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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Samsung’s Lee openly recruits luncheon partners
Samsung Electronics chairman Lee Kun-hee publicly announced plans to hold a luncheon with 10 Samsung employees, accepting applications until July 13.According to Samsung Group, Lee arranged the event for the first time to strengthen communication channels with its employees as this year marks his 25th year since being seated as chairman of the country’s top conglomerate.Any employee of Samsung’s affiliates could apply for the luncheon by sending in a one-page essay on what he or she expects to d
June 26, 2012
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Kimberly-Clark, Yuhan at odds over management control
Yuhan Corp. and Kimberly-Clark, its 42-year-long business partner, are at odds over how to compose the board of directors in their jointly-invested firm, Yuhan-Kimberly.Yuhan Corp., a Korean pharmaceutical company, has applied to Seoul Central District Court for a court injunction against the Hungarian arm of Kimberly Clark, the world’s largest paper company, regarding the appointment ratio of Yuhan and Kimberly directors, according to news reports. Yuhan-Kimberly is a joint venture the two comp
June 26, 2012
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Korea different from Japan in property bubble: experts
A group of real estate experts downplayed the possibility of a Japan-like property bubble burst at a forum hosted by the Korea Chamber of Commerce and Industry on Tuesday.Participants who shared the view that the nation’s property market is different from Japan included professor Choi Hee-gap from Ajou University.Choi said that Japan suffered a property market crash ― “which was initiated by enterprises in the 1980s” ― in the wake of policymakers’ rapid hikes in interest rates in the 1990s.“Unli
June 26, 2012
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Firms tap new markets to overcome eurozone crisis
Conglomerates recall their successful countermeasures against 2008-9 global financial crisisChiefs of the nation’s major conglomerates are rolling up their sleeves to minimize the negative impact from the eurozone debt crisis, directing their respective staff to set up instruction manuals to cope with external woes.Some of the business groups have been reusing or upgrading successful countermeasures used during the 2008-09 global financial crisis.When the demand for vehicles declined sharply in
June 26, 2012
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GS E&C shifts gear to strengthen overseas operation substantially
GS Engineering & Construction, one of Korea’s leading builders, has vowed to boost its overseas sales to 70 percent of its total sales by 2020. Earlier the company announced its “Vision 2020,” including mid-and-long term growth strategies, and declared its goal of growing into a “sustainable global company.”The company said it would attain the goal by developing and investing in new growth engines.One of the nation’s top three construction firms, GS E&C said its objective for 2012 is to increase
June 26, 2012
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Trucker strike spooks business
The nation’s unionized truck drivers walked out of their jobs on Monday, demanding a 30 percent hike in trucking fees and legislation of a guaranted minimum wage and labor rights.Government and industry officials expressed worries over the impact on the economy from the general strike, which comes three years after truckers staged a strike in June 2009.Public officials are also concerned about the possibility that parcel delivery service workers will follow suit.Government officials said about t
June 25, 2012
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Samsung targeting 10 million sales of Galaxy S3 by July
Samsung Electronics’ mobile chief Shin Jong-kyun said Monday that the company aims to sell up to 10 million units of its new flagship smartphone Galaxy S3 worldwide by next month.“We expect it to surpass the 10 million mark by the end of next month as it is being well-received globally,” he said in a media event held to introduce the handset to Korean consumers.“It will be noted as the mobile phone that reached the 10 million mark faster than any other phone in Samsung’s history and it is finall
June 25, 2012
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MBK Partners preferred bidder for Hi-mart
Lotte’s bid failure pulls down shares of Lotte Shopping, Hi-mart and EugeneMBK Partners, the largest private equity fund in Korea, was chosen over Lotte Shopping Co. as the preferred bidder for a controlling stake in Hi-mart Co., the country’s No. 1 electronics retailer.MBK Partners offered to buy the 65.25 percent stake in Hi-mart for over 1.25 trillion won ($1.07 billion), which translates into about 8,000 won per share, according to sources.The stake includes a 31.34 percent stake held by Eug
June 25, 2012
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Philips fined for not cutting prices despite EU FTA
Philips Electronics became the first foreign company to be subject to the nation’s antitrust regulatory sanctions for pressuring stores not to cut prices despite the Korea-EU Free Trade Agreement.The Fair Trade Commission said Sunday that it reprimanded the Netherlands-based company with fines of 1.5 billion won ($1.3 million) for not reflecting the reduced tariff on its prices of products in the local market.The company, which sells a variety of home appliances as a unit of Royal Philips Electr
June 24, 2012
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Biz sentiment falls for third quarter
South Korea’s leading business confidence index fell for the third quarter, reflecting concerns that persistent global economic woes will hurt the country’s exports in the coming months, a survey carried out by a local economic organization showed Sunday.The business survey index for the July-September quarter came to 88, a drop of 11 points from the estimate for the current quarter, the Korea Chamber of Commerce and Industry said.The BSI forecast for the April-June period reached 99, up from 77
June 24, 2012
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Large luxury cruise ship arrives in Jeju Island
The largest luxury cruise ship to arrive in South Korea docked in the port of Jeju Saturday as the resort island moves to emerge as one of Northeast Asia’s leading tourist destinations.The Voyager of the Seas cruise liner arrived early in the morning at Jeju Port to the fanfare of local authorities and traditional performances.Jeju prepared special garlands and plaques for the passengers who arrived on the ship that weighs 137,276 gross tons, is 311 meters long, has a maximum width of 47.55 mete
June 24, 2012
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Plan to privatize KAI faces stiff opposition
A plan to privatize Korea Aerospace Industries, the nation’s sole aircraft manufacturer, faces growing opposition from union workers and local residents.Civic groups and local politicians also oppose the move.KAI’s largest share holder is the Korea Finance Corp. with 26.41 percent stake. The state-run financier and three other major shareholders plan to sell a stake of about 40 percent (worth about $1 billion) in KAI within this year. The other three owners are Hyundai Motor Group, Samsung Techw
June 24, 2012
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Samsung’s Galaxy S3 goes on sale here
Handset running on LTE networks to come next monthSamsung Electronics will release its new flagship smartphone Galaxy S3 in Seoul on Monday, about a month after it was released worldwide.The world’s top smartphone maker said it will roll out the 4.8-inch display gadget running on the third-generation network technology through the nation’s No.1 mobile carrier SK Telecom.With plans under way to introduce it through the country’s other two mobile carriers, KT and LG Uplus, it will first feature th
June 24, 2012
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Daewoo International gives scholarship to Colombians
Daewoo International Corp., a South Korean trading firm, said Sunday it has given $50,000 in scholarships to a Colombian association of Korean War veterans’ family members.A ceremony was held in the South Korean embassy in Bogota on Wednesday and attended by about 30 people, including the top South Korean envoy to Colombia, according to the company.A committee, made up of members of the South Korean embassy and Daewoo International Corp., plans to award scholarships to 50 recipients over the nex
June 24, 2012
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Asan to hold national youth competition on entrepreneurship
The Asan Nanum Foundation announced on Friday that it will launch a “Chung Ju-yung Entrepreneurship Competition for Youths,” a nationwide entrepreneurship competition in commemoration of the late Hyundai Group founder Chung Ju-yung. Established in 2011, the contest aims to discover ambitious young talent interested in business ventures, the social foundation said. Twenty-two teams will make the regional competitions, among which 10 teams will survive the group-camping assessment to compete in th
June 24, 2012
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GM gets best quality scores; Jaguar joins Lexus
General Motors Co., boosting the reliability of Cadillac and Chevrolet models, had its best performance ever in J.D. Power & Associates’ new-car quality survey, with three of four brands above the industry average.Toyota Motor Corp.’s Lexus luxury line topped the survey for the second consecutive year and its namesake brand ranked eighth. Honda Motor Co. had the highest-rated mainstream brand at No. 5, one spot ahead of its Acura luxury line. Jaguar leaped 18 spots to a tie for second with Porsc
June 24, 2012
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Asiana names first female head of overseas branch
Asiana Airlines welcomed its first female foreign operations chief 24 years after its foundation in 1988.The nation’s second-largest air carrier announced on Sunday that it named Jang Yoon-heui, a deputy general director in charge of airport services and contracts, head of the Hiroshima branch in Japan.“Going out to head an overseas branch involves the whole family moving out. Real-life issues have been holding back female staff from taking up posts overseas,” a company spokesman said. A mother
June 24, 2012
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Philips fined for preventing price cuts despite S. Korea-EU FTA
South Korea's antitrust watchdog said Sunday it has imposed 1.51 billion won (US$1.3 million) in fines on the Korean unit of Dutch electronics giant Philips for preventing South Korea's online shopping malls from offering discount prices.The move by the Fair Trade Commission (FTC) is the first punitive action against a foreign company for blocking price cuts following the implementation of a free
June 24, 2012
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Foreign hands reshape retail
Staff from abroad cater to international customers’ needsOffice worker Lee Jong-min was surprised to see Southeast Asian workers at Bulgogi Brothers in Gwanghwamun, central Seoul, on Monday. “I found it interesting that now foreigners are even working in the service field here,” said Lee. Four employees from Malaysia are working at the fusion Korean cuisine chain’s Gwanghwamun branch. They are under a three-month training program here, as they will be working as managers at three Malaysian branc
June 22, 2012
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U.K. consumer group picks Kia as best carmaker
Kia Motors was selected as the Best Car Manufacturer in the 2012 Which? Award, announced the carmaker on Friday. Which? is a consumer organization in the U.K. with more than 650,000 members.The carmaker was recognized by the organization for the best customer satisfaction achieved by its seven-year warranty service and excellent durable quality. It beat off other renowned brands like Hyundai, BMW and Toyota. Which? said that Kia’s new Rio, Sorento and Picanto all impressed in its test lab, while
June 22, 2012