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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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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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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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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K-pop CEOs sidestep key issues at National Assembly audit
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[SUPER RICH] Booyoung chief amasses fortune by staying true to roots
When Booyoung Group chairman Lee Joong-keun vied for sponsorship of the nation’s 10th baseball team with KT Corp., the nation’s second-largest mobile carrier, in early 2013, it was a wakeup call for many about just how rich the usually low-key business tycoon was. At the time, the 73-year-old chairman, who usually chooses to remain in the shadows, greeted the media with open arms, even donning a baseball cap to show how serious he was about owning the team. He also confidently addressed the conc
June 9, 2014
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[SUPER RICH] An IT powerhouse lacking in IT billionaires
The recent move by Daum, South Korea’s second-largest web portal, and Kakao, the country’s top mobile messenger service provider, to merge has everyone on the edge of their seats.The merger agreement has caused Kakao founder Kim Beom-su’s share value to hike over 1 trillion won ($982 billion), but more importantly, there is great anticipation over the fact that the Internet-mobile duo might just have what it takes to rival Naver, the nation’s largest web portal.While South Korea prides itself on
June 9, 2014
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LG Household CEO denies exit rumors
Cha Suk-yong, chief executive of LG Household & Health Care, who shocked the market last week by dumping all of his shares in the company, has denied that he is preparing to retire anytime soon. “It is unthinkable for a CEO to leave the company when his term has not yet expired,” Cha said in an interview with a local business daily, adding that he will complete his tenure through March 2017. The stock prices of LG Household, a food and cosmetics business unit of LG Group, tumbled 12 percent on J
June 9, 2014
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Renault Samsung names first Korean CFO
Choi Sook-ahRenault Samsung Motors said Monday that it named Choi Sook-ah, former senior vice president of American Air Liquide, as the company’s first Korean and female chief financial officer as of July 1. Choi, a certified public accountant in the United States, first joined Renault Samsung in April as deputy CFO. Over the past six years, she worked as North American strategic chief for Air Liquide, a France-based chemical company, and then senior vice president at the company’s U.S. operatio
June 9, 2014
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DRAM market shifts from PC to mobile
The focus in the global DRAM market is shifting from personal computers to mobile devices as demand rises for smartphones and tablets, according to recent industry figures. Reflecting this trend, shipments of mobile DRAM exceeded those of PC DRAM in the first quarter of the year, global research firm DRAMeXchange said. It marked the second time in three quarters since mobile DRAM shipments first outstripped PC DRAM’s in the third quarter of 2013. “The global shipment of 2 GB DRAM rose 29 percent
June 9, 2014
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Whiskey Imperial celebrates 20th years
Pernod Ricard Korea CEO Jean-Manuel Spriet (left) and designer Kim Young-se present on Monday a limited edition of Imperial 12 Years. (Kim Myung-sub/The Korea Herald)In celebration of the 20th anniversary of its best-selling whiskey and in homage to the beauty of traditional Korean art, Pernod Ricard Korea launched a limited edition of Imperial 12 Years.CEO Jeal-Manuel Spriet, alongside designer Kim Young-se, revealed on Monday the special version whiskey, whose bottle design was inspired by cel
June 9, 2014
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Hyundai Steel CFO named as new CEO
Kang Hak-seoHyundai Motor Group on Monday announced that it appointed Kang Hak-seo, current vice president and chief financial officer of Hyundai Steel, as the new CEO of its steel business arm. “The top-level management reshuffle at Hyundai Steel is aimed at improving falling profitability of the steelmaker and securing funds for new growth engines,’’ Hyundai Motor Group said in a press release. The 59-year-old Kang is a finance specialist who has managed finance teams of different affiliates o
June 9, 2014
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Merck Serono grants joint scientific awards
The Merck Serono Division of Merck Korea and the Korean Society for Reproductive Medicine recently issued its “Merck Serono Scientific Award (Korean Society for Reproductive Medicine Outstanding Thesis Award)” to two professors for their work and efforts in the field of reproductive medicine, Merck Korea said Monday.The award ceremony was held May 31 at Seoul National University Hospital to mark the 66th Spring Academic Conference of the Korean Society for Reproductive Medicine, the company said
June 9, 2014
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3,000 gas stations to stage one-day shutdown Thursday
The nation’s gas stations ― over 3,000 gas stations of them ― on Monday decided to temporarily close their business to protest the government’s move forcing them to submit weekly sales reports.A total of 3,023 gas stations will close shop for a one-day protest on Thursday, the Korea Oil Stations Association, or KOSA. About 8,000 other gas stations, including some 3,000 managed directly by major refineries, will not participate in the rally. The shutdown decision comes after the government announ
June 9, 2014
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Korean Air, Asiana fight for China routes
The nation’s two top airlines ― Korean Air and Asiana Airlines ― appeared to be fighting tooth-and-nail for the better hand in lucrative routes to China, even bickering over the government’s recent allocation plans. Last week, Korean Air expressed regret over the assignment of the air routes to China, arguing that the Ministry of Land, Infrastructure and Transport was offering equivalent routes to Asiana, an airline that saw a “series of severe accidents” in recent years. The U.S. National Trans
June 9, 2014
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Samsung Everland to change name to Cheil Industries
Samsung Everland, a theme park operator and de facto holding company of Samsung Group, is expected to change its name to Cheil Industries. Samsung Everland will hold a board meeting early next month to approve the change, the company’s spokesperson Park Hyung-keun confirmed on Sunday. “As Samsung Everland’s business has become diversified, it needs a new name to fit its new role. Cheil Industries seems suitable for its new company name from a historical and symbolic perspective,” he said. The na
June 8, 2014
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Samsung C&T emerges as key lever in group’s restructuring
As Samsung Group’s equity restructuring picks up speed, its construction and trade affiliate Samsung C&T has risen as the key pivot point in the group’s intricate cross-shareholding network.Over the past month, Samsung C&T’s stocks soared by 25.1 percent, from 63,000 won ($61.60) on May 7 to 78,800 won on June 5, market research firm FnGuide said Sunday.The sharp appreciation was triggered by the announcement that the group’s de facto holding company Samsung Everland and information solutions un
June 8, 2014
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[Photo News] Cool Biz
Models on Sunday pose during a fashion show at Lotte Department Store in Seoul, promoting “cool-biz” attire, or summer work wear for men. (Ahn Hoon/The Korea Herald)
June 8, 2014
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Patent data to become more accessible
Patent applicants will soon be able to conveniently access and view patent documents and various related information ― including file wrapper information ― after representatives from the world’s five most advanced intellectual property offices including the Korean Intellectual Property Office concluded their three-day annual meeting in Busan last week.Also known as the IP5, the representatives form a council consisting of the IPOs of the United States, Japan, China, Europe and Korea, and they ar
June 8, 2014
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IPO to open OPD to public in June
The heads of the world’s top five intellectual property offices confirmed the time frame for opening up the One Portal Dossier to the public during their annual conference held in Busan last week.The meeting, held for the first time in South Korea in six years, was a follow-up to a conference in June 2013 when intellectual property offices including the Korean Intellectual Property Office agreed to the principle of making the OPD more accessible for the public.The OPD is a website where patent e
June 8, 2014
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Synaptics fingerprint sensors may be used in Samsung wearables in 2015
TAIPEI ― Synaptics, a human interface solution provider, expects to use its fingerprint authentication technology in wearables next year. “Probably, you will see fingerprint technology in wearable devices in 2015. Using fingerprint ID sensors for a small curved display is not a big challenge,” Rick Bergman, CEO of Synaptics, said at its press briefing on Wednesday in Taipei. Though he did not name any specific companies, Samsung Electronics, the only client of Synaptics’ fingerprint technology,
June 5, 2014
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POSCO unit likely to be tapped as top bidder for Tongyang Power
POSCO Energy Co., a unit of South Korea’s top steelmaker POSCO, is likely to be picked as the preferred bidder for Tongyang Power Inc., whose business license for a major-scale thermal power plant had drawn interest, industry sources said Thursday. POSCO Energy outbid other rivals with an offer of 400 billion won ($390.2 million) at the final bid for the thermal power plant operator held on Monday, they said. The amount is roughly 100 billion won more than the next highest bid, according to the
June 5, 2014
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Hanhwa Group gears up for solar business expansion
A rendering of the 26.2 megawatt solar power plant to be built on the site of a golf course abandoned in Fukushima after the 2011 earthquake by 2015. Hanwha Q Cells supplied solar modules to Japan’s biggest solar power plant. (Hanwha Group)Hanhwa Group said Thursday that it will continue expanding its overseas solar power business by making inroads into emerging markets, including countries like Chile and Turkey, while further tapping into new business opportunities in strategic markets such as
June 5, 2014
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Lotte, Shilla eye Australian duty-free shop market
Lotte Duty Free and Shilla Duty Free, South Korea’s two leading travel retailers, are competing with global rivals to operate duty-free shops at Australia’s Sydney Airport, whose sales last year totaled $247 million, industry sources said Thursday.The two retailers are vying for duty-free concessions at the airport’s terminals, whose bids are open until June 12.Lotte Duty Free, the biggest at home and the world’s fourth-largest in the industry after top-ranked DFS, LS Travel Retail and Dufry, ai
June 5, 2014
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Aberdeen Asset turns blind eye to Shinsegae’s labor fiasco
With increased shareholdings in the nation’s leading conglomerates, foreign investors now face rising pressure to take an active role as shareholders that could force the companies they invest in to change unethical management practices. One of the most recent cases involves discount chain E-Mart and one of its largest shareholders, Aberdeen Asset Management Asia. E-Mart, the country’s largest discount store chain, is owned by retail giant Shinsegae Group.Singapore-based Aberdeen is the second-l
June 4, 2014