Most Popular
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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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Korean language teaching expert says demand has outstripped supply
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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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Conscripting women to lead to 'more babies,' claims military think tank
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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Pension fund holds stakes in over 50 chaebol affiliates
South Korea’s state-run pension fund wields a large influence over the country’s major firms through its stockholdings, with stakes of over 5 percent in some 50 conglomerate affiliates, data showed Tuesday.The National Pension Service, the country’s largest institutional investor, held a stake of over 5 percent in 55 affiliates of the country’s top 10 conglomerates, or chaebol, as of Friday, according to data compiled by Chaebul.com, which tracks the country’s large family-controlled business gr
March 18, 2014
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Luxury marketing key to success: Inseec
The nation’s soaring luxury goods sales, coupled with the people’s aspirations for better education, together create the perfect conditions for a luxury education market in Korea, according to the head of a French business school. “Many countries see Korea as a role model for education. Along with the booming luxury goods business, this combination makes Korea an attractive market for luxury education programs,” said Catherine Lespine, president of Inseec Group. Inseec is one of the top French
March 18, 2014
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Watchdog blocks eyewear merger
The nation’s antitrust regulator is challenging the merger of French eyewear conglomerate Essilor International and Daemyung Optical, the country’s largest lens-manufacturing firm, on concerns that it would damage competition in the market.The Fair Trade Commission also indicated that it was wary of possible market domination by a foreign manufacturer, a move that may run counter to President Park Geun-hye’s calls to invite in more foreign investment. On Monday, the FTC said it had refused to al
March 17, 2014
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Shinsegae eyes expanding EV charging station market
Shinsegae, one of the nation’s largest department store franchises, is contemplating expanding further into the electric vehicle charging station market, according to industry sources on Monday.The company is considering setting up charging stations at Shinsegae department stores in Seoul on top of deploying them at its retailer Emart.Last week, Shinsegae said it would establish EV charging stations at 60 of the Emart locations that it operates. Emart is currently the biggest discount store bran
March 17, 2014
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Jejudo targets zero car emissions by 2030
Jejudo Island, equipped with some of the most comprehensive electric vehicle charging infrastructure in South Korea, has set its sights on becoming a zero car emissions zone by 2030.The province, a popular tourist destination for both South Koreans and foreigners, said it is aiming for all vehicles on the island to be electric by the target year.“Jeju already provides the most support in the world for those wanting to buy electric cars, and this stance, along with concerted efforts to develop th
March 17, 2014
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Daewoo Shipbuilding wins W339b order from Russia
Daewoo Shipbuilding & Marine Engineering Co. said Monday that it has obtained a 339.3 billion won ($317.2 million) order to build an icebreaking LNG carrier from Russia’s state-run shipper Sovcomflot, the world’s first order for such a vessel.The South Korean company said it will deliver the vessel by the end of June 2016.The carrier will be used in developing a gas field on the Yamal Peninsula, western Siberia, by a joint venture among Russian, French and Chinese firms, Daewoo Shipbuilding said
March 17, 2014
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[SUPER RICH] Female billionaires on the rise in Korea
More and more women are becoming rich, but they still remain a minority in the world of the superrich despite their improving status and active participation in society.According to the 2014 World’s Billionaires list recently unveiled by Forbes, in which the 1,645 super-wealthy were ranked, a total of 172 women made the list, up 25 percent from a year earlier but constituting a mere 10 percent of the world’s mega-rich. Yet, most of the women inherited their fortune from a parent or husband. Only
March 17, 2014
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France’s Mia may establish electric car plant in Korea
JEJUDO ISLAND ― Mia Electric, the France-based manufacturer of economical electric vehicles, is considering building an assembly plant in Korea ― the first outside its home turf ― with the aim to start car sales here as early as next year.“Our ultimate goal is to sell ‘made-in-Korea’ vehicles for Korean customers,” Jung Jong-hun, chief marketing officer of Mia Electric Korea, told The Korea Herald on Saturday at the company’s booth during the International Electric Vehicle Expo held on Jejudo Is
March 16, 2014
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Gwangyang cements logistics hub status
The Gwangyang Bay Area Free Economic Zone is stretching out to achieve its ultimate goal of encouraging investment of $25 billion, creating 240,000 jobs and drawing 120,000 residents to the area by 2020. According to the Gwangyang Bay Area Free Economic Zone Authority, its commissioner Lee Hee-bong and a group of Korean-American business groups signed a deal on March 7 to invest $200 million in the area. The Bizpost Group Consortium composed of the Los Angeles-based Korean-American group Bizpost
March 16, 2014
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Gastech conference to kick off next week
Energy experts and leading gas industry professionals are set to gather in Korea to kick off the 2014 Gastech Conference and Exhibition next week.Gastech is one of the largest events in the natural gas industry. It showcases the latest innovations, technologies and developments across the gas value chains.The state-run Korea Gas Corporation, or KOGAS, will host the event for the first time in Northeast Asia from March 24 to March 27 at KINTEX in Goyang City, Gyeonggi Province.More than 380 gas-r
March 16, 2014
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Korea, China start 10th round of free trade talks
The 10th round of talks for a Korea-China free trade agreement will start on Monday for a five-day run at the Korea International Exhibition Center in Ilsan, Gyeonggi Province, according to the Ministry of Trade, Industry and Energy. The new round will continue discussing overall areas, including products, services, investment, regulations and cooperation, the ministry said.A major breakthrough came in the seventh round of negotiations held in Beijing in last September, in which the countries ag
March 16, 2014
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Pre-orders of new Sonata top 13,000 in 8 days
Hyundai Motor, the nation’s top automaker, said Sunday that pre-sale orders for its new Sonata sedan topped the 13,000 unit mark in eight business days, fanning hopes that demand for mid-sized sedans will grow in the country.The world’s fifth-largest automaker said it has received slightly over 13,000 orders for the Sonata LF since March 5 when it started accepting pre-orders.Hyundai said the level of interest shown by local consumers is noteworthy because the purchases are being made without th
March 16, 2014
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KNOC discovers additional oil reserve in Iraq
A joint oil exploration project involving South Korea’s state-run oil company in Iraq has made another significant oil discovery in the Middle Eastern country, the state-run Korea National Oil Corp. said on Sunday. The discovery was made at the Hawler minefield in Iraq’s northern Kurdish region. The Banan drill hole is the fourth exploration hole in the Hawler minefield, and it has successfully produced 4,320 barrels of light crude oil per day in a drill stem test that began in January, the comp
March 16, 2014
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Samsung, Lotte lead in gender equality policy
More South Korean companies should follow the lead of Samsung Electronics and Lotte Group by hiring and promoting more women, said Minister for Gender Equality and Family Cho Yoon-sun. Samsung Chairman Lee Kun Hee cited the importance of hiring more women as early as 1993, and since then his company, with a market capitalization of $177.6 billion, has steadily increased the number of female employees, Cho said in an interview with Bloomberg News last week in New York.Lotte Group, which owns depa
March 16, 2014
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Pre-orders of new Sonata top 13,000 in eight days
Hyundai Motor Co., South Korea's top automaker, said Sunday that pre-sale orders for its new Sonata sedan topped the 13,000 unit mark in eight business days, fanning hopes that demand for mid-sized sedans will grow in the country.The world's fifth-largest automaker said it has received slightly over 13,000 orders for the Sonata LF since March 5 when it started accepting pre-orders.Hyundai said the level of interest shown by local consumers is noteworthy because the purchases are being made witho
March 16, 2014
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Pinkberry co-founder sentenced to 7 years for beating homeless man with tire iron
After a jury found the co-founder of the Pinkberry frozen yogurt chain guilty of attacking a homeless man with a tire iron during an incident in June 2011, Young Lee was sentenced to seven years in prison on Friday. The 49-year-old beat Donald Bolding with the weapon after the panhandler showed the occupants of a car Lee was driving a tattoo of a stick-figure couple having sex. After driving away, Lee returned and gave Bolding a broken left forearm and several cuts to the head by beatin
March 16, 2014
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KNOC discovers additional oil reserve in Iraq
A joint oil exploration project involving South Korea's state-run oil company in Iraq has made another significant oil discovery in the Middle Eastern country, the company said Sunday.The discovery was made at the Hawler minefield in Iraq's northern Kurdish region, according to the Korea National Oil Corp.The Banan drill hole is the fourth exploration hole in the Hawler minefield, and it has successfully produced 4,320 barrels of light crude oil per day in a drill stem test that began in January
March 16, 2014
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The future is here: Electric cars
Global carmakers are piling into the nation’s nascent electric car market, indicating the advent of the truly “electric age” as the concept of electric mobility quickly catches on with Korean car buffs. There are so far three full-electric models competing in the market ― the Kia Ray EV, Renault Samsung Motors’ SM3 Z.E. and GM Korea’s Chevrolet Spark EV. Their combined sales were a mere 715 cars last year. This year, more fashionable models armed with better performance, longer driving ranges an
March 14, 2014
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LG Chem to purchase U.S. water filter firm for $200m
LG Chem Ltd, South Korea's largest chemical company, said Friday that it has decided to purchase a U.S. water filter firm for $200 million.A corporate source said the company's board approved the purchase of California-based NanoH2O, Inc. that controls cutting-edge reverse osmosis (RO) membrane technology."The process of buying the company will start immediately," said the insider, who declined to be identified. He said LG Chem will wholly own the venture tech company. NanoH2O manufactures and m
March 14, 2014
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[Weekender] World’s first EV expo kicks off on Jejudo
The International Electric Vehicle Expo, the world’s first exhibition solely dedicated to fully-electric vehicles, will be held from March 15-21 on Jejudo Island, with some 40 carmakers, battery suppliers and other EV-related companies joining from Korea and abroad. Seven carmakers ― Renault Samsung Motors, Kia Motors, BMW, Nissan, GM Korea, Mia Electric and Tajima ― will display their latest EV models during the weeklong program. The BMW i3, Nissan Leaf and the Mia minibus will make their Korea
March 14, 2014