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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LG Chem’s battery division stages strong performance in H1
LG Chem, South Korea’s largest chemicals company, said Wednesday its battery division has shown better-than-expected results in the first half of the year on robust demand for batteries for mobile devices. The battery division posted 1.4 trillion won ($1.35 billion) in sales in the period, up 16.1 percent from a year ago, and 42.4 billion won in operating profit, growing more than tenfold. On the back of the stellar performance, the company raised this year’s sales target in the battery division
Aug. 6, 2014
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Listed firms’ Q2 performances miss market estimates
South Korean listed firms’ second-quarter business performances were weaker than expected due largely to slumping domestic demand and the local currency’s strength to the U.S. dollar, data showed Wednesday.According to the data released by Kiwoom Securities Co., a combined operating income at 102 listed firms that have reported their second-quarter earnings was tallied at 20.4 trillion won ($19.72 billion), 9 percent lower than the market estimate of 22.5 trillion won.Their combined net profit a
Aug. 6, 2014
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Korea’s imported car sales jump 21.1% in July
Imported car sales in South Korea jumped 21.1 percent on-year in July on strong demand for foreign car brands by consumers, a local trade association said Wednesday.The monthly sales figure of 18,112 vehicles represents a significant gain from 14,953 units sold a year earlier, the Korea Automobile Importers and Distributors Association said. It is also a new monthly high, surpassing the previous record of 17,083 tallied in July.The total is equal to 12.4 percent of the 145,431 new cars sold in t
Aug. 6, 2014
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Samsung, Apple to end patent disputes outside U.S.
Samsung Electronics Co. said Wednesday it agreed with its U.S. rival, Apple Inc., to end ongoing patent lawsuits outside of the United States."Samsung Electronics and Apple have agreed to end patent-related disputes in all countries, except for the U.S.," Samsung said in its statement. "The agreement, however, is not related to a patent licensing deal between the two, and the patent lawsuit in the U.S. will continue," it said.The two tech giants had begun their second round of patent lawsuits i
Aug. 6, 2014
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Samsung tops North American smartphone market
South Korea's Samsung Electronics Co. topped the North American smartphone market for the first time in the second quarter, data showed Wednesday, on the back of robust sales of the flagship Galaxy S5.The world's No. 1 maker of smartphones grabbed 36.2 percent of the North American market in the April-June period, compared to the27.9 percent by its U.S. rival, Apple Inc., the data compiled by Strategy Analytics showed.Industry watchers said the turnaround came as Samsung commenced its full-fledg
Aug. 6, 2014
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Korea's imported car sales jump 21.1% in July
Imported car sales in South Korea jumped 21.1 percent on-year in July on strong demand for foreign car brands by consumers, a local trade association said Wednesday.The monthly sales figure of 18,112 vehicles represents a significant gain from 14,953 units sold a year earlier, the Korea Automobile Importers and Distributors Association (KAIDA) said.It is also a new monthly high, surpassing the previous record of 17,083 tallied in July.The total is equal to 12.4 percent of the 145,431 new cars s
Aug. 6, 2014
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Low female employment rate weakens Korea’s productivity
Analysts warned Tuesday that Korea’s productivity will suffer if Asia’s fourth-largest economy fails to address its low rate of female workforce participation. South Korea continues to struggle with low female economic activity due to socioeconomic factors including a lack of financial support for child care and education, and discrimination.The analysts suggested government intervention and policy revisions that could benefit both private companies and female workers.Easing the taxes on working
Aug. 5, 2014
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Seoul taps KAI to develop medevac choppers for Army
South Korea’s government on Monday tapped Korea Aerospace Industries Ltd. to develop a dedicated medical evacuation helicopter for its troops based on the existing Surion.The Defense Acquisition Program Administration said it picked South Korea’s sole aircraft manufacturer and total systems integrator as the primary negotiating partner for the project that will cost 32 billion won ($31 million). A CG image of KAI’s dustoff helicopter for the Korean Army.The development of the new variant of the
Aug. 5, 2014
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Another Samsung semiconductor worker dies of leukemia
Another worker from a Samsung Electronics Co. chipmaking facility died earlier this month from leukemia after working at the company for 27 years, a labor advocacy group said Tuesday, just days after compensation talks between the two sides for similar victims ended without much progress.The Protector of Health and Human Rights of Semiconductor Workers (SHARP) said Lee Beom-woo, 47, died a month after being hospitalized with leukemia. He worked for 23 years at Samsung’s facility in Onyang, South
Aug. 5, 2014
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Yuhan-Kimberly offers environmental learning
For the past 27 years, Yuhan-Kimberly, a leading life innovation company in Korea, has hosted Green Camp, a high-energy environmental learning experience for female high school students, to help raise their awareness of their natural surroundings. “The camp started as a forest field trip but over time, it has been transformed into an environmental leadership program,” said Choe Kyoo-bok, Yuhan-Kimberly president and CEO, who attended the four-day camp held at Saneum Forest in Yangpyeong, Gyeongg
Aug. 5, 2014
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Hyundai, Kia lag behind overseas rivals in dividend payouts
South Korea's top two automakers -- Hyundai Motor Co. and Kia Motors Corp. -- lagged behind their overseas rivals last year in terms of dividend payout ratio, one of the reasons for their low valuations, data showed on Tuesday.Hyundai Motor, the country's top automaker, paid 6.2 percent of its net profit to shareholders last year, higher than the 6 percent ratio posted in 2012, according to the data compiled by Meritz Securities Co.Hyundai's dividend payout ratio, a percentage of earnings a comp
Aug. 5, 2014
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[SUPER RICH] The superrich bucket list
No matter how rich you are, there are some things that are beyond your reach. The Korea Herald Special Investigative Team looked into some of the pet projects on the “bucket lists” of the nation’s top business moguls. Some were realized, some are ongoing, and for a few, the dreams were passed on to the next generation. Lotte launches beer brandThis April, Lotte Group founder Shin Kyuk-ho, after many years, was able to cross off one item on his bucket list when Lotte launched Kloud, its own brand
Aug. 4, 2014
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[Herald Interview] Qatar Airways to introduce bigger B777 on Korean route
Qatar Airways, one of the fastest growing airlines in the world, is making inroads into the South Korean market, where the carrier plans to introduce a new, bigger Boeing 777 jumbo jet to lure more business and luxury travelers.The flag carrier of Qatar will be introducing the B777-300 aircraft into the Incheon-Doha route starting from September, increasing seating capacity to 293 passengers for the economy-class from the current 217. “Compared to other airlines that have 385 economy-class seats
Aug. 4, 2014
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‘Live your today,’ Hanwha Life ad tells viewers
Hanwha Life Insurance, the nation’s second-largest insurer, is reaching out to customers with heartfelt a advertising campaign. Its latest television commercial, called “Live your today,” is part of a series of marketing initiatives encouraging people to lead happier lives. The new commercial questions the traditional way of thinking that calls for the younger generation to sacrifice the present for a better future, emphasizing that the more important values in life involve pursuing true happine
Aug. 4, 2014
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Korea’s 400 richest people own average W459b: report
The average wealth owned by the 400 richest people in the country reached 459 billion won ($445.3 million), according to data compiled by Chaebul.com, a local conglomerate research firm on Monday.Among the list, 35 individuals had assets exceeding 1 trillion won. The data was based on the top managers of 1,883 listed and 21,280 nonlisted companies here. It found that the combined wealth of the 400 richest people totaled just under 183.93 trillion won as of July.The findings also showed that the
Aug. 4, 2014
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Coffee franchise Caffe Bene fined for abusing market power
The Fair Trade Commission on Monday said that it has fined Caffe Bene, the country’s largest coffee franchise, 1.94 billion won ($1.88 million) for abusing its market power in dealings with proprietors.The FTC found Caffe Bene guilty of forcing shop owners selling coffee under its brand to bear the costs of a promotional event arranged with KT Corp. in 2010. Caffe Bene initially promised to shoulder half of the costs but later reneged on the deal, forcing the shop owners to pay for the event. Th
Aug. 4, 2014
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Local manufacturing wanes, IT on forefront
South Korea’s industrial landscape has changed dramatically in the last three years as the manufacturing industry, the country’s traditional growth engine, shrank in the wake of an global economic slowdown while the information technology and electronics sectors arose as the new market leaders, data showed Monday. The aggregate value of listed firms in the nation’s main stock market tallied 1.19 quadrillion won ($1.15 trillion) as of July 31, a 4.7 percent surge from Aug. 3, 2011, according to d
Aug. 4, 2014
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Government to provide support for overseas construction
The South Korean government announced plans to provide additional support to the country’s builders in winning new overseas construction orders Monday amid a surge in overseas projects.In the second half, the government will provide up to 1.2 billion won ($1.16 million) specifically for the development of new overseas markets, according to the Ministry of Land, Infrastructure and Transport.“The support program seeks to assist companies advancing to new overseas markets that usually come with hig
Aug. 4, 2014
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Coffee franchise Caffe Bene fined for abusing market power
South Korea's antitrust watchdog said Monday that it has fined Caffe Bene, the country's largest coffee franchise, 1.94 billion won (US$1.88 million) for abusing its market power in deals with shop owners.The Fair Trade Commission accused Caffe Bene of forcing shop owners selling coffee under its brand to bear full costs related to a promotional event jointly arranged with KT Corp. in 2010 to provide discounts to customers of the mobile carrier. Caffe Bene was supposed to shoulder half of the co
Aug. 4, 2014
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Hyundai, Kia global market share rises to 9.1% in Q2
The global market share of Hyundai Motor Co. and its corporate cousin Kia Motors Corp. reached 9.1 percent in the second quarter of this year, thanks mainly to demand for newly launched vehicles, industry sources showed Monday.According to South Korea's two largest automakers and findings by U.S.-based LMC Automotive, the combined market share of Hyundai and Kia topped the 9 percent mark for the first time in three quarters. The highest market share so far was 9.4 percent reached in the fourth q
Aug. 4, 2014