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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Watchdog slams Shinsegae for unfair affiliate aid
South Korea's fair trade watchdog said Wednesday it has imposed fines and sanctions on retail giant Shinsegae subsidiaries for inappropriately supporting affiliates through low sales commission rates.The Fair Trade Commission (FTC) said it gave fines of 4.06 billion won (US$3.65 million) to three Shinsegae companies -- Shinsegae, E-mart and Everyday Retail -- and ordered them to correct their prac
Oct. 3, 2012
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More drugs, watches being smuggled via online transactions
Goods and drugs that were illegally imported online rose by more than one-quarter from last year to reach 541.1 billion won ($486 million) during the first eight months of this year, the Korea Customs Service announced on Tuesday.The state-run customs agency said there were 22 more cases than in the same period last year, while the sales volume climbed by 125.4 billion won. “These illegal goods usually enter the country through express mail services or courier services that are registered as les
Oct. 2, 2012
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Samsung, Hyundai Motor see brand boost
Electronics giant named one of top 10 global brands while carmaker ranked 53rd in worldFor the first time, Samsung Electronics was included on the list of the world’s 10 most valuable brands selected by Interbrand on Tuesday.Hyundai Motor and its affiliate Kia Motors also saw their brand values highly estimated by the agency, being ranked 53rd and 87th, respectively, on the list published by the world’s leading brand management consultancy.According to the 13th annual Best Global Brands report f
Oct. 2, 2012
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Toys imported from U.S., Europe ‘overpriced’
Toys from the U.S. or European Union countries are sold here at prices up to 165.2 percent higher than in the countries of origin, the Korea Consumer Agency said on Tuesday. According to the KCA’s research on 1,140 imported toys sold in 75 local department stores, discount marts, toy shops and online stores, most of the toys were sold at remarkably high prices to Korean consumers. Toys from the U.S. showed the highest price gains with a minimum of 94 percent higher than U.S. prices, up to 165.2
Oct. 2, 2012
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POSCO faces hurdle in buying Australian steel maker Arrium
Despite differences over takeover terms, bidding is likely to continue, analysts sayKorean steel giant POSCO is facing a bumpy road to take over Arrium, Australia’s second-largest steelmaker, on disagreements over its stock value. A consortium named Steelmakers Australia, which POSCO has joined as a strategic investor, offered 1.2 trillion won ($1.03 billion), or 860 won (78 cents) per share, to Arrium last Friday to buy all Arrium shares, but the Australian steel maker, previously known as OneS
Oct. 2, 2012
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Korean Air allows only one free luggage item in economy
The nation’s biggest air carrier will allow only one free piece of luggage to be checked in for economy class passengers on international flights, starting Tuesday. Those taking flights to the U.S. are excluded. Korean Air announced on Tuesday that it will adapt the Piece System which limits the number of luggage items instead of weight, following the international trend. Under the new system, economy class passengers will be allowed to check in only one piece of luggage at a maximum weight of 2
Oct. 2, 2012
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Korea to hold trade event targeting Chinese market
Two South Korean trade agencies said Monday that they will jointly hold an event later this month aimed at providing local companies with a chance to meet with Chinese buyers and help them advance into the world's largest consumer market.The "2012 China Business Plaza" will be held by the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea International Trade Association in Seoul on Oct.
Oct. 1, 2012
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Nation's first mixture of pharmacy/convenience store opens
South Korea's leading convenience chain said Monday it has opened the country's first-ever drug store-type shops that incorporate pharmacies into convenience stores.The new type of stores was set up after the South Korean government passed legislation in May to allow sales of some non-prescription drugs at convenience stores and supermarkets.Two CU stores run by BGF Retail Co. have opened in Chang
Oct. 1, 2012
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Samsung TVs take up half of market share in Middle East, Africa
Half of the flat panel televisions (TV) sold in the Middle East and Africa were made by Samsung Electronics Co., reflecting its strong market presence in the region, a survey showed Sunday.The market survey, released by the world's top flat screen maker, showed that its flat screen TV sales eclipsed other competitors to account for a 49 percent share of the markets in the second quarter."Sales of
Sept. 30, 2012
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Hyundai Heavy revives bidding war for KAI
The bidding war over the nation’s sole aircraft maker Korea Aerospace Industries is gaining fresh momentum, with Hyundai Heavy Industries unexpectedly joining the race on Thursday. Industry watchers had widely expected that Korean Air would become the sole bidder to acquire a 41.75-percent stake in KAI after the first bid last month failed to draw bidders other than the nation’s largest flag carrier. Now two competitors meet the legal conditions for a valid competition to continue the bidding pr
Sept. 28, 2012
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Woongjin paid own debt before crisis
Woongjin Group is facing public criticism for moral hazard after its holding company and construction unit filed for court receivership on Wednesday. A day before its application for court protection, Woongjin Holdings was found to have paid back 53 billion won of debt it borrowed from other Woongjin affiliates.Woongjin Holdings repaid 25 billion won and 28 billion won, respectively, to its sister companies Woongjin Thinkbig and Woongjin Energy on Wednesday even though the due date was two days
Sept. 28, 2012
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Samsung retains No. 1 spot in world handset market in Aug.
South Korean tech giant Samsung Electronics Co. retained the top spot in the global mobile phone market in August on the back of steady sales of its products worldwide, industry data showed Friday.According to the data released by Hong Kong-based Counterpoint Technology Market Research, Samsung topped the world's handset market last month with a market share of 29 percent.The research firm attribu
Sept. 28, 2012
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Woongjin Group crisis spooks market
The financial woes gripping Woongjin Group are expected to send ripples through Korea as yet another seemingly sturdy enterprise appears to be teetering on the cusp of bankruptcy. “It was a shock, a pure shock. I could not believe it because from all I’ve seen in ads, commercials and the news, Woongjin seemed to me as invincible. The company was literally a legend or at least one of the most fantastic success stories I know because it was built by a man who started out an ordinary salaried worke
Sept. 27, 2012
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[Newsmaker] Once success story, founder of Woongjin in grave crisis
Everything Yoon Seok-keum touched seemed to turn to gold. He was a man who in just three decades, built a 6 trillion won ($5.3 billion) empire from the ground up, armed with nothing but a few good men and a natural gift for sales.But whether this success story will have a happy ending has become uncertain; Yoon’s company, Woongjin Group, recently filed for court receivership in a desperate bid to prevent a spreading bankruptcy after the group’s construction arm, Kukdong Construction, went down t
Sept. 27, 2012
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Hyundai Heavy Industries, Korean Air vie for KAI
Hyundai Heavy Industries has joined in the bidding competition to take over Korea Aerospace Industries, the nation’s sole aircraft manufacturer.While it had been widely expected that Korean Air would be the sole bidder, Hyundai Heavy, one of the nation’s 10 largest conglomerates, entered its bid to the state-run Korea Finance Corp. on Thursday.The Korea Finance Corp. holds a 26.41 percent stake in KAI as the largest shareholder. The state-run financier and three other major shareholders are movi
Sept. 27, 2012
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LG Display takes Samsung to court over OLED patents
LG Display on Thursday filed a lawsuit against Samsung Electronics, claiming that its rival infringed on its patents involving the organic light-emitting diode technology of its latest gadgets such as the Galaxy S3.LG Display held an urgent press conference and said it filed the suit at the Seoul Central District Court which said Samsung infringed seven of its patented technologies.The gadgets in dispute are Samsung’s Galaxy S2, Galaxy S3, Galaxy Note and the Galaxy Tab 7.7.“We decided to go ahe
Sept. 27, 2012
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Conglomerates lack responsible management: FTC
Family owners of some business groups are still short of responsible management despite their influential status, according to data held by the antitrust regulator.“As a large portion families and relatives of conglomerate founders are not registered as board members, it is difficult for authorities to take legal actions against them for irregular practices,” the Fair Trade Commission said in a statement on Thursday.Further, the average proportion of top owners registered as board of directors t
Sept. 27, 2012
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Costco riles customers by defying city ordinance
Rule breaker operates every Sunday, risks biggest-ever PR crisisKorean customers love shopping for American frozen food and confectionery at warehouse stores like Costco, and they do it at the cost of getting stuck in traffic every time they go.But there is one thing they can’t stand, and that is feeling like they are being taken for granted.Costco Wholesale Korea’s current position is to continue violating Seoul City’s rules that obligate large discount stores to close on the second and fourth
Sept. 27, 2012
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Google backs Samsung in patent war with Apple
Firm’s new Nexus 7 to roll out in Korea FridayGoogle Inc.’s executive chairman Eric Schmidt sided with Samsung Electronics in its ongoing global patent war with Apple when he expressed concerns about restriction of innovation and choice. “I think one of the worst things that have happened in the last few years has been the belief that somehow … one vendor could stop the sale of another vendor’s phones and devices. Literally prevent choice, prevent innovation,” he said in a press conference held
Sept. 27, 2012
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Market leaders most resilient in economic slump, followers further lag
Korea Productivity Center releases 2012 National Brand Competitiveness Index, ranking 212 brandsAmid an economic slowdown here and abroad, last year’s top brands continued to lead this year, while their followers found it more difficult to catch up with market leaders, a recent brand competitiveness report found.The state-run Korea Productivity Center recently released its annual 2012 National Brand Competitiveness Index after surveying more than 110,000 consumers nationwide on 212 brands across
Sept. 27, 2012