The Korea Herald

Supermarkets see slower growth on rising competition

Supermarkets saw the smallest sales increase among retailers during the first quarter of the year affected by rising consumer prices and the increase in the number of other forms of retailers.According to Statistics Korea, the combined first quarter sales of supermarkets in the country rose 3.4 percent to about 5.9 trillion won ($5.6 billion), while other types of retailers saw double-digit growth

Industry July 24, 2011

Prada Korea shuns good causes

Prada Korea transferred most of its net profits for 2009 to its parent firm, while providing nothing in the way of social contributions to Korea, placing the company among foreign firms accused of turning a blind eye to social causes.The Korean vendor of the Italian fashion brand is wholly owned by Prada Far East, based in the Netherlands. According to Prada Korea’s regulatory filings, more than 1

Industry July 24, 2011

Magazine introduces Kyobo Life’s poetry billboards to the world

Corporate image ad campaign that posts short poems become cultural iconKyobo Life Insurance Co. billboards offering excerpts from poems, which has long been a familiar sight for Seoulites, made their international debut through the quarterly magazine Koreana.Koreana is a quarterly magazine published since 1987 in eight languages ― Arabic, Chinese, English, French, German, Japanese, Spanish and Ru

Culture July 24, 2011

Magazine introduces Kyobo Life’s poetry billboards to the world

Incheon airport to see record traffic

More trips abroad, Japan’s disaster recovery crowds transport hubA record number of people will go through Incheon International Airport on July 30, the airport’s operators said Thursday.According to the airport’s estimates, the number of people using international and domestic flights to and from the airport on July 30 will come in at 118,547. The figure is about 2 percent higher than the previou

Industry July 21, 2011

Hyundai Steel looks to expand Japanese contracts

Hyundai Steel is pushing the drive to expand its presence in the Japanese market for steel plates for ships, with up to four new supply contracts looking likely to be closed during the second half of the year.The company, which began producing thick steel plates in April 2010, has been supplying thick plates to Japanese construction firms and machinery makers since September. According to the comp

Industry July 21, 2011

Iljin Electric names co-CEOs

Huh Jeong-seok and Lee Yoon-young were named the new co-chief executive officers of electric systems maker Iljin Electric Co. on Thursday.Huh and Lee replaced Choi Jin-yong.Lee Yoon-young and Huh Jeong-seok Huh is the son of Iljin Group chairman Huh Chin-kyu. The younger Huh is currently the president of Iljin Holdings and will continue to hold the post while serving as the co-CEO of Iljin Electr

People July 21, 2011

South Korea unveils new light airplane

The first locally developed civilian aircraft completed its maiden flight at Korea Aerospace Industries in Sacheon, South Gyeongsang Province on Wednesday.Once the project is completed, and necessary certifications are granted for the vehicle, Korea will become the world’s 28th country to have developed civilian aircraft using indigenous technologies. The first locally developed civilian aircraft

Industry July 20, 2011

GS Group chief stresses innovation

GS Group chairman Huh Chang-soo called on group executives to go beyond developing new products and services as the group aims to become an “ultra first-rate” corporation. Huh Chang-sooSpeaking at the executives meeting for the third quarter on Wednesday, Huh also said that corporations need to go beyond developing new products and services if they are to address current issues.“The aim of managem

Industry July 20, 2011

Overseas projects fuel KEPCO’s growth

Power plants, resource development complement KEPCO’s business modelKorea Electric Power Corp.’s rapidly expanding overseas portfolio is fueling the company’s growth and its drive to become one of the top five players in the world’s power industry.Earlier this year, the company announced a set of long-term plans under which it aims to raise its annual sales to 85 trillion won ($80.5 billion) by 20

Industry July 20, 2011

New mobile carrier unlikely to bring much change to market

The Korea Federation of Small and Medium Business is looking to set up a fourth mobile telecom services provider, but the market divided among three long-established giants is likely to hinder the would-be telecom operator.At present SK Group’s SK Telecom is the market leader with over 50 percent market share, followed by KT Corp., which accounts for about 35 percent of the market.LG Uplus, which

Industry July 19, 2011

Hyundai Heavy to set up switchgear plant in Russia

Hyundai Heavy Industries announced Monday that it will establish Hyundai Electricsystems in Vladivostok, Russia, that will produce gas insulated switchgears.Gas insulated switchgears are equipment used to control electricity flow, and to cut off power if a fault occurs in a power supply system.The company said it will invest 40 billion won ($38 million) in building the plant, and that the facility

Industry July 18, 2011

BOK raises inflation outlook to 4 percent

The Bank of Korea raised its projection for this year’s inflation rate to 4 percent on Friday ― 15 days after the government raised its projections to the same level.The central bank had projected an inflation rate of 3.9 percent in April.The government, which had originally projected that consumer prices would rise by around 3 percent this year, changed its outlook for this year’s inflation rate

July 15, 2011

BOK raises inflation outlook to 4 percent

S. Korea's defense minister seeks return of Korean War POWs in China

BEIJING (Yonhap News) – South Korea's Defense Minister Kim Kwan-jin requested China's cooperation for the safe return of South Korean prisoners of war (POWs) who are currently in China following their defection from North Korea where they had been held since their capture during the 1950-53 Korean War.The request came at Kim's meeting with Chinese Vice President Xi Jinping as the South Korean mini

Defense July 14, 2011

Taxi fire distrupts traffic in Namsan tunnel

Passengers and drivers walk out of the tunnel. Yonhap NewsA taxi caught fire on Thursday in the tunnel linking Hannam-dong to Yejang-dong through Namsan, stopping traffic for about 90 minutes. The taxi caught fire while going through the tunnel towards Hannam-dong at 6:05 p.m. The fire was extinguished about 20 minutes later. No casualties were reported, but the fire caused motorists and passenge

Social Affairs July 14, 2011

Taxi fire distrupts traffic in Namsan tunnel

Philip Morris Korea sponsors environment campaign

The non-governmental organization Beautiful Community Forum announced Thursday that it will host photo and sculpture exhibitions as part of the 2011 Philip Morris Korea Clean Beach Campaign.The exhibitions will be at Sokcho Beach in Gangwon Province and Hamdeok Beach in Jeju from July 30 through Aug. 1 to raise awareness for preservation of sea resources.For the photo exhibition, the forum is hold

Industry July 14, 2011

Articles by 최희석