Most Popular
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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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Korean language teaching expert says demand has outstripped supply
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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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Conscripting women to lead to 'more babies,' claims military think tank
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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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[Photo News] Green marketing
March 2, 2014
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KEPCO to cut 14.7 tln won in debt over next 3 years
Korea Electric Power Corp., South Korea's state-run energy company under pressure to improve its financial health, said Sunday it will reduce its debts by 14.7 trillion won ($13.8 billion) over the next three years .KEPCO's debt-cutting plan comes as the government is trying to normalize heavily-indebted public organizations. Eighteen state entities, including KEPCO, were put under scrutiny for their mounting debts and ordered to submit detailed blueprints on how they would reduce their liabilit
March 2, 2014
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S. Korean EV battery makers set sights on China
South Korean makers of electric-powered vehicle batteries are tapping China for promising opportunities in the country combating serious air pollution problems.The EV market in China, the world's biggest auto market, is expected to grow to be the largest in the world by 2020, as its government has been pouring efforts into cleaning up its notoriously bad air.The Chinese government has found part of the answer to the pollution problem in EVs.China's Finance Ministry said on Feb. 8 that it will ex
March 2, 2014
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Hyundai chief vows new start for embattled conglomerate
The chairwoman of Hyundai Group vowed to invigorate the embattled conglomerate, currently undergoing a self-imposed debt reduction program, and its shipping affiliate as she launched a new vessel on Friday.“The launching of the ship will help Hyundai Group and Hyundai Merchant Marine make the next leap forward," Hyun Jeong-eun said at the christening ceremony for Hyundai Dream, a 131,000 twenty-foot equivalent container unit vessel on Geoje Island, some 470 kilometers southeast of Seoul.Hyun's a
Feb. 28, 2014
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[Photo News] Education for all
Feb. 28, 2014
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POSCO to replace 5 CEOs
POSCO Group will replace CEOs at five of its six business units as part of the newly named chairman Kwon Oh-joon’s reform plan to overhaul the world’s fifth-largest steelmaker.On Friday, POSCO affiliates announced the key agenda of their shareholders’ meeting planned on March 17, including candidates of new in-house directors who are likely to be named their new CEOs. According to their statement, POSCO C&C CEO Shin Jung-suk is the only one who will retain his job due to his successful managemen
Feb. 28, 2014
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Nexen Tire wins international design award
Nexen Tire Corp., South Korea’s third largest tire maker, said Friday that one of its premium products won a prestigious international design award in Germany.It said the NFera Su1 ultrahigh-performance tire was tapped as a winner at the International Forum Design Awards.The company said experts gave high marks for the driving characteristics of the tire in wet road conditions and its exceptional stability in high-speed cornering.The European-style asymmetrical tire had also been lauded for its
Feb. 28, 2014
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Samsung Electronics to adopt ‘wage peak’ system this year
Samsung Electronics said Friday it plans to adopt a “wage peak” system this year, a move expected to bring significant changes to the local labor market.The company said its wage peak system will extend the retirement age to 60 from the current 55, while cutting the paycheck by 10 percent in the last five years at work, allowing workers to stay at Samsung for a longer term.A wage peak system allows employees to accept a reduced salary for an opportunity to work past the retirement age set by the
Feb. 28, 2014
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Hyundai Motor awaits nod for new China plant
Hyundai Motor Co., South Korea’s top carmaker, is awaiting final approval from Chinese authorities to build its fourth plant in the world’s biggest auto market, a senior company official said Friday.The new plant, with annual production capacity of 300,000 vehicles, will be located in the city of Chongqing, southwestern China, and Hyundai expects China to give the final nod after next week’s two annual meetings of China’s legislature, known as “Lianghui,” the official said.“We have completed all
Feb. 28, 2014
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KMI withdraws bid for 4th mobile carrier
KMI, a South Korean telecom firm seeking to become the fourth local mobile carrier, withdrew its plan due to technical problems with the bidding procedures, the communications ministry said Friday.The Ministry of Science, ICT and Future Planning said it has closed the preliminary bid for the 2.5 GHz band allocated for a new mobile carrier as no companies joined the bidding, delaying the entry of a fourth mobile player in the country.The ministry said KMI, which is in its fifth trial to become th
Feb. 28, 2014
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France’s Mia eyes Korean market with cheaper electric vehicles
Mia Electric, the France-based manufacturer of more affordable electric vehicles, has recently set up its Korean unit with the aim of starting car sales from as early as next year, industry sources said Thursday. Before its official car launch, the company’s CEO Michele Boos is scheduled to visit Korea to showcase its flagship minibuses during the International Electric Vehicle Expo that will be held on Jejudo Island from March 15 to 21. “The entry of Mia’s cheaper EVs will bring a paradigm shif
Feb. 27, 2014
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Emirates names new country head
Dubai-based air carrier Emirates announced Thursday that it has appointed Chang Jun-mo, former sales and marketing manager of Cathay Pacific Airways, as its new country manager in Korea.Chang acquired more than 25 years of experience in the airline industry while working for Cathay Pacific, contributing passenger transportation, human resources, general affairs, public relations and crisis management.“I’m glad to be able to work with Emirates Airline, one of the fastest-growing air carriers in t
Feb. 27, 2014
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5 state entities told to draw up additional self-rescue plans
The government has asked five public organizations to submit additional self-rescue plans, demanding stronger efforts to bring their debt problem under control, the finance ministry said Thursday.Eighteen public organizations, put under close government monitoring due to their mounting debts, had to turn in their debt-reduction plans and other efforts to improve business efficiency by late January under the government-led public-sector “normalization” drive.Based on the review of those submitted
Feb. 27, 2014
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Korean firms’ sentiment upbeat for March
South Korea’s major companies expect business conditions to improve in March as the latest economic indicators show a rise in productivity and better job market conditions, a poll showed Thursday.The business survey index came to 104.4 for next month, up sharply from the 88.7 forecast for February, according to the poll of the largest 600 companies by sales, conducted by the Federation of Korean Industries.A BSI reading above the benchmark 100 mark means optimists outnumber pessimists.The index
Feb. 27, 2014
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[Photo News] LG in Ethiopia
Feb. 27, 2014
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Daewoo Shipbuilding to take lead in global gas carrier orders
Daewoo Shipbuilding & Marine Engineering, the world’s second-largest shipbuilder, is expected to take the lead in the global gas vessel construction business this year.“A growing number of liquefied natural gas exploration and production projects around the world have given their approval for (using) DSME,” said Han Young-soo, an analyst at Samsung Securities. DSME’s core business lies in building liquefied natural gas, or LNG, carriers. The tankers are built to ship LNG that is produced offshor
Feb. 27, 2014
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CJ Cheiljedang starts construction of flour plant in Vietnam
CJ Cheiljedang Corp., the food and beverage unit of South Korea's CJ Group, said Thursday it has broken ground for a flour plant due for completion in April next year in southern Vietnam.Once completed, the plant will produce an annual 100,000 tons of flour and 10,000 tons of prepared dry mixes, available for home use and for small and mid-sized commercial bakeries, the company said.CJ Cheiljedang set up a joint venture with Japanese trading firm Sumitomo Corp. in May last year for the project.T
Feb. 27, 2014
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Court upholds 4-yr prison term of SK Group chief for embezzlement
The nation's top court on Thursday upheld a four-year jail sentence against the head of the country's third-largest conglomerate, SK Group, for embezzling company funds.Chey Tae-won was convicted of embezzling 46.5 billion won ($43.6 million) from two SK Group affiliates, including top mobile carrier SK Telecom Co., and funneling the funds into personal investments in stock futures and options in 2008.The Supreme Court rejected the 53-year-old tycoon's final appeal against a verdict handed down
Feb. 27, 2014
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GS Engineering under probe over falsified prospectus
South Korea's financial watchdog is probing a major local construction firm over whether it has intentionally hidden applicable risk factors in selling bonds to investors while being fully aware of such risks, informed sources said Thursday.According to the sources, the Financial Supervisory Service is looking into GS Engineering & Construction Co.'s sale of corporate bonds totaling 380 billion won ($356 million) in February of last year, which came just two months ahead of its announcement of i
Feb. 27, 2014
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Montreal investment recruiter hopes FTA will boost industries
Canada’s Montreal is often associated with its clean environment and solid welfare system, but the region is also a business hub that attracts companies from all over the world. “It is time that Korean companies invest their businesses there to reap the benefits of good accessibility, tax incentives, cultural diversity and other opportunities Montreal has to offer,” Elie Farah, vice president of Investment Greater Montreal, told The Korea Herald on Tuesday. Farah was a delegate of Montreal’s inv
Feb. 26, 2014