Most Popular
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Korea added to key bond index
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Taking away phones during school hours not a human rights violation: watchdog
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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Jay Park returns with quintessential R&B album after 8 years
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More deaths in ICU following doctors' mass walkout: lawmaker
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Security issues to take center stage at ASEAN summit
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Netflix's latest runaway hit is a Korean reality cooking show
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Galaxy Note 10.1 chosen to be in Royal Collection
Samsung Electronics confirmed Thursday that its latest Galaxy Note 10.1 was chosen to house Queen Elizabeth II of Britain’s “digital time capsule.”Although the company was not able to confirm the details on how its flagship tablet PC was selected to be included in the Royal Collection, foreign media outlets said it was picked over Apple’s iPad by the Royal Commonwealth Society charity.The Galaxy Note 10.1 is the most recent addition to Samsung’s tablet PC lineup and enables people to use an embe
Nov. 15, 2012
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Eximbank raises $1b via global bond sale
The state-run Export-Import Bank of Korea said Thursday it has raised $1 billion by issuing dollar-denominated bonds to help finance local exporters.The 3-year bonds were sold at a rate of 0.98 percentage point above three-year U.S. Treasuries, the policy lender said in a statement. Proceeds from the debt sale will be used to provide funds to local exporters competing with global counterparts in the Middle East, it said. The majority of the debts were sold to investors from the United States and
Nov. 15, 2012
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Target of ‘shared growth’ may include banks
Commercial banks are likely to be included in the government’s assessment list of firms paying attention to “shared growth” with subcontractors.Some officials of the Commission of Shared Growth for Large and Small Companies said the agency was considering expanding its yearly assessment target to the banking sector as early as 2013.Other sectors including medical institutions could also be placed on the authorities’ watch list, they added.In the commission’s first unveiling of the assessments of
Nov. 15, 2012
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Samsung to top W200tr in sales this year
Samsung Electronics is expected to top 200 trillion won ($183.97 billion) in yearly sales for the first time this year thanks to its strong growth in worldwide smartphone shipments.According to financial information provider FnGuide on Thursday, the world’s top smartphone maker is also estimated to post about 28.6 trillion won in operating profit by the end of this year.The provided data showed that Samsung would take up 12.2 percent of 138 listed firms’ yearly sales figures and 24 percent of th
Nov. 15, 2012
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Firms brace for restructuring
About 15 percent of the nation’s 600 major enterprises said they plan to conduct corporate restructuring amid growing uncertainties at home and abroad next year, a poll showed Thursday.According to a survey on the 600 largest firms ― in terms of sales scale ― by the Federation of Korean Industries, 62 percent of the respondents said the business environment was projected to worsen next year.The FKI, a business lobby, said it has found that 15 percent of the respondents are mapping out plans for
Nov. 15, 2012
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Hanwha E&C sets new milestone in overseas markets
Hanwha Engineering and Construction may be a latecomer in overseas construction markets. But it is Korea’s fastest growing builder, and has seen its accumulated orders exceed those of its Korean rivals this year. Hanwha E&C, a construction unit of Hanwha Group, said Wednesday that it has signed a $585 million deal to build an oil refinery and terminal in Saudi Arabia. Under the deal with Saudi Aramco, the world’s biggest oil producer, Hanwha will build the terminal that can process 400,000 barre
Nov. 15, 2012
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Gaps in prices of outdoor brands puzzle shoppers
South Korea’s outdoor sportswear market is growing explosively, and so is confusion about what is worth what. Brands in the nearly 5 trillion won ($4.6 billion) market are polarizing in terms of price; the high-end insists that the materials used in its products are inarguably the best, while the relatively low-end argues that its materials are not any less good. Consumers are lost and confused. “I was planning to buy matching mountain-climbing jackets for my parents, but gave up because I could
Nov. 15, 2012
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LG Electronics spreads talent donations worldwide
LG Electronics is working toward spreading its talent donation movement in countries including Indonesia, Greece and South Africa.The company organized a campaign dubbed “The Biggest Hug from LG” for more than three weeks from Oct. 22-Nov. 13 in Greece for underprivileged families.As part of the event, LG asked people to give clothing donations for the group and set up its drum washer and dryer at a mall in Athens to wash them ahead of the clothing handout, its officials said.“We were then able
Nov. 14, 2012
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Hyundai Oilbank completes BTX plant in Korea
Hyundai Oilbank Co., South Korea’s fourth-largest refiner, said Wednesday it has completed its BTX plant in the southwestern coastal area of the country, which is slated to start commercial production from January of next year. Hyundai Oilbank teamed up with Cosmo Oil Co., a Japanese refiner, to build the plant with a production capacity of 100 tons of BTX in Daesan, a coastal city 137 kilometers southwest of Seoul, the company said in a statement. The completion of the 600 billion won ($ 551.6
Nov. 14, 2012
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Goldman Sachs to leave Korea asset management
Goldman Sachs Group Inc. plans to exit the South Korean asset management business amid sluggish global stock markets, according to three people with knowledge of the situation.The Wall Street firm will probably take steps to protect customers of its Goldman Sachs Asset Management Korea Co. unit, said two of the people, who asked not to be named as the matter is private. They did not specify the timing of an exit.“Our expectations for the local Korean asset management business have not been met,”
Nov. 14, 2012
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Samsung mobile chief rules out patent pact with Apple
Samsung Electronics’ mobile chief Shin Jong-kyun on Wednesday ruled out the possibility that it will sign a licensing pact involving its global patent litigation with its rival Apple Inc.Shin said the company has “completely no intention” of participating in negotiations with Apple when asked about its future road map involving the global patent battles staged in nine different countries.“I’m not sure if it’s true that HTC has agreed to pay up to 300 billion won ($276 million) per year (in royal
Nov. 14, 2012
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Antitrust watchdog in jitters over proposed ‘chaebol panel’
The Fair Trade Commission, the nation’s top antitrust organization whose main job is to ensure fair competition in the markets, is fretting over independent candidate Ahn Cheol-soo’s ideas to install a presidential office for keeping chaebol in check. As Ahn announced earlier this week, the committee would be installed directly under the presidential office for efficiency’s sake ― meaning it would be designed so the president could keep tabs on all committee operations. For the FTC, this could m
Nov. 14, 2012
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CJ clashes with Samsung over memorial rites
Samsung Group and CJ Group have clashed again over the scheduled commemoration ceremony for the late Samsung founder Lee Byung-chull.The conflict over the ancestral rites has come under another spotlight amid the drawn-out inheritance fight between top figures of the two conglomerates tracing back to Samsung’s late founder.In a statement on Wednesday, CJ claimed that Samsung is seeking to hamper ordinary yearly visits to pay respects by siblings and other relatives.“Samsung has notified that non
Nov. 14, 2012
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Confusion grows over car mileage
Hyundai Motor Group’s recent mileage overstatement scandal in North America now raises eyebrows of Korean customers like Lee Hae-mi, a Seoul resident who owns a 2011 Kia Soul. Among 13 Hyundai and Kia brand car models forced to reduce their mileage by one to two miles per gallon on average, the largest adjustment was six miles per gallon for the Soul. While the Soul’s fuel economy in the United States was lowered from 27 miles per gallon to 21, or from 11.5 kilometers per liter to 8.9, its offic
Nov. 14, 2012
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Coupang fined for selling low quality beef
Coupang fined for selling low-quality beef The Fair Trade Commission slapped fines worth 8 million won ($7,400) on social commerce company Coupang for falsely advertising the quality of beef it sold online, the commission said on Wednesday.In August last year, Coupang sold Australian beef it claimed to be of the highest level in the grading for beef quality. It turned out that the beef was actually among the lower grade of Australian beef — 9th out of 11 levels — the FTC said. Coupang had sold 1
Nov. 14, 2012
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Ex-Shinhan chief stricken by Alzheimer’s disease
Former Shinhan Financial Group chairman Ra Eung-chan is suffering from Alzheimer’s disease, it was learned on Wednesday.His alleged illness became known as he refused to be present at court as witness for the group’s embezzlement case due to the disease. Ra submitted a notice on Monday that he will not be attending court because he is receiving treatment for the disease, according to Seoul Central District Court on Wednesday. Ra is known to have claimed that he “cannot remember” due to the disea
Nov. 14, 2012
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Protectionism defines battle between Samsung, Apple
“Designed for humans.” That’s Samsung tagline for the Galaxy S3, and it’s sure to include all humans, even the Americans, despite Samsung being at legal loggerheads with Apple Inc., one of the most quintessentially American companies around. As Koreans, it’s hard not to be conscious of the nationality of the two companies, and the finale ― particularly how the appeal in the U.S. turns out ― will prove just how significant a part nationality played in this cross-border legal drama that’s just tak
Nov. 13, 2012
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Doosan Heavy takes over water treatment firm
Doosan Heavy Industries & Construction Co., South Korea’s leading power equipment maker, said Tuesday that it has acquired a British water treatment firm in a bid to strengthen its desalination business.Doosan Heavy did not reveal financial terms of the takeover of Enpure Ltd.Enpure, established in early 1970, provides process engineering solutions for the energy, water, solid waste, and industrial sectors, and posted sales of 100 billion won ($91.7 million) in 2011, according to Doosan Heavy.En
Nov. 13, 2012
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LG eyes Latin America LTE phone launch in Q1
South Korean handset maker LG Electronics Inc. said Tuesday it aims to roll out long-term evolution smartphones in the Latin American market in the first quarter of 2013 as part of efforts to bolster its global LTE drive.The company, which has released LTE smartphones in major markets such as Asia, Europe and the U.S., said it plans to release the LTE devices in Brazil, Chile and Mexico in the January-March period at the earliest.The LTE smartphone line-up for the regional market has not yet bee
Nov. 13, 2012
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On-year growth of card use hits record low in August
The on-year growth rate of credit card use in South Korea hit a record low in August as more people refrained from spending money amid the protracted economic recovery, data showed Tuesday.The value of Koreans’ credit card spending amounted to 28.5 trillion won ($26.2 billion) in August, up 2.7 percent from a year earlier, according to the data compiled by the Bank of Korea. The August growth compared with a 13.6 percent on-year expansion tallied in July and marked the slowest gain ever, it adde
Nov. 13, 2012