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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K-pop CEOs sidestep key issues at National Assembly audit
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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German carmakers expand biz realm into local used car market
Three German carmakers that have been making solid inroads into South Korea's market in recent years are moving to expand their business realm into the used car sector, local industry sources said Friday.The move first set into motion by luxury brand BMW, which has been operating its "premium selection" collection since 2005, is being emulated by Mercedes-Benz and Volkswagen (VW).These three carmakers combined sold 52,278 vehicles in the first half of 2014, up 33.1 percent from 39,267 units sold
July 11, 2014
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Hyundai, Kia become top-selling car brands in Russia
South Korea's Hyundai Motor Co. and its affiliate Kia Motors Corp. dominated Russia's passenger car market last month, outdoing Russian automaker AvtoVaz, industry data showed Friday. According to data provided by Korea Automotive Research Institute (KARI), the two South Korean carmakers took up 16.9 percent of the Russian market share in June, outselling AvtoVaz accounting for 15.1 percent for the first time. Hyundai and Kia sold 16,754 units and 17,023 units, respectively, so that the total of
July 11, 2014
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Lotte Hotel cancels reservation for Japanese self-defense forces event
South Korea's high-end hotel chain Lotte Hotel canceled its plan to host a Japanese annual event marking the establishment of the Japanese self-defense forces on Thursday, citing unfavorable public sentiment here. The Embassy of Japan in Korea had planned to commemorate the 60th anniversary of the establishment of the modern Japanese military at Lotte Hotel in central Seoul on Friday. "In consideration of the public sentiment, (we) canceled the Japanese embassy's special event scheduled for
July 10, 2014
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[Herald Interview] Hibrand to woo high-end shoppers
Hibrand, a premium shopping outlet, located in the affluent Yangjae area of Seoul, is eager to change the tide in local shopping trends by attracting more people to outlet stores, a move that its CEO sees to be critical as the shopping center seeks the next level in business. “With the Korean economy entering a low-growth era, more high-end shoppers are migrating to premium outlets from department stores,’’ Hibrand vice president Jin Chang-bum said in an interview with The Korea Herald. “Riding
July 10, 2014
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Pantech chief appeals for support
The CEO of the nation’s third-largest handset maker, Pantech, pleaded on Thursday for support from telecom carriers and its creditors in a bid to save the struggling company. “Pantech can be a viable company if mobile carriers agree to a debt swap and the company carries out its plan to normalize the management,” said Lee Jun-woo, CEO of Pantech, at a press conference at its headquarters. The press conference comes with the country’s three telecom giants ― SK Telecom, KT and LG Uplus ― dragging
July 10, 2014
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Lotte Duty Free to launch first U.S. operation in Guam
Lotte Duty Free, the country’s largest duty-free shop by sales, is set to launch operations in the U.S. this month, the Lotte Group affiliate said on Thursday. The grand opening of the Guam store will take place on July 23 at Guam International Airport. The duty free sector of the airport covers 2,250 square meters, and there are currently some 250 brands that sell such goods as fashion accessories, cosmetics, perfume, alcoholic beverages and cigarettes. Lotte Duty Free said it has secured right
July 10, 2014
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U.S. activist group claims child labor at Samsung's supply chain in China
A Chinese supplier of Samsung Electronics Co., South Korea's top tech giant, hires children and underage students to work in peak seasons without giving them due compensation, a U.S.-based activist group said in a statement dated Wednesday. China Labor Watch (CLW) said in its statement that it discovered the use of child labor at a factory owned by Shinyang Electronics in Dongguan, southern China. According to CLW, Shinyang hires underage students, who usually work for a period of three to s
July 10, 2014
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Daewoo Shipbuilding wins orders for 9 icebreaking LNG carriers
Daewoo Shipbuilding & Marine Engineering, the country’s second-largest shipbuilder, said Wednesday it has inked deals worth some $2.8 billion to build nine icebreaking LNG carriers for Canada and Japan.The company said the orders include six from Teekay & CLNG ― a joint venture between Canada’s Teekay and China’s CLNG ― and three from MOL & CSLNG, a joint venture between Japan’s MOL and China’s CSLNG.The carriers, costing about $300 million apiece, will be used in developing a gas field on the Y
July 9, 2014
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KEPCO hosts analysts’ meeting in N.Y.
The top management of state-run Korea Electric Power Corp., the nation’s largest utility firm, hosted an investor relations session with analysts at the New York Stock Exchange on Tuesday to present its corporate vision for transforming into a global energy giant, the company said in a press release. It marked the first time for KEPCO chief executive Cho Hwan-eik to host such an event in New York since 2011. “The event was designed to address the company’s recent improvements in performance to f
July 9, 2014
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Kolon Water & Energy plans IPO next year
Kolon Water & Energy, the energy unit of Kolon Industries, said on Wednesday that it would launch an initial public offering of its shares in the second half of 2015. The water supply and sewage management company initially planned to undergo screening in preparation for going public last year, but scrapped the plan due to the sluggish stock market conditions. “We have been preparing for the IPO for more than a year. We don’t expect to see any more setbacks,” an official of Kolon Water & Energy
July 9, 2014
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17 S. Korean firms make Fortune 500 list
Samsung Electronics Co. and 16 other South Korean companies were included in the 2014 Fortune 500 list, three more than last year, the online edition of the U.S. business magazine Fortune said Tuesday.Samsung Electronics, the world's leading maker of mobile phones and computer memory chips, rose one notch from the previous year to 13 on the list.Three local companies -- Hanwha Corp., Samsung C&T Corp. and Lotte Shopping Co. -- newly joined the list this year.SK Holdings, the holding company of S
July 8, 2014
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Samsung Electronics expects 24% drop in operating profit in Q2
Samsung Electronics’ quarterly operating profits are expected to fall below 8 trillion won ($7.9 billion) for the first time in two years. The company said in its earnings guidance Tuesday that it posted 7.2 trillion won of profit in the second quarter, a 24 percent drop from the 9.5 trillion won recorded a year ago. Its sales were at 52 trillion won, representing a 9.5 percent fall compared to the same period in 2013. Samsung Electronics tried to explain the profit decline, saying that a strong
July 8, 2014
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Kolon, Aker Solutions to establish joint oil and gas venture
Kolon Water & Energy said Tuesday it will establish a joint venture with Norway’s Aker Solutions to enter the oil and gas solution business to diversify its portfolio in the energy sector. The energy unit of Kolon Industries Inc., which offers water and energy solution as well as sewage and waste processing services, said it will invest in half of the stake of the joint venture with the Norwegian company that has recognized technology in offshore plants.“Kolon Water & Energy aims to become the t
July 8, 2014
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Budget airlines expand market presence in Korea-Japan route
Budget airlines are rapidly expanding their market presence in the South Korea-Japan routes, despite an overall drop in passenger traffic between the two neighboring countries, industry data showed Tuesday.According to figures released by Korea Airport Corp. and individual airlines, low-cost carriers from the two countries handled 756,200 passengers in the first five months of 2014. This represents an average 76 percent increase from 245,000 people they ferried between South Korea and Japan in 2
July 8, 2014
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Lotte DFS to hold Family Concert
Lotte Duty Free Shop will hold its 18th Family Concert, inviting 120,000 K-pop fans to enjoy the performances of top-tier entertainers at Jamsil Stadium in Seoul on Aug. 29, 30 and 31. The Aug. 29 event will be held as a fan meeting for foreign fans of actors Kim Soo-hyun and Park Hae-jin. Songstresses Lynn and Yunha will perform the original soundtracks of TV dramas the actors starred in. On Aug. 30 singers Lee Seung-hwan, Kim Bum-soo, Hwisung and Ailee will perform, followed by pop bands EXO,
July 8, 2014
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Japanese diner Mitaki opens in Busan
Global Japanese restaurant Mitaki on July 1 opened its first Korean outlet on Dalmaji Road in Haeundae, Busan. The menu items include the top-ranking course-meal kaiseki, teppanyaki, tempura, sushi and others. Teppanyaki will be cooked upon order to secure freshness and quality.The 140-seat restaurant will be led by Kazuo Zuauki, who served as chief executive chef at the trendy Nakamura Gourmet in Japan. The diner has terrace seats and private rooms for banquets and special occasions. (baejisook
July 8, 2014
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Caffe Bene opens 2 shops in U.S.
Caffe Bene opened two outlets in New Jersey in the U.S., targeting commuters to the Big Apple. Caffe Bene Hoboken is situated near Hoboken train station, among pubs and clubs frequented by commuters to Manhattan. Lower Manhattan can be seen through the windows on the second floor, the cafe franchise said. Caffe Bene in New Brunswick is located near Rutgers University and the New Brunswick train station. Those who spend more than $10 will be given a free coffee mug to celebrate the opening.Caffe
July 8, 2014
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Lotteria opens first store in Cambodia
South Korean fast food restaurant Lotteria opened its first outlet in Phnom Penh on June 30. Situated inside the Aeon Mall, the restaurant is focusing on chicken and beef dishes, reflecting Cambodian tastes, including a general avoidance of pork. This is the 230th overseas diner for Lotteria, including ones in Vietnam, Indonesia, China and Myanmar. The fast food unit of business conglomerate Lotte is hoping to open 20 more franchises by 2018 in Cambodia by teaming up with the local restaurant gr
July 8, 2014
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Su:m37 releases cleansing balm
LG Household and Health Care’s makeup brand, Su:m37, released Skin Saver Melting Cleansing Balm containing fermented apricot seed oil and vitamin C oil. The solid formula melts smoothly when applied to the skin, but thoroughly removes leftover makeup as well as sebum in the pores. Vitamin A, tocopherol and minerals in the apricot seed oil has a moisture-capturing effect while the vitamin C oil with vitamin C derivatives brings about a clearer and brighter skin tone, the company said.The 100 mill
July 8, 2014
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Robbers grab $36 million Samsung electronics in Brazil
Around 20 armed robbers raided a Samsung plant in southeastern Brazil on Monday, leaving with 40,000 smartphones, laptops, tablets and other electronics worth $36 million that were loaded in seven trucks, police said.The thieves arrived after midnight at the plant in Campinas, a city near Sao Paulo, taking guards and 200 employees hostage, a local police spokesman told AFP.Witnesses told the G1 news website that the robbers, who had staff ID badges, were not aggressive. They ordered everyone to
July 8, 2014