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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Brain drain hits relocating public firms
Facing their imminent relocation to provincial cities, public corporations and institutions in Seoul and its surrounding areas are agonizing over the outflow of professionals, especially young employees who are reluctant to leave the metropolitan region.The personnel crisis is yet more serious for energy-related organizations, which are heavily reliant on experts and their specialized knowledge.Several key state-run corporations are slated to move their headquarters next year, complying with the
March 7, 2013
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Samsung to buy stake in Sharp
Samsung Electronics will become the fifth-largest stakeholder of its Japanese rival Sharp as the Korean tech giant announced plans on Wednesday to invest around $111 million in the financially hit electronics maker.The world’s top handset and television maker said it is planning to invest the money in Sharp within this month in exchange for securing a 3 percent stake in the Japanese firm. The move, which is the first capital tie-up between industry-leading Korean and Japanese electronic firms, w
March 6, 2013
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Hyundai Sonata targets Chinese elite
Hyundai Motor now seeks to appeal to the most trend-setting group of people in the all-important Chinese market ― the Communist Party leaders. The Korean auto giant said Wednesday it has provided some 50 units of its flagship midsize sedan Sonata to transport party leaders during China’s two most important political gatherings this week.Following the Sunday opening of the Chinese People’s Party Consultative Congress, the 12th National People’s Congress started Tuesday in Beijing, with Chinese Pr
March 6, 2013
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Lotte, Shinsegae wary of drugstore expansion
Lotte and Shinsegae are dawdling over their drugstore business amid criticism that conglomerates are entering it to circumvent regulations against large discount stores and supermarket chains.Lotte Group has delayed the opening of its first drugstore by a month to late April or early May, saying it hasn’t decided on the name yet.Lotte set up a taskforce last year under Lotte Super to prepare the drugstore business, but has continued to postpone its schedule upon unwelcome attention as exorbitant
March 6, 2013
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K-water CEO awarded by Cambodian government
Kim Keun-ho, the CEO of the state-run Korea Water Resources Corp., or K-water, and four employees received the Royal Order of Sahametrei, a knight-rank medal, by the Cambodian government for their dedication to the water resource management project in Cambodia, the company said on Wednesday. The order is a medal of honor conferred primarily on foreigners who have rendered distinguished services to the King of Cambodia and to the nation. K-water has completed eight water resource management-relat
March 6, 2013
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Samsung set to buy 3% stake in Sharp: report
South Korean electronics giant Samsung is set to buy a three-percent stake in struggling Japanese rival Sharp via a capital increase, a press report said Tuesday, a deal that would give Samsung greater access to smartphone and tablet computer screens.The Japanese economic newspaper Nikkei said in its online edition that Sharp would sell Samsung new shares worth around 10 billion yen (83 million euros, $108 million), and use the funds it earned to bolster its bottom line.An official announcement
March 6, 2013
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SPC withdraws bread price hikes
SPC, which runs the nation’s largest bakery franchise Paris Baguette and makes Shany and Samlip brand bread, on Tuesday retracted its price hikes for 66 Samlip products amid the government’s high vigilance on processed food prices. Having raised the prices of products such as chocolate roll cakes and chestnut manju supplied to supermarket chains by 100 won or 200 won ($.09, $.18) on Feb. 21, SPC decided to take it back less than two weeks later upon negative news coverage. “We concluded that thi
March 5, 2013
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[Power Korea] CJ E&M helps spread Korean pop culture across globe
CJ E&M has been committed to the long-term goal of helping raise Korea’s national competitiveness through making business out of Korean cultural content.Rather than simply using hallyu to net short-term profits, CJ E&M has focused on becoming Asia’s top cultural content company that leads trends and creates culture through various media platform service and content ranging from broadcast and film to music, performance and games.“Considering that Korea’s manufacturing sector such as cars, electro
March 4, 2013
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[Power Korea] CJ rises as beacon of Korean food, shopping, pop culture
When CheilJedang spun off from Samsung Group in 1993, not many expected the food company would grow into a major conglomerate encompassing retail and entertainment businesses as well.With food and food service; biopharmaceuticals; entertainment and media; home shopping and logistics as its four core businesses, CJ Group has shown remarkable growth and change over the past 20 years.In addition to keeping the No. 1 spot in the food and bio businesses, CJ acquired Korea Express, the nation’s larges
March 4, 2013
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E-mart grants regular status to 10,000 staff
Shinsegae E-mart said Monday it will grant regular staff status to some 10,000 employees of its subcontractors who display products at its stores.The measure comes after the Labor Ministry ruled that these workers were illegally dispatched and instructed E-mart to directly employ them last week.Directly employed staff are guaranteed employment until the legal retirement age and receive bonuses and incentives just like regular staff, which means a 27 percent raise in income.They also receive welf
March 4, 2013
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Korean car sales slow in Feb.
Korean carmakers led by Hyundai Motor and Kia Motors saw their car sales slow in February as holidays, the removal of tax breaks and the prolonged economic slowdown sapped new car demand here. Hyundai, the nation’s largest carmaker, said Monday it sold 318,957 vehicles last month globally, up 1.5 percent from a year ago. In its home turf alone, however, the company said its car sales fell 11.5 percent to 47,489 in February. “Reduced working days during the New Year holidays led to a sales decrea
March 4, 2013
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Nongshim to expand U.S. instant noodle plant
Nongshim Co., South Korea’s leading instant noodle maker, said Monday that it will expand its instant noodle plant in Los Angeles to meet growing demand there. The expansion will increase the plant’s daily production capacity to 1.5 million units and its annual production capacity to 550 million units from the current 440 million, the company said. The expansion, to be completed at the end of this month, will likely raise sales of Nongshim America Inc., Nongshim’s U.S. subsidiary, to $200 millio
March 4, 2013
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Consumer prices grow 1.4% on-year in Feb.
SEJONG (Yonhap News) ― South Korea’s consumer prices increased at a slower pace in February, with the growth rate staying in the 1-percent range for the fourth straight month, a government report showed Monday.The country’s consumer prices index rose 1.4 percent on-year in February, compared with a 1.5 percent on-year advance in the previous month, according to the report by Statistics Korea. From a month earlier, it grew 0.3 percent.The on-year figure marked the fourth straight month that the p
March 4, 2013
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BAT to slash Vogue price by 200 won
British American Tobacco Korea said Monday that it would apply a 200 won price cut to three types of its 2,500 won ($2.30) ultra-slim cigarette Vogue, starting March 14. The company said it decided to adjust the price of Vogue 1 mg, Vogue Blue and Vogue 0.3 mg to better compete against the 2,300 won rival products. Now 2,300 won a pack, “(Vogue) will be armed with stronger competitiveness in the (tobacco) market,” BAT Korea chief executive Guy Meldrum said in a statement. Previously, the tobacco
March 4, 2013
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Samsung Heavy eyes profit-focused business
Samsung Heavy Industries, the nation’s second-largest shipbuilder and 26th builder, is downsizing its construction-related organizations hit by the long slump in the domestic housing market to focus more on the lucrative shipbuilding business.Over the past few months, the company has relocated some 260 of its skilled construction-related employees to its parent group’s other subsidiaries, namely Samsung Everland and Samsung Engineering, company officials said recently.“The personnel measure was
March 4, 2013
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Samsung Electronics 3rd biggest tech firm by market cap
Samsung Electronics was placed third among global IT firms in terms of market capitalization last year, according to a report by a local IT policy and research body on Monday.The National IT Industry Promotion Agency said that Samsung rose to third place, up from fifth in 2011. Apple Inc. was ranked No. 1 and Google was No. 2.The agency obtained the data using Reuters Knowledge, a Web-based information and analytics tool.Microsoft and IBM, which ranked second and third in 2011, respectively, too
March 4, 2013
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ECCK at fore of battle against counterfeits
Sting operations to crack down on luxury brand knockoffs have become a regular part of the job for Alexis Touzin, director of legal affairs at the European Chamber of Commerce in Korea. Touzin, who heads the chamber’s Intellectual Property Rights Center, is determined to eradicate the widespread practice of selling and buying counterfeits in the country. “(Our mission) started with Myeong-dong, where the visibility of counterfeits was very high,” Touzin said in an interview with The Korea Herald
March 3, 2013
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Repair costs high for imported cars
The insurance payouts for the four major German brand carmakers in Korea rose 25.2 percent on average from 2010 to 2012 while those for Korean cars grew by 1.9 percent, a lawmaker said on Sunday, citing data from the nation’s top insurers. Mercedes-Benz gave the highest insurance payout for a single car accident, while Volkswagen vehicles took the most days to be repaired, said Rep. Min Byung-doo of the main opposition Democratic United Party.Mercedes-Benz incurred an average insurance payout of
March 3, 2013
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Antitrust agency to expand outdoor apparel probe
The Fair Trade Commission, the country’s antitrust watchdog, is expected to expand its probe into outdoor apparel companies for possible price fixing and related malpractices, industry sources said.The commission is said to have investigated leading outdoor brands such as The North Face, Kolon Sport and K2. It will also look into 10 other companies including Black Yak, Millet and Lafuma.Its probe will include examining the industry’s distribution channels as well as its relationship with supplie
March 3, 2013
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Shinsegae expands in Lotte’s home turf of Busan
BUSAN ― When Shinsegae made a bid to purchase a 75,742-square-meter site from Busan City in 2004, its biggest rival Lotte was caught off guard.It never imagined Shinsegae would invest so much to build the world’s largest department store on Lotte’s home turf and turn the wasteland into one of the hottest shopping havens in Asia. In addition to Shinsegae Centum City, a must-visit attraction for tourists, Shinsegae Group is building a compelling shopping network in Busan.It opened a high-end super
March 3, 2013