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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Korea added to key bond index
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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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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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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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KT&G rolls out new RAISON
The nation’s largest tobacco manufacturer KT&G has begun distributing the fourth generation of RAISON Black, RAISON Blue and RAISON Green, the three best-selling flavors of the decade-old brand. Its first version launched in 2002, and the fourth RAISON lineup revised its outer cover design of the package “to strengthen its soft, simple image through a single, white background color plus a curvy-font logo,” KT&G said in a statement. The renewed RAISON adopts a design that targets young smokers wh
Feb. 18, 2013
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Hotels earn more from food, weddings
Hotels, especially five-star ones in Seoul, earned much more from restaurants, conventions and weddings than from room charges.At five-star, or superdeluxe, hotels with more than 300 guest rooms, income from food and other services amounted to more than twice the revenue of room charges in 2011, according to data from the Financial Supervisory Service and Statistics Korea.As for the 23 superdeluxe hotels with 300-plus guest rooms in Seoul, room charges accounted for 29.1 percent of their entire
Feb. 18, 2013
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Chey offers apology
Jailed ex-SK Group chairman Chey Tae-won delivered a message on Monday saying that he is sorry for the confusion he has caused through his arrest on the charges of embezzling corporate funds.In a statement delivered through his attorney, Chey said he feels it was lack of his virtue that such an incident occurred.“It was also much of a shock to me, but the encouragement of SK employees is a relief and an encouragement to me,” he said. “I will do my best to explain myself in the remaining process.
Feb. 18, 2013
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SK to invest over $15b in R&D, staff
SK Group, the country’s third-largest conglomerate, said Monday it would increase its investments to 16.6 trillion won ($15.33 billion) this year, up 10 percent from 15.1 trillion won in 2012, in research and development as well as human resources management.Kim Chang-geun, chairman of SK’s top decision-making body SUPEX Council, also said the firm would also hire about 7,500 new employees, including experienced and high school graduates, in 2013.The comments were made during his first meeting w
Feb. 18, 2013
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Korea’s biggest firms likely to pay less in taxes this year
South Korea’s major conglomerates, excluding top two Samsung and Hyundai Motor groups, are likely to pay far less in income taxes this year due to a prolonged economic slump, data showed Monday, sparking fears over a drop in government tax revenue.According to the data by Chaebul.com, a tracker of local business groups, 82 affiliates of the country’s top 10 conglomerates are estimated to pay 11.72 trillion won ($10.8 billion) in taxes this year, up 10.04 trillion won from a year earlier. The inc
Feb. 18, 2013
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POSCO unit to enter modular housing market
The local construction industry, hit by a long slump in the housing market, is striving to break off from traditional business fields and target a niche market in an effort to create new and sustainable benefits.POSCO A&C, the construction subsidiary of the nation’s top steelmaker POSCO, has set its eye on the modular housing market as one of its future business strategies.Modular architecture refers to the method of using standardized architecture modules from the plant development process in o
Feb. 18, 2013
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Booyoung to aid Asian, African students
The Woojung Education and Culture Foundation, founded by construction-based conglomerate Booyoung Group, conferred its biannual scholarship totaling 400 million won ($370,000) to students from Asian and African nations.In the conferment ceremony on Monday at the Korea Chamber of Commerce and Industry, 100 students each received 4 million won to cover their spring semester tuition fees, according to company officials.The event was attended by Booyoung chairman Lee Joong-keun, former Prime Ministe
Feb. 18, 2013
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LG Display to invest 706 bln won in OLED TV line
LG Display Co., the world's second-largest display maker, on Monday announced plans to invest 706 billion won ($652 million) in OLED TV facilities in efforts to strengthen its leadership in OLED technology.The investment in the 8th generation OLED TV manufacturing line, set to be installed in the company's Paju plant in suburban Seoul, is scheduled to begin in the first quarter, LG Display said in a press release.Mass production is set to begin in the first half of 2014 at a monthly capacity of
Feb. 18, 2013
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LG CNS to build Korea’s first park for data centers
IT service firm LG CNS said Sunday that it planned to build Korea’s first data center park in Busan on top of its recently established cloud data center.The firm said its facility called the LG CNS Busan Global Cloud Data Center has been up and running since early this year and that it currently has 72,000 servers. An increasing number of servers will be located at the site as it scales up to 133,000 square meters from 9,777 square meters.The project was launched after the Ministry of Knowledge
Feb. 17, 2013
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China takes up one-fifth of Hankook Tire revenue
Hankook Tire Co., South Korea’s leading tire maker, said Friday its Chinese sales account for nearly 18 percent of its total revenue, fueled by strong demand in the world’s largest auto market.Hankook Tire’s sales in China topped 1 trillion won (US$942 million) last year on rising demand for new tires among car owners, according to the company.Its market share in China is steady at 15 percent, competing closely with The Goodyear Tire & Rubber Co. for the second-largest tire seller. Michelin Grou
Feb. 15, 2013
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Dongbu completes Daewoo Electronics takeover
South Korean conglomerate Dongbu Group on Friday completed its acquisition of Daewoo Electronics Corp. and tapped a new chief for the country’s third-largest home appliance maker.Following a board meeting and a shareholder’s meeting on Thursday, the group said it has nominated Lee Jai-hyong, the vice chairman of Dongbu Lightec Co. and Dongbu LED Co., as the new head of Daewoo Electronics.Daewoo Electronics CEO Lee Sung will remain in the company as its chief operating officer, according to the g
Feb. 15, 2013
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Korean Air may buy stake in Czech Airlines
Korean Air, the nation’s biggest airline, is considering a bid for a stake in Czech Airlines to strengthen its presence in Europe, company officials said Friday.The carrier plans to reach a final decision after completing due diligence on the Czech Republic’s flag carrier later this month, said the officials, who wished to remain anonymous.This marks the first attempt of a domestic airliner to seek a stake in a foreign counterpart. If realized, the acquisition of the 44 percent stake would not i
Feb. 15, 2013
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Public firms face more duties, less red tape
State-run conglomerates that have been given enhanced management independence are about to bear bigger burdens to meet high expectations this year as the government wants them to maintain their leadership through profit increase and new business development.The Ministry of Strategy and Finance said Friday that it will keep its hands-off approach with Korea Gas Corp, Korea District Heating Corp, Incheon International Airport Corp. and Korea Airports Corp.The ministry has added Busan Port Authorit
Feb. 15, 2013
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Samsung chief’s brother appeals verdict
Lee Maeng-hee, the eldest brother of Samsung Electronics Chairman Lee Kun-hee, appealed a lower court verdict on Friday, court officials said, starting the second round of a legal battle between the estranged brothers over their inheritance.The Seoul Central District Court earlier this month ruled in favor of the chairman in inheritance lawsuits filed by his siblings. The siblings were demanding more than 4 trillion won (US$3.6 billion) in stakes in Samsung Group units.With the ruling, the count
Feb. 15, 2013
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BlackBerry may mull exit from Korea: sources
BlackBerry, a Canadian smartphone maker, may pull out of the South Korean market in the first half of this year due to sluggish sales, industry sources said Friday.Speculation arose of BlackBerry's possible exit from South Korea following its recent announcement that it plans not to unveil new products in Japan. Industry analysts took it as a move by BlackBerry to leave from South Korea and other countries in the region.Canadian-based Research in Motion (RIM) changed its name to BlackBerry in Ja
Feb. 15, 2013
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Ilsung attains approval for revival plans
Ilsung Corp., a local manufacturer of equipment for oil refining and petrochemicals, said on Friday that as of last week, it was on track to get back on its feet. The company said that on Feb.7, the court issued an approval for its self-restructuring plans, which involved lay-offs and other efforts to trim down and stay more efficient. The move came less than a year since Ilsung first entered into court receivership in April of 2012. Ilsung, which had been recording sales of an annual 200 bi
Feb. 15, 2013
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ING unloads KB Financial shares following botched deal
ING, a Dutch banking group, has sold its stakes in KB Financial, in an apparent move to rebuild its capital base and break away from its long-term relationship with the Korean banking group. The move comes after the sale of ING Life to KB Financial broke down between the two sides as KB backed away from the potential deal last year. ING is currently also looking to unload its shares in a KB insurance subsidiary.The Amsterdam-based company had been a major shareholder in KB Financial with a 5.02
Feb. 15, 2013
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LG vows to top next-generation TVs
LG Electronics said Thursday it would roll out 55-inch organic light-emitting diode televisions nationwide on Monday as it strove to obtain the top position in next-generation TVs.The world’s No. 2 TV maker said that it would be the world’s first to display the OLED TVs at stores across the nation on Feb. 18. It will begin shipping its 100 pre-ordered TV sets on the same day. The price of the new 55-inch OLED TV will be above 11 million won ($10,144).The company said it aimed to increase its fla
Feb. 14, 2013
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Mahindra chief: No exit strategy for Ssangyong
Mahindra & Mahindra, the majority shareholder of Ssangyong Motor, on Thursday approved a plan for investing 80 billion won ($75 million) into the nation’s smallest carmaker. This will mean, for this year at least, Ssangyong will have some 170 billion won worth of capital to work on the development of new models and facility investment.“We see a bright future in Ssangyong,” Pawan Goenka, president of Mahindra’s automotive and farm equipment sectors, told The Korea Herald. “We have no exit strateg
Feb. 14, 2013
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S-Oil offers help to deceased fireman’s family
S-Oil will deliver 30 million won ($27,663) in compensation to the family members of a firefighter chief who died on the job, officials said Thursday.Yoon Young-soo, 33, died Wednesday while extinguishing a fire in Pocheon, Gyeonggi Province. He is survived by his mother, wife and an infant son.“We wish to pay respect to the deceased who died trying to protect the citizens’ life and assets,” said an official of S-Oil.The oil refinery company, in hand with the National Emergency Management Agency
Feb. 14, 2013