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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Companies' profitability in S. Korea last year worst since 2008: data
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 (US$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 fin
Nov. 25, 2014
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S. Korea's industrial electricity sales rise on exports in Oct.
Electricity consumed by South Korea's industrial sector grew from a year earlier last month as exports rose, government figures showed Tuesday. Electricity use by the industrial sector amounted to 23.06 billion kilowatt-hours in October, up 2.8 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. Industrial electricity sales serve as a barometer of industrial activity as companies use more electricity when business is good and cut back when demand i
Nov. 25, 2014
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Samsung Electronics spends over 1 tln won in patent royalty this year
Samsung Electronics Co. has spent more than 1 trillion won (US$898.1 million) this year in patent royalties, regulatory data showed Tuesday. The world's biggest smartphone and memory chip maker paid a total of 1.38 trillion won in the January-September period, the largest amount it spent for patent fees since 2010, its filings submitted to the Financial Supervisory Service (FSS) showed. The tech giant spent 754.3 billion won in the first quarter, followed by 620.9 billion won and 10 billio
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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Samsung joins forces with U.S. medical device firm
South Korea's Samsung Electronics Co. said Tuesday it has joined hands with U.S.-based Thermo Fisher Scientific Inc. in a bid to expand its presence in the medical industry with its smartphone business slowing down. Under the deal, Samsung will supply various point-of-care (POC) devices to its counterpart, which the U.S. National Institutes of Health defines as instruments that "enable patient diagnoses in a physician's office, an ambulance, anywhere in the field, including a home, or in a ho
Nov. 25, 2014
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[SUPER RICH] Kohler eyes affluent Koreans
BUSAN ― Kohler, a U.S. supplier of high-end plumbing products, is hoping to see a 300 percent sales growth in the South Korean market next year, said Kohler Novita executive Choi Jae-kwan. “Designers of townhouses and luxury hotels are visiting our Busan showroom to use the premium Kohler products for their interiors,” Choi said during an event celebrating the launch of the company’s new toilet brand Veil. Kohler Novita executive Choi Jae-kwan (Kohler)The Wisconsin-based company, which describes
Nov. 24, 2014
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S-Oil grants awards to five Korean scientists
The S-Oil Science Prodigy and Culture Foundation, a nonprofit foundation established by S-Oil, conferred Monday “Dissertation of the Year Awards” to five Korean scientists to support their academic research and foster young talents.“These young scientists who gained worldwide recognition for publishing excellent dissertations in basic science fields with academic passion and perseverance are the force that will propel the nation forward,” said an official of the foundation. The S-Oil Science Pro
Nov. 24, 2014
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Inconsistent energy policies give out mixed signals
As a country lacking in natural resources, energy security has been always one of the top agendas of every government in Korea. The problem is the lack of consistency in the nation’s energy policy that changes every five years when a new president is elected. For instance, the previous Lee Myung-bak administration had pushed the state-run energy enterprises to strike overseas energy deals ― most of them involving drilling for oil and other energy sources ― during its term between 2008 and early
Nov. 24, 2014
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Hyosung to create carbon fiber R&D cluster
Hyosung Group said Monday that it would create a research and development cluster for carbon fiber, a highstrength, low-weight material, in partnership with North Jeolla Province.Through the new R&D complex, called the Creative Economy Innovation Center, the Korean chemical and textile giant said it aims to share its technological and management know-how with smaller firms and help them find overseas sales channels.As part of the plan, the group will invest 1.2 trillion won ($1.07 billion) into
Nov. 24, 2014
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LS Group redoubles R&D efforts
LS Group chairman Christopher Koo (right) talks with the group’s CEO Lee Kwang-woo (center) and a participant of LS Partnership Day which was held in April at Silicon Valley in the U.S. (LS Group)LS Group has been stepping up its research and development activities with the aim of increasing its competitiveness, the company said Monday. As a part of the effort, the group is investing some 800 billion won ($718 million) to 900 billion won on R&D, core facilities and securing talented personnel, t
Nov. 24, 2014
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Fair Trade Commission to provide price information on IKEA
Korea’s corporate watchdog said Monday that it will provide detailed price information by February for IKEA products whose local prices became controversial for being more expensive than in other countries. “We plan to commission a consumer group to review prices (of IKEA products) for comparison,” Jang Duck-jin, the head of the Fair Trade Commission’s consumer policy bureau, told reporters. “The results of the price analysis will be made public no later than the end of February,” he added.The F
Nov. 24, 2014
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Half of top 100 companies report lower profit this year
Over half of the top 100 South Korean companies saw their operating profit fall in the first nine months of this year as major exporters grappled with global economic slowdown and tougher competition in major markets, data showed Monday. The combined revenue of 100 companies listed on the KOSPI market amounted to 654.7 trillion won ($588.2 billion) in the January-September period. That was down 1.6 percent from a year earlier, according to the electronic disclosure data compiled by market resear
Nov. 24, 2014
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Samsung C&T wins $459.9m Malay LNG terminal order
Samsung C&T Corp., South Korea’s largest builder and trading company, said Monday that it has won a $459.9 million contract to build a liquefied natural gas terminal in Malaysia.The deal signed with Malaysia’s Petronas Gas Berhad calls for the company to take charge of the design as well as the actual construction of the terminal.The new facility, part of the Pengerang project, will be located in Johor province and have two 200,000 cubic meter LNG storage tanks and related regasification facilit
Nov. 24, 2014
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S. Korea to launch pilot shipment via N. Korea-Russia route this week
A ship carrying Russian coal will depart from the North Korean port of Rajin toward South Korea this week in a pilot shipment aimed at gauging the feasibility of a South Korean consortium's push for a logistics project linking the two Koreas with Russia, a government official said Monday. The planned trial shipment is part of the South Korean consortium's envisioned program to bring in Russian coal via Rajin, using the newly-renovated 54-kilometer railway between the Rajin port and Russia's bo
Nov. 24, 2014
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Daewoo Shipbuilding wins order for Malaysian navy vessels
South Korea's Daewoo Shipbuilding & Marine Engineering Co. said Monday that it has obtained an order from the Royal Malaysian Navy to build six corvettes for deployment starting in 2018. The shipbuilder said the deal is subject to final approval by the Malaysian government. It did not disclose the value of the deal. Daewoo Shipbuilding won an order from Malaysia to build two training ships in 2010 and another order for three submarines from Indonesia's defense ministry in 2011. (Yonhap)
Nov. 24, 2014
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Fair Trade Commission to provide price information on IKEA
South Korea's corporate watchdog said Monday that it will provide detailed price information by February for IKEA products whose local prices became controversial for being more expensive than in other countries. "We plan to commission a consumer group to review prices (of IKEA products) for comparison," Jang Duck-jin, the head of the Fair Trade Commission (FTC)'s consumer policy bureau, told reporters. "The results of the price analysis will be made public no later than the end of February
Nov. 24, 2014
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Local brokers rush to list SPACs on S. Korea's secondary bourse
Blank-check companies that raise money for future mergers and acquisitions (M&As) have aggressively entered South Korea's secondary bourse this year, as local brokerage houses are seeking to reap higher returns through the special investment vehicle amid torpid markets, data showed Monday. A total of 13 special purpose acquisition companies, known as SPACs, have gone public in the tech-laden KOSDAQ so far this year, accounting for about 40 percent of the newly-listed stocks, according to the b
Nov. 24, 2014
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One-third of fisheries imports coming from China
One-third of South Korea’s fisheries imports up to September this year were from China, a study said Sunday, adding the figure is expected to further increase when a bilateral trade deal takes effect.The tally by the Korea Maritime Institute showed Korea imported some 959,000 tons of fisheries products in the January-September period, of which 31.6 percent came from China.In terms of value, imports from China amounted to $3.11 billion. This marks a 19.3 percent increase in volume and 18.4 percen
Nov. 23, 2014
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Samsung loses market share in mobile phones, TVs
Samsung Electronics’ global presence in mobile phones and high-end TVs declined in the third quarter while its market share in DRAMs and displays rose, industry data showed Sunday.Analysis of quarterly reports released by the tech company showed Samsung’s market share in the IT mobile sector dipping 1 percentage point to 23.9 percent in the July-September period compared to the first half of this year.The numbers based on findings by Strategy Analytics, a global research and consulting firm, als
Nov. 23, 2014
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[Herald Interview] Finnair to halve carbon emissions by 2050
Finnair, the flagship carrier of Finland, on Thursday said it will go carbon neutral by 2020 and halve its carbon emissions by 2050.In an aggressive attempt to make its operations greener, the company is set to use more planes that are fuel-efficient or run on bio-fuels, said Kati Ihamaki, vice president of the sustainable development unit at the Helsinki-based airliner, during a recent interview with The Korea Herald. “Because we are a flight company, every drop of fuel we save is directly link
Nov. 23, 2014