Most Popular
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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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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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Man killed by fellow hunter who mistook him for wild boar
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AB InBev to pay $5.8b for Korea’s Oriental Brewery
Anheuser-Busch InBev NV, the world’s biggest beer maker, agreed to pay $5.8 billion to buy back South Korea’s Oriental Brewery Co. Ltd. from KKR & Co. and Affinity Equity Partners Ltd.AB InBev will fund the acquisition with internal resources, according to a statement from the companies distributed on PR Newswire. AB InBev will receive about $320 million in cash when the transaction is completed.Leuven, Belgium-based AB InBev will regain a business it sold to KKR in 2009 for $1.8 billion in a bi
Jan. 20, 2014
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Tax revenue shortfall expected to reach 8 trillion won
South Korea collected 8 trillion won ($7.5 billion) less in tax revenue than its earlier forecast for last year, raising concerns that there may not be sufficient funds to meet expanded welfare programs, government sources said Monday.“Given the preliminary tax revenue data, the overall tax revenue shortfalls are expected to reach about 8 trillion won,” a high ranking government official said on condition of anonymity.“It would be fair to say that the shortfalls could be in the lower end of the
Jan. 20, 2014
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KORAIL urged to stop suppressing unionized workers
Labor and civic groups urged the state-run rail operator Monday to stop suppressing unionized rail workers for having participated in what the government called an illegal strike.The call came as Korea Railroad Corp. management took disciplinary and legal actions against the union for financial losses incurred from the three-week-long strike that ended in late December.“KORAIL is conducting an all-out offensive against the union by referring 523 union members to a disciplinary committee and fili
Jan. 20, 2014
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Chaebol try to skirt trading rules ahead of changes
South Korea’s large family-owned conglomerates have taken steps to dodge revised intra-group transaction bans that go into effect next month for fairer trade, a local business research firm said Monday.According to Chaebol.com, a corporate information provider on large businesses, 20 key affiliates belonging to business groups that will be affected by the revised fair trade regulations have taken measures in the past few months to effectively avoid restrictions.Under the changes that go into eff
Jan. 20, 2014
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S. Korea overtakes Japan in semiconductors
South Korea is believed to have overtaken Japan in terms of global market share for semiconductors last year, the government said Monday.The combined output of South Korean manufacturers of semiconductors is estimated to have surged 16 percent from a year earlier to about $50.06 billion in 2013, according to the Ministry of Trade, Industry and Energy.The amount accounts for 15.8 percent of total global supply, the second largest after the United States’ estimated 52.4 percent, the ministry said,
Jan. 20, 2014
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[Photo News] Airport partnership
Jan. 19, 2014
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Korea boosts space partnership with India
Korea will enhance bilateral partnership with India not only in information technology but also in the aerospace sector, the Ministry of Science, ICT and Future Planning said in a press release on Sunday. Science, ICT and Future Planning Minister Choi Mun-kee, who accompanied President Park Geun-hye to India, visited Bangalore on Saturday to seek a partnership with India’s space and software industry. ‘‘During his visit to the city nicknamed the Silicon Valley of India, the minister visited the
Jan. 19, 2014
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Investment, deregulation, service industry key to doubling GDP: FKI
Bolstering business investment and deregulation are critical for South Korea to join the ranks of countries whose per capita GDP exceeds $40,000, a report by the country’s big business lobby group said Sunday. The assessment by the Federation of Korean Industries based on data provided by the International Monetary Fund claimed that the 22 countries that have made the “exclusive club” all had higher growth and employment rates and more developed service sectors compared to South Korea after thei
Jan. 19, 2014
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KOGAS to host Gastech conference in March
The state-run Korea Gas Corporation, the world’s second largest liquefied natural gas importer after Japan, said it will host the 2014 Gastech Conference and Exhibition between March 24-27 at KINTEX, Gyeonggi Province. The London-based Gastech, one of the world’s largest gatherings in the gas industry, has offered a venue for gas industry leaders and experts to exchange technological information and to build their global networking. It is the first time Gastech will be hosted in Northeast Asia,
Jan. 19, 2014
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KT launches LTE roaming service in Russia
KT, the nation’s second-largest mobile carrier, said on Sunday the company is now able to provide international Long Term Evolution roaming service in Russia. The company now offers this type of service in a total of 12 countries, including Canada and Malaysia. “The LTE roaming service was expanded as a number of customers are expected to visit Russia for the winter event this year,” said Kim Seok-joon, a head of KT’s Roaming & Data business division. “KT will continue to provide services for us
Jan. 19, 2014
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Ad spending by IT firms surges in 2013: data
Spending on advertising by information technology firms soared last year, driven by telecom firms and smartphone makers, a report showed on Sunday.The country’s tech firms spent a combined 607 billion won ($571 million) on advertisements last year, up 14.4 percent from 531 billion won a year earlier, according to the report by AC Nielsen.Samsung and its rivals such as Apple and LG Electronics spent a combined 166 billion won on smartphone advertisements last year, rising 14.2 percent from a year
Jan. 19, 2014
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Hyundai Motor sees sharp rise in sales of midsize sedan in China
Korea’s top automaker, Hyundai Motor is enjoying a sharp rise in sales of midsize autos in China, which could lead to a rise in its profitability, industry sources said Sunday.According to the sources, Hyundai Motor sold a total of 135,386 midsize sedans such as the YF Sonata in China last year, up 15.4 percent from a year earlier. The YF Sonata, which was introduced in China in 2011, led the overall growth last year with a total of 104,670 units sold in the world’s biggest auto market. In parti
Jan. 19, 2014
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Johnson and Johnson removes harmful chemicals from baby shampoo
Johnson and Johnson announced it was suspending the production of a baby shampoo containing carcinogenic materials and replacing them with reformulated products after years of complaints from consumers, the New York Times reported.A new line of the same product, in which the cancer causing materials were removed, is to be introduced under the designation “improved formula.” The potentially harmful chemicals were found in small amounts but the company faced scrutiny over the health risks they cou
Jan. 19, 2014
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Hyundai Motor sees sharp rise in sales of midsize sedan in China
South Korea's top automaker, Hyundai Motor Co., is enjoying a sharp rise in sales of midsize autos in China, which could lead to a rise in its profitability, industry sources said Sunday.According to the sources, Hyundai Motor sold a total of 135,386 midsize sedans such as the YF Sonata in China last year, up 15.4 percent from a year earlier.The YF Sonata, which was introduced in China in 2011, led the overall growth last year with a total of 104,670 units sold in the world's biggest auto market
Jan. 19, 2014
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Samsung brand among most popular in major markets
South Korea’s tech giant Samsung Electronics Co. was considered one of the leading brands in major overseas markets, data showed Friday, reflecting its rising presence in the global market.According to the data by London-based market researcher YouGov, Samsung made the top 10 list of popular brands in 12 countries among 15 places surveyed.YouGov measures the brand image of companies through its Buzz score rating, which is based on a survey asking respondents whether they have heard anything posi
Jan. 17, 2014
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POSCO vows to gain respect
POSCO chairman-nominee Kwon Oh-joon on Friday vowed to regain the public’s respect for the global steelmaker, which has struggled with difficult market conditions and a lack of willingness to innovate. Faced with the challenge of changing POSCO’s rather rigid corporate culture while also keeping up with the volatile steel industry and streamlining the company’s businesses, Kwon said his biggest goal would be to build a company that can be respected by the people of Korea.Regarding ways to financ
Jan. 17, 2014
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Hanwha says won’t join race for LIG acquisition
Hanwha Group, a South Korean chemical conglomerate, said Friday that it will not join the race to buy LIG Insurance Co., the country’s fifth-largest non-life insurer.“It is not true that Hanwha Group is seeking a takeover of LIG Insurance,” it said in a regulatory filing.LIG Group, a mid-sized local business group, put up a 20.9 percent stake in its non-life insurance unit, LIG Insurance, to secure cash to compensate investors for losses incurred from its 2011 financial fraud scandal.The sale of
Jan. 17, 2014
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Man with a mission: Tenniel Chu
Mission Hills is not just any golf club.As the largest golf facility in the world, it firmly believes it has a mission to make the world a better place, to connect people as best it can, and give back the love it received.Helping to make all this possible is Tenniel Chu, who as vice chairman runs the club with his older brother Ken.The younger Chu was recently in Korea, where he sat down with The Korea Herald to talk about his whirlwind tour, coming projects for Mission Hills, and his personal a
Jan. 17, 2014
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Ssangyong to continue projects in Singapore, Malaysia despite financial woes
Ssangyong Engineering & Construction Co. said Friday that it will continue seven large projects in Singapore and Malaysia despite the company being placed under court protection.Chairman Kim Seok-joon has agreed with officials from the two countries' governments and private firms to continue to carry out its projects worth around 2 trillion won ($1.9 billion) as planned, the builder said.The projects include the Marina Coastal Expressway in Singapore and St. Regis Langkawi Hotel in Malaysia.Ssan
Jan. 17, 2014
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Hyundai Motor seeks to move 'up market' in India this year
Hyundai Motor Co., South Korea's largest carmaker, said Friday that it seeks to move "up market" in India this year, while expanding sales of its popular mini-sized city cars.The carmaker is already the second-largest automotive nameplate on the subcontinent with its market share topping a little over 15 percent with around 380,000 vehicles sold in 2013.The Indian car industry as a whole is dominated by Maruti Suzuki, a subsidiary of Japan's Suzuki Motor Corp. that held a 43 percent market share
Jan. 17, 2014