market for big trucks. Production of the two-engine Trago Xcient luxury trucks recently began as Hyundai completed its commercial vehicle plant in Ziyuan, Sichuan province, said the official at Hyundai’s Beijing office. The new plant in Sichuan was completed about two years after H
June 4, 2014
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Kia Motors recalls 2,595 K7 passenger cars over defective wheels
Kia Motors, South Korea’s second-largest automaker, is recalling certain model year K7 passenger vehicles over problems with their wheels, the transportation ministry said Wednesday.According to the Ministry of Land, Infrastructure and Transport, the car’s aluminum wheels may crack, potentially causing the car to become unsafe to drive. The recall affects 2,595 cars produced between Sept. 21, 2012, and Aug. 27, 2013. Kia Motors, an affiliate of local industry leader Hyundai Motor, will provide f
June 4, 2014
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Hyundai Motor begins producing heavy-duty trucks in China
Hyundai Motor Co., South Korea's top carmaker, has started producing heavy-duty trucks in China, a company official said Wednesday, joining an intensifying competition with rivals such as Daimler and Volvo for the Chinese market for big trucks. Production of the two-engine Trago Xcient luxury trucks recently began as Hyundai completed building its commercial vehicle plant in Ziyuan, Sichuan province, said the official at Hyundai's Beijing office. The new plant in Sichuan was completed about two
June 4, 2014
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Inter-affiliate trades of chaebol hit record high last year
The intra-group deals of South Korea’s top 10 conglomerates reached an all-time high last year amid growing calls for reining in the economic power of family-controlled conglomerates, data showed on Tuesday.The combined inter-affiliate transactions of the top conglomerates came to 154 trillion won ($150 billion) in 2013, up 1.92 percent, or 2.9 trillion won, from 2012, according to the data compiled by Chaebul.com, which tracks the country’s conglomerates.The 2013 figure marks the highest-ever,
June 3, 2014
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‘U.S. firms seeking litigation opportunities against Korean rivals’
More U.S. companies are finding intellectual property litigations a profitable source of income, and Korean companies should be prepared for this trend, a U.S. legal expert said Tuesday. Everything from hiring consultants to setting up sales strategies and meticulous documenting should be done with care to ensure protection from such lawsuits, said Jeff Randall, global cochair of intellectual property at the law firm Paul Hastings. “The expansion of Korean conglomerates into the U.S. market and
June 3, 2014
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Korean builders’ overseas construction orders reach $31b
Overseas construction orders procured by South Korean builders reached $31.6 billion in the first five months of this year, up 35 percent from the same period a year ago.According to data by the International Contractors Association of Korea, the order amount was the highest in four years since a Korean consortium won a contract to build nuclear reactors in the United Arab Emirates in 2010.By region, the Middle East remained the largest client with orders totaling $24.6 billion, accounting for 7
June 3, 2014
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Hyundai E&C develops new road surfacing technique
Hyundai Engineering & Construction Co. said Tuesday that it has developed a new eco-friendly technique to pave roads, using scrapped car parts and electric furnace slag.South Korea’s No. 1 builder said it carried out joint research with Hyundai Motor Co., Kia Motors Corp. and Hyundai Steel to replace the use of sand and limestone with industrial by-products from car glass and electric arc furnaces, including slag ― a leftover material after coal is smelted in an electric furnace.It added the pro
June 3, 2014
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IP5 forum aims for user-friendly platforms
The heads of the world’s five largest intellectual property offices, otherwise known as the IP5, will deliberate on ways to improve patent issuance and protection processes when they convene this week for a three-day global forum from Wednesday to Friday in Busan, according to the Korean Intellectual Property Office.The IP5 consists of the patent offices of Korea, Japan, China, the U.S. and Europe.This marks the second time the five IPOs have gathered in South Korea since a previous meeting on J
June 3, 2014
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Top officials to discuss patent issues in Busan
Five intellectual property experts of the IP5, a global patent cooperation framework, are gathering in Busan this week for a meeting hosted by the Korean Intellectual Property Office. Launched in 2008, the conference aims to enhance the efficiency and stability of patent rights. The host country’s KIPO commissioner, Kim Young-min, is a former director general for trade and Industrial cooperation at the Ministry of Trade, Industry and Energy. He served as a deputy commissioner at KIPO from 2011-2
June 3, 2014
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Samsung Everland to be listed
Samsung Everland Inc., the de facto holding firm of South Korea's largest conglomerate Samsung Group, will seek an initial public offering this year, company officials said Tuesday, a move apparently linked to the group's management succession to the next generation of the owner family.Samsung Everland, a zoo and theme park operator, is the center of a complex web of the conglomerate's cross-shareholdings. (Yonhap)
June 3, 2014
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[SUPER RICH] Cash for victory
With only weeks until the Brazil World Cup kicks off, there are some people who are more excited than anyone else: the superrich of the soccer world.Soccer leagues have emerged as a popular playground for the world’s wealthiest, increasingly so since 2000.While players are training hard to get in shape and fans are obsessively predicting which teams will make it through to the next round, the superrich sit inside their private jets or luxury suites and spend time either talking with the players
June 2, 2014
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[SUPER RICH] Tech billionaire pitcher notches first win
Hur Min. (Illustration by Park Gee-young)On May 26, 38-year-old Rockland Boulders pitcher Hur Min beat the Quebec Capitales 12-9 in the Can-Am league, an independent baseball league in the U.S. and Canada. That day, Hur showed off his knuckleball ― a baseball pitch thrown so as to minimize the spin of the ball, resulting in an unpredictable motion that most players find hard to hit. That first win is said to have been an emotional moment for the entrepreneur-turned-athlete, who started his profe
June 2, 2014
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POSCO E&C leads projects in Latin America
It would be an understatement to say 2013 was a watershed year for POSCO Engineering & Construction, which has the ambitious goal of becoming one of the world’s top 10 global builders by 2020.The accumulated overseas orders for the company in Latin America, one of the builder’s key target overseas markets, exceeded $10 billion last year, according to the International Contractors Association of Korea, using data compiled between 1965 and 2013. The $10.1 billion was a record for a South Korean co
June 2, 2014
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Delta raises competition with Korean Air
Delta Air Lines will seek mutual growth with Korean Air, one of its partners in the SkyTeam global alliance, by capitalizing on friendly competition with South Korea’s largest airline company after the U.S. carrier launches a new daily nonstop service from Seoul to Seattle this Tuesday.“With any airline partnership, a bit of overlap in services and a bit of competition are inevitable,” said Jeffrey Bernier, Delta Air Lines managing director for the Asia-Pacific region at a press conference on Mo
June 2, 2014
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Korean economy to grow 3.6% in 2014: global investors
Global investment banks and rating agencies forecast that South Korea’s economy will advance in the mid 3 percent range this year, data showed Monday, lower than estimates by local government and institutions. Projections from 33 major IBs and credit rating agencies said South Korea’s gross domestic product, the broadest measure of economic performance, is expected to grow 3.63 percent this year, according to Bloomberg data. Last year, the Korean economy grew 3 percent.Barclays and Wells Fargo p
June 2, 2014
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Major firms’ presence further grows on earnings chart
Earnings by South Korea’s listed companies increased in the first quarter of the year, but some heavyweights racked up a bigger portion, strengthening their presence in the corporate earnings arena, data showed Monday.The combined net profit of 502 firms listed on the main bourse came to 19.16 trillion won ($18.7 billion) on a consolidated basis in the January-March period, up 4.57 percent from a year earlier, while their operating income fell 1.48 percent on-year to 25.79 trillion won, the data
June 2, 2014
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Overseas construction orders won by S. Korean builders up 35 pct in 2014
Overseas construction orders secured by South Korean builders stood at US$31.6 billion in the first five months of this year, up 35 percent compared to 2013, local industry data showed Monday. The International Contractors Association of Korea (ICAK) said the total is the highest reached for the period since 2010 when the $18.6 billion order for the United Arab Emirate's nuclear reactor project was tallied. By region, orders from the Middle East accounted for 78 percent of the total, or $
June 2, 2014
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Daelim Industrial wins 245 bln won Singapore subway construction order
Daelim Industrial Co., one of South Korea's leading builders, said Monday it won a 245 billion won (US$239.2 million) contract to build part of a subway line in Singapore. The company said the contract reached with the city-state's Land Transport Authority is to build 1.42 kilometers of the Thomson Line, which includes one station and some 1.2 kilometers of tunnel. Construction is expected to take 79 months, with work to be completed in December 2020. The overall length of the new subw
June 2, 2014