Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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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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Firefighters’ 3,000 won meals spark nutrition concerns
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Yoon honors veterans of Korean War in trip to Philippines
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Hyundai Motor to start constructing 105-story building early next year
Hyundai Motor Group, the world's fifth-largest automotive conglomerate, will start building a 105-story structure early next year on the land it bought from Korea Electric Power Corp. last year, Seoul city officials said Wednesday.The massive building plan was finally agreed upon between the Seoul metropolitan government and Hyundai Motor after preliminary negotiations for the past six months on the urban development plan.The two sides had a series of meetings to review Hyundai's construction p
Feb. 17, 2016
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SK finalizes deal for supplying Mercedes EVs
Korean refiner SK Innovation said Wednesday that it has finalized a deal to supply batteries to Mercedes-Benz’s electric vehicles starting from 2017. SK Innovation, a latecomer to the EV battery business, did not reveal the value of the deal or other details. The refiner built its first battery plant in Seosan, 150 kilometers south of Seoul, in 2012 and recently doubled its capacity to 700 megawatts, which is capable of providing batteries for 15,000 vehicles a year. SK Innovation headquarters
Feb. 17, 2016
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Genesis’ brand value at 3rd highest among local cars
Genesis’ brand value rose in South Korea after it was renewed as a premium vehicle brand late last year, a report showed Wednesday.Local market research firm Brandstock said Hyundai Motor’s Genesis got 843.5 points on a scale of 1,000 in terms of its Brand Stock Top Index in January.The brand value was the third-highest among vehicles surveyed by the firm, and reflected a jump from 2015 when Genesis was at eighth place. Genesis used to be the name of a premium vehicle model for Hyundai, but was
Feb. 17, 2016
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Samsung to apply 14-nano tech to cheaper devices
Samsung Electronics on Wednesday introduced a new system chip utilizing advanced 14-nanometer technology that will be used in a broad range of devices including budget smartphones.Samsung Electronics said mass production of the Exynos 7 Octa 7870 will begin in the first quarter of 2016. The chip was produced using the 14 nanometer FinFET process technology and is the company’s latest system-on-chip integrating all components of a computer and other electronic systems onto a single integrated cir
Feb. 17, 2016
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Hotel Lotte shares estimated at 100,000 won
Hotel Lotte is expected to cut its estimated market value and initial public offering price due to a bearish stock market and uncertainties in the duty-free business, sources familiar with the matter said on Wednesday. “The offer price is being considered at around 100,000 won ($82.30) to allow more retail investors to participate in the IPO,” the source said on condition of anonymity, Lotte Hotel in downtown Seoul. (Yonhap)The hotel unit of South Korean retail giant Lotte Group has been prepari
Feb. 17, 2016
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GS Home Shopping says hedge fund’s dividend demand ‘excessive’
Controversy mounted over a rare demand for dividends by a U.S. hedge fund to GS Home Shopping on Tuesday as the Korean multimedia retailer vowed to defend such moves legally.An official at GS Home Shopping told local media that SC Fundamental’s request to increase cash dividends for shareholders was “excessive” and it would undermine the company’s efforts to survive deteriorating market conditions. “To meet SC Fundamental’s demand, we have to spend 80 percent of net profit for dividends which is
Feb. 16, 2016
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[Super Rich] CJ chairman’s media-related stock wealth surges
Korean conglomerate CJ Group, which has a reputation as a leading food and consumer product manufacturer, is now prospering in the media and entertainment business.Ten years ago, the media and entertainment sector made up only 11 percent of the conglomerate’s total revenue, but since 2011, this proportion has increased to 18 percent and is inching towards the 20-percent mark. The operating profit from this business segment has also increased by 24 percent over the past four years, which totals u
Feb. 16, 2016
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POSCO files defamation suit against employee
POSCO filed a defamation lawsuit against a former senior company official Monday, a rare move by the nation‘s top steelmaker stressing family values in its corporate culture.An employee passes by the corporate logo of POSCO. Bloomberg Jeong Min-woo, former leader of external relations who was in charge of dealing with government affairs, has organized a one-person demonstration with a picket reading “Dear President, Save POSCO’’ near the presidential residence in central Seoul, since Feb. 5.
Feb. 16, 2016
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Prosecutors raid KT&G over slush fund allegations
Prosecutors said on Tuesday they recently raided the headquarters of the nation’s only tobacco maker KT&G over allegations it created slush funds.The Seoul Central District Prosecutors’ Office said it raided the marketing team of KT&G and 10 other companies that had contracts with the cigarette maker. KT&G headquarters in Southern Seoul. (Yonhap)KT&G is suspected of creating slush funds while signing contracts with advertising companies. Prosecutors said they are not ruling out the involvement
Feb. 16, 2016
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Daewoo E&C wins $82m deal in Ethiopia
Daewoo Engineering & Construction said Tuesday it has inked an $82 million deal to construct a highway in Ethiopia. Daewoo was commissioned by a state-run road management company in Ethiopa to design and build a 37-kilometer, four-lane highway that links the two regions of Meki and Zeway.The project will be financed through loan programs offered by the Seoul government-run Economic Development Cooperation Fund and the African Development Bank, Daewoo said.The builder said it hopes the new road w
Feb. 16, 2016
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Korean, Chinese smartphones to clash at MWC
Desperate to expand their global presence, South Korean and Chinese smartphone makers are likely to fight a pitched battle to steal the show at the world's largest tech exhibition in Spain next week, industry watchers said Tuesday.The four-day Mobile World Congress is slated to kick off in Barcelona next Monday, showcasing the latest mobile gadgets and next-generation technologies, and bringing together some 100,000 CEOs and officials from nearly 2,000 tech companies across the globe.LG Electron
Feb. 16, 2016
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Organica showcased at Tokyo Food Show
TOKYO -- Nutrition bars produced by Korean food company Organica Premium Whole Foods joined a lineup of Japanese products on display at the 50th Tokyo Supermarket Trade Show held here last week.“Made almost entirely of nuts, along with super foods such as Quinoa, our Honest Bars are designed to provide quick energy for consumers on the go,” said Choi Jung-hwi, CEO of Organica, which participated in the three-day event that kicked off on Feb.10. Organica’s Honest Bars on display at Tokyo Supermar
Feb. 16, 2016
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Korea's herbal cosmetics brands popular at duty-free shops
Korea's traditional herbal cosmetics products have topped the list of best-selling brands at the country's major duty-free shops, reflecting growing popularity of K-beauty products, data showed Tuesday.According to the data unveiled by Rep. Hong Jong-hak, Whoo, produced by LG Life and Healthcare, posted 131 billion won ($108 million) in sales at Lotte Shopping's duty-free shop in downtown Seoul last year, emerging as the best-selling brand at the duty-free store, followed by Sulhwasoo by AmorePa
Feb. 16, 2016
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Hyundai Motor posts record-high market share in Brazil
South Korea’s leading automaker Hyundai Motor saw its market share in Brazil hit an all-time monthly high in January, industry data showed Tuesday.Hyundai Motor sold a total of 14,803 cars in Brazil last month, accounting for 9.9 percent of the nation’s total monthly car sales, according to the data from a Brazilian automobile association. Hyundai Motor’s HB20 (Yonhap)The ratio surpassed Hyundai Motor’s previous market share in Brazil, which had been at 9.1 percent as of October last year. The
Feb. 16, 2016
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Korean tycoons to attend China’s Boao Forum
Samsung Electronics vice chairman Lee Jae-yong and SK Group chairman Chey Tae-won have accepted invitations to attend the 2016 Boao Forum scheduled to kick off next month, in a move to expand business ties amid growing geopolitical tensions. Samsung Electronics vice chairman Lee Jae-yong SK Group chairman Chey Tae-wonAccording to industry sources, they will take part in the event known as the Asian version of Switzerland’s Davos Forum to share their views with other global business leaders as we
Feb. 16, 2016
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Astronergy Solar Korea expands CSR programs
Solar power equipment-maker Astronergy Solar Korea aims to become a model social contributor in the solar power industry by expanding its corporate social responsibility efforts. The company, which specializes in developing solar modules for renewable energy, is a subsidiary of Chint Group, a major Chinese industrial electrical equipment producer. Astronergy Solar Korea president Chang Jyh PingSince 2011, Astronergy Solar Korea has taken part in corporate social programs including funding the a
Feb. 16, 2016
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McDonald’s to open Asia’s 1st alcohol-selling outlet in Korea
McDonald’s Korea’s Signature Burger outlet in Seoul (McDonald’s Korea)McDonald’s Korea said Monday that it will open its first Asian outlet serving beer later this month in Pangyo Techno Valley, Gyeonggi Province. The new outlet with 90 seats will serve glasses of OB Premier draught beer exclusively with the company’s customizable gourmet “signature burger” menu. “We have concluded that it is time for a ‘burmaek’ (a compound of ‘burger’ and ‘maekju’ -- beer in Korean), just as Korea has become t
Feb. 15, 2016
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Hyundai Motor, SK plan 18,000 hires
Amid risks over deteriorating market prospects, South Korean conglomerates and state-run firms have decided to expand the scale of new recruits this year.According to industry sources, Hyundai Motor Group plans to hire more than 10,000 employees including interns and experienced managers, who will be given full-time, regular jobs later on. (Herald file photo)If the nation’s largest carmaker fulfills its pledge of offering regular positions to new hires who are partly contract-based workers, it
Feb. 15, 2016
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Kolmar Korea’s sales surpass W1tr
Kolmar Korea, an original design manufacturer of cosmetics, on Monday posted 1 trillion won ($825 million) in revenue with an operating profit of 103 billion won in 2015. Kolmar's factory in Sejong City (Kolmar)This is the first time the company’s revenue has surpassed 1 trillion won. It is some 20.4 percent up from 826 billion won in 2014, the company said. The major contributor to the record was the company’s eye cream for local brand AHC, and the Perfect Skin foundation for Genny House. The
Feb. 15, 2016
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Kumho Tire unionists, management strike deal
Unionized workers and the management of Kumho Tire on Monday announced a set of agreements for 2016, putting an end to a marathon negotiation that has visibly hurt the company’s business for the past nine months. The two parties have agreed on a pay raise of 2.76 percent of the basic salary on top of a 1,180 won ($1) increase. Kumho in 2017 will adopt the wage peak system in which workers agree to slice their wage after reaching a certain age in exchange for delayed retirement age, hence guarant
Feb. 15, 2016