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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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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[SUPER RICH] Foreign billionaires’ firms muscle into Korea
When global companies like Uber and IKEA expanded their business into South Korea last year, local taxi firms and retailers were caught off guard by their cheap pricing and fresh business ideas. And it was natural for their billionaire founders, Travis Kalanik and Ingvar Kamprad, respectively, to make headlines here for their success stories and underlying strategies.This year, more ― and bigger ― billionaires are in store to make inroads into in Korea, posing a challenge to their local competit
Jan. 12, 2015
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[SUPER RICH] Superrich linked to ‘dreams’
People tend to hold mixed feelings toward the superrich. While there is animosity or jealousy toward those who have so much, there is also a sense of desire to achieve what they have. The superrich provide inspiration that anyone can be economically successful if they work toward their dreams.The Korea Herald Special Investigation Team and social media analyst Jelly Fish studied “big data” related to wealthy people in Korea and abroad to pinpoint the latest obsession ― dreams and the superrich ―
Jan. 12, 2015
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Incheon City seeks Alibaba’s investment
Incheon City said Monday that it is in talks with Alibaba Group to attract investment from the Chinese e-marketplace giant. “The city has sought investment from the Chinese retail giant, promoting the city’s geopolitical advantage, since the latter half of last year, but more time is needed for both parties to develop the details of the investment plan,’’ Incheon City spokesman Woo Seung-bong said. The remarks came after a local newspaper reported that the port city, located 40 kilometers west o
Jan. 12, 2015
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Hyosung ties up with French firm to enter electric power market
Hyosung Group has reached a business start-up agreement with France’s energy giant Energy Pool to make inroads into the South Korean demand response market, the Korean conglomerate said Monday. Demand response is a network of homes or businesses, in which end-use customers reduce their electricity usage over a given time period.“Hyosung aims to be a leading demand response operator by combining our core technologies such as the Internet of Things and cloud platforms to precisely predict customer
Jan. 12, 2015
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Hyundai Development to join Seoul duty-free bid
Chung Mong-kyuSouth Korean property developer Hyundai Development Co.-Engineering & Construction plans to bolster its retail industry footing by joining an upcoming tender for duty-free shops in Seoul, its chairman said Monday.“We plan to establish a tourism and shopping district in Yongsan by taking part in the bid for Seoul duty-free stores this year. The Yongsan I-Park Mall is deemed as one of the best locations for a duty-free shop,” said Chung Mong-kyu, chairman of Hyundai Development. Chun
Jan. 12, 2015
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Drugmaker Green Cross’ exports top $200m last year
Green Cross Corp., a South Korean pharmaceutical company, said Monday its exports topped $200 million last year, becoming the first South Korean drugmaker to reach the mark. The pharmaceutical firm said its outbound shipments were led by a surge in demand for vaccine products, which totaled $60 million last year, up 60 percent from a year earlier.In 2010, the drug firm started delivering a seasonal flu vaccine to the Pan American Health Organization in the wake of an influenza outbreak, and its
Jan. 12, 2015
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Trade deficit with EU tops $10 billion in 2014
South Korea’s trade deficit with the European Union topped the $100 billion mark last year, largely due to a slump in the shipbuilding sector and European carmakers’ expanded presence here following the implementation of the bilateral free trade agreement in 2011, industry data showed Monday. According to the data, South Korea’s exports to the world’s single largest economic bloc gained 5.5 percent through Dec. 20 last year to $50.04 billion, while imports from the eurozone countries surged 9.9
Jan. 12, 2015
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2 dead, 4 injured in gas leak at LG plant
LG Display reported a leakage of nitrogen gas at its manufacturing plant in Paju, Gyeonggi Province, around 12:50 p.m. on Monday, which claimed two lives at the assembly lines.The victims are two employees in their 30s, surnamed Moon and Lee, according to investigative authorities.In addition, the factory near the western inter-Korean border reported that four other employees had been injured in the accident, all of whom were immediately taken to a hospital.The scene of a nitrogen leak at LG Dis
Jan. 12, 2015
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Jeju Air renews IATA safety certification
Jeju Air Co., South Korea's largest low-cost carrier, said Monday it has obtained an updated certification of safety from the International Air Transport Association, keeping up with global standards for safely operating its planes.With the latest certification, Jeju Air is now registered with the IATA as having standards in line with the seventh edition of the IATA Operational Safety Audit evaluation program, the company owned by Aekyung Industrial Co. said.The budget airline first acquired the
Jan. 12, 2015
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Workers of Samsung affiliates to protest against selloff to Hanwha
Workers of Samsung affiliates who will be transferred to Hanwha Group in a sell-off deal said Monday they will stage rallies throughout the country later this week, demanding that the deal be scrapped."(The workers) are angered by the unilateral deal by Samsung Group that has excluded opinions of its workers," an official from Samsung Techwin chapter of the Korean Metal Workers' Union said.Samsung Group announced in November it will sell four chemical and defense units to Hanwha Group as it cont
Jan. 12, 2015
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Hanjin Group has highest debt ratio among top 10 conglomerates
Hanjin Group, the operator of South Korea's No. 1 airline, had the highest debt ratio among the country's top 10 business groups as of end-2013 due to its money-losing shipping affiliate, data showed Monday, fueling concerns over the family-run conglomerate planning to switch to a holdings company structure.The debt-to-equity ratio of Hanjin Group, composed of six listed companies, snowballed to 452.4 percent as of the end of 2013, the highest among the 10 largest local conglomerates, according
Jan. 12, 2015
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Drugmaker Green Cross's exports top $200 mln last year
Green Cross Corp., a South Korean pharmaceutical company, said Monday its exports topped $200 million last year, becoming the first South Korean drugmaker to reach the mark.The pharmaceutical firm said its outbound shipments were led by a surge in demand for vaccine products, which totaled $60 million last year, up 60 percent from a year earlier.In 2010, the drug firm started delivering a seasonal flu vaccine to the Pan American Health Organization in the wake of an influenza outbreak, and its e
Jan. 12, 2015
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S. Korea's major biz groups saddled with mounting debts
South Korea's major business groups saw their debts increase sharply in recent years amid a protracted economic slump, data showed on Monday.The combined debt held by the country's 30 major conglomerates stood at 624.3 trillion won ($572 billion) at the end of 2013, sharply up 25.7 trillion won, or 4.3 percent, from two years ago, according to the data compiled by Chaebul.com, which tracks large business groups. Their debts had amounted to 598.6 trillion won in 2011.The data showed that the nati
Jan. 12, 2015
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Lotte heir dragged from helm in Japan
Shin Dong-joo, the eldest son of Lotte Group founder and general chairman Shin Kyuk-ho, on Thursday was fired from vice chairmanship at Lotte Holdings in Japan, virtually descending from all managerial positions at his father’s business empire that spans from South Korea and Japan to across Asia and even the U.S. According to Lotte Holdings, Shin was voted off at a meeting of the board of directors for undisclosed reasons. The news came two days after revelations that he was sacked from executiv
Jan. 11, 2015
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[Herald Interview] Qatar Airways unveils first A350
DOHA ― Qatar Airways, the Gulf state’s national carrier, unveiled the world’s first Airbus A350 last week ― the newest aircraft in the market with higher fuel efficiency and a lower noise level. “We are ready to commence operations with the A350 and are delighted to introduce another level of service with our expanded fleet,” Qatar Airways CEO Akbar Al Baker said at a news conference at Doha International Airport on Jan. 7.Its first operation launched the Doha-Frankfurt route Thursday, and subse
Jan. 11, 2015
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[Weekender] Crossover latest fad in retail industry
Business collaboration ― combining two industries or markets that were once considered irrelevant to each other ― is the hottest trend in the retail industry. From food firms to lighter brands, companies are joining hands with unlikely business partners to bring fresh perspectives to product design, or for cross-promotion and publicity. “With more people using various platforms and devices for shopping, and their eyes wide open to new things 24/7, bringing a breath of fresh air to products throu
Jan. 9, 2015
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Samsung heiress named CITIC’s outside director
Hotel Shilla CEO Lee Boo-jin, the eldest daughter of Samsung chairman Lee Kun-hee, has been appointed an outside director of China’s state-run investment firm CITIC Group.The Samsung heiress accepted the Chinese firm’s request to become a board member of CITIC Group on Dec. 19, in an apparent move that reflects the junior Lee and Samsung’s intention to build a bigger presence in China.“CITIC made a request to (Lee) to take the position, and she accepted it,” a Hotel Shilla official said. Lee Bo
Jan. 9, 2015
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LS C&S vows reform
LS C&S vows reformChairman Koo Cha-yub of LS Cable & System announced Friday the company’s new vision of “Enable the cabled World” and a new code of conduct for company executives and employees -- “C.O.R.E.” that stands for “Custom First, One LS C&S, Rule and Expertise."Chairman Koo hoped that the “LS Cable & System Way” would act as a compass at a time the base for reforms is being established.
Jan. 9, 2015
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Gov't pressures oil, gas industry to cut prices more
The government on Friday pressured the local oil and gas industry to further cut petroleum prices as it pushes to pass on the benefit of tumbling global oil prices to consumers but met opposition from industry officials complaining of the high tax rate.The Ministry of Trade, Industry and Energy asked for "cooperation" from industry representatives to encourage gas stations and distributors of liquefied petroleum gas to lower their prices, saying there is room for more cuts."It is believed that f
Jan. 9, 2015
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Lee Boo-jin named outside director of China's CITIC
Hotel Shilla CEO Lee Boo-jin, the eldest daughter in the Samsung Group owner family, has been named an outside director of China's largest state-run firm, sources at the hotel said Friday.Lee was named to the board of CITIC Group Corp. as of Dec. 19, they said. CITIC was established in 1979 as part of China's economic reforms and has current assets of about 750 trillion won (US$684.3 billion). Its business covers finance, insurance, engineering and real estate."CITIC made a request to (Lee Boo-j
Jan. 9, 2015