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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S. Korea, Singapore seal supply chain agreement
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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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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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LG Household & Healthcare considers bid for Elizabeth Arden
LG Household & Healthcare, the nation’s largest consumer goods maker, confirmed on Wednesday that it is considering a bid for cosmetics company Elizabeth Arden to expand its beauty business overseas.“The company is reviewing a couple of beauty brands on sales, including U.S.-based Elizabeth Arden, but it has not decided yet whether it will join a bid or not,’’ a company spokesperson said. Industry watchers said the price tag of Elizabeth Arden would surpass 1 trillion won ($960 million) as the f
April 23, 2014
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Telecom ministry to crack down on pirate phones
South Korea's telecom ministry said Wednesday it will seek a law revision to slap fines of up to 100 million won ($96,311) on those using mobile phones under borrowed names, a practice used widely in crimes and illegal activities to evade investigation.The Ministry of Science, ICT and Future Planning said it hopes to establish legal grounds by June to punish any activities related to using or inducing, advertising, and mediating the use of such "pirate" phones, with possible penalties also inclu
April 23, 2014
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Daewoo E&C wins $352m subway construction order in Singapore
Daewoo Engineering and Construction on Tuesday said it had won a $352 million contract to build part of a subway line in the city-state of Singapore.The company said the contract with Singapore’s Land Transport Authority involving the construction of 3.2 kilometers of the Thomson Line subway, which includes one station and a 2.93 km tunnel.Construction is expected to begin in two months, the company said. The overall length of the new subway line, which stretches north to south, is about 30 km,
April 22, 2014
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Korean business failures rise in March
The number of corporate bankruptcies increased in March this year compared to the previous month due mainly to a rise in business failures in the service and construction sectors, the central bank said Tuesday.Seventy-three companies went bankrupt last month, up from the 68 compiled in February, according to the Bank of Korea.The number of bankruptcies in the service sector rose by three companies on-month to 30 from 27, while the number of bankruptcies among local construction companies increas
April 22, 2014
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KT given breather from higher-than-expected number of retirees
South Korea's top fixed-line operator, KT Corp., is expected to get some relief from financial pressure as a significant number of workers applied for itsretirement program, analysts said Tuesday, although the effect of a streamlined workforce won't be long-lived.KT, also the country's No. 2 mobile carrier by market share, said 8,320 employees applied for its voluntary retirement program offered from earlier this month. The number is much higher than the anticipated 6,000.As those who have been
April 22, 2014
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Blaze puts halt to Samsung’s financial services
Samsung’s financial services have been suspended in the wake of a fire at Samsung SDS data center, which runs the system and stores backup data from Samsung’s financial affiliates. Samsung SDS said it blocked the server at the data center to prevent data loss. Samsung Card users appeared to be the biggest victims of the service disruption. Cash advances, online payments and text alerts were all suspended; while debit cards issued by Samsung and affiliated firms will be out of service until furth
April 21, 2014
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SK E&C begins construction of underwater tunnel in Turkey
SK Engineering & Construction said Monday that it had started the digging work for a 5.4 kilometer underwater tunnel, known as the Eurasia Tunnel, under the Bosphorus Strait in Istanbul. The Korean builder held a ceremony to celebrate the beginning of construction on Saturday, with Turkish Prime Minister Recep Tayyip Erdogan and other government and company officials in attendance. SK E&C will design, build and operate the tunnel, which will connect the Asian and European sides of Istanbul. The
April 21, 2014
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[SUPER RICH] Superrich sons-in-law
In the cutthroat business world of chaebol, sons-in-law were often considered the elephants in the room. While customs have changed so radically in Korea that it is now not uncommon to see men living with their in-laws instead of the other way around, sons-in-law are still considered “guests” and not members of the family. This means they are treated with utmost respect, but it also means they could never hope to take over the family business. In Japan, there are occasional cases where the son-i
April 21, 2014
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[SUPER RICH] CJ vice chairwoman finds goldmine in cultural industries
Lee Mie-kyung, vice chairwoman of CJ, is a rare breed of Korean superrich who saw a business opportunity in culture and entertainment. Born in Tennessee, U.S., and raised in Seoul, Lee is the Harvard-educated daughter of Lee Maeng-hee, Samsung chairman Lee Kun-hee’s elder brother. She first gained international recognition in 1995 after masterminding CJ Group’s $300 million investment in DreamWorks Studio founded by Hollywood powerhouses Steven Spielberg, Jeffrey Katzenberg and David Geffen. Le
April 21, 2014
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Top business groups’ retained earnings rate hits record high
The retained earnings rate of Korea’s top 10 conglomerates reached record high levels in 2013 despite their pledges to increase investments and hiring, a report showed Sunday.The internal cash reserves of the 70 listed companies belonging to the largest business groups whose fiscal year ended in December stood at 1,578.5 percent, the report by FN Guide said. The figure marks a 164.3 percentage point gain from a retention rate of 1,414.2 percent tallied for the year before.The recent numbers repr
April 20, 2014
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Fiat-Chrysler to produce iconic Jeep in China from 2015
AFP) - Automaker Fiat-Chrysler said on Saturday that it would begin producing the iconic American brand Jeep in China from 2015 to meet demand in the world's largest car market.Fiat-Chrysler -- created by Italy's Fiat acquiring Chrysler of the United States -- will produce three Jeep sport utility vehicle (SUV) models in China, including one specifically designed for the Chinese market, the company said in a statement.The announcement came ahead of the Beijing auto show, which opens to the publi
April 19, 2014
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[Weekender] Mix and match for fun eating
Comedian Jeong Hyeong-don recently appeared on the popular TV show “Infinite Challenge,” where he demonstrated how to make “opageti.” The dish was a mixture of ojingeo Jjambbong and Jjapageti ― two types of instant noodles made by Korean food company Nongshim.After the episode was aired, weekly sales of ojingeo Jjambbong and Jjapageti surged 157 percent and 20 percent, respectively, according to Nongshim.The underlying reason for the success of opageti, however, is more than just the show’s popu
April 18, 2014
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[Weekender] ‘Modisumers’ drive product innovation
From food to cosmetics, Korean businesses are increasingly taking advantage of a growing group of customers’ desire to modify products to their tastes and needs ― a group marketing analysts call “modisumers.” They have taken lessons from DIY trailblazer Ikea. The Swedish furniture maker has thrown out the conventional idea of buying ready-made products from a catalogue. Its customers partly assemble their own furniture and arrange it in various ways.Economists say that buyers of Ikea couches or
April 18, 2014
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[Weekender] Bomb shots evolve into cocktail culture
Korean drinkers may have a knack for making tasty cocktails.Ranging from the traditional boilermaker, which is dubbed poktanju, to trendy cocktails more recently, a large proportion of popular alcoholic beverages here are mixed liquors. More businesses are also moving quickly to take advantage of the long-standing unique drinking culture.“In Korea, a liquor product can be successful only when it tastes good mixed with other liquors or beverages,” said an official of Mackiss, a high-end soju bran
April 18, 2014
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[Weekender] DIY beauty products
Cosmetic blogger Choi Eun-ji makes a face mist using leftover toner that’s been sitting on her dressing table for months. Mixing it with purified water bought for 1,500 won ($1.40) at a pharmacy, she creates one of her staple beauty items at one-quarter of the price of face mists sold in shops.“I don’t need to worry about skin problems because it has fewer preservatives and made with the toner I’ve been using,” she said in an email interview with The Korea Herald.She is one of the beauty product
April 18, 2014
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POSCO joins bid for Tong Yang Power
POSCO, the nation’s top steelmaker, confirmed Friday that it had submitted a letter of intent to take over Tong Yang Power, the electricity-generating arm of faltering Tong Yang Group. “POSCO Energy, an energy business arm of the group, decided to join the bid with an interest in the thermal power plant project of Tong Yang Power,” an official from the steel group said. Last year, Tong Yang Power won a business license from the government to build two coal-fueled thermal power plants, each with
April 18, 2014
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Shares exceed 2,000 on auto, tech rallies
South Korean stocks breached the 2,000-point level on Friday, breaking their five-session losing streak as foreign and institutional investors swooped on auto and tech shares in hopes of improved first-quarter earnings, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 12.23 points, or 0.61 percent, to 2,004.28, breaking the 2,000-point level for the first time in five sessions since April 10 when it hit 2,008.61. Trading volume
April 18, 2014
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Hyundai eyes global green car market
Hyundai Motor Co. is gearing up to seize a chunk of the steadily growing eco-friendly vehicle market that by 2020 is expected to have grown a stellar 360 percent.The carmaker, the flagship of the world‘s fifth-largest automotive conglomerate Hyundai Motor Group, on Thursday detailed to the media its plans for fuel cell electric vehicles at a showing for a version of the Tucson that the company says is the only mass-produced FCEV in the world to date.On Friday, the company went further to commit
April 18, 2014
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Hyundai to launch EV sedan in 2016
Hyundai Motor will be making a comeback in the electric car market, a segment that the carmaker has long ignored after the dismal failure of its first full-electric BlueOne compact back in 2010. According to company executives on Thursday, the Korean auto giant now plans to launch a completely different EV compact sedan in 2016. The new car will come equipped with an 80-kilowatt electric motor and its driving range is expected to be more than 200 kilometers on a single charge. Its 27-kilowatt-ho
April 17, 2014
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LG CNS predicts ‘smart’ convergence to shape future
LG CNS, a local information technology service provider, said the convergence of fast-advancing technologies would pave the way for a “smart world,” at the company’s annual IT conference in Seoul on Thursday.“The five technologies of smart devices, network connectivity, big data, clouding service and convergence of technology and industry will shape the smart world in the future,” said LG CNS chief executive Kim Dae-hoon in his opening speech.He pointed to the emergence of various smart devices
April 17, 2014