Most Popular
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Korea added to key bond index
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South Korean author Han Kang wins 2024 Nobel Prize in literature
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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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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-Hitachi to develop sewage water recycling facility in Yeosu complex
LG-Hitachi Water Solutions plans to develop a facility in Yeosu where it can reuse the city’s sewage water as a clean source for the city’s industrial complex.The company said Friday that it has signed a memorandum of understanding with the Yeosu government to invest in the infrastructure, which will be able to treat and recycle 35,000 tons of sewage and cost 45 billion won ($40 million). It did not give any development timeline for the project. However, the reusable water will be supplied to Ye
May 25, 2012
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Hyundai E&C steps closer to $10b goal
Hyundai Engineering & Construction, Korea’s biggest construction company, is looking to achieve $10 billion in orders globally this year.As the builder secured a line of projects overseas, its orders, including for a Qatari highway construction and Saudi Arabian alumina refinery, are expected to amount to already half of its target by the end of next month, analysts said.Potential projects such as Venezuelan refinery and Indonesian geothermal power plant are also in the pipeline, which would fur
May 25, 2012
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KNOC to open more discount gas stations
Oil corporation strives to meet target of 1,300 outlets by 2015The state-run Korea National Oil Corp. is stepping up its push for discount gas stations by establishing a support center and a task force for the project aimed at curbing petrol prices.The Oil Distribution Support Center began operation on Thursday, with the aim to set up over 1,100 more discount gas stations throughout the nation. The KNOC created the center and the Domestic Supply & Distribution Taskforce after the government an
May 25, 2012
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Agencies’ dispute over online shopping of wine
Wine may soon be available online as Cheong Wa Dae hinted that it is in favor of such sales. High-level officials from the presidential office said that they tentatively agreed on allowing online sale of imported wines, according to reports, after a lengthy meeting on Wednesday with officials from the National Tax Service and the Fair Trade Commission. The FTC has been pushing to allow online wine sales since earlier this year, saying it will bring down the price of imported wines. The tax autho
May 24, 2012
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Seoul to support Korean companies returning home
Survey shows about 13% of Korean firms interested in coming backThe government said on Thursday it will organize task forces to help Korean companies relocate their overseas facilities to Korea as part of efforts to spur domestic investment. The Ministry of Knowledge Economy expects about 50 Korean companies to return home over the next five years and create more than 13,000 jobs domestically.The ministry says it sees high demand for return to Korea among companies in the accessories, clothing,
May 24, 2012
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POSCO exec named new ISSF chairman
POSCO announced that the company’s senior executive vice president Kim Joon-sik has been named the new CEO of the International Stainless Steel Forum, or ISSF. The appointment was made during the ISSF 16th Annual Conference, which opened in Beijing, China on May 16. Kim previously served as co-vice chairman for the ISSF’s executive board. Industry insiders said the appointment reaffirmed the Korean steel conglomerate’s global status, which ranks among the best in the industry. Kim said that duri
May 24, 2012
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Conglomerates under tougher probe by tax, anti-trust agencies
The conglomerate sector has been a key investigation target of the National Tax Service and the Fair Trade Commission as the political power of the incumbent administration has weakened.The prosecution is also investigating some conglomerates’ business units for irregular practices.Over the past few months, the investigative authorities have been widening the scope of inquiries into several units of major business groups for alleged practices like tax evasion, embezzlement and price-fixing.Congl
May 24, 2012
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Hyundai Heavy Industries donates electric power stations to Ecuador
Hyundai Heavy Industries said that it has donated two electric power stations to Ecuador in an effort to help the South American nation combat an electricity shortage.The Ulsan-based Korean shipbuilding giant held a ribbon-cutting ceremony Thursday on Ecuador’s Santa Cruz Island, part of the larger Galapagos island chain, to commemorate the event. Hyundai Heavy Industries vice president Kim Jung-hwan, Ecuador’s Electricity Minister Esteban Albornoz, Galapagos Gov. Jorge Torres and other official
May 24, 2012
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Samsung unveils printers with proprietary chip
Samsung Electronics on Thursday unveiled its first line of laser multifunction printers equipped with the firm’s proprietary chip, aiming to take 30 percent of the global business-to-business printer market.Nam Seong-woo, executive vice president of IT solutions at Samsung, said the firm will release 11 new models ― four A3 multifunction printers and seven A4 laser printers ― for this year at a launch event in southern Seoul.The A3 multifunction printers are large printers designed for business
May 24, 2012
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KT receives top award for LTE technology
KT said Thursday it received the top prize for a Long Term Evolution network operator at an awards ceremony held by Informa Telecoms and Media.At the LTE Awards 2012 in Barcelona the country’s biggest fixed-line service provider received the award for “Most Significant Development for Commercial LTE Network by an Operator” for its network technology LTE WARP, its officials said. The event took place on the sidelines of the LTE World Summit 2012.“We’re delighted that the competitiveness of KT’s t
May 24, 2012
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Incheon airport still hungry for growth
Korea’s main gateway named world’s best airport for seven consecutive yearsSINGAPORE ― Lee Chae-wook, CEO of Incheon International Airport Corp., may have had a feeling of dj vu on Wednesday when he was congratulated by Airports Council International for Incheon winning the World’s Best Airport title this year. Korea’s main gateway has topped the non-profit association’s annual airport service quality report for the seventh year running, followed by Singapore and Beijing. Since the industry’s to
May 24, 2012
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McDonald’s names new Asia-Pacific chief
McDonald’s Corp. appointed Dave Hoffmann, a senior vice president of the company's Asia/Pacific, Middle East and Africa operations to president of the region.Hoffmann, a 16-year McDonald's veteran, succeeds Tim Fenton who recently was promoted to McDonald’s chief operating officer.McDonald’s CEO-elect Don Thompson, who replaces retiring CEO Jim Skinner, said, “Throughout his career, Dave has demonstrated outstanding leadership and strategic insight. Jim and I are very confident in Dave’s abiliti
May 24, 2012
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Hanwha wins record-high order in Iraq
Construction firm set to sign $8 billion housing deal in IraqHanwha Group has secured new growth potential in the overseas market as its construction unit has won the order for a new town supply in Iraq.The Iraqi government recently endorsed the business deal under which Hanwha Engineering & Construction will build 100,000 houses in Bismayah, which is scheduled to be a satellite city of Baghdad.It
May 24, 2012
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Local refiners shift to Africa, Europe to get stable supply
Korean oil refiners are striving to either diversify crude oil import sources or expand the scope of trade contracts in advance of a possible ban on oil imports from Iran.Among the alternative sources of crude oil are countries in Africa and Europe, according to the Korean National Oil Corp.KNOC data showed Wednesday that the nation recently imported about 1.7 million barrels from Gabon. This was the first time in more than two years since Korea imported Gabonese oil in December 2009.Imports fro
May 23, 2012
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Samsung executives to report patent talk results this week
Samsung Electronics’ top executives who met Apple’s Tim Cook in the United States on the issue of patents are expected to return to Seoul this week as chairman Lee Kun-hee is also projected to arrive in Seoul, officials said.A Samsung executive said Wednesday that the results of the patent talks with Apple may be known when the firm’s vice chairman Choi Gee-sung and mobile chief Shin Jong-kyun return to the country Friday.Lee is also reportedly heading back to Seoul after visiting Europe to watc
May 23, 2012
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Korean Air goes green
Korean Air, the official airliner for the 2012 IUCN World Conservation Congress, is at the vanguard of the aviation industry’s fight against climate change with the introduction of more environment-friendly aircraft and a company-wide campaign to save energy. The nation’s flag carrier expects its sponsorship for the meeting to be held on Jeju Island from Sept. 6-15 will be an opportunity to promote its efforts to cut carbon emissions. “We are glad to be sponsoring a meaningful global event such
May 22, 2012
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Privately invested projects sap public coffers
Excessive demand forecast, minimum revenue guarantee add to fiscal burdenAn apology was recently posted at stations on Seoul subway line No. 9. The line operator apologized for its abrupt notice of the plan to raise fares. It said it would temporarily postpone the fare hike, which it had sought to implement from June 16. Last month, the private operator of Seoul subway line No. 9 shocked citizens with an abrupt notice of its decision to raise fares by 500 won. The company later caved in under st
May 22, 2012
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LG 3-D TV wins excellent reviews
LG Electronics Inc.’s 2012 Cinema 3-D smart TVs have received excellent reviews from European information technology media outlets, industry sources said Tuesday.Sources said that Britain-based CNET media named the South Korean consumer giant’s 47-inch LM960V model its “Editor’s Choice” for its precise contrast, viewer-friendly recreation of vivid colors and smart functionality as well as three-dimensional picture quality.It added that the very thin bezel enhances the overall refinement of the T
May 22, 2012
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Chung foundation supports entrepreneurs
Hyundai Motor Co. and the Chung Mong-koo Foundation signed an agreement on Tuesday to create 1,500 jobs for youth by fostering a young businesspersons’ establishment of social enterprises.To attain the goal, the two sides agreed to foster 150 social enterprises for the coming five years, foundation officials said. The automaker and its foundation said the agreement was their long-term solution to bringing down the unemployment rate among young adults and promote social entrepreneurship in Korea.
May 22, 2012
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Hyundai Motor Group denies rumors on steel units’ merger
Hyundai Motor Group dismissed the rumors that Hyundai Steel and Hyundai Hysco, two of the conglomerate’s seven subsidiaries, will merge.In their regulatory filing on the Korea Exchange, the two Hyundai units also denied the merger rumors, respectively. They said the news was “groundless.”Stock prices of the two companies fluctuated during the trading session on Tuesday, hit by the speculation that steel producer Hyundai Steel and steel sheet products manufacturer Hyundai Hysco were pushing for b
May 22, 2012