Most Popular
-
1
'Culinary Class Wars' producers deny trying to spice up results
-
2
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
Netflix, streaming platforms come under fire for loose ratings
-
6
S. Korea, Singapore seal supply chain agreement
-
7
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
8
20 minors registered as CEOs making over 100 million won
-
9
K-pop CEOs sidestep key issues at National Assembly audit
-
10
[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
-
Park elected executive board member of ICC
Park Yong-maanPark Yong-maan, chairman of the Korea Chamber of Commerce & Industry, was elected an executive board member of the International Chamber of Commerce last Friday, KCCI said in a press release. Park, who also leads Doosan Group as chairman, will serve on the board of the world’s largest business organization for the next three years from July 1. Park is the only Korean among 20 executive board members and one of five Asian board members. ICC board members, including Park, are expecte
June 30, 2014
-
Analysts optimistic on LG auto business
LG Group’s auto business is expected to reach 3 trillion won ($2.9 billion) in sales this year and will continue to be on the upturn on the back of close partnerships being forged with global carmakers, industry watchers said. “LG Electronics’ vehicle components unit may see 30 percent growth in sales in 2017 on the grounds that the company’s talks with global carmakers appears positive this year,” said Kim Ji-san, an analyst at Kiwoom Securities. The business achieved 1 trillion won in sales in
June 30, 2014
-
KTX begins service to Incheon airport
South Korea’s bullet train started service to Incheon International Airport on Monday in a move expected to improve convenience for passengers, the government said.The state-run rail operator Korea Railroad Corp. said the Korea Train Express is making 20 trips to Incheon International Airport per day. Travelers who board the KTX in Busan, Gwangju or Incheon can reach the airport without transferring to the Airport Railroad Express or taking a limousine airport bus. But the maximum speed of the K
June 30, 2014
-
SK chairman sells 4.9% stake in SK C&C to Taiwanese firm
Chey Tae-won, chairman of South Korea’s third-largest conglomerate SK Group, sold 4.9 percent of his stake in SK C&C, an information technology service provider, to a Taiwanese firm, the group said Monday.Hon Hai Group said in a regulatory filing that its affiliate Best Leap Enterprises Ltd. has acquired 2.45 million shares in the South Korean company at 381 billion won ($375 million).SK Group confirmed the sale but declined to provide detailed background information. Chey and five others with a
June 30, 2014
-
Chrysler clashes with ministry over mileage audit
Tension between the government and foreign carmakers appeared to deepen on Monday following audit results on fuel mileage from the Ministry of Trade, Industry and Energy on the top imported carmakers in the country, including Chrysler.The 2013 fuel efficiency test that is arousing controversy in the automotive sector found Chrysler’s 2013 Jeep Grand Cherokee to have inflated its fuel efficiency, a key indicator influencing car purchases.“It is hard to accept the results as Chrysler’s 2013 Jeep G
June 30, 2014
-
Hyundai E&C wins $3.47b Venezuelan refinery order
Hyundai Engineering and Construction has won an order for a $3.47 billon refinery expansion and facility upgrade in Venezuela, expanding its presence in the Latin American market with its goal to earn $11 billion in overseas construction orders this year.A consortium led by Hyundai E&C secured the Puerto La Cruz refinery plant order placed by Venezuela’s state-run oil company PDVSA, the builder said on Monday. An aerial view of the Puerto La Cruz refinery in Venezuela. (Hyundai E&C)“The effort
June 30, 2014
-
Korean consortium to provide medical IT system to Saudi Arabia
The Seoul National University Bundang Hospital and SK Telecom Co. said Monday their consortium succeeded in clinching a deal to provide a medical information system to Saudi Arabian hospitals.The deal, worth 70 billion won ($69.1 million), was struck with Saudi Arabia’s Ministry of National Guard to provide the system to six hospitals over the next two years. The South Korean partners will also establish a joint venture with the ministry to expand sales to other countries in the Middle East. The
June 30, 2014
-
Lotte to open first duty-free store in Japan
Lotte Duty Free Shop outlet in Seoul. (Lotte DFS)Lotte Duty Free Shop will open its first Japanese outlet as early as this year as a part of its global expansion project. According to the Nihon Keizai Shimbun, the duty-free store unit of South Korean conglomerate Lotte will open its first shop inside Kansai International Airport near Osaka by March of next year at the latest. “The airport authorities decided to invite Lotte Duty Free Shop, which is famous not only among Koreans and Japanese but
June 29, 2014
-
Korean firms’ biz sentiment hits 5-month low
South Korea’s major companies are bracing for challenging times in July, as unfavorable exchange rates hurt exporters and consumer demand hit by the ferry disaster has not recovered, a poll showed Sunday.The Business Survey Index came to a five-month low of 94 for July, a dip from 94.5 forecast for June, according to the poll of the 600 largest companies by sales conducted by the Federation of Korean Industries. A BSI reading below the benchmark 100 means pessimists outnumber optimists.“Consumer
June 29, 2014
-
One-fifth of conglomerates' affiliates exposed to default risks
Nearly one-fifth of affiliates belonging to South Korea's large conglomerates are struggling with impaired capital and excessive debt, placing them under financial strain, a report showed Sunday.According to CEO Score, which examined the financial statements of 1,418 companies belonging to 47 conglomerates in 2013, one out of five affiliates had debt ratios exceeding 400 percent or were in a state of capital erosion. This translates into 279 companies having a hard time staying afloat.It also sa
June 29, 2014
-
STX Dalian units file for bankruptcy protection: report
Six subsidiaries of STX Dalian Group, STX Corp.'s China unit, have filed for bankruptcy court protection in the country's northeastern Liaoning province as they struggle with mounting debts, China's state-run media reported Saturday. The filing to seek "bankruptcy reorganization proceedings" by the six affiliates of STX Dalian, including STX (Dalian) Shipbuilding Co. and STX (Dalian) Engine Co., was made with the Dalian Intermediate People's Court on Thursday, the China Daily reported. Creditors
June 28, 2014
-
Samsung eyes corporate security solution clients
Samsung Electronics and Google announced that Samsung’s KNOX technology, a set of mobile enterprise security solutions, will be integrated into the next version of the Android at Google’s developer conference, held in San Francisco on Friday. ‘‘With the move, KNOX, which has been used only with the Samsung Galaxy series, will be applied to other Android-based smartphones developed by LG Electronics, HTC and Lenovo down the road,’’ a company official said. Industry watchers said the tech giant wa
June 27, 2014
-
Budget carrier Jin Air makes inroads into long-haul market
South Korea’s budget carrier Jin Air, a subsidiary of Korean Air, said on Friday that it will become the country’s first low-cost carrier to start budget long-haul service as early as the end of this year, armed with wide-body aircraft and newly allocated international air routes. The carrier will also double the size of its passenger jet fleet, from 11 to 20, by the end of 2015. Top management of Jin Air unveiled the growth strategy at a press conference in Seoul to mark its sixth anniversary.
June 27, 2014
-
Korean Air receives ninth A380 plane
Korean Air, the nation’s largest air carrier, said Friday it would receive its ninth A380 superjumbo jet and use it to service the Atlanta route starting next month.The Airbus’s jumbo passenger jet, to arrive in Incheon International Airport on Saturday, is configured to carry 407 passengers overall, of which 301 are economy seats.The airline said the 84 centimeters of space between economy seat rolls is the widest among any operator of the A380, making Korean Air jets more comfortable for passe
June 27, 2014
-
Crisis looms large at Dongbu Group
The cash-starved Dongbu Group, the country’s 18th-largest conglomerate by assets, is at risk of falling into a deeper hole as its affiliates are likely to face hurdles in refinancing maturing debts following the failure of a deal to sell its key assets, analysts said Friday.Dongbu, whose business portfolio ranges from insurance and construction to steelmaking, has been under pressure from its creditors to beef up its worsening financial status. Late last year, Dongbu said it would raise 3 trilli
June 27, 2014
-
LG Display looks to Chinese OLED market
The chief executive of LG Display has said the company would focus on panels for OLED TVs in the second half of this year, and it is expecting to expand its presence in the Chinese TV market. “OLED can be the next generation panel for TVs due to its high definition, curvedness and light weight,” LG Display CEO Han Sang-beom told reporters at the company’s plant in Paju on Wednesday. LG Display plans to produce 34,000 sheets per month for ultrahigh-definition OLED TVs in the second half of this y
June 26, 2014
-
Hyundai Mobis squeezing suppliers to improve profits
Hyundai Mobis, the nation’s largest auto parts maker under the Hyundai-Kia Automotive Group, was found to be increasingly pressuring its suppliers to cut prices amid the strengthening South Korean currency. “Even the top-tier auto parts suppliers (for Hyundai Mobis) are feeling the pinch of price cuts this year,’’ a source close to that matter told The Korea Herald. “The suppliers believe things will only get worse.”Further, Hyundai Mobis has to deal with the fact that it is heavily reliant on i
June 26, 2014
-
Mando to invest over 5% in R&D: chairman
Halla Group will invest more than 5 percent of the sales of its car parts affiliate Mando Corp. in research and development to raise the company’s global competitiveness, its chairman said Thursday.Speaking at the opening of the Mando R&D center in Beijing, Chung Mong-won said the investment plan factors in the need for the company to meet global demand for high-quality parts and components.“Mando spent an equivalent of around 4 percent of its sales on R&D in 2012 and 2013, and will raise this t
June 26, 2014
-
Sales at department stores, discount outlets rise in May
Sales at South Korea’s major discount outlet chains and department stores grew slightly from a year earlier in May, a government tally showed Thursday, a possible sign that consumer spending was improving after a slump from a deadly ferry sinking.Combined sales at the country’s three major outlet chains gained 1.2 percent on-year last month, marking a turnaround from a 4.1 percent on-year drop in the previous month, according to the Ministry of Trade, Industry and Energy.May also marked the firs
June 26, 2014
-
LG Household drops plan to buy Elizabeth Aden
LG Household & Health Care on Thursday said it has dropped its plan to acquire U.S. cosmetics firm Elizabeth Arden Inc.“We had considered buying Elizabeth Arden but decided not to push ahead with the deal in order to seek a better alternative in raising our corporate value in the long term,” the company said in a regulatory filing. “We plan to push for various mergers and acquisitions as part of our mid- and long-term growth strategy in the future.”As of last year, Elizabeth Arden had stores in
June 26, 2014