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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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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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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Korea added to key bond index
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Looming power shortage issue forces way onto national agenda
The power shortage issue, triggered by the suspension of two nuclear reactors Tuesday due to the use of substandard components, is turning into a key national agenda as the country is expected to face the worst-ever summer electricity shortage this year.The sudden shutdown of the Shin-Kori Reactor 2 in Busan and Shin-Wolsong Reactor 1 in North Gyeongsang Province brings the number of nuclear reactors out of action to 11, which raises a severe power shortage issue. Korea currently runs 23 reactor
May 29, 2013
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Corporate Korea supports multicultural families
It has become a clich to say that multicultural families are fast changing Korea’s demographic landscape. Once a homogenous society, the country is welcoming diverse cultures and races as more people from abroad start families with Koreans and adopt the country as their home. State figures show that there are up to 60,000 students in schools nationwide who hail from multicultural households. For these second-generation kids, Korea is actually the only home they know.But despite the fact these ne
May 29, 2013
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LG Chem to supply biggest energy storage system in U.S.
LG Chem, one of the world’s leading makers of lithium-ion batteries, has been selected by Southern California Edison to deliver the largest battery energy storage system in the U.S., the Seoul-based company chemicals company said on Wednesday. The project, named Tehachapi Wind Energy Storage Project, funded by the Department of Energy, involves powering up a 32 MWh battery energy storage system for Southern California Edison, a dominant electricity supplier in Southern California, company offici
May 29, 2013
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Pernod Ricard to help preserve oceans near Busan
Pernod Ricard Korea plans to collaborate with Korea Maritime University in preserving the marine environment in Busan.The Korean unit of France’s beverage giant said Wednesday that it had inked a memorandum of understanding with the university to launch the project. Officials promised to support environmental research in Busan over the next three years.The company said it will put 1,000 won ($0.88) from each sale of Imperial Classic 12 City Edition-Busan, a brand exclusively for regional consume
May 29, 2013
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‘Discount for Korean cosmetic brands offers little value’
South Korea’s cosmetic brands are offering almost year-long “discount campaigns,” but consumers do not feel substantial benefits due to the continued increases of official prices, industry sources said. A host of cosmetic companies have raised the official prices for their major products by as much as 54 percent this year alone. Such steep increases in the official prices offset the benefit of discount programs, distorting the pricing mechanism of the industry.“Cosmetic brands are competitively
May 29, 2013
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NTS probing 23 businesses, individuals for possible offshore tax evasion
South Korea's tax agency said Wednesday that it has launched an investigation into 23 businesses and individuals suspected of evading taxes through paper companies established in tax haven regions. The National Tax Service added that it has completed a probe into 83 offshore tax evasion cases, which led to collecting about 479.8 billion won ($424.6 million) in additional taxes.The move is part of pan-governmental efforts to push for fair tax justice and expand the overall revenue base for growin
May 29, 2013
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Kakao to unveil PC messenger in June
Kakao Corp., the operator of namesake mobile messenger Kakao Talk, said Wednesday it will unveil the PC version of its popular messenger application in June, a move that could dramatically change the landscape of South Korea's instant messaging market. Kakao Talk is a free messenger application that runs on the Android and iOS operating systems. Launched in 2010, it now has more than 90 million users worldwide, rivaling similar apps such as NHN Corp.'s LINE and California-based messenger Whats
May 29, 2013
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Prosecution raids Shinhan Bank over CJ Group's slush fund probe
Prosecutors on Wednesday raided the headquarters of Shinhan Bank as part of an investigation into allegations that CJ Group, a food and entertainment conglomerate, managed a massive slush fund overseas and evaded taxes.The prosecution has been looking into the origin and use of 24 billion won ($21 million) that the Tokyo branch of Shinhan Bank, South Korea's No. 3 lender, loaned to CJ Group's overseas corporate body.A team of investigators and prosecutors of the Seoul Central District Prosecutor
May 29, 2013
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Samsung Electronics beats Nokia in Finland
Samsung Electronics Co., the world's largest smartphone maker, overtook Nokia Corp. in terms of handset shipments in its home country during the first quarter, data showed Wednesday.Samsung sold 211,000 handsets in Finland, where Nokia is headquartered, during the January-March period, accounting for 36.1 percent of the European country's handset market, according to the data by market researcher IDC Corp.Nokia came in second with shipments of 196,000 handsets or a 33.6 percent market share, the
May 29, 2013
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Hyundai Mobis completes 1m Jeep chassis modules
Hyundai Mobis, the nation’s largest auto parts maker, said Tuesday that its provision of complete chassis modules to Chrysler’s Jeep Wrangler has exceeded 1 million units as of May 17. The complete chassis module is a key assembled frame module located on the lower part of the car body. About 50 percent of auto parts are mounted on it.Mobis, an affiliate of Hyundai Motor, has provided its chassis modules to the Jeep off-roader since 2006. “The figure 1 million is a milestone for Mobis, which has
May 28, 2013
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Hyundai Elevator vs. Schindler, round 2
The second round of legal battles between Hyundai Elevator, the nation’s leading elevator manufacturer, and Schindler Group, its No. 2 shareholder, is set to begin following Schindler’s appeal on a local court’s ruling that rejected its request to stop a planned capital increase in June. The rationale behind the Germany and Switzerland-based elevator and escalator maker is that the 110.9 billion-won worth of capital increase would lead to an up to 25 percent discount of stock value. Schindler al
May 28, 2013
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Korean Air’s Cho sparks ‘maternity trip’ controversy
Cho Hyun-ah, Korean Air’s senior vice president, recently delivered twins in the United States, sparking speculation that her travel to Hawaii could have been intended to obtain U.S. citizenship for the children. Cho, the eldest daughter of Hanjin Group chairman Cho Yang-ho, has been in Hawaii since early last month and delivered twin sons last week. The company explained that Cho had already been transferred to the U.S. as of March 20 to oversee hotel projects that the air carrier’s U.S. branch
May 28, 2013
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N. Korean carrier among worst airlines: report
An Australian news website announced a list of the worst airlines in the world for economy class, which included North Korea’s state-run airliner Koryo.According to a list of the “20 Worst Airlines in The World” by Business Insider Australia, Air Koryo provides the fifth-worst economy-class traveling in the world. The website used data ratings and reviews by Skytrax, a leading airline and airport review site.Receiving a score of 39.2 of 100, the world’s only one-star airliner Koryo offers “revol
May 28, 2013
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8 firms get poor shared growth marks
Eight large companies including Homeplus, CJ O Shopping and STX Heavy Industries have received failing marks in promoting shared growth with smaller partner firms.The National Commission for Corporate Partnership, which grades large businesses based on their efforts to seek coprosperity with small firms, announced on Monday the scores for 73 companies belonging to the country’s major conglomerates. Kolon Global, Hyundai Homeshopping, Hyundai Department Store, KCC and LSIS also failed in the annu
May 28, 2013
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[Photo News] Protection from toxic materials
May 27, 2013
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Hyundai-Kia recall based on data, not politics: NHTSA
The recent recall decision on 1.7 million Hyundai and Kia cars in the United States was based on data, not politics, the chief of the U.S. National Highway Traffic Safety Administration told The Korea Herald on Monday.“Our agency is based on data. We don’t care if it’s a company in Detroit or Korea. Our job is safety on the U.S. road,” said David L. Strickland, administrator at the U.S. traffic safety agency. He was visiting Seoul to attend the International Technical Conference on the enhanced
May 27, 2013
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FTC probing No. 2 Internet portal operator Daum
SEJONG (Yonhap News) ― South Korea’s antitrust watchdog has launched an investigation into Daum Communications Corp. on suspicion that it might have been using its market power to force suppliers to accept unfair business deals, sources said Monday.Earlier in the day, the Fair Trade Commission sent a team of investigators to the headquarters of Daum, the country’s second-largest portal operator, to obtain necessary data and documents, according to the sources.The probe will likely focus on wheth
May 27, 2013
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Mahindra chief ranked 4th-top CEO to ‘follow’
Mahindra Group chairman Anand Mahindra’s Twitter handle (@anandmahindra) was recently ranked fourth on the global list of the top 25 CEOs to follow on Twitter by the CEO Guru blog, the group said on Monday. The chairman’s Twitter handle, which has almost 800,000 followers, was praised for being a “lively Twitter account with lots of regional flavor.” He is the only Indian to be featured on this list. The top three executives on the list were Virgin Group chairman Richard Branson, News Corp chair
May 27, 2013
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Government aims to stabilize prices of farm products
The government on Monday announced a set of measures, including the expansion of direct transactions between producers and consumers, to limit price hikes of farm products.The Ministry of Agriculture, Food and Rural Affairs said the measures will help lower distribution costs by an average 10 to 15 percent by 2016.At the center of the plan is the National Agricultural Cooperative Federation, better known as Nonghyup, which will double its retail sales of farm products from 959.6 billion won ($84
May 27, 2013
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Corporate Korea shaken by paper company list
The local corporate sector appeared to be shaken up by the latest data from the Korea Center for Investigative Journalism revealing an additional list of Koreans associated with conglomerates holding offshore accounts through paper companies in tax havens.“It’s the fact that these news reports are coming against the backdrop of the government’s drive for spurring fair competition between the big and little players as a part of its policy pledges for achieving economic democratization,” said one
May 27, 2013