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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‘24 conglomerates hold W5.7tr worth of assets in tax havens’
Korean conglomerates were found to be holding assets worth a total of 5.7 trillion won in tax havens such as the Cayman Islands.Twenty-four private business groups with over 1 trillion won in assets had overseas subsidiaries in nine tax havens including the British Virgin Islands, Panama, the Marshall Islands, Malaysia’s Labuan, Bermuda, Samoa, Mauritius and Cyprus, according to Chaebul.com, a website that tracks family-owned conglomerates.The Organization for Economic Cooperation and Developmen
May 26, 2013
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KOTRA opens trade marketing jobs for multicultural youth
State-run Korea Trade-Investment Promotion Agency said it will hire 40 people from multicultural families in Korea to train them in international trade and marketing. KOTRA will offer recruits educational programs and internship opportunities at local trading firms, KOTRA said. Candidates who hold a license in interpretation and translation or who have passed level 4 of the Test of Proficiency in Korean can apply for the job. The agency opens the job to high school graduates from multicultural f
May 26, 2013
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Hyundai resumes weekend production at local assembly lines
ULSAN (Yonhap News) -- Hyundai Motor Co., South Korea's largest carmaker, resumed weekend production at some of its assembly lines on Saturday, a move that could help the company make up for production shortfalls and resolve unfilled orders.The resumption marked the first time Hyundai employees returned to the assembly lines in Ulsan for weekend work since March 4 when the carmaker ended its decades-long practice of running a graveyard shift.The weekend work stoppage prevented the carmaker from
May 25, 2013
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Korea model case of high-speed train policy: vice minister
LEIPZIG, Germany ― Korea’s experience in building and operating its own bullet trains offers a model case for other countries to study, Vice Transport Minister Yeo Hyung-koo said in Germany.“Countries well understand that investing in high-speed trains will contribute to their future growth. But they face challenges in earning widespread consensus from stakeholder groups,” he said in a recent interview with The Korea Herald. “Korea, which has already undergone similar experiences over the past d
May 24, 2013
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CJ Foodville under tax investigation
CJ Foodville Corp., Korea’s largest restaurant franchise, is undergoing a tax investigation, according to a news report.Yonhap News quoted an unnamed industry source as saying that the National Tax Service started the intense probe a month ago. But company officials reportedly claimed the probe was part of a regular audit by the NTS. The tax investigation came at a time when its parent CJ Group is under investigation from the prosecution on charges of creating slush funds and other wrongdoings.B
May 24, 2013
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Lotte Group chief fined for boycotting parliamentary audits
The chairman of Lotte Group was fined for not attending parliamentary audits over the company's alleged infringement on the business rights of small retailers. Shin Dong-bin was sentenced to pay 10 million won ($8,870) in fines for refusing to comply with the government's call to appear at the hearings and audits of the National Assembly between October and November of last year, citing different reasons such as overseas business trips.The audits were held as part of the government's drive to pr
May 24, 2013
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Samsung to rake in better Q2 profit on Galaxy S4 sales
Samsung Electronics Co., the world's top maker of smartphones, is expected to reap a solid operating profit in the second quarter on robust sales of its Galaxy S4 line-up, analysts said Friday.According to NH Nonghyup Securities Co., the tech giant is anticipated to see its operating profit reach 11.7 trillion won ($10.4 billion) in the April-June period, up 74.6 percent from 6.7 trillion won tallied last year.The strong earnings outlook came as the global sales of its Galaxy S4 smartphones have
May 24, 2013
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S. Korea constructs its first carbon capture facility
South Korea on Friday began operating its first carbon capture facility at a thermal power plant that is designed to cut greenhouse gas emissions by over 90 percent.The carbon capture and storage (CCS) unit at the Boryeong Thermal Power Plant Complex on the country's west coast is currently attached to a 10-megawatt station to test its effectiveness, according to the Ministry of Trade, Industry and Energy.The CCS facility is expected to capture about 80,000 tons, or over 90 percent, of carbon di
May 24, 2013
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Korea’s pedestrian death rate highest in OECD
LEIPZIG, Germany ― Korea again posted the highest fatality rate of pedestrians among the 29 OECD member nations last year, a recent report found Wednesday.The figures came amid growing attention for walking as an alternative transportation for cars and other motorized vehicles at the 2013 International Transport Forum that kicked off Wednesday in Leipzig, Germany. In the OECD report entitled “Pedestrian Safety, Urban Space and Health,” pedestrian fatalities made up 37 percent of all road deaths
May 23, 2013
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GS hires 2,500 contract workers as regular staff
GS Group said on Thursday it will grant regular staff status to 2,500 contract workers and part-timers, being the fifth conglomerate to make such a decision after CJ, Hanwha, Shinsegae (E-mart) and SK Groups.GS said it will start with 2,150 product display staff and cashiers at GS Retail and 350 call center operators at GS Teleservice, an affiliate of GS Shop, in the second half of this year.GS will be giving regular employee status to 51 percent of its 4,900 contract workers and workers dispatc
May 23, 2013
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LG Display keeps lead in large LCD panel market
South Korean display giant LG Display Co. kept its dominant position in the market for liquid crystal display panels that are 9.1 inches or larger in the first quarter, data showed Thursday.Shipments by LG Display reached 44.6 million units in the January-March period, accounting for 27.2 percent of a total 164 million units shipped globally, according to the data by market researcher DisplaySearch. The large LCD panels are usually used for computer monitors, laptop computer screens and TVs.LG D
May 23, 2013
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SK Telecom opens mobile library for the blind
SK Telecom said Thursday it would open its mobile voice content service to all visually impaired users of smartphones irrespective of their mobile carriers.The mobile library application, jointly developed by SK Telecom and the Korea Blind Union, offers an audio service that reads books, news, magazines and useful information for the blind.The app has been available for only SK Telecom users so far, but will be open to users of other carriers as well.Any smartphone user can download the app from
May 23, 2013
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All-new Lincoln MKZ launches in style
The all-new Lincoln MKZ made its Asian debut in Korea on Thursday with Ford Sales and Service Korea saying at the vehicle’s launch in trendy Cheongdam-dong that it would set new standards for premium sedans.“A robust market response is anticipated for the all-new Lincoln MKZ, which will set the new standard for premium sedans for our era,” said Jung Jae-hee, president and CEO of Ford Korea. Fitted with a standard 2.0-liter, four-cylinder EcoBoost engine delivering the performance of a 3.5-liter
May 23, 2013
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LS to supply equipment, parts for HVDC project
LS Industrial Systems Co., a leading South Korean manufacturer of electric components, said Thursday that it will provide equipment and parts for the country’s ambitious high-voltage direct current project.Last year, state-run Korea Electric Power Corp. set up a joint venture with Alstom to secure the French power equipment maker’s HVDC technology, a top-tier power transmission technology.The joint venture will carry out the HVDC project aimed at stabilizing power supply and demand in the countr
May 23, 2013
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Volkswagen’s Polo hatchback sells briskly in Korea
Volkswagen Korea, the local importer of Germany’s Volkswagen Group, said Thursday it has sold more than 300 units of the Polo hatchback in less than a month after its debut in South Korea.Volkswagen Korea introduced its latest model in South Korea on April 25 to broaden its hatchback portfolio.The brisk sales are expected to help the importer achieve its goal of selling 2,000 units of the 1.6-liter Polo hatchback by the end of this year.A Volkswagen Korea official attributed the popularity to th
May 23, 2013
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Hyundai Mipo bags $300m in orders for ships
Hyundai Mipo Dockyard Co., a South Korean shipbuilder, said Thursday that it has recently clinched a combined $300 million worth of orders to build 10 vessels, including seven chemical carriers.Hyundai Mipo, a unit of the country’s leading shipbuilder Hyundai Heavy Industries Co., did not give specifics on the terms of the deals and reveal the names of the buyers.In March, the shipbuilder also secured a massive shipbuilding deal valued at 315 billion won to construct four vessels as well.Hyundai
May 23, 2013
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Korea seeks to host more regional offices
Korea will implement packages in a new incentive program to encourage multinational companies to establish their Asian headquarters in the nation during the second half of this year, officials said Thursday.The Ministry of Trade, Industry and Energy revealed the plan after holding a meeting to discuss boosting foreign direct investment among officials from 17 state-run FDI-related organizations and 17 local governments. “Previously, the government simply offered a cash reward to multinationals t
May 23, 2013
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Korea seeks to balance books by 2017
South Korea will try to balance its books in 2017, the country’s top economic policymaker said Thursday, as Asia’s fourth-largest economy runs a budget deficit for an economic recovery.The National Assembly passed a 17.3 trillion won ($15.8 billion) extra budget earlier this month to revitalize the economy amid lackluster exports and weak domestic demand.In March, the government slashed its growth outlook for this year to 2.3 percent from the 3 percent predicted in December.“We plan to balance t
May 23, 2013
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Banks’ foreign exchange turnover hits 4-year high
Foreign exchange turnover by banks in South Korea grew by the most since the 2008 global financial crisis in the first quarter on foreigners’ bond investment and exporters’ sale of FX forward deals, the central bank said Thursday.The daily foreign exchange turnover averaged $49.2 billion in the January-March period, up 14.7 percent from three months earlier, according to the Bank of Korea.The first-quarter data marked the largest volume since $50.6 billion in the third quarter of 2008.The BOK sa
May 23, 2013
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Household credit dips most in 4 years in Q1
South Korea’s household credit declined by the largest amount in four years in the first quarter as card spending remained sluggish amid the economic slowdown, the central bank said Thursday.Household credit totaled 961.6 trillion won ($856.5 billion) as of the end of March, down 2.2 trillion won from three months earlier, according to the Bank of Korea.In the fourth quarter, household credit rose 23.1 trillion won on-quarter to a record high 963.8 trillion won. The on-year growth of household c
May 23, 2013