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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KOGAS sells 5% of its stake in LNG Canada
Korea Gas Corp., South Korea’s state-run LNG provider, said Friday its unit KOGAS Canada LNG has sold 5 percent of its stake in the multinational joint venture LNG Canada as it tries to reduce its debts as demanded by the government.The stake sales to Shell Canada Energy, a unit of global energy firm Shell, lowered KOGAS Canada LNG’s stake in LNG Canada to 15 percent, the company said in a regulatory filing. The company did not reveal the amount of proceeds from the sale.“My company’s policy is
May 2, 2014
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Tourism balance in red for 22nd month
South Korea’s tourism balance was in the red in March for the 22nd consecutive month as the strong home currency encouraged South Koreans to travel abroad, data showed Friday.The country’s tourism deficit stood at $21.6 million in March, continuing the negative trend since June 2012, according to the Korea Culture and Tourism Institute. The first-quarter tourism deficit, however, fell 34.7 percent to $720.1 million from $1.1 billion a year ago on increased spending by foreign tourists, including
May 2, 2014
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Number of stock-rich kids on rise: data
A 10-year-old boy who owns a staggering 15.5 billion won ($15 million) was among South Korea's stock-rich kids whose number was at its highest as conglomerate owners and their relatives gave away stocks as gifts to their children, data showed Friday.The data compiled by market research firm Chaebul.com showed there were 126 children aged 12 or below who held shares worth at least 100 million won at the end of April, up from 118 a year ago. The figure marks the highest-ever on record, the data sh
May 2, 2014
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Global deals a bitter pill for Korean drugmakers
Korean drug makers, the bulk of them producers of generic drugs, may lose their footing in the global market as multinational pharmaceutical giants are eagerly buying and selling businesses.In April alone this year, pharmaceutical firms around the world announced $74 billion worth of merger and acquisition deals, some pending and others already fixed.The figure includes the bid for Botox manufacturer Allergan, which is seen to be worth at least $45.6 billion, and deals between Novartis and Glaxo
May 1, 2014
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SK hynix certified for low-carbon footprint
SK hynix, the world’s second-largest memory chipmaker, said Thursday its mobile DRAM products received certification from the Environment Ministry for their low-carbon footprint. The low-carbon product certification is given to products that meet the government’s standards of carbon emissions generated during the production process. SK hynix said it lowered the carbon emissions by reducing the steam usage through the optimization of the heating, ventilation and air conditioning system. The amou
May 1, 2014
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E-Land maps out hotel empire vision
E-Land Group will strengthen its hotel and leisure business to become one of the world’s top 10 hotel and resort conglomerates by 2020, according to the group’s vice chairwoman Park Sung-kyung.The plans are also expected to help bolster the Korean Wave, she added. “E-Land Park, an affiliate managing the hotel and leisure business, will strive to operate more than 150 hotels and resorts with 18,000 rooms around the world by 2020,” Park said at a recent press conference on Jejudo Island to mark th
May 1, 2014
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Apple-Samsung jury asks if Google cited when Jobs decided to sue
The jury deciding Apple Inc. and Samsung Electronics Co.’s $2 billion patent-infringement case asked the judge for additional evidence about whether Google Inc. was mentioned when Steve Jobs, the iPhone maker’s cofounder, decided to sue.U.S. District Judge Lucy Koh, in a note responding to the jury’s question yesterday, said the panel can only consider evidence that was introduced during the trial and that no supplemental material will be provided. Yesterday was the jury’s first full day of deli
May 1, 2014
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Koreans buy Samsung TVs on Amazon, hurting local shops
When Korean office worker Lim Ji-han wanted a television made by homegrown Samsung Electronics, he had Amazon.com Inc. ship it halfway around the world rather than walking to a department store.The two-week wait saved him more than $600.Lim is one of South Korea’s jicgoojok ― literally, tribe of direct buyers ― challenging local retailers who have long used their protected status to charge prices as much as nine times higher than overseas Web stores. International shipping offered by foreign com
May 1, 2014
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[Graphic News] Samsung sells more handsets than Apple, LG, Nokia put together
Samsung Electronics sold more handsets than Apple Inc., LG Electronics and Nokia Oyj put together during the first quarter of this year, according to a leading U.S. market research firm. Strategy Analytics said Wednesday that Samsung sold 113 million handsets during the period. Nokia sold 47 million units, followed by Apple with 43.7 million, and LG Electronics with 16.2 million. Huawei Technologies was close on LG’s heels, selling 14.2 million handsets, the research firm said.It also noted that
April 30, 2014
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[Herald Interview] Author calls for new growth approach from Hyundai Motor
“Speed” is the key to explaining Hyundai Motor Group’s stunning growth over the past decade. The rapid decision-making under the charismatic leadership of chairman Chung Mong-koo has been crucial for its global expansion.But Don Southerton, author of the recent book “Hyundai Way: Hyundai Speed,” says a more cross-cultural approach is now needed for the Korean auto giant to keep going at its current speed. He recalled a 2005 training session he held at Hyundai Motor’s newest plant in Montgomery,
April 30, 2014
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‘TPP not too different from U.S. FTA’
The regulations and final goal of the Trans-Pacific Partnership Korea is considering joining are not too different from those involving South Korea’s free trade agreement with the United States, according to the country’s top trade negotiator on Wednesday.“Including the level of market liberalization, it seems to be largely on par with the existing FTA with the U.S.,” said Deputy Trade Minister Choi Kyong-lim at a press conference following a second round of preliminary bilateral talks with TPP
April 30, 2014
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Local builders look for turnaround on improved home market
South Korean construction companies appeared to be looking for a turnaround on the back of a recovery in the housing industry to recover from massive losses they suffered from slow home market conditions and faltering overseas projects. The local construction industry has grappled with a deep-set recession over the past few years as players struggled with high-risk property development projects, money-losing overseas projects and unsold homes. Many of the firms shocked investors with worse-than-
April 30, 2014
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Jeju Air to start flights to 3 Chinese cities next month
Jeju Air, South Korea’s largest budget carrier, said Wednesday it will launch flight services to three Chinese cities starting next month to meet rising passenger demand.The low-cost carrier said it will provide irregular flight services on the routes between South Korea’s city of Cheongju and the two Chinese cities of Yenji and Ninbo and another route between Incheon and China’s city of Shijianzhung. The carrier owned by Aekyung Industrial, the country’s largest laundry detergent maker, said it
April 30, 2014
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Samsung reshuffles corporate strategy office
Samsung Group reshuffled its Corporate Strategy Office, a core unit for promoting future growth engines, by replacing the heads of all sub-divisions except for one, the company said on Wednesday. Boo Yoon-gyung, executive vice president of Samsung C&T Corp.’s Plant & Machinery Division was appointed head of the Corporate Strategy Office’s Corporate Strategy Team 2. Chung Hyun-ho, executive vice president of the Corporate Consulting Team was assigned head of the office’s Corporate HR Team, while
April 30, 2014
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LG to unveil G3 in May
LG Electronics, the nation’s second-largest handset maker, is set to unveil its new flagship smartphone, the G3, later this month. “We will release the LG G3 at the end of May or at the beginning of June after reviewing the market conditions,” said Yoon Bu-hyun, a vice president of LG Electronics’ mobile communications planning division, at its earnings briefing on Tuesday. “The LG G3 will first be rolled out in the domestic market, then expand globally,” he said. The release date is two months
April 30, 2014
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SK hynix bolsters serving communities
Activities to become a socially responsible company have picked up momentum at SK hynix, the world’s second-largest memory chip maker. Its parent company SK Group adopted happiness as a core corporate value under the campaign of “Happy Management” in 2012. The chipmaker initiated the music program “Orchestra of Dreams” for students of low-income families from the second half of last year. The company supported musical instruments and lessons for 80 children in Icheon and Cheongju regions, where
April 29, 2014
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Hanjin Group chairman to head shipping affiliate
Hanjin Group chairman Cho Yang-ho was named the new chief executive of Hanjin Shipping during a shareholders’ meeting Tuesday. With the new job, Cho now oversees all the group’s transportation affiliates, including the airline Korean Air and logistics arm Hanjin. In his inauguration speech Tuesday, the chairman pledged to turn the cash-strapped Hanjin Shipping around as soon as possible, saying he would not receive any payment until then. “Hanjin Shipping is the very history of the nation’s mari
April 29, 2014
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Kumho Tires launches Solus TA31 premium tire
Kumho Tires on Tuesday launched a new enhanced version of its Solus Series tires, the Solus TA31. Compared to existing Solus tires best known for offering comfortable driving, Kumho says the new product makes less noise, and has slower tread wear and better driving performance. A total of 39 types, ranging from 14 to 18 inches, will be available to fit for cars in all segments. The tire maker also hopes the new product will be helpful to expanding its presence in overseas markets. According to K
April 29, 2014
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LG Electronics turns to profit in Q1
South Korea’s tech giant LG Electronics said Tuesday it made a net profit in the first quarter of 2014 following a net loss the previous year. Net profit came to 92.5 billion won ($89.5 million) in the January-March period, improving from the net loss of 63.4 billion won posted a year earlier, LG Electronics said in a regulatory filing. Revenue edged up 1.2 percent on-year to 14.2 trillion won, and operating profit surged 44.2 percent to 503.9 billion won, it said. For all of 2013, LG Electronic
April 29, 2014
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SK Telecom net profit drops 22.7 percent in Q1
SK Telecom, the nation’s top mobile operator, said Tuesday its first-quarter net profit shed 22.7 percent from the same period a year ago, affected by business suspensions ordered by telecom authorities in the first quarter. Net profit came to 267.3 billion won ($259 million) in the January-March period, compared with the 345.9 billion won tallied a year earlier, SK Telecom said in a regulatory filing. Revenue rose 3.4 percent on-year to 4.2 trillion won, while the firm’s operating profit slippe
April 29, 2014