Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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 hold nearly W31tr of Gangnam real estate
South Korea’s top 10 business groups held real estate worth nearly 31 trillion won ($30.4 billion) in the three Gangnam districts of southern Seoul, data showed Tuesday, with Samsung Group listed as the richest property holder there.Samsung held property worth 12.68 trillion won in the area to take up more than a third of the assets held by the top players, the data compiled by market tracker Chaebul.com showed. It held 44 plots of land and 20 buildings, including its headquarters located near G
Aug. 19, 2014
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Metal workers threaten one-day strike over pay
Unionized metal workers said Tuesday they will stage a one-day walkout later this week if automakers, including the top Hyundai Motor Co., do not accept their calls to count bonuses as part of base wages.In December, the Supreme Court ruled that bonuses paid on a regular basis should count towards ordinary wages, which determine the size of other payments, such as overtime and severance pay.Most companies including Hyundai and its smaller affiliate Kia Motors Corp., however, have been reluctant
Aug. 19, 2014
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[Graphic News] Service industry outperforms manufacturing sector
South Korea’s service industry has witnessed rapid growth in many aspects, including scale of economy and employment, over the past five years, outperforming the manufacturing sector.The number of employees working for 330 listed companies in the country’s seven major service industries like tourism, education, medical service, finance, and software, surpassed 274,760 last year, up 46.5 percent from 197,500 in 2009, according to corporate researcher chaebul.com.The income of service industry wor
Aug. 18, 2014
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[SUPER RICH] AmorePacific chairman now Korea’s third-richest man
Aug. 13, 2014, was a historic day for AmorePacific Group chairman Suh Kyung-bae. The stock price of the nation’s top cosmetics brand closed at 2,068,000 won ($2,000) for the first time in its history, becoming a so-called golden stock by surpassing the 2 million won mark.The surge of AmorePacific shares made Suh the third-richest person in the country, behind Samsung Group chairman Lee Kun-hee and Hyundai Motor Group chairman Chung Mong-koo. Suh owns 626,445 common stocks of AmorePacific, a 10.7
Aug. 18, 2014
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[SUPER RICH] Japan outdoes Korea in self-made billionaires
South Korean companies and people have long compared themselves to Japanese counterparts to measure their success. But things have changed in the past few years as the number of Korean success figures has overtaken that of Japan. Forbes put 26 Korean and 25 Japanese billionaires on its list of the world’s 1,000 wealthiest people on Aug. 15.While it demonstrates the growth of the Korean economy, the higher number doesn’t equate to more wealth. Korea narrowly has more people on the list, but the c
Aug. 18, 2014
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‘UHD panels to account for 50% of TVs’
DARMSTADT, Germany ― Ultrahigh-definition television is expected to account for up to half of the global TV market share to help maintain worldwide panel demand, according to Walter Galinat, CEO and president of the performance materials division of the Merck Group. “I believe that that ultrahigh-definition television will have a very strong impact. We see that the share of UHD panels in the global market is increasing rapidly. We would see the market share of maybe as much as 50 percent of all
Aug. 18, 2014
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Merck Serono puts emphasis on Asia
Elcin ErgunDARMSTADT, Germany ― Asia has in recent years become more important than ever for Merck Serono, a top pharmaceutical firm that is one of Merck’s four divisions.“Asia will always stay very important. It is one of our cornerstones,” said Elcin Ergun, the global head of sales of Merck Serono. Her comments come in the wake of a recession in Europe that has hit the company, whose sales still depend largely on the European market. Ergun noted that in Asia, Korea is one of the top markets ―
Aug. 18, 2014
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OLED expert upbeat on display industry
DARMSTADT, Germany ― Despite the concerns that the display panel market is becoming saturated, Udo Heider, vice president of Merck’s OLED unit, predicted continued growth for the future. “In our homes and in our general surroundings, we will see displays in many applications that we can’t even imagine,” Heider said in an interview with The Korea Herald, indicating that diversification will be the key for maintaining sustainable growth. Udo HeiderAlready, panels are being increasingly used for ca
Aug. 18, 2014
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Merck attributes success to strong foundation
DARMSTADT, Germany ― After more than three centuries in business, Merck Group has retained its spot as one of the world’s leaders in the industries of pharmaceuticals and chemicals. The secret to such sustainable growth lies in a founding family eager to provide full support for the professional staff that runs Merck, and the willingness to undergo the series of innovations that have made Merck stronger and more equipped than ever to compete as a quality industrial materials maker.“(The key to o
Aug. 18, 2014
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[Herald Interview] Central Asia, Korea bolster forest partnership
South Korea aims to bolster its forest partnership with Central Asia by sharing its forest expertise and boosting cooperation in restoring the region’s damaged forest ecosystem, the national forestry chief said.“Central Asia is becoming an important region to South Korea as a growing number of Korean companies have been making inroads into the countries, which have abundant natural resources and high growth potential,” said Shin Won-sop, minister of the Korea Forest Service, in an interview with
Aug. 18, 2014
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Seoul to decide whether to permit use of Lotte skyscraper by end-Aug.
The city government of Seoul plans to decide by the end of this month whether to permit the use of completed lower floors of a skyscraper retail giant Lotte Group is building in the southern part of the capital, an official said Monday.Citing safety and traffic concerns, the metropolitan city rejected the retail group's previous request in July for permission to open the lower floors of the 123-story high-rise being built in the district of Jamsil. It will be the tallest building in South Korea
Aug. 18, 2014
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Hotel Shilla tapped as preferred bidder for Macau duty-free shop
Hotel Shilla, the luxury accommodation affiliate of South Korea's biggest conglomerate Samsung, has been chosen as the preferred bidder for a duty-free store at the Macau International Airport, company officials said Monday."We are discussing the terms with the airport. The final decision is expected early next month," said a company official.Hotel Shilla, which operates a namesake duty-free business, The Shilla Duty Free Shop, had bid for the deal with its partner, Sky Connection, which operate
Aug. 18, 2014
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eBay Korea wins Asian mobile shopping award
eBay Korea, the operator of Korea’s largest online websites Gmarket and Auction, received the Mobile Shopping Award at the 2014 Asia Telecommunication Sales Vision in Seoul last month in recognition of its efforts to implement user-friendly services. The annual telecommunication sales event is one of the largest of its kind in Asia, hosted in turn by Korea, China and Japan. More than 700 participants attended this year’s event. “Gmarket and Auction are leaders in the Korean mobile shopping indus
Aug. 17, 2014
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Korean construction firms see limited impact from Iraq unrest
South Korean builders that have expanded into Iraq are closely watching the escalating unrest in northern Iraq, while drawing up measures for a possible long-term crisis. Some of the companies operating in the area have evacuated on security concerns.Seven employees of POSCO Engineering & Construction recently left the construction site of the Khabat Thermal Power Plant in northern Iraq.The move came amid a recent upsurge in Iraq led by Islamic State fighters coupled with U.S. President Barack O
Aug. 17, 2014
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Booyoung supports African education projects
Booyoung Group, a leading Korean rental housing builder, on Thursday invited an African choir to the company’s headquarters in Seoul, vowing to support more educational programs for youths in African countries.The Choeur Africain des Jeunes sang a popular children’s song written during the Japanese imperial period in front of some 150 Booyoung employees who watched the performance, the company officials said.The Choeur Africain des Jeunes is a group composed of 31 members from eight African coun
Aug. 17, 2014
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Daewoo International invests in Indonesian copper mine
Daewoo International, the trading arm of POSCO, South Korea’s top steelmaker, has purchased a 24.1 percent stake in an Indonesian copper mine, the company said Friday.“With the first deal in natural resources, the company will expand the business portfolio in energy sector,” the company said in a press release. The trading company signed the deal for 46 billion won ($45 million) with Australian mining company Finders Resources, which owns and runs the mine on Indonesia’s southwestern Wetar Islan
Aug. 17, 2014
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Korea to expand corporate pension plan
The government is expected to unveil an improved corporate pension plan at the end of this year with an extension of corporate pension plans and deregulation on the of their operations.Under the proposed revision of the corporate pension system, Korean companies with over 300 employees will be obliged to run a retirement pension plan for their employees by 2016, and this will be expanded to all companies by 2024.State-run think tank Korea Development Institute proposed the improvements at the po
Aug. 17, 2014
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Samsung Electronics extends IOC sponsorship to 2020
Samsung Electronics, the world’s largest handset maker, struck a deal with the International Olympic Committee on Sunday to officially sponsor the Olympic Games until 2020, the South Korean company said. Under the deal, Samsung will sponsor South Korea’s PyeongChang Winter Olympics in 2018 and the Tokyo Olympic Games in 2020 by supplying a wide range of devices including smartphones, tablets, laptops and desktops for athletes and other participants. IOC President Thomas Bach and Lee Jae-yong, th
Aug. 17, 2014
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KEPCO JV acquires plant in Philippines
Korea Electric Power Corp. said Thursday that it had acquired the Philippines’ Naga Power Plant Complex in Cebu through joint venture KEPCO-SPC for $26 million.KEPCO SPC, 40 percent of which is owned by KEPCO and the rest by Cebu-based Salcon Power, purchased the complex from the Philippine’s state-run National Power Corp.The Korean power company won the bid over Aboitiz Group for the complex, consisting of two thermal power plants and a diesel-fired power plant using a combination of coal, bunk
Aug. 14, 2014
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Cheil Industries seeks stock split ahead of IPO
Cheil Industries Inc., an affiliate of South Korea’s largest conglomerate Samsung Group, said Thursday it will carry out a stock split ahead of its initial public offering scheduled for early next year.At a shareholders meeting earlier in the day, Cheil decided to split its shares from the face value of 5,000 won ($4.86) to 100 won. Accordingly, the company will issue 500 million shares plus 50 million preferred shares.The price adjustment came as analysts expected the actual face value of Cheil
Aug. 14, 2014