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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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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Netflix's latest runaway hit is a Korean reality cooking show
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Security issues to take center stage at ASEAN summit
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Apple’s victory could backfire eventually: UBS
HONG KONG (Yonhap News) ― Apple Inc.’s victory over Samsung Electronics Co. in a lawsuit in the United States will likely force Apple’s competitors to be more creative, market watchers said Sunday.Investment bank UBS said if the jury recommendation is upheld in the U.S. court, it will have far-reaching implications throughout the industry, especially for rival smartphone makers.“In the short to intermediate-term, an Apple win that forces competitors to come up with different designs should be po
Aug. 26, 2012
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Hyundai supports school fees for underprivileged students
The Chung Mong-koo Foundation, funded by the Hyundai Motor Group chairman, said Sunday that it would start receiving applications for low interest rate loans from college students coming from low-income households. The scholarship program is part of the foundation’s five-year plan, which was launched in November to nurture talented, but underprivileged students. The Hyundai chief contributed 500 billion won ($440 million) last year ― the largest individual donation here. Hyundai officials said t
Aug. 26, 2012
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Samsung to show Note 2, LG to push OLED at IFA
Internationale Funkausstellung, one of the world’s largest consumer electronics exhibitions, will open in Berlin, Germany this Friday.Bringing together some 1,300 tech companies from 50 countries, IFA will be the stage for global firms such a Samsung Electronics, LG Electronics and Sony to feature about 200 high-tech consumer products ranging from smart TVs to computers and mobile devices.Samsung Electronics will showcase its products in the exhibition’s biggest booth at 8,628 square meters, whe
Aug. 26, 2012
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History of global patent war between Samsung and Apple
The court session held in Seoul on Friday was only one battle in a multibillion dollar patent war between Samsung Electronics and Apple Inc. that has been ongoing for more than a year. The court battle began last year when Apple filed a suit against its parts supplier Samsung at a U.S. court in San Jose for patent infringement on April 15.While many believed Samsung would back off due to the fact that Apple was its biggest customer, the company took a surprising step and filed countersuits again
Aug. 24, 2012
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Chinese customers’ purchases surge at local shopping outlets
Reeling from slackening overall sales for months, local department stores are shifting their focus to Chinese customers. Department stores are beefing up marketing targeted at Chinese tourists as their number is expected surge during the Chinese National Day holidays from Sept. 30 through Oct. 7. Chinese customers’ purchases at Lotte Department Store using the China UnionPay credit cards in the first seven months of this year jumped 180 percent from a year ago. The on-year growth this month so f
Aug. 24, 2012
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Car sales to plummet amid labor strikes
Local major carmakers are expected to post a steep sales drop this month in the aftermath of labor strikes, automotive industry insiders said Friday.Hyundai Motor has revised down its August sales target by about 20 percent from its earlier goal, as production of popular models such as the Avante, Sonata and Santa Fe has declined sharply.“August is normally the month that records the fewest vehicle sales due to seasonal factors. This year, the labor dispute has aggravated the situation,” a compa
Aug. 24, 2012
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Conglomerates, financial sector tighten belts on economic slump
A slew of companies are tightening their belts by cutting jobs and wages and making employees go on mandatory leaves of absence as the stagnant economy drags out, with mounting household debts discouraging consumption.Korea’s second-quarter household credit, or credit purchases and loans for households extended by financial institutions, hit a record high of 922 trillion won ($814.5 billion) as of the end of June, up 10.9 trillion won from three months earlier, the Bank of Korea said Thursday.Wi
Aug. 23, 2012
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DHL opens new global logistics hub in Busan
DHL Global Forwarding, the air and ocean freight operator of Deutsche Post DHL, said Thursday that it has opened a global logistics hub in Korea’s southern port city of Busan ― the eighth of its kind globally and first in Northeast Asia. The Bonn, Germany-based company said it has injected 500,000 euros ($627,000) in completing the Busan Multinational Gateway that will reduce transit times by up to seven days through new 13 direct services. “Busan’s location between Japan and China makes it an i
Aug. 23, 2012
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In U.S., Hyundai chief stresses product quality
Hyundai Motor Group chairman Chung Mong-koo stressed a prompt response to the recent sales recovery of Japanese rivals in his visit to the Korean auto behemoth’s U.S. operations on Wednesday. Chung urged, among other things, to secure product quality as Hyundai has already increased production capacity by recently switching from a two-shift to a three-shift system, where three sets of workers change turns each day, in U.S. factories. “The smooth operation of U.S. plants is essential in order to
Aug. 23, 2012
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Business lobby group opposes move to raise corporate taxes
KCCI tenders wish list to ruling and opposition parties ahead of presidential electionFour months ahead of the Dec. 19 presidential election, a major business lobby group submitted their wish list to political parties urging them not to raise corporate taxes.In the recommendation letter handed over to ruling and opposition parties on Thursday, the Korea Chamber of Commerce & Industry said it hopes, above all, the next administration will not raise corporate taxes.The KCCI claimed that the recent
Aug. 23, 2012
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10 employees chosen for lunch with Samsung boss
Samsung Electronics chairman Lee Kun-hee will hold a luncheon with 10 company employees on Sept. 4 in a bid to strengthen communication channels with its staff.According to Samsung Group, a total of five male and five female employees at Samsung affiliates were chosen to join the luncheon conducted for the first time.“We reviewed the person’s gender, company and rank in a comprehensive manner to develop the final list,” said a Samsung official. “Rather than focusing on the unique applications, w
Aug. 23, 2012
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Employment rate of college graduates up slightly
The average employment rate for new college graduates has risen slightly in the past year with those from two-year vocational colleges or with medical majors showing a higher success rate, the education ministry said Thursday.According to a survey by the ministry of 498,833 people who finished college or graduate schools in August last year and in February this year, 59.5 percent had landed a job at home or abroad.This year‘s figure was higher than last year’s 58.6 percent, though the ministry c
Aug. 23, 2012
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Seoul-Tokyo tension affects bilateral investments little
Japanese purchase more Korean stocks since Lee’s visit to DokdoThe heightened diplomatic tension between Korea and Japan had little negative impact on bilateral investment and trade so far, data showed.Moreover, Japanese investors were net buyers on Korea’s main bourse for the four trading sessions after President Lee Myung-bak visited Dokdo islets on Aug. 10.“Japanese investors’ purchase of stocks and bonds surpassed selling over the sessions last week,” said an official of the Financial Superv
Aug. 22, 2012
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G-market expands popular social contribution program
Global Volunteer Team ranks most sought-after program, shoppers donate over 1.51 billion wonG-market, one of South Korea’s biggest online shopping malls, is also leading the electronic commerce market in terms of social contribution. EBay Korea, which acquired G-market in 2009, said that the online shopping mall spent 2.7 billion won ($2.4 million) in social contributions last year, which took up about 4.1 percent of the year’s operating profit and 0.6 percent of sales. The proportion is about 2
Aug. 22, 2012
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LG unveils ultra-def 3-D TV in Korea
LG Electronics announced the launch of its new 84-inch ultra-definition 3-D television on Wednesday, with it scheduled to roll out in the local market this weekend.About 70 units of the TV priced at around 25 million won ($22,000) have already been sold through pre-orders, according to Kwon Il-geun, senior vice president of LG’s TV R&D Laboratory.The new UD TV, showcased in January at the Consumer Electronics Show in Las Vegas for the first time, boasts four times the resolution of existing full
Aug. 22, 2012
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Hyundai Motor gives W1.6b to Olympic archery team
Hyundai Motor Group said Wednesday that its chairman Chung Mong-koo has awarded 1.6 billion won ($1.4 million) to the national archery team who won three gold and one bronze medal during the London Olympics. The auto giant, together with the Korea Archery Association, held a welcoming dinner at a Seoul hotel on Wednesday, with some 400 guests including the archers and their families as well as Culture and Sports Minister Choe Kwang-shik. Hyundai Motor vice chairman Chung Eui-sun, who took over h
Aug. 22, 2012
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Major privatization projects in doldrums
Privatization of Incheon Airport, KDB Financial hangs in the air due to political resistance The Lee Myung-bak administration’s plans to privatize public institutions including the sale of a state-owned stake in Incheon International Airport have been put on hold due to opposition from politicians.Plans to privatize KDB Financial Group and find a private company to run the KTX bullet train from Suseo in southeastern Seoul also face delays or suspension.The government decided not to submit a rev
Aug. 22, 2012
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Samsung secures over 10 pct share of global semiconductor market
Samsung Electronics Co., the world‘s top memory chip maker, extended its share of the global semiconductor market to more than 10 percent in the second quarter of the year, a U.S. market researcher said Tuesday.According to market information provider iSupply, Samsung accounted for 10.1 percent of the global semiconductor market in the April-June period, or US$7.57 billion, to rank second among the world’s major chip makers.It marks the first time that Samsung‘s global market share has topped th
Aug. 22, 2012
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Toyota strives to placate angry consumers
Consumers preparing to file class action suit over fuel efficiencyToyota Motor Corp.’s Korean unit is grappling to block a possible class action suit by a group of consumers arguing that the automaker fabricated the fuel-efficiency figures of some hybrid cars.This comes as some local owners of eco-friendly vehicles from Toyota and Lexus, the premium brand of the Japanese company, are inviting similar complaints on a website for a joint litigation.The angry consumers claim that the “high fuel-ef
Aug. 21, 2012
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Watchdog cracks down on food-product price fixing
The nation’s antitrust watchdog has launched a large-scale investigation into whether local food companies were involved in shady deals before recent price hikes of their key products. The Fair Trade Commission picked some processed food items such as instant noodles, canned tuna, beverages and pre-cooked rice, whose prices rose almost simultaneously in recent weeks. “The market dominance of top players is very powerful within the food industry. Considering their price hikes were carried out wit
Aug. 21, 2012