Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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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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Korea added to key bond index
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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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SK Group head admits to involvement in fund creation
The convicted chairman of SK Group, a major South Korean conglomerate, admitted Monday to having been involved in the establishment of an investment fund created with embezzled company money.Chey Tae-won, 53, received a four-year prison term in January for embezzling 49.7 billion won (US$44.5 million) in company funds and funneling it into a firm headed by a former executive at SK's telecommunications unit. The funds were used for personal investments in stock futures and options in 2008.Appeari
April 8, 2013
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Korea sees cosmetics trade surplus for first time as firms grow
Overseas sales of Korean cosmetic companies thread surged over 30 percent on average annually over the past three years, allowing the country to post its first cosmetic trade surplus last year.Korea’s cosmetic exports amounted to nearly $1.07 billion in 2012, surpassing imports of $978 million, according to the Korea Pharmaceutical Traders Association.“Cosmetics used to be perceived as an industry relying mostly on domestic demand in the past, but now many companies’ overseas sales take up two-d
April 8, 2013
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[Power Korea] Asiana Airlines unrivaled in service quality
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 14th part of the Global Brand series. ― Ed.Asiana Airlines has a relatively short history of 25 years compared to its ar
April 8, 2013
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Most consumers to cut back spending: poll
Nearly nine out of 10 South Korean consumers plan to cut down on their spending in the near future due to rising prices, a poll showed Monday. The survey of 500 consumers by the Korea Chamber of Commerce and Industry found that 86.8 percent of the respondents said they will reduce their consumption due to high prices. Of the consumers polled, 95 percent said that prices have increased this year compared with the previous year.“The inflation rate has stabilized in recent months, but more consumer
April 8, 2013
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Korean exports forecast to recover in Q2
South Korean exports will likely recover in the second quarter of the year on the back of a mild upturn in the major economies such as the United States and China, a poll showed Monday.The index measuring the country’s exports for the coming months came in at 54.1 for the second quarter of the year, up 2.3 points from the previous quarter, according to the survey by the Korea Trade-Investment Promotion Agency.The figure marked the highest result since the third quarter of 2011.The index is based
April 8, 2013
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Yongsan project to be liquidated on KORAIL’s exit
The faltering Yongsan project, the nation’s single largest property project worth 31 trillion won ($29 billion), will likely be liquidated as the board of KORAIL gave consent Monday for the state-run rail operator to hand off the project. The move of KORAIL, the largest shareholder of the project with a 25 percent stake in Dream Hub, a special purpose company in charge of Yongsan project decision, was expected last Friday as the board of Dream Hub, composed of 30 shareholders including KORAIL, r
April 8, 2013
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Samsung C&T wins deals worth $892m from Singapore, Morocco
Samsung C&T, the construction and trading arm of Samsung Group, clinched consecutive deals in Singapore and Morocco, adding $892 million to its yearly overseas sales, company officials said Monday.Last week, the company closed a $542 million deal with Singapore property developer GuocoLand to build a 20-story hotel and a 64-story office building in the Tanjong Pagar Complex, a downtown business district. The latter, once completed, is to be recorded as the highest building in the country, offici
April 8, 2013
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Hyundai, Kia overseas sales hit landmark 50 million units
The overseas shipments of cars manufactured by Hyundai Motor and its sister company Kia Motors have broken the 50 million mark, Hyundai Motor Group said Monday. The feat came just short of four decades after Hyundai shipped Pony, the first Korean-made car, to Ecuador, and Kia exported its signature Brisa pickups, both in the mid-1970s. The record was reached as of Sunday after the carmakers loaded several of their top-selling cars including the Tucson ix, Avante, i30 and Genesis to be shipped t
April 8, 2013
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Samsung’s Lee, Kumho’s Park meet Xi Jinping at Boao Forum
Samsung Electronics Co. vice chairman Lee Jay-yong and Kumho Asiana Group chairman Park Sam-koo met with Chinese President Xi Jinping at the ongoing Boao Forum for Asia on Monday. They were two Koreans who participated in a breakfast meeting hosted by the Chinese president for 19 foreign business leaders. At the meeting, Xi appreciated investments made by foreign-based companies and promised to ease regulations for their business in the Chinese market. On Sunday, Lee, the only son of Samsung Ele
April 8, 2013
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Samsung heir meets Chinese leader in Boao Forum
Samsung Electronics Co. vice chairman Lee Jae-yong met with Chinese President Xi Jinping at the ongoing Boao Forum for Asia, sources said Sunday.Lee, the only son of Samsung Electronics Chairman Lee Kun-hee, took part in a session where the Chinese leader greeted the 15 board members of the annual forum that is noted as Asia's "Davos Forum," according to the sources who requested anonymity.The younger Lee was recently named as a new board member of the regional forum, succeeding SK Group Chairma
April 7, 2013
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Seoul Motor Show closes with record visitors
GOYANG, South Korea (Yonhap News) – The annual Seoul Motor Show closed with a record 1.05 million visitors coming to see exhibitions by leading automakers from home and abroad, organizers said Sunday.More than 1 million visitors came to the 11-day event that showcased 15 futuristic concept cars as well as 36 environmentally friendly cars such as hybrid and electric vehicles, according to the organizers.A total of 384 companies from 14 countries took part in the event which boasted the largest ex
April 7, 2013
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Koreans most eager to replace mobile phones
Koreans were found to be the most eager in the world to replace their mobile phones, according to data on Sunday.More than two thirds, or 67.8 percent, of Koreans bought new products last year, U.S.-based market researcher Strategy Analytics said. Chile came second with 55.5 percent, followed by the United States with 55.2 percent and Uruguay with 53.6 percent, while Bangladesh ranked at the bottom with 8.4 percent.Strategy Analytics forecast that the replacement figures complied for Korea will
April 7, 2013
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[Graphic News] Economic slump takes toll on online sales
The global economic slump appears to be taking a toll on local internet shoppers, with online sales posting a record-low monthly growth since the government first started to compile the data, Statistics Korea said.Internet shopping sales declined by 2 percent in February from the same period last year to record the lowest monthly growth figure since 2009, the agency said. In January that year, monthly internet sales fell 1.8 percent. For the year, sales increased by 15.1 percent from 2008, addin
April 7, 2013
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Samsung chairman returns from brainstorming trip
All eyes are on the new business roadmap anticipated to be drawn up by Samsung Electronics’ chairman Lee Kun-hee upon his return to the country following a three-month leave that began in January.The chief of the country’s top conglomerate is known for embarking on such self-imposed pilgrimages ahead of making big decisions for coping with challenges facing the company. This time, the challenge will consist of how to tackle the sluggish global economy and further ramp up flagship Samsung Electro
April 7, 2013
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Material firm eyes world with heat technology
A hidden champion is setting a model example in the local material industry, with its original technology in heat radiant material and patent-focused business strategies.Green & Carbon Solutions, a local small-sized enterprise, currently possesses some 30 local and global patents in the manufacturing and processing of carbon-based thermal substances.Its key technology involves graphene, a novel material which, with its light weight and high heat conductivity, is often used as heat control layers
April 7, 2013
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Ministries to invest more in nano technology
In a bid to implement the slogan of creative economy and to boost inter-department cooperation, the government pledged to step up its support for a comprehensive nano technology research and business development project.The Ministry of Trade, Industry, and Energy, together with the Ministry of Science, ICT and Future Planning, will invest a total of 15.3 billion won ($13.5 million) this year into the Nano Tech 2020 business, officials said Sunday.The joint project kicked off last year to offer f
April 7, 2013
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SK Group keeps celebrations for 60th anniversary low-key
SK Group is keeping a low profile for its 60th anniversary celebrations as its owner Chey Tae-won is currently awaiting a appellate court appearance on Monday.The country’s third-largest conglomerate is planning to hold a small, quiet ceremony at its SK Academy in Yongin, Gyeonggi Province, on Monday, ahead of Chey’s trial scheduled for 2 p.m. on the same day.The ceremony will be attended by Kim Chang-geun, chairman of SK’s top decision-making body SUPEX Council, SK Innovation vice chairman Koo
April 7, 2013
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Foreign businesses watch N.K. tension
Is Korea, the world’s 14th largest economy celebrated for its hard-working people, now unsafe to do business in? That was undoubtedly the question that popped up at many a corporation, especially multinational companies with offices here, as tension escalated between the two Koreas, possibly to dangerous levels.So far, the answer is “no,” according to multiple industry sources. “Look, geopolitical or political risks alike, there are always going to be regional risks when we do business abroad, a
April 7, 2013
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Tech firms cut smartphone prices
South Korean smartphone manufactures have reduced their factory prices of products in line with the government's effort to tighten regulations on price subsidies, industry sources said Saturday.Samsung Electronics, the world's top smartphone marker,slashed the price of its Galaxy Note 2 model to 990,000 won ($874.9), down 9 percent from the previous 1.08 million won, according to the sources.The top player also discounted the factory price of its Galaxy 3 models to 790,000 won, compared to the p
April 6, 2013
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KORAIL moves to wash hands of Yongsan project
The state-run rail operator KORAIL announced on Friday that it will wash its hands of the troubled Yongsan development project as its normalization proposal failed to gain approval from the board of Dream Hub PFV. Dream Hub is a special purpose company, set up in 2007, for decision-making on the Yongsan project, the nation’s single largest development plan to build an international business district in central Seoul. It is composed of 30 shareholders, including KORAIL, the biggest shareholder wi
April 5, 2013