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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[Power Korea] Hyundai Motor Group lifts Korea’s brand image
Like Chinese or Indian firms these days, Korea’s Hyundai Motor embarked on its vehicle manufacturing business in coordination with a global automaker about 45 years ago.Hyundai Motor, which was established in 1967 under the leadership of late Hyundai founder Chung Ju-yung and his brother Se-yung, released the Cortina compact in coordination with Ford Motor in 1968.The company made its successful debut as an independent brand by unveiling the Pony, a four-door small sedan, in 1975.The Pony and Po
Jan. 14, 2013
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LGE sues Samsung over fridge ad
LG Electronics has sued Samsung Electronics over a controversial ad comparing the size of refrigerators manufactured by the two companies with unorthodox methods, according to the courts on Monday.The lawsuit, in which LG filed for more than 10 billion won in damages, was filed at a Seoul district court last Friday. “The ad deeply hurt our corporate image, and also affected our sales,” the company said, explaining why it decided to file the suit. “Further, we believe that unless we take addition
Jan. 14, 2013
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iPhone 5 price falls with popularity
Only a month after the official release of Apple’s iPhone 5 in Korea, the price has fallen to one-quarter of its shipping price on some online sites over the weekend.The Apple’s latest smartphone was offered at 199,000 won ($188) at ppomppu.co.kr among other group purchase sites beginning Friday.The shipping price of the iPhone 5 is originally 814,000 won. However, the cost of the gadget itself has dropped to 329,000 won thanks to massive subsidies by the telecom and device manufacturer. Then, a
Jan. 14, 2013
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Siemens Seoul promotes over 200 employees
Siemens Seoul promoted more than 200 employees including seven of the company’s top executive positions, the company said on Monday.Jrn Elbracht, head of the company’s legal and compliance department, was promoted to executive managing director, while six managing directors including Ahn Young-keun of the company’s infrastructure and cities department and Lee Dong-ki of the strategy and business development department, were promoted to managing director posts. In total, 26 executives were promot
Jan. 14, 2013
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iPhone’s low popularity reflected in price fall
Prices of Apple’s iPhone 5 has slid to one-fourth of its shipping price after only a month since the official release. Apple’s latest smartphone was offered at 199,000 won ($188) at ppomppu.co.kr among other group purchase sites beginning on Friday.The shipping price of the iPhone 5 was originally set at 814,000 won. However, the handset price has dropped to 329,000 won thanks to the telecom and device manufacturer’s massive subsidies. When the additional promotion fee of 130,000 won kicks in, a
Jan. 14, 2013
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Ministry proposes spending cuts to secure welfare budget
The Ministry of Strategy and Finance on Sunday suggested downsizing government expenditures in an effort to secure welfare resources for the incoming Park Geun-hye administration.In its report to the presidential transition committee, the ministry offered to reassess several of the government’s ongoing tax-spending projects, sources said.President-elect Park earlier pledged to secure 135 trillion won ($127 billion) to realize her welfare plans for the next five years by bringing the “underground
Jan. 13, 2013
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Korea’s global bestselling items unshaken
Despite Chinese manufacturers’ aggressive push amid a global economic recession, most high-tech products at Korean exporters have maintained their leadership status, industry sources and the Korea International Trade Association said on Sunday.Korea had a total of 45 exported items that enjoyed the world’s largest market share for two consecutive years since 2010. Semiconductors, steel, shipbuilding, petrochemicals and auto parts are among this list. Adding to this feat, in 2011, over a dozen ex
Jan. 13, 2013
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Listed firms’ rights offerings tumble in 2012
Rights offerings by South Korea’s listed companies plunged 40.6 percent in 2012 from a year earlier mainly due to the protracted global economic slowdown, the securities depository agency said Sunday.The value of rights issues by 189 listed firms reached 7.7 trillion won ($7.3 billion) last year, compared to 13 trillion won from a year earlier, according to the data by the Korea Securities Depository.The decrease came as the prolonged economic slowdown, including the eurozone fiscal crisis, made
Jan. 13, 2013
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Schreyer to head design of both Hyundai, Kia
Peter Schreyer, president of Kia Motors in charge of design, will now be leading the design segment of both Hyundai and Kia cars, Hyundai Motor Group said on Sunday. Schreyer’s official title will be president of Hyundai, Kia Design Center. The recent promotion follows in quick succession after a previous personnel reshuffling last year when Schreyer was appointed to president and designated to head the design of Kia cars. “The latest move reflects our company’s efforts to further enhance the d
Jan. 13, 2013
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Outlets in outskirts prevail; department stores shunned
Homemaker Lee Suh-young picks premium outlets on the outskirts of Seoul as her favorite shopping havens without hesitation.“Outlets are the best for people who want high-quality or brand-name products at reasonable prices,” she said. “I try not to miss the sale seasons each year.”Lee belongs to the growing group of trendy shoppers who buy their high-end outfits, shoes and handbags at premium outlets for special occasions and shop at “fast fashion” brands like Uniqlo for daily clothing. During we
Jan. 13, 2013
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Mercedes-Benz Korea names woman CEO
Mercedes-Benz Korea named Britta Seeger, 44, as its new chief executive to become the first foreigner and female to head operations here, the company said on Sunday.Seeger’s prior work experience includes senior manager at the Daimler Group headquarters in Germany. The newly appointed CEO is expected to start her work in March, the company said, to take over from the late Thomas Urbach who passed away in November last year. Seeger’s career at Daimler began in 1992 at the sales division of the co
Jan. 13, 2013
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Sporty new ’K8’ may spice up Kia's K series
Kia Motors is likely to add a “K8” to its flagship lineup of the K series, to feature a new vehicle that would be sportier and more casual in its appearance, an industry source told The Korea Herald on Sunday. “Kia has already asked suppliers to provide the auto parts for the K8. This new car is expected to be a sportier sedan coming between the K7 and K9 series,” the source said on condition of anonymity. Considering the sluggish sales of the pricier K9 luxury sedan, he said the new lineup -- f
Jan. 13, 2013
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KAIST looking to boost KTX speed
Korea Advanced Institute of Science and Technology is looking to integrate its indigenously-developed online electric vehicle technology into the country’s flagship KTX high-speed train to achieve speeds of more than 300 kilometers per hour.The state-run research university’s OLEV teams are putting their heads together with Korea Rail Network Authority, a rail engineering company, and Korea Railroad Research Institute to overcome the speed barriers posed by electrical grids that hang above and p
Jan. 13, 2013
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Ssangyong to rehire all workers on unpaid leave
Ssangyong Motor’s management and union leaders agreed Thursday to reinstate 455 workers who have been on unpaid leave since the automaker’s large-scale restructuring in 2009. The agreement came one day after a union member attempted suicide and fell into a coma, calling for a prompt resolution of the drawn-out labor dispute at the carmaker. “We have been stepping up efforts to increase car sales and production over the past three years -― the only way to solve the current situation,” Ssangyong s
Jan. 10, 2013
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Samsung shines light on next-gen OLED displays
LAS VEGAS ― Samsung Electronics on Thursday unveiled its next-generation flexible displays and hinted at further innovative components for its products at its keynote session. Woo Nam-sung, president of Samsung’s System LSI business, showcased the prototype for the flexible OLED display and featured a video on bendable and rollable displays.Introducing its upcoming new lineup of future displays under the “YOUM” name, Woo showcased an OLED prototype for handsets made with extremely thin plastic i
Jan. 10, 2013
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Samsung’s Lee receives ‘timeless’ Galaxy phone
What kind of birthday gift do you get a man who has everything? How about a one-of-a-kind smartphone that costs a fortune and is almost ever-lasting? That was what the executives at Samsung were aiming for when they pitched in to get Samsung Electronics chairman Lee Kun-hee a Galaxy smartphone blanketed in lacquer and inlaid with mother-of-pearl for this 72nd birthday this Wednesday. The long-lasting materials represent timeless consistency, according to those close to Samsung. The phone was not
Jan. 10, 2013
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[Newsmaker] Shinsegae’s Chung in hot water
Shinsegae Group vice chairman Chung Yong-jin may be the first target of scrutiny against conglomerates under President-elect Park Geun-hye’s strong pitch for “economic democratization.”The prosecution is reviewing summoning Chung for interrogation on whether he ordered Shinsegae affiliates to charge cheaper sales commissions on his sister’s bakery business.The Fair Trade Commission in October slapped Shinsegae with fines of over 4 billion won for “unfair backing” of Shinsegae SVN. The antitrust
Jan. 10, 2013
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Hanwha’s city development project in Bismayah will proceed: Iraqi official
Despite the absence of a chairman at Hanwha Group, its landmark housing construction project in Iraq will proceed according to plan, said Sami R. Al-Araji, chairman of the Middle Eastern state’s National Investment Commission.“Though we are sorry for the management vacuum, we believed that Hanwha and the Korean government had the full commitment to the reconstruction business in Iraq,” Al-Araji told reporters Thursday.Last August, group chairman Kim Seung-youn was handed a four-year jail term an
Jan. 10, 2013
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CES 2013 heralds record success: chief
LAS VEGAS ― With a record-breaking 3,264 exhibitors, the annual Consumer Electronics Show here has grown to the extent that it can’t expand in 2014, according to a chief organizer. Gary Shapiro, president of Consumer Electronics Association, told reporters on the sidelines of the electronics trade show that the organizer is having difficulty finding space until 2015 due to rising participation.With Microsoft exempting itself from the list of exhibitors this year, Qualcomm has taken up the big p
Jan. 10, 2013
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Top 10 conglomerates dominate earnings of all listed S. Korean firms
Net profits of South Korea's top 10 business groups took up nearly 80 percent of those of all 1,345 listed South Korean companies, data showed Thursday, in the latest sign of economic domination by family-owned conglomerates.The combined net profit of 80 listed companies affiliated with chaebol reached 36.9 trillion won ($34 billion) in the first nine months of last year, accounting for 78.1 percent of total net profits, according to FnGuide Inc., an online financial information provider, and Ch
Jan. 10, 2013