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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Seoul shares little changed following key rate cut
South Korean stocks ended near flat Thursday after the Bank of Korea lowered the key rate to spur growth in a widely expected move, but without giving a clear signal of a further cut, analysts said. The local currency rose against the U.S. dollar to a two-week high.The benchmark Korea Composite Stock Price Index fell 0.04 percent, or 0.86 point, to 2,063.22. Trading volume was thin at 267.3 million shares worth 3.7 trillion won ($3.6 billion), with gainers beating losers 495 to 319.Analysts said
Aug. 14, 2014
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POSCO inks MOU to sell specialty steel affiliate
POSCO, South Korea’s No. 1 steelmaker, said Thursday it has inked a deal to spin off its specialty steel affiliate as part of a greater effort to reorganize the entire industry. The memorandum of understanding signed with SeAH Group, a specialty steel, auto parts and welding materials conglomerate, outlines the acquisition of POSCO Specialty Steel by SeAH Besteel Corp. POSCO said conditions of the deal and the selling price will be worked out at a later date, with both sides to discuss ways to e
Aug. 14, 2014
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Ex-LIG chief may head insurance association
A former CEO of LIG Insurance is expected to become the new head of the General Insurance Association of Korea, according to industry sources Thursday. The sources said that one of the two candidates selected by the nomination committee ― Kim Woo-Jin, former vice chairman of LIG Insurance ― stepped down, leaving only Jang Nam-sik, former chief executive of LIG Insurance in the race.Jang holds a bachelor’s degree in social science from Seoul National University. He has worked for LIG Insurance fo
Aug. 14, 2014
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Trade volume between Korea, Japan drops
South Korea’s trade volume with Japan has seen a decline recently on the back of a weak yen and Seoul’s reduced reliance on importing industrial parts and materials from the country, according to the Korea International Trade Association. KITA said trade volume between the two nations had reached $42.9 billion in the first half of this year to record a 9.8 percent drop from the same period last year. The figure is the lowest since 2009, in the midst of the global financial crisis, when trade vol
Aug. 14, 2014
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Hanwha streamlines business portfolio
Hanwha Group, the nation’s 10th-largest conglomerate by assets, said Wednesday that Hanwha Chemical, its flagship affiliate, signed a deal to take over KPX Fine Chemical as part of efforts to restructure its business portfolio. The group did not reveal the size of the deal. KPX Fine Chemical, a local mid-sized chemical goods manufacturer, has supplied toluene diisocyanate and its derivatives, which are used in products such as cars, furniture and footwear, for almost three decades. “The group so
Aug. 13, 2014
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LVMH to invest W100b in YG
LVMH Moet Hennessy Louis Vuitton, the parent company of luxury fashion brands Louis Vuitton, Celine, Marc Jacobs and Givenchy, is expected to invest more than 100 billion won ($97.2 million) in the South Korean entertainment firm YG Entertainment. With the investment, the Paris-based firm aims for business synergy between the world’s largest luxury empire and the Asian entertainment giant, according to media reports Wednesday. “Negotiations have been held since June. The investment is just a mat
Aug. 13, 2014
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Mahindra to sell Korean electric bikes in North America
The Mahindra Group will distribute electric bicycles made by Alton Sports Corp., Korea’s largest bicycle manufacturer, in the U.S., Canada and Mexico, the India-based company said Wednesday.Mahindra said its U.S. affiliate Mahindra GenZe signed an agreement to be the exclusive sales and distribution agent for the bicycles that are currently available only in the Korean market. “Our engineering, powertrain and quality experts at Mahindra GenZe consider Alton’s products to be world-class,” said Di
Aug. 13, 2014
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Daum, Kakao to keep their names in merged company
Kakao Corp. and Daum Communications Corp., the two leading South Korean IT firms set to merge later this year, said Wednesday they will name the new entity “Daum-Kakao.”“We have finally decided on the new name, although other details concerning the merger, including reorganizations of business divisions, have not yet been determined,” an official from Kakao said.The new name will be used starting at the end of this month after a shareholders’ meeting on Aug. 27. Another official from Kakao said
Aug. 13, 2014
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Samsung head recovering in ‘many ways’
Lee Kun-hee, the de facto head of Samsung Group who has been hospitalized since May after suffering a heart attack, is recovering, a high-ranking corporate official said Wednesday.“After watching the progress over the past two months since June 18 (when I first explained Lee’s condition), the chairman’s health has improved in many ways,” said Lee Jun, Samsung’s chief communications officer.“Details of the chairman’s condition, including the means of treatment, cannot be provided as they are priv
Aug. 13, 2014
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Hyundai Motor, union to engage in last-minute talks
Hyundai Motor Co.’s labor union said Wednesday it will engage in last-minute talks with management to sort out their differences on working conditions and wages before deciding on a walkout later this month.Union leaders had called for a strike following a meeting of representatives at the automaker’s main production plant in Ulsan late Tuesday as negotiations with the management on standard wage and other workers’ benefits weren’t making any headway.The matter will be put to a vote on Thursday
Aug. 13, 2014
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POSCO Energy helps kids find their calling
POSCO Energy, the power-producing unit of the nation’s largest steelmaker POSCO, has been for years dedicated to helping children from underprivileged families discover what they want to be in the future.This month, the company invited about 150 children registered at 10 children’s welfare centers in Incheon to Kidzania, an indoor play area where kids can get a taste of different jobs, in an event the company calls “Find My Future Job.” At Kidzania, kids can try out more than 90 different jobs i
Aug. 13, 2014
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Rosary, veil sales surge ahead of papal visit
Sales of rosaries, veils and other Catholic accessories are on the rise as South Koreans get ready to welcome Pope Francis, who will be making his first visit to the country later this week, industry data showed Tuesday.In his first trip to Asia, the pope will visit South Korea from Aug. 14-18 to celebrate a gathering of Catholic youths in Asia and beatify 124 Korean Catholic martyrs. Pope Francis is also scheduled to meet and console family members of Sewol ferry disaster victims.Sales of churc
Aug. 12, 2014
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Hyundai Motor unveils all-new i20 Elite in India
Hyundai Motor Co., South Korea’s largest carmaker, said Tuesday it has unveiled the all-new i20 mini B-segment car that will battle rivals in hotly contested overseas markets.The debut of the car in New Delhi comes ahead of its global launch at the Paris Motor Show set for early October. It replaces the current model that has sold more than 1.06 million units since production began in 2008.Rivals of the new car include such established players as the Volkswagen Polo, Ford Figo, Opel Corsa and Ma
Aug. 12, 2014
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Foreign investors pull out of Hyundai Department Store
Foreign investors have continued to reduce their stakes in Hyundai Department Store, one of the top three premium retail chains in Korea, since 2012 due to rising doubt over the retailer’s growth potential, industry watchers said. Hyundai Department Store, listed on the nation’s main bourse, is a flagship affiliate of Hyundai Department Store Group, a family-controlled retail conglomerate in Korea. “The operating profit of the company fell for the sixth consecutive quarter in the second quarter
Aug. 12, 2014
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People key to future of manufacturing
Last June, the Korean government announced the manufacturing industry innovation 3.0 strategy for creative economy to promote projects to intellectualize and optimize the entire production process at 10,000 smart plants by 2020 with an investment of 1 trillion won ($972 million). Germany also has been pursuing “industry 4.0” to boost its national competitiveness. In the future of manufacturing, smart factories will become a true convergence of the real and virtual production worlds, and there ar
Aug. 12, 2014
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Pantech files for court receivership
Suffering from a severe cash shortage, Pantech Co., South Korea's No. 3 handset maker, filed for court receivership Tuesday with a Seoul court five months after it was placed under a debt workout program."We want to deeply apologize for failing to fulfill the responsibility and role as a company, which resulted in applying for court receivership," the company said in its official statement to investors after the decision was approved by its board of directors."We will continue to make strenuous
Aug. 12, 2014
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OB hits back at rumor-mongers
OB Beer, South Korea’s leading beer producer, plans to take legal action to combat the spreading of rumors that its Cass brand was mixed with disinfectant solution, company officials said. OB has requested a cyberinvestigation into who posted the online messages claiming to have witnessed the contamination process, warning customers against consuming Cass beer. “When beer gets exposed to high temperature and strong sunrays in the summer, it can develop a bitter chemical taste and a unique odor,”
Aug. 11, 2014
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(Photo News) Plates for the Vatican
Hankook Chinaware on Monday displays the china it will supply to the Vatican to mark Pope Francis’ visit to South Korea later this week. (Kim Myung-sub/The Korea Herald)
Aug. 11, 2014
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Three firms post over W1tr in operating profits in Q2
Only three South Korean conglomerates posted an operating profit of over 1 trillion won ($970 million) in the second quarter of this year, data showed on Monday. It is the smallest number of firms to surpass the 1 trillion won mark during that time period in the past three years. According to FnGuide, a corporate financial information provider, Samsung Electronics, Hyundai Motor and SK hynix were the three companies. Samsung Electronics was the highest earner during the April-June period, among
Aug. 11, 2014
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Kia unveils first pictures of new Sorento SUV
Kia Motors Corp. released the first official pictures of its new Sorento crossover SUV on Monday ahead of it reaching showrooms across South Korea late this month.The four images show three front three-quarter and one rear three-quarter views of the midsize SUV with complete details of its front and back, profile and roof.The design incorporates more muscular sheet metal that gives off a sporty and upscale feel to the vehicle. The bold corporate “Tiger Nose” front grille bears a strong resemblan
Aug. 11, 2014