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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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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Big firms’ support of overseas vendors doubles in 3 years
Support from big businesses for overseas operations of their partner vendors has more than doubled over the past three years, a report by the lobbying group of large companies said Wednesday.The Federation of Korean Industries said the number of conglomerates helping their partner vendors start operations abroad rose to 41 last year from just 18 in 2010, with the number of small and medium enterprises benefiting from such a move rising to 2,939 from 1,428.Broken down by types of support offered,
Nov. 26, 2014
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New Coex Mall opens today with five plazas
The Coex Mall, Asia’s largest underground shopping center, reopens today in the affluent Samseong-dong neighborhood of Seoul after a full-scale renovation. “The new Coex Mall was renovated to be transformed into a multi-purpose venue where shopping, business and culture come together,’’ said Coex Mall CEO Park Young-bae at a press conference at Grand InterContinental Seoul Parnas. “To set the new mall apart from others, it was designed to hold more cultural elements so that, ultimately, it can r
Nov. 26, 2014
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SK chairman’s daughter becomes naval officer
A daughter of the chief of South Korea’s No. 3 conglomerate SK Group was commissioned as a naval officer on Wednesday after successfully completing her training, the Navy said.Chey Min-jung, the second daughter of convicted SK Group Chairman Chey Tae-won, was commissioned as a second lieutenant along with 107 fellow cadets after an 11-week training course, according to the Navy. The ceremony was held at the elite Navy Academy in Changwon, South Gyeongsang Province, some 398 kilometers south of S
Nov. 26, 2014
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Incheon Port Authority wins ethical management award
Incheon Port Authority management director Yang Jang-suk (front row, center) poses with other awardees after the Ethical Management Awards Ceremony in Samseong-dong, Seoul.Incheon Port Authority said Wednesday that it had received the grand prize for ethical management in the public sector from the Korean Ethics Studies Association for three consecutive years.With the award, the port authority was recognized for raising the bar in ethical management both internally and externally, according to t
Nov. 26, 2014
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Samsung to buy back W2.2tr shares
South Korea’s tech giant Samsung Electronics Co. said Wednesday it will buy back 2.2 trillion won ($1.98 billion) worth of its shares starting Thursday’s trading session in order to stabilize its stock price. The world’s No. 1 maker of smartphones said its stock buyback program aims to “enhance benefits for stock holders through share price stabilization,” apparently referring to the latest plunge in its share price due to lackluster profits from its mainstay mobile devices business.The program
Nov. 26, 2014
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Hanwha Group to top defense, chemical industries through Samsung deal
Hanwha Group Co.'s takeover of Samsung affiliates is expected to give a turbo boost to its defense and chemical businesses to become leaders in their respective industries and advance the conglomerate's rankings, market watchers said Wednesday. Hanwha Group struck a deal to buy controlling stakes in four chemical and defense firms of Samsung Group for 1.9 trillion won ($1.72 billion). For Samsung, the deal allows the country's biggest family-run conglomerate to shed non-core businesses and pre
Nov. 26, 2014
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POSCO Engineering wins order for $30 mln precious metals extraction plant in Chile
POSCO Engineering said Wednesday it has won a US$30 million contract to build a precious metals extraction plant in Chile, the first export order of its kind secured by a South Korean builder. The deal was obtained from Planta Recuperadora de Metales SpA., a joint company set up between South Korea's LS-Nikko Copper Inc. and the world's leading copper manufacturer CODELCO of Chile.LS-Nikko owns a 66 percent stake in the venture, with 34 percent being held by its Chilean partner. The factory w
Nov. 26, 2014
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S. Korea's seaport cargo grows on exports in Oct.
Cargo processed at South Korea's seaports grew in October from a year earlier on a rise in import-export cargo, the government said Wednesday. The amount of cargo handled at South Korean seaports came to 118.88 million tons last month, up 4.7 percent from the same month in 2013, according to the Ministry of Oceans and Fisheries. Such an increase was largely attributed to a rise in import-export cargo, which gained 5.9 percent on-year to some 99.26 million tons. Domestic cargo slipped 1.2 p
Nov. 26, 2014
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Big firms' support of partner vendors overseas up two-fold in 3 years: report
Support from big businesses for overseas operations of their partner vendors has jumped two-fold over the past three years, a report by the lobbying group of large companies said Wednesday. The Federation of Korean Industries (FKI) said the number of conglomerates helping their partner vendors start operations abroad rose to 41 last year from just 18 in 2010, with the number of small and medium enterprises (SMEs) benefiting from such a move rising to 2,939 from 1,428. Broken down by types of
Nov. 26, 2014
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Samsung SDS sees steady growth of foreign ownership
Foreign ownership of Samsung SDS Co., the key IT service unit of Samsung Group, has sharply grown after its listing on the Seoul bourse earlier this month, the bourse operator said Wednesday. Market watchers said foreign holdings of the IT service company are expected to further rise as global index provider MSCI added it to the emerging market index earlier in the day. Foreigners held 2.94 percent, or 2.27 million shares, of Samsung SDS as of Tuesday, a sharp rise from 0.95 percent on Nov. 1
Nov. 26, 2014
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Samsung to sell 4 affiliates to Hanwha
Samsung Group announced Wednesday it will sell four chemical and defense units to Hanwha Group in a deal estimated at 1.9 trillion won (US$1.72 billion). Samsung said it will sell its defense affiliate Samsung Techwin Co. and chemical unit Samsung General Chemicals Co. to Hanwha, another South Korean family-run conglomerate whose main businesses include defense and solar power. The sales will be completed by the first half of next year, Samsung said. Hanwha's board of directors approved the
Nov. 26, 2014
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Horse racing agency fails to shed stigma
The Korea Racing Authority, South Korea’s public agency to promote horse racing, has long been trying to change the negative public perceptions on the industry and to make horse race parks across the nation family-friendly places.The scene at Seoul Racecourse Park in Gwacheon City, however, showed that these efforts have yet to bear any fruit. “It will be next to impossible to improve the park’s environment,” said a former employee of KRA who described the park as nothing short of a gambling den
Nov. 25, 2014
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Hyundai E&C turns to emerging markets
Hyundai Engineering & Construction, South Korea’s largest builder, is staking out new business opportunities in key emerging markets such as Latin America to fuel its future growth. “Entering the overseas market is inevitable for overcoming the current slowdown in Korea’s construction market,” said Hyundai E&C in a statement outlining its future growth plans. In particular, the construction firm said it has placed priority on Latin America, where it has attained numerous orders this year. The mo
Nov. 25, 2014
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Companies’ 2013 profitability worst since 2008
The profitability of South Korean companies worsened to the lowest level since 2008, affected by difficult business conditions at home and abroad, government data showed Tuesday.According to the data by Statistics Korea, companies earned an average of 39.2 won ($0.04) in net profit last year for every 1,000 won worth of sales before deducting corporate taxes. This was down from 47.2 won a year earlier. This marked the lowest level since 2008 when the country was struggling from the global financ
Nov. 25, 2014
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Samsung showcases eye-tracking mouse for disabled
South Korea’s tech giant Samsung Electronics Co. on Tuesday showcased a mouse for disabled people that tracks the movements of the eyes.Dubbed EYECAN+, the device allows users to type and perform other functions just by using their eyes. It is an upgraded version of Samsung’s previous eye-tracking mouse that had to be worn like glasses.“EYECAN+ requires the user to be situated between 60 cm and 70 cm from the monitor, and does not require the user to be in any specific position, as it can be use
Nov. 25, 2014
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Samsung eyes construction, energy projects in LA
A slew of top Korean companies including Samsung are looking at investment opportunities in Los Angeles, according to the city mayor, who is in Seoul this week. “We talked with some Korean firms about plans to invest in infrastructure in Los Angeles in the airport, public transportation and hotel areas,” said LA Mayor Eric Garcetti in an interview with The Korea Herald on Monday. Samsung C&T, for instance, is looking into opportunities to invest in solar power projects, and railway and airport c
Nov. 25, 2014
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Asiana’s Beautiful Class project completes three-year journey
Asiana Airlines has completed a three-year effort to secure “sisterhood” ties with underprivileged schools in 22 Chinese cities where the carrier operates flights. As the final project for its corporate social responsibility program “Beautiful Class,” the company on Tuesday held a ceremony at a small school in Hangzhou, the capital of Zhejian province. On the day, the company donated various items, including 45 PCs, 1,000 books, a piano and 200 miniature airplanes, while its flight attendants de
Nov. 25, 2014
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[Design Forum] Herald Design Market embraces healthy lifestyles
The Herald Design Market will kick off its five-day run at Seoul’s Dongdaemun Design Plaza on Wednesday to promote healthier lifestyles by connecting the fields of architecture, fashion and food. Under this year’s theme of “Design Your Life NOW,” a total of 63 up-and-coming artists and food companies will showcase their works, said Herald Corp., the organizer of the event. NOW stands for Natural, Organic and Well-being ― the key ingredients for a healthy yet fun life, they said.“At a glance, foo
Nov. 25, 2014
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Samsung heir may sell Samsung SDS shares: company official
Samsung Group's heir-apparent Lee Jay-yong may sell part of his shares in Samsung SDS Co., a newly listed IT arm of the conglomerate, after the lock-up period ends in May, a Samsung official said Tuesday, in a move interpreted as securing cash for a groupwide reorganization. "(Jay-yong) may sell a portion of his shares (in Samsung SDS) after the lock-up period," the high-ranking official said. The comment is the first to come from inside the country's top conglomerate about any stake changes b
Nov. 25, 2014
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Daewoo Shipbuilding wins order for Malaysian navy vessels
South Korea's Daewoo Shipbuilding & Marine Engineering Co. said Tuesday that it has obtained an order from a Malaysian defense company to build six corvettes. The deal with Naval Marine Engineering & Logistics (NMEL) will be formally completed when the Malaysian government gives the final nod, Daewoo Shipbuilding said. Of the six vessels, three will be delivered starting in January 2018, and the remaining three will be delivered in block form. The blocks will be assembled in cooperation bet
Nov. 25, 2014