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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Korean Air chief apologizes for daughter's actions
Korean Air Lines Co. chief Cho Yang-ho formally apologized Friday for the actions of his eldest daughter who triggered an uproar by ordering a crew member to leave a plane over an alleged breach of snack-serving protocol. (Yonhap)Speaking at the carrier's main headquarters in western Seoul, the 65-year-old businessman asked for the public's forgiveness for the "foolish" actions of his daughter."I am making my apology as a father and head of Korean Air," he said.He said his daughter will be remov
Dec. 12, 2014
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Investors pull out record funds amid Cheil Industries subscription
More than 5 trillion won (US$4.52 billion) drained out of the country's money market funds (MMFs) earlier this week, data showed Friday, as investors used it for deposit money to subscribe to Cheil Industries Inc.'s IPO (initial public offering) stocks.The net asset value of MMFs stood at 90.5 trillion won as of Tuesday, down 5.66 trillion won from the previous day, according to data compiled by the Korea Financial Investment Association (KOFIA). The change in the figure marks the largest day-to
Dec. 12, 2014
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S. Korean conglomerates increase debt sales amid low borrowing costs: data
South Korea's conglomerates jacked up their bond sales this year as they capitalized on low borrowing costs to repay or refinance maturing debts, with shipbuilding, construction and steelmaking businesses raising more money than they paid off in debt, industry data showed on Friday. According to the data compiled by Hana Daetoo Securities Co., 21 out of the country's top 30 conglomerates have raised a combined 28.33 trillion won (US$25.74 billion) so far this year by selling bonds, with their ne
Dec. 12, 2014
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Korean Air chief’s daughter faces ministry investigation
The repercussions of Korean Air’s “nut rage” incident are expected to build as Heather Cho, daughter of the airline’s chairman, faces a government summons to question her on why she caused the delay of a Korean Air flight and deplaned a flight attendant last week, the Transport Ministry said Thursday.The ministry issued a notification requesting her appearance for questioning on Friday, said Lee Gwang-hee, aviation safety division director of the Ministry of Land, Infrastructure and Transport. C
Dec. 11, 2014
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Deposits for Cheil Industries IPO pre-orders break record
Investors submitted a record-breaking 30.06 trillion won ($27.31 billion) in deposits during a two-day pre-order session that closed Thursday for stocks of Cheil Industries Inc., the de facto holding firm of Samsung Group that goes public next week.Cheil Industries, which filed for listing on the Seoul main bourse in September, plans to offer 28.75 million of its shares to be traded on the stock market with an initial public offering price of 53,000 won each, giving it 1.52 trillion won, the thi
Dec. 11, 2014
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Korean start-up to provide hallyu content in China
A South Korean start-up will provide Korean media content such as K-pop and popular drama series to leading Chinese tech companies from next year, the company said Thursday. ApolloPnc, a Seoul-based content platform provider set up in 2013, will service online streaming of Korean TV programs and music from February next year to Xiaomi Inc., the world’s third-largest smartphone maker, Hisense Co., China’s No. 1 TV maker, online video site LeTV and TCL Corp., the world’s third-biggest TV maker. Th
Dec. 11, 2014
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KB says gaining trustis biggest priority
KB Financial Group’s chief Yoon Jong-kyoo stressed the importance of rebuilding customer trust as a part of the company’s efforts to reclaim the title of the nation’s leading financial group, the company said Thursday. The group’s new head has said he would place the highest priority on rebuilding trust and customer relationships, and also boosting employee morale. “Rebuilding the trust of our customers, who I see as our biggest assets, is of utmost importance if we are to once again become Kore
Dec. 11, 2014
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Former Korean Air VP to face grilling over 'nut rage'
The former vice president of Korean Air Lines Co. will appear before aviation safety inspectors on Friday to answer questions about forcing a flight crew member to deplane over snack-serving etiquette, the company said Thursday, as an investigation widens over the "nut case" amid public outrage. Cho Hyun-ah has become the focal point of the public anger as the eldest daughter of Korean Air Chairman Cho Yang-ho took issue with an attendant's serving nuts in bags and ordered a senior crew member t
Dec. 11, 2014
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Stock value of top 30 richest family members up 16.1%
The combined value of stocks belonging to South Korea’s top 30 richest families rose 16.1 percent in the past one-year period to 111.7 trillion won ($101.6 billion), a report by a local conglomerate research firm said Thursday.Analysis by CEO Score showed members of the pan-Samsung family, which include CJ, Shinsegae and Hansol, held stocks worth more than 27.6 trillion won. Samsung is the largest family-run business empire, known as chaebol, in the country.Relatives belonging to the broader Hyu
Dec. 11, 2014
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Korea pushes for forestry partnerships with ASEAN
The Korea Forest Service successfully reinforced its partnership with ASEAN countries in the forestry sector at a two-day Korea-ASEAN Special Ministerial Meeting on Forestry that started Wednesday in Busan. “It was a good opportunity for Korea to share its forestry experiences with ASEAN countries, Korea’s important economic and trading partners,” Shin Won-sop, minister of the Korea Forest Service, told The Korea Herald in an email interview. ASEAN countries together make up Korea’s second-large
Dec. 11, 2014
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Korea, Cambodia team up to tackle deforestation
The Korea Forest Service on Wednesday signed a memorandum of understanding with Cambodia to prevent deforestation and degradation in the Southeast Asian country, government officials said Thursday. Under the MOU, the two countries will cooperate on United Nations-led REDD+ programs ― standing for Reducing Emissions from Deforestation and Forest Degradation ― that aim to cut greenhouse gas emissions by preventing forest degradation and deforestation in developing countries. “Cambodia has a big pr
Dec. 11, 2014
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S. Korea's first nuclear waste facility gets go-ahead
South Korea's nuclear watchdog said Thursday it has approved the full operation of the nation's first nuclear waste disposal facility after test runs and inspections confirmed its safety. Construction of the permanent disposal site for low- and medium-level radioactive waste in Gyeongju, 370 kilometers southeast of Seoul, was completed in June after seven years, but its operation has been delayed pending the nuclear inspection body's safety assessment. The Nuclear Safety and Security Commission
Dec. 11, 2014
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S. Korean firm seeking to export indigenous guns to Poland
A South Korean defense company is pushing to clinch a deal with Poland to sell its indigenous self-propelled howitzers, military sources said Thursday."Samsung Techwin Co. is set to sign a contract with Poland this month to export some 120 units of the K-9 self-propelled howitzers," a source said, asking not to be identified.Samsung Techwin developed the 155-millimeter howitzer for the country's armed forces in 1998 to replace K-55 howitzers. Equipped with state-of-the-art firing and mobility sy
Dec. 11, 2014
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Hyundai Genesis makes final list for N. American Car of the Year
Hyundai Motor Co.’s new Genesis premium sedan made it onto the finalists’ list of the 2015 North American Car of the Year awards, the company said Tuesday.The two other cars tapped were Ford Motor Co.’s Mustang and Volkswagen AG’s GTI, Hyundai Motor America, the sales and marketing arm of South Korea’s No. 1 carmaker, said. A total of 28 cars were considered for the 2015 awards and 10 were shortlisted in late September. The winner of the award will be announced at the 2015 North American Interna
Dec. 10, 2014
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Samsung Gear VR sells out on U.S. debut
Samsung Electronics’ new virtual-reality device sold out on the day of its debut in the United States, industry sources said Wednesday, in a positive sign for the company’s move to diversify its portfolio amid an ailing handset business.“It sold out as thousands rushed to order the device right after starting official sales,” a Samsung official said. “The product is now again available for purchase in all regions in the U.S.”Dubbed Samsung Gear VR, the device was first showcased in August. It pr
Dec. 10, 2014
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Talent Cosmetics attains halal certification
Talent Cosmetics became the first Korean cosmetics brand to receive the Malaysian government’s halal certification, company officials said on Wednesday.The certification ― issued by the Department of Islamic Development Malaysia ― recognizes products that have been processed in ways approved by the Islamic Law. Out of its total of 550 cosmetics products, 147 have received the certification, according to the firm. “The latest authorization from Malaysia has established the bridgehead for us to f
Dec. 10, 2014
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Scrapped power plant project hampers Doosan
Doosan Heavy Industries & Construction is likely to miss its annual construction order target following a move by a state-run power distributor in India to scrap its plans to build a 1 trillion won ($900 million) thermal power plant. Doosan had bid the lowest price for the 1,320-megawatt Katwa power plant in West Bengal commissioned by the National Thermal Power Corporation, India’s state-owned enterprise and the country’s largest power producer. “The NTPC canceled the project suddenly in mid-pr
Dec. 10, 2014
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Samsung Electronics adds to mobile division in reorganization
Samsung Electronics on Wednesday announced a business restructuring that added more sectors to its mobile division, apparently in a move to bolster its mainstay business amid disappointing handset sales.The announced plan includes transferring the marketing sector of the Global Business-to-business Center and mobile-related duties of the Mobile Solution Center to the IT and Mobile Division “to better cope with market changes and strengthen speedy decision-making.”The MSC is in charge of developi
Dec. 10, 2014
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Samsung Electronics adds to mobile division in reorganization
Samsung Electronics on Wednesday announced a business restructuring that added more sectors to its mobile division, apparently in a move to bolster its mainstay business amid disappointing handset sales.The announced plan includes transferring the marketing sector of the Global Business-to-business (B2B) Center and mobile-related duties of the Mobile Solution Center (MSC) to the IT and Mobile Division "to better cope with market changes and strengthen speedy decision-making."The MSC is in charge
Dec. 10, 2014
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Daum Kakao CEO faces summons for condoning child pornography
The head of South Korea's top mobile messenger operator, Daum Kakao, will be summoned for questioning in the near future on charges of allowing massive amounts of child pornography to be shared on its social networking service, Kakao Group, police said Wednesday.Lee Sirgoo, the co-CEO of Daum Kakao, will be questioned over allegations that he failed to prevent child pornography from being freely exchanged on Kakao Group, a mobile app designed for messaging among groups of friends, according to t
Dec. 10, 2014