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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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Can Jennie break the K-pop solo artist slump?
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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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Seaspan refuses to cut costs for Hanjin
[THE INVESTOR] The world’s largest containership owner Seaspan Corp.’s CEO Gerry Wang indicated he would not be accepting charter rate cuts requested by South Korean shipping line Hanjin Shipping.Wang told London-based journal Lloyd’s List that he would “withdraw the tonnage than agree to any concessions.”These comments run counter to what Hanjin Group said regarding a meeting between its chairman Cho Yang-ho and Wang on June 14.Hanjin spokespeople had hinted the discussions went well, and that
June 17, 2016
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Lotte hires major law firms for defense as probe widens
Lotte Group said Friday that it has hired South Korea’s mega law firms to represent and defend its position as Seoul prosecutors widen their probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation. Korea’s top law firms including Kim & Chang, Bae, Kim & Lee (Taepyeongyang), Lee & Ko (Gwangjang) and Shin & Kim (Sejong) are set to represent Lotte Group’s headquarters and its major affiliates which are currently under heavy investigation, according to l
June 17, 2016
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Lotte suspected of giving favors to founder’s third wife
[THE INVESTOR] Lotte Group is suspected of giving business favors to a company controlled by its founder’s third wife Seo Mi-kyung, industry watchers said on June 17.Seo is among those being investigated for their involvement in the retail giant’s slush fund allegations. The 57-year-old Seo is the 1977 winner of the group’s Miss Lotte beauty pageant and has a 33-year-old daughter with Lotte founder Shin Kyuk-ho, now 93. Seo came into the limelight recently as prosecutors have widened their probe
June 17, 2016
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SK hynix to launch LPDDR4X mobile chip later this year
[THE INVESTOR] SK hynix plans to launch more energy efficient, next-generation dynamic random-access memory or DRAM chip solutions into the market in the second half of this year. The chipmaker unveiled the plan at a meeting with suppliers held in Shenzhen, China, on June 16. The new solution, called low power double data rate 4 X or LPDDR4X, boasts 20 percent higher energy efficiency compared to the current LPDDR4.Samsung Electronics, the global No. 1 memory chip maker, had already announced th
June 17, 2016
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Prosecutors search for evidence against agro body chief
[THE INVESTOR] The prosecution raided the office and home of National Agricultural Cooperative Federation chairman Kim Byeong-won on June 17 on suspicion of illegal activities during the election campaign. The NACF is Korea’s largest agroindustry body that counts NongHyup Financial Group among its affiliates. Its chairman is elected among chiefs of regional branches who run for office.NACF chairman Kim Byeong-won.The prosecution suspects that Kim took part in illegal campaign activities during t
June 17, 2016
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Green Cross seals record drug supply deal in Brazil
[THE INVESTOR] South Korea’s leading plasma-derived drugmaker Green Cross said Friday that it has secured a record-scale export deal to supply its flagship immunodeficiency drug IVIG-SN to Brazil. The Korean drugmaker is slated to supply $25.7 million worth of IVIG-SN — human normal immunoblobulin G for intravenous administration — to Brazil starting from July until March of next year, the company said. IVIG-SN Green CrossIt marks the largest single order of IVIG-SN secured by the company since
June 17, 2016
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Hyundai Steel's No. 1 blast furnace to be normalized next month
Hyundai Steel Co., South Korea's No. 2 steelmaker, announced Friday that its original blast furnace in Dangjin, central South Korea, could be normalized next month.The daily steel output of the blast furnace in Dangjin, about 120 kilometers south of Seoul, has recently dropped to about 3,000 tons a day, or 30 percent of its normal output.Hyundai Steel said the temperature in the No. 1 blast furnace dropped below 1,500 C, the melting point of steel, due to a problem in heat transmission inside th
June 17, 2016
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Samsung Electronics No. 1 brand in Asia again: report
South Korea's tech giant Samsung Electronics Co. claimed the No. 1 position among global brands in Asia for five years in a row, a report showed Friday.Samsung beat out other multinational firms to top the list of brands in Asia, followed by Apple Inc., Sony Corp., Nestle Co. and Panasonic Corp., according to the Campaign Asia-Pacific 2016 Asia's Top 1000 Brands report.The report was based on an annual survey conducted by Hong Kong-based market research publisher Campaign Asia-Pacific and inform
June 17, 2016
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Lotte suspected of giving favors to founder's third wife
The Lotte Group is suspected of giving business favors to a company controlled by its founder's third wife Seo Mi-kyung, who is on the list of those being investigated as part of the retail giant's slush fund allegations, industry watchers said Friday. The 57-year-old Seo is the 1977 winner of the group's Miss Lotte beauty pageant and has a 33-year-old daughter with Lotte founder Shin Kyuk-ho, now 93. Under South Korea's monogamous marriage system, the two have been common-law married. Seo came
June 17, 2016
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Home, office of Nonghyup chief raided over alleged illegal electioneering
Prosecutors raided the home and office of the president of South Korea's state-run farmers' cooperative Friday over allegations he was elected through illegal campaigning.The Seoul Central District Prosecutors' Office said Kim Byeong-won is suspected of getting involved in irregularities committed during the January election where he was named the chief of the National Agricultural Cooperative Federation.Prosecutors said they confiscated documents related to his campaigning, including campaign r
June 17, 2016
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Low oil prices cast deep shadow on Korean builders
[THE INVESTOR] Local construction firms are facing growing risks in oil producing countries. On June 16, Hyundai Engineering and Construction Co. disclosed that a US$6 billion project in Iraq had to be halted due to late payments. Although the company said that it is seeking other means of payment, the move sparked concerns that similar developments could occur in other oil producing countries. The concern is further fueled by the fact that a large chunk of Korean construction firms’ unclaimed f
June 17, 2016
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Daewoo Shipbuilding remains global No. 1 in order backlog
Daewoo Shipbuilding & Marine Engineering, a financially troubled South Korean shipbuilder, still ranked No. 1 in the world in terms of order backlog in May for 19 consecutive months, industry data showed on Friday.The data released by global research firm Clarkson Research Services showed that Daewoo Shipbuilding has a total of 7.478 million compensated gross tons worth of order backlog to build 111 ships.Daewoo Shipbuilding said its order backlog was worth $39.4 billion as of the end of May.The
June 17, 2016
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Prosecutors make first arrest in the DSME case
[The Investor] The first arrest in the widening Daewoo Shipbuilding and Marine Engineering corruption probe was made on June 17, fueling speculations that the investigators are closing in on former CEO Nam Sang-tae. Prosecutors arrested the chairman of HUMEX Shipping & Air Freight, identified by his surname Chung, on charges of bribing former DSME CEO Nam Sang-tae, in exchange for obtaining an exclusive contract. Main office of DSME. The InvestorAccording to investigators, Chung, who is Nam’s c
June 17, 2016
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Green Cross seals record drug supply deal in Brazil
South Korea’s leading plasma-derived drugmaker Green Cross said Friday that it has secured a record-scale export deal to supply its flagship immunodeficiency drug IVIG-SN to Brazil.The Korean drugmaker is slated to supply $25.7 million worth of IVIG-SN — human normal immunoblobulin G for intravenous administration — to Brazil starting from July until March of next year, the company said. IVIG-SN (Green Cross)It marks the largest single order of IVIG-SN secured by the company since it began expo
June 17, 2016
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Asiana’s accumulated passenger figure tops 300m
[THE INVESTOR] The number of paying passengers of Asiana Airlines broke the 300 million mark, industry data showed on June 17.According to the data, Asiana flights carried more than 300 million passengers as of May 20.The company was founded in 1988. It broke the 100 million milestone in 2001, and the 200 million mark in 2009. The company will celebrate the landmark event by reducing the price of return trips on select domestic and international routes. By Choi He-suk (cheesuk@heraldcorp.com)
June 17, 2016
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Samsung named most respected brand in Asia
[THE INVESTOR] Samsung Electronics has been named the most respected brand in Asia for five consecutive years, a recent survey found June 17. Campaign Asia-Pacific and Nielsen recently conducted the Asia Top 1000 Brand survey on consumers in 13 Asian countries. The Korean tech giant has topped the survey since 2012. Its archrival Apple was ranked second, followed by Sony, Nestle, Panasonic, Nike, LG, Canon, Chanel and Adidas. (theinvestor@heraldcorp.com)
June 17, 2016
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Prosecutors take vandalism case involving LGE CEO to highest court
[THE INVESTOR] The Korean prosecution has decided to appeal to the Supreme Court in a so-called washing machine row involving Jo Sung-jin, the chief executive of LG Electronics' home appliances and air solutions, after the lower courts ruled in favor of the LG CEO earlier this month.The prosecutors’ office appealed to the highest court on June 15 after the two lower courts acquitted CEO Jo and two of his aides on charges of damaging Samsung Electronics' washing machines at retail shops during th
June 17, 2016
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KAI, Airbus Helicopters to collaborate on choppers for marine operations
[THE INVESTOR] Korea Aerospace Industries is to enter the market for choppers designed for maritime operations in collaboration with Airbus Helicopters, the Korean company said June 17. The arrangement was announced at the Eurosatory defense exposition held in Paris. For the project, the two companies will build maritime operations helicopters based on the KAI KUH-1 Surion. Surion is a transport utility helicopter developed by KAI and Airbus Helicopters. According to KAI, the market for maritim
June 17, 2016
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T’way Airlines introduces Paypal payment option
T’way Airlines has become the first Korean airline to introduce Paypal as a payment option, the airline said Friday.According to T’way Airlines, it decided to allow users to pay for tickets using Paypal in order to make payments easier for foreign passengers. A promotional image for using Paypal when booking T’way flights (T‘way Airlines)Paypal is a digital payment service that allows transactions to go through after a simple identity verification process, without having to enter a credit card n
June 17, 2016
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KT embroiled in lawsuit with shareholders
[THE INVESTOR] A group of KT’s shareholders on June 16 filed a lawsuit against the telecommunications company for allegedly infringing on their right to speak at the shareholders meeting in March.The minority shareholders claimed in their complaint that the firm intentionally blocked them from entering the venue of the meeting for three hours in order to fill the front row seats with employee shareholders who sided with the firm. “KT deliberately gave only those employee stockholders in the fron
June 17, 2016