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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Samsung's overseas affiliates soar 60 pct in 4 years
Samsung Group, the country's top conglomerate, has expanded its overseas operations aggressively in the past four years with the number of its affiliates in overseas markets surging 58 percent, data showed on Wednesday.The number of Samsung's overseas affiliates stood at 446 at the end of last year, compared with 281 at the end of 2008, according to the data compiled on the basis of regulatory filings.Samsung Group had the largest number of its operations in China with 79 affiliates at the end o
June 19, 2013
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Forecasting color trends in markets
For both consumers and product developers, color is important ― often more so than design or function of a particular product. Color can be used to express identity for consumers. From a developer’s perspective, however, “the right color can make sure products will sell better. Certainly in lifestyle products, color has the same function as in fashion,” said Filip Roscam, creative design manager of Merck’s Pigments and Cosmetics, in an interview with The Korea Herald on the sidelines of the nint
June 18, 2013
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Renault Samsung union goes on partial strike
BUSAN—Unionized workers at Renault Samsung Motors Co. went on a partial strike to demand higher wages, a company spokesman said Monday.Some workers downed tools for two hours earlier Monday while others plan to start the four-hour walkout from 7:45 p.m., Renault Samsung spokesman Koh Jae-yong said.Some 1,800 unionized workers already walked out for four hours earlier this month.The local unit of French automaker Renault SA said it has not been able to produce about 400 vehicles due to the partia
June 17, 2013
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Korea to strengthen control over safety of imported food
Foreign food makers and local importers are expected to face tougher safety rules from 2015 as the government and some lawmakers are pushing for legislation to enhance the safety of imported food.A group of 12 lawmakers said on Monday that they would seek to mandate foreign food makers and local importers to register information of their food imports with the Ministry of Food and Drug Safety, Korea’s food watchdog.“We expect a special bill on safety management of imported food, which is pending
June 17, 2013
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New rules let manufacturers own financial subsidiaries
Korea’s antitrust regulator will allow manufacturing-focused conglomerates to own financial subsidiaries such as insurance companies, but only if they reorganize their governance structures to transform into holding companies.In a policy and legislative briefing to the National Assembly’s National Policy Committee on Monday, the Fair Trade Commission said that chaebol, or family-run conglomerates, with a main interest in manufacturing would also have to establish separate intermediate holding co
June 17, 2013
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[Power Korea] Incheon Airport seeks next big leap
Incheon International Airport was named again this year the “world’s best airport” by the Airports Council International ― for the eighth time in a row. Since the non-profit association of some 1,700 global airport operators started announcing the top honor back in 1993, the Korean airport is the only one that has enjoyed such success. Despite the growing presence of Asian rivals such as Singapore and China, Incheon outperformed them again in service quality, which is evaluated by users all thro
June 17, 2013
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Gucci invites customers to ‘Artisan Corner’
Gucci on Monday said it will operate an “Artisan Corner” at four of its stores in Korea in an effort to reach out to the public. Between June 22 and July 5, the Italian luxury brand will invite its master artisans to the stores to demonstrate how Gucci’s top totes and bags, such as the New Jackie, New Bamboo, Soho and Emily, are produced. The demonstration will exactly replicate Gucci’s leather factory in Florence, Italy, the company said. The products made through this process will be put on sa
June 17, 2013
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Korean entertainment market ranks 7th in world
The global market share of the Korean entertainment and media industry ranked seventh in the world last year, according to consulting firm PwC on Monday.Although Korea’s share stood at 2.8 percent of the world’s E&M industry with revenue of $45.1 billion, it is growing faster than those of the U.S. and Japan. Compared to the previous year, the Korean share increased 7.4 percent, while the average growth rate was 5.1 percent. Meanwhile, China and Brazil were the only countries that showed a faste
June 17, 2013
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Diageo appoints new Korean CEO
Diageo, a global whiskey maker, said Monday that it has appointed Cho Kil-soo as the new chief executive of its Korean unit.He will replace Kim Jong-woo, who has held the top position since 2007.Cho previously held an executive position at Johnson & Johnson’s Asia-Pacific strategic sales division before joining the maker of the renowned Johnnie Walker and Windsor whiskey brands.He also worked at Nestle and Kellogg. (hkp@heraldcorp.com)
June 17, 2013
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Daewoo E&C promotes executive Park to president
Daewoo Engineering & Construction, the nation’s third-largest builder, chose one of its long-time loyalists as its new chief.The company’s nomination committee on Friday named as its new president Park Young-sik, executive vice president in charge of corporate planning and sales, officials said Saturday.Once the nomination is confirmed in the July 15 shareholders’ meeting, Park will be replacing Seo Jong-uk.Park’s nomination was received positively by the employees. Korea Development Bank, the c
June 16, 2013
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Lotte Shopping ranks 3rd in world’s department stores
South Korean retail giant Lotte Shopping Co. announced Sunday it has ranked third in the biggest department store category on the list of the most powerful companies of the year released by Forbes.France‘s PPR SA topped the list as the world’s biggest department store, followed by Macy‘s of the United States. Forbes’ annual Global 2,000 list ranks global corporations from 62 countries based on a composite score of sales, profits, assets and market value.Lotte posted $34.6 billion in total assets
June 16, 2013
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Samsung’s suppliers vow shared growth among themselves
First- and second-tier suppliers of Samsung Electronics inked an agreement on Friday to promote fair trade and shared growth by using standard contract terms and improving payment means and conditions.Twenty-five first-tier suppliers and 589 smaller firms that supply components to them also agreed to be reasonable when adjusting prices, have staff to assist partner firms and introduce a legal compliance system.The suppliers’ manifest of commitment to shared growth comes after Samsung Group said
June 14, 2013
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LG Chem considers bid for Woongjin Chemical
LG Chem said in a regulatory filing on Friday that it was considering acquiring Woongjin Chemical, but that the details were yet to be finalized.Although the two companies’ business areas do not overlap, taking over Woongjin Chemical, which has strength in water treatment filters, polyester and electronic materials, would create synergy as LG Group pushes ahead in the water treatment business, according to industry watchers.Other contenders for Woongjin Chemical include Toray Advanced Materials
June 14, 2013
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Hanwha accelerates entry into Japanese solar power market
Hanwha Group, the nation’s 10th-largest conglomerate by assets, is to step up its penetration into the growing Japanese solar power market by establishing its second sales office in Osaka within the month, the company said on Thursday. The group’s first Japanese sales office opened in Fukuoka in 2012.In August last year, Hanwha Group signed a deal with Japanese trading firm Marubeni to supply solar modules by 2016 that generate about 500 megawatts.“The group will also set up the first after-sale
June 13, 2013
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GS E&C appoints new CEO amid business slump
GS Engineering & Construction, the nation’s fourth-largest builder in terms of capacity, named chief financial official Lim Byung-yong as its new CEO, replacing current CEO Huh Myung-soo, as part of efforts to bring change and innovation to the organization, the company said in a press release. “The decision was made at the latest board meeting on June 12 and three business divisions, led by each division head, will be merged and put under the direct control of chairman Huh Chang-soo,” the compa
June 13, 2013
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2 cable channels punished for May 18 uprising reports
The nation’s telecom regulator took punitive action against two cable channels, TV Chosun and Channel A, for their recent false reportage in connection with the May 18 Gwangju civil uprising, officials said Thursday.The Korea Communications Commission held a general meeting and decided to issue a warning against the two broadcasters and punish officials at the companies involved in the reporting.On May 13, TV Chosun broadcast a panel’s claims that about 600 North Korean soldiers infiltrated into
June 13, 2013
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Creditors decide to salvage troubled builder Ssangyong E&C
Creditors of Ssangyong Engineering & Construction Co. on Thursday agreed to put the troubled builder under a debt-rescheduling program in a bid to rescue it from a liquidity crunch, officials said.Creditors of Ssangyong E&C, led by Woori Bank, agreed to provide fresh liquidity worth 445 billion won (US$392.8 million) next month and seek a debt-to-equity swap in July, according to bank officials.The creditors had been at odds over whether to place the builder under the debt workout program, claim
June 13, 2013
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Ssangyong Motor union leader arrested
The union leader of Ssangyong Motor Co. has been detained pending trial on charges of interfering with officials' attempt to dismantle protest tents in central Seoul earlier this week, court officials said Thursday.The Seoul Central District Court approved the police request for an arrest warrant for Kim Jeong-woo, who leads Ssangyong's labor union affiliated with the Korea Metal Workers' Union, they said. Former employees of the country's smallest automaker and civic activists set up three tent
June 13, 2013
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S. Korea's automobile output, exports shrink in May
South Korea's output of automobiles inched down from a year earlier in May, also pulling down its overall exports, the government said Wednesday.The country's total output of vehicles came to 385,371 units last month, down 0.9 percent from the same period in 2012, according to the Ministry of Trade, Industry and Energy.Outbound shipments dropped 0.3 percent on-year to 268,956 units.The ministry said the output dropped as the unionized workers of industry leader Hyundai Motor Co. and its affiliat
June 12, 2013
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Keangnam wins bid for W49.7b project in Sri Lanka
Korean construction company Keangnam Enterprises, Ltd. won a highway development project from Sri Lanka worth 49.7 billion won ($43.9 million).The builder announced Wednesday that it had received the order from the Road Development Authority to develop four highway routes in central Sri Lanka ― two highways connecting Katugastota, Alawathugoda and Palapathwela, and the other two routes bridging Maliban Junction and Cross Junction 15 kilometers south of Colombo.The construction is funded by the W
June 12, 2013