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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South Korean author Han Kang wins 2024 Nobel Prize in literature
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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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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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LG CNS to issue ID cards on smartphones
LG CNS, an information technology service firm, said Monday that it will have its employees carry their identity cards inside their smartphones for office access.With plans to test the system in October, the firm signed an agreement to cooperate with telecoms KT and LG Uplus on near-field communication technology which is deemed to strengthen information security on the same day.The firm will equip the employee’s smartphone with a universal subscriber identity module applet which will enable the
July 9, 2012
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LG top in LTE patents: report
A report showed on Monday that LG Electronics owns the highest number of patents related to Long Term Evolution, the fourth-generation communications network technology.The report released by U.S.-based technology and intellectual property research firm TechIPm said the country’s electronics firm LG was noted to be the leading possessor of LTE essential patents as of the second quarter this year. LG was followed by Nokia, Samsung, Motorola, Nortel, InterDigital and Qualcomm, according to the rep
July 9, 2012
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Renault Samsung to build solar power plant
Carmaker aims to enhance its eco-friendly leadership in auto industryRenault Samsung Motors said Monday that it would convert the parking lots and rooftops of its Busan factory into the world’s largest solar power plant to be located within a manufacturing facility by December. The carmaker said the Busan Shinho Solar Plant will be located on the 300,000 square-meter wasteland within the 500,000 square-meter factory site, with arrays of photovoltaic panels being installed there. For the solar p
July 9, 2012
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Passion, professionalism key to success at foreign firms
Representatives at foreign companies operating local divisions in Korea say that a strong work drive coupled with assertiveness, adaptability and openness may mean the difference between getting hired or not.In a series of email interviews with The Korea Herald, representatives from five leading foreign companies in Korea ― ADT Korea, Burson Marsteller, L’Oreal Korea, Pernod Ricard, and Schneider Electric Korea ― said that these personal qualities help candidates shine during the job application
July 9, 2012
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Top court confirms 3-year prison term for member of LG family
The Supreme Court has confirmed a three-year prison term for a member of LG Group family convicted of stock manipulation and embezzlement, court officials said Monday.Koo Bon-hyun was convicted of pocketing around 13.9 billion won(US$11.7 million) of illegal profits by manipulating the stock price of Exa E&C Inc., through spreading false information about the company during the process of taking o
July 9, 2012
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Sales of Hyundai-Kia cars in Britain surge 16.6% in H1
Sales of cars made by South Korea’s Hyundai Motor Co. and Kia Motors Corp. surged 16.6 percent on-year in the first half of 2012 in Britain, due to the popularity of new models, company sources Sunday.Sources said data by the U.K.’s Society of Motor Manufacturers and Traders, showed combined sales reaching 68,646 units in the six-month period, with the two companies’ market share hitting 6.5 percent for a gain of 0.8 percentage point from the year before.Hyundai and Kia are flagship companies of
July 8, 2012
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Franchise industry expects tough times
South Korea’s franchise industry is bracing for tough times in the second half of this year mainly due to a slowdown in economic growth, a corporate poll showed Sunday.The survey conducted by the Korea Chamber of Commerce and Industry on 300 franchise organizations showed the business forecast index for the six-month period hitting just 73, which is far below the break-even 100-point mark. An index reading below 100 means pessimists outnumber optimists in terms of future outlook.“The weak number
July 8, 2012
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Korea, Bolivia set up joint lithium development venture
South Korea’s state-run mineral development corporation set up a joint venture with its Bolivian counterpart to develop lithium in the South American country, sources said Friday.Seoul’s embassy in La Paz said a consortium made up of Korea Resources Corp. and POSCO, South Korea’s leading steelmaker, signed a deal to create a lithium venture with Comibol, Bolivia’s mineral development corporation.Under the agreement reached Thursday, the new company will make anodes and cathodes for electric vehi
July 8, 2012
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SK fined for unfair intra-group deals
Group denies FTC accusation involving SK C&CThe nation’s antitrust watchdog said Sunday that it has fined seven business units in SK Group 34.6 billion won ($30.3 million) for unfairly supporting another IT outsourcing firm, SK C&C, whose largest shareholder is chairman Chey Tae-won.It is common in Korea for major conglomerates to have their own system integration affiliate be responsible for the management and operation of the computer systems of the entire group. According to the Fair Trade Co
July 8, 2012
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SK slapped with 34.6 bln won fine for 'intra-group' deals
Seven affiliates of SK, the country's No. 3 conglomerate, have been fined a combined 34.6 billion won ($30.4 million) for unfairly supporting another group affiliate, the country's corporate watchdog said Sunday.The Fair Trade Commission (FTC) said it has imposed the fine on group affiliates, including top mobile carrier SK Telecom Co. and leading oil refiner SK Innovation Co., for paying higher-t
July 8, 2012
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Coca-Cola introduces ‘eco-friendly’ pouches for drink
Coca-Cola has announced that the company will start selling drinks in eco-friendly packaging as a low-cost alternative to cans and bottles.The biodegradable bags were inspired by South American consumers who have their bottles of Coca-Cola pored into plastic bags so that they do not have to pay a deposit on the returnable glass bottles.The company noticed this trend, which originated in El Salvador, and decided to make their own to recover branding. The plastic bag keeps the iconic bottle shape
July 8, 2012
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Lotte Shopping buys Hi-mart
Lotte Shopping Co., the flagship affiliate of retail-oriented conglomerate Lotte Group, said Friday it reached a deal to buy electronics appliance retailer Hi-mart Co. for 1.24 trillion won ($1.09 billion).The stock purchase agreement calls for the takeover of a 65.25 percent stake in the electronics retailer currently owned by Eugene Corp., Hi Consortium and former Hi-mart CEO Sun Jong-koo, Lotte said in a regulatory filing.The company added it is paying an average of 81,026 won for the 15.4 mi
July 6, 2012
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POSCO consortium to build power plant in Mongolia
A multinational consortium, led by Korea’s POSCO Energy, has been named a preferred bidder to operate a large-scale combined heat and power plant in Mongolia, company officials said Friday. The power unit of POSCO participated in the consortium as the largest shareholder with a 30 percent stake, together with France’s GDF Suez, Japan’s Sojitz Corporation and Mongolia’s Newcom Group.The planned cogeneration power plant with an electricity capacity of 450 megawatts will be located near Ulaanbaatar
July 6, 2012
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Lotte Shopping buys Himart for 1.24 tln won
Lotte Shopping Co., the flagship affiliate of retail-oriented conglomerate Lotte Group, said Friday it reached a deal to buy electronics appliance retailer Himart Co. for 1.24 trillion won (US$1.09 billion).The stock purchase agreement calls for the takeover of a 65.25 percent stake in the electronics retailer currently owned by Eugene Corp., Hi Consortium and former Himart CEO Sun Jong-koo, Lotte
July 6, 2012
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Korea joins bidding for U.N. aviation office
Korea has recently joined an international bidding to host the regional office of the International Civil Aviation Organization, a specialized agency of the United Nations, government officials said Thursday. The Ministry of Land, Transport and Maritime Affairs submitted an official application for an Asia Pacific office and started preparations for the ICAO’s potential inspection. The Canada-based ICAO aims to set the principles and techniques of international air navigation and develop interna
July 5, 2012
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Gasoline to fall below W1,900 per liter
The 1,900-won gas price is expected to slide even lower soon, due to the “stable international oil price,” industry sources said on Thursday.The sources said the 1,900 won-per-liter mark is expected to go down at any moment as the dip is likely to continue for a while.Thursday’s price of regular gasoline fell to its lowest since March 6, 2011, according to data. Opinet, an online service provider of oil prices under the state-run Korea National Oil Corp., reported Thursday that the nation’s ave
July 5, 2012
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Korea to resume whaling for research
Seoul announced it will resume whaling under an exception in the global moratorium that allows scientific research, drawing fierce criticism from conservationists at home and abroad.The Korean delegation at the annual meeting of the International Whaling Commission held in Panama City said on Wednesday that they will submit a plan on whaling to the IWC scientific subcommittee.The delegation said that Korea will conduct whaling only in its territorial waters and that it does not need foreign appr
July 5, 2012
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Hyundai Heavy to export low-emission drill ships
Hyundai Heavy Industries said Thursday that it has recently agreed with a U.S. drilling company to provide low-emission ships starting this August. It is the first time that a Korean shipbuilder has exported a drilling ship equipped with an emissions reduction system, the company claimed. Hyundai Heavy plans to provide three drilling ships to Houston, Texas-based Rowan Companies from August that will have 18 units of the company’s emissions reduction system.The system, which dissolves nitrogen o
July 5, 2012
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Hyundai Motor launches third Beijing plant
New factory in China to play role in group’s sales target of 7 million units worldwideHyundai Motor’s third manufacturing factory in Beijing has launched a pilot production of facelifted versions of the Avante sedan, company officials said Thursday.“While the plant has already started its operation, an event to celebrate the completion of construction is scheduled to be held later this month,” a Hyundai spokesman said. He said the vehicle models to be rolled out would include the Avante HD, dub
July 5, 2012
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KBS the only broadcaster to record over 30% viewership in 2011: report
The Korea Communications Commission said Thursday that the Korea Broadcasting Station, or KBS, was the only broadcaster in the nation to record over 30 percent viewership in 2011.According to the commission, KBS came in first place, grabbing about 36 percent of total viewers, followed by the Munhwa Broadcasting Corp., and its affiliates with 18.4 percent. The Seoul Broadcasting Station, or SBS, and CJ E&M came in at 11.2 percent and 9.2 percent, respectively.But the newly-opened cable television
July 5, 2012