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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Ssangyong Motor head offers to resign before March
Ssangyong Motor CEO Lee Yoo-il on Wednesday expressed his desire to resign before March, after leading Korea’s third largest carmaker for six years. “I have already told Mahindra Group chairman Anand Mahindra that I won’t be able to serve another term. The talks have been underway for more than two years,” Lee told reporters at the media test-driving event for the company’s new SUV Tivoli in Yeouido, Seoul. Mahindra acquired Ssangyong in 2010 and the Indian automaker’s chairman visited Seoul ear
Jan. 21, 2015
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Rival firms oppose NongHyup’s parcel delivery service plan
South Korea’s parcel delivery service companies have expressed opposition to the National Agricultural Cooperative Federation, or NongHyup, over its plan to enter the delivery business.“If NongHyup launches a parcel delivery service, it would lead to mutual destruction in the much saturated industry,” Park Jae-euk, chairman of the Korea Integrated Logistics Association, said during a press conference on Tuesday. Representatives of domestic delivery companies such as CJ Korea Express, Hyundai Log
Jan. 21, 2015
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New firm establishment hits 5-year high in 2014
The number of newly established firms in South Korea soared to the highest level in five years last year as more people opted to start their own business after retirement, data showed Wednesday.A total of 84,697 companies were newly established in 2014, compared with 75,578 firms in the previous year, according to the Bank of Korea and the Small and Medium Business Administration. The on-year gain of 9,119 companies marks the sharpest increase since the on-year rise of 15,102 in 2009.The gain ha
Jan. 21, 2015
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More Korean goods facing import regulations
The number of South Korean products facing import regulations in other countries rose 18.4 percent in 2014 from a year earlier, data showed Wednesday, as emerging nations turned to trade barriers to protect their mainstay businesses. A total of 167 goods from South Korea faced import restrictions in 26 countries last year, up by 26 items compared to 2013, according to the data compiled by the Korea International Trade Association. The figure includes regulations that are currently being imposed
Jan. 21, 2015
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Debt growth by small businesses hits 7-year high in 2014
Companies run by the self-employed had debts that ballooned at the fastest pace in seven years, data showed Wednesday, raising concerns about possible credit failures.Loans extended by lenders to such small businesses reached 209.3 trillion won ($192.2 billion) as of the end of 2014, increasing 18.8 trillion won from the previous year, according to the data by the Bank of Korea. The on-year growth marks the sharpest gain since 2007 when it rose 19.8 trillion won. It is also equivalent to roughly
Jan. 21, 2015
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POSCO’s $12b Indian steel project faces further delay
POSCO’s $12 billion steel plant construction project in India is facing another delay as the Indian state government recently announced an ordinance that will require all mining licenses for iron ore and other minerals to be awarded via auctions.The mines ordinance is likely to dash the steelmaker’s long-awaited hope of getting early preferential access to an iron ore mine near the site of its steel plant in the Jagatsinghpur district of Odisha, India.“The success of the Indian steel mill projec
Jan. 21, 2015
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Nongshim’s new potato chip sets snack sales record
Nongshim Co.’s Sumi Potato Chip Honey-Mustard set a new record for domestic snack sales with 3.6 million bags sold in the first month, the company announced Wednesday.According to the company, 3.6 million bags of the new snack, which was developed in response to Haitai Confectionery Co.’s Honey Butter Chip, have been sold since its launch on Dec. 17. With a retail price of 2,600 won ($2.40), the record-setting sales are estimated to be worth about 8.6 billion won. (Nongshim)The potato chips prod
Jan. 21, 2015
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Samsung likely to see earnings drop for 2 straight years
Samsung Electronics Co., the world's top smartphone maker, is forecast to post a profit slide for the second consecutive year in 2015 as the company strives to keep grip amid a slump in handset sales.The South Korean tech powerhouse is expected to log a combined 20.8 trillion won ($1.91 billion) in net profit this year, down 6 percent from the 22.1 trillion won estimated for all of 2014, according to data compiled by market tracker FnGuide Inc., based on a median forecast from local brokerages.T
Jan. 21, 2015
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Leadership vacuum weighs on CJ Group’s investment plan
CJ Group, South Korea’s largest food and entertainment conglomerate, will stop short of announcing its 2015 investment and employment plans due to its leadership vacuum, industry sources said Tuesday. This move is expected to deal yet another blow to the conglomerate, which has been struggling for years to find new growth engines and promote mergers and acquisitions.About 20 percent of CJ’s investment deals fell through last year, leading its total investments to drop below the 1 trillion won ($
Jan. 20, 2015
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Korean Air hit by rise of budget carriers
The number of passengers flying Korean Air, South Korea’s top air carrier, decreased for the second consecutive year in 2014 as low-cost carriers grabbed a bigger share of the short- and medium-haul markets, according to data compiled from annual reports.“The drop in passengers seems to be influenced by the growing number of low budget airlines and foreign air carriers targeting the market aggressively,” a Korean Air official said. Some 16.6 million passengers used Korean Air’s international fli
Jan. 20, 2015
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Korean Air chairman to testify at daughter's 'nut rage' trial
The chairman of Korean Air Lines Co. will appear in court next week as a witness in the trial over his daughter's alleged obstruction of aviation safety in the 'nut rage' incident, company officials said Tuesday.Cho Yang-ho will take the witness' stand for his eldest daughter, Cho Hyun-ah, during a second court hearing scheduled for Jan. 30 at the Seoul Western District Court, they said.Chairman Cho is said to be complying with the court's request for his attendance because it is his "duty" to d
Jan. 20, 2015
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KAI’s Surion variant passes 1st flight test
KAI’s transport utility helicopter Surion. (KAI)Korea Aerospace Industries said Tuesday its Surion-based helicopter variant for the Korean Marine Corp. completed its first test flight. KAI has led the project to develop the helicopter by investing 800 billion won ($713m) since July 2013. “With the successful test flight, we are confident of completing the development by end-2015 as scheduled,’’ the flight manufacturer said in a press release.After the project completion, KAI will supply 40 Surio
Jan. 20, 2015
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[Herald Interview] ‘Developing countries big chance for medical device-makers’
Korean medical appliance-makers should aim to export devices using “appropriate technology” to less-privileged countries rather than to the U.S. or Europe, the head of the association of Korean medical device producers said. Appropriate health care technology generally refers to small-scale, decentralized, labor-intensive, energy-efficient, environmentally sound and locally controlled technology, as opposed to pricey new technology.“I think people are obsessed with developing technologies that a
Jan. 20, 2015
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S. Korea to inject 81.8 bln won to develop domestic titanium industry
South Korea will inject 81.8 billion won ($75.5 million) into developing a domestic titanium parts and material industry that can make components for aircrafts, medical implant applications and industrial plants, the government said Tuesday.The seven-year plan includes the government providing 60.3 billion won in support with the rest of the money coming from private companies, the Ministry of Trade, Industry and Energy said.For this year, 9.5 billion won has been set aside in the state budget t
Jan. 20, 2015
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SK Telecom seeks to apply ICT in bicycles
South Korea's top mobile carrier SK Telecom Co. said Tuesday it has signed a preliminary deal with local bicycle producer Alton Sports Co. to join forces in developing two-wheelers armed with the latest information and communications technologies.Under the deal, SK and Alton Sports will seek to develop bicycles that are connected to the mobile carriers' Bluetooth-powered beacon technology, allowing riders to locate their bikes with smartphone applications within a 50 meter distance.SK Telecom sa
Jan. 20, 2015
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[Newsmaker] Is Lee coming to fore in Samsung empire?
When it was reported that Lee Jay-yong would host an annual meeting of top and new executives of Samsung affiliates, market analysts viewed it as a signal that he was coming to the fore on behalf of his sick father Lee Kun-hee.According to some news reports, the Samsung heir, currently vice chairman of the group’s flagship affiliate Samsung Electronics, has already received New Year management policies from top leaders of Samsung companies.Samsung heir Lee Jay-yong arrives at Hotel Shilla to att
Jan. 19, 2015
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[SUPER RICH] ‘Black tears’ of oil tycoons
South Korea often proclaims to itself as “a country that does not produce oil” ― a sort of rallying cry to encourage itself to survive in a largely oil-based world order. Oil is necessity for improving one’s industries, and some people have become billionaires by taking over oil production, distribution and filtration.The total assets of the current 85 oil billionaires and eight royal families in the oil business amount to $550 billion, much higher than Korea’s yearly budget.But the oil industry
Jan. 19, 2015
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[SUPER RICH] Koo marks 20 years at LG helm
On the evening of Jan. 15, LG chairman Koo Bon-moo appeared as determined as ever. “Let the brand LG become the symbol of innovation, the true ‘first class’ that lives forever,” he told a group of company executives at a dinner party. “We have had hard times but managed to overcome them. Let that become our motive for a better future,” he said. Koo led 40 top executives of the group on a two-day training session before the dinner and stressed innovation. Koo Bon-moo. (Illustration By Park Gee-y
Jan. 19, 2015
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Shinsegae to invest record W3.35tr
Shinsegae Group, South Korea’s largest retailer, plans to invest a record amount of 3.35 trillion won ($3.1 billion) in multishopping malls and online businesses, group officials said Monday.The figure is about a 50 percent jump from last year’s investment budget of 2.2 trillion won, and a 46 percent hike from 2.3 trillion won in 2013, the highest value on record. The company said it was considering increasing the investment even more, depending on market conditions. “Through the massive investm
Jan. 19, 2015
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Samsung Techwin to supply airplane engine parts to GE
Samsung Techwin, a South Korean aeronautics and defense technology company, said Monday that it has struck a 470 billion won ($430 million) parts supply deal with U.S.-based General Electric. The contract will run from 2016 to 2025.Under the deal, Samsung Techwin will provide 18 types of parts to one of the world’s major airplane engine producers, in collaboration with Pratt & Whitney and Rolls-Royce. Those parts will be used in the next-generation leading-edge aviation propulsion engine, which
Jan. 19, 2015