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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BMW Korea chief promoted to group’s senior vice president
BMW Korea chief Kim Hyo-joon, who is also concurrently senior executive of the German carmaker group, will be promoted to senior vice president, company officials said on Wednesday.BMW is currently led by 350 senior executives in the world and only 50 of them are appointed as senior vice president. According to the company, a senior vice president is the highest position after the executive board members in BMW. Company officials said BMW has highly regarded Kim’s contribution to sales boost in
May 23, 2013
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[Newsmaker] CJ slush fund probe zeroes in on chairman
CJ Group chairman Lee Jay-hyun and his siblings are at the heart of the prosecution’s ongoing investigation into slush fund allegations against the food and entertainment conglomerate.The nation’s 14th-largest business group is suspected of amassing tens of billions of won in offshore slush funds by evading taxes through transactions with overseas affiliates, adding to a series of similar allegations raised over the past few years. The prosecution on Tuesday searched CJ offices and the residence
May 22, 2013
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Chaebol wary probe could target more conglomerates
As the prosecution delves deeper into slush fund allegations against CJ Group involving chairman Lee Jay-hyun, the nation’s major conglomerates are nervous they might be next.Rumors that three more business groups are under the prosecution’s scrutiny are adding weight to the view that CJ is the just the beginning of a major clampdown on chaebol under the Park Geun-hye administration’s strong pitch for “economic democratization.”With the heads of SK Group and Hanwha Group having been sentenced to
May 22, 2013
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Ministry drives deregulation to attract service firms
The government will push deregulation to attract more service firms to the nation’s free economic zones, according to the Ministry of Trade, Industry and Energy. The ministry’s foreign direct investment policy had previously focused on luring manufacturing companies.“The service industries that FEZs will target for attraction include medical services, education, conferences and exhibitions, R&D and professional services, and business-support services,” MOTIE Vice Minister Kim Jae-hong said in a
May 22, 2013
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POSCO execs adopt ethics resolution
About 350 executives of POSCO and its affiliates adopted a resolution on ethical behavior on Wednesday at a workshop in Songdo, Incheon, the company said. The move came after an executive from POSCO Energy, a key affiliate of the nation’s top steelmaker, resigned amid public anger over his mistreatment of a flight attendant last month. During the workshop, POSCO chairman Chung Joon-yang reportedly stressed the importance of good ethics to recover trust from employees and people, saying trust was
May 22, 2013
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U.S. firm pitches solar as key energy
As a country without abundant energy resources, it is only logical for Korea to go all out for renewable energy to support industrial growth, according to a U.S.-based solar battery company chief.“While developing our capacity as a technical frontrunner in the solar energy market, we have also been keeping a close watch on Korea and the Asian market over the years,” Robert W. Campbell, president and CEO of SoloPower, told The Korea Herald.SoloPower is a U.S.-based solar energy company that devel
May 22, 2013
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Shinsegae fined for faking Prada discount
The Fair Trade Commission said on Tuesday it slapped fines of 5 million won ($4,500) on Shinsegae and issued a corrective action order for faking handbag discounts on its online shopping mall, a violation of the electronic commerce law. The antitrust watchdog warned that it will report the matter to the prosecution if Shinsegae repeats the violation.According to the FTC, Shinsegae stated on its online mall for nearly a year through last November that a Prada bag was marked down by 24 percent fro
May 21, 2013
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GS E&C wins $1.03b order from Turkey
GS Engineering & Construction Corp., South Korea’s fourth-largest builder, said Tuesday that it has won a $1.03 billion order to build an oil refinery plant in Turkey.The deal is part of a $3.45 billion deal that was signed between Star Refining Inc. and a consortium led by TR, Spain’s leading engineering company, on Monday. The consortium also includes Italian oil service group Saipem and Japan’s Itochu Corp.Star Refining is a joint venture between the State Oil Company of Azerbaijan Republic a
May 21, 2013
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KEPCO, Alstom Grid set up joint venture
Korea Electric Power Corp., South Korea’s state-run power company, said Tuesday that it will establish a joint venture with Alstom Grid, a French electric power transmission equipment maker, to conduct a high-end electric power transmission project in South Korea. The joint venture, named “KEPCO Alstom Power Electronics Systems,” will focus on the establishment of a high-voltage, direct current electric power transmission system in the country, which uses direct current for the bulk transmission
May 21, 2013
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Korean handset makers shine in global LTE market
South Korea’s three major handset makers ― Samsung Electronics Co., LG Electronics Inc. and Pantech Co. ― grabbed a share of more than 30 percent of the global long-term evolution phones in the first quarter, data showed Tuesday.Samsung Electronics, the world’s largest smartphone maker, ranked second by shipping 10.3 million handsets running on LTE service in the first quarter for a market share of 25 percent, according to data compiled by Strategy Analytics.LG Electronics, the world’s No.3 smar
May 21, 2013
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CJ Group raided over slush fund allegations
Prosecutors raided CJ Group, a major local conglomerate, on Tuesday as part of an investigation into allegations that the food and entertainment conglomerate managed a massive slush fund overseas.The prosecution has been looking into suspicions that the business group had set aside a large sum of the fund worth tens of billions of won and brought it into the country.A team of investigators and prosecutors of the Seoul Central District Prosecutors' Office seized computer hard discs and relevant d
May 21, 2013
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LG opens W400b market to SMEs
LG Group has decided to open up a market worth up to 400 billion won to small and mid-sized companies, and also invest 800 billion won into LG Science Park that is to be created in western Seoul, the company said on Monday.The 400 billion won involves markets for SI ― system integration ― advertisement and construction, with LG opening up the bidding to its smaller vendors and encouraging them to lead up to 50 percent of the projects. Security will be only issue that LG will close its doors on,
May 20, 2013
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FTC sanctions five makers of farming equipment
Korea’s antitrust agency has taken disciplinary measures against five domestic agriculture equipment manufacturers for price collusion.The Fair Trade Commission said Monday it would levy combined fines of some 23.5 billion won ($2110 million) against the five for price fixing products such as combine harvesters, rice planters and tractors.The five companies are: Kukje Machinery, Daedong, Tongyang Moolsan, LS, and LS Mtron. Of the five, the FTC will also seek to have four ― Kukje Machinery, Daedo
May 20, 2013
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Han Sung Motor CEO talks on successful design
Ulf Ausprung, CEO of Han Sung Motor, the official dealer of Mercedes-Benz cars in Korea, on Monday gave a special lecture to college students here on what makes successful design across industries. The German CEO, who took office in 2011, has been active not just in marketing the luxury brand and its cars but also in teaching students the crucial role of design in building a successful brand. During the lecture held at Hongik University in Seoul, he also introduced some design projects that he c
May 20, 2013
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Lottery issuance to increase 3.6% next year
South Korea plans to issue a maximum of 3.61 trillion won (US$3.23 billion) worth of lotteries next year to meet growing demand, the finance ministry said Monday.According to the ministry in charge of lottery polices, the issuance ceiling is up 3.6 percent from 3.49 trillion won set for this year. The ministry expects that the actual sales will amount to 3.31 trillion won next year.The ministry plans to issue 3.04 trillion won worth of online lotteries, including the most popular lotto. The ceil
May 20, 2013
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Hyosung chief receives honorary doctorate in U.S.
S.R. Cho, chairman of the nation’s 25th-largest conglomerate Hyosung Group, received an honorary doctorate at the Illinois Institute of Technology in the United States on Saturday, officials said.He was recognized for his role as a civil diplomat in global business, according to school officials.This was the first time that the IIT decided to confer an honorary degree on a Korean national. It was also unique in that the usual practice is to offer an honorary business administration degree when i
May 19, 2013
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S. Korea's corporate debt to near $2 tln in 2017: S&P
South Korea's corporate debt is expected to approach US$2 trillion in 2017, a level similar to 2009 when the country just pulled out of a foreign exchange crisis, global ratings agency Standard & Poor's (S&P) said Sunday.According to an S&P report, the amount of debt owed by the country's nonfinancial companies is estimated to reach $1.98 trillion in 2017, up from $1.36 trillion at the end of September.The ratio of South Korea's corporate debt to its nominal gross domestic product (GDP) will lik
May 19, 2013
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Hyundai Motor joins U.S. development of fuel-cell vehicle
Korea's top automaker Hyundai Motor Co. has been named a partner in a U.S. project to develop next-generation fuel-cell electric vehicles, the company said Saturday. Hyundai Motor is one of only four foreign automakers that has been named a partner for the so-called H₂USA project, it said. The others are Germany's Mercedes-Benz and Japan's Toyota Motor Corp. and Nissan Motor Co. The U.S. project seeks to develop new, efficient fuel-cell batteries, along with the necessary infrastructure to h
May 18, 2013
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Asiana Airlines protects heritage sites in Vietnam
Asiana Airlines, in partnership with UNESCO Korea, will install solar-powered street lamps for the protection of heritage sites in Vietnam as part of its ongoing social contribution activities in the country, officials said Thursday. The air carrier held the groundbreaking ceremony for the installation of the 40 environment-friendly street lamps near two world heritage sites ― the ancient town of Hoi An and the My Son holy land ― in Da Nang, a Vietnamese port city. Some 400 participants attended
May 16, 2013
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Halla Group out to recapture market’s trust
Halla Group this week said it would give no further support for its faltering construction arm, to enhance the credibility and value of the company.“We understand the investors’ concerns surrounding the paid-in capital increase for Halla Engineering and Construction last month, and will now on work together to gain the market’s trust and recover governance,” said group chairman Chung Mong-won to executives and board members of Mando, a central affiliate of Halla that manufactures car parts. On
May 16, 2013