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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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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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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North Korea already cut off inter-Korean roads in Aug.: JCS chief
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Apple unveils 'new iPad' with sharper screen
Apple gave the new iPad a bunch of new features but no new name.When it goes on sale next week in the U.S. and several other countries, it will be “the iPad” or perhaps “the new iPad” -- not “iPad 3” or “iPad HD,” as some had speculated.The new ipad (AP-Yonhap News)The new iPad unveiled Wednesday co
March 8, 2012
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Hanwha Group names 5 new CEOs
Hanwha Group said Wednesday it has appointed new chief executives of its five affiliates as part of its sweeping reshuffle aimed at reinforcing its charge into sunrise industries. The Korean conglomerate said it also promoted 102 employees to executive positions, up from 90 last year.The new commanders-in-chief are Shim Kyung-seop at the group’s industrial powder unit, Park Se-hoon at Hanwha Galleria, Han Woo-je at Hanwha Venture Capital, Lee Yul-guk at Hanwha 63 City and Kwon Hyuk-woong at Yeos
March 7, 2012
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Top conglomerates continue to add subsidiaries: FTC
The business expansion of Korean conglomerates shows no sign of abating, with the number of their affiliated companies increasing for 10 consecutive months, according to the antitrust authorities Wednesday.According to the Fair Trade Commission, the nation’s 55 biggest companies saw the number of their affiliates grow to 1,667 this month from 1,554 in April last year since their cross-shareholdings started to face limitations. In February alone, an additional 29 companies were newly established
March 7, 2012
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POSCO completes stainless steel mill in Vietnam
POSCO said on Wednesday it completed the construction of a cold-rolled stainless steel mill in Vietnam, raising its annual production capacity in the Southeast Asian country to 235,000 tons.POSCO invested $130 million to build the new plant, which has a production capacity of 150,000 tons a year, to help meet the fast growing demand for stainless steel in the region.The Korean steelmaker in 2009 acquired Vietnam’s Asia Stainless Corp. near Ho Chi Minh, renamed it POSCO VST and expanded its facil
March 7, 2012
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BAT cuts prices of Vogue amid sales drop
British American Tobacco Korea plans to lower the prices of its Vogue cigarettes less than a year after a controversial markup that triggered a plunge in sales and a customer migration to rivals.The local unit of the multinational tobacco giant said Wednesday it would bring the prices of Vogue back to 2,500 won ($2.20) per pack, down from 2,700 won, starting Monday.The pullback is aimed at better competing with other ultraslim cigarettes, the company said, chiefly KT&G Corp.’s Esse, which has lo
March 7, 2012
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Samsung refuses to confirm Apple’s proposal on patent litigation
Samsung Electronics on Wednesday said it was unable to confirm news reports that Apple put forward proposals to the firm that would settle some pending patent litigation cases.“We can’t confirm the reports at this point, but it is not true that we held an emergency meeting of executives involving the issue and our position on the ongoing patent battle with Apple remains the same,” said a Samsung official.On Wednesday, Dow Jones cited an anonymous source as saying that Apple made proposals to Sam
March 7, 2012
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Korean scientists develop way to commercially use carbon dioxide
A group of South Korean researchers has developed a way to commercially utilize carbon dioxide, the main cause of global warming, that may also offer a new approach to dealing with climate change, the government said Wednesday.The team from Pohang University of Science and Technology (POSTECH) has successfully produced carbonic anhydrase, an enzyme that catalyzes the interconversion of carbon dioxide and water to bicarbonate and protons that, in turn, could produce substances widely used in indu
March 7, 2012
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Samsung to take energy-saving steps
South Korea’s largest conglomerate Samsung Group said Wednesday it plans to draw up energy-saving measures this month as high oil prices are expected to hurt its profitability.“The global economic downturn and continuation of high oil prices are weighing on the Korean economy and the costs of using energy is rising,” the group said in a statement.High oil prices are one of the biggest threats to the Korean economy, which relies almost entirely on imports for its oil needs.South Korea is the worl
March 7, 2012
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S-Oil CEO to leave office this month
S-Oil chief executive Ahmed Subaey will leave office later this month, completing his four-year term, the nation’s third largest oil refiner said Tuesday.A new CEO will be nominated at a board meeting to be held after the company’s shareholder meeting on March 23.Subaey will serve as CEO until the shareholder meeting, S-Oil said.(sophie@heraldm.com)
March 6, 2012
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Hyundai chief turns to European market
Hyundai Motor chairman Chung Mong-koo left for the 2012 Geneva Motor Show in Switzerland where the company will reveal the All New i20, the carmaker said Tuesday.Chung plans to host a dinner for European dealers of Hyundai and Kia Motors Corp. in Geneva for the motor show as a checkup of sales in the region, the company said.“Chairman Chung’s visit to the Geneva Motor Show means that the group is really trying to make a difference in the European market even as the region is under financial dist
March 6, 2012
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Home shopping channels seek global expansion
Company officials say foreign consumers show keen interest in Korean-made productsLocal home shopping channels, are competing to gain an early edge in overseas markets, especially in Asia where the popularity of Korean pop culture is still going strong. In Vietnam, the nation’s top three players ― CJ O Shopping, Lotte Home Shopping and GS Shop ― have jumped into the race to dominate one of the fastest growing retail markets in the world. CJ O Shopping, affiliated with food and entertainment gian
March 6, 2012
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Dividends for chiefs of top 10 conglomerates drop 23.1 percent
Hyundai-Kia Group chief Chung Mong-koo tops list with 45.6 billion wonHyundai Motor Group chairman Chung Mong-koo is to receive the greatest dividends among chiefs of the nation’s 10 largest conglomerates this year, beating his brother and last year’s No. 1 Chung Mong-joon, the major shareholder of Hyundai Heavy Industries.Heads of the top 10 conglomerates in asset value, excluding public companies and privatized public firms, will receive a total of 171.6 billion won in dividends this year from
March 6, 2012
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King Sejong shows the way for business meetings today
Historical records show the famous king turned court meetings into exchanges of productive ideasHave you ever been in a business meeting wondering why you are there? In typical Korean corporate culture where junior staff members are supposed to remain meekly silent while the boss demands fresh ideas, meetings are, if anything, costly time-wasters. Business meetings have three negative associations: boring, tiring, unnecessary. And the most serious issue is that most meetings get wrapped up with
March 6, 2012
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Shinwon eyes big leap with luxury fashion
Chairman Park says his company will introduce VanHart Homme brand this spring in collaboration with Italian celebrity designer Al Bazar Lino.Shinwon Group, a leading fashion retailer, was one of the first South Korean companies to enter the inter-Korean industrial complex in Gaeseong, the North Korean border town, in 2004.Despite the political tension between the two Koreas, Shinwon chairman Park Sung-chul still has no doubts about the decision he made eight years ago.“North Koreans are skilled
March 6, 2012
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Doosan Infracore to build R&D lab in China
Doosan Infracore Co. said it broke ground on Tuesday for its first research and development center in China, spurring its foray into one of the world’s fastest growing construction equipment markets. The laboratory, which will sit on an 8,000-square-meter site in Yantai, eastern China, will be devoted to developing wheel loaders, the Korean engineering firm said. Construction will be completed by the end of the year.The Seoul-based company said it will spend 11 billion won ($9.8 million) to inst
March 6, 2012
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[Herald Interview] Shinwon eyes another big leap with luxury fashion
Chairman confident of economic benefits from having production lines in N.K.’s Gaeseong Industrial ComplexShinwon Group, a leading fashion retailer, was one of the first South Korean companies to enter the inter-Korean industrial complex in Gaeseong, the North Korean border town, in 2004.Despite the political tension between the two Koreas, Shinwon chairman Park Sung-chul still has no doubts about the decision he made eight years ago.“North Koreans are skilled workers as they are willing to work
March 6, 2012
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Business start-up courses at SGC
The Seoul Global Center Business Center is inviting future entrepreneurs to the first session of their Business Start-up School for the year. Together with their business counseling service, this program provides foreign business entrepreneurs in Seoul with the necessary information to set up and run a business successfully, as well as a chance to network with other expatriate and local professionals. The Business Start-up School is a tuition-free program run by the Seoul Metropolitan Government
March 5, 2012
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AmCham to meet trade chief, auto committee
The American Chamber of Commerce in Korea plans to hold two luncheons later this week.For the first luncheon, the American Chamber has invited as guest speaker Trade Minister Bark Tae-ho to this month’s general membership meeting.At the luncheon on March 8 from 11:30 a.m., Bark will hold a lively discussion on the strategic value of the Korea-U.S. Free Trade Agreement.A veteran economist, Bark took over the post when Kim Jong-hoon stepped down late last year after playing a pivotal role in final
March 5, 2012
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BCCK examines compensation trends
Korean compensation trends and the outlook for this year will be the focus of the coming British Chamber of Commerce breakfast meeting.The meeting on March 8 will also examine trends in compensation and total awards.Held at the Grand Hyatt’s Paris Grill, the event at 8 a.m. will be moderated by Aon Hewitt senior consultant Simon Ferry.Based in Seoul, Ferry regularly updates regional and global stakeholders on the Korean compensation and benefits environment. Ferry has more than a decade’s experi
March 5, 2012
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Cancham outlook for Korea’s economy
To examine Korea’s economic prospects for the year in depth, the Canadian Chamber of Commerce will hold a luncheon on March 8 in the Grand Ambassador Hotel’s Chardonnay Hall. Panelists will be Shaun Cochran, director of Korean Research CLSA one of the region’s largest and most highly rated independent equity brokers and financial services groups; local director and head of markets at Jones Lang Lasalle Korea Darren Krakowiak; and Tony Mitchell, managing director of the Korea Associates Business
March 5, 2012