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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Samsung Electronics fined for irregular subcontracting
The Fair Trade Commission said Tuesday that it had fined Samsung Electronics 1.6 billion won ($1.4 million) for irregular practices in its transactions with subcontractors.This is the second time that Samsung Electronics has been fined for unfair subcontracting, as the company was fined 11.5 billion won by the antitrust regulator four years ago.According to the FTC, the memory chipmaker engaged in 28,574 cases of irregular subcontracting, equivalent to 76.3 billion won between 2008 and 2010.A to
May 22, 2012
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MS chief in Korea for new OS
Ballmer meets developers, Korean firms to discuss partnershipsMicrosoft chief executive Steve Ballmer was eager to sell the firm’s upcoming Windows 8 software during his two days in Korea.Calling this year the “launch year of Windows 8,” he spent most of his keynote speech discussing the competitiveness of its new and upgraded software designed for wireless gadgets and computers at the Seoul Digital Forum on Tuesday.“This year, 350 million Windows devices will be shipped in the world,” he said a
May 22, 2012
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STX shares rebound on expectation of liquidity recovery
Shares of STX Group subsidiaries rebounded for a second day on Tuesday upon news that STX Heavy Industries will receive early payments for its construction project in Iraq which are expected to ease the conglomerate’s financial troubles. STX Heavy Industries is set to receive more than 700 billion won ($601 million) about a month earlier than previously scheduled for the construction of a diesel power plant in Iraq, according to company officials.About $384 million will be wired from Standard Ch
May 22, 2012
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Siemens seeks greater partnership with Korean firms in Middle East, India, China
Siemens Korea has been active in competing with foreign and domestic rivals over subcontracts of global conglomerates’ large-scale plants to be built in the Middle East, India and China. With conglomerates’ aggressive expansion overseas, the Middle East, India and China have become huge markets, sparking seemingly endless demand for subcontracts of constructing plants and factories. Un Min-su, vice president and head of industry sector of Siemens Korea, was careful but confident about sharing th
May 22, 2012
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Retailers brace for restrictions on air-conditioning
Government considers fining shops that leave air conditioners on even when doors are openLarge retail establishments are scrambling to come up with ways to fight summer heat as they face tightened government restrictions on air-conditioning starting next month.To prevent power shortages during the summer, the government unveiled last week a set of energy-saving measures that include a ban on temperatures lower than 26 degrees Celsius inside nearly 500 large buildings with an energy consumption o
May 22, 2012
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Apple's Cook top-paid U.S. CEO in 2011: report
Apple chief executive Tim Cook topped the list of the best-paid CEOs in the US in 2011 thanks to stock options that put him more than $300 million above his next rival, a Wall Street Journal survey showed Monday.Cook, who took the helm of the iPhone and iPad maker in August last year, two months before the death of founder Steve Jobs, clocked in total compensation of $378 million.Cook earned $900,
May 22, 2012
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Gas prices may surge W300 on Iran sanctions
South Korea may have to suspend Iran oil imports at the end of this monthGasoline prices in the local market are likely to climb by about 300 won ($0.26) per liter for several weeks in the wake of the European Union’s tightened sanctions on Iran, analysts said Monday.Considering the 50-liter fuel tank of an ordinary car, the situation means a surge by 15,000 won in consumer prices when a driver fills up his gasoline-empty car at a gas station.The European Union legislated rules in March to stop
May 21, 2012
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Korea Kolmar sees robust sales growth in China
HONG KONG (Yonhap News) ― Korea Kolmar, a South Korean cosmetics research and development firm, has seen robust sales growth in China as it has steadily increased its number of Chinese clients, company officials said Monday.The company, which is known for being an original design manufacturer of cosmetics products, will likely break even in its China operations this year, largely thanks to a growing Chinese mass cosmetics market, said the officials at Korea Kolmar.Korea Kolmar’s brand awareness
May 21, 2012
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Tefal, Philips blasted for huge margins
The distribution margin of European-brand electric irons amounted to almost 130 percent of the import prices, a local consumer advocacy group said Monday in a recent survey. The Korea Consumer Agency, supported by the Fair Trade Commission, surveyed the Korean prices of 41 electric irons, including 18 from Tefal, three by Rowenta and 20 from Philips, over the past month. The survey, which was originally aimed at monitoring their price difference following the Korea-EU free trade pact, found a 15
May 21, 2012
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Rivals may find breakthrough in patent fight
Samsung’s vice chief Choi in crucial talks with Apple’s Tim Cook in San FranciscoThe possibility of a breakthrough in Samsung Electronics and Apple Inc.’s patent dispute is a hot topic of discussion here with the first-ever face-to-face meeting between the chiefs of the two companies starting Monday in San Francisco Samsung Electronics’ vice chairman Choi Gee-sung and mobile chief Shin Jong-kyun will meet Apple’s chief executive Tim Cook on May 21-22 to take part in an alternative effort to reso
May 21, 2012
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Transparency at issue in Ssangyong E&C sale
Europe-based M+W continues to express desire to acquire builderTransparency has emerged as a point of contention surrounding the sale of Ssangyong Engineering and Construction, as the company could be handed over to an investor via a “private contract.”The possible sale of Ssangyong E&C via this sort of behind-the-scenes contract would be legitimate under the law as the state-run Korea Asset Management Corp., the builder’s biggest shareholder, has already failed to select a preferred bidder twic
May 21, 2012
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Korea’s infrastructure, products will attract U.S. investors: Chen
CEO of New York-based IR firm aims to focus on South Korean marketThere are a lot of great companies in Seoul who with the right investors and counselors could go to the U.S. and benefit from the investors, said Debra Chen, CEO and founder of Icon Media Communications. “We feel really strongly about the South Korean market and this is the market we really want to concentrate on,” Chen told The Korea Herald last week. Founded in 2009, Icon Media Communications is a boutique investor relations an
May 21, 2012
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Facebook launches K-pop page
Facebook said Monday it has launched a K-pop music page to help fans of Korean pop music around the world to engage with their favorite K-pop stars more actively. The page, provided jointly by Facebook and Korea’s largest entertainment agency SM Entertainment, will be updated with the latest K-pop news and content in both Korean and English.On Monday morning at 11 a.m., Seoul time, the K-pop page had photos and information from the SM Town Concert in Los Angeles. The page is seen at www.facebook
May 21, 2012
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Exports of low-tariff goods to EU jump 16.1%
South Korean exports of manufactured products to the European Union surged 16.1 percent on-year in the second half of 2011 thanks to lowered tariffs under a bilateral trade pact, government data showed Monday.The free trade agreement, which went into effect in July last year, calls for Seoul and Brussels to eliminate or phase out tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years after the accord takes effect. According to the finance ministry data, exports
May 21, 2012
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LVMH Korea union protests, calling for better pay, bonuses
A Korean unit of the Paris-based luxury goods company LVMH Group is mired in a labor dispute over pay that could halt sales of some luxury perfumes and cosmetics. Union members of LVMH Perfumes and Cosmetics Korea, most of whom are sales people, have staged protests since its latest negotiations with management over pay and conditions failed early last week. The company owns several high-end makeup chains, including Dior, Guerlain, and Make Up For Ever. The union is demanding wage increases, a f
May 20, 2012
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Korea warned of export dependency on China
Korea, celebrating the 20th anniversary of its official ties with China, needs to be cautious about its growing export dependency on the world’s second-largest economy, a report warned Sunday.According to the report by the Korea International Trade Association, Korea’s exports to China saw a more than 50-fold growth from $2.65 billion in 1992 to $134.19 billion last year.The portion of exports to China also soared from 3.5 percent to 24.2 percent during the same period. Over the past two decades
May 20, 2012
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Firms learning to communicate with expats
Firms offer real-time communication channels, hire more foreign staffKorean firms are rushing to communicate better and more often with expats as the number of foreign residents now surpasses 1.1 million.Kevin Ascott, a Canadian living here, said he was able to find the authorized service center for his malfunctioning smartphone through KT’s social networking hotline ― something he had been seeking for days to figure out on several websites.“I got great service when I went there,” he wrote to th
May 20, 2012
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SK Telecom connects Expo with fast wireless networks
YEOSU ― Entering Yeosu Expo from the bullet train station mainly built for this gala, visitors will face a cluster of spotless and architecturally unique corporate pavilions.One exhibition center, situated at the end of the Northeast edge overlooking the sea, stands out: a three-story pavilion covered with what looks like a giant fishing net, colored in white and shaped like a cloud.This belongs to SK Telecom, Korea’s biggest mobile carrier and the only telecom company to exhibit here.The net sy
May 20, 2012
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Samsung develops ‘graphene barristor’
Samsung Electronics said Friday that its research team had successfully created a three-terminal active device called a “graphene barristor,” opening the way for the commercialization of graphene.Researcher Park Seong-jun of Samsung Advanced Institute of Technology said that the triode device effectively cuts off electric currents in graphene transistors.The report on the development has been published in the online edition of Science Magazine, according to Samsung.The team developed something a
May 19, 2012
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SK to join China’s city cleanup project
SK Group said it will participate in a large-scale environmental cleanup business in China in coordination with a group of Korean subcontractors.The group’s coming advancement into the Chinese government-led environment sector comes after the country unveiled its project to invest about $530 billion in environmental protection over the next four years.SK Group’ inroads into the overseas business feature group chairman Chey Tae-won’s commitment to “shared growth” with subcontractors.For the overs
May 19, 2012