Most Popular
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Korea added to key bond index
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Taking away phones during school hours not a human rights violation: watchdog
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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Jay Park returns with quintessential R&B album after 8 years
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More deaths in ICU following doctors' mass walkout: lawmaker
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Security issues to take center stage at ASEAN summit
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Netflix's latest runaway hit is a Korean reality cooking show
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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iPhone 5 to hit Korean shelves in early December: sources
Apple’s iPhone 5 is finally expected to hit the local market early next month, three months after its initial unveiling in San Francisco.Industry sources said the handset with a bigger 4-inch display will be available in Korea possibly on Dec. 7 through local mobile carriers SK Telecom and KT.Running on the fourth-generation Long Term Evolution networks, the iPhone 5, first released in September, is the Cupertino-based firm’s thinnest and lightest addition to its iPhone lineup.However, the launc
Nov. 22, 2012
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Banks buckle down on worsening economy
Korean banks are tightening their belts amid downgraded growth forecasts and a poor outlook on the corporate sector. KB Kookmin Bank, the nation’s largest bank, is conducting on-site due diligence to weed out the nonviable branches in an attempt to slim down, while Woori Bank is said to be closing or merging up 20 branches with low profitability, according to financial sources on Thursday. Hana Bank is expected to close down as many branches, while the Korea Exchange Bank will be focusing on inc
Nov. 22, 2012
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‘Compromise between ideals and reality key to reform of chaebol’
Saenuri Party leader Park Geun-hye’s latest decision to steer clear of some of the key policies for reforming chaebol touched off harsh criticism about her true intentions, but the head of Chaebul.com chose to adopt a more realistic perspective on the matter.“The shift reflects a two-track policy for simultaneously pursuing economic growth and fair competition, and frankly, the most realistic methodology for keeping the economy on track while at the same time, promoting fair competition,” said C
Nov. 22, 2012
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Amore Pacific innovates tea-making process
Amore Pacific’s tea business has enjoyed double-digit growth since 2008, while the overall tea industry here has been waning, especially compared to that of China and Japan. To pave the way through the expected market stagnation, the South Korean cosmetics company focused on organic cultivation and quality innovation, according to company officials. As a result of intense research and effort, the whole of its 1.8 million square meter tea garden, where the company has grown green tea since it was
Nov. 22, 2012
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Premium teahouse attracts worn-out urbanites
When the winter chill begins to settle in the air, nothing’s better than a mug of steaming hot tea. But that is not the only reason South Korea’s youngsters flock to Osulloc Teahouses, a cafe chain run by the nation’s largest cosmetics company Amore Pacific. The first Osulloc Teahouse opened in Myeong-dong, central Seoul, in 2004 was favorably received among the public for its unique ambience embracing both traditional and modern sentiments of the tea-loving nation. The cosmetics company soon ex
Nov. 22, 2012
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Psy pulls up sales of Nongshim’s Shin Ramyun Black Cup
Sales of Shin Ramyun Black Cup are skyrocketing, thanks to music sensation Psy. The product, produced by Nongshim, the nation’s No.1 instant noodle maker, marked 2 billion won in sales in October, according to market researcher AC Nielsen Korea. That is a jump of more than 30 percent from the previous month. The product’s sales began surging after the advertising campaign featuring Psy first went on air on Oct. 13, said Nongshim officials. Shin Ramyun Black climbed to sixth place in instant cup
Nov. 22, 2012
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Samsung chief meets Swiss IOC member
Samsung Electronics chairman Lee Kun-hee met with Patrick Baumann, a Swiss International Olympic Committee member, at his residence in Hannam-dong, central Seoul, on Wednesday, said Samsung Group officials.They shared opinions on the direction for future development involving international sports events such as the Olympics in the meeting, the officials said.Baumann, secretary general of the global basketball organization FIBA, is an expert in the international sports community who became a memb
Nov. 22, 2012
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Over 70 percent of foreign residents in S. Korea employed: report
More than seven of every 10 foreign residents in South Korea are currently employed with nearly half of them working in the manufacturing industry, a government report showed Thursday.According to the report released by Statistics Korea, there were a little more than 1.11 million foreigners aged 15 years or more with work permits in South Korea as of the end of June.Of that total, some 791,000 were employed, posting an overall employment rate of 71 percent at the time of the country‘s first surv
Nov. 22, 2012
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Hyundai Motor tops Australian customer satisfaction survey
Hyundai Motor has recently topped the automotive section of the 2012 Canstar Blue, Australia’s leading customer satisfaction survey across industries, the carmaker said Wednesday. The survey, conducted by a local market research firm Colmar Brunton, questioned 7,500 Australian customers who have purchased a new car over the past three years. Among the seven categories surveyed, Hyundai won a maximum five-star score in overall satisfaction, reliability, value for money and after-sales service. Th
Nov. 21, 2012
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Samsung Card demands more commission from Costco
Samsung Card, the local credit card exclusively used at Costco Wholesale, has demanded higher commission from Costco, industry sources said on Wednesday.Samsung reportedly demanded Costco to double the commission rate to up to 1.9 percent from the current 0.7 percent. The rate imposed on Costco had been significantly lower than the industry average, which is about 1.6 percent, according to the Financial Services Commission. Aside from Costco, Samsung Card notified its decision to raise rates for
Nov. 21, 2012
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Lee’s leadership, innovative thinking behind Samsung’s 25 years of growth
Samsung Electronics chairman Lee Kun-hee had said one genius can feed millions of others, stressing the significance of creativity of employees.“We have to hire the best. A genius person is worth more than $1 billion,” said Lee, who has been leading Samsung Group since 1987.As the third son of Samsung founder Lee Byung-chull, the 70-year-old business leader had instructed his staff to “change everything except your wife and kids.”While Samsung Group in the late 1980s was overly focused on mass p
Nov. 21, 2012
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[Newsmaker] Dong-A Pharm owner in disgrace over probes
Kang Shin-ho, chairman of the nation’s top pharmaceutical company Dong-A Pharmaceutical, is being hit with a barrage of criticism over scandals that have hit him and his company.The most recent charge against the company is that it sought to create slush funds worth tens of billions won by purchasing gift cards ― a type of prepaid card ― and reselling them for cash. The prosecution is investigating allegations that Dong-A created the funds to offer kickbacks to local hospitals. The pharmaceutica
Nov. 21, 2012
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Hana Bank to raise funds by collecting used cell phones
Hana Bank kicked off on Monday a fundraising event to help out children in impoverished Asian nations by collecting used cell phones. Hana accumulates 1,000 won every time someone donates a used cell phone to the bank. It plans to raise more funds by selling rare metals found in the phones. The raised fund will be used to support children and schools in Asian countries including Vietnam, Myanmar and Mongolia. “It can also support the low-income class as new jobs are created in the process of dis
Nov. 21, 2012
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SK Hynix profits from Samsung-Apple spat
SK Hynix, the world’s No. 2 memory chip maker, appears to be enjoying its heyday on the back of a legal battle between Samsung Electronics and Apple Inc., as the U.S.-based company attempts to diversify its suppliers. Along with Samsung and LG Display, SK Hynix ranks as one of Korea’s biggest parts suppliers to Apple.SK Hynix supplies mobile dynamic random access memory (DRAM) and NAND flash memory chips for Apple’s wireless devices such as the iPhone 5 and iPad Mini. Under pressure in its paten
Nov. 21, 2012
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HP says acquired company lied about finances
NEW YORK (AP) -- Hewlett-Packard Co. said Tuesday that a British company it bought for $10 billion last year lied about its finances, resulting in a massive write-down of the value of the business.HP is avoiding calling it a fraud, but it said there were ``serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation PLC.''HP is taking an $8.8 billion charge in its latest quarter to align the accounting value of Autonomy with its real value. It sai
Nov. 20, 2012
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Donga Pharmaceutical under probe for slush fund
The Seoul prosecution service said Tuesday that it was investigating allegations that South Korea's largest drug manufacturer, Donga Pharmaceutical Co., has created slush funds by buying and selling gift cards.Donga Pharmaceutical is suspected of buying tens of million dollars of gift cards by corporate credit cards and resold them to secure cash, prosecution officials said.A gift card is exchanged for cash at a discount at the local black markets.Prosecutors said they were trying to find out th
Nov. 20, 2012
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Samsung gets second bite at Apple ITC case
Samsung Electronics has won another chance to convince a U.S. trade agency that Apple Inc.’s flagship products such as the iPhone 4S and iPad 2 have infringed the firm’s patents.The U.S. International Trade Commission announced on Monday that it will review “in its entirety” its initial determination by Judge James Gildea in September that Apple violated none of the four Samsung patents in question.“Having examined the record of this investigation, including the initial determination, the petiti
Nov. 20, 2012
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Daewoo wins $239.9 mln deal from Saudi Arabia
Daewoo Engineering & Construction Co., a major South Korean shipbuilder, said Tuesday that it has won a $239.9 million deal to build industrial tank farms in Saudi Arabia.Under the deal with Sadara Chemical Co., Daewoo E&C will construct chemical storage tanks and other facilities for Saudi Arabia's new tank farms at the Jubail petrochemicals complex on the Persian Gulf coast, the company said in a filing.Sadara Chemical is a joint venture between Saudi Aramco and Dow Chemical Co. of the United
Nov. 20, 2012
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Engel’s coefficient hits 11-year high
The economic slowdown has decelerated the growth of consumption, but higher expenditure on food and beverages has resulted in the highest Engel’s coefficient in 11 years.The Bank of Korea said Tuesday that household consumption reached 324 trillion won ($297 billion) in nominal terms in the first six months of 2012, up just 2 percent from a year earlier.In contrast, spending on food and non-alcoholic beverages climbed 6.3 percent to 44 trillion won over the corresponding period.As a result, the
Nov. 20, 2012
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Korea toughens car mileage regulations
The government has decided to reveal the official gas mileage estimates of all vehicles from next year and include a driving resistance test in the individual testing procedures of carmakers, the Ministry of Knowledge Economy said Tuesday. The ministry unveiled new toughened regulations to better control the discrepancy in the official and actual fuel economy of vehicles marketed here amid confusion following Hyundai Motor Group’s mileage overstatement scandal in the U.S. and Canada. The governm
Nov. 20, 2012