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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South Korean author Han Kang wins 2024 Nobel Prize in literature
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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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FTC chief opposes cap on conglomerate investment
The nation’s chief antitrust regulator reiterated his stance of skepticism toward calls for the revival of a ceiling on equity investment by big business groups at a forum in Seoul on Thursday.The remarks of Fair Trade Commission chairman Kim Dong-soo come while a group of opposition lawmakers are issuing the necessity of more rigidly regulating the conglomerate sector by reintroducing the equity investment ceiling.While some lawmakers argue the government should restrict conglomerates from inve
July 12, 2012
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Real-estate reform wanted, poll finds
Experts predict sentiment will worsen in latter half: KCCI surveyMore than half of Seoulites and the people residing in satellite cities said vitalization of the real estate market is necessary, a survey showed on Thursday.According to a poll by the Korea Chamber of Commerce and Industry, 54 percent of the 500 adults and 88 property experts said a boom in the real estate market is needed.About 20 percent of the respondents said vitalization is unnecessary while 25 percent of them did not pick ei
July 12, 2012
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Cookman releases new health-friendly products
Cookman, the Korea-based maker and distributor of the world’s first infrared-ray electric roasting pan, released its two new products “Cookman Premium S-II” and “Cookman New Silver S-II” this month.The two new products are equipped with some upgraded functions including a three-level control on fire intensity in which the user can adjust the heat level for personal taste. It also emits less smell or smoke while cooking than normal pans, ensuring both flavor and health, according to a company rep
July 12, 2012
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FedEx Korea CEO hopes to inspire others
Chae Eun-mi, first Korean CEO of the global firm’s local unit, puts emphasis on employee satisfactionA growing number of multinational companies are selecting Korean natives to lead their regional offices here. And Chae Eun-mi, representative director of FedEx Korea, hopes her performance will inspire other global firms to consider more Korean executives.“Companies may want to share their management philosophy by dispatching their own staff at first. But it is obvious Koreans have strength in co
July 12, 2012
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Yoga teacher fired after glare at Facebook worker
Looks may not kill, but they can get you fired.That's what a Northern California yoga instructor found after leading sessions at Facebook's Menlo Park campus.The instructor, Alice Van Ness, said she got fired after she glared at a Facebook employee who texted during a class in June."The whole point for most people going to yoga is that it's disconnecting from the outside world," said Van Ness, a 3
July 12, 2012
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Seoul cautious about resuming whaling
The government may reconsider its plan to resume whaling if there are other means to study marine mammals in Korean waters, officials said on Wednesday.Amid mounting criticism from conservationists, the Ministry for Food, Agriculture, Forestry and Fisheries announced that it will decide whether to push for the project after consulting with members of the International Whaling Commission.While the Fisheries Ministry had sought to tender a plan on whaling to the IWC scientific subcommittee this No
July 11, 2012
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Samsung, POSCO to team up for home appliance materials
Samsung Electronics and POSCO ― the nation’s two leading players in the electronic and steel sectors, respectively ― will team up to develop new materials specially designed to be used for electronic home appliances, company officials said Wednesday. Yoon Boo-keun, Samsung Electronics’ president of TVs and appliances, and POSCO vice president Kwon Oh-joon are scheduled to attend the signing event of a memorandum of understanding held at Samsung’s headquarters in southern Seoul on Friday. A POSCO
July 11, 2012
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Samsung SNS wins top place for IT network, system construction
Samsung Network Services and Solutions said Wednesday that it won the top position for information and telecommunications construction capabilities, such as building Long Term Evolution and home networks, for the 11th consecutive year.In an evaluation performed by the Korea Information and Communication Contractors’ Association, an affiliate of state telecom regulator Korea Communications Commission, Samsung SNS scored the highest amount ― 278.1 billion won in total ― among 7,023 firms.The assoc
July 11, 2012
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Samsung to pardon employees’ past wrongdoings
Samsung Group said Wednesday it plans to pardon the wrongdoings its employees committed on the job to mark Samsung Electronics’ chairman Lee Kun-hee’s 25th year in office in December.According to the group officials, the country’s biggest conglomerate is putting moves forward to erase the records involving professional negligence of its employees, including executives, later this year.“It has yet to be confirmed but it is true that it has been picked as an option to be considered,” said a Samsun
July 11, 2012
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Kia Motors, SK Innovation tie up on electric car development
Kia Motors and SK Innovation will join hands to carry out research and promotional activities together on all-electric vehicle in a bid to advance the nation’s adoption of the eco-friendly cars, company officials said Wednesday. The two companies signed a memorandum of understanding for a business partnership at a Seoul hotel on Wednesday, with Kia Motors CEO Lee Sam-woong and SK Innovation CEO Koo Ja-young in attendance. SK Innovation, a flagship unit of SK Group, has provided car batteries to
July 11, 2012
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Auto industry posts highest export growth
Sector accounts for 13.5% of Korea’s total exports in first halfThe automobile sector has led the nation’s exports during the first half of the year, offsetting worries over a sluggish performance amid the eurozone debt crisis.According to the Korea Automobile Manufacturers Association, the nation’s vehicle exports increased by 15.7 percent in the first half over the same period last year, marking the highest growth among the overall industries.In addition, the ratio of vehicles to total exports
July 11, 2012
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Auto industry braces for union strikes
Unionized workers at local automotive companies are gearing up for a massive general strike in the coming weeks, with the largest Hyundai Motor Union expected to join the plan, the first in four years. The Korean Metal Workers Union, which includes the car industry, started a two-day vote on Tuesday to ask the approval of their 150,000 members on a four-hour walkout plan on July 13 and 20. The 45,000-member Hyundai Motor Union, which makes up about 70 percent of the total metal union members, al
July 10, 2012
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LG refrigerator survives tornado in South Africa
LG Electronics said Tuesday that its refrigerator was strong enough to survive a tornado in Deneysville, South Africa, last month.With the tornado causing one death and 14 injuries, local resident Mark Louw was devastated to see his roof less house and highly damaged car but was surprised to find out his LG-made refrigerator working as usual, said LG officials. He later sent an email to the Korean firm with a picture of the refrigerator attached to the message and applauded the company’s manufac
July 10, 2012
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Lock & Lock locks eyes on Asia
Korea’s leading plastic container maker signs MOU with Japan’s top kitchenware firmKorea’s leading plastic container producer Lock & Lock signed a memorandum of understanding on mutual cooperation Tuesday with Japan’s kitchenware maker Endo Manufacturing. Lock & Lock aims to become a global kitchenware company through the partnership with the biggest kitchenware company in Japan, which produces over 80,000 types of kitchenware for hotels, restaurants and cafes. The company, which has concentrate
July 10, 2012
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Hankook Tire steps up marketing in Europe
Korean tire maker supplies high-quality products to BMW, Audi, MercedesHankook Tire Co. has stepped up its overseas marketing to wage competition with Continental, a German player dominating Europe in the supply of tire products to premium car brands.Following contracts with BMW and Audi, Hankook Tire became an auto parts supplier for Mercedes-Benz this year.The company, the No. 1 tire manufacturer in Korea first tapped in to the German luxury market five years ago.The firm forged a supply contr
July 10, 2012
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Mirae Asset launches joint venture in China
Korea’s Mirae Asset Financial Group Co. said Tuesday it has launched a joint venture with two Chinese counterparts as part of an effort to expand its asset management business in Asia. Mirae Asset owns 25 percent of Mirae Asset Huachen Fund Management Co. with Chinese Huachen Trust Co. and Tiantu Capital Co. owning 40 percent and 35 percent, respectively.The joint venture was established with an initial capital of 200 million yuan ($31.4 million).The joint firm will offer various mutual funds to
July 10, 2012
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Eurozone crisis to weigh down on industrial conditions in H2: KCCI
The Korea Chamber of Commerce and Industry announced Tuesday that industrial conditions will worsen in the latter half of this year due to the economic crisis occurring in the eurozone.In research conducted with 11 different organizations, the second-half forecast for the information and telecommunications and machinery sectors is on the bright side with a slightly mixed outlook for semiconductor, automobile and petrochemical businesses.But outlooks for the steel, oil refinery, clothing and cons
July 10, 2012
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CJ Group fosters innovative corporate culture
Conglomerate allows speedy promotion to executives, grills workers to quit smokingCJ Group recently introduced a package of unconventional systems as part of its move to set up a unique corporate culture.A new eye-catching system is “fast-track promotion,” which gives employees opportunities to become an executive within 10 years of being hired.Under the unprecedented personnel benefit, more CJ employees in their 30s may be promoted to executives.Formerly, as in the case of other conglomerates,
July 10, 2012
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Celebrity-run shopping malls fined for unfair trading practices
The nation’s antitrust watchdog said Monday that it had imposed a combined 38 million won ($33,260) in fines on six online shopping malls run by TV celebrities for unfair business practices. The companies included Aura-J, run by actress Jin Jae-young, I Am Yuri by singers Yuri and Baek Ji-young, and Amai by singer Hwang Hye-young, all of which posted sales last year ranging from 2 billion won to 20 billion won. The Fair Trade Commission investigated the nation’s top 10 online shopping malls base
July 9, 2012
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Korea’s economy forecast to expand in H2: OECD
South Korea’s economy is expected to expand in the second half of this year despite cloudy external market situations caused by prolonged eurozone debt problems, data showed Monday.According to the data released by the Organization for Economic Cooperation and Development, the composite leading indicator of economic activity for South Korea inched up to 100.1 in April, up from 99.9 in the previous month.This is the first time in 11 months the indicator for Korea has surpassed the 100 mark. South
July 9, 2012