Most Popular
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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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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Man killed by fellow hunter who mistook him for wild boar
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LG Energy Solution pledges to double sales by 2028
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S. Korea's int'l air passenger traffic jumps 15.8 pct in Jan.
South Korea's international air passenger traffic surged to a record high in January partly on a large increase in passengers to and from China, the government said Wednesday. The number of international air passengers to and from South Korea reached 5.38 million in January, up 15.8 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport. The increase was partly attributed to a growing number of South Koreans going abroad for vacation, along with
Feb. 25, 2015
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54 industries designated for SME protection
A quasi-government panel on Tuesday designated 54 types of businesses as small- and medium-sized companies, a decision aimed at protecting them from business expansion by conglomerates. The Korean Commission for Corporate Partnership said the new categories this year are stationary retail, tobacco wholesale, rice cakes for rice cake soup, woodchips and rental car service.Of the 77 businesses that were due to be taken off the list, up to 49 industries including coffee bean and tofu production wer
Feb. 24, 2015
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Korean Air, KAI vie for fighter jet project
Korean Air and Korea Aerospace Industries will compete for an 8.5 trillion won ($8.3 billion) fighter jet project, the nation’s arms procurement agency said Tuesday.The lucrative defense project is designed to develop the country’s mid-level jets to replace the aging F-4s and F-5s.“Our own technology will enable the military to utilize the fighter jets for the next 30 years through continuous product improvement,” a Korean Air official said. The country’s largest airliner teamed up with European
Feb. 24, 2015
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LS to export underground power cable to Denmark
LS Cable & System, the nation’s top power cable-maker, said Tuesday it had signed a 25 billion won ($23 million) power cable supply contact with Energinet Fredericia, Denmark’s national power transmission system operator.Under the deal signed Monday, the company will supply a 300-kilometer-long high-voltage underground cable for the Danish project to modernize and improve the transmission system of the greater Copenhagen area by the latter half of 2016. “Through the deal, the company will furthe
Feb. 24, 2015
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[SUPER RICH] Superrich donating for scientific development
Scientific development, especially in medicine and technology, has had a considerable effect in raising living standards by saving lives and improving the quality of life.The vast majority of scientific developments are led by the government ― the main reason being the astronomical costs that can only be properly funded by the state. Even in the U.S., personal and private funding for scientific research barely reaches 10 percent of total funds.Experts emphasize that donations from superrich indi
Feb. 24, 2015
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[SUPER RICH] Hansol’s golden boy highlights family’s darker past
A grandson of Hansol Group founder Lee In-hee was indicted last week for neglecting his compulsory national service, bringing public attention to the latest revelation of draft-dodging attempts by members of the pan-Samsung dynasty. Lee In-hee is the eldest daughter of the late Samsung Group founder Lee Byung-chull and older sister of Samsung chairman Lee Kun-hee. Hansol Group is about the 40th-largest business group in Korea by assets.According to the prosecutors, the 24-year-old grandson surna
Feb. 24, 2015
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Samsung's heir-apparent meets PayPal founder as S. Korean tech firm looks to online payment business
Lee Jay-yong, the heir-apparent of Samsung Group, on Tuesday met privately with Paypal founder Peter Thiel, sources said, a meeting that industry watchers tied to the South Korean tech firm's aggressive moves into the mobile payment business. Samsung did not provide details of the meeting, said to have taken place at the hotel where Thiel is staying in downtown Seoul. Sources were also sketchy on the details, only saying the two entrepreneurs discussed ideas on information-communications techno
Feb. 24, 2015
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SK Telecom wins patent suit against Viber
SK Telecom Co., South Korea's No. 1 mobile carrier, on Monday won a patent lawsuit against global mobile messenger Viber, a court ruling that could shut out the messenger service from local smartphones.The Seoul Central District Court said Viber has infringed on four patents held by SK Telecom and that the company should not distribute its application in the South Korean market.In the lawsuit filed last year, SK Telecom had claimed that Viber's feature of reorganizing selected information from c
Feb. 23, 2015
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[Graphic News] Alcohol consumption at home increases
Alcohol consumption at home reached a record high last year while tobacco consumption decreased, according to data.Statistics Korea said the average monthly spending on alcohol consumed at home by two or more people reached 11,267 won ($10.16), a 4.8 percent increase from the previous year and an all-time high. Alcohol consumption at restaurants and bars was outside the scope of the survey.The average monthly consumption of alcohol in the home has steadily increased since 2004, mainly due to the
Feb. 23, 2015
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Homeplus, Hanssem discuss shop-in-shop partnership
Homeplus, the nation’s second-largest supermarket chain, is in talks with furniture maker Hanssem to set up shop-in-shop at its outlets, the retailer said on Monday.If the deal is finalized, Hanssem will be the first shop-in-shop at Homeplus to sell home furnishing products such as household linen, lights and sofa. Hanssem’s flagship store in western Seoul. (Hanssem)“We are discussing a potential tie-up but it’s just one of the many discussions we’re having with other companies, and nothing has
Feb. 23, 2015
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Tycoon Park at crossroads on fate of Kumho Asiana Group
Kumho Asiana Group chairman Park Sam-koo faces a make-or-break decision to realize his plan to rebuild his empire with the largest shareholder of Kumho Express proposing a final takeover offer for the bus unit on Monday. IBK Securities-Keistone Partners, which holds a 100 percent stake in Kumho Express, proposed a final offer for the acquisition deal to Kumho Asiana Group, which previously owned the bus unit. The group has to decide whether it will buy the company for the proposed price in two w
Feb. 23, 2015
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[Herald Interview] Sky Asia pushes for Myanmar’s first cable car project
A Korean company is helping develop infrastructure for the rising tourism industry on Myanmar as it plans to build and operate the first cable car in Mount Kyaiktiyo in Mon State next year.“The cable car will give easier access to Kyaiktiyo Pagoda, better known as the golden rock, located at the summit of the 1,100-meter high mountain,’’ Sky Asia CEO Yoo Sun-ha said in a recent interview with The Korea Herald. Sky Asia CEO Yoo Sun-ha. (Chung Hee-cho/The Korea Herald)Currently, visitors can reach
Feb. 23, 2015
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Korean Air to launch 4 new flights to China
Korean Air Lines Co., South Korea's largest carrier, said Monday it will start servicing new routes connecting its home country to four different regions in China to meet the growing demand of visitors from the world's No. 2 economy. Starting March 30, the carrier will offer flights from Incheon to the eastern Chinese city of Hefei five times a week and another service to Nanning in southern China three times every week, the company said in a press release. The additional routes will also in
Feb. 23, 2015
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China's SMIC eyes S. Korea's Dongbu HiTek
China-based Semiconductor Manufacturing International Corp. is seeking to buy South Korea's only foundry chipmaker Dongbu HiTek Co., industry sources said Monday, a move that is expected to bring changes to the intensely competitive market. "Dongbu HiTek has not held an open bidding (since December), and is seeking a private contract," an official from the Korea Development Bank said. "The company is currently negotiating with SMIC, which expressed an interest in purchasing the chipmaker." The
Feb. 23, 2015
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Korean Air, Airbus sign accord for jet fighter bid
SEOUL (AFP) – Korean Air and European aerospace giant Airbus have signed an agreement to jointly bid for an $8-billion jet fighter project, an airline spokesman said Sunday, pitting them against a team comprised of Lockheed Martin and Korea Aerospace Industries. The project is designed to develop and produce 120 fighter jets of a new "indigenous" type to replace the country's ageing fleet of F-4s and F-5s."We've signed a memorandum of understanding with Airbus," a Korean Air spokesman told AFP.O
Feb. 22, 2015
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Ediya, Starbucks score high in consumer survey
Local coffee franchise Ediya Coffee ranked first in overall consumer satisfaction, according to survey results released Sunday.The survey, by the Korea Consumer Agency, focused on the nation’s seven largest coffee chains and was based on interviews with 999 coffee chain customers.Ediya Coffee scored highest in overall satisfaction with 3.75 out of 5 points, followed by Starbucks and Holly’s Coffee, both with 3.74 points. Next came Caffe Bene (3.7 points), Angel-in-us (3.69), and The Coffee Bean
Feb. 22, 2015
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S. Korea's television-based shopping market to jump this year
South Korea's television-based shopping market, widely known as T-commerce, is expected to grow sharply this year as the country's cable TV network operators are set to launch related business, industry sources said Sunday.According to the sources, GS, CJ and three other home shopping channel operators are planning to begin T-commerce business this year, which is regarded as a next-generation shopping platform. T-commerce shopping allows viewers to make purchases at the touch of a button and mak
Feb. 22, 2015
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Lotte picked as main bidder for KT Rental
Lotte Group, South Korea's fifth largest conglomerate, said Wednesday that it has been selected as the preferred bidder to buy local car rental company KT Rental. After taking over the country's biggest car rental firm, Lotte will guarantee the employment of KT Rental employees, the group said. Lotte said the latest acquisition is aimed at expanding the car rental service into its new growth engine. The group, whose business portfolio ranges from beer and beverages to department and discount sto
Feb. 18, 2015
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Hyundai Motor unveils images of all-new Tucson
Hyundai Motor Co. on Wednesday unveiled the images of the all-new Tucson SUV ahead of an upcoming European motor show.The Tucson, to be showcased at the Geneva Motor Show that kicks off on March 3, is tailored to meet European consumer demands with updated features and design, South Korea's top automaker said in a press release. The new version, the first update in six years, boasts both "bold" SUV images and "sophisticated urban" styles, with a large-size hexagonal grille that connects to the h
Feb. 18, 2015
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Sales of Hyundai, Kia inch up in Europe in Jan.
South Korea's No. 1 automaker, Hyundai Motor Co., and its smaller affiliate Kia Motors Corp. sold more cars in January in Europe compared with a year ago, thanks to the growing popularity of Hyundai's new i20 models, data showed Wednesday. Hyundai sold 33,197 cars in January, up 7.1 percent from the same period last year, with Kia selling 25,996 cars, up 5.5 percent, according to the data released by the European Automobile Manufacturers' Association (ACEA). Their combined market share in the re
Feb. 18, 2015