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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Euro crisis may hit shipbuilding, IT, automobiles
Korean won continues to lose ground against U.S. dollarThe eurozone fiscal crisis is likely to deal a severe blow to Korea’s export-oriented industries such as shipbuilding, automobile and information technology, local think tanks forecasted.In particular, the nation’s shipbuilding companies’ exports to the European Union are equivalent to 19.7 percent of their total production, according to a report of the Hyundai Research Institute.Exports account for about 85 percent of the total sales for th
June 5, 2012
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Cheap electricity returns as political hot potato
Experts agree on need to raise charges to the level of cost, call for linking to fuel pricesKorea Electric Power Corp. asked the government on April 26 to raise electricity rates by an average of 13.1 percent. The firm increased charges twice last year, in August and December.The root cause of repeated requests to hike electricity rates is that KEPCO sells electricity below cost. Inflation fears have led the government to apply tight price controls on rates, even as rising international oil pric
June 5, 2012
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Intel unveils second-generation ultrabooks through Samsung, LG
Intel on Tuesday unveiled its new lineup of ultrabook devices powered by the third generation Intel Core processors as it aims to add a touch of innovation to the existing personal computer industry.Labeled second generation ultrabooks, a total of eight manufacturers, including Samsung, LG Electronics as well as Sony, rolled out their upgraded PCs to consumers at an event in southern Seoul.Popular girl group 2NE1 showed up at the launch event to release its song “Be Mine” for the first time as p
June 5, 2012
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Carriers upset by free mobile call plan
Experts call for clear guidelines before Kakao launches serviceTension between Korea’s leading mobile carriers and Kakao, a mobile messenger tech firm, is growing as the latter will introduce a mobile telephone service in the latter half of this year.Kakao Talk has begun offering a test version of its mobile Voice over Internet Protocol, named Voice Talk, to over 4 million worldwide users wishing to try its new service either on their iPhones or Android-based smartphones. Voice Talk will be free
June 5, 2012
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Creditors’ sale of Kumho Industrial imminent: sources
Kumho Asiana Group’s unit has undergone tough restructuring for more than 2 yearsCreditors of Kumho Industrial Co. will soon finalize the takeover deal under which a consortium led by IBK Securities is set to acquire a large portion of Kumho Asiana Group’s transportation unit.The imminent sale comes more than two years after Kumho Industrial was placed under joint-management by creditors including Woori Bank for business normalization in late 2009.Both sides are likely to reach a final consensus
June 5, 2012
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Merck and LG Chem honored at SID Display Week 2012
Two of the world’s top liquid-crystal display producers, Merck and LG Chem, will receive a prestigious industry award on Wednesday for their joint development of a new cutting-edge display component called “3-D FPR.”The U.S.-based Society for Information Display, or SID, will award the companies with the silver in the display component category at the SID Display Week 2012, which opened last Sunday in Boston, Massachusetts. Also known the 3-D Film-Patterned Retarder, the device incorporates liqu
June 5, 2012
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Starbucks to buy bakery for $100 million to expand offerings
Starbucks Corp., the world’s largest coffee-shop operator, agreed to buy Bay Bread LLC for $100 million in cash, adding to its expanding portfolio of non-coffee businesses.The acquisition of San Francisco-based Bay Bread and its La Boulange brand will decrease full-year profit by 2 cents a share, the Seattle-based company said in a statement today. The French-themed bakery sells homemade granola,
June 5, 2012
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Head of Korea Savings Bank arrested for embezzlement
The chairman of the troubled Korea Savings Bank was arrested Tuesday on charges of embezzlement and stealing bank funds as part of a probe into alleged irregularities by suspended savings banks, prosecutors said. Yoon Hyun-soo, 59, was accused of issuing some 150 billion won ($127.6 million) in illegal loans to a subsidiary of Taihan Electric Wire Co. and embezzling an unspecified amount of bank f
June 5, 2012
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Samsung, LG 3D TVs win European eco-friendly certifications
South Korea's top home appliance manufacturers said Tuesday that their three-dimensional (3D) smart TVs have won eco-friendly certifications from leading European technical service review organizations.Samsung Electronics Co. said its flagship 55-inch ES8000 model won TUV Rheinland Group's coveted Green Mark for energy efficiency and low carbon emissions in the production stage. It added its Itali
June 5, 2012
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SK Group signs MOU with Dogus Grubu
SK Group chairman Chey Tae-won and Dogus Grubu chairman Ferit Sahenk signed an MOU on Monday for a strategic partnership, in Istanbul, Turkey. (SK Group)
June 4, 2012
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LG 3-D TV gets top innovation award in Europe
LG Electronics said Monday that it received the most innovative brand award for its Cinema 3-D smart television at a recent event in Cologne, Germany.The company said it received the award for three models among this year’s TV lineup in the home entertainment video sector at the Plus X Awards held at the New Yorker ― Dock.One in the German city.The three models won high points from the judging panel, composed of 130 people, in innovation, quality, design, convenience, functionality and eco-frien
June 4, 2012
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BAT Korea launches Dunhill Switch Black
British American Tobacco has released the spearmint-flavored “Dunhill Switch Black” in the local market.“The new product offers consumers the choice to appreciate the smooth taste of Dunhill, followed by a sweet and minty spearmint flavor, which is distinct from regular menthol cigarettes,” a company spokesman said.He added the premium feel of Dunhill is driven in part by the black packaging which is highlighted also by blue to connote the refreshing aftertaste.The stylish packaging is marked by
June 4, 2012
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POSCO pledges better protection of minorities
POSCO said Monday that it has further strengthened its protection of human rights and environmental values in a recent revision to the company’s codes of ethics. As part of the revision, which took effect on Saturday, the world’s fourth-largest steelmaker added new rules banning all discrimination based on race, nationality, marriage and sexual orientation.It was the first time a Korean company has included a ban on discrimination against sexual minorities in its corporate codes of ethics, accor
June 4, 2012
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Political-risk insurer of the World Bank to open Seoul office
A World Bank Group agency providing insurance, including political risk coverage, in developing countries will open a special office in Seoul as early as September, the Ministry of Knowledge Economy said Monday. The Korean government and the Washington-based Multilateral Investment Guarantee Agency tentatively agreed to the Seoul opening, which could become a permanent office after three years of operation, officials added. The MIGA promotes foreign direct investment into developing countries by
June 4, 2012
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LTE main battleground for handset makers
Samsung still No. 1, LG swings back to second placeWith more than half of Koreans already owning a smartphone, the three major handset manufacturers have fully joined the race to roll out handsets running on the Long Term Evolution networks.Samsung Electronics, the world’s top smartphone maker, announced Monday that it sold up to 930,000 units of LTE handsets in Korea as of May. The figure enabled the country’s IT behemoth to maintain its top position here ― an estimated 61.2 percent of the loca
June 4, 2012
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Proposal to cut big discount stores’ opening hours sparks backlash
Consumers frustrated; large stores call it a death sentenceDouble-income couples and the retail industry are perplexed by a revised bill recently proposed by the Democratic United Party to close large discount stores from 9 p.m. to 10 a.m. and also three to four times a month. “I was not happy to hear that, especially the part about discount stores having to close more than three times a month,” said 30-year-old office worker Jang Jae-hyuk, whose wife also works. “We don’t go to traditional mark
June 4, 2012
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Language institutes for precollegiate students lead market
Foreign language institutes for precollegiate students have eclipsed those for adults in sales, as many of them franchised themselves, a report by a think tank affiliated with KB Financial Group showed.Revenue of foreign language hagwon for preschoolers, elementary, middle and high school students such as Cheongdahm Learning, JLS and Avalon, increased 22.4 percent on average annually from 137.5 billion won in 2006 to 378.6 billion won last year, according to the industry analysis.This contrasts
June 3, 2012
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Hyundai Samho Heavy seeks lucrative offshore plant business
Hyundai Heavy Industries Group said Sunday that its subsidiary Hyundai Samho Heavy Industries has won an order to build a semi-submersible oil-drilling ship for Norway’s leading offshore drilling company Seadrill. The $570 million deal will pave the way for the company to enter the lucrative offshore plant business, said Hyundai Samho, the world’s fourth largest shipbuilder in terms of production capacity. The deal includes the entire process of engineering, procurement and construction of the d
June 3, 2012
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LG Display to feature advanced tech in OLED, mobile panels in U.S.
LG Display will exhibit its technology prowess in OLED and mobile panels at the Society for Information Display conference, held at the Boston Convention and Exhibition Center from June 3-8 in the U.S. state of Massachusetts.The Korean display manufacturing giant said that it plans to showcase its 55-inch OLED panel, developed for the first time in the world, which it had originally considered too difficult to construct for large televisions.Using oxide-thin film transistor and four-color pixel
June 3, 2012
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Samsung sells over 50m Galaxy S, S2 phones
Firm aims to solidify smartphone lead with new mobile platformSamsung Electronics said Friday that the firm had sold more than 50 million units of its flagship smartphones Galaxy S and Galaxy S2 in the global market.The world’s top smartphone maker said the sales of its Galaxy S and Galaxy S2 topped 24 million and 28 million units, respectively, as of June 1. Over 7 million units of the firm’s 5.3-inch display Galaxy Note have also been rolled out globally, it added.Samsung has been striving to
June 1, 2012