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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South Korean author Han Kang wins 2024 Nobel Prize in literature
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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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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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Jin Air reports soaring profits for Q1
Budget carrier CEO says route diversification boosted profits by 256%JEJU ― Jin Air, a low-cost carrier, said Tuesday that its operating profit in the first half of this year had more than doubled, dismissing initial concerns that Korea is a deathbed for discount airlines. The subsidiary of Korean Air increased its year-on-year sales by 65 percent, to 119.5 billion won ($110 million). The carrier’s operating profit in the same period also increased by 256 percent, to about 7.8 billion won. The f
July 17, 2012
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McDonald’s Korea launches McCafe
McDonald’s Korea officially launched McCafe in the leading hamburger chain’s Cheongdam-dong store in southern Seoul on Tuesday. As ten McCafes that test-opened throughout the nation last year are running successfully, McDonald’s Korea decided to operate a full-fledged caf business starting with the Cheongdam-dong store. It is to meet the needs of South Korean consumers’ new lifestyle, said the officials of the U.S. fast-food chain. First opened in Australia in 1993, McCafe is found in 34 countri
July 17, 2012
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Business leaders set to give up vacation
CEOs busily engage in activities for Olympics, eurozone crisisChiefs of major business groups are expected to have one of the busiest weeks between late July and August despite the summer holiday season.Aside from mapping out contingency plans to cope with negative impacts from the ongoing eurozone fiscal crisis, some of the business leaders will have to engage in corporate sponsoring for the London 2012 Summer Olympics.Samsung Electronics chairman Lee Kun-hee is scheduled to leave for London in
July 17, 2012
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Parliamentary speaker calls for end of lawmakers' privileges
The parliamentary speaker called Tuesday for an end to a group of privileges granted to lawmakers, saying the National Assembly should win back public trust after last week's widely condemned rejection of an arrest motion for a fellow lawmaker."Now the National Assembly should indeed lay down their outdated privileges," parliamentary speaker Kang Chang-hee said in a speech in the National Assembly
July 17, 2012
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Lotte Group products face massive boycott
Consumer and self-employed groups announced on Monday the start of their boycott against Lotte Group products. The Consumers’ Association to Save Small Businesses teamed up with 2 million members of about 80 self-employed business associations who run restaurants, bars, clubs, screen-golf clubs and lodging businesses to participate in the boycott for an indefinite period. More than 600,000 restaurants, clubs and karaoke bars therefore will no longer sell Lotte’s liquors such as Scotch Blue, Cheo
July 16, 2012
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Renault Group chairman to visit Seoul
Renault Group chairman and CEO Carlos Ghosn will visit Seoul this week to unveil the group’s business policies for its Korean unit, Renault Samsung Motors said Monday.With Ghosn scheduled to hold a press conference on Friday, the event is drawing attention in the auto industry as his visit to Seoul will mark his first since February 2008.Renault Samsung, the local unit of the France-based automaker, will begin mass production of electric vehicles early next year. This September, the company will
July 16, 2012
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Samsung, LG still in battle over theft of AMOLED technology
Tech giants Samsung and LG Display have again clashed over Samsung’s claim that its rival stole its key technologies used in manufacturing large AMOLED screens.While Samsung Display strongly requested that its competitor offer an official apology and warned it will proceed with all legal methods for counteraction, LG denied its allegations, stating that it is not responsible for any of the claims.Both parties held press conferences Monday, a day after it was reported that 11 people, including a
July 16, 2012
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Hyundai unveils repair cost guarantee
Carmaker promises 300% compensation for overcharged maintenance costsHyundai Motor, Korea’s largest carmaker, announced its new after-sales policy on Monday, upping the ante amid fierce competition with imported car brands that are expanding presence recently in the domestic car market. As part of its efforts, Hyundai unveiled a new after-sales program called the “Overcharge Assurance Program,” which allows car owners to discuss with company engineers whether they have paid reasonable prices for
July 16, 2012
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Travelers face tougher customs checks
Crackdown targets people bringing in high-value goodsThe Korea Customs Service will strengthen its surveillance of inbound travelers in terms of customs clearance until the end of next month.In a statement, the customs agency said it will strictly apply the customs clearance rule as the number of overseas travelers is expected to surge during the summer holiday season between late July and August.“Despite the new tax exemption, travelers are still required to report their overseas purchases in e
July 16, 2012
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L’Oreal Korea targets ‘global concept, local formulation’
Head of Korean unit talks about the ‘never-ending growth story’ of beauty and cosmetics industryAbout 33 years ago, the current head of L’Oreal Korea, Richard Cymberg, made a choice that had lasting repercussions on his career path. The French man graduated from ESLSCA with a degree in marketing, and received two offers ― one from IBM and one from Diparco, a former subsidiary of the L’Oreal Group. But for Cymberg, the choice was easy. “It was so evident (for) me to enter the beauty market … from
July 16, 2012
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LG Electronics suspends Olympic ads
LG Electronics, Korea’s second-largest consumer electronics maker, temporarily suspended its television advertisements promoting the company’s Cinema 3-D Smart TV and the London Olympics last week.The company stopped showing its ads for two days after receiving a warning from the Korean Olympic Committee and the International Olympic Committee, according to media reports.Non-Olympic corporate sponsors are not allowed to market their brands or products using the word “Olympic.”LG Electronics’ 3-D
July 15, 2012
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FTC powers come under pressure
Political parties consider ending antitrust watchdog’s exclusive right to file complaints with prosecutionThe Fair Trade Commission is facing growing criticism over its exclusive right to decide whether firms face criminal investigation for antitrust activities, after a series of lenient decisions.With the aim of stopping abuse by law enforcement agencies, the Fair Trade Law dictates that the antitrust watchdog is the only entity with the right to file a complaint with the prosecution regarding
July 15, 2012
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Airlines set to increase domestic fares
The nation’s two largest flight carriers ― Korean Air and Asiana Airlines ― are expected to raise fares for domestic flights ahead of the peak summer season, possibly affecting other low-budget carriers in the coming weeks. Asiana Airlines said Friday that it will increase fares of all domestic flights by an average of 9.9 percent from Aug. 3, the first hike since August, 2004. The company said the price hikes would amount to 6 percent for Monday to Thursday flights, 12 percent for Friday to Sun
July 15, 2012
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Asiana named best airline in Asia
Asiana Airlines has earned the Best Airline in Asia title from the British transport research company Skytrax, the air carrier said Sunday. In the Airline of the Year rankings, Asiana Airlines ranked second next to Qatar Airlines, it added. During the award ceremony held on Thursday in Farnborough, the U.K., the airline received the Best Airline in Asia award together with the award for the Best Economy Class Airline Seat. Asiana said its premium services like dispatching chefs and sommeliers as
July 15, 2012
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LG Display to pay US$380 mln to settle LCD price-fixing case
LG Display Co., the world's No. 2 maker of liquid-crystal display (LCD) panels, said Friday it has agreed to pay US$380 million to settle a U.S. class-action lawsuit over alleged price-fixing in the LCD market.LG Display agreed to pay the amount to U.S. consumers and eight state governments, including the states of California and New York, to settle the case that was lodged in 2007, the company sa
July 14, 2012
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Ssangyong denies accounting fraud rumor
Ssangyong Motor dismissed the allegation that the company sought to lay off a group of employees by rigging its financial statements in 2009.In a statement on Friday, the automaker said financial regulators had already completed their probe into the allegation of fraudulent accounting, which had been raised by some lawmakers.“The Financial Supervisory Service has also notified us that it has not found any critical misstatements in our accounting books,” a Ssangyong spokesman said.He said the FSS
July 13, 2012
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LG targets Latin America
LG Electronics Inc., the world’s No. 2 TV maker, said Thursday it has agreed with Spain’s biggest phone company Telefonica SA to provide content via its smart TVs as it moves to dominate the Latin American TV market.Under the deal, the South Korean tech behemoth will pack its cinema three-dimensional smart TV sets with more than 500 videos provided by Telefonica, which enjoys the largest share in Latin America’s telecom service market, according to LG.The company plans to launch the service in A
July 13, 2012
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Financial, manufacturing industries hit by strikes
Two major labor unions, the nation’s largest labor unions in their sectors, said they would strike in July. The Korean Metal Workers’ Union, the nation’s largest industrial union, has set up a nationwide one-day strike calling for better working conditions, members said Thursday. The move comes four years after the Korean Metal Workers’ Union has staged a collective labor action 2008. The union estimates about 130,000 workers from 211 companies will participate in the strike, making it the large
July 13, 2012
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Samsung to showcase Galaxy Note 2 ahead of IFA 2012
Samsung Electronics is most likely to showcase its new wireless gadget Galaxy Note 2 at an event prior to the IFA electronics trade show in Berlin later in August.According to industry sources, the world’s top smartphone maker is expected to hold its “Mobile Unpack” event with its mobile chief Shin Jong-kyun present at its press event on Aug. 30. IFA runs from Aug. 31-Sept. 5.The company has yet to release its final showcase date of the gadget which is categorized to be between a smartphone and
July 12, 2012
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KT switches focus to going global
Korean telecom giant aims for W4 trillion in sales abroad by 2015KT, the country’s biggest fixed-line service operator, is aiming to become a leading global company, projecting about 4 trillion won ($3.47 billion) in overseas yearly sales and global projects taking up 10 percent of its operations by 2015. Although the firm did not unveil the specific outline of its global business, a top executive said it will proceed with the projects based on four rough strategies: participating in stake inve
July 12, 2012