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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CJ Group to support agricultural enterprises
CJ Group, Korea’s largest food and entertainment conglomerate, said Tuesday it will launch a program to support small and medium-size agricultural enterprises to grow into export-oriented companies. CJ Corp. vice chairman Lee Chae-wook signed a memorandum of understanding with the National Commission for Corporate Partnership.“With partnership with the commission, CJ, which has sought to grow side by side with SMEs, will increase investment to help agricultural SMEs with potential make inroads i
Sept. 2, 2014
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Health minister calls for big hike in cigarette prices
South Korea's health minister said Tuesday he hopes to nearly double cigarette prices over the next six years to reduce the country's smoking rate, which is way higher than the average of advanced nations.Health and Welfare Minister Moon Hyung-pyo said the price should immediately be raised to at least 3,300 won ($3.24) per pack, partly to reflect the rise in consumer prices, and eventually to 4,500 won by 2020. The last price hike for cigarettes was in 2004 when it was raised by 500 won.The ave
Sept. 2, 2014
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Organica’s detox juice available at lower price
Organica, a Korean premium organic whole food company, slashed the prices of its signature juice products, which have guaranteed detoxification effects, from Sept. 1, the company announced Monday. The nation’s leading organic food company reduced the prices of the hit juice cleansing programs in celebration of drawing more than 10,000 customers since the launch of the products. (Organica)The three-day detox programs “Just Juice 3-Day Total Cleanse” and “Just Juice 3-Day Super Cleanse” are now p
Sept. 2, 2014
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GM Korea launches 2015 Malibu diesel midsize sedan
GM Korea Co., the South Korean unit of U.S. automotive giant General Motors, on Tuesday said it will launch its 2015 Malibu diesel sedan in its home market to follow up on the success of the previous model.The updated midsize sedan, which has the same 2-liter "Ecotec" turbo diesel mated to a six speed automatic transmission, also features the external sheet metal and overall dimensions vis-a-vis the outgoing model that has sold 2,990 units since sales began in March. This powertrain has been rat
Sept. 2, 2014
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Samsung Heavy to absorb Samsung Engineering
Samsung Heavy Industries will merge with Samsung Engineering in line with efforts by Korea’s biggest conglomerate to streamline its key units.The merger, in which Samsung Heavy will absorb Samsung Engineering, also falls under chairman Lee Kun-hee’s succession plan for his three children, which has been picking up speed since his hospitalization in May.Although Lee and his children do not directly own shares in Samsung Heavy and Samsung Engineering, they hold a considerable interest in the shipb
Sept. 1, 2014
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[Graphic News] Korea’s household debt continues to rise
South Korea’s household debt is increasing on account of the government’s latest push to boost the housing market and due to a rate cut, according to industry watchers. The total mortgage loans issued by the nation’s seven major banks rose to 301 trillion won ($296 billion) last month, marking a 4 trillion won increase from 297 trillion won in July, according to data from the banking sector. This was more than a twofold increase, compared to an average monthly increase of 1.6 trillion won since
Sept. 1, 2014
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Hyundai Glovis sees growth in auction service for used cars
Hyundai Glovis, the logistics arm of Hyundai Motor Group, is gaining traction with its one-stop auction service for used cars.“Hyundai Glovis Auto Auction is creating a new used car sales culture by providing a wide range of vehicles and securing convenience and credibility with accurate performance inspections and a transparent, high-tech auction system,” a company official said. “The country’s largest used vehicle auction service provider offers a one-stop service from auction to vehicle asses
Sept. 1, 2014
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Hyundai Motor’s sales fall 5.9% in August
Hyundai Motor, South Korea’s top automaker, said Monday its August sales fell 5.9 percent from a year earlier, mainly due to choppy labor-management relations.Company data showed 357,698 cars were sold overall last month, with domestic sales edging up 1 percent to 48,143. Overseas numbers dropped 6.9 percent to 309,555 cars.In regards to domestic sales, the company said the transition to a two-shift system at its Jeonju plant and steady demand for the brand new Sonata, the 2015 Genesis premium s
Sept. 1, 2014
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Samsung, Hyundai kick off tight race for lucrative Gangnam site
South Korea’s top two conglomerates ― Samsung and Hyundai ― have jumped into a heated bidding war to secure an 80,000-square-meter site in Samseong-dong, an affluent district in southern Seoul. The lucrative property, currently the headquarters of Korea Electric Power Corp., was put up for sale officially last Friday as KEPCO will relocate its head office to Naju, South Jeolla Province, in November.The market value of the site is about 3.3 trillion won ($3.2 billion). Industry watchers predict t
Sept. 1, 2014
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Food industry as a future growth engine
Yeo In-hongHow will we survive in the age of global competition? The key is to know what is ahead. If you know what is coming, you can draw up the right plans to prepare for changes that are imminent. Korean companies must anticipate the future and create proper strategies to compete against global companies. To respond quickly to the fast-changing conditions, strategies tailored to regions and sectors with high growth potential are necessary.The world perceives China and India as the regions mo
Sept. 1, 2014
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Two foreign campuses open in Incheon FEZ
Belgium’s Ghent University opened its local branch in South Korea’s Incheon free economic zone Monday, becoming the first European school to open a campus here.A ceremony that also marked the opening of a branch of the University of Utah from the United States was held in the free economic zone in Songdo, also a home to the United Nations Green Climate Fund, according to the Ministry of Trade, Industry and Energy.Ghent University, one of the top-rated schools in the world for bioscience, is expe
Sept. 1, 2014
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Korean carmakers' sales drop 7.3% in August
Car sales by South Korean automakers fell sharply last month from a year earlier amid labor-management wage disputes and people taking time off for summer vacation, industrywide data showed Monday.The combined sales of five local car manufacturers reached 638,372 vehicles in August, down 7.3 percent from 688,708 vehicles sold a year ago. The total excludes complete knockdown kits shipped abroad for assembly. Carmakers said labor strife, including partial walkouts and overtime work boycotts, hur
Sept. 1, 2014
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Samsung's shipbuilding, engineering units to merge
Samsung Group's shipbuilding and engineering units on Monday announced a plan to merge within this year as the nation's top conglomerate speeds up a restructuring drive.The stock exchange ratio has been set at 2.36 shares of Samsung Engineering Co. per one Samsung Heavy Industries Co. share. The merger is scheduled to be completed by Dec. 1. Samsung Heavy said in its regulatory filing that it aims to combine its shipbuilding and marine plant business with Samsung Engineering's competitive edge
Sept. 1, 2014
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Impasse over lifetime extension of Wolseong unit 1 drags on
The future of Wolseong nuclear power plant unit 1, which has been preparing for a 10-year license renewal for the past few years, is unclear as civic groups and some politicians are speaking out against extending the operations of the country’s aging nuclear power plants. The 700-megawatt Wolseong unit 1 in Gyeongju, North Gyeongsang Province, started commercial operations in 1983 as the nation’s first pressurized heavy-water reactor. Its 30-year-long initial design lifespan ended on Dec. 20, 20
Aug. 31, 2014
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Former Shindongbang Group chairman dies of caner
Shin Myung-soo. (Yonhap)Former Shindongbang Group chairman Shin Myung-soo, 73, died last Saturday from colorectal cancer. Shin was a well-known entrepreneur who contributed to the growth of South Korea’s food processing industry. He started his career at Shindongbang Corp. in 1967 and served as a chief executive of the company until 1999. Hit by the Asian currency crisis, the company faced financial difficulties and units of the company were merged into Sajo Haepyo in 1999 and CJ Group in 2002.B
Aug. 31, 2014
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[Herald Interview] ‘Security concerns should not delay mobile messenger payment’
The Korean government is advised to push for the growth of the mobile payment market, not to hold back on security concerns. “Too many concerns over security online may hamper the mobile massenger payment market in an infant stage of growth,” Kim Yeong-rin, president of the Financial Security Agency, told The Korea Herald in a recent interview.His remark came amid growing security concerns over the financial services to be offered by the nation’s most-used mobile messenger, Kakao Talk.Kim Yeong-
Aug. 31, 2014
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S. Korea ranks 8th in global trade volume: report
South Korea ranked eighth in terms of global trade volume in the first half of 2014, one notch higher than the previous year, a report showed Sunday.According to the report by the Institute for International Trade, a research agency, South Korea’s trade volume came to $546.4 billion during the January-June period. The amount is the eighth largest among the 71 major countries surveyed by the agency. South Korea’s exports grew 2.5 percent on-year to $283.3 billion during the first half, the sevent
Aug. 31, 2014
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FTC to probe excessive auto part prices of imported vehicles
South Korea's antitrust watchdog plans to launch an investigation into consumers' complaints about the overpriced auto parts used in imported foreign vehicles, its top official has said."Consumers' complaints are growing over excessive repair costs of imported vehicles... We are going to look into auto part prices of imported cars in September and October," Noh Dae-lae, head of the Fair Trade Commission (FTC), told reporters during a meeting Thursday. His remarks were embargoed until Sunday.He s
Aug. 31, 2014
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KEPCO invites bids to sell main office property
South Korea’s state-run power provider Korea Electric Power Corp. said Friday that it has opened bids to sell the land that currently holds its headquarters in Seoul, a highly coveted property that it estimated to be worth 3.33 trillion won ($3.3 billion).KEPCO said it will pick the buyer who offers the highest price through the bidding that will close on Sept. 17. KEPCO’s stated value of the plot is much higher than the state-appraised price of 1.48 trillion won as of end of last year, as well
Aug. 29, 2014
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Renault Samsung teams up with Seoul on electric taxis
Renault Samsung Motors said Friday that it will work with the city of Seoul to operate a small fleet of electric car taxicabs that can help validate the use of zero-emission vehicles in the public transportation sector.The memorandum of understanding calls for the South Korean unit of French automaker Renault S.A. to supply 10 SM3 ZEs to a local taxi company free of charge so they can be used to service passengers. Renault Samsung Motors’ CEO Francois Provost (third from left) poses with Seoul C
Aug. 29, 2014