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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S. Korea, Singapore seal supply chain agreement
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20 minors registered as CEOs making over 100 million won
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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Jeju Air to fly on Daegu-Beijing route in February
Jeju Air Co., South Korea’s largest budget carrier, said Monday it would become the first budget carrier to start flight services linking Daegu with Beijing in February. The company owned by Aekyung Industrial Co. said the three weekly flights on Monday, Wednesday and Friday will be offered from Feb. 13. “At present local airlines only operate flights linking Incheon, Busan and Jeju with Beijing, so Jeju Air’s new service will provide more choice for travelers, particularly among people living i
Dec. 15, 2014
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Three major retailers fined for abusing power over suppliers
South Korea’s antitrust watchdog said Monday that it has fined three major retailers a combined 580 million won ($527,220) for abusing their market power in deals with smaller suppliers. Hyundai Department Store and E-Mart were ordered to pay 290 million won each in penalties, according to the Fair Trade Commission. The two retail giants are accused of demanding suppliers provide their management information including margin rates and sales numbers.The FTC also said it learned that Lotte Mart pa
Dec. 15, 2014
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IKEA to finally open Thursday
Swedish furniture juggernaut IKEA will finally open its first Korean store Thursday amid recent controversy over its pricing policy and sale of items deemed anti-Korean. The 131,550-square-meter store in Gwangmyeong, just outside Seoul, is said to be the world’s largest IKEA store to date. A total of 8,600 items ranging from bookshelves to kitchen furniture, bathroom goods and children’s toys will be sold, while its cafeteria will sell affordable Swedish and Korean foods. Targeting family custom
Dec. 15, 2014
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Korea, Turkey agree on aviation certification
South Korea and Turkey have agreed to mutually recognize aviation-related certification from either country, which, in turn, will help boost shipments of South Korean aircraft to the west Asian country, the Seoul government said Monday. A memorandum of understanding on mutual recognition of aviation-related certification was signed in Ankara between South Korea’s Transportation Ministry and Turkey’s Directorate General of Civil Aviation.Under the agreement, the two countries will no longer requi
Dec. 15, 2014
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Samsung C&T works to build trust through CSR
Samsung C&T, the construction arm of Samsung Group, is taking bolder action in its overseas corporate social responsibility activities, with programs tailored to the needs of each country’s local communities. In September, the firm carried out the “Samsung C&T Village” housing project to provide better facilities for residents of Pasir Halang in Indonesia.“We will continue to make progress in our global CSR efforts while seeking ways to help them with our construction technology and know-how,” a
Dec. 15, 2014
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Prosecutors to question former Korean Air VP over 'nut rage'
Former Korean Air Lines Co. vice president Cho Hyun-ah, who forced a chief steward to leave a plane over the way a flight attendant served nuts, will be questioned on suspicions of violating aviation law later this week, prosecutors said Monday. Seoul Western District Prosecutors' Office said Cho will face questioning over allegations she impeded flight operations and used threats to force the head of the cabin crew off the plane. In the Dec. 5 incident known as "nut rage" in South Korea, Cho
Dec. 15, 2014
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Jeju Air to fly on Daegu-Beijing route in Feb.
Jeju Air Co., South Korea's largest budget carrier, said Monday it will become the first budget carrier to start flight services linking Daegu, a city in South Korea, with Beijing in February, next year. The company owned by Aekyung Industrial Co. said the three weekly flights on Monday, Wednesday and Friday will be offered from Feb. 13, 2015. "At present local airlines only operate flights linking Incheon, Busan and Jeju with Beijing, so Jeju Air's new service will provide more choice for
Dec. 15, 2014
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Transportation ministry takes flak for being 'soft' on Korean Air
South Korea's transportation ministry is taking flak for being "overly lenient" toward Korean Air Lines Inc. after its initial interviews with the flight crew did not uncover the alleged verbal abuse by a former vice president of the carrier for a breach of snack-serving protocol. The incident has triggered a social uproar in South Korea with people dubbing it "nut rage" and demanding Cho Hyun-ah be punished. Cho ordered the plane be turned around to remove the chief purser after an employee
Dec. 15, 2014
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S. Korea logs trade surplus for 34 straight months
South Korea posted a trade surplus for a 34th straight month in November despite a fall in overseas shipments, customs data showed Monday. According to the data by the Korea Customs Service, the country's trade surplus came to US$5.5 billion last month, down from the all-time high of $7.2 billion registered in October. Exports declined 2.1 percent on-year to $46.9 billion, while imports shrank 4 percent to $41.4 billion. This marked the 34th consecutive month of surplus since February 2012.
Dec. 15, 2014
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Korean Air ‘nut rage’ controversy escalates
New testimonies from witnesses are cornering Heather Cho, daughter of Korean Air chairman Cho Yang-ho, for causing the delay of the family-run airline’s flight and deplaning a head steward.During prosecutor’s questioning and a media interview, the chief flight attendant and a passenger said that the Hanjin Group heiress insulted the cabin crew by using abusive language and violence. “I begged her forgiveness on behalf of the flight attendant but Cho poked my hand with the corner of a file while
Dec. 14, 2014
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‘Korean financial firms should prepare for Volcker Rule’
The Korean financial sector should prepare for the Volcker Rule, which will be implemented in the U.S. in July next year, in order to avoid disadvantages and fines, according to a local attorney.“Local securities and asset management companies should have more understanding of the rule and its potential impact on them,” said Lee Haeng-gyu, an attorney at Jipyong, a South Korean law firm, in a recent interview with The Korea Herald. The Volcker Rule, named after former Federal Reserve Chairman Pa
Dec. 14, 2014
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Hanwha to launch task force on takeover of Samsung units
Hanwha Group, South Korea's 10th-largest family-controlled conglomerate, said Sunday it will launch a task force this week to maximize the synergy effect from its takeover of four Samsung Group affiliates.Late last month, Samsung, the country's top conglomerate, announced an estimated 1.9 trillion won (US$1.72 billion) deal to sell four chemical and defense units to Hanwha Group. The deal will be completed by the first half of 2015.Hanwha said the task force, scheduled to start operations on Mon
Dec. 14, 2014
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Samsung's cross-shareholding investments decline
The number of cross-shareholding investments among affiliates of Samsung Group has decreased thanks to a recent series of shifts in its governance including the listings of key affiliates such as Cheil Industries Co. on the Seoul bourse, a market researcher said Sunday. According to a report from Chaebol.com, Samsung's cross shareholding investment rings that connect its affiliates fell to 10 this year from 30 a year ago. Cross shareholding is a type of investment structure among affiliates of a
Dec. 14, 2014
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[Weekender] Thinking outside the box
Chun Mi-jin, 36, who lives in an apartment complex with more than 1,000 households in western Seoul, has recently teamed up with a friend to buy a house.They bought a small, 30-year-old detached house with three bedrooms, located in Yeonhui-dong neighboring Yonsei University, for 550 million won ($499,600) to build a new home. “My friend and I made the joint investment to achieve our long-awaited dream ― return to Yeonhui-dong where we grew up. We are going to demolish the old house and build a
Dec. 12, 2014
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[Weekender] Townhouses gain popularity beyond retirees
Kim Won-sik, a 59-year-old Seoulite, is looking to move away from apartment living ahead of retirement next year. Like many other retirees, Kim also has a dream of spending the rest of his life in a house with natural surroundings and with a small yard where he can grow vegetables. However, making the decision to move to the suburbs was not easy, as he would have to give up all the amenities and conveniences he enjoyed here in Seoul as well as his relatives and friends.“As an alternative to movi
Dec. 12, 2014
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Korean Air chairman apologizes
Korean Air chairman Cho Yang-ho made his first public apology over the so-called “nut rage” row on Friday, blaming himself for not properly educating his 40-year-old daughter. “I sincerely apologize for the big troubles caused by my daughter’s foolish behavior. I’m asking forgiveness as Korean Air chairman and the father of Cho Hyun-ah,” he said in a news conference held at the company’s Seoul headquarters. “Please, blame me. It is all my fault.”The chairman of the nation’s 10th-largest conglome
Dec. 12, 2014
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More leaks found in Lotte World Mall
More water leaks were found at Lotte World Mall on Thursday, further raising safety concerns about the new mega shopping complex in Jamsil, Seoul.Local reports said water was leaking from the ceiling of the basement floor in the evening, about 150 meters away from the leaking aquarium under inspection by the Seoul City. The latest water leak was fixed in two hours, a Lotte spokesman said. “There seemed to have been a problem with plumbing on the ceiling. We’re looking into the cause of the probl
Dec. 12, 2014
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Former Korean Air VP asks for forgiveness over 'nut rage'
Former Korean Air Lines Co. vice president Cho Hyun-ah, who had forced a crew member to leave a plane over an alleged breach of snack-serving protocol, asked for forgiveness Friday over the incident that caused an uproar. (Yonhap)Appearing for questioning by the transportation ministry, the 40-year-old told reporters that she sincerely regretted her actions and that she will step down from all corporate posts."I will respond with sincerity to all questions raised in the probe," she said before e
Dec. 12, 2014
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E-mart shuts 5 China stores as profits wane
In the latest sign of its failing China business, South Korean discount retailer E-mart announced Friday the closure of five branches in the country, with more shutdowns expected amid sluggish profits.E-mart plans to cease operation of four branches in the Tianjin area at the end of December, the Shinsegae affiliate said in a press release. Another Tianjin store that had been suspended due to a fire will also be shut down, it said.With the move, the discount retailer that once operated as many a
Dec. 12, 2014
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Hyundai Engineering wins $325 mln Indonesia thermal power plant order
South Korean builder Hyundai Engineering Co. said Friday it has secured a US$325 million order to build a coal-fired thermal power plant in Indonesia. The company, part of Hyundai Motor Group, said the deal includes building two 100 megawatt plants in the Tanjung region of Borneo. The total construction period will take 43 months, with Hyundai Engineering in control of all aspects of engineering, procurement and construction, as well as conducting trial operations once the project is finished.Ta
Dec. 12, 2014