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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Reactor export drive shifts from Finland to Vietnam
With the dim outlook of Korea’s bid to win a nuclear power project in Finland, the government is shifting gear on its nuclear export drive to Vietnam from the northern European country. The change in target nations comes following a summit in Hanoi between President Park Geun-hye and Vietnamese President Truong Tan Sang on Sunday and little progress in a bid for an ongoing Finnish reactor construction project. “Reflected in a joint statement issued on Monday after the summit, the two heads of st
Sept. 11, 2013
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Diageo Korea launches Windsor Black
Diageo Korea announced on Wednesday the launch of “Windsor Black,” the latest edition of its Windsor lineup. Windsor Black, which will be put on sale from Sept. 16, has an extra-enriched fruity fragrance compared to previous Windsor products, said the local operation of the world’s largest whiskey maker. The 17-year-old blended scotch was created by Windsor master blender Douglas Murray, distilled in Royal Lochnagar Distillery in Lochnagar, Scotland, and matured in brand-new sherry oak barrels,
Sept. 11, 2013
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Porsche to open Korea branch next year
Porsche will launch the operation of its Korea branch on Jan. 1 next year, the German sports-car maker announced at the Frankfurt motor show Tuesday. Porsche Korea, based in Seoul, will be the company’s 17th subsidiary globally and fourth in Asia. Kim Geun-tak, former GM Korea CEO, was named the first managing director of the new unit.“Korea is a strong market in Asia with enthusiastic sports car fans and solid sales along all Porsche models,” said Bernhard Maier, sales and marketing chief of Po
Sept. 11, 2013
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Display expert calls for bigger Samsung, LG roles in TV market
BERLIN ― A leading display market researcher has predicted difficult times are in store for the TV market, emphasizing the importance of the roles Korean TV makers play in overcoming the obstacles that lie ahead.“The TV industry has hit a barrier for growth, the rules of the game are changing,” said Paul Gray, a director of European TV search at Display Search, in an interview with The Korea Herald last week. “TV makers have chosen a better resolution as a solution to the challenges ahead. Howev
Sept. 11, 2013
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Listed firms' debt-repaying ability improves in H1
The ability of South Korean listed companies to pay back their debts improved in the first half of this year due mainly to a rise in their operating profits and lower interest rates, data showed Wednesday.The average interest coverage ratio of 571 firms listed on the main bourse came to 4.97 in the January-June period, compared with 4.13 tallied a year earlier, according to the data compiled by the Korea Exchange (KRX).The ratio, or a firm's operating profit divided by its interest costs, measur
Sept. 11, 2013
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LG Uplus, KT headed for legal battle over exec hire
Two leading Korean telecom operators, LG Uplus and KT, appear to be preparing for a legal battle over a top executive’s recruitment. KT recently hired Kim Cheol-su, a former senior executive vice president at LG Uplus, to head its global partnership development and consulting business. The division is in charge of strategic consulting with global partners for overseas projects, such as a Long Term Evolution project in Rwanda. “Kim broke the agreement not to work in the same field or for rival co
Sept. 10, 2013
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LG strives to lead in Europe by 2015
BERLIN ― LG Electronics this week revealed its goal to win over energy-conscious European consumers and take the lead in the world’s largest home appliance market.“By 2015 LG will take the lead in the European market, which accounts for 25 percent of the world’s home appliance market with energy-efficient and localized products. The leadership in the fiercest battlefield will be a stepping stone in winning the world market,” said Jo Seong-jin, president of LG’s home appliance unit, at a press me
Sept. 10, 2013
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Asian energy ministers to meet here
The fifth Asian Ministerial Energy Roundtable, convening 13 energy ministers from countries supplying and demanding oil or gas, will open in Seoul on Thursday for a three-day run, officials said Tuesday.“We expect that the international event will offer Korea an opportunity to exert global leadership in the energy sector,” the Energy Ministry said in a press release. The participants also included ministers from Middle Eastern countries such as Saudi Arabia, Qatar and Kuwait.Leaders of energy-re
Sept. 10, 2013
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Solar power market will expand next year: Hanwha
Despite its prolonged slump, the solar power business is expected to reach a break-even point as early as next year, according to Hanwha Group, Korea’s leading solar energy player.“Solar energy is the key solution to provide for the future energy crises and to achieve sustainable growth,” said Hong Ki-joon, vice chairman of Hanwha Chemical.Solar power has long been regarded as the most plausible form of renewable energy, but the market is still in its initial stages, when the amount invested is
Sept. 10, 2013
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First batch of trainer jets leaves for Indonesia
Two South Korean military jets left for Indonesia on Tuesday in the country’s first export of the supersonic trainer, officials said.The move came two years after Korea Aerospace Industries Ltd., the country’s sole aircraft maker, signed a $400 million deal to export 16 T-50i trainer jets to the Southeast Asian country, KAI officials said.South Korea has become the sixth country in the world to export supersonic jets following the United States, Russia, Britain, France and Sweden, they said.The
Sept. 10, 2013
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DSME to go up for sale next year
Daewoo Shipbuilding & Marine Engineering will be put up for sale in the first half of next year as Korea Development Bank, the largest shareholder of the builder, decided to sell its shares.KDB decided to sell off its 31.46 percent share of DSME’s stocks through an open bid early next year but the detailed date is yet to be announced, according to the report submitted last week by the KDB to Rep. Kim Han-pyo of the ruling Saenuri Party.“Considering the ongoing slump of the shipbuilding industry,
Sept. 10, 2013
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TmaxSoft, Tibero release big-data solutions
Local system software providers TmaxSoft and Tibero unveiled their new technologies for big data at a press event in Seoul on Tuesday. “Big data is not merely an information technology trend. It is becoming a core competency of enterprises,” said Tibero’s CEO Chang In-soo. During the event, Tibero introduced Tibero 6, the upgrade of its database management system. Previously, users separately had to use an in-memory database and disk database to save and process data. The new system integrates t
Sept. 10, 2013
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KRA chairman Chang resigns
Korea Racing Authority CEO and chairman Chang Tae-pyong has resigned from his post, the state-run agency said Tuesday. His term ends in November next year, but he tendered his resignation to the Ministry of Agriculture, Food and Rural Affairs, the supervisor of the KRA, early this month without a specified reason. Regarding his sudden move, there was a rumor that Chang had an uncomfortable relationship with current Agriculture Minister Lee Dong-phil. Chang started his career as secretary to the
Sept. 10, 2013
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Children focus of firm’s goodwill programs
Under the corporate slogan the “Future is in the Hands of Our Children,” Ottogi has placed a priority on helping children in carrying out its social contribution activities over the past 20 years. Since 1992, the food company has continued supporting life-saving surgery for children with congenital heart disease. Even though the surgery should be done by age 10 for the best results, many children miss the right timing due to their families’ financial difficulties. As of June this year, a total o
Sept. 10, 2013
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[Power Korea] Ottogi, where taste meets health
The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the 17th part of the Global Brand series. ― Ed.Ottogi is one of the best-known food brands in Korea. Its roots go back as fa
Sept. 10, 2013
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Hyundai Motor union OKs wage deal
The union of South Korea's largest carmaker Hyundai Motor Co. said Tuesday that its members have endorsed a tentative wage deal reached last week.The agreement was approved by 55.1 percent of the more than 42,300 union members who voted on Monday, the union said. About 4,000 other union members did not vote."It is fortunate that we concluded a deal without anymore disruption," union spokesman Kwon Oh-il said by phone from Ulsan, home to Hyundai's main production facility, located some 410 kilome
Sept. 10, 2013
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Korea sees growth potential in technology convergence
The convergence of science and technology with other industrial sectors is the key to the government’s “creative economy” policies that aim to create the nation’s new growth engines and more related jobs.In a bid to elevate productivity and add new values across industries, diverse experiments based on information technology are expected to be carried out in the coming years. IT-based solutions will bring fresh vigor to the nation’s rural areas that have been hit hard by the falling birthrate an
Sept. 9, 2013
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South Korea may open rice market
The Korean government may open its rice market from 2015 to foreign suppliers after an extension of the current quota system in the rice market ends next year, according to a report from the National Assembly Research Institute.In its analysis, which was submitted to Rep. Shim Jae-kwon of main opposition Democratic Party, the institute said the rice market opening with tariffs could be an option to take. The report said the government considers that the time is ripe for opening the rice market,
Sept. 9, 2013
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Budget smartphones see steady growth
The demand for budget smartphones has been steadily on the rise, according to industry sources. Samsung recently launched the Galaxy S4 Mini at 550,000 won ($506), almost half price of the 899,000 won Galaxy S4. “Samsung has rolled out low-end handsets such as the Galaxy S3 mini and S4 mini, along with its flagship models, Galaxy S3 and S4. The Galaxy S4 mini will be available at retailers soon,” Samsung spokesperson Koh Ho-jin said. In Korea, end users usually buy phones at telecom agencies or
Sept. 9, 2013
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POSCO to operate Russian steel mill
POSCO, the nation’s top steelmaker, signed a memorandum of understanding with the Bank of Development and Foreign Economic Affairs in Russia for the operations of Amurmetal, a scrap-consuming steelmaker in Khabarovsk, in Far East Russia, the company said on Monday.The state-run Russian bank owns a 100 percent stake in Amurmetal. It took over the heavily indebted steelmaker in 2010 from its owner, State Duma deputy Alexander Shishkin. Since the acquisition, Amurmetal’s new owner, which has no exp
Sept. 9, 2013