Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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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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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Honda recalls 250,000 vehicles for braking problem
Honda is recalling nearly 250,000 vehicles worldwide for brakes that can suddenly kick in even when the driver isn't braking. No crashes have been reported related to the defect. Honda Motor Co. said Thursday it was recalling more than 183,000 vehicles in the U.S., including the Acura RL, Acura MDX and Pilot models. More than 56,000 vehicles were recalled in Japan, affecting the Odyssey, Legend, StepWgn and Elysion models. Also being recalled are nearly 8,000 vehicles in Canada, nearly 1,000 in
March 14, 2013
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Hybrids’ fuel savings payoff takes 10 years
Kim Min-kyu, a 35-year-old TV producer, recently purchased a Toyota Prius, the world’s best-selling hybrid. Despite the price being almost double that of same-size Korean brand cars, he feels good about his fuel savings. “I actually didn’t like the futuristic car design but its fuel efficiency rating was more appealing to me. It’s also cool to be seen driving a hybrid,” he said.Amid high gasoline prices, a growing number of Korean drivers, like Kim, are turning to more fuel-efficient vehicles, s
March 14, 2013
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Department stores shuffle high-end cosmetics shops
South Korea’s major department stores are relocating their cosmetics brands to target different customers’ needs, in a departure from the past when all cosmetic lines were placed on the first floor.Some premium cosmetics are now moving out from the first floor and placed on different floors to target VIP customers by emphasizing their private and luxurious image. Shinsegae’s Gangnam branch moved upscale cosmetic brands including “Chantecaille” and “Darphin” to the second floor in the newly set u
March 14, 2013
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Government sells stake in CSA to Korean Airlines
The Czech prime minister says the government has approved a sale of a minority stake in the national carrier CSA to Korean Airlines.Petr Necas says Korean Airlines will get a 44-percent stake in CSA for (euro) 2.64 million ($3.45 million). Necas said Wednesday the move is ``a very important step that makes possible the development of CSA and Prague's international airport.''The Czech state owns a 95.7 percent stake in the airline. It has been seeking a strategic partner for the carrier after it
March 13, 2013
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LG, Kia bag top design awards
Korean big names LG and Kia swept this year’s Red Dot design award, considered one of the highest honors in the world of design.LG Electronics said Wednesday it received a total of 27 Red Dot awards, with its curved OLED TV winning the top honor “Best of the Best.” The company garnered 14 awards last year. LG’s curved OLED TV features the industry’s first ergonomically curved screen with vivid picture quality, creating a panorama effect for viewers. The new TV set also removes the problem of scr
March 13, 2013
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‘Cracks in Lotte World Tower need repairs’
The 123-story Lotte World Tower currently under construction in Seoul’s Jamsil needs immediate reinforcement as 98 cracks were found on the surface of the mega columns which form the building’s framework.“Rain can seep into the widening cracks in the mega columns and lead to corrosion of the steel frames inside,” said Shin Sung-woo, chief of the diagnostic team jointly organized by the Architectural Institute of Korea and the Korea Infrastructure Safety Corporation.“Immediate repairs and reinfor
March 13, 2013
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S. Korea's largest urban development project faces collapse
A company involved in South Korea's largest-ever urban development project failed to pay back debts worth 5.9 billion won ($5.3 million), company officials said Wednesday, raising concerns over the collapse of the 30-trillion-won project.Yongsan Development Co., the asset manager of Dreamhub Project Financing Vehicle Co. which was created for the development project, was required to pay the debts of an interest of asset-backed commercial papers worth about 200 billion won, by 9 a.m. Wednesday, s
March 13, 2013
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LG Uplus offers full HD content
LG Uplus said Tuesday that it would offer high-definition content for its Internet protocol television subscribers beginning this month.The country’s smallest telecom service provider said that up to 32 channels would be provided on Uplus TV G in full high-definition this month even if subscribers did not own a pricey smart TV.The Uplus TV G service is an IPTV collaboration between the telecom and Google that was launched here last October. The number of channels in Full HD format will be increa
March 12, 2013
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Hite Jinro’s Max beer nabs global brewing award
Hite Jinro, Korea’s leading beer and soju producer, said Tuesday that its lager Max has won the top prize at one of the world’s three largest brewing contests in Britain.The Korean brewer was selected as a gold medalist in the 4.5―4.9 percent alcohol by volume lager sector, beating Singaporean lager Tiger and Japan’s Asahi Super Dry which took silver and bronze, respectively.The company was the only Korean winner of the International Brewing Awards 2013, hosted by the Brewing, Food & Beverage In
March 12, 2013
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Incheon named best airport for eighth time
Incheon International Airport said Tuesday it won the World’s Best Airport title again this year for the eighth consecutive time.The non-profit Airport Council International conducted a survey of 350,000 passengers over the past year and Incheon Airport earned the highest scores in service quality. The airport also topped two other categories ― best airport in Asia-Pacific and best among those with 25-40 million users annually.It is unprecedented for an airport to win the industry’s top honor ei
March 12, 2013
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Foreign fast fashion brands neglect after-sales service
Despite their explosive sales growth here, foreign “fast fashion” brands do not offer after-sales service.Sales of five major imported SPA brands Uniqlo, Gap, Zara, H&M and Mango jumped over 50 percent each year to nearly 2 trillion won ($1.8 billion) in 2011, but none of them had an official after-sales service center, Consumer Research said on Tuesday.The stores did not take any calls for after-sales service, and offered no alteration or repair services except for hemming pants. Customers were
March 12, 2013
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A global heavyweight in infrastructure
In April last year, Doosan Corp. chairman Park Yong-maan was invited to the 21st Asia Business Conference hosted by the prestigious Harvard Business School in Boston, U.S. The conference gave Park a chance to present the story of the group’s dramatic transformation from a domestic consumer goods and liquor producer into a global infrastructure builder in 20 years. Behind the drastic change of Doosan in a short time were, above all, successful merger and acquisition deals at home and abroad.Durin
March 11, 2013
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[Power Korea] Doosan Group, a living witness to Korea’s modern biz history
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 10th part of the Global Brand series. — Ed.In 1896, amid the social and political upheaval of the late 19th century, the
March 11, 2013
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Japan’s default risk drops below that of Korea
Japan’s credit default risk fell below that of South Korea in March following the improved economic outlook over Tokyo’s strong monetary easing, data showed Monday.The credit default swap premium for Japan’s benchmark Treasuries came in at 62 basis points on Wednesday, compared to 64 basis points tallied for South Korea, according to data by the Korea Center for International Finance.The spread on CDS reflects the cost of hedging credit risks on corporate or sovereign debt. A higher number indic
March 11, 2013
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LG becomes No. 3 in global smartphone sales
LG Electronics finally hit the mark by becoming the third-largest smartphone vendor in terms of wholesale revenue, according to recent statistics released by Strategy Analytics.The market research firm said that LG’s global smartphone volume for the final quarter of last year had gone up 77 percent year-on-year due to increased volume and improved average price tag from handsets running on Long Term Evolution networks. Its smartphone wholesale revenue share marked 3.2 percent in the fourth quart
March 11, 2013
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Korea’s auto exports plunge in February
Exports by South Korean automakers plunged in February from a year earlier due to a drop in output that resulted partly from reduced working days, the government said Monday.The country’s five automakers shipped a total of 234,161 vehicles last month, down 21.9 percent from the same month last year, according to the Ministry of Knowledge Economy.Their combined value dropped by a smaller margin of 15.1 percent on-year to $3.74 billion, reflecting a continued increase in the price of domestically
March 11, 2013
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Hyundai-Kia beware?
The unprecedented crackdown by the Fair Trade Commission on imported cars is in full swing, and those close to the matter predict the end may soon be near as carmakers are said to be seeking to make amends.However, there are several things to be gained from this, and it may actually prove to have been in the interest of the imported car sector over the longer term.At the same time, Hyundai-Kia, the dominant domestic carmaker, may have more to fear than meets the eye. The actions from the commiss
March 11, 2013
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‘Giving can transform your life’
The following is the fifth article in a series featuring support and networking systems for foreigner-owned businesses in Korea. Intern reporter Lee Sang-ju contributed to this report. ― Ed.Yoon Hyeong-seok believes that helping others before helping oneself is not only a mantra for daily living, but for better business.“If you really know the joys of giving, it could transform your life,” said Yoon, director of the Korean chapter of Business Network International.It’s this philosophy on which B
March 11, 2013
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SeAh Steel chairman dies of heart attack
Lee Woon-hyung, chairman of SeAh Steel Corporation, the core subsidiary of steel producer SeAh Group, died of cardiac failure during an overseas business trip on Sunday.The 66-year-old businessman was on his way to Chile when he suffered a sudden heart attack and died almost instantly, according to officials.Born in 1947 as the younger son of founder Lee Jong-duk, Lee joined the group in 1974 and has been leading the Busan-based steelmaker since 1995.Specializing in steel pipe production, the co
March 11, 2013
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Google shoe does it all
U.S. Internet giant Google has got it all over Maxwell Smart, the 1960s TV secret agent who had a phone in his shoe -- its sneaker has a computer.Google‘s high-tech footwear isn’t ready for mass production yet, but its marketing folks showed up at the South by Southwest festival in Austin, Texas, with a few pairs just to get people thinking, ABC News reported Sunday. Other bells and whistles jammed into the sneakers include an accelerometer, a pressure sensor, a gyroscope , Bluetooth and a speak
March 11, 2013