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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LG CNS, Cisco in talks to codevelop smart city
The leading Korean IT services firm LG CNS is in talks with networking giant Cisco to collaborate on their Internet of Things businesses.“We met executives from LG CNS to discuss collaboration for IoT businesses around two weeks ago,” said an official from Cisco, indicating that the two companies plan to work together on building smart infrastructure in a South Korean city. The official did not specify the exact location but said the project could be aimed at transforming a city into a smart cit
Oct. 23, 2014
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Hyundai Motor says considering dividend hike after property deal
Hyundai Motor is considering raising its dividend sharply and introducing an interim dividend, its president Lee Won-hee said Thursday, in an apparent bid to appease investors angered by its recent $10 billion deal to buy a Seoul property.Lee, who is also chief financial officer, was speaking after the automaker reported its third-quarter earnings. He did not further elaborate.Last month, a consortium led by Hyundai Motor bid $10 billion for a plot of land in Seoul’s high-end Gangnam district to
Oct. 23, 2014
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IBK Securities aims to join top 10 brokerages
IBK Securities’ chief on Thursday outlined the ambitious goal of becoming one of the industry’s top 10 brokerages during his term, even though it has yet to reach the top 20 among the 41 in the nation.“We expect to see 10 billion won ($9.5 million) in net income this year and also will aim to enter the industry’s top 10 in terms of return on equity,” IBK Securities’ chief Shin Seong-ho told reporters at his first press meeting in Seoul on Thursday. IBK Securities’ chief Shin Seong-ho. (IBK Secu
Oct. 23, 2014
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Hyundai Heavy faces first strike in 18 years
Workers at the world’s largest shipbuilder Hyundai Heavy Industries have endorsed a strike motion, threatening the first walkout in 18 years, a union spokesman said Thursday.More than 97 percent of some 10,000 workers who took part in the vote Wednesday approved the motion after marathon pay negotiations with the management of the Korean company broke down on Sept. 19.“Negotiations will resume Friday and it will depend on what comes of the talks as to whether we will launch a strike,” union spok
Oct. 23, 2014
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Hyundai Motor’s net earnings plunge
Hyundai Motor, South Korea’s largest automaker, said Thursday its net earnings for the third quarter plunged 28.3 percent on-year to 1.61 trillion won ($1.53 billion), mainly due to unfavorable exchange rates that offset gains in sales.Operating profit also dropped 18 percent to a little under 1.65 trillion won in the same period, but sales gained 2.2 percent to 21.28 trillion won, the company said in a regulatory filing.Hyundai Motor said it sold 1,128,999 cars from July through September, up 1
Oct. 23, 2014
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GS E&C wins 604.1 bln won Kuwait bridge construction order
GS E&C, one of South Korea's leading builders, said Thursday it has won a 604.1 billion won (US$572.3 million) order to build a bridge in Kuwait. The Doha Link bridge project calls for an eight-lane bridge to connect Shwaikh Port with Entertainment City. The bridge will span 12.43 kilometers when finished, with 7.72 km being built over water. The builder said it had received a letter of agreement in August from authorities in Kuwait, with the formal pact being inked on Wednesday (local time)
Oct. 23, 2014
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‘Choinomics’ marks 100 days
As Finance Minister Choi Kyung-hwan marks his first 100 days in office on Thursday, questions are being raised about his economic vision ― dubbed “Choinomics” ― as the nation continues to grapple with rising household debt and the economy showing lackluster performance amid lowered growth forecasts. Since Choi took office in July, he proposed diverse measures to boost the sluggish economy. They included a 41 trillion won ($40 billion) stimulus package, relaxed mortgage regulations for stimulatin
Oct. 22, 2014
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LG Household to acquire local cosmeceuticals maker
South Korea’s cosmetics and beverage maker LG Household & Health Care said Wednesday that it has signed a 54.2 billion won ($51.5 million) deal to buy an 86 percent stake in CNP Cosmetics, a local cosmeceuticals firm.The acquisition is aimed at stepping up its business by expanding into the cosmeceutical market that is fast becoming a new growth engine, LG Household said in a statement.Cosmeceuticals, a newly coined word combining cosmetics and pharmaceuticals, refers to products that have medic
Oct. 22, 2014
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Hyundai Heavy creates control tower for shipbuilding sales activities
Hyundai Heavy Industries will create an integrated shipbuilding sales unit in its Seoul office by merging the sales functions of its two shipbuilding-related affiliates ― Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard, the world’s largest shipbuilder said Wednesday. “The firm’s executive vice president Ka Sam-hyun will lead the control tower and oversee the bidding for shipbuilding orders,’’ a company official said. The 57-year-old executive, who has spent most of his career in Hyundai
Oct. 22, 2014
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POSCO E&C develops 3-D measuring system for atypical structures
POSCO Engineering & Construction Co., South Korea’s third largest builder, said Wednesday that it has developed a new three-dimensional measuring system for stylish, atypical structures that are being built in greater numbers around the world.The system built in cooperation with POSCO A&C, a wholly owned architecture and consultancy unit of the builder, makes use of information technology breakthroughs to transform physical measurements of buildings made by engineering them into 3-D images that
Oct. 22, 2014
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KEPCO inks gas development deal with Indonesian firm
Korea Electric Power Corp. said Wednesday it has clinched a gas plant development deal with an Indonesian firm as part of its overseas business expansion to secure energy at cheaper costs. The state-run electricity provider signed a joint development agreement with Indonesia‘s coal company Moa Maju Kurnia Utama and Essential Strategic Group Ltd., an investment arm of major heavy equipment maker PT Trakindo, according to KEPCO. The deal includes the construction and running of a synthetic natural
Oct. 22, 2014
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Asiana may face heavy sanctions
The government appears to be leaning toward issuing heavy sanctions on Asiana Airlines next month as South Korea’s top carriers argued over the degree of sanctions for a fatal crash in San Francisco last year. “The correct principle would be to order a flight suspension of Asiana’s Incheon-San Francisco route,” a Transport Ministry official told The Korea Herald Wednesday.The official added that if the ministry reduces the penalty to a simple fine, it could “hamper public welfare.”Under Korean a
Oct. 22, 2014
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KEPCO inks gas development deal with Indonesian firm
Korea Electric Power Corp. said Wednesday it has clinched a gas plant development deal with an Indonesian firm as part of its overseas business expansion to secure energy at cheaper costs. The state-run electricity provider signed a joint development agreement with Indonesia's coal company Moa Maju Kurnia Utama and Essential Strategic Group Ltd., an investment arm of major heavy equipment maker PT Trakindo, according to KEPCO. The deal includes the construction and running of a synthetic natural
Oct. 22, 2014
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Forest fires cause biodiversity loss: forum
Global forest experts on Tuesday discussed the negative impact of forest fires, including the loss of biological diversity, during a sideline event of the 12th meeting of the Conference of the Parties to the Convention on Biological Diversity hosted by the Korea Forest Service. “In recent years, we have frequently witnessed large-scale forest fires all over the globe, mostly on account of climate change. This has caused damage to plants, wild animals and insects, leading to a loss in biodiversit
Oct. 21, 2014
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Korea takes lead in enhancing region’s biodiversity
The Korea National Arboretum of the state-run Korea Forest Service appears to be taking a leadership role in plant studies in East Asia based on its commitment to enhancing the region’s biological diversity. Among such efforts is the memorandum of understanding that KNA signed last week with its counterparts in the region to create the East Asia Biodiversity Convention Network. The agreement was reached during the 12th meeting of the Conference of the Parties to the Convention on Biological Dive
Oct. 21, 2014
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Evernote seeks partnership with Kakao Talk to target S. Korea
Evernote, one of the leading mobile note-taking service providers, has been working with South Korea's top mobile messenger service, Kakao Talk, to launch a premium service for business users as early as the start of next year, its senior official said Tuesday. The U.S.-based company, whose application allows for creating and saving documents and notes online, in May 2013 announced its plan to join hands with Kakao Talk to take advantage of the latter's 35 million users. Although the two compan
Oct. 21, 2014
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Korean Air starts code sharing arrangement with LAN Peru
Korean Air Lines Co., South Korea's largest full-service carrier, said Tuesday that it has started offering daily code-shared flights with LAN Peru S.A., that can greatly enhance travelers' convenience.The move allows people who want to fly from Incheon International Airport (IIA) to Lima's Jorge Chavez International Airport via Los Angeles, to book the flight with Korean Air. The arrangement allows a person to receive mileage benefits with Korean Air even if he or she flies on a LAN Peru jet f
Oct. 21, 2014
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Lotte ties up with Southeast Asian retailers
South Korea's Lotte Department Store said Tuesday it has forged partnerships with major department stores in Southeast Asia to capture foreign shoppers as part of its efforts to seek new growth engines. Under the agreements signed with Singapore's Robinsons, Hong Kong's Time Square and Thailand's Siam Paragon, Lotte will offer joint services such as discounts and lounge services to key customers, the company said in a press release.The move comes as the department store is moving to foster new g
Oct. 21, 2014
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[SUPER RICH] Hyundai Heavy shifting to third-generation ownership
In an effort to create a sense of urgency for change, Hyundai Heavy Industries, the world’s largest shipbuilder, is moving toward a generational shift in its ownership. Last Thursday, the shipbuilder promoted Chung Ki-sun, the eldest son of its largest shareholder Chung Mong-joon, as a vice president, while drastically cutting back its number of executives by 31 percent, or 81 out of 262. Hyundai Heavy Industries owner Chung Mong-joonHyundai Heavy Industries vice president Chung Ki-sunThe reshu
Oct. 20, 2014
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Siemens chief meets prime minister
The chief executive officer of Siemens, Joe Kaeser, met Prime Minister Chung Hong-won, in Seoul, to discuss ways to bolster economic cooperation Monday. Kaeser, who is in Korea on an official visit, mainly talked about the measures for creating new growth engines through technology innovation with the prime minister. The two sides are said to have fine-tuned the details of operationalizing the joint task force created between Siemens and the Korean Trade Ministry aimed at bolstering the former’s
Oct. 20, 2014