Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Posco stresses further leap for next 50 years
Posco Chairman Kwon Oh-joon on Monday vowed to bring the company to greater heights over the next 50 years, at a New Year’s meeting at the company’s headquarters in Pohang, North Gyeongsang Province. Kwon ordered the company to expand its earning power by upgrading its steelmaking business and continue restructuring its business to maximize work efficiency. “This year should be the year to secure the top steel earning power in the world and wrap up the scheduled restructuring while establishing
Jan. 2, 2017
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Hanwha E&C collects $560m from Iraq for city project
Korean firm Hanwha Engineering and Construction received about $560 million in construction fees last week from the Iraqi government for its ongoing new city project, the company said Monday. "A Town” in the new city of Bismayah, Iraq (Hanwha Engineering and Construction)The company has been building a 1,830-hectare new city called “A Town” in Bismayah, 10 kilometers southeast of Baghdad. This is the largest single project a Korean constructor has won overseas. The firm bagged the new town const
Jan. 2, 2017
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Samsung head's stock value jumps 28 pct in 2016
The head of Samsung Electronics Co. saw the value of his stock holdings surpass 14 trillion won ($12 billion) last year, rising by 28 percent, as the flagship unit of the country's top conglomerate Samsung has continued to rally, industry data showed Monday.According to the data compiled by industry tracker Chaebul.com, the value of stocks held by Chairman Lee Kun-hee was tallied at 14.35 trillion won as of Thursday, the last day of last year's stock market trading, compared with 11.2 trillion w
Jan. 2, 2017
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Petrochemicals exports estimated to hit record high in 2016
South Korea's petrochemicals exports are estimated to have reached an all-time high last year largely due to a rise in demand in their biggest export destination, China, and other newly emerged markets, industry data showed Monday.Exports of petrochemicals produced by South Korea's four oil refiners were tallied at 445 million barrels in the first 11 months of the year, according to the data.When figures from December are included in the tally, last year's exports of petrochemical products are e
Jan. 2, 2017
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SK Innovation to pour W3tr to speed up growth
Korea’s top oil refiner SK Innovation will inject up to 3 trillion won ($2.5 billion) into its petrochemical, petroleum development and battery business to expand the business growth, the company said Sunday. “Although the business conditions of the new year are expected to be tough, (the company) needs to overcome it through unremitting systematic innovation. Let us cultivate a new growth drive through our confident and aggressive investment,” said SK Innovation CEO and President Kim Jun. He st
Jan. 1, 2017
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Korean Air throws unruly Russian passenger off flight
Korean Air prevented a drunken Russian passenger from boarding one of its flights after he created a scene on a previous flight, according to the airline Saturday.The passenger had flown to Incheon International Airport from Vladivostok International Airport in first class on a Korean Air flight Friday, planning to transfer at Incheon to Singapore‘s Changi Airport.(Korean Air)On the first flight, the passenger had two glasses of wine and created a scene on the second flight when flight attendant
Jan. 1, 2017
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Korea braces for next industrial trends in 2017
Korean businesses’ quest to step closer to future industries is expected to accelerate in the New Year, regardless of the political scandal, the ongoing investigations into dubious business-political ties and the looming presidential election.The year 2016 was an opportunity for general consumers to familiarize themselves with the innovative concepts of technologies. And the year 2017 is likely to see some of these technologies become reality.The convergence of the automotive industry with techn
Jan. 1, 2017
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Property investment limit may hamper plan to nurture mega-sized IBs
The government's plan to foster mega-sized investment banks (IBs) will likely be hampered by a controversial rule that restricts their investments in the real estate sector, industry observers said Friday.Under the government's plan, IBs with 4 trillion won (US$3.3 billion) or more in equity capital will be eligible for short-term corporate lending, such as the issuance of commercial papers.Securities firms with equity capital of 8 trillion won or more will be able to launch investment managemen
Dec. 30, 2016
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Ex-chairwoman of Hanjin Shipping indicted over illegal stock trading
A former head of Hanjin Shipping Co. was indicted Friday on charges that she illegally sold company stocks using insider information to avoid losses.The Seoul Southern District Prosecutors' Office said Choi Eun-young is accused of selling stocks of the financially troubled Hanjin Shipping in April after obtaining information that the company will go through a creditor-led debt restructuring.The stock sale was completed a few days before Hanjin Shipping, long troubled by an industry slump and bal
Dec. 30, 2016
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[Newsmaker] Cho Hyun-joon takes leadership of Hyosung Group
Hyosung Group is ending the year with an official generational shift, as Cho Hyun-joon, the eldest son of Chairman Cho Suck-rai, takes the helm.The group announced late Thursday that Cho Hyun-joon, president of Hyosung Group, will take the chairman‘s post, while his father will step down, citing his age and health. Cho Hyun-joonThe handover of power from Hyosung’s second generation to the third coincided with the 50th anniversary of the group’s foundation. Cho Hyun-sang, current vice president a
Dec. 30, 2016
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[From the scene] Korea's innovation drive meets hurdle, but startups remain determined
The Korea Herald is publishing a series of articles on the moves made by the companies and governments of South Korea, China and Japan in entering the new industry 4.0 era. This is the last installment. -- Ed. PANGYO, Gyeonggi Province -- The Gyeonggi Center for Creative Economy and Innovation in Pangyo is one of South Korea’s innovation hotbeds with a unique blending of government and big companies. In mid-November, a group of nine reporters from three countries visited the center and
Dec. 30, 2016
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Mercedes-Benz seeks to spearhead auto industry
Mercedes-Benz seeks to position the brand as an industry leader through its concept vehicle Concept EQ. (Mercedes-Benz)German luxury automaker Mercedes-Benz plans to introduce its future strategy and latest concept car at the upcoming Consumer Electronics Show in Las Vegas early next year, with an aim of emphasizing its continued role as an industry leader, the firm said Friday. The automaker will provide a detailed look into the four pillars known as “CASE” -- Connected, Autonomous, Shared, Ele
Dec. 30, 2016
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Gov't to give special loans to AI-hit poultry retailers
The South Korean government said Friday that it will offer special loans to local retailers and traders who suffer massive losses stemming from an outbreak of avian influenza in the country.At an emergency economic meeting chaired by Vice Finance Minister Choi Sang-mok in Seoul, the government said the loans of up to 70 million won ($58,000) with a fixed interest rate of 2 percent will be extended starting in January.Chicken and egg retailers, and restaurants and small bakeries are subject to th
Dec. 30, 2016
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Textile sector set to suffer trade deficit for 2nd straight year
South Korea's textile and garment industry is set to suffer a trade deficit for the second consecutive year in 2016 amid an influx of cheap Chinese products, industry data showed Friday.According to the data compiled by the Korea International Trade Association, the segment's exports dipped 4.8 percent on-year to reach US$12.4 billion in the first 11 months of the year.In contrast, imports of textiles and clothing increased 1 percent to $13.52 billion over the cited period. If the trend continue
Dec. 30, 2016
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One more firm subject to strict antitrust laws in Nov.
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose slightly this month from a year earlier, the antitrust watchdog said Friday.The Fair Trade Commission said the number of firms on its monthly watch list stood at 1,128 as of end-December, up one from the previous month.The affiliates are owned by the country's 27 largest business groups, including Samsung Group and Hyundai Motor Group.Seven business groups, including Shin
Dec. 30, 2016
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Korean business leaders urge ‘return to fundamentals’ in 2017
After a year of political unrest, public fury at problematic state-business ties and a prolonged economic downturn, the chiefs of South Korea’s major business groups called upon businesses to “return to the fundamentals” in 2017.“Korean businesses recently became a center of controversy, disappointing the public,” said Park Yong-maan, Chairman of the Korea Chamber of Commerce and Industry, the country’s largest business association, in his New Year’s speech.“We will work to foster stricter stand
Dec. 30, 2016
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AmorePacific chairman’s daughter comes on board
Suh Min-jung, the eldest daughter of AmorePacific Group chairman Suh Kyeong-bae, is scheduled to officially join her family’s company as a new employee from Jan. 1, 2017, the company said Friday. In doing so, observers say the junior Suh has taken the first visible step in preparing to take over the family business as her father’s successor.The 25-year-old AmorePacific heiress apparent will begin working as a starting-level employee at AmorePacific’s production plant in Osong, North Chungcheong
Dec. 30, 2016
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Budget carriers' share tops 20% in int'l routes
The share of South Korea's low cost carriers in international passenger traffic topped 20 percent last month, aided by growing demand for cheap air tickets and expanded capacity, data showed on Friday.According to the data compiled by the Ministry of Land, Infrastructure and Transport, a total of 1.27 million passengers coming into and leaving the country used flights operated by the country's five budget carriers in November, with their combined market share surging to 22.1 percent.Currently, f
Dec. 30, 2016
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Chief of GM Korea urges corrupt employees to come clean without consequence
James Kim, president and CEO of GM Korea Co., apparently sought to eradicate what is believed to be widespread corruption among many employees and labor union leaders selling job openings, urging them to come clean without facing any consequences, company officials said Friday.In a recent e-mail addressed to all employees of GM Korea, the South Korean unit of U.S. automaker General Motors Co., Kim said the company and prosecution will not punish those who voluntarily turn themselves in and ackn
Dec. 30, 2016
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NPS chief faces arrest, admits to ordering merger approval
The independent counsel team investigating the charges against President Park Geun-hye and other corruption suspicions surrounding her aides sought an arrest warrant for former welfare minister and current National Pension Service chief Moon Hyung-pyo on Thursday. The team reportedly secured an admission from Moon that he had ordered the NPS to approve the controversial merger deal between Samsung C&T and Cheil Industries last year when he was welfare minister. This is the first arrest warrant s
Dec. 29, 2016