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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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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More deaths in ICU following doctors' mass walkout: lawmaker
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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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Patients opting to die with dignity on steady rise
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Glass ceiling still tough to break in Korea
Smashing through the glass ceiling is still difficult for most women in corporate Korea, especially for those who want to climb to the top, government data suggested on Thursday. According to data collected from government offices, there are 813 board members at the nation’s 100 leading companies in terms of market value. Of them, only 12 are women. When considering that Hyundai Group chairwoman Hyun Jung-eun also serves as the executive chairman for Hyundai Merchant and Hyundai Securities, the
Aug. 16, 2012
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China rapidly narrows industrial gap with Korea
This is the fifth in a series of articles to mark the 20th anniversary of diplomatic ties between South Korea and China. ― Ed.The technology gap between Korea and China has narrowed over the past decade in the manufacturing industry.According to data from the Korea Institute for Industrial Economics & Trade, the technology gap in the manufacturing industry between the two countries narrowed to 3.7 years in 2011 on average, from 4.7 years in 2002.In terms of the countries’ technological levels as
Aug. 16, 2012
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Daelim opens apartment sign-ups
Daelim Industrial Co. will be taking applications to buy units in its newly built apartment complex Yangdeok e-Pyunhansesang in Pohang, North Gyeongsang Province, from Aug. 17, the housing builder said on Wednesday. Built on about 32,500 square meters of land, the new complex has 637 apartments with five different areas ranging from 84 to 165 square meters. Daelim says that the Yangdeok region will form a new residential belt, connecting the 1.1-million-square-meter area with 7,570 households an
Aug. 16, 2012
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Nexon expands its presence
COLOGNE, Germany ― Nexon Company said here on Wednesday that it will focus on spreading its soon-to-be-launched new online games in European countries, after featuring two titles for the first time at this year’s gamescom convention.Introducing the first-person shooter “Shadow Company” and real-time strategy game “Navy Field 2” to European users, Nexon Europe chief executive Kim Sung-jin said the company plans to release the games in the first half of next year.“After numerous reviews, we came t
Aug. 16, 2012
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Gamescom showcases 600 exhibitors in Cologne
Big industrial names gather in Germany to unveil new titlesCOLOGNE, Germany ― Gamescom 2012, one of the world’s biggest gaming conventions, kicked off on Thursday with a flood of new titles from firms like Nexon, NCsoft, Blizzard, Electronic Arts, Bethesda Softworks, Capcom and Konami.Although big names such as Nintendo and Microsoft did not take part in this year’s event, the fourth annual event of its kind showcases 600 exhibitors from 40 countries until Aug. 19.“As a unique event worldwide, g
Aug. 16, 2012
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Korean Air emerges as sole bidder for Korea Aerospace
Korean Air Lines Co. said Thursday it has submitted its bid proposal for a controlling stake in South Korea‘s aircraft maker Korea Aerospace Industries Ltd. (KAI).South Korea’s top air carrier has been left as the only preliminary bidder for the aircraft maker, according to state-run policy lender Korea Finance Corporation (KoFC), the biggest shareholder of KAI with a 26.41 percent stake. The state-run Korea Development Bank (KDB), the lead manager of the stake sale, set an Aug. 16 deadline for
Aug. 16, 2012
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Glass ceiling remains in S. Korea’s large firms
Only about 10 out of 800 chief executives in South Korea’s top 100 firms are women, with some in charge of their family-owned conglomerates and none hired as a professional manager, data showed Thursday.The number of female C-suite members at top 100 listed firms by market cap came in at a mere 12, or 1.5 percent of a total of 813 as of end-December 2011, according to the data by the Financial Supervisory Service and Statistics Korea.Of the 12, three are heads of family-run conglomerates – Hyun
Aug. 16, 2012
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Hanwha chairman draws 4 years in jail on embezzlement charges
Hanwha Group chairman Kim Seung-youn was sentenced to four years in prison and fined 5.1 billion won ($4.5 million) by Seoul Western District Court on Thursday for embezzlement and other illegal financial activities. In January 2011, Kim was indicted without detention on charges of illegally making Hanwha Group subsidiaries guarantee payment for the 320 billion won debt held by companies he was op
Aug. 16, 2012
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Luxury goods sales surge 190% in 5 years
Global luxury brands such as Louis Vuitton and Prada saw their sales and net profit here surge over the past five years, buoyed by brisk sales irrespective of economic conditions.Ten major luxury brands posted 1.85 trillion ($1.6 billion) in sales overall in Korea in 2011, marking 190 percent growth from 648.9 billion won in 2006, according to Chaebul.com, a website tracking Korean conglomerate owners.Further, their net profit increased by more than 300 percent from 45.7 billion won in 2006 to 1
Aug. 15, 2012
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Potential bidders for KAI to be picked
Aircraft maker selling 42 percent of its stake; Korean Air interested in acquisitionPotential bidders for Korea Aerospace Industries will be unveiled on Thursday, while Korean Air has already expressed its willingness to take over the nation’s sole aircraft maker.A shareholders’ committee of KAI, led by the state-run Korea Finance Corp., announced last month that it would invite letters of intent to sell off their 41.75 percent stake in the company by Aug. 16.While Korean Air is poised to make b
Aug. 15, 2012
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KRX helps the needy in Southeast Asia
Korea Exchange builds school in Cambodia, offers medical checkups in LaosThis is the second in a series of stories featuring major companies’ social contribution activities at home and abroad. ― Ed.Korea Exchange is boosting its contribution to societies in Southeast Asia. Construction will be completed next month on the KRX IT Job Training Center, which the South Korean exchange built in Phnom Penh, Cambodia, to help the locals get trained and find jobs. The center will open in October. The cen
Aug. 15, 2012
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Budget carriers mulling fee hikes
Low-budget airlines are considering raising fares for domestic flights amid high-flying international crude oil prices and fiercer competition with new players. According to industry sources, Air Busan, a low-budget carrier affiliated with Asiana Airlines, plans to increase fares of all domestic flights by an average of 9.7 percent from Sept. 1. Estar Jet had already raised fares 5 percent on average from July 1, while Jeju Air is also continuing discussions with the local government of Jeju Isl
Aug. 14, 2012
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Korea’s leading firms beat Japanese peers in market cap
Korea’s leading companies in six major export industries now have greater aggregate market values compared to their Japanese peers, as they have grown faster and attracted more investment. Based on last Friday’s closing prices, market capitalizations of the top Korean manufacturers of semiconductors, displays, steel products, ships, oil refiners and builders were greater than that of their Japanese rivals, Shinhan Investment Corp. said Tuesday.In late 2009, Korean companies in only three of the
Aug. 14, 2012
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Samsung Electronics eyes Africa for expansion
Samsung Electronics Co., the world’s biggest technology firm by revenue, is turning to Africa for overseas growth as part of efforts to tide over slowing demand in debt-ridden Europe, market watchers said.Samsung has been stepping up its presence in the continent in a bid to raise an annual revenue of $10 billion by 2015 in countries located below the Sahara Desert, they said. The company aims to more than quadruple sales of TV and home appliance products in the same year.The company has been ex
Aug. 14, 2012
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Hyundai Motor to sponsor French soccer club Lyon
Hyundai Motor said Tuesday that it has signed a sponsorship agreement with France’s soccer club Olympique Lyonnais for the next two years. The team, commonly known as Lyon, plays in France’s highest football division, Ligue 1, winning the league championships seven consecutive times since the 2001-2002 season. With the new partnership, Hyundai said, it aims to raise its brand awareness in Europe. Between 2007 and 2011, an estimated 240 million fans across Europe watched Lyon. Korea’s largest car
Aug. 14, 2012
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Hynix gaining strength after SK takeover
Analysts say strong leadership helps chipmaker improve financial conditionsHalf a year has passed since Hynix, the world’s No. 2 memory chip maker, came under the wing of SK Group, the nation’s third-largest conglomerate. Since then, SK Group has put Hynix under its tight control and sought to implant the conglomerate’s corporate culture at the chipmaker.Last month, the renamed SK Hynix said it posted 23 billion won ($20.4 million) in operating profit for the second quarter, bouncing back into t
Aug. 14, 2012
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Key S. Korean firms outstrip Japanese rivals in market cap
South Korea's bellwethers in six major industries have outshined Japanese rivals in terms of market capitalization as they have made big strides in global markets, data showed Tuesday.According to the data by Shinhan Investment Corp., leaders in South Korea's semiconductor, display, refinery, construction, steel, and shipbuilding industries had larger market caps than their Japanese counterparts,
Aug. 14, 2012
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Hyundai outpacing Japanese rivals in U.S. car sales
Hyundai Motor Group, which owns Hyundai Motor and Kia Motors, is expanding its presence in the North American market where the Korean auto giant led car sales in the small and mid-sized segments in July. According to industry sources on Monday, Hyundai Motor sold 8,903 vehicles in the U.S. sub-compact segment in July, becoming the No. 1 car brand in the category for four consecutive months. In both the compact and midsize segments, the carmaker delivered 34,791 and 34,295 vehicles, respectively,
Aug. 13, 2012
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Otis Elevator Korea rides on early success
Early start, great business model continuing success indicators for his company, says local unit chiefSometimes, it’s good to be first. The multinational leader in the elevators, escalators and moving walkways business began operations in Korea more than 100 years ago, when it installed the nation’s first service elevator in 1910 for the Bank of Korea and the first passenger elevator for the Westin Chosun Hotel four years later. And Otis Elevator Korea has continued riding on its early success.
Aug. 13, 2012
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Saudi Arabia to build women-only city
Saudi Arabia will construct an all-female city in purpose of providing work for women, according to local news reports.The ultra-conservative kingdom’s Industrial Property Authority (Modon) reportedly will build the city in the eastern city of Hafuf. The new city is anticipated to create around 5,000 jobs in various industries.Saudi Arabia is hoping the new city will encourage more women to work without violating the country’s Islamic law of Sharia. While the law does not ban female labor, it em
Aug. 13, 2012