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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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Ex-president's daughter investigated for drunk driving accident
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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SK Telecom joins int'l alliance to tap deeper into IoT
South Korea's top mobile giant SK Telecom Co. said Sunday it has joined an international alliance for low-power networks to tap deeper into the Internet of Things industry.SK Telecom said it became the first Asian member of the LoRa Alliance, a non-profit organization that aims to develop standards for the so-called Low Power Wide Area Networks technology, which can be utilized in developing IoT-related products.IoT is a concept in which all tangible objects are connected to the Internet and can
July 12, 2015
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Analysts revise down Samsung Electronics' Q3 earnings
Analysts revised down Samsung Electronics Co.'s third-quarter earnings outlook, industry sources said Sunday, as South Korea's top tech giant Samsung Electronics Co. is anticipated to continue posting weak handset sales.Samsung Electronics's third-quarter earnings are estimated at 7.23 trillion won ($6.39 billion), according to the data compiled from 19 local brokerage houses by market tracker FnGuide. It marked a 3.27 percent drop from the same research conducted before the announcement of seco
July 12, 2015
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Samsung striving to win more pro-merger shareholders ahead of crucial showdown
With a crucial shareholder meeting for a proposed merger with its sister firm a week away, Samsung C&T Corp., Samsung Group's construction and trading arm, is ratcheting up its efforts to win more pro-merger shareholders, particularly minority stakeholders, industry sources said Saturday.Although the country's state pension fund, the National Pension Service, has decided to back the high-profile merger between Samsung C&T with Cheil Industries Inc., the group's de facto holding firm., it is stil
July 11, 2015
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Pension fund decides on Samsung merger
South Korea's national pension fund operator on Friday decided its official stance on a merger between key subsidiaries of Samsung Group, the country's leading family-controlled conglomerate, but won't disclose what the stance is for the time being, officials said.But sources say that the operator decided to support the merger considering its potential influence on the fund's earning rates.The National Pension Service decided on whether to support or oppose the merger between Samsung C&T Corp. a
July 10, 2015
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KEPCO installs energy storage system for frequency regulation
Korea Electric Power Corp., the nation’s sole power distributor, said Friday it had installed the country’s first energy storage system for power system frequency regulation at the West-Ansung substation in Gyeonggi Province. With the installment of ESS for frequency regulation, KEPCO said it would be able not only to reduce power purchasing costs, but also to lay the foundations for the development of related industries.Starting with the 28 megawatt ESS in the West-Ansung sub-station, KEPCO wil
July 10, 2015
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Elliott urges NPS to oppose Samsung merger
U.S. hedge fund Elliot Associates called on South Korea's national pension fund operator Friday to support its opposition to a proposed merger between two key subsidiaries of Samsung Group, the country's leading family-controlled conglomerate. The call came as shareholders of Samsung C&T, a construction and trade arm of Samsung Group, are slated to meet a week later to vote on the proposed merger with Cheil Industries Inc., Samsung's de facto holding company. The National Pension Service (NP
July 10, 2015
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Google, Apple raise app prices 10% on new tax rule
Prices for smartphone applications sold in South Korea through Google and Apple platforms rose 10 percent starting this month, industry sources said Friday, as the government started imposing taxes on overseas-based open markets. According to the sources, U.S. tech giants Google Inc. and Apple Inc. rolled out new price policies earlier this month and notified application developers of such changes. Google's price hike came into effect on July 1, while Apple increased prices on Thursday. Th
July 10, 2015
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Tonymoly makes strong debut on Seoul bourse
South Korean cosmetic maker Tonymoly made a strong debut on the Seoul bourse Friday as it seeks to tap deeper into China for new growth beyond the saturated domestic beauty market. Its shares opened at 64,000 won (US$56.57), double the initial public offering (IPO) price of 32,000 won, on the main KOSPI market. They were trading at 67,900 won as of 9:15 a.m., up 6.09 percent from the opening price. Buoyed by a strong rally of cosmetic shares earlier this year, its listing has drawn keen a
July 10, 2015
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Hyundai, Kia see China sales plunge in June
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their combined sales in China plunge in June amid intensifying competition and a lack of new models, industry data showed Friday. Hyundai Motor, South Korea's largest carmaker, sold around 60,000 cars in China last month, down 30.8 percent from a year earlier. Kia Motors saw its China sales in June drop 26.5 percent on-year to some 38,000 units, according to the data. This comes in stark contrast with others, including Japanese
July 10, 2015
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Homeplus workers slam ‘secretive’ takeover
Unionized workers at Homeplus, owned by the U.K.’s Tesco, Thursday urged the company to ensure a transparent takeover for the nation’s second-largest supermarket chain and guarantee that the sell-off will not result in job losses. “Tesco is pushing a secretive acquisition deal with foreign private equity firms, which sparks concerns on possible massive restructuring and job losses,” a union member said during a press conference held at the headquarters of Homeplus in Seoul. The move comes after
July 9, 2015
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YG‘s Moonshot not just a showbiz spin-off
Min Boon-hong, director at Code Cosme, operator of beauty brand Moonshot, poses during an interview with The Korea Herald last week. (Chung Hee-cho/The Korea Herald)When YG Entertainment, the cradle of K-pop stars Big Bang, 2NE1, Psy and many others, attracted $80 million in investment from the global luxury giant LVMH Moet Hennessy-Louis Vuitton last year, it had the entertainment industry wondering what would become of the company. And the very first tangible project was introduced in October
July 9, 2015
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Lotte compares staff to ‘cows’
Lotte Group, South Korea’s fifth-largest conglomerate, has come under fire after disclosing a poster featuring cows symbolizing employees, initially designed to encourage workers. The poster, which was put up in March, shows “seonbi” asking a farmer which of his two cows is a harder worker, and the farmer replies “they are both my precious cows.” Lotte Group’s in-house campaign poster.A “seonbi” is a word used to refer to scholars during the Joseon dynasty, and the poster is a depiction of an an
July 9, 2015
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[Graphic News] Korean population to begin to fall in 2030
South Korea saw its proportion of young people to the total population sink to an all-time low this year due to the effect of low birthrates, data showed Wednesday.According to Statistics Korea, the number of people under age 14 made up 13.9 percent of the total population.It is lower than 14.3 percent recorded in 2014 and 21.1 percent in 2000, making it the lowest-ever figure.Korea’s fertility rate, or the average number of children that would be born to a woman over her lifetime, stood at 1.21
July 9, 2015
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Mother’s corn looks to global market with corn-based tableware
Mother’s Corn (www.motherscornworld.com) is an eco-friendly baby tableware brand whose products are made of corn instead of plastic, serving parents’ needs of looking after their children’s health.Kim Mi-jin, CEO of Mother’s Corn, started the company in 2011, and has now set up a multilingual website with help from Korea’s e-commerce solution provider cafe24 (www.cafe24.com). Screenshot of Mother‘s Corn international website (cafe24)The brand has raised its awareness in over 10 countries such as
July 9, 2015
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Samsung C&T CEO positive on NPS support for merger
Samsung C&T co-CEO Kim Shin said Wednesday that the proposed merger with Cheil Industries is certain to happen if the National Pension Service supports the move. The NPS, the nation‘s largest investor, holds 11.61 percent of Samsung C&T. Of that, 11.2 percent count for its voting rights. Samsung C&T co-CEO Kim Shin Samsung “If the NPS agrees, then I am certain the merger will happen,” he told reporters, adding that he anticipates the state-run fund to make a “positive conclusion.” Kim also said
July 8, 2015
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GE advises Korea to speed up innovation
U.S. tech giant General Electric on Wednesday called for Korea to speed up its innovation to keep up with rapidly changing global trends that could make the country “easily left out.” The company suggested that Korean society and businesses adopt “industrial Internet,” “advanced manufacturing” and a “global brain” to achieve stronger homegrown innovation, wider collaboration and education to become leaders in high-value industries. “In terms of putting a stronger emphasis on the speed of innova
July 8, 2015
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LG unveils measures to shore up economy
LG Group on Wednesday unveiled a set of new measures to boost the sluggish economy amid unfavorable conditions such as the Middle East respiratory syndrome outbreak, a prolonged drought and the latest Greek financial crisis. The measures come as the nation’s fourth-largest conglomerate joins other big business groups, including Samsung and Hyundai Motor, in spurring the dull domestic consumption. As part of the efforts, LG said it plans to purchase gift cards worth 7 billion won ($6.2 million) f
July 8, 2015
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Ferrari importer names new CEO
FMK Corp., the official exclusive importer for Ferrari and Maserati, said Wednesday that it had appointed Kim Gwang-cheol as its new CEO.Kim, 59, has worked in sales for Volvo and as a board member of sales and marketing at BMW Korea. He also served as CEO for The Class Hyosung, Hyosung Toyota and The Premiun Hyosung. FMK Corp CEO Kim Gwang-cheol.Kim has successfully established import cars such as Mercedes-Benz and Toyota in the Korean market, and is also credited for using his experience in ma
July 8, 2015
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Hyundai, Kia cars win U.S. satisfaction awards
South Korea's top carmaker Hyundai Motor Co. and its sister affiliate Kia Motors Corp. said Wednesday that their models have won satisfaction awards from a U.S. automotive research company. Hyundai's Sonata ranked No. 1 among different midsize sedan brands to win the AutoPacific Vehicle Satisfaction Award, and Kia's Soul city car and the Sportage crossover SUV also claimed the top in their segments, the carmakers said in a press release. The satisfaction award, given by U.S.-based AutoPacific
July 8, 2015
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[Photo News] Debut of Chrysler's luxury sedan
Models pose next to the new Chrysler 300C, Chrysler’s next generation full-size luxury sedan presented by Fiat Chrysler Automobiles Korea in Seoul on Tuesday. (FCA Korea)
July 8, 2015