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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S. Korea, Singapore seal supply chain agreement
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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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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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Korean language teaching expert says demand has outstripped supply
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Korea seeks to remove nontariff barriers overseas
The trade ministry said Sunday that it is seeking ways to remove nontariff barriers set by its main trade partners on concerns they may sap Seoul’s overseas shipments.China topped the list with 35 cases of nontariff barriers, followed by the U.S. and Japan, both with 31, according to the trade ministry and the Korea International Trade Association. The number of the European Union’s nontariff barriers reached 29, trailed by Indonesia with 22 cases and Vietnam with 19. Countries around the world
April 13, 2014
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(Photo News) Zeal to join Samsung
April 13, 2014
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POSCO Energy may list this year: sources
POSCO, the country’s largest steelmaker, is planning to list its energy production division POSCO Energy on the stock exchange by the end of the year, sources said Thursday. If realized, the initial public offering of the country’s largest private energy producer is expected to raise more than 1 trillion won ($960 million), and is expected to help its parent company reinforce its financial soundness, analysts said. POSCO Energy on Friday confirmed the IPO plans but insisted that it would take mo
April 11, 2014
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Hyundai Motor appoints new China head
Hyundai Motor Group appointed Choi Sung-kee as president of China operations Friday. Choi will replace Yung Hsing Hsueh, a former vice chairman, who stepped down recently. Yung left the post to “make way for a younger generation,” according to the carmaker. Born in 1950, Choi is a Korea University graduate. He has long worked for the automaker’s China division and his most recent post was vice president of the group’s China operations.(baejisook@heraldcorp.com)
April 11, 2014
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Hyundai Rotem develops high-speed train
Hyundai Rotem, South Korea’s leading railway systems provider, said Friday it has developed a high-speed train with a top speed of 250 kilometers per hour.The company said the train uses a dispersed power pack arrangement, particularly suitable for quick acceleration and deceleration, and falls in the mid- to high-speed category among bullet trains.“The new train was developed because in South Korea, the distance between stations are not that far apart, so there is no great need for trains that
April 11, 2014
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BMW’s new Mini Cooper gets bigger, faster and smarter
The German luxury carmaker BMW unveiled a bigger, faster and more high-tech version of its iconic Mini hatchback in Korea on Thursday.BMW Korea’s chief executive Kim Hyo-joon said he hoped to sell more than 4,000 units of the third-generation Mini this year. “We have already received more than 700 preorders. The issue is securing more cars to sell,” he said at the car’s launching event held in Paju, Gyeonggi Province. With the new Mini, the best-selling foreign car brand in Korea is expected to
April 10, 2014
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Lotte to build W2tr complex in Vietnam
Lotte Asset Development will create a business-leisure complex in Ho Chi Minh worth 2 trillion won ($1.9 billion), the company said Thursday. A consortium of local conglomerate Lotte’s real estate development unit and some Japanese investors was named the preferred bidder for the Eco Smart City in the Vietnamese city’s Thu Thiem district in early March. The group is expected to submit a master plan for the complex to the local government by the end of the year to finalize the deal. “Lotte Cente
April 10, 2014
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Lotte Homeshopping’s supplier raided over alleged graft
Prosecutors raided the office of a supplier to Lotte Homeshopping Thursday as part of their investigation into allegations that some employees of the television-based retailer took kickbacks in exchange for business favors.Lotte Homeshopping, the retailer arm of the fifth-largest conglomerate Lotte Group, has been under investigation over suspicions that former and incumbent executives received bribes from vendors on the retailer’s cable network.The Seoul Central District Prosecutors’ Office sai
April 10, 2014
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Asiana Airlines to introduce new budget carrier
Asiana Airlines is considering introducing a new budget carrier aimed at reclaiming lost business from its rapidly growing discount rivals. According to company officials Wednesday, the new operation is expected to be a wholly-owned subsidiary, unlike the no-frills Air Busan, which is a joint venture between Asiana and the Busan Chamber of Commerce & Industry. In terms of location, it is likely to be based near Seoul to cover the nation’s two largest international airports in Incheon and Gimpo.
April 9, 2014
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HiteJinro taps Latin American beer market
HiteJinro, the country’s No. 2 brewer, has set up a partnership with Grupo Barcelo, a Dominican conglomerate, to tap the Caribbean island country’s beer market.The Korean company, which has exported beer to the Dominican Republic since January, said on Wednesday it planned to build a brewery there. HiteJinro said it expects to ship 16,000 boxes of beer to the Dominican Republic by the end of this month. One box contains 24 330-milliliter bottles.The Korean brewer said it hopes to use the partner
April 9, 2014
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SMEC displays new machinery tools in Seoul
SMEC, a local machinery and communications network provider, is scheduled to attend a machine tool show in Seoul to unveil its new products. The Seoul International Machine Tool Show, one of four global machine tool shows, opened Wednesday. The event is expected to draw 800 companies from 30 nations, along with more than 90,000 visitors. At the show, SMEC plans to unveil various new products including its 5-axis machining center for high precision and high productivity, and 9-axis multitasking m
April 9, 2014
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[Photo News] Hanwha aquarium
April 9, 2014
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Samsung Electronics to see slight dip in profit
Samsung Electronics is expected to post a slight dip in profit in the first quarter of this year. The company said Tuesday its operating profit was estimated to be 8.4 trillion won ($7.9 billion), a drop of 4 percent from a year earlier, while its sales forecast remains flat at 53 trillion won. The decline is due largely to lackluster smartphone sales, which are expected to bring the electronics giant 6 trillion won in operating profit, a decline from 6.5 trillion won from a year earlier despite
April 8, 2014
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Samsung heir attends regional economic forum in China
Samsung Electronics vice chairman Lee Jay-yong is attending this week’s regional economic forum hosted by China, a company official said Tuesday.Lee, the heir apparent to his father, Samsung Group chairman Lee Kun-hee, is among the South Korean business leaders joining the annual forum that started in China’s southern resort town of Boao earlier in the day, the official said. Chinese Premier Li Keqiang will give a keynote speech during the four-day forum.Host China wants to develop the so-called
April 8, 2014
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BMW to open telematics R&D center in Korea
German luxury carmaker BMW will open a new research and development center in Korea within the year to better serve tech-savvy motorists in its ninth-largest market. According to industry sources on Tuesday, the R&D center will be responsible for developing telematics and infotainment systems tailored to the Korean market, exchanging feedback with decision-makers and engineers at the BMW headquarters. “As we have already operated a small team of researchers in Korea, the new facility will be the
April 8, 2014
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Department store sales inch up in March: preliminary data
Sales at local department stores inched up in March from a year earlier, slightly improving from the previous month’s decline, preliminary government data showed Tuesday. Department store sales grew 0.1 percent on-year in March, according to the data by the Finance Ministry. The on-year rise followed a 1.7 percent fall in February.Sales at discount chains, however, dropped 3.8 percent on-year in March. This marked a second straight month of decline following a 23.1 percent drop in February.The m
April 8, 2014
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Philip Morris to relocate Australian facility to Korea
Stringent regulations and a growing negative sentiment toward cigarettes have caused tobacco companies in the world’s most advanced countries to keep their heads down.In Korea, however, where regulations are relatively lax and a large part of the population is still very open to the idea of smoking, the situation is a bit different. Perhaps encouraged by this difference, Philip Morris International, the maker of Marlboro and other popular cigarette brands, has recently decided to relocate its en
April 7, 2014
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Former Hyundai America CEO joins TrueCar board
Former Hyundai Motor America chief executive John Krafcik has joined TrueCar’s board of directors as the online car shopping platform seeks to file for its initial public offering, company officials said Friday.According to news reports, he will be serving as a consultant for the vehicle pricing and purchasing service at TrueCar, but not in a full-time position.TrueCar tracks new and used vehicle sales, allowing people to see how much those in their area paid for similar vehicles. The site colle
April 7, 2014
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SK Innovation buys majority stakes in 2 oil fields in U.S.
SK Innovation, a top refiner here, said on Monday that its wholly owned U.S. subsidiary has bought stakes of over 50 percent in two U.S. oil fields for 387.1 billion won ($367.7 million).SK E&P America acquired a 75 percent stake in an oil field in Grant and Garfield counties, Oklahoma, from U.S. oil developer Plymouth Exploration LLC, SK Innovation said.The 50 percent stake in an oil field in Crane County, Texas, was bought from another U.S. developer, KA Henry I LLC., it said in an emailed sta
April 7, 2014
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Samsung remains silent over ‘Obama-selfie’ criticism
South Korea’s tech giant Samsung Electronics Co. declined to comment Monday on the controversy over its latest marketing attempt that the White House has criticized as using the U.S. president for commercial purposes.“Let’s just say that Samsung does not have any official comment on the issue,” a communication official from its Seoul-based office said, refusing to answer any further questions.The controversy erupted after the White House took issue with Samsung promoting a selfie that MLB Boston
April 7, 2014