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 Motor to increase deals with SMEs
Hyundai Motor Group has become the first Korean conglomerate to announce concrete targets for reducing excessive inter-subsidiary transactions.Hyundai’s measures came amid increased pressure from the political community to join President Park Geun-hye’s “economic democratization” policy. The Korean auto giant, which owns Hyundai and Kia brands, said Wednesday that it will open new business opportunities worth about 600 billion won ($536 million) annually to outside smaller firms when it comes to
April 17, 2013
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Samsung's Q2 operating profit seen to top record 10 tln won
Samsung Electronics Co., the world's top maker of smartphones, memory chips and flat-panel TVs, is projected to reap a record 10 trillion won ($8.98 billion) in operating profit in the second quarter thanks to its latest Galaxy smartphone, market analysts said Wednesday.Samsung Electronics' operating profit in the April-June period is expected to jump 62.2 percent on-year to 10.3 trillion won, according to the data compiled by financial information provider FnGuide. The second-quarter sales are
April 17, 2013
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[Photo News] Buy Korean
April 16, 2013
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Big businesses confused over policy directions
Korea’s private conglomerates, domestically known as chaebol, are caught in the middle of policy confusion as they face tougher yet inconsistent regulations, while being urged to increase investments by the government.The incumbent administration is asking the corporate sector to lead in increasing investments and employment this year amid economic uncertainties.On the other hand, the big businesses are being targeted as part of economic democratization efforts for regulatory measures by agencie
April 16, 2013
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[Graphic News] Weak yen deals blow to Korean exports
Concerns over the impact of the weakening yen on the nation’s exports are proving well founded. About 40 percent of Korean-made products that compete against Japanese goods in the global market posted reduced export figures for the first two months in 2013 compared with the same period a year ago, the Korea International Trade Association said in a press release. In a KITA survey of the nation’s 49 export items in competition with Japanese goods, including cars, ships and petroleum products, exp
April 16, 2013
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Large business delegation to accompany Park on U.S. trip
Some 50 South Korean business leaders are likely to accompany President Park Geun-hye on her first trip to Washington as president next month in what could be the largest business delegation meant to ease possible jitters among American investors amid tensions with North Korea, officials said Tuesday.The delegation will likely include Lee Kun-hee, the chairman of Samsung Electronics Co., the world’s top maker of smartphones, memory chips and flat-panel TVs, as well as other heads of conglomerate
April 16, 2013
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Hyundai Mobis signs $530m deal with Chrysler
Hyundai Mobis, an auto parts maker affiliated with Hyundai Motor, said Tuesday that it signed a $530 million deal to provide head and tail lamps to Chrysler. The company has provided automotive lamps to Chrysler since 2007 and the latest, fifth deal is the largest to date, it said in a statement. Hyundai Mobis has also proven its technical prowess in automotive lights as it has signed several deals with global carmakers such as BMW, Volkswagen and Subaru in 2009 and Mitsubishi in 2011.This year,
April 16, 2013
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Korea to toughen rules on big retailers’ biz hours
The Cabinet decided Tuesday to slap higher fines on large retailers for violating rules on reduced operating hours as part of efforts to protect struggling mom-and-pop stores.Under the new Distribution Industry Development Act which came into effect in March, big-box discount chains including so-called super-supermarkets operated by giant retailers should close their shops twice a month on Sundays or public holidays, and limit their operations to between 10 a.m. and 12 a.m. To better enforce the
April 16, 2013
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Whiskey consumption down 11% in Q1
A prolonged economic slump pulled whiskey consumption in South Korea down 11 percent in the first three months of the year, industry data showed Tuesday. According to the data, whiskey consumption reached 450,934 boxes in the January-March period, sharply down from 506,449 boxes a year ago. A box contains 18 0.5-liter bottles.Diageo Korea Co., the South Korean unit of the British liquor company, saw its flagship whiskey brand Windsor’s sales fall 18.1 percent to 180,947 boxes from a year ago, bu
April 16, 2013
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Celltrion chief to sell entire stake to multinational firm
Celltrion chairman Seo Jung-jin said Tuesday he will sell all of his stakes in the company with the largest market cap in the KOSDAQ and its affiliates, including Celltrion Healthcare, to a multinational pharmaceutical company.“Company funds are being used to buy company shares due to shortselling (by unknown groups),” Seo said in a press conference.“I will sell stakes in Celltrion to a multinational pharmaceutical firm as early as May or no later than the end of June for the company’s sake.” Th
April 16, 2013
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LG, IBK commit W200b to mutual growth
LG Group has created a 200 billion won ($179 million) fund together with the Industrial Bank of Korea to help finance low-interest loans for up to 500 small and mid-sized suppliers, the Seoul-based company said Tuesday. LG Electronics, LG Display, LG Chem and LG Household & Healthcare were the four LG affiliates that played a key role in creating the fund, in joint efforts with the local bank specializing in financing businesses here. The fund will offer loans that will offer interest up to 2.4
April 16, 2013
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Land Ministry to aid overseas infra projects
The government will support local builders to diversify overseas plant orders and to win more infrastructure projects in a bid to put the faltering construction industry back on track, officials said Tuesday. “The cutthroat competition among the nation’s leading builders in pursuit of the same overseas orders has been prevalent, and the business practice is dealing a blow to the entire industry,” Land, Infrastructure and Transport Minister Suh Seoung-hwan said in an interview with a local cable
April 16, 2013
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Leaders of biologic drugs industry kick off conference
Biologic drug developers and bioprocess professionals from around the world will kick off a two-day conference in Incheon on Wednesday.In Biologics World Korea 2013, biologic players at various stages of development will discuss strategies in biosimilar and biobetter development as well as cutting-edge advances in bioprocessing and bioanalytics.According to IMAPAC, which organized the event, the global biologics market is valued at an estimated $149 billion and is expected to reach $230 billion
April 16, 2013
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Massive Russian transport project attracting Korean firms and investors
South Korea’s trade officials and their Moscow counterparts have agreed to cooperate for a landmark project in the Russian city aimed at building 55 major hubs in what is dubbed the “Transportation Interchange Hub.”SAABAA International Limited, a company in charge of attracting Korean partners and investors, said progress has been made in the massive project worth $10 billion so that Korean companies could share their expertise and secure investment opportunities. “Advanced technology and know-h
April 16, 2013
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Diageo Korea to launch charity, donate 5b won
Imported whiskey distributor Diageo Korea announced on Tuesday it will launch a foundation to further strengthen its social contribution activities.The hard liquor distributor told press its plan to donate 5 billion won over the next five years through the Diageo Korea Foundation, which begins operation on July 1. They plan to set aside 1 billion won each year. Shortly after the announcement, Diageo Korea signed a cooperative pact with the Ministry of Gender Equality and Family, vowing to prior
April 16, 2013
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KT drops bid for Moroccan telecom firm
KT Corp., South Korea's top fixed line and No. 2 mobile operator, said Monday that it will not participate in a final bid for a stake in a Moroccan telecom operator due to differences over price.In a regulatory filing, KT said it has decided not to bid for the 53-percent stake in Maroc Telecom, which is controlled by French multimedia giant Vivendi SA."But we will seek various cooperation with Morac Telecom depending on the situation," it said.KT has been seeking to expand its global business in
April 15, 2013
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Hyosung pioneers world-leading products
Hyosung Group has sought to improve people’s lives by developing products with its own technology in its core businesses ranging from fiber to industrial material and power distribution equipment. Hyosung’s best known product is Creora, the firm’s spandex brand. Spandex is a synthetic fiber used for a variety of end-user products based on its exceptional elasticity, including women’s lingerie and stockings, and baby diapers. Few textile companies in the world have created their own spandex bran
April 15, 2013
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[Power Korea] Hyosung seeks global supremacy in core businesses
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 15th part of the Global Brand series. ― Ed.Hyosung Group, the nation’s 26th-largest conglomerate by assets in 2012, has
April 15, 2013
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Hyosung capitalizes on carbon fiber
Hyosung Group, a leading textile and heavy machinery maker in Korea, is looking to its carbon fiber brand Tansome for growth.Tansome is a combination of two words: “tanning,” referring to the characteristic of the carbon fiber production process, and “something special.”Hyosung developed its own technology for producing carbon fiber and invested 250 billion won ($220 million) in early 2012 to build a plant with an annual production capacity of 2,000 tons in Jeonju, North Jeolla Province. The com
April 15, 2013
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Top firms seek ‘super’ employees
“Super” heroes are wanted not only to fight crime, but to raise and maintain profits, according to the Korean Chamber of Commerce on Monday. Super in this case stands for specialty, unconventionality, pioneer, ethicality and responsibility ― some of the top qualities that companies demand from their employees.At the top of this wish list was pioneer, the survey conducted by the chamber on the nation’s top 100 companies showed, indicating that firms now wanted their workers to be dedicated to bre
April 15, 2013