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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KT&G net profit falls 4.3% in second quarter on stronger won
KT&G Corp., South Korea’s largest tobacco manufacturer, said Thursday its second-quarter net profit decreased 4.3 percent from a year earlier due to stronger local currency.Net income stood at 184.3 billion won ($179.2 million) in the April-June period, compared with 192.7 billion won a year earlier, the company said in a regulatory filing. Sales, however, rose 8.5 percent to 992.3 billion won in the cited period, and operating profit surged 15.1 percent to 286.3 billion won. The numbers reflect
July 17, 2014
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Seoul rejects Lotte’s plan to open lower floors of mega high-rise
The Seoul city government on Thursday rejected a request from Lotte Group to open the lower floors of a mega skyscraper in the Jamsil area, citing safety concerns and traffic congestion. Lotte has been seeking Seoul’s approval since June to use the completed lower floors of the 123-story highrise that is being built as a part of a complex called the Second Lotte World Tower. It will be the tallest building in South Korea when completed in late 2016. The city government, however, turned down the
July 17, 2014
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Business community opposes move to tax cash reserves
South Korea’s business community on Thursday protested proposals by the government to tax corporate cash reserves, stressing that such actions will only hurt investment and not benefit the economy.The Federation of Korean Industries, which represents the interests of the country’s large family-run conglomerates known as chaebol, said companies need cash reserves to deal with potential uncertainties in the future and that most of the money set aside has already been earmarked for use to buy land
July 17, 2014
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KEPCO to sell Seoul office plot via open bidding
South Korea’s state-run power company announced Thursday it will sell the land of its Seoul headquarters, expected to fetch up to 4 trillion won ($3.8 billion), through open bidding within this year.The plot is one of the most expensive and coveted real estate properties, measures 79,342 square meters, and sits in a spot in the southern part of the capital that can be turned into a composite business center. Hyundai Motor has officially expressed its intent to buy the land to build a new corpora
July 17, 2014
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POSCO to sell off three affiliates to improve finances
POSCO, the country’s No. 1 steelmaker, said on Thursday that it will be selling off its stakes in three affiliates in a bid to improve its financial circumstances. The company will be selling parts of its holdings in the liquefied natural gas terminal in Gwangyang, and also spin off POSFINE, a company that sells ground blast-furnace slag to cement companies, and POSCO Uruguay S.A.“If the sales take place without complications, it will mark the first step in POSCO’s new strategy to focus on key b
July 17, 2014
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KT&G net 4.3 percent down in Q2 on stronger won
KT&G Corp., South Korea's largest tobacco manufacturer, said Thursday its second-quarter net profit decreased 4.3 percent from a year earlier due to stronger local currency.Net income stood at 184.3 billion won ($179.2 million) in the April-June period, compared with 192.7 billion won a year earlier, the company said in a regulatory filing. Sales, however, rose 8.5 percent to 992.3 billion won in the cited period, and operating profit surged 15.1 percent to 286.3 billion won. The numbers reflect
July 17, 2014
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Samsung C&T wins $678m Mumbai convention center deal
Samsung C&T, the construction and trading arm of Samsung Group, has won an order worth $678 million to build a commercial complex in Mumbai, India, the company said Wednesday. Samsung C&T inked the deal with Reliance Industries, India’s third-most valuable company, for the construction of the Dhirubhai Ambani International Convention and Exhibition Center.The DAICEC is a mixed-use development project located in the heart of the Bandra Kurla Complex, a commercial complex in the suburbs of Mumbai.
July 16, 2014
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(Photo News) Shared growth
Shinsegae Group president Kim Hae-sung (right) shakes hands with Lee Il-kyoo, chairman of Small Enterprise and Market Service, after signing an agreement promising 10 billion won ($9.7 million) of support from the retail giant over five years for the growth of traditional markets, at the Korean Chamber of Commerce and Industry in Seoul on Wednesday. (Lee Sang-sub/The Korea Herald)
July 16, 2014
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Korean Air heiress publishes children’s travel book
Cho Hyun-minCho Hyun-min, executive vice president of Korean Air and second daughter of Hanjin Group chairman Cho Yang-ho, on Wednesday published a children’s travel book series, titled “Jini’s Dazzling World Adventure.”The new series centers on the adventures of a 12-year-old girl, Jini, who travels around the world alone. Each book is about how she prepares for her trip, experiences different cultures and makes friends in different cities.Starting with the first book on Japan’s Okinawa, each s
July 16, 2014
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POSCO mulls selling stake in Gwangyang LNG terminal
POSCO, South Korea’s largest steelmaker, is considering selling off stakes in its liquefied natural gas terminal in Gwangyang port, in the southern part of the country, industry sources said Wednesday.Insiders familiar with the company claimed the possible stake sale will not involve surrendering management rights of the terminal some 420 kilometers south of Seoul. “POSCO recently picked a firm to manage the stake sale,” an industry watcher said, without elaborating on details. The facility, com
July 16, 2014
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Hyundai Motor car sales in China, India up 8.2%
Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said Wednesday that its sales in China and India rose 8.2 percent on-year in June, fueled by solid demand for its popular models.The conglomerate said combined sales by its flagship companies Hyundai Motor Co. and Kia Motors Corp. in the two countries stood at 171,188 units last month, up from 158,225 a year earlier. China represents the largest market for Hyundai and Kia vehicles, even surpassing the U.S. market. India, whe
July 16, 2014
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[Herald Interview] Staying cool in summer
Winix, once a parts supplier for Samsung Electronics’ refrigerators and water dispensers in the 1980s, has grown into a leading dehumidifier manufacturer in South Korea, beating home appliance giants including LG Electronics.Dunstin Yoon, senior director of Winix’s management innovation, said the company will make all-out efforts to retain its leadership in the dehumidifier market, especially during July and August, the hottest and most humid months of year.“We will continuously forge ahead to m
July 16, 2014
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ETRI invents sensors for flexible, transparent displays
Flexible and transparent displays have emerged as the next promising technology that could change the way consumers watch content on screens.A local researcher, however, said they require new components such as circuits and sensors that also need to be flexible and transparent before the displays can be fully commercialized.A team of South Korean researchers has recently developed flexible, transparent touch sensors which can better detect the intensity, direction and location of users’ fingers.
July 16, 2014
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Hyundai Motor recalls early U.S. production 2015 Sonatas
Hyundai Motor Co., South Korea's largest carmaker, said Wednesday that it has ordered the recall of some 2,100 Sonata midsize sedans made at its Alabama plant after finding wiring related problems that can affect the power steering system.The problem with the wiring harness can require drivers to exert more physical effort to steer the car. In addition, drivers may have a harder time getting the gear shifter out of the "park" position."The problems were found in-house, and the company took actio
July 16, 2014
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Korea’s housing price gap hits 5-year low in June
The price gap between luxury homes and cheaper houses fell to the lowest level in over five years in June as demand for smaller affordable homes increased from people opting to buy rather than pay rising rent, real estate data showed Tuesday.According to the data provided by Kookmin Bank, the house quintile share price dipped to 4.9 in June, the lowest since 8.4 in December 2008 when the bank began to release the index.The figure is down 0.1 percentage point from the previous month. The house pr
July 15, 2014
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Creditors to lend 160b won to ailing Dongbu Steel
Creditors of the ailing Dongbu Steel said Tuesday they will provide 160 billion won ($157 million) in loans to the company, whose foiled sale has put the parent group’s self-rescue efforts on hold.The Korea Development Bank, the main creditor of Dongbu Steel, said the loan approval process has begun for granting the loan to help the steelmaker cover its costs. A loan can be extended to a company undergoing restructuring if it is approved by creditors who control more than 75 percent of the compa
July 15, 2014
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Hankook Tires to equip new BMW Minis, Mercedes C-classes
Hankook Tire Co., South Korea’s No. 1 tiremaker, said Tuesday it has been tapped to equip the latest models of the iconic Minis made by BMW and Mercedes-Benz C-class vehicles.The latest original equipment deal comes as the company has steadily expanded its market portfolio to factory equip new cars made by top German carmakers. The company said shipments to Mercedes-Benz involve the high-end, run-flat and conventional Ventus S1 evo2 tires, which have won several awards in the past.For the BMW de
July 15, 2014
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Car production at Hyundai Motor’s Turkey plant tops 1m units
Hyundai Motor Co., South Korea’s largest carmaker, said Tuesday that its plant in Turkey rolled off its 1 millionth vehicle, a milestone in the company’s presence in the country and Europe.The plant in the port city of Izmit, which has the capacity to produce 200,000 cars per year, has been in operation since 1997, with vehicles including the i10 and i20 supermini cars currently being made there. Both cars are so-called strategic cars introduced by Hyundai Motor for the European market, whose co
July 15, 2014
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[Herald Interview] Experts say Seoul would benefit from North American shale gas
Natural gas from shale rocks in North America could provide more options for energy-thirsty countries such as South Korea, according to energy experts at global market research firm IHS. “(Shale gas) supply from North America creates more opportunities for Korea and options for Korean buyers,” Ron Kapavik, Vice President of IHS Energy’s Asia Pacific division said in an interview with The Korea Herald on the sidelines of the 4th Energy Future Forum which held in Seoul on July 10. Ron Kapavik, vic
July 15, 2014
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Car production at Hyundai Motor's Turkey plant tops 1 mln
Hyundai Motor Co., South Korea's largest carmaker, said Tuesday that its plant in Turkey rolled off its 1 millionth vehicle, marking a milestone in the company's presence in the country and Europe.The plant located in the port city of Izmit, which has the capacity to produce 200,000 cars per year, has been in operation since 1997, with vehicles such as the i10 and i20 supermini cars currently being made there.Both cars are so-called strategic cars introduced by Hyundai Motor for the European mar
July 15, 2014