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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Domestic industrial output grows in July
South Korea’s industrial output grew for the second straight month in July, raising expectations that the economic recovery might be gaining some momentum, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries expanded 1.1 percent last month from June. The growth rate, however, slowed down from a revised 2.6 percent gain a month earlier.Production in the service sector inched down 0.4 percent on-mont
Aug. 29, 2014
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Korea extends antidumping duties on Chinese plate glass
South Korea’s trade commission said Friday that it has decided to impose antidumping duties on Chinese plate glass for another three years to help protect local manufacturers from price-cutting practices.The Korea Trade Commission said it will keep anti-dumping duties of 15.22-36.01 percent on the Chinese products over the next three years.“The decision will help local plate glass makers suffering from low-priced imports improve their competitiveness and production,” the commission said.The loca
Aug. 29, 2014
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Samsung C&T wins Singaporean LNG terminal expansion order
Samsung C&T, the construction and trading arm of Samsung Group, said Friday that it had won an engineering, procurement and construction project to expand Singapore’s first liquefied natural gas terminal, located on Jurong Island.The company said it expected to complete the $542 million project, commissioned by Singapore LNG Corporation, a subsidiary of Singapore Energy Market Authority, by 2018. An image of the phase 3 expansion of Singapore’s LNG terminal on Jurong Island. (Samsung C&T)“We are
Aug. 29, 2014
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Kakao under probe for allegedly abusing market power: sources
SEJONG (Yonhap) – South Korea's antitrust watchdog has launched an investigation into Kakao Corp., the operator of the country's most-used messenger service Kakao Talk, for possibly abusing its market leader position, industry sources said Thursday.Kakao is also under investigation by the Fair Trade Commission (FTC) over allegations that it had also abused its market dominance in deals with another service supplier, SK Planet. According to insiders, Kakao Talk has come under scrutiny after it un
Aug. 28, 2014
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Fashion brand MCM declares ‘New School of Luxury’
MCM chief visionary officer Kim Sung-joo on Thursday speaks to the press at the MCM Kunsthalle in southern Seoul. (Park Hyun-koo/The Korea Herald)Kim Sung-joo, chief visionary officer of global fashion brand Modern Creation Munchen, said Thursday that the company aims to generate 2 trillion won ($1.98 billion) in sales by 2020 to become one of the world’s most powerful fashion houses. Declaring that the Seoul-based company would launch a “new school of luxury,” Kim said MCM would put out all the
Aug. 28, 2014
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Kia aims to sell 270,000 Sorento SUVs worldwide
Kia Motors Corp. aims to sell 270,000 of its all-new Sorento SUVs worldwide in 2015 by highlighting the vehicle’s “class above” performance, amenities and technology features, the company said Thursday. In a media event to mark the domestic launch of the crossover, which helped place Kia as a contender in the recreational vehicle segment, South Korea’s No. 2 carmaker expressed confidence that the third-generation Sorento will outpace rivals in all areas.“The target set for domestic sales in 2014
Aug. 28, 2014
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Studio Mir, DreamWorks sign animation tie-up
Studio Mir, a South Korean animation studio, has signed a deal with DreamWorks Animation to produce up to four TV cartoon series over the next four years.The Korean studio, known for the 2-D martial arts fantasy TV animation “The Legend of Korra,” said Thursday that it would work together with the Hollywood animation behemoth in planning and producing the series, each with 78 episodes. The corporate logo of Studio Mir“The contract with DreamWorks is meaningful since we will be working as partner
Aug. 28, 2014
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Kia to donate Soul popemobile to Vatican
Kia Motors Corp., South Korea’s No. 2 automaker, said Thursday that it has decided to donate a Soul boxy compact car to the Vatican in appreciation of Pope Francis choosing it as his popemobile.The Soul was used by Pope Francis during his five-day visit to South Korea that began on Aug. 14.“We heard from the organizing committee of the papal visit that the Vatican was highly pleased with the Soul,” said an official at Kia Motors. “And there were talks over the donation (of the car) to the Vatica
Aug. 28, 2014
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GS E&C mulls selling Spanish affiliate
GS Engineering and Construction confirmed Thursday that it was considering selling GS Inima, its Spain-based affiliate, to improve its financial health. The builder took over a 79.6 percent stake in Inima, a Spanish builder that specializes in water desalination and treatment, in 2011 for $312.4 million.“We hired HSBC Securities as a lead manager for the deal, but nothing has been decided yet about whether to auction off Inima,’’ the company said in a statement.Industry watchers forecast that if
Aug. 28, 2014
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Korean Air supports U.N. sports leadership program
Korean Air, the nation’s leading air carrier, is sponsoring a U.N. sports leadership development program held at Honam University in Gwangju from Aug. 20-31, officials said Thursday. The Youth Leadership Camp, organized by the U.N. Office on Sport for Development and Peace, is an annual international program held alternately on four continents to nurture young sports leaders.Under the leadership of Hanjin Group chairman Cho Yang-ho, who is also the head of the PyeongChang 2018 Winter Olympics or
Aug. 28, 2014
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KDB helps finance high-tech start-ups
The state-run Korea Development Bank is actively promoting technology financing in a bid to keep up with the government’s latest efforts to boost high-tech start-ups that have trouble securing funds. Technology financing involves loans secured on a borrower’s technology. Despite South Korea’s reputation as an IT powerhouse, start-ups still find it difficult to raise capital. To provide better support, the Financial Services Commission, the local financial watchdog, announced a plan in April to s
Aug. 28, 2014
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Hyosung eyes global energy solutions market
Hyosung Corp. president Cho Hyun-joon said Wednesday that the company hopes to foray into the global market with its IT-based energy solutions. “Hyosung has been recognized for its electricity business and the Internet of Things. By converging these two, the company expects to enhance its energy efficiency and global credibility,” Cho said while attending the Conseil International des Grands Reseaux Electriques, held in Paris. Hyosung Corp. president Cho Hyun-joon (left) talks to Frederic Salon
Aug. 27, 2014
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Virginia S. Superslim gets modern look
The new package of Philip Morris’ Virginia S. Superslim variants. (Philip Morris)Philip Morris Korea, an affiliate of the global tobacco firm Philip Morris International, has launched new packaging for its popular Virginia S. Superslim cigarettes, company officials said Wednesday.The new packaging is simpler and more modern, centering on the tobacco leaf icon that has been the design base for the Virginia Superslim series. The new cigarette packaging also has curved edges for a better grip ― the
Aug. 27, 2014
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Korea’s duty-free allowance raised to $600
The duty-free allowance for travelers entering South Korea will be raised to $600 from the current $400 on Sept. 5, the Ministry of Strategy and Finance said Wednesday. This is the first time that the ceiling has been raised since 1988. The government also plans to reduce taxes on travelers who voluntarily report items they are bringing in. They are expected to have a 30 percent tax deduction of up to 150,000 won ($147). However, those who report untruthfully will have to pay additional tax. The
Aug. 27, 2014
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SK chief’s daughter signs up for Navy
A daughter of the convicted head of SK Group, Korea’s No. 3 conglomerate, has decided to enlist in the Navy, the business group said Wednesday, sparking public interest in a country where draft dodging by children of the powerful is persistent.Chey Min-jung, the daughter of former SK chairman Chey Tae-won, signed up to serve as a naval officer in April, according to the business group and the defense ministry. The results of her physical are expected Friday.Should she pass the exam, the younger
Aug. 27, 2014
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Renault Samsung reaches tentative wage agreement
Renault Samsung Motors Co., the local unit of French automaker Renault S.A., said Wednesday that it has reached a tentative agreement on this year’s pay increase, pending a local court’s decision on a sticky labor-management issue on ordinary wages. The agreement marks the third time this year that a South Korean original equipment car manufacturer reached an understanding on wage and collective bargaining agreement negotiations. The pact is still subject to a vote by all workers on Friday. Rena
Aug. 27, 2014
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Main culprit in large-scale loan fraud gets 20-yr prison term
A Seoul court on Wednesday sentenced the chief of a subcontractor of telecom giant KT Corp.'s financially troubled affiliate to 20 years in prison for masterminding a large-scale loan fraud.The 46-year-old chief of Joonangtnc Co.Ltd, surnamed Seo, was found guilty of colluding with other employees of KT ENS Co., a subsidiary of the country's No. 2 mobile operator KT Corp., to take out some 1.83 trillion won ($1.71 billion) in loans from 16 local banks using forged documents from May 2008 to Janu
Aug. 27, 2014
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[Newsmaker] Daewoo founder says break-up was wrong
More than a decade after the collapse of Daewoo Group in 1999, the group founder and former chairman Kim Woo-choong has stepped out of the shadows to promote a book telling the “real story” about what caused the group to fall. The author is Shin Jang-sup, a professor at the National University of Singapore, who wrote the book as Kim told it. The demise of Daewoo is recorded as the largest bankruptcy ever in Korea. As of the late 1990s, the group was the nation’s second-largest industrial conglom
Aug. 26, 2014
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[Herald Interview] Korea’s agricultural community revival movement goes global
South Korea’s iconic community development movement ― Saemaul Undong ― is to be expanded to developing countries in a joint effort with the International Fund for Agricultural Development, according to a top banker on Tuesday. “The global spread of the Saemaul Movement in partnership with the IFAD is very meaningful for South Korea, the only nation to have transformed into an aid donor from a recipient,” Seop Shim, senior executive director of Korea Eximbank, told The Korea Herald at the bank’s
Aug. 26, 2014
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Sales at major retail outlets drop 4.6% in July
Sales at South Korea’s large retail outlets declined on-year in July on sluggish demand for clothes and outdoor products, government data showed Tuesday.According to the data by the Ministry of Trade, Industry and Energy, sales at major retail outlets dropped 4.6 percent last month from the same period a year earlier. The decline is due in part to lessened demand for summer clothes and products related to outdoor activities. Sales of clothing, including swimsuits, shrank 9.7 percent, while those
Aug. 26, 2014