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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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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More deaths in ICU following doctors' mass walkout: lawmaker
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Netflix's latest runaway hit is a Korean reality cooking show
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Security issues to take center stage at ASEAN summit
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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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Hyundai Motor sheds ‘cheap car’ brand image
Genesis, Equus luxury sedans set milestone in overseas marketsHyundai Motor has set a new milestone in its global marketing activities to cultivate a premium brand image as overseas sales of its luxury sedans Genesis and Equus exceeded the 100,000 mark in the first half of this year. According to industry sources, Genesis and Equus, the nation’s largest carmaker’s flagship upscale models, saw the number of deliveries reach 88,771 and 10,508, respectively, from January to June this year. Hyundai
Aug. 2, 2012
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Samsung lawyer loses bid to add Apple trial evidence
Samsung Electronics again lost its bid to use evidence a lawyer for the company described as “critical” to rebutting Apple Inc.’s central allegations in a patent-infringement trial in California. Samsung was barred by U.S. District Judge Lucy Koh in San Jose from presenting images of a smartphone that it claims to have been developing in 2006, the year before Apple introduced the iPhone. Samsung said in a filing that the images show evidence that it was developing the next generation of mobile p
Aug. 2, 2012
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Scorching weather sets off AC sales boom
Sales of air conditioners are booming thanks to the scorching weather and the Summer Olympic Games, electronic appliance companies said.“The extremely hot summer is the No. 1 reason for the air conditioner sales boom. The Olympics also contributed to the sales because these games are usually on during the night when people are back home from work,” said a spokesperson of LG Electronics. The boom is good news for AC manufacturers companies, especially as sales volume was cut almost in half in Jun
Aug. 2, 2012
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Premium water makes bigger splash in market
Diversified products appeal to consumers’ taste for luxurySeoul resident Park Byoung-shik makes a habit of frequenting stores once or twice a week to scout out the latest offerings of premium bottled water. “I don’t tend to drink carbonated water, so today I am trying out Irosoo ― water extracted directly from birch trees,” the 32-year-old said at the Shinsegae Gangnam Department Store on Wednesday. The domestic bottled water industry recorded sales about 550 billion won ($486.75 million) last y
Aug. 2, 2012
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Kim named Janssen Korea CEO
Janssen Korea became the first multinational medical firm in the country to name a woman CEO, the company said in a statement Thursday. The Korean branch of multinational firm Janssen Pharmaceuticals Inc. said that Kim Oak-yeon, 44, has accumulated rich experience as the former CEO of Janssen Malaysia, and is expected to become an even larger asset to the company. “I will make the best of my experience from working overseas so that Janssen Korea can take a step further in the fast-changing Korea
Aug. 2, 2012
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Samsung releases Apple-related documents, sparking disputes
Samsung Electronics has landed in hot water after leaking iPhone-related documents to the media on Tuesday, disobeying an order by a U.S. judge in charge of the legal battle with Apple. Judge Lucy Koh had barred Samsung from making public the phone design documents as evidence because its submission was “too late” under the U.S. legal process.The evidence revealed by Samsung amid the ongoing legal fight with Apple includes a testimony by Shin Nishibori, Apple’s former designer, saying that his e
Aug. 2, 2012
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L'Oreal heiress sells island paradise in Seychelles
L'Oreal heiress Liliane Bettencourt, France's richest woman, has sold a string of private islands in the Seychelles to a firm linked to an ocean conservation foundation, a minister said Tuesday.Bettencourt, 89, bought D'Arros Island along with several neighbouring islets for $18 million in 1998 and recently sold them for $60 million (74 million euros) to a Seychelles-registered business, Housing a
Aug. 2, 2012
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Aussie company aims to run first uranium mine in Korea
Korea, the world’s fifth-largest user of nuclear power, is expected to start the production of its own uranium as early as 2015, Australian energy company Stonehenge Metals, which has the exclusive rights to the deposits, said Wednesday. “Our goal is to operate the first uranium mine in Korea, which would be both a massive national asset and a boon to the local communities,” Richard Henning, managing director of the Perth-based Stonehenge, said at a press conference in Seoul. In the 1980s, the
Aug. 1, 2012
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Hyundai, Kia’s car sales inch up in July
GM Korea, Renault Samsung, Ssangyong post sagging salesHyundai Motor and Kia Motors saw their year-on-year vehicle sales increase last month on the back of robust performance overseas.Hyundai-Kia’s overseas factories in particular led the affiliated carmakers’ sales growth. They operate manufacturing plants in countries such as the U.S., China, Turkey, the Czech Republic and Slovakia.Hyundai Motor said it posted sales of 332,027 units in July, up 3.1 percent a year earlier.The nation’s largest a
Aug. 1, 2012
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Foreign ownership of Hyundai Motor, Samsung growing
Foreign investors are cutting back their stakes in major Korean companies amid a sliding stock market hard hit by the European debt crisis.But they are expanding ownership at the nation’s top two conglomerates Samsung and Hyundai, Chaebol.com, a website tracking Korean conglomerate owners, revealed Tuesday. According to the research firm, 93 affiliates of the nation’s top 10 conglomerates saw their combined foreign ownership decline from 20.19 percent in March to 19.79 percent this month. The 0.
July 31, 2012
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Samsung, Apple begin court talks
Court attendance of key witness remains in questionSamsung Electronics and Apple have begun their U.S. court battle over intellectual property rights in San Jose, California, on Tuesday, local time, with both sides vowing not to step down.On the trial’s first day, the court selected a panel formed of 10 people ― seven men and three women ― and went forward with an objection hearing.Samsung asked U.S. Judge Lucy Koh to block Apple from using the photos of its late founder Steve Jobs throughout th
July 31, 2012
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Peru FTA boosts Korean cars, TVs
The Korea-Peru free trade pact has boosted the competitiveness of Korea-made products over its first year of implementation, with the nation’s automotive and TV manufacturers outpacing Chinese and Japanese rivals in the South American country. The Korea International Trade Association said on Tuesday that the nation’s exports to Peru increased 28.9 percent in the 11 months up to June, though imports from the country decreased 7.6 percent during the same period. The growth figure surpassed the 6.
July 31, 2012
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Cheil Worldwide acquires U.S. marketing firm
Cheil Worldwide Inc., South Korea’s largest advertising agency, said Tuesday that it has taken over a U.S. marketing firm in a bid to expand its global business.Cheil Worldwide said in a filing that its U.S. unit, Cheil USA Inc., acquired a 100 percent stake in Mckinney Ventures LLC. It did not elaborate on financial terms of the deal.The U.S. firm, founded in 1969, has led global advertising campaigns for Nike Inc. and Sony Corp. It posted $37 million in revenues in 2011.Cheil Worldwide said th
July 31, 2012
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Business uncertainties likely to raise M&A opportunities
But analysts say supply may exceed demand in auction marketResearch analysts predict some large local enterprises will be put on the market for mergers or acquisitions in the coming months.They cite worsening financial situations for some companies, hit by the eurozone debt crisis and global uncertainties, for a possible vitalization of the nation’s M&A market.According to brokerage industry data, three sectors ― construction, shipping and shipbuilding ― have been hit severely by rapidly declini
July 31, 2012
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Yeonggwang nuclear reactor comes to halt
A nuclear reactor at an atomic power plant in Yeonggwang, South Jeolla Province, automatically stopped running Monday afternoon after its reactor protection system gave warning signals, the Korea Hydro & Nuclear Power Co. said.The 1-million-kilowatt Yeonggwang-6 unit came to a halt at around 2:57 p.m., according to the company. The unit had been under special treatment due to fuel rod defects that caused radioactivity levels in the reactor coolant to rise on April 30. The KHNP said it was lookin
July 30, 2012
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Hanwha chief meets Iraqi leader on postwar projects
Hanwha Group chairman Kim Seung-youn and Iraqi Prime Minister Nouri al-Maliki held a meeting in Baghdad on Sunday to discuss business opportunities from the country’s ongoing postwar reconstruction.The two leaders first met on May 30 when Hanwha signed an $8 billion contract to build a housing complex in Bismayah, a new satellite city of Baghdad. During their meeting, Kim explained the preparations for the housing project and proposed to organize a separate task force team to discuss new busines
July 30, 2012
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HTC to close Korean office on slow sales
Taiwanese smartphone maker HTC said Monday it will close its Korean office soon. The Taiwanese company said it will continue to provide after-sales services for its products.The closure announcement takes place months after the head of its Korean office stepped down in May. With the company’s share narrowing in the Korean market, which is dominated by Samsung and Apple smartphones, it was unable to release a new lineup of smartphones this year.“Our after-sales service policy in Korea will not al
July 30, 2012
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Hacking exposes digital security problems
Latest case again sheds light on vulnerability of nation’s data securityA 30-year-old Seoulite recently went through a bizarre experience, receiving numerous phone calls every day suggesting that she buy a new smartphone.What was odd was the fact that all the callers knew her two-year mobile contract was already over. They also offered promotions, recommending that she should make the shift to more advanced handsets running on the fourth-generation Long Term Evolution networks.“When I told one o
July 30, 2012
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Louis Vuitton most copied
Customs agency finds 1.65 million knockoffs of 211 brandsLouis Vuitton was the most widely copied brand for sale in Korea, the results of a crackdown by the Korea Customs Service on counterfeit products showed Monday.The customs agency found over 1.65 million imitation products of 211 brands offered for sale in the first half of this year, about 5 percent of which copied Korean brands.Among the knockoffs worth a total of 615.9 billion won, Louis Vuitton was the most frequent victim, followed by
July 30, 2012
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Alstom Korea seeks partnerships with private firms
Local CEO of French company says wind and tidal energy look promising for KoreaMultinational companies often face challenges when doing business in foreign countries. For Alstom Korea, one of the ways to overcome these problems is to pursue strategic partnerships.“Local manufacturers tend to have a monopolistic grip (in the power and transport industries) and they don’t have any real challenges ... so the key to growth for Alstom here is strategic partnering with local companies,” said Barry How
July 30, 2012