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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Korean language teaching expert says demand has outstripped supply
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POSCO cuts 2014 capital spending by more than 10%
POSCO, South Korea’s top steelmaker, has trimmed its facility investment for the year by more than 10 percent from its initial plan in order to improve its financial footing, industry sources said Sunday.According to the sources, the steelmaker has lowered its capital spending for this year to 5.7 trillion won ($5.56 billion) from the original 6.5 trillion won. The figure includes investments by its affiliates. POSCO alone plans to spend some 3 trillion won this year, also lower than its earlier
May 18, 2014
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Big firms vie for LIG Insurance
Underwriter Goldman Sachs is scheduled to accept bids for LIG Insurance next Monday to pick the preferred bidder among six contenders, including KB Financial Group, Lotte Group and the Tong Yang Life-Vogo Fund alliance.The other three potential bidders that have submitted preliminary proposals are MBK Partners, China-based Fosun Group and the Middle East-based Jabez Partners.LIG Group plans to dispose of its 20 percent stake, worth 370 billion won ($350 million), in LIG Insurance to raise funds
May 16, 2014
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Samsung likely to unveil Galaxy Tab S on June 12
Samsung Electronics is expected to unveil its new high-end tablet early next month. The company sent media invitations to its Galaxy premiere event, which will take place on June 12 in New York, hinting that it might roll out the new tablet Galaxy Tab S at the event. A Samsung source confirmed speculation that the company would again adopt an organic light-emitting diode display for its tablets, mentioning it has reduced the production cost of the OLED displaySamsung once used the OLED display f
May 16, 2014
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Hyundai Motor tops in female workers’ pay
Female employees at Hyundai Motor, the nation’s top carmaker, are paid the most, but they are still not behind their male colleagues, according to data compiled by the Financial Supervisory Service on Friday. A survey of the nation’s top 500 companies on employee payment last year showed that the average annual pay for female employees at Hyundai Motor last year was 78 million won ($76,000), the highest amount followed by 74 million won at SK Telecom and 73 million won both at Samsung Electronic
May 16, 2014
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U.S. insurer to offer health tips via Samsung Galaxy S5 app
U.S.-based insurer Cigna said Friday it will provide customized health management tips via a healthcare app on Samsung Electronics’s newest smartphone Galaxy S5. The new “Coach by Cigna” will be added to the smartphone’s pre-loaded S-health 3.0 app and released in 36 countries in 26 languages. The insurer said the provided contents will allow users to keep track of their daily health conditions and activities by linking them to healthcare data stored on the app.The Galaxy S5 is the first smartph
May 16, 2014
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Kia Motors to showcase 27 vehicles at Busan Motor Show
Kia Motors, an affiliate of Hyundai Motor Group, said it will showcase 27 vehicles, including seven different variants of its new Carnival minivan at the Busan International Motor Show, which will kick off on May 29. The country’s second-largest automobile manufacturer said an “outdoors” car, a limousine and a light “mover” will be shown to the Korean public for the first time at the show. The minivan, a multipurpose vehicle, made its debut at last month’s New York International Auto Show and is
May 16, 2014
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Samsung chairman on path to recovery: hospital
Samsung Electronics chairman Lee Kun-hee, who has been under treatment after a heart attack since Saturday night, is gradually recovering, his doctors said Friday, curbing the public’s woes over the fate of the 72-year-old business tycoon.“Chairman Lee’s condition is getting better,” said Yoon Soon-bong, the president of Samsung Medical Center where Lee is hospitalized. When asked about rumors surrounding Lee’s health, including suspicions he is in critical condition, Yoon said, “If the situatio
May 16, 2014
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Daewoo E&C wins mega-highway construction deal in Qatar
Daewoo Engineering and Construction, one of top three local builders, said Friday it won a $910 million highway construction deal in Qatar. The builder said it signed part of the New Orbital Highway and Truck Route contract from Ashghal, the Middle East country’s public works authority. The highway contract is the third-largest road construction order secured by a South Korean construction company in a foreign country.Daewoo E&C will be in charge of engineering and design as well as construction
May 16, 2014
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Samsung Medical Center denies rumors of Lee’s death
Samsung Medical Center (Yonhap)Samsung Medical Center denied rumors that Samsung Electronics Co. chairman Lee Kun-hee died Friday.“His condition is improving,” SMC head Yoon Soon-bong told reporters. Lee has been hospitalized for treatment after a heart attack on Saturday night, and he is still under sedation.“I would not have even come down here if chairman Lee had really been in a life-threatening situation,” Yoon added. By Jeong Hunny (hj257@heraldcorp.com)
May 16, 2014
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Samsung chief Lee Kun-hee on recovery pace: official
Samsung Electronics Co. Chairman Lee Kun-hee, who has been under treatments after a heart attack since Saturday night, is gradually recovering, his doctors said Friday, curbing the public's woes over the fate of the 72-years-old business tycoon, Yonhap reported."Chairman Lee's condition is getting better," Yoon Soon-bong, the president of Samsung Medical Center (SMC), was quoted as saying.When asked about rumors surrounding Lee's health, including suspicions he is in a critical condition, Yoon s
May 16, 2014
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McLaren, Aston Martin coming soon
McLaren P1. (McLaren)The ultrapremium cars of British manufacturers McLaren and Aston Martin will hit the Korean market later this year as both have signed a contract with a Korean importer.McLaren is famous for its bullet-speed vehicles promoted mainly through its Formula 1 team with key drivers such as Jenson Button. Aston Martin is widely known as the 007 car beloved by MI6 spy James Bond in movies.Both have been highly anticipated in Korea, which has become a hot market for global supercars
May 15, 2014
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KEPCO, KT tie up to explore overseas smart grid market
State-run Korea Electric Power Co., the largest electric utility company in Korea, signed a memorandum of understanding on Wednesday with KT, the nation’s second-largest mobile carrier, to jointly develop a business model targeting the overseas smart grid market, KEPCO said in a press release.A smart grid, which refers to an advanced electric grid using smart net meters based on information and communications technology, has attracted global attention as it can improve the efficiency, reliabilit
May 15, 2014
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Alcohol sales rising again after ferry disaster slump
Alcohol sales at local retailers were rising this month, coming out of a slump from nationwide mourning following a deadly ferry sinking in April, industry data showed Thursday.E-Mart, South Korea’s largest discount chain operator, said its overall alcohol sales rose 14.8 percent during the first 13 days of May from a year ago.Alcohol sales at the retailer had risen 1 percent during the 15 days after the April 16 sinking of the ferry Sewol that killed more than 280 people, most of them high scho
May 15, 2014
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Korean automobile exports jump 14 percent in April
South Korea’s automobile output grew more than 12 percent from a year earlier last month on increasing sales in home and overseas markets, the government said Thursday.In April, South Korea exported 299,268 cars, up 14 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.The country’s total output surged 12.3 percent on-year to 433,799 units as domestic sales of locally produced vehicles jumped 10.2 percent to 131,053.“Outbound shipments jumped 14 percen
May 15, 2014
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Asiana posts $45 million net loss in first quarter
Asiana Airlines, South Korea’s second-largest carrier, said Thursday it posted a net loss of 46.6 billion won ($45.3 million) in the first quarter, mainly due to a drop in passenger traffic from Japan.Operating profit also stood in minus territory at 2.1 billion won, with sales dipping 0.4 percent to 1.41 trillion won from 1.42 trillion won tallied a year earlier, the company said in a regulatory filing.“Frayed relations and the weak yen caused a noticeable drop in inbound passenger traffic from
May 15, 2014
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Hyundai to appeal U.S. court verdict on 2011 crash case
Hyundai Motor Co., South Korea's largest car producer, said Wednesday it would seek an immediate appeal against a U.S. court verdict ordering it to pay $248 million in punitive damages for a 2011 accident.The parents of Missoula's Tanner and Trevor Olson filed a lawsuit against Hyundai for the crash of a Hyundai car that killed the teenagers aboard. They claimed the 2005 Hyundai Tiburon lost control due to a steering defect, leading it to collide head-on with a vehicle driving in the opposite la
May 15, 2014
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Samsung apologizes to leukemia victims
A Samsung official enters the group’s main office in southern Seoul on Wednesday. (Yonhap)Samsung Electronics made an official apology to leukemia patients and their families for the first time since the issue emerged in 2007. “Samsung has neglected pains and difficulties of the victims and their families. We offer our sincere apologies to them for not resolving the problem earlier,” said Samsung Electronics CEO Kwon Oh- hyun, holding an extraordinary news conference at its Seoul office on Wedne
May 14, 2014
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Hyundai to lure female drivers with new sedan
Hyundai Motor will unveil a new luxury sedan later this month mainly to lure female drivers, whose presence has been growing recently in the nation’s soaring import car market. According to industry sources on Wednesday, the new car, whose project name is AG, will make its world premiere during the Busan Motor Show, which kicks off on May 30 in the southern port city. The car is expected to be positioned between Hyundai’s two flagship midsize sedans the Grandeur and Genesis. It is said to have t
May 14, 2014
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SK hynix overtakes Micron as No. 2 DRAM maker in Q1
South Korean chipmaker SK hynix recouped its position as the world’s No. 2 maker of dynamic random access memory chips in the first quarter of this year, data showed Wednesday, three months after it slipped to the third spot following a fire at its Chinese plant.The data from market researcher DRAMeXchange showed that SK hynix garnered 28.2 percent of the global DRAM market in the January-March period, outpacing U.S. Micron Technology, which posted 28 percent. The latest figure marks a turnaroun
May 14, 2014
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Samsung Engineering wins quality awards in Middle East
Samsung Engineering Co., one of South Korea’s leading builders, said Wednesday it won the Middle East Economic Digest’s Quality Awards for Projects for the third year in a row.The company said it secured the recognition for its FERTIL-2 Ammonia and Urea Plant in the United Arab Emirates. Samsung was given the engineering, procurement, construction and commissioning contract by Abu Dhabi National Oil Co. in 2009.The plant is in the Ruwais Industrial Zone about 250 kilometers west of Abu Dhabi Cit
May 14, 2014