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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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Renault Samsung to supply new Nissan Rogue to U.S.
BUSAN ― Renault Samsung Motors has signed a memorandum of understanding with Japan’s Nissan to produce an annual 80,000 units of the new Rogue compact SUV at its Busan plant starting next year to supply to the North American market. “We are currently working hard in Busan to prepare for this project, which is going to be a win-win-win project among Renault, Nissan and Renault Samsung,” said Francois Provost, chief executive of Renault Samsung Motors, at a press conference here. The deal would br
Sept. 30, 2013
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Ministry opens website on creative economy
The Ministry of Science, ICT and Future Planning said Monday it kicked off its online “creative economy town” (www.creativekorea.or.kr) where anyone can start out in business with their new ideas. “The site is aimed at helping people who seek advice and information on how to flesh out their ideas and technologies into business,” a government official said. People with business ideas can have diverse advice such as feasibility, intellectual property, trial products and marketing from mentors. The
Sept. 30, 2013
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BAT to lower price of KENT Convertibles
The local operation of British American Tobacco announced on Monday that it will lower the price of KENT Convertibles to 2,300 won ($2.10) a pack, down 400 won from the current 2,700 won, starting Oct. 1. “We believe the price repositioning of KENT will provide additional choice for consumers who are seeking high-quality products at a more affordable price range,” said Guy Meldrum, the chief executive of BAT Korea. The under-2,500 won cigarettes comprise about 15 percent of the local tobacco mar
Sept. 30, 2013
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Builders’ overseas orders rise 13 percent
Overseas orders clenched by South Korean builders have grown significantly from a year earlier in the first nine months of the year partly on a large increase in orders from Asian and Middle Eastern countries, the government said Monday.In the January-September period, overseas deals signed by South Korean construction firms amounted to $44.8 billion, up 13 percent from the same period last year, according to the Ministry of Land, Infrastructure and Transport.“The amount had dropped 5 percent on
Sept. 30, 2013
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Hyundai outpaces Porsche, Ferrari in brand value index
Hyundai Motor succeeded for the first time in joining the top 50 global brands as ranked by Interbrand, a leading global brand consultancy, on Monday. The Korean carmaker ranked 43rd in the latest Best Global Brand report by Interbrand, which identifies and examines the 100 most valuable global brands every year. Last year, Hyundai’s ranking was 53rd. Its affiliate Kia Motors also saw its ranking rise four notches to 83rd this year. In 2005, Hyundai became the first Korean carmaker to be ranked
Sept. 30, 2013
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Cheonbo seeks to be top whole food brand
Herald Corp. chairman Jungwook Hong (right) and Cheonbo Natural Food CEO Choi Jung-hwi inspect organic rice at the food company’s factory in Chungju, North Chungcheong Province. (Park Hae-mook/The Korea Herald)CHUNGJU, North Chungcheong Province ― In terms of growth, exports and investment, the Korean agricultural industry has lagged behind other key industries such as digital devices, semiconductors, shipbuilding and automobiles.But Choi Jung-hwi, president of Cheonbo Natural Food, or CBNF, see
Sept. 30, 2013
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Durex aims to spice up Koreans’ sex lives
The nation’s widening generation gap seems to be an issue not just in politics, but also in condom use. According to a recent survey by Durex, a condom brand owned by the U.K.’s Reckitt Benckiser, the usage rate of condoms among those in their 20s has reached 79 percent, but for those in their 40s or older, the figure is in the single digits. “I haven’t seen that steep a decline: Almost everyone using it to almost no one using it between generations,” Arjun Purkayastha, marketing director of Rec
Sept. 30, 2013
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Top shipbuilders offer to share key technology with SMEs
The nation’s top three shipbuilders are to share some of their key patent technology with small and medium-sized companies, with the stated aim of achieving mutual growth for the entire industry, The Ministry of Trade, Industry and Energy held a breakfast meeting on Monday with top officials in shipbuilding to review current industry trends and seek new growth engines.From the top player Hyundai Heavy Industries was Kim Oi-hyun, president in charge of offshore engineering and plants. Samsung Hea
Sept. 30, 2013
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Three Tong Yang affiliates file for court receivership
Three affiliates of embattled Tong Yang Group on Monday filed for court receivership as a last resort to avert bankruptcy after they failed to secure funds to keep afloat, the group said. South Korea's 38th-largest conglomerate said its three units -- Tongyang Inc., Tong Yang Leisure Co. and Tongyang International Inc. -- requested a court's order earlier in the day for a corporate revival process. The troubled family-run company has been faced with mounting pressure to secure money to repay its
Sept. 30, 2013
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S. Korea's industrial output grows 1.8 pct on-month in Aug.
South Korea's industrial output grew at the fastest pace in nine months in August, raising expectations that economic conditions are improving, a government report showed Monday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries expanded 1.8 percent last month from a month earlier, a turnaround from a revised 0.3 percent fall in July.This represented the sharpest on-month expansion since November last year when it gained 2.1 perce
Sept. 30, 2013
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SK’s leadership vacuum hampers investment
SK Group, the nation’s third-largest conglomerate, is losing steam in its investment drive for future growth as the group’s leadership vacuum is expected to be prolonged. According to an industry source, SK Energy & Service, an unlisted, fast-growing gas and power business arm of SK Group, decided to drop its bid for STX Energy. The decision came after the appeals court’s decision on Friday to impose multiyear prison terms on group chairman Chey Tae-won and his younger brother, group vice chairm
Sept. 29, 2013
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Samsung, LG to mass-produce flexible displays
Samsung Display and LG Display are poised to embark on mass production of organic light-emitting diodes for flexible displays for smartphones in October, according to industry sources on Sunday. Samsung Display is reported to use a 5.5-generation (1300x1500mm) line at the OLED plant in Asan, South Chungcheong Province, and LG Display is to operate a 4.5-generation (730x920mm) line in Paju, Gyeonggi Province. “Within this year, Samsung and LG will have a monthly production capacity of 1.5 million
Sept. 29, 2013
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Pyongyang embraces China-made taxis
Chinese carmakers, in the absence of Hyundai and other South Korean players, are betting big on the seemingly emerging North Korean automotive market. And leading the group is BYD, a Chinese manufacturer of autos and batteries, which is 10 percent owned by Warren Buffett. According to news reports on Sunday, Pyongyang recently purchased 60 F3 taxis from BYD. The Shenzhen-based company now reportedly operates 300 taxis out of the total 1,000 in the capital city. “These cars are present everywher
Sept. 29, 2013
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World’s first underground power plant to be built in Seoul
The groundbreaking ceremony to build the world’s first underground thermal power plant in Seoul by 2016 was held on Friday, according to state-run Korea Midland Power Corp.The LNG-powered Seoul Thermoelectric Power Plant in Mapo-gu, western Seoul, will be relocated and reconstructed below ground by September 2016 before its would-be 2017 retirement. The plant site above ground will be transformed into a cultural and sports complex for citizens, the power generation firm said in a press release,
Sept. 29, 2013
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Creative economy will promote intellectual property market
The Park Geun-hye administration’s slogan of creative economy may become a solution to the problems faced by the global community, such as low employment and stalled economic growth, according to the Korean Intellectual Property Office.“The idea of creative economy aims at building up the economic environment so that creativity and innovation will be easily realized in the market,” said KIPO commissioner Kim Young-min at the 51st general assembly of the World Intellectual Property Organization h
Sept. 29, 2013
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Tong Yang's liquidity crisis faces first turning point this week
Cash-strapped Tong Yang Group will face an important hurdle in its ongoing liquidity crisis this week, as about 110 billion won ($102.3 million) worth of its corporate bonds and commercial paper come due on Monday.Tong Yang and the Financial Supervisory Service (FSS) said the manufacturing and financial services conglomerate will have to redeem 90.5 billion won in corporate bonds and 19.5 billion won in commercial paper on Monday.The group is struggling to secure liquidity through the sale of it
Sept. 29, 2013
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Samsung, LG bury hatchet to focus on foreign rivals’ rise
A series of patent disputes between the world’s two leading display manufacturers came to the end as Samsung Display and LG Display decided to drop all the related lawsuits early this week. Analysts said the two giants shared the view that their long legal disputes would undermine their competitiveness in the ever-fierce competitive market. They said the sense of crisis in the display market, which is suffering from a prolonged period of weakness, might have prompted them to bury the hatchet. Ac
Sept. 27, 2013
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Hyosung chief faces prosecution probe over tax evasion
A legal battle is expected between the National Tax Service and the nation’s 26th-largest conglomerate Hyosung Group over tax evasion and other charges against its holding company and chairman.The Seoul tax office held an inquiry commission meeting on Thursday and decided to bring to the prosecution Hyosung Corp. on charges of fraudulent accounting and group chairman Cho Suck-rai on tax evasion, officials said Friday.Cho, along with his key aides such as vice chairman Lee Sang-woon, has been sub
Sept. 27, 2013
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Tong Yang’s fate to be determined by market: FSC
The fate of cash-strapped Tong Yang Group will likely be shaped in accordance with market principles, as there’s little leeway for the authorities to engage in its restructuring process, the financial regulator said Friday. The 38th-largest conglomerate in South Korea has been under mounting pressure to keep itself afloat against possible bankruptcy since it ran out of cash to repay maturing debts worth 1.1 trillion won ($1.02 billion). The company needs an extra fund of about 100 billion won to
Sept. 27, 2013
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BMW aims to increase sales lead with new 5 Series
BMW Korea launched nine new models of the face-lifted 5 Series on Wednesday, pledging to extend its sales lead among import car brands here. “We have already secured some 1,000 pre-orders even before the official launch. I feel confident in selling some 1,200 5 Series cars per month,” said Kim Hyo-joon, managing director of BMW Korea. The latest, sixth-generation 5 Series has sold more than 1 million units globally since its launch in 2010, leading the luxury sedan segment where strong players s
Sept. 26, 2013