Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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'Will AI steal my job?' Koreans among nationalities feeling most threatened by AI
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FTC refuses to delay decision on CJ HelloVision merger
[THE INVESTOR] The Fair Trade Commission has refused CJ HelloVision’s request to delay its decision on the planned merger and acquisition deal with SK Broadband, an IPTV firm run by SK Telecom. FTC officials told Herald Business and The Investor that they would not be pushing back the schedule. Last week, the regulator handed down a preliminary decision to CJ and SK, saying that it opposes the merger, as it could hamper fair market competition by creating an excessively dominant player. CJ and S
July 8, 2016
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Hyundai Rotem, Alstom vie for W1tr Cairo metro project
[THE INVESTOR] Hyundai Rotem, a train-making unit of Hyundai Motor Group, said on July 8 that it has become the final bidders together with France’s Alstom for Cairo’s 1 trillion won (US$860 million) train project. If the company wins the bid finally, it will become its largest order secured this year. The winner has to supply a total of 510 electric locomotives to Cairo’s metro Line 3. Even though Alstom is a potent competitor, Hyundai Rotem is confident of winning the deal. Hyundai Rotem's tra
July 8, 2016
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Pororo producer Iconix Entertainment faces tax probe
[THE INVESTOR] Iconix Entertainment, the company that produces famed South Korean animation “Pororo the Little Penguin” is undergoing a tax investigation, according to the company on July 8.National Tax Service officials collected financial statements from the firm’s Gyeonggi headquarters in May. Choi Jong-il, head of Iconix, told local media that the investigation was a regular audit conducted on Korean companies every five years.Iconix was established in 2001. Since then it has launched a numb
July 8, 2016
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Korea, EU join hands to promote emissions trading system
South Korea and the European Union on Friday joined hands to develop the former's greenhouse gas emissions trading system in a way to bolster their bilateral cooperation on climate change, the finance ministry here said.In a ceremony held in Seoul, the Seoul-Brussels joint emissions trading system cooperation project worth 3.5 million euros ($3.9 million) was launched with Vice Finance Minister Choi Sang-mok and Ambassador of the EU to Korea Gerhard Sabathil attending, according to the Ministry
July 8, 2016
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Green Cross Labcell files patents for anti-cancer cells
[THE INVESTOR] Korean pharma firm Green Cross Labcell has applied for international patent protection for its natural killer cells that treat cancer patients, the company said on July 8.The Green Cross affiliate had extracted cord blood from healthy donors to generate natural killer cells, a type of white blood cells in the immune system that attacks infections and potentially cancer-causing cell. Institute of Cell Therapy at the Green Cross LabcellThe cord blood-derived natural killer cells, wh
July 8, 2016
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Cruise ships, a conundrum for S. Korean shipyards
[THE INVESTOR] China’s shipbuilding industry is expanding into cruise ships, while South Korean shipyards are held back by lack of experience. Only July 7, China Daily reported that China State Shipbuilding (CSSR) and Italian shipbuilder Fincantieri Cantieri Navali Italiana will establish a joint venture in Hong Kong. The JV will spend 25 billion yuan (US$3.74 billion) building five luxury cruise liners.The work will be carried out by Shanghai Waigaoqiao Shipbuilding, which has established a spe
July 8, 2016
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[EYE] Corning chief breaks female leader stereotype
Women in Korea have come a long way. Their social and political standings have greatly improved in this traditionally male-dominated society, as can be seen by the female head of the nation. In the corporate world, however, little has changed. Women in boardrooms or the C-suite are still a rare sight. Lee Haeng-hee is among those rare ones. Corning Korea president Lee Haeng-hee (Corning Korea)The president of Corning Korea, the local unit of U.S. materials firm Corning, is the epitome of how a w
July 8, 2016
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Former chief of Volkswagen Korea summoned again over emissions scandal
A former managing director of the local branch of Volkswagen was summoned by prosecutors for a second time Friday over the German carmaker's alleged irregularities that came to light following last year's emissions scandal.Park Dong-hoon appeared before the Seoul Central District Prosecutors' Office for questioning over his alleged involvement in the company's cheating on emissions tests by using so-called defeat device software.He declined to comment on any of the questions asked by reporters b
July 8, 2016
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Incheon airport struggles to become air hub
[THE INVESTOR] Incheon International Airport, South Korea’s main international gateway, is facing an uphill battle to become Asia’s top air hub as its share of transit passengers continued to dip for three consecutive years. According to Incheon International Airport Corp., the number of transit passengers during the first half of the year stood at 3.58 million, which is a 4.1 percent drop from 3.74 million tallied during the same period last year.The statistics show that the number of stopover
July 8, 2016
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Korean boy group Big Bang earned more than Maroon 5 in 2015: report
[THE INVESTOR] South Korean boy group Big Bang made more money last year than the American popular rock band Maroon 5, according to a US media report. Forbes magazine on July 6 (local time) reported that Big Bang’s pretax earnings stood at US$ 44 million in 2015, more than the US$ 33.5 million racked up by Maroon 5, the American group that was selected as one of the highest-paid musicians in 2015 by Billboard. Big Bang members (from left): Seungri, G-Dragon, Taeyang, T.O.P and Daesung. / YG Ente
July 8, 2016
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Business hotels flourishing in downtown Seoul
[THE INVESTOR] Mid-priced hotels are on the rise in downtown Seoul, especially in Dongdaemun area and Myeong-dong, to meet the demand of rising foreign tourists opting for budget options, industry officials said. Accor-Ambassador Korea recently opened Ibis Ambassador Dongdaemun in the popular shopping district, offering 242 rooms. This is the second hotel in the area by the Korean unit of the French hotel, after Ibis Budget Ambassador Seoul Dongdaemun. Lotte City Hotel Myeongdong located in the
July 8, 2016
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Budget hotels vying to grab share in downtown Seoul
A growing number of business hotels have opened up in downtown Seoul to meet rising demand for affordable accommodation options among foreign and budget-conscious travelers, industry officials said Friday. Many of the hotels have sprung up in Myeongdong, a downtown shopping area, and more are set to open later this year to fill a niche demand between five-star hotels and cheap guest houses. So far, about 2,000 rooms have been added to the area. Hotel Lotte, a unit under retail giant Lotte Group,
July 8, 2016
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GE Capital’s sale of Hyundai Capital stake to be decided in July
[THE INVESTOR] GE Capital will decide on the sale of its stake in Hyundai Capital Services within July, industry sources said on July 8. GE Capital currently holds 20 percent of Hyundai Motor Group’s financing arm. The US firm plans to unload the shares, and with no buyer appearing, GE Capital had planned to exercise the put option and resell to Hyundai Motor Group.Based on the most recent transaction regarding Hyundai Capital Services’ shares, its stake is likely to cost around 700 billion won
July 8, 2016
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Haier, CJ, Cuckoo may bid for Tongyang Magic
[THE INVESTOR] China’s Haier and Korea’s CJ and Cuckoo are surfacing as likely bidders to acquire Tongyang Magic, a local appliance maker whose key business is water purifier rental service. Toyang’s largest shareholders Glenwood Private Equity and NH Private Equity, both based in Korea, plan to send information memorandum to possible bidders next week with aims to start the bidding process from later this month. According to industry sources, Tongyang had long gauged its entry into the Chinese
July 8, 2016
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Korea probes Ford Explorers for exhaust fumes in cabin
[THE INVESTOR] South Korean government has launched an investigation into a possible defect in Ford Explorers, following the US probe into complaints that exhaust fumes are leaking into the cabin of the SUVs. The Ministry of Land, Infrastructure and Transport on July 7 said it opened the inquiry to see if the Ford units sold here have a similar problem, after the US’ National Highway Traffic Safety Administration began the investigation. Ford ExplorerAccording to US media outlets, there have be
July 8, 2016
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NH Investment buys Australian Red Cross‘ building for $86m
[THE INVESTOR] NH Investment & Securities said on July 8 that it bought the Australian Red Cross’ office building in Sydney for some 100 billion won (US$ 86.3 million). The South Korean securities firm raised real estate funds with FG Asset Management to acquire the 12,700-square-meter building in Kent Street, Sydney. Built in 2011, the five-story building is on a 15-year lease contract with the Red Cross. (theinvestor@heraldcorp.com)
July 8, 2016
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LIG Nex1 to build 2nd plant in Gimcheon
[THE INVESTOR] LIG Nex1 will build an advanced weapons plant in Gimcheon, North Gyeongsang Province, the defense equipment maker said on July 7.A memorandum of understanding regarding the plans was signed with Gimcheon government. Under the plans, LIG Nex1 will complete the construction work by 2023. Gimcheon Mayor Park Bo-saeng (left) and LIG Nex1 CEO Lee Hyo-koo hold up the memorandum of understanding at the signing ceremony held in Gimcheon, South Gyeongsang Province on July 7. LIG Nex1Accor
July 8, 2016
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SK contributes to program for young social entrepreneurs
SK Group will provide 12.5 billion won ($10.82 million) to an MBA program over five years to help young entrepreneurs start up social enterprises, the conglomerate said Friday.SK signed a memorandum of understanding on Thursday with the Korea Advanced Institute of Science and Technology to groom a second group of entrepreneurs through the institute's MBA program.The SK-KAIST program was launched in 2012 with 9.5 billion won from the business group for a five-year curriculum. The first group of g
July 8, 2016
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GM Korea’s union OKs strike plans
[THE INVESTOR] GM Korea labor union’s vote on staging a strike was approved on July 7, making it the first carmaker union to set the stage for industrial action.The vote to take industrial action was approved by 71 percent workers. Of the 13,619 members of the carmaker’s union, 81 percent participated in the July 6-7 vote. GM Korea chief executive James Kim.However, the union’s move is widely perceived as a ploy to get the upper hand in this year’s negotiations rather than a signal for immediat
July 8, 2016
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Haitai cranks up production of megahit snack but sales slow down
Haitai Confectionary & Foods Co. may have been too late in building a factory to produce more of its smash hit potato chips, with the sales of the snack stagnating as soon as the factory opened, retail figures showed Friday.According to the company and tallies from Nielsen Korea, the monthly sales of Haitai's Honey Butter Chip increased roughly 300 million won ($259,629) in May and June, relatively a small increase considering that the snack hits monthly total sales of 5 billion won. The sales o
July 8, 2016