Most Popular
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Korea added to key bond index
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South Korean author Han Kang wins 2024 Nobel Prize in literature
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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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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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Hyundai seeks Samsung’s support for car semiconductors
Automaker officials foresee alliance after developing their own technologiesChances are growing in the automotive industry that Hyundai Motor could eventually be backed by factories of Samsung Electronics for its car-oriented semiconductor business in about a year.Officials of the two big companies have seemingly not ruled out the feasibility of their comprehensive partnership for what industry analysts call a lucrative car-semiconductor business.Hyundai Motor executives appear to be more positi
June 19, 2012
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Model files lawsuit against Abercrombie & Fitch
A former employee of Abercrombie & Fitch has filed a lawsuit claiming he was forced to conduct sexual acts at a photo shoot in order to look more “relaxed.”Benjamine Bowers claims that the casting director of the retailer sent him to a modeling agent, Brian Hilburn, who made him take off his clothes and pleasure himself in front of the camera.Bowers is filing the suit for $1 million, British media reported Sunday. At the photo shoot, which allegedly took place June 17, 2011, Hilburn persuaded
June 19, 2012
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Samsonite pulls bags from HK amid safety scare
Samsonite International SA pulled its ``Tokyo Chic'' line of luggage from Hong Kong stores on Monday after a local consumer group reported finding high levels of compounds linked to cancer in the handles, although the company insisted the bags were safe.The Hong Kong Consumer Council said last week it found that the side handles on three Samsonite suitcases had higher levels of polycyclic aromatic
June 19, 2012
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LS Cable wins French power cable deal
LS Cable & System Ltd., South Korea’s top wire and cable maker, said Monday it has landed a deal to build a high-voltage power line in France, the first local company to do so.Under the deal with state-run Electricity of France, LS Cable said it will set up a 5.5-kilometer, 225-kilovolt transmission line for a power plant in northwestern France.LS Cable said the contract also calls for supplying materials for associated connectors, laying the cables and supervising the overall project. Financial
June 18, 2012
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New Samsung Electronics CEO stresses global competitiveness
Kwon promises delegation of authorities to enhance innovationSamsung Electronics’ new chief executive Kwon Oh-hyun officially took office on Monday by encouraging his employees to enhance the firm’s competitiveness amid the era of rapid change in the electronics industry.“Samsung Electronics is at the turning point of becoming a genuine top global firm,” Kwon said in a message sent to employees. “We must not hesitate or settle with where we are right now, but transform into an innovative company
June 18, 2012
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Luxury brands join charity donations
Louis Vuitton, Gucci, Ferragamo and Hermes begin charity programs with eye on growing Korean marketLouis Vuitton Korea signed Wednesday an agreement to help the Purme Foundation, a non-profit organization devoted to building rehabilitation hospitals in Korea. The France-based luxury fashion brand made a donation toward patient treatment and construction of speech disorder treatment rooms at Sejong Maeul Purme Center, the first-ever private sector-led rehab institution for disabled children to be
June 18, 2012
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CJ O to open TV shopping channel in Thailand
CJ O Shopping Co., one of South Korea’s major home shopping channels, will launch a 24-hour TV shopping channel in Thailand on Monday in a joint venture with a local firm, a company spokesman said Sunday.G“CJ O Shopping, a joint venture with the biggest Thai entertainment and media group GMM Grammy, will show Korean as well as foreign-made electronic consumer products and other goods to 12 million households in the Southeast Asian nation, the spokesman said.G”CJ O Shopping is the fifth of its ki
June 17, 2012
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Trade group to set payment limit of exporters to Iran
The Korea International Trade Association said Sunday that it started controlling local companies’ exports to Iran from June 12 following the European Union’s tightened sanctions on the Middle Eastern country. The EU enacted rules in March to stop insurance coverage on all tankers carrying Iranian crude oil starting July 1 as part of sanctions on Iran to force it give up its nuclear program. With the temporary measure taken by the quasi-state trade agency, Korean companies can face restrictions
June 17, 2012
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Hanaro Mart under fire for opening alone
Civic groups and small and medium-sized merchants are calling for the revision of a controversial law so that Nonghyup Hanaro Mart and Hanaro Club close two days per month along with other retail giants such as E-Mart. People’s Solidarity for Participatory Democracy, one of the leading civic groups, is petitioning for the revision of the law and is contacting members of the opposition parties for support, according to reports. More than 70 percent of the nation’s discount retailers such as E-Mar
June 17, 2012
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Gas station operators threaten to close over discount retailers
Operator association resists government’s plan to open more inexpensive oil stationsGas station operators have threatened to close temporarily at the same time unless the government halts plans to open more discount gas stations in their efforts to curb rising gasoline prices. The Korea Oil Station Association claimed on Friday that the government’s policies to increase discount gas stations disregard the gas station market which is suffering from its worst-ever financial strain. KOSA said the m
June 17, 2012
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Shares fall on eurozone uncertainties
Seoul shares fell 0.71 percent on Friday in the face of rising European uncertainties ahead of Greece’s critical elections and mixed U.S. economic data, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved down 13.32 points to 1,858.16 after a choppy session. Trading volume was light at 4.26 million shares worth 4.46 trillion won ($3.83 billion), with losers outpacing gainers 486 to 344.“Investor sentiment was dented by mounting eur
June 15, 2012
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FTC scrutinizes celebrities’ online malls
The nation’s antitrust watchdog is considering slapping fines on Internet shopping malls run by celebrities for unfair trade practices.The Fair Trade Commission, which did not release the companies’ names, began looking into the shopping sites’ refund policies upon consumer complaints that they refused to provide refunds for clothing, according to sources at the commission.“We had to launch a probe as there were so many complaints from consumers who were disgruntled about the shopping sites’ ref
June 15, 2012
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Hyundai Oilbank cancels IPO plan on uncertainties
Hyundai Oilbank has pulled out of its plans to carry out an initial public offering on the Korea Exchange, citing economic uncertainties at home and abroad.“We’ve decided to withdraw from the plan in the wake of the eurozone fiscal crisis and worsening investor sentiment on the local stock market,” a company spokesman said.The company plans to push for the listing again when it finds optimum timing later.Hyundai Oilbank had planned to complete the IPO process during the first half of the year.An
June 15, 2012
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Seoul takes steps to lower prices of imported cosmetics
The government said on Friday it will improve the distribution system of imported cosmetics and tighten monitoring of unfair trade practices and deceptive advertising to lower their prices.Prices of imported beauty products remained high despite Korea’s free trade agreements with the European Union and the U.S. which went into effect in July last year and March this year, respectively.“We will reduce the excessive retail margins incurred by exclusive imports and sales and provide consumers with
June 15, 2012
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Telecoms-Kakao conflict escalates over free call
S&P lowers KT’s rating to negative, citing threat from mVoIP service and other revenue sourcesLocal telecom giants and Kakao, well-known for its free mobile messenger service, have expanded their battle front amid the venture firm’s new allegation that the mobile carriers purposely downgraded the quality of its voice call service.Earlier on Thursday, Kakao’s chief executive Lee Sir-goo said that the country’s three telecom companies -- SK Telecom, KT and LG Uplus -- are lowering the voice qualit
June 15, 2012
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U.S. urges markets to pull shellfish from Korea
The Food and Drug Administration is urging food distributors, retailers and food service vendors to remove from the market all shellfish imported from South Korea because of possible contamination with human waste and norovirus.The decision follows an FDA evaluation that determined that the Korean Shellfish Sanitation program no longer meets adequate sanitation controls. The federal agency is in o
June 15, 2012
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KCC to restrict websites from collecting national ID numbers
The Korea Communications Commission said Thursday that it will soon begin restricting websites from requiring subscribers or users to register their resident identification numbers.This measure follows a law revision that will be implemented beginning August 18, in an effort to make Korea a “clean Internet” society, which had been vulnerable to hacking and ID theft.All online sites, including portals, e-commerce and shopping malls, will not be able to ask or demand that consumers type in their n
June 14, 2012
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Korean cosmetics sales rise at Seoul duty free shops
Beauty products are the most sold Korean-made products in Seoul’s duty free shops. According to research released by Seoul Main Customs Office on Thursday, sales of products made in Korea steadily increased at six duty free shops in Seoul, led by the popularity of cosmetics goods. The total sales of made-in-Korea products for the first four months of this year hit 166.8 billion won ($142 million), a 64 percent increase compared to the same period last year. Last year, the overall figure was 396.
June 14, 2012
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Recovering tire producers eye expansion
Hankook seeks new growth engine; Kumho strives to resume building U.S. plantThe nation’s two largest tire manufacturers ― Hankook and Kumho ― are preparing for stiffer competition at home and sales battles with global players overseas.Though the companies had to delay investment and a variety of projects, their recent painstaking efforts to improve their financial status and management structure have been highly evaluated in the market.Kumho Tire, which has been under joint control of creditor
June 14, 2012
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Seoul shares gain 0.65% as investors remain calm
South Korean stocks gained 0.65 percent Thursday as investors remained calm in the face of mounting eurozone woes and took a wait-and-see stance ahead of the Greek elections, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index, after a choppy session, moved up 12.16 points to 1,871.48. Trading volume was light at 4.14 million shares worth 4.77 trillion won ($4.09 billion), with gainers outpacing losers 432 to 379.“The downgrading of Spai
June 14, 2012