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 apologizes over ‘nut rage’
Korean Air, South Korea’s No. 1 air carrier, apologized over the flight delay and inconvenience caused by Hanjin Group heiress Heather Cho amid the launch of a goverment probe. “We apologize for the inconvenience caused to the passengers, and for turning the plane around despite it not being an emergency situation,” the carrier said in a statement released late Monday night.The carrier maintained that a flight manager had neglected his duties by not being aware of whether or not it was suitable
Dec. 9, 2014
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TriBeluga seeks to be Asia’s startup platform
Panelists, including TriBeluga CEO Lili Luo (left), discuss startups in China at a tech conference in Beijing. (Park Hyong-ki/The Korea Herald)BEIJING ― TriBeluga, a Beijing-based startup incubator, said that it will facilitate young technology pioneers and visionaries from China, South Korea and the U.S. to work together to solve social problems through innovation.TriBeluga founder and CEO Lili Luo said the startup accelerator seeks to become a platform connecting entrepreneurs in China and Ko
Dec. 9, 2014
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Digital banking prompts banks to close branches
South Korean banks are being forced to close down branches amid increasingly digitalized banking systems and moves from tech firms to jump into the competition, according to industry watchers.A total of 119 branches of the nation’s top four banks were shuttered this year, related figures showed on Tuesday. Kookmin Bank shut down the largest number of branches at 49, followed by 43 by Shinhan Bank, 18 by Hana Bank and nine by Korea Exchange Bank. “Banks are downsizing as more customers are using
Dec. 9, 2014
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Cheil Industries to open subscription for IPO shares
Cheil Industries Inc., the de-facto holding company of Samsung Group, plans to open subscription for its initial public offering shares for investors from Wednesday through Thursday. The subscription will be led by six local brokers ― KDB Daewoo Securities Co. and Woori Investment Securities Co., which are leading the IPO, and Samsung Securities Co., Shinhan Investment Corp., Hana Daetoo Securities Co., and KB Investment & Securities Co, the four underwriters.The IPO slated for next week is expe
Dec. 9, 2014
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Hyundai E&C inks MOU with Abeinsa for cooperation in solar power
Hyundai Engineering & Construction Co., South Korea’s No. 2 builder, said Tuesday it has signed a pact with global energy contractor Abeinsa to cooperate in solar power generation.The memorandum of understanding is expected to help the South Korean company make inroads into integrated solar combined cycle sectors in places like South America and Africa.Abeinsa is the construction arm of Spain’s Abengoa S.A. and has extensive experience in concentrated solar power generation. CSP efficiently crea
Dec. 9, 2014
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Korea steps up cigarette smuggling crackdown
The Korea Customs Service is to reinforce the monitoring of tobacco smuggling on concerns about the burgeoning trade of duty-free cigarettes in the domestic market following an announced price hike. In the run-up to a tobacco price hike on Jan. 1, the agency said it would closely monitor tourists purchasing more duty-free cigarettes than the government-imposed 10 pack limit. An official from the Korea Customs Service crouches amid duty-free cigarettes seized from smugglers at the Seoul customs
Dec. 9, 2014
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Hanwha to consolidate solar energy affiliates
Hanwha Group, one of South Korea’s leading conglomerates, said Monday that it has decided to merge its two solar energy affiliates ― Hanwha SolarOne and Hanwha Q-CELLS ― to sharpen its competitive edge in the global solar energy market. To that end, Hanwha SolarOne will swap its new shares for a 100 percent stake in Hanwha Q-CELLS held by Hanwha Solar Holdings Co, which is a holding company of the two solar energy companies, the group said. The merged entity slated to be launched in the first qu
Dec. 9, 2014
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SK appoints young CEOs
SK Group, the nation’s third-largest conglomerate, conducted a full-scale management shake-up on Tuesday, replacing heads of its key affiliates including SK Innovation and SK Telecom. Only SK hynix, the best-performing affiliate of the group, retained the current CEO Park Sung-wook.“The new CEOs are tasked to turn around the business with creative and innovative new strategies,” the group said in a press release.SK Group had long been expected to undergo a management reshuffle as the profitabili
Dec. 9, 2014
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Cho Hyun-ah resigns from Korean Air's No.2 post
Cho Hyun-ah, the No. 2 executive of Korean Air, bowed to public pressure and resigned from all her posts on Tuesday amid a controversy over her spat with a flight crew member.The resignation came hours after the nation’s flag carrier apologized for the controversy caused by Cho.Cho, the eldest daughter of chairman Cho Yang-ho of Korean Air affiliate Hanjin Group, served as executive vice president of the carrier’s flight services and president of the KAL Hotel Network. The daughter stirred up a
Dec. 9, 2014
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[SUPER RICH] Game of go makes great businesspeople
The game of go ― known as baduk in Korean ― is a board game where two players place black and white game stones on empty intersections or points of a board that is lined with a 19x19 grid.Unlike chess where you make your move to attack the opponent by destroying the pawns and knights to capture their king, baduk is more about surrounding a larger area of the board so that the opponent is basically hemmed in, making it impossible for him or her to make the next move. This is a game that calls for
Dec. 8, 2014
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[SUPER RICH] Cha’s success reveals secret of CEO longevity
The secret to becoming a long-surviving chief executive has become something of a buzzword in the country’s corporate world after LG Household & Health Care vice chairman Cha Suk-yong got an extension to his three-year contract fill 2017 on Nov 28.In the first half of the year, there were lingering rumors that Cha could leave the firm at the year’s end as he has already stepped down from the CEO post at the company’s flagship beauty brand The Face Shop. He also sold his shares in the firm ― 22,0
Dec. 8, 2014
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Korean Air executive Cho inconveniences passengers
Heather Cho, Korean Air’s executive vice president, has come under fire for allegedly exceeding her authority by ordering a flight manager of the airline to get off a plane for poor services.The plane, carrying some 250 passengers on board, was delayed for 12 minutes due to the incident. It was on the landing strip of JFK Airport in New York on Friday, bound for Incheon Airport in South Korea.Cho was flying first class and yelled at a flight attendant who handed out a bag of nut snacks without a
Dec. 8, 2014
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Customs office steps up crackdown on tobacco smuggling
South Korea’s customs office said Monday that it will beef up monitoring and crackdown on tobacco smuggling amid growing demand for cheaper cigarettes ahead of a sharp price hike slated to be effective starting next year.The moves come as the government is to raise tobacco prices by 2,000 won ($1.78) per pack starting on Jan. 1, the first increase since December 2004. It represents an almost 80 percent increase in the average per-pack price in Korea.According to the Korea Customs Service, the ag
Dec. 8, 2014
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Korea’s annual SUV sales break record
Annual sales of sport utility vehicles in South Korea topped the 300,000 mark to reach an all-time high, data showed Monday, illustrating the rapid growth of the recreational vehicle market in the country. Through November this year, domestic sales of SUVs by five local carmakers stood at 300,475 units, according to industry data.The figure exceeds the previous record of 297,594 units registered in 2002. Accordingly, the market share of SUVs at home has also expanded over the cited period, takin
Dec. 8, 2014
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BCCK holds fund-raiser for underprivileged
Some 300 guests from the British business community in Korea gathered on Friday for a Christmas fund-raising event hosted by the British Chamber of Commerce in Korea to support charities here. “An important function of the BCCK is contributing to Korean society by fund-raising for worthy charities,” BCCK chairman Michael Reed said during the event held at Grand Hyatt Seoul Hotel.Michael Reed, chairman of the British Chamber of Commerce in Korea, delivers an opening speech during a Christmas lunc
Dec. 8, 2014
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Gov't to review Korean Air heiress' discipline of flight crew
The government will review the legitimacy of disciplinary action by the daughter of the Korean Air chairman who forced a flight crew to deplane, delaying other passengers from departing, an official said Monday.Cho Hyun-ah, vice president of the national carrier and the eldest daughter of Korean Air chairman Cho Yang-ho, ordered a senior flight attendant of a plane heading to Incheon from New York on Friday to deplane for failing to follow in-flight service procedures, according to the company.
Dec. 8, 2014
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S. Korea behind China in 6 key industries: report
South Korea has been overtaken by or is trailing China in six key industries, making it imperative for local companies to find new ways to stay competitive globally, a report by the lobbying group of large conglomerates showed Monday.The report by the Federation of Korean Industries (FKI) showed China outpacing South Korea in the smartphones, cars, shipbuilding and marine plants, petrochemicals, and the steel and refinery sectors.South Korean companies still maintain an edge in semiconductors an
Dec. 8, 2014
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Korea’s exports to China face minus growth
Korea’s outbound shipments to China are likely to post a negative growth in 2014 for the first time in five years, according to government data released on Sunday. Industry watchers said this downward trend may continue with the Chinese economic slowdown deepening and even worse, the country is slowly reducing its reliance on Korea’s intermediate goods. Shipments to China slipped 0.5 percent on-year through November this year, according to the data compiled by the Ministry of Trade, Industry and
Dec. 7, 2014
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Daewoong Pharm signs investment deal with Osong BioValley
Daewoong Pharmaceutical signed a 210 billion won ($188.3 million) worth investment deal with North Chungcheong Province to build a factory. The new facility will be designed to comply with current good manufacturing practices, better known as cGMPs, U.S. standards for design, monitoring, and control of pharmaceutical manufacturing. Under the deal, signed during the 4th Herald Creative Economy Forum on Friday in Seoul, the Korean drugmaker said the company would construct the facility by 2016 wit
Dec. 7, 2014
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BAT Korea wins award for contribution to exports
The Korean branch of British American tobacco said that it earned an award for achieving $70 million in exports at the 51st Trade Day ceremony, organized by the Trade Ministry and the Korea International Trade Association on Friday.An agreement recently signed by BAT Korea and the labor union at its factory in Sacheon, South Gyeongsang Province, on bilateral cooperation and maintenance of labor-management harmony, led to the doubling of the exports this year over the previous year, the company s
Dec. 7, 2014