Most Popular
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S. Korea, Singapore seal supply chain agreement
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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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[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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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Hyundai Amco, Engineering to merge after tax audit
Hyundai Amco and Hyundai Engineering, Hyundai Motor Group’s two construction arms, are expected to merge as soon as the National Tax Service completes its regular audit of Amco in March or April, multiple industry sources said Tuesday.Due diligence for the merger has already been completed, a source noted.This is part of the Korean auto giant’s succession plan for its chairman Chung Mong-koo’s son Eui-sun, the group’s vice chairman.The merger is also part of its step to refine the group’s cross-
Jan. 14, 2014
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Auto vendor slammed for China pollution
KB Autosys, a company that produces brake pads for Hyundai Motor, Kia Motors and other domestic carmakers, has come under fire for illegally dumping pollutants near its Chinese plant and refusing to compensate for the damage. Hyundai and Kia, which surpassed 1 million car sales in China last year, have raised concerns that the issue may tarnish their brand image. According to Chinese media reports and environmentalists, KB Autosys has been polluting the land surrounding its Miyun county plant in
Jan. 14, 2014
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LG Chem to supply 3-D printer material to Stratasys
LG Chem, the nation’s leading chemical company, is expected to supply its acrylonitrile butadiene styrene plastic to Stratasys, a U.S.-based 3-D printer manufacturer, according an industry source on Tuesday. The Korean chemical company will supply the ABS plastic pallets to a processing company, which will then process the material to supply Stratasys. “To our knowledge, LG Chem may have already begun providing ABS for Stratasys,” a source from Stratasys said. “ABS is currently the most commonly
Jan. 14, 2014
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[Photo News] Kia GT4 stinger
Jan. 14, 2014
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Daewoo International to earn W400b in Myanmar
Daewoo International, a trading subsidiary of POSCO, announced Monday that it had successfully begun production at the Shwe gas field off the western coast of Myanmar. From the project, the company expects to rake in annual profit of between 350-400 billion won ($330.5-$377.7 million) before tax over the next 20 years. Daewoo began extracting gas from one of the 11 wells at Shwe, and the latest spike in production will bring the company’s daily capacity to 200 million cubic feet of natural gas,
Jan. 14, 2014
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Hyundai Amco, Engineering to merge after tax audit
Hyundai Amco and Hyundai Engineering, Hyundai Motor Group’s two construction arms, are expected to merge as soon as the National Tax Service completes its regular audit of Amco in March or April, multiple industry sources said Tuesday.Due diligence for the merger has already been completed, a source noted.This is part of the Korean auto giant’s succession plan for its chairman Chung Mong-koo’s son Eui-sun, the group’s vice chairman.The merger is also part of its step to refine the group’s cross-
Jan. 14, 2014
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Nissan’s Infiniti leads in customer satisfaction
Infiniti, the luxury vehicle division of Japan’s Nissan, outperformed its rival carmakers in an annual Korea Sustainability Management Evaluation customer satisfaction survey released on Monday. The Japanese luxury brand said it topped the automotive sector in the panel evaluation, which was divided into four categories: brand preference, product satisfaction, after-sales service and brand satisfaction.Infiniti attributed the top rankings in the recent customer satisfaction survey to its warrant
Jan. 13, 2014
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Think tank calls for tax code revision
South Korea needs to redefine what constitutes close family relations in its basic tax code law to reflect realistic social and economic conditions, a think tank belonging to an association of conglomerates said Monday.According to the Korea Economic Research Institute, the research arm of the Federation of Korean Industries, South Korea maintains outdated taxation rules that define close blood and in-law relatives based on revisions made in 1974. It said such rules do not reflect the way people
Jan. 13, 2014
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Lotte joins race for LIG acquisition
Lotte Group, a conglomerate whose businesses range from fast food to retail and construction, has joined the race to take over LIG Insurance Co., a local nonlife insurer, industry sources said Monday.According to the sources, Lotte picked Swiss banking giant Credit Suisse as its financial advisor for the acquisition, Ernst & Young Han Young as its accounting advisor and Milliman Korea as its actuarial advisor.“It is true that we have an interest in buying LIG Insurance,” a Lotte official said. “
Jan. 13, 2014
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Korea set to introduce electric-powered ships
South Korea plans to introduce its first electric ships this year to help cut energy costs and greenhouse gas emissions of small fishing farms, the government said Monday.According to the Ministry of Oceans and Fisheries, the government plans to provide 1.2 billion won ($1.13 million) to introduce up to 40 electric ships in the country, each costing about 50 million won.The ships, developed jointly by the ministry and the University of Ulsan, are only about one tenth as expensive to operate as f
Jan. 13, 2014
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CJ vice chairwoman promotes hansik at Davos
CJ vice chairwoman Lee Mie-kyung and 30 other Korean business leaders will be hosting the 2014 Korea Night at the World Economic Forum 2014 in Switzerland on Jan. 21. With the successful European launch of bibimbap restaurant chain Bibigo under her belt, Lee will be flaunting the authentic yet universal flavors of Korean cuisine to the international business leaders at the international convention dubbed the “Davos forum” after the small Swiss host city, according to CJ insiders. “Bibigo, the re
Jan. 13, 2014
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Microsoft to reveal ‘Windows 9’
Microsoft is expected to unveil its next Windows “Threshold” operating system at the upcoming developers show in April, according to a new report. Windows SuperSite’s Paul Thurrott reported Saturday that it would be officially released around April 2015, one year after plans are publicized in April 2014 in the conference in San Francisco.The codename “Threshold” for Windows 9 is mounting speculations with experts saying Microsoft is purposefully distancing the new product from Windows 8, which h
Jan. 13, 2014
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[Photo News] Pledge for higher compliance
Jan. 12, 2014
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Samsung, LG TVs win awards at CES
Samsung Electronics, the nation’s leading electronics maker, won the Best of Innovations Award in the television segment for the third consecutive year during the 2014 International CES in Las Vegas.Its 65-inch smart TV H7100 was selected for innovations including its “real 240Hz panel” and a quad-core processor, the company said in a statement on Friday. Samsung also won innovation awards for other products including its 105-inch curved ultra-high definition TV. The U.S. tech site HD Guru selec
Jan. 10, 2014
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[Photo News] Social responsibility
Jan. 10, 2014
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Orders for Korean ships nearly doubled last year
Orders won by South Korean shipbuilders increased nearly twofold in 2013 from the previous year, beating their Chinese rivals in terms of value, data showed Friday. According to the data compiled by market researcher Clarkson Research Services, South Korean shipyards reaped orders of 16.07 million compensated gross tons last year, up 99 percent from the 8.08 million CGTs in 2012.The figure represents 33 percent of the 48.66 CGTs of overall global vessel orders placed last year. The global orders
Jan. 10, 2014
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Kakao to launch news content service
The nation’s leading mobile messenger provider Kakao plans to launch a news content service, the company confirmed on Friday. “The company is planning to provide a service with diverse content that may include news,” the company official said. “However, as the service planning is still in a nascent stage, we are not in a position to disclose content details.”Kakao said it has already formed a task force for the new project that has been meeting with media companies to gather ideas. The service w
Jan. 10, 2014
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Samsung chairman encourages staff at birthday
Samsung Group Chairman Lee Kun-hee on Thursday hosted a New Year’s dinner gathering for president-level executives to mark his 72nd birthday.The country’s richest man has been inviting senior Samsung executives to his birthday celebrations since 2008.Lee’s remarks are often closely watched as they can set the tone not just for South Korea’s largest market-cap conglomerate he inherited from his father but also for the entire business community.Lee also attended a separate ceremony prior to the di
Jan. 9, 2014
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Burberry Beauty expected to exit Korea
The cosmetic division of the British luxury brand Burberry is likely to pull out of Korea after suffering anemic sales for more than two years as Hicos, its Korean importer, appears to be ready to shutter the brand, industry sources told The Korea Herald.Only a single domestic outlet still operates at Lotte Department store in downtown Seoul after the shop in Lotte’s Daejeon branch was closed last month.Once notorious for refusing discounts, Burberry Beauty has recently been offering various pro
Jan. 9, 2014
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Foreign casino operators lured back to Yeongjongdo
The competition to obtain casino licenses in Yeongjongdo, an economic zone near Incheon International Airport that Korea is hoping to turn into a high-end casino city, is once again heating up as Korea is mulling over easing the related regulations for foreign investors. According to multiple industry sources on Thursday, the government plans to announce its new tourism strategy later this month, which, among other things, would relax financial rules for foreign bidders to earn casino licenses i
Jan. 9, 2014