Park Marguerite Clark, wife of the late honorary chairman of Kumho Asiana Group Park Seong-yawng, passed away due to a chronic illness at St. John’s Health Center in Los Angeles on Wednesday. She was 81. After being cremated, the ashes of her body will be moved from L.A. to Seoul through an Asiana flight on Tuesday and a memorial room will be set up at Sinchon Severance Hospital. A visit to pay condolence is possible from the same day and the funeral procession will leave the hospital on Thursda

People Sept. 22, 2013

Chuseok is a time when tens of millions of Koreans visit their hometowns to reunite with their family and friends. It is also a chance to be reminded that the spirit of sharing lives on. Subcontractors were among the recipients of the spirit of Chuseok, as the Federation of Korean Industries, the largest business lobby group comprised of Korea’s biggest conglomerates, announced last week that its members would make pre-payments of up to 4.8 trillion won ($4.4 billion) to their vendors. Among the

Industry Sept. 17, 2013

LG Uplus announced Thursday that it would launch a mobile network service that is twice as fast as the current long term evolution service. The mobile carrier expects the “broadband LTE” to bring new momentum for growth. “Along with its existing LTE and LTE-A networks, the new service will help LG Uplus lead the market by providing the most stable and fastest LTE services,” said Lee Chang-woo, executive vice president of the mobile firm.  LTE subscribers of LG in Seoul and surrounding areas will

Industry Sept. 12, 2013

BERLIN ― A leading display market researcher has predicted difficult times are in store for the TV market, emphasizing the importance of the roles Korean TV makers play in overcoming the obstacles that lie ahead.“The TV industry has hit a barrier for growth, the rules of the game are changing,” said Paul Gray, a director of European TV search at Display Search, in an interview with The Korea Herald last week. “TV makers have chosen a better resolution as a solution to the challenges ahead. Howev

Industry Sept. 11, 2013

BERLIN ― LG Electronics this week revealed its goal to win over energy-conscious European consumers and take the lead in the world’s largest home appliance market.“By 2015 LG will take the lead in the European market, which accounts for 25 percent of the world’s home appliance market with energy-efficient and localized products. The leadership in the fiercest battlefield will be a stepping stone in winning the world market,” said Jo Seong-jin, president of LG’s home appliance unit, at a press me

Industry Sept. 10, 2013

BERLIN ― LG Electronics on Friday sought to dispel skepticism on the local electronics firm’s competitive edge over Samsung and other rivals from China and Japan. “LG will forge full cooperation with its affiliates such as LG Display, LG Chem and LG Innotek to reach the top of the TV market,” said Kwon Hee-won, the president of LG’s home entertainment business. He dismissed the challenges posed by Sony, which unveiled a 65-inch LED curved TV, UHD TVs unveiled by Chinese firms, and pledged to wid

Industry Sept. 8, 2013

BERLIN ― In contrast with electronics makers such as Samsung and LG that are vying for leadership in the European market, the head of Philips’ TV joint venture says the firm is not out to secure the largest market share.“We play in a different way from Samsung, which is the No.1 player in Europe. We are not aiming to challenge the top position. We do not only just focus on growth, but also look for creating value for shareholders and consumers,” said Maarten de Vries, CEO of TP Vision, a joint v

Industry Sept. 8, 2013

Lionel Messi, Cristiano Ronaldo, Neymar da Silva, Gareth Bale and Son Heung-min have more in common than being outstanding soccer players: They either are sponsored by or have a contract with Korean companies. Sports sponsorship is not new. It has long been used by private firms to build a close bond with consumers and promote their brand images.Samsung and LG, which currently market themselves through sports including soccer, baseball, basketball and cricket, are ratcheting up their sports mark

Industry Sept. 4, 2013

Top business leaders expressed concerns over an indecisive government’s stance on the definition of ordinary wages and overly strict environment regulations. “Over the past decades, businesses have abided by the government rules on regular wages. However, the government now says it will wait for the decision of the Supreme Court on what constitutes the wage,” said Kim Young-vae, vice chairman of the Korea Employers Federation. “(The government’s act) must have caused a legal dispute if it was do

Industry Sept. 2, 2013

Hyundai Motor Group said Friday that it would launch a new social contribution program called “H-Jump School” aimed at fostering creative talent and bridging the educational divide.Group officials said under the new CSR program, the conglomerate selects a group of college students and provides them with resources development education to grow into global talents. In return for receiving such benefits, the selected students are required to help poor teens study, the officials said. The conglomera

Industry Aug. 30, 2013