Most Popular
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Korea added to key bond index
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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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Patients opting to die with dignity on steady rise
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Lotte, Orion in Russian choco pie showdown
A time-old rivalry between snack giants Orion and Lotte over a popular chocolate-and-vanilla snack is being rekindled in the overseas markets, most recently in Russia where a copycat version is threatening the original. In 1974, Orion was the first in Korea to launch the choco pie, which is a small round chocolate-flavored snack with a marshmallow center. Five years later, the Lotte choco pie made its debut. The latter was obviously a copycat product, although Lotte begs to differ. Orion was not
Oct. 15, 2012
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LG claims edge over Samsung on phone battery life
LG Electronics challenged its rival Samsung Electronics on Monday, claiming that the battery performance of its new flagship smartphone Optimus G surpasses the Galaxy S3.In a media briefing event introducing the new features of its latest Optimus Vu 2, LG emphasized the superiority of Optimus G’s high-capacity battery.According to an experiment conducted by LG, the Optimus G battery outperformed Samsung’s Galaxy S3 when talking on the phone and watching or filming videos. Both batteries have a r
Oct. 15, 2012
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Many likely not to survive tough outdoor fashion market
Competition heats up between foreign brands in outdoor sportswear marketMany outdoor brands lacking a clear brand identity will soon die out in South Korea, said Columbia Sportswear Korea CEO Cho Hyeong-rae at a press conference last week. “It will happen before 2015, regardless of the volume of their revenues, but depending on the public recognition of the brands. Now it will be all about developing new technologies and establishing a significant image,” said Cho. The outdoor market here has gr
Oct. 15, 2012
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BNP Paribas Cardif Life Insurance to diversify output
BNP Paribas Cardif Life Insurance, the Korean subsidiary of BNP Paribas Cardif, the insurance arm of BNP Paribas, plans to diversify its sales channels and products here. It now plans to search for a mutually beneficial model that can benefit customers, partners and the company in terms of diversification rather than focusing merely on channel expansion, said officials at the press conference held last week in commemoration of the firm’s 10th anniversary in Korea. “Over the past decade, BNP Pari
Oct. 15, 2012
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‘If Korean women like it, it’s a success’
Head of Estee Lauder’s local unit says Korean women have become more independent and adventurousKorea is a paradise for cosmetics, according to Herve Bouvier, the head of Estee Lauder Companies Korea, and a trendsetter for international cosmetic companies. “BB cream is an example. Started out in Korea, the products became a hot sale in the U.S. and Germany, and European and American global companies started to sell them,” the representative director and general manager of global cosmetics conglo
Oct. 15, 2012
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Woori Finance set to apply for card unit spinoff
South Korea’s top banking group Woori Finance Holdings Co. plans to apply for regulatory approval next week for the spinoff of its credit card unit, sources said Sunday.The state-run bank holding company will likely submit an application to the Financial Services Commission, the country’s financial watchdog, after next Tuesday to get the nod for the separation, according to the sources.“We have already completed preparations for the application,” said an official at Woori Finance Holdings. Once
Oct. 14, 2012
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SK Innovation targets W290tr sales by 2020
SK Innovation, the nation’s top oil refiner, has reaffirmed its goals toward becoming a technology-driven global energy company by pledging 290 trillion won ($260 billion) in sales and 14 trillion won ($12 billion) in operating profits by 2020. The company’s new growth vision was stressed by SK Group chairman Chey Tae-won in his congratulatory remarks to 2,700 employees and executives participating in a ceremony held in Daejeon on Friday. “SK Innovation, which started as the nation’s first oil
Oct. 14, 2012
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Record wheat prices fan inflation
Starting December, Korea projected to face serious ‘agflation’Inflationary pressures are mounting in Korea amid spiking global agricultural product prices as the nation heavily depends on imports for its grain consumption.The rising possibility of “agflation,” where the rise in agricultural products leads to inflation, is due mainly to the spike in prices of wheat and corn from climate change effects in major exporters, according to the Korea Rural Economic Institute.The institute predicted that
Oct. 14, 2012
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Samsung Electronics to invest $700 mln in Vietnam
Samsung Electronics Co. plans to invest $700 million into a new mobile phone factory soon to be built in Vietnam as part of efforts to expand its global production lines, company officials said Saturday.Samsung Electronics Vietnam Co. (SEV), a wholly-owned subsidiary of the world's top mobile phone maker by revenue, is weighing two locations in northern Vietnam -- a farming region of Thai Nguyen a
Oct. 14, 2012
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Lee talks phone strategies, more money in Vietnam
Samsung Electronics chairman Lee Kun-hee met Vietnamese Deputy Prime Minister Hoang Trung Hai in Hanoi on Friday to discuss ways to expand the Korean company’s investment in that country, company sources said.Lee has also called in all his confidantes — Lee Jay-yong, his son and president of Samsung Electronics; Shin Jong-kyun, the company’s mobile chief; and Choi Gee-sung, head of Samsung Group’s corporate strategy office — for the three-day trip. The executive meeting will focus on Samsung’s
Oct. 12, 2012
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Foreigners-only duty-free shops plan scrapped
The government’s plan to open foreigners-only duty-free shops across the nation was aborted in the face of opposition from a government regulation committee, officials said on Friday.The committee expressed opposition to the plan based on the potential for discrimination against Korean nationals and concerns about future earnings.The Korea Customs Service had pushed for the project designed to serve foreigners in cities instead of at airports or harbors, for the convenience of the rising number
Oct. 12, 2012
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Incheon Airport accused of favoring Louis Vuitton
A lawmaker said Friday the state-run Incheon International Airport spent 18.7 million won ($16,840) on a customer survey exclusively for the French fashion house Louis Vuitton, which opened its first duty-free shop last year at the nation’s main gateway. According to Rep. Shim Jae-cheol of the ruling Saenuri Party, Incheon Airport questioned 500 Korean, Chinese and Japanese passengers using the Louis Vuitton store in November and December on their favorite item, purpose of purchase and service s
Oct. 12, 2012
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Samsung gains more ground in patent battle with Apple
With sales ban lifted on Galaxy Tab 10.1, Galaxy Nexus follows trackSamsung Electronics is gaining more strength in its global patent battle with Apple Inc., winning a bid to continue selling the Galaxy Nexus smartphone in the U.S. market.The U.S. Court of Appeals for the Federal Circuit on Thursday granted Samsung’s request to lift a lower court’s ban on sales of its Galaxy Nexus.With a feature in the handset that assists data searches becoming the center of controversy, the appeals court said
Oct. 12, 2012
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Survey: 30 percent have faked being sick
The Chicago website CareerBuilder said its annual survey indicates 30 percent of workers have played hooky from work in the past year.The online survey of 3,976 U.S. workers and 2,494 hiring managers and human resources professionals, conducted on behalf of CareerBuilder by Harris Interactive, found 30 percent of respondents admitted calling in sick without an actual illness, while 31 percent of e
Oct. 12, 2012
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Galaxy Note 10.1 beats new iPad in sales
Daily sales of Samsung Electronics Co.’s Galaxy Note 10.1 tablet in South Korea are estimated to have surpassed those of rival Apple Inc.’s new iPad sales, sources said Thursday.Sales of the Galaxy Note 10.1 came to a daily average of 1,800 units so far since the launch of the gadget in mid-August, putting its combined domestic sales at over 100,000 units, according to the sources. Apple’s total sales of the new iPad, which was locally released in April, likely topped those of the Galaxy Note 10
Oct. 11, 2012
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Woongjin, creditors in discord on sale of water purifier
Woongjin Group appears to be at odds with its creditors over the sale of Woongjin Coway Co., a leading local water purifier maker that serves as a cash cow for the mid-size ailing conglomerate, industry sources said Thursday. Woongjin Holdings, the parent company of Woongjin Coway, pushed for the sale of its 30.9 percent stake, or 21.88 million shares, in the purifier unit to MBK Partners Ltd., a leading local private equity fund, for 1.2 trillion won ($1 billion).The stake sale, however, was su
Oct. 11, 2012
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Producer price growth hits 4-month high in Sept.
South Korea’s producer prices grew at the fastest pace in four months in September mainly because costs of agricultural products shot up due to typhoons, the central bank said Thursday.The producer price index, a barometer of future consumer inflation, rose 1 percent in September from a year earlier, accelerating from the 0.3 percent on-year gain in August, according to the Bank of Korea.The September figures marked the fastest expansion since May when producer prices rose 1.9 percent on-year.Th
Oct. 11, 2012
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Sungjoo chairwoman makes political foray
Kim Sung-joo, seasoned businesswoman and head of Sungjoo Group, on Thursday expanded her area of expertise to politics by taking up the joint helm of leading Saenuri Party’s election campaign team. “Kim is an international CEO, and someone who has much insight and capacity,” the party’s presidential candidate Park Geun-hye said regarding the appointment. Kim is well known both at home and abroad for her bold moves in the fashion industry that led to the inflow of prominent foreign brands to the
Oct. 11, 2012
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Sony unveils new lineup of cameras, camcorder
Full-frame digital imaging technology to offer fresh experienceSony unveiled on Thursday a new lineup of cameras and a camcorder that features its latest full-frame digital imaging technology.Aiming to release all three electronic devices within this year, the A99, equipped with translucent mirror technology, will roll out in the local market later this month.The launch of Sony’s handycam called the NEX-VG900 will follow on Nov. 5 and the compact camera RX1 will also be rolling out this year.“I’
Oct. 11, 2012
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POSCO completes auto steel processing plant in China
HONG KONG (Yonhap News) ― POSCO, South Korea’s leading steelmaker, said Thursday that it has dedicated a car steel processing plant in north eastern China as part of efforts to expand its presence in China’s steel market.The new plant in the Jilin province, initially capitalized at $165 million, will process 200,000 tons of cold and hot-rolled steel annually. The completion came about one year after POSCO and a Chinese steelmaker jointly began in August last year.In June 2011, the South Korean f
Oct. 11, 2012