Most Popular
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S. Korea, Singapore seal supply chain agreement
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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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[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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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Russian oil firm eyes DSME
A Russian company is steps away from winning management control over Daewoo Shipbuilding & Marine Engineering, one of Korea’s top three shipbuilders and the leading military ship manufacturer.A ranking Russian government official confirmed that Korea and Russia are discussing the potential for Russia’s state-run oil company Rosneft to acquire DSME’s stocks.“We are currently in discussion,” said Natalia Burykina, chairperson of Russia’s State Duma Committee on Financial Market.Burkykina visited K
Dec. 1, 2013
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Kia achieves biggest ranking hike in satisfaction in U.S.
Kia Motors Corp., South Korea’s second-largest carmaker, has become the most-improved nameplate among mass market brands in satisfaction among new-vehicle buyers in the United States, a recent U.S. survey showed.The maker of flagship K9 luxury sedan saw its score jump by 33 points to 661 points on a 1,000-point scale, and ranked 11th, up from 16th in 2012, according to the J.D. Power 2013 U.S. Sales Satisfaction Index Study released last month.Meanwhile, Kia’s bigger sister company, Hyundai Moto
Dec. 1, 2013
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Korean Air offers early retirements
Korean Air said that it would offer an early retirement program to its employees from Dec. 2-17 amid an industry downturn.The airline will continue to provide welfare benefits, including scholarships for employees’ children and discounted airline tickets to those who apply for the program.Employees aged over 40 who have worked for the airliner for over 10 years will be eligible for the program.Company officials said it would aim to help its employees find new opportunities through the program un
Dec. 1, 2013
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Dongbu Daewoo adds R&D team in China
Dongbu Daewoo Electronics has for the first time established an overseas research and development team at its Tianjin production facility in China, the company said Sunday.The team will focus on R&D for kitchen appliances, and will serve as a subunit for Dongbu Daewoo’s existing main R&D center in Bupyeong, Incheon.The company hopes to continue expanding its overseas R&D reach based on the new team in China. “The establishment of the new research team has strengthened our communication with the
Dec. 1, 2013
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POSCO E&C wins $48m order in Vietnam
POSCO Engineering & Construction, a construction arm of South Korea’s largest steelmaker POSCO, said Sunday it has won a $48.6 million order to build an expressway in Vietnam.POSCO E&C said it plans to complete the 13.9-kilometer section of the Ho Chi Minh City Long Thanh Dau Giay Expressway in 24 months after starting construction under a deal with the state-run Vietnam Expressway Corporation.The company did not elaborate on when the construction would start for the latest Vietnam project. (Yon
Dec. 1, 2013
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More than 120 firms cut pay of execs this year
More than 120 companies slashed the salaries of their highly-paid executives, data showed Sunday, in what could be an attempt to avoid a mandatory remuneration disclosure.Listed companies are required to reveal the salary details of executives whose annual income tops 500 million won ($472,000) under a revised bill on the capital market.South Korean listed firms had been previously making only the average annual salaries of their executives open to the public. Last year, 219 companies paid more
Dec. 1, 2013
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Lee H.B. appointed LG International CEO
LG International’s board of directors appointed Lee Hee-beom, the company adviser and chairman of the Korea Employers Federation, as its new CEO and vice chairman, the company said Friday. He is scheduled to begin his term in January.Lee is known to have extensive expertise in resources and overseas business, with four decades of experience in politics, government and industry. He has served as an adviser to LG International since June. The new head holds a bachelor of science in computer engine
Nov. 29, 2013
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LG Uplus to invest W1.5tr in network building
LG Uplus, the nation’s third-largest telecom operator, said that it would invest 1.5 trillion won ($1.4 billion) to build wire and wireless networks, including a 2.6 GHz long-term evolution system. The amount is equivalent to 39.6 percent of its capital and roughly equivalent to its total investment in facilities for this year, which amounts to 1.5 trillion won. The company is pushing ahead with the investment in 2.6 GHz that it acquired during the government frequency bidding in September, hopi
Nov. 29, 2013
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KCCI aims at zero defects with quality management
A project to reduce the number of faulty products initiated by the Korea Chamber of Commerce & Industry and the Small and Medium Business Administration is drawing favorable responses from companies as it improves their quality competitiveness and enhances their credibility at home and abroad. The “Single PPM” project has run for the last 19 years in a bid to reduce the number of defective products to less than 10 per 1 million products, and to ultimately aim for zero defects, the KCCI said. The
Nov. 28, 2013
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[Power Korea] SPC Group bakes formula for success
The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the 18th part of the Global Brand series. ― Ed.“I’ll do my utmost to help Korea earn a reputation as ‘the mecca’ for bread a
Nov. 28, 2013
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FTC to launch 'commitment decision' process for probe into Internet portal operators
South Korea's antitrust watchdog said Wednesday that it has decided to launch a streamlined and less time-consuming process called "commitment decision" in probing two major Internet portal operators accused of hurting fair market competition by using their dominant position. This move would likely help NAVER Corp. and Daum Communications Corp. avoid a huge amount of penalties from the Fair Trade Commission's probe. The two have been under investigation for hurting fair market competition since
Nov. 27, 2013
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Schreyer sees Hyundai-Kia rivalry as crucial for design edge
Peter Schreyer, the design mastermind behind Hyundai Motor Group and its affiliate Kia Motors, believes that competition with each other has made the two brands stronger. And the two carmakers are about to vie with each other again in the all-important U.S. market next year, when the two sister firms launch their flagship luxury sedans ― the Hyundai Genesis and the Kia K9. “Competition is always good,” the Hyundai-Kia chief design executive told The Korea Herald during the launching event for th
Nov. 27, 2013
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LG Electronics names new presidents
LG Electronics said Wednesday that it has named three new presidents along with other top executives. Park Jong-seok, president and CEO of LG Electronics’ mobile communications division, will be promoted to company president while maintaining his current position. Ha Hyun-hoi, executive vice president of LG Corp., was named president and CEO of LG Electronics’ home entertainment division, while Jung Do-hyun, its executive vice president and CFO, will be promoted to president. Kwon Hee-won is ste
Nov. 27, 2013
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Hankook Tire to supply tires to BMW X5
Hankook Tire said Wednesday that it has signed a contract with BMW to supply its high-performance tires to the German carmaker’s premium sport utility vehicle X5. This is the tire maker’s fifth supply deal with BMW, following those for the BMW Mini and the BMW 1, 3 and 5 Series sedans. The Ventus S1 Evo is an ultra-high-performance tire product designed exclusively for SUVs that reduces rolling resistance and allows for more fuel-efficient driving, the company said. “Supplying our original equip
Nov. 27, 2013
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IMF names ADB economist as Asia-Pacific head
The International Monetary Fund announced Tuesday it has named the chief economist of the Asian Development Bank as the new director of its Asia-Pacific Department.The IMF’s Managing Director Christine Lagarde said Rhee Chang-yong, the former vice chairman of South Korea’s Financial Services Commission, will take on the role as the new Asia-Pacific head starting February of next year.The decision came after Anoop Singh, the current head of its Asia-Pacific bureau, recently offered to retire from
Nov. 27, 2013
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New Hyundai Genesis unveiled
Hyundai Motor on Tuesday took the wraps off the long-anticipated new Genesis, which the carmaker calls the ultimate expression of its years of efforts to create premium models.At a lavishly choreographed launching event held at a Seoul hotel, more than 1,000 Hyundai executives and business leaders across industries gathered to celebrate the debut of the revamped luxury sedan. Prime Minister Chung Hong-won and National Assembly Vice Speaker Lee Byung-seok also attended the show.“The new Genesis i
Nov. 26, 2013
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Google Korea names John Lee as new head
Google Korea said Tuesday that it appointed John Lee as its new CEO. He is scheduled to work for the company from early next year. Lee holds a bachelor of science in computer engineering from Carleton College and earned an MBA at Harvard Business School. He worked for British retailer Tesco, developing e-commerce system in Malaysia, and recently spearheaded marketing and business in China’s market. He previously served as a CEO of Clorox and Reckitt Benckiser. The CEO post of Google Korea has be
Nov. 26, 2013
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Daelim-led group wins $2.1b order from Oman
Daelim Industrial Co., one of South Korea’s leading builders, said Tuesday that it has teamed up with a British company to obtain an order worth $2.1 billion from the Omani government to expand a refinery plant.Daelim and its British partner, Petrofac Ltd., one of the world’s leading oilfield service companies, will complete the expansion of a refinery and the construction of a new refinery in 36 months once work commences. Daelim, however, did not reveal when it will break ground on them. The r
Nov. 26, 2013
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Country clubs in economic sand trap
Koreans are avid golfers and the numbers prove it. According to the Korea Golf Course Business Association, more than 18 million golfers visited the nation’s golf courses last year.The number reflects a continuous upward curve starting from 1983 when the organization first began to collect data on the Korean golf industry.Since then, not once has the number of golfers decreased. The same goes for the number of golf courses, with the figure reaching 248 last year, more than 10 times the number ba
Nov. 26, 2013
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S. Korea considers banning cash in lottery purchases
South Korea is pushing to ban the use of cash in buying lotteries and instead introduce electronic cards to prevent excessive purchases and addiction, the finance ministry said Tuesday.According to the ministry, the government has begun working to make it mandatory for people to use electronic cards to purchase lotteries and asked outside experts to carry out related research. An electronic card carries personal information of its holders and places a cap on the amount of money that a user can s
Nov. 26, 2013