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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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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Korea added to key bond index
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Hyundai Heavy to raise ship prices as Chinese yards falter
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, plans to raise prices as demand for fuel-efficient vessels helps it skirt the global supply glut hurting Chinese yards.Orders may exceed this year’s target of $11.3 billion, with about 60 percent of that already met, Ka Sam-hyun, executive vice president in charge of ship sales, said in a July 3 interview. The Ulsan, South Korea-based company plans to raise prices in the second half, he said.“The big focus right now is on fuel effici
July 8, 2013
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Namyang Dairy to face prosecutors’ investigation
The Fair Trade Commission said Monday that it will file a complaint against Namyang Dairy Products with the prosecution for bullying sales agents and retailers.In addition, the nation’s largest dairy product maker was slapped with a 12.3 billion won ($10.6 million) fine by the antitrust regulator as an administrative sanction.Namyang Dairy was found to have abused the headquarters’ power during some of its deals with 1,849 sales agents nationwide between 2007 and May 2013, according to the FTC.T
July 8, 2013
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Sales of LTE smartphones to triple this year: data
Global sales of smartphones that run on the so-called long-term evolution (LTE) network are expected to almost triple this year from a year earlier, data showed Monday.According to the data compiled by research firm Strategic Analysis Inc., a total of 270 million smartphones running on the LTE network will be sold this year, accounting for 29 percent of total smartphone shipment around the globe.Last year, a total of 92 million LTE smartphones were sold, garnering a 13.1 percent share in the glo
July 8, 2013
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[Newsmaker] Asiana apologizes over deadly jet crash
Asiana Airlines on Sunday apologized over the deadly jet crash that killed at least two people and injured more than 180 others in San Francisco over the weekend. The Boeing 777 passenger jet traveling from Seoul crashed while landing Saturday at San Francisco International Airport, smashed into pieces and caught fire. “I sincerely apologize to the public for the crash landing,” Asiana Airlines CEO Yoon Young-doo said Sunday during a press conference at the company’s headquarters in western Seou
July 7, 2013
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Korea sends task force to investigate crash
The government sent a task force composed of about 20 officials from the Ministry of Land, Infrastructure and Transport and Asiana Airlines to San Francisco on Sunday to investigate the cause of the crash-landing of the airliner’s Boeing 777-200ER and to develop measures to deal with the aftermath. “No exact cause of the crash has been determined, but U.S. officials have ruled out terrorism from the beginning,’’ Choi Jeong-ho, the head of the ministry’s aviation policy bureau, said in a media br
July 7, 2013
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EV battery makers confront slow demand
As the dilemma for carmakers deepens over environmentally friendly vehicles, local electric car battery makers are struggling to stay afloat until demand is spurred in earnest.The main problem for electric and hybrid vehicles is that while governments and countries are increasingly urging carmakers to put more such cars on the road, demand is tepid and costs ride too high. At home, Hyundai Motor Group, the nation’s dominant carmaker, has not yet jumped into the business. This is working as anoth
July 7, 2013
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Big firms’ owners earn W469b in dividends via unfair practices
Owners of South Korean conglomerates and their family members have pocketed a total of 469 billion won ($411 million) in dividends over the past five years from affiliates owned by them, industry data showed on Sunday.Family-owned conglomerates, or chaebol, have been under fire in the country for their practice of granting profitable contracts to their affiliates owned by heads’ children or relatives in a bid to avoid paying gift taxes on future transfers of wealth.Previously, laws did not regul
July 7, 2013
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Asiana officials due in San Francisco to deal with jet crash
Asiana Airlines Inc., South Korea's No. 2 flag carrier, said Sunday that it will dispatch a group of personnel to handle the aftermath of a crash landing of itspassenger jet in the United States. An Asiana Airlines flight from Seoul crashed and caught fire while landing at San Francisco International Airport on Saturday, killing at least two people and injuring dozens of others. The Boeing 777 plane, which departed from Incheon International Airport west of Seoul, was carrying 291 passengers
July 7, 2013
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Fire breaks out at POSCO after explosion
A fire erupted at a POSCO plant Friday evening after what appears to be a series of explosions at a blast furnace, witnesses and authorities said. No casualties were reported.Firefighters said the flames were brought under control in an hour.Witnesses reported seeing a big flame rising over the plant with what sounded like four to five explosions at around 8:50 p.m.Some said they felt the ground shake. A number of homes nearby reported broken windows.Company officials said high-temperature slag,
July 6, 2013
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Samsung, Hyundai confirm luxury business jet acquisitions
Samsung Group and Hyundai Motor Group on Friday confirmed that they would each be acquiring a new business jet for their top management, including the founding families of the Lees and the Chungs. Samsung has already purchased Boeing’s 737-700, which is to enter the country in October, according to Samsung sources including Samsung Techwin which deals in digital surveillance equipment and weapons technology. Samsung currently already operates two jets.“The airports are impossible to get through
July 5, 2013
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Hyundai HCD-14 Genesis named concept car of 2013
Hyundai Motor’s HCD-14 Genesis has earned the 2013 “Concept Car of the Year” award and the “Most Significant Concept Vehicle of the Year” title in North America, according to the carmaker’s U.S. sales arm.The concept car beat out the Honda EV-STER and the Toyota Corolla Furia, among others, in the 12th annual North American Concept Vehicle of the Year Awards that recognize vehicles most likely to shape the future of the automobile industry, Hyundai Motor America said.“Hyundai’s HCD-14 introduces
July 5, 2013
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Nuclear reactor at S. Korea's Hanwool plant halts operation
A nuclear reactor at South Korea's Hanwool Nuclear Power Plant stopped operating Friday due to what appears to be a technical problem, plant operators said.An investigation was underway to find the exact cause of the problem, but the state-run Korea Hydro and Nuclear Power Co. said there were no immediate safety threats.The reactor at the power plant, previously called the Uljin Nuclear Power Plant, halted operations at 3:36 p.m.The shutdown of the reactor with a generation capacity of 1 million
July 5, 2013
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Samsung Q2 earnings healthy, but miss forecast
The second-quarter operating profit of Samsung Electronics, the world’s largest smartphone maker, will reach 9.5 trillion won ($8.4 billion), while sales will total 57 trillion won to hit an all-time high, the company said in a regulatory filing on Friday. The figures fell short of market estimates, which predicted a record-high quarterly profit of 10 trillion won. But experts said the results were still positive considering the sluggish world economy and the sky-high marketing costs Samsung has
July 5, 2013
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Facebook in second round of talks with Samsung
Facebook’s chief operating officer Sheryl Sandberg on Thursday held a meeting with Samsung Electronics’ vice president Shim Soo-ok to discuss ways to strike a “mobile partnership,” sources told The Korea Herald.On the surface, the visit was to promote her book, “Lean In,” for which Shim wrote a recommendation. Shim was designated as Sandberg’s official Samsung counterpart for this trip to Korea. But the sources said that, in reality, Sandberg was here to talk about hard business ― more specifica
July 4, 2013
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[Photo News] Meeting with heads of foreign financial firms
July 4, 2013
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Samsung names its smart watch ‘Gear’
Amid expectation on the rise for Samsung Electronics’ smart watch, the world’s largest electronics firm filed a patent on its smart watch last week in Korea and the United States, The Korea Herald has confirmed.The world’s largest electronics firm applied for the patent on the wearable gadget it calls “Samsung Gear” on June 21 at the Korean Intellectual Property Office, and filed at the United States Patent and Trademark Office on June 27.It is said the name for the watch will be the official on
July 4, 2013
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Import car sales drop in June on stock shortage
Import car sales decreased 4.6 percent in June from the previous month, largely led by stock shortages and upcoming car launches, a business lobby said Thursday. According to the Korea Automobile Importers and Distributors Association, foreign carmakers, led by BMW and Mercedes-Benz, sold 12,792 vehicles last month. The monthly figure is still a 20.9 percent increase from the same period last year. The combined import car sales in the first six months this year were 74,487, up 19.7 percent from
July 4, 2013
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GM Korea workers stage partial strike
The labor union of GM Korea staged a partial strike for six hours on Thursday following failed talks with the management over wages and production plans. Depending on progress of the talks which began in April, the union said, management plans to refuse overtime and weekend work. The union has called for a basic monthly salary increase of 130,498 won ($115), an additional bonus equivalent to three months’ wages and a lump-sum payment of 6 million won. But the management offered an increase of 41
July 4, 2013
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Hyundai Heavy to open 1st luxury resort in Gangneung
Hyundai Heavy Industries, the nation’s top shipbuilder, will open its first luxury resort in Gangneung, a city on the east coast in Gangwon province, in 2015 by rebuilding its Hotel Hyundai near the Gyeongpodae beach, the company said in a press release on Thursday. Richard Meier, an American architect and a winner of the Pritzker Architecture Prize, will design the high-end resort, which will have a ‘hanok’ hotel, a 15-floor convention center, an outdoor performance hall, and a swimming pool. t
July 4, 2013
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Samsung replaces U.S. phone chief
Samsung Electronics, in a rare move, on Thursday said it has replaced Sohn Dae-il, head of the company’s North American mobile phone operations, signaling that Sohn had somehow fallen out with the company.“It’s true Sohn has been there for quite a bit, but he may have done something wrong to irk the Samsung top brass because it’s rare to carry out personnel moves in the middle of the year,” industry sources said. Samsung usually conducts personnel reshuffling at the very end of the year. The nex
July 4, 2013