Most Popular
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Korea added to key bond index
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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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Patients opting to die with dignity on steady rise
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Three-way battle in duty-free market
Shinsegae jumps into local duty-free market dominated by Lotte and ShillaA three-way race is expected as Shinsegae jumped into the local duty-free market which has been so far dominated by Lotte Group and Hotel Shilla. Shinsegae Group announced Wednesday that it had acquired an 81 percent share of Paradise Duty Free for 93 billion won ($82 million). The duty free shop is located inside Paradise Hotel in Busan Metropolitan City and is the 6th biggest in the market. The nation’s duty-free industry
Sept. 11, 2012
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Hollister models’ racist antics in Korea lead to termination
Models of U.S. brand Hollister who allegedly mocked Asians in online photographs were fired, the Daily Mail and other news sources reported on Monday. Hollister recently announced on its homepage that it dismissed the models who uploaded the offensive photos online, and issued a statement of apology.“On behalf of our more than 80,000 associates around the world who cherish our core values and our culture of diversity and inclusion, we sincerely apologize for the offense caused by these unauthori
Sept. 11, 2012
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Costco Wholesale Korea under fire for doing business on Sunday
The South Korean unit of U.S. retail giant Costco Wholesale Corp. has resumed operations on Sunday at its outlets across the country, a move that local industry officials claim violates Seoul‘s policy of restricting the business of large retailers.Local authorities in South Korea have prohibited large retailers from doing business on the second and fourth Sunday of every month to help protect mom-and-pop stores.South Korea’s largest retailer E-Mart and other retail chains later won injunctions i
Sept. 11, 2012
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3rd Korean bullet train sets new speed record
Korea’s new high-speed train HEMU-430X has recorded a speed of 354.64 kilometers per hour, the highest-ever demonstrated by trains here. The Ministry of Land, Transport and Maritime Affairs said Monday that the new record speed was set in a test carried out on Sunday at the 120-kilometer section between Busan and Daegu. The previous record was 352.4 kilometers per hour set by the French high-speed KTX back in December 2004. The ministry said Korea has now taken one step closer to connecting the
Sept. 10, 2012
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SPC Group investigated by FTC
The nation’s antitrust watchdog is considering imposing sanctions against SPC Group, a leading franchise conglomerate that operates bakery chain Paris Croissant and Paris Baguette, for enforcing unfair contract conditions on store owners. The Fair Trade Commission said Monday it has found some 300 Paris Croissant store owners out of the total 3,200 nationwide have been forced to carry out refurbishments every year. For those who cannot afford the cost for expansion or refurbishment, the head off
Sept. 10, 2012
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Hyundai’s hydrogen cars gain popularity in Europe
Hyundai Motor’s futuristic technology in the hydrogen fuel cell vehicle sector has highly been acknowledged in more and more European countries.Following its recent advancement into Scandinavian countries, Hyundai Motor has been picked as a business partner for German environmental organizations’ hydrogen automobile project.As the initial supply for the project, the Korean carmaker is poised to provide the country with dozens of the hydrogen fuel cell Tucson ix, a sport utility vehicle, in the c
Sept. 10, 2012
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ITU plans roundtable on global patent litigation
Samsung vs. Apple patent litigation to become topic of discussionThe International Telecommunication Union said Monday it plans to hold a roundtable session on patent litigation next month to include discourse on the ongoing dispute staged between Samsung Electronics and Apple Inc.“(Patent litigation) is a worrisome trend for us and we’d like this issue to become a discussion so that we can give a set of recommendations,” said Hamadoun Toure, secretary-general of the ITU, during a press conferen
Sept. 10, 2012
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Foreign firms’ hiring to drop by 50% in H2
Foreign companies in Korea are expected to hire only half the number of new university-graduates in the second half of this year compared to the same period last year, data showed.Of 72 firms recently surveyed by online job search portal Job Korea, about 20 foreign companies, or 27.8 percent, said that they plan to hire university graduates. Among the rest, 63.9 percent answered that they have no plans of new employment and 8.3 percent said it is not decided yet. In the same survey conducted ear
Sept. 10, 2012
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Creditors to pour W200b into Ssangyong E&C
Ssangyong Engineering and Construction said Monday that its largest shareholder Korea Asset Management Corp. and other creditor banks have agreed to inject 200 billion won ($180 million) to support the troubled builder. A risk management committee at KAMCO recently approved a liquidity support plan, with the first batch of support worth 70 billion won expected to be made on Tuesday. Ssangyong offi
Sept. 10, 2012
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Seoul developing new bullet train for commercial use in 2015
South Korea is currently developing a new bullet train that has already set a new speed record during its initial test run, the government said Monday.The HEMU-430X is an indigenous express train with an anticipated maximum speed of 430 kilometers per hour (km/h).The train was developed as part of a national research and development project and began its test run in June, according to the Ministry
Sept. 10, 2012
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Hyundai Heavy Industries ties up with U.S. firm
Hyundai Heavy Industries Co., South Korea’s top shipbuilder, said that it has sealed a deal to set up a joint venture with a U.S. firm in order to make inroads into the construction equipment engine business.Under the contract with Cummins Inc., the joint venture, Hyundai-Cummins Engine Co., will be located at an industrial complex in Daegu, 302 kilometers south of Seoul, and start mass production from 2014, said the company in a filing.Hyundai Heavy said that the joint venture is expected to po
Sept. 9, 2012
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Creditors to complete funding for Ssangyong E&C this month
Creditors of Ssangyong Engineering and Construction have decided to complete liquidity support for the financially troubled builder within this month, industry sources said Sunday. The nation’s 13th-largest construction firm is currently struggling to pay back huge debts worth about 100 billion won ($88 million) due this year. On Friday, creditors, led by Woori Bank, started an inspection into the company’s financial health to finalize the amount of financial support the company would get. Korea
Sept. 9, 2012
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STX seeks business ties in Russia
STX Group, a Korean shipbuilding and trading conglomerate, said Sunday that it has agreed with Russia’s leading mining company Mechel on a strategic business partnership in shipping and harbor development projects. STX Group chairman Kang Duk-soo and Mechel CEO Igor Zyuzin signed a memorandum of understanding in a meeting on Saturday on the sidelines of the APEC CEO Summit held in Vladivostok, Russia. Under the agreement, the two companies agreed to cooperate on the supply of solid fuel for powe
Sept. 9, 2012
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Galaxy S3 to push Samsung profit past W7tr
Tech giant likely to report record operating profit in Q3, analysts forecastSamsung Electronics is expected to post record earnings again in the third quarter this year, and enter an era of 7 trillion won in operating profit, despite remaining legal challenges with Apple and the global economic slowdown.The world’s largest tech company by revenue is estimated to achieve some 7.6 trillion won ($6.7 billion) in operating profit from July to September, up 78 percent from a year ago.Its sales will i
Sept. 9, 2012
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Marine-like camps booming
There are a slew of agencies that run training camps led by former Marine Corps drill instructors for corporate employees and students.The first was set up in 2002, and its four drillmasters, all ex-Marines, branched out to start their own companies due to differences in training style.Now, more than a dozen can be found on the Internet, though only about five are operating properly and actually have former Marine instructors in command, according to Lee Hee-seon, chief of Camp Tank. Kong Ki-you
Sept. 7, 2012
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Ssangyong Motor to unveil concept car at Paris show
Ssangyong Motor Co., South Korea’s smallest automaker, said Friday it will unveil the latest version of its electric concept car at an auto show in Paris later this month in a bid to tap deeply into the European market.The e-XIV concept car, the electric model of its crossover utility vehicle, will make its debut at the 2012 Paris Motor Show slated for Sept. 27, according to Ssangyong. The company has introduced a series of XIV concepts in motor shows at home and abroad.The South Korean carmaker
Sept. 7, 2012
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LG phone wins top rating from German magazine
A smartphone produced by LG Electronics Inc., the world’s No. 3 handset maker, has been chosen as the best model by a German trade magazine, industry sources said Friday. The tech giant’s LG Optimus 4X HD, first introduced to the European market in May, topped the September review of six smartphone models in the Germany-based consumer magazine Connect. The LG Optimus 4X HD, with a 4.7-inch True HD IPS display, is powered by a quad-core processor and runs on Google Inc.’s Ice Cream Sandwich opera
Sept. 7, 2012
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EUCCK closes to launch new entity
The European Union Chamber of Commerce in Korea said on Friday it decided to shut down after it was slapped with fines and overdue taxes worth 4.5 billion won, and launch as a new organization in cooperation with the Korean tax office.“What the EUCCK has been doing was very important, so it will be replaced by a new institution in the coming weeks,” Andre Nothomb, EUCCK vice president and head of Solvay Korea, told The Korea Herald.“It will have a new name but the same objective for the members.
Sept. 7, 2012
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Hyundai not modifying sales goal despite slump
Hyundai Motor Group has decided to keep its yearly sales target of 7 million vehicles at home and abroad untouched, despite the union’s partial strike in August and weak domestic demand.Hyundai Motor and its affiliate Kia Motors suffered a production drop by 130,000 units compared to a monthly average due mainly to the labor dispute last month.The two automakers also saw sales in the local market fall by 30 percent from the previous year.“Though we’ve suffered difficulties, we are pinning hopes
Sept. 7, 2012
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Apple’s move to reduce Samsung parts to have limited impact
Apple still chooses to go with the Korean tech giant on application processorsSamsung Electronics is unlikely to suffer heavily Apple’s alleged move to pressure the Korean tech firm by cutting down its orders for components in its iPhone 5, which is expected to be released next Wednesday, analysts here said on Friday.According to industrial sources, Apple is on the move to depend less on its biggest rival Samsung as the U.S.-based firm did not put in orders for some of its parts such as the mob
Sept. 7, 2012