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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Top 30 business groups fined W2tr over 3 years
South Korea’s top 30 business conglomerates were fined 2 trillion won ($1.95 billion) for 309 counts of violation of antitrust and financial regulatory rules as well as the country’s laws over the last three years, data by a local corporate research firm showed Wednesday.According to CEO Score, companies belonging to LG Group, the country’s fourth-largest family-run conglomerate, known here as chaebol, were slapped with 759.8 billion won in fines, accounting for 37.6 percent of the total. The gr
May 21, 2014
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Boeing names Eric John new Korea chief
Eric JohnBoeing on Wednesday named Eric John, a former international service officer for the U.S. government, as new president of Boeing Korea.The new Korean chief will join the company on May 30 after three decades of international service with the U.S. government. He succeeds Pat Gaines, who retires in September after 27 years with the company.Before joining Boeing, John was a member of the U.S. Senior Foreign Service. He served as the principal coordinator of U.S. government policy on an arra
May 21, 2014
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FTC probing KEPCO for unfair business practices
The Fair Trade Commission has launched a probe into the state-run power monopoly Korea Electric Power Corp. on allegations of unfair business activities, government and industry sources said Wednesday.South Korea’s top antitrust watchdog dispatched investigators on Monday to the offices of KEPCO and its affiliates ― Korea East-West Power Co. and Korea Westernpower Co. ― to conduct an on-the-spot probe based on allegations that they gave business favors in transactions between them, the sources s
May 21, 2014
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LG chairman inspects products
LG Group chairman Koo Bon-moo visited LG Electronics’ research and development campus in Gasan-dong, Seoul, on Wednesday to perform a quality inspection on its products before their release.The chairman checked LG Electronics’ new flagship smartphone, the G3, which will be unveiled at the end of this month, and other soon-to-be-released products such as the G Watch and OLED televisions. Koo examined the design and user interface of the products, the company spokesperson said. LG’s chief technolo
May 21, 2014
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Porsche Macan aims for big performance in Korea
Porsche Korea unveiled the Macan compact SUV on Tuesday in Seoul, aiming to accelerate expansion beyond its traditional niche and lure first-time customers seeking a more practical Porsche. “I wouldn’t call the Macan a baby Cayenne. It’s more like a big 911,” said Kim Geun-tak, managing director of Porsche Korea, at the car’s launch in Seoul.The Macan, its name coming from the Indonesian word for tiger, is the second SUV model by the German sports car maker. With the first Cayenne now its best-s
May 20, 2014
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GS E&C consortium wins $1.44b UAE crude oil processing plant deal
GS E&C, one of South Korea’s leading builders, said Tuesday it won a $1.44 billion crude oil processing plant deal in the United Arab Emirates by forming a consortium with a local partner.The company said the third phase of the Rumaitha-Shanayel oil field expansion project calls for GS to build most of the facilities related to crude oil processing, with its partner Dodsal to take charge of designing and constructing the crude oil and gas pipelines and support facilities.The South Korean builder
May 20, 2014
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LG releases O Hui CC Cushion
LG Household and Care has released a limited edition of its O Hui Waterproof CC Cushion, which guarantees stronger UV protection (SPF 50+/PA+++) and skin coverage. According to the cosmetics maker, the CC cushion pact contains O Hui’s Cell Power Essence and stays on the skin for 25 hours after the initial application. It also improves wrinkle care and has a skin whitening effect, LG said. The 15-gram product is priced around 50,000 won. (baejisook@heraldcorp.com)
May 20, 2014
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Samsung chief moved to general ward
Samsung Electronics Co. Chairman Lee Kun-hee, in hospital treatment following a heart attack last week, has been moved to a general ward on improved condition, company officials said Tuesday."All test results show he is stable as explained before," Samsung's communications team said. "As his conditions improved significantly, he was transferred to the general ward on Monday."Lee, 72, had been hospitalized at Samsung Medical Center (SMC)'s special ward since May 11 for myocardial infarction, comm
May 20, 2014
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POSCO plans IPOs, downsizing to raise cash
POSCO, the world’s fifth-largest steelmaker, is expected to drive a bold downsizing of noncore affiliates and seek initial public offerings of key business arms to improve its financial health and reinforce its core business.Company chairman Kwon Oh-joon, who was inaugurated in March, outlined Monday his reform plans during an investor relations session in Yeouido, Seoul.One of the key parts of the reform is downsizing fringe business units by merging overlapping businesses and selling noncore a
May 19, 2014
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[Herald Interview] Concentrix seeks to boost service for Korean clients
Concentrix, a global business process outsourcing company, plans to double its sales and staff in South Korea over the next three years as local companies’ demand for administrative processing will increase as they expand globally.“We are very excited to tap into the Korean market, where a number of global industry players are located,” said Christopher Caldwell, president of Concentrix, in a recent interview with The Korea Herald.“Most of our business in Korea will focus on (providing services
May 19, 2014
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Airport leaders to gather in Seoul next week
Some 800 airport officials and aviation experts from 72 countries will be flocking to Seoul next week to participate in the general assembly of the Airports Council International, one of the industry’s largest gatherings. Incheon International Airport, which has been named the “best airport” in Asia this year, will host the three-day event that kicks off on May 26 at Coex in Samseong-dong, southern Seoul. The ACI, established in 1991, is a nonprofit association of some 1,800 global airport opera
May 19, 2014
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[SUPER RICH] Making money with money
The finance industry has always been the favorite playground of the world’s superrich leaders.Although new promises of prosperity lurk in the much-thriving IT and mobile industries, one-fifth of the world’s wealthiest are financiers. In England, the top 5 percent of financiers monopolize about a quarter of the entire upper class’ wages.There are also many in South Korea who became rich via the financial industry, but under a slightly different system than in the West.This is because banks, which
May 19, 2014
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[Photo News] Fifth-Gen C-Class
Mercedes-Benz Korea will unveil the fifth generation of its New C-Class at the Busan International Motor Show in June. Four models including two gasoline-powered vehicles ― the New C200 and the C200 Avantgarde ― and two diesel-based sedans will be introduced. (Mercedes-Benz Korea)
May 19, 2014
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BMW Korea donates 1 billion won for Sewol victims
BMW Korea, along with its eight dealerships, donated 1 billion won ($980,000) Monday to help the victims of the deadly sinking of the Sewol ferry on April 16.BMW, the top-selling foreign car brand in Korea, is the first import car brand to donate money to help the ferry victims. “We have collected 1 billion won in cooperation with our eight dealerships to offer our condolences to the victims of the Sewol sinking and their bereaved families,” said BMW Korea CEO Kim Hyo-joon in a statement. The Ko
May 19, 2014
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Daewoo E&C wins $545.8m degassing plant project in Iraq
Daewoo Engineering and Construction, one of South Korea’s largest builders, said Monday it won a $545.8 million degassing station project in Iraq.The contract is part of the larger Zubair DGS project underway some 20 kilometers from Basra. A degassing plant is a facility that extracts crude oil from natural gas, sand and other sediments. The crude oil extracted is then refined to make gasoline and diesel fuel.The project, broken up into North, Center and South projects, was commissioned by ENI I
May 19, 2014
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[SUPER RICH] Hankook Tire’s Cho clan shines on superrich list
Hankook Tire, the country’s largest tire manufacturer, posted 7 trillion won ($6.9 billion) in sales and 1.3 trillion won in operating profit last year, with most of its sales coming from abroad. The company, whose products range from ultrahigh-performance to radial and bias-ply tires, is over the moon with its performance, the latest turnover being the highest in its 73-year history. The masterminds behind these achievements are Cho Yang-rai, chairman of the company, and his second son Cho Hyun
May 19, 2014
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Hyundai Motor recalls over 120,000 Tucson SUVs over airbag problem
South Korea's top automaker, Hyundai Motor Co., is recalling over 120,000 vehicles here for a problem possibly related to airbags, the transportation ministry said Monday.The problem involves bolts that attach the cover of the vehicle's horn to the steering wheel, which can affect the operation of driver's airbag, according to the Ministry of Land, Infrastructure and Transport.The recall affects 122,561 Tucson compact sport utility vehicles (SUVs) produced between Jan. 1, 2011 and Dec. 26, 2013.
May 19, 2014
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Samsung garners 71 percent of world smartwatch market in Q1
South Korea's tech giant, Samsung Electronics Co., took 71 percent of the global market for smartwatches in the first quarter of 2014, data showed Monday. Samsung shipped 500,000 units of smartwatches over the first three months of this year, according to tech industry watcher Strategy Analytics. It was an increase from Samsung's market share of 52.4 percent in 2013, when it sold 1 million units around the globe.Japan's Sony Corp. and Pebble of the United States held 11.4 percent of the market e
May 19, 2014
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Kia global sales to top 30 million mark in May, 52 years after launch of first vehicle
Kia Motors Corp., South Korea's No. 2 automaker, said Monday that its global sales will top the 30 million mark this month, 52 years after it launched its first vehicle. The carmaker, now under the wing of Hyundai Motor Group since 2000, said as of late April, accumulated sales stood at just under 29.93 million units. "Since Kia has sold an average 260,000 vehicles per month in 2014, it is almost certain that the 30 million figure will be reached," the company said in a press release.The carm
May 19, 2014
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Lotte Shopping to sell 7 stores to KB Asset
Lotte Shopping, the country’s largest retailer, on Friday withdrew its plan to sell 18 retail properties to foreign investors. Instead, it will sell seven of them to KB Asset Management for 600 billion won ($586 million). According to industry insiders, Lotte and KB signed an optional contract on May 16 regarding the sales of Lotte department stores in Ilsan and Sangin-dong, Daegu; and Lotte Mart discount stores in Bupyeong, Pyeongtaek and Goyang in Gyeonggi Province as well as Gumi in North Gye
May 18, 2014