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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Korean state-run firms offer world’s best service: report
The nation’s state-run companies achieved higher scores than their foreign counterparts in a recent global competitiveness evaluation, the Ministry of Strategy and Finance said Friday. A private team, led by Choi Jong-won, professor at Seoul National University, conducted the nation’s first evaluation on the productivity and efficiency of 16 state-run firms in 27 categories. According to the results based on last year’s performance, Korea Electric Power Corp. recorded a power transmission effici
June 8, 2012
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Samsung expects big changes under new number two man
Choi expected to aggressively push for nurturing future growth enginesSamsung Group’s new corporate strategy office chief Choi Gee-sung is expected to bring a bundle of changes to the country’s largest conglomerate as he is recognized for his aggressive business tactics.With the appointment considered to be one of the most notable events in the conglomerate’s history, Choi remained calm and modest on his first day of work as the chief of the firm’s de facto control tower on Friday.He did not sa
June 8, 2012
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Conglomerates work out contingency plans
Korea’s conglomerates are busy mapping out contingency plans to cope with unfavorable scenarios due to by the eurozone fiscal crisis.They, including Samsung Group, are set to diversify export destinations in a shift from their earlier focus on Europe and the United States.Samsung Electronics, the flagship unit of Samsung Group, is closely monitoring the situation as more and more eurozone countries see poor consumer sentiment.Though the 2012 London Olympic Games are scheduled to kick off in late
June 7, 2012
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SK E&S acquires $310m stake in gas field in northern Australia
SK E&S Co., the gas distribution arm of South Korea’s SK Group, agreed to buy a 37.5 percent stake in gas fields off northern Australia from ConocoPhillips and Santos Ltd. for $310 million.The stake in the Barossa and Caldita fields in the Bonaparte Basin may be raised to 49.5 percent should exploration drills prove they have sufficient reserves, the Seoul-based company said in a statement. The investment cuts Houston-based ConocoPhillips’ stake to 37.5 percent and Adelaide-based Santos’s holdin
June 7, 2012
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Samsung pushes U.S. sales of Galaxy S3
Korean firm to launch handset on June 21 in spite of Apple’s sales ban requestSamsung Electronics said on Thursday that it will launch its new flagship smartphone Galaxy S3 in the U.S. market this month as scheduled, while its rival Apple Inc. is seeking to impose a sales ban on it.“We’re going to prove that the new Galaxy S3 is a unique and innovative product developed by Samsung Electronics and we plan to launch the new handset in the U.S. market as scheduled,” said a Samsung official.The Kore
June 7, 2012
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Samsung chief stresses persistent challenges
Samsung Electronics chairman Lee Kun-hee told the conglomerate’s new recruits to continuously challenge themselves during a three-day workshop held in North Jeolla Province which started Wednesday.“What is most important to new employees beginning the new chapter in their lives is to set up future goals and take on continuous challenges,” he said in a video message to the group.The workshop, held for the 26th time this year, was attended by 8,000 new employees hired at Samsung affiliates as well
June 7, 2012
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Choi to lead Samsung Group’s control tower
Kwon takes over CEO post at Samsung ElectronicsSamsung Group announced on Thursday that it has made its flagship electronics arm’s vice chairman and chief executive Choi Gee-sung the head of the group’s corporate strategy office, a de facto control tower of the nation’s top conglomerate. The group also named Samsung Electronics’ other vice chairman Kwon Oh-hyun as the new CEO of the world’s top television and smartphone maker, ending the so-called “two-top” system with Choi.“Since Samsung Electr
June 7, 2012
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Samsung to newly invest in system semiconductor line
Samsung Electronics announced Thursday that it will newly invest 2.25 trillion won ($1.92 billion) to build a new production line for system semiconductors at its plant in Hwaseong, Gyeonggi Province.In a regulatory filing, the company decided to go ahead with the new production line due to rising demands for system semiconductors. It plans to manufacture mobile application processors that have applied the 20-nanometer and 14-nanometer advanced technologies through the 300-millimeter wafer fabri
June 7, 2012
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Cyber patent office to connect offices worldwide
Pact streamlines patent applications for Korea, JapanPatent applicants will soon be able to log into a cyber patent office that allows access to information on patent deliberations under way at patent offices worldwide. The Five IP Offices, known as IP5, including the Korea Intellectual Property Office, European Patent Office, Japan Patent Office, State Intellectual Property Office of the People’s Republic of China and United States Patent and Trademark Office, agreed this week on establishing a
June 7, 2012
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Imported beer outstrips traditional drinks’ sales
Imported beer topped traditional beverages in sales for the first time in 12 years at a local discount chain.Sales of imported beer in April and May were 10.3 percent greater than that of traditional alcoholic beverages such as makgeolli (rice wine) and fruit wine, Lotte Mart said Thursday.Until 2005, sales of foreign beer amounted to only about a quarter of traditional beverage sales. Imports accounted for merely 3.4 percent of beer sales back in April and May 2000. The share rose to 16.2 perce
June 7, 2012
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Tourist attractions in Gochang
SeonunsaSeonunsa, or Seonun Temple, is a 1,000-year-old historic temple located in Mount Seonun Provincial Park. The name Seonun means zen mediation in the clouds. The temple, called one of the most beautiful temples in Korea, is surrounded by scenic beauty with camellia, maple trees and many interesting rocks and unique stones.The historic temple was founded in 577 during the Baekje Kingdom era. Mater Kumdan used to teach locals on traditional salt and paper making as well as Buddhism in order
June 7, 2012
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Gochang invites tourists to enjoy health, beauty benefits of bokbunja fruit
Bokbunja festival kicks off June 22 offering diverse activitiesGOCHANG, North Jeolla Province ― At this time every year, Gochang in North Jeolla Province is filled with the sweet scent of bokbunja, a type of black raspberry unique to the region. Compared to those grown in other regions globally, Gochang’s bokbunja is known to have a sweeter taste and darker color, according to the Jebba Food & Beverage Corp., a guild of bokbunja growers there. More than three decades have passed since people sta
June 7, 2012
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McKinsey appoints 1st female director in Korea
McKinsey & Company appointed a female director for its Seoul branch for the first time. The leading management and consulting firm announced on Thursday that Kim Yong-ah has been appointed as the director of the Seoul branch. Director is the highest post a consultant can reach in the company, according to the firm. Kim graduated from Yonsei University’s School of Business and joined McKinsey in 1996. She came back to the company in 2001 after obtaining an MBA degree from Harvard Business School
June 7, 2012
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Hyundai Group set to launch hotel business
Hyundai Group will complete the process of acquiring Banyan Tree Club & Spa Seoul, one of the nation’s three six-star hotels, in the coming days.An industry source said Wednesday that “Hyundai Group is about to launch its hotel business by becoming the biggest shareholder of Banyan Tree Club & Spa Seoul” after it was picked as the preferred bidder for the resort last January.The conglomerate has proposed a bid of 160 billion won ($140 million) to acquire the shares on the condition that the grou
June 6, 2012
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SK seeks Turkish, Thai opportunities
SK Group is striving to beef up its presence in Turkey and Thailand as one of Korea’s largest conglomerates seeks to cash in on growing business opportunities in the two fast-growing markets. The corporation said Wednesday that chairman Chey Tae-won recently visited the two countries to expand the group’s operations in the regions and reinforce business networks there. On Monday, Chey signed a memorandum of understanding with Dogus Group, a major Turkish industrial group engaged in multiple sec
June 6, 2012
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GM Korea downsizing faces union protest
Early retirement plan comes amid rumors on relocation of production basesGM Korea’s recent policy to downsize its manpower structure via a voluntary redundancy program has been inviting backlash from the carmaker’s labor union.Unionized workers at the automaker are set to stage a series of protests against the early retirement scheme, which has allegedly been initiated by new GM Korea CEO Sergio Rocha, according to sources.The Korean unit of U.S.-based General Motors is considering reducing the
June 6, 2012
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Research center works to strengthen ‘roots’ of component manufacturing
KPIC chief says mid-level manufacturing should be automatic, clean and easyAbout 25,000 parts are needed to make a single automobile. And almost 90 percent of those parts are developed by small and medium-size enterprises through the delicate craftsmanship, manufacturing process and techniques of molding, casting, plastic working, welding, and heat and surface treatments.The situation is pretty much the same for making mobile handsets and ships in which Korea maintains global competitiveness.The
June 6, 2012
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Hyundai’s premium cars post record sales in U.S.
Luxury sedans post record sales of 5,232 units in MayHyundai Motor has set a new milestone in the U.S. car market, with its premium sedan deliveries surpassing the 5,000 units for the first time in May, a company official said. Hyundai’s Genesis, Grandeur and Equus models posted record sales of 5,232 units last month in the U.S., doubling the 2,600 vehicles sold in January, according to the Korean auto giant. Hyundai, which has gained a reputation for building inexpensive small cars, has recentl
June 6, 2012
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Google buys maker of Quickoffice mobile app
Google is escalating its rivalry with Microsoft with the purchase of Quickoffice, the maker of a widely used mobile application for working on documents created in Microsoft's programs for word processing, spreadsheets and presentations.The deal announced Tuesday gives Google Inc. a new weapon to foil Microsoft Corp. as more people get work done on smartphones and tablet computers. Quickoffice mak
June 6, 2012
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Korea's rank as int'l conference destination rises to 6th
South Korea became the sixth most popular conference destination in the world in 2011, moving up two places from its ranking the previous year, the government said Tuesday, citing global industry data. The number of international meetings held in South Korea last year was 469, about 4.6 percent of the total number of such conferences worldwide, according to the report by the Union of Internat
June 5, 2012