Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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First labor union formed at Samsung Electronics
The first labor union has been formed at Samsung Electronics Co., according to a company official and industry sources on Thursday, as prosecutors widen a probe into the company’s alleged sabotage of efforts to form a labor union.Two Samsung Electronics employees submitted a labor union establishment application to the Ministry of Employment and Labor.The ministry’s branch office in Anyang, about 20 kilometers south of Seoul, approved the application in February, industry sources said.(Park Hyun
IndustryMay 31, 2018
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POSCO DAEWOO to invest 511.7 bln won in Myanmar gas field
POSCO DAEWOO Corp., the trading-to-energy development unit of steelmaker POSCO, said Thursday it will invest 511.7 billion won ($475 million) in a joint gas field development project in Myanmar. POSCO DAEWOO will head the joint project, in which India’s state-run Oil and Natural Gas Corporation, the Myanmar Oil and Gas Enterprise, Gail (India) Ltd. and the Korea Gas Corp. will also take part. POSCO DAEWOO holds a 51 percent stake in the project, a company spokesman said over the phone. The inve
IndustryMay 31, 2018
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Banks hold breath as recruitment scandals intensify
The banking industry here has been stirred up following the arrest warrant sought by the prosecution against KEB Hana Bank Chief Executive Officer Ham Young-joo last Wednesday, in the latest development of the recruitment scandal. Ham will face a hearing on the arrest warrant on Friday.If the court decides to issue the warrant, Ham will become the first incumbent head of a South Korean commercial bank to be under arrest on charges of hiring irregularities. The prosecution views a banking f
MarketMay 31, 2018
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Moon calls for fiscal expansion to respond to slow growth, polarization
Warming up for next year‘s budget planning, South Korean President Moon Jae-in on Thursday indicated a further increase in government expenditure as part of its long-term plan to address the nation’s structural problems such as low birth, elderly poverty and unemployment. He also added pressure on the economic team -- led by Deputy Prime Minister and Finance Minister Kim Dong-yeon -- to speed up with the government‘s innovative growth initiative.“Key macroeconomic in
EconomyMay 31, 2018
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BOK denies allegation of inflating export volume
The Bank of Korea on Thursday rebuked claims by a local news report that the central bank “inflated” the nation’s export volume over the past eight years for the sake of a “rosier” export economy outlook.On Wednesday evening, local television channel MBC claimed that the nation’s balance of payments has been exaggerated since 2010, when the Bank of Korea began applying new International Monetary Fund standards to its statistics. The chronic trade deficit in t
MarketMay 31, 2018
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[Monitor] Jeju's land price surges at highest
The Ministry of Land, Infrastructure and Transport said Thursday that as of Jan. 1 this year, the appraised individual land price has been officially released, showing an average 6.28 percent increase. It is the fifth consecutive yearly rise of the land value. By city and province, Jeju showed the highest surge at 17.51 percent, the ministry said. (khnews@heraldcorp.com)
EconomyMay 31, 2018
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KCCI hosts annual photo competition on life of businessmen
Korea Chamber of Commerce and Industry, the nation’s largest business lobby group, is hosting an annual photo competition from June 1 to Sept. 30, officials said Thursday.Titled “Businessmen’s workplace and life,” the panelists will look for candidates who capture unexpected scenes at workplaces and the people with stories. They also expect to have creative pieces that are also high in photographic quality. The 100 million won ($92,900)-competition is the largest photo competition in Korea. The
IndustryMay 31, 2018
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Hyundai Glovis receives ISO anti-bribery certificate
Hyundai Glovis, a logistics arm under Hyundai Motor Group, has been certified as a company operating with an anti-bribery management system by the International Organization for Standardization, the company said Thursday.The certificate, codenamed ISO 37001, is given after assessing the company’s overall management system whether it is capable of preventing, detecting and responding to bribery as well as its compliance with bribery laws.“The company will have strict ethical standards as we are a
IndustryMay 31, 2018
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LG CNS turns golf course in Japan into solar energy plant
LG CNS, an IT service provider under LG Group, has turned a closed golf course in Japan into a major solar energy plant capable of generating 62 gigawatt hours of electricity a year, the company said Thursday. Located near Mine city of Yamaguchi prefecture, the solar power plant was built on a 27-hole golf course that covers 142 square meters of land, equivalent to 200 football grounds. A solar power station built by LG CNS near Mine city of Yamaguchi Prefecture, Japan (LG CNS)The South Korean
IndustryMay 31, 2018
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WeWork Labs launches in Korea to help startups go global
WeWork, the world’s largest provider of co-working spaces, officially introduced its new startup acceleration space WeWorks Labs in South Korea on Thursday, pledging to help early-stage startups here grow and expand globally.WeWork Labs is a shared working space for young startups, where tenants can access a variety of acceleration programs, networking support as well as consulting and mentorship from strategic investors, venture capitals and veteran entrepreneurs.Korea is the first country in A
TechnologyMay 31, 2018
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New rental market for high-end smartphones opens in Korea
Starting Friday, consumers will have an option to borrow new high-end smartphones with slightly lower monthly payments instead of buying one.SK Telecom, the country’s largest mobile operator by number of subscribers, said Thursday it will start renting out three latest smartphone series models -- Galaxy S9, iPhone 8 and iPhone X -- with lower monthly rental fees than installment payments for purchasing a new premium phone among the models. Named “T Rental,” the new program offers a 64-gigabyte S
TechnologyMay 31, 2018
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[Photo News] CJ CheilJedang opens first HMR grocery store
(CJ CheilJedang) (CJ CheilJedang)Customers look at ready-to-eat products and food ingredients at CJ CheilJedang’s newly opened Olive Market, a grocery store that focuses on home meal replacements, in Seoul. The store is the first such attempt in the industry. CJ CheilJedang said customers can enjoy one-stop shopping with a variety of its signature HMR products including Haetban (cooked white rice), Bibigo’s frozen dumplings and the Gourmet hamburger steak.
IndustryMay 31, 2018
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Pulmuone rebranded with new CI
Food company Pulmuone rebranded itself with a new corporate identity for the first time in 13 years as it readies for change under the new leadership of CEO Lee Hyo-yul. Pulmuone‘s old (above) and new CI (Pulmuone)In January, Pulmuone founder Nam Seung-woo, who headed the company for the past 33 years, stepped down to make way for a new professional CEO to better manage the company. “The new CI, with a darker green logo and simplified font, indicates that Pulmuone will take a leap as a global co
IndustryMay 31, 2018
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LG Hausys plans to develop production of phenolic foam insulation
Construction material supplier LG Hausys is expanding its production of phenolic foam, high-functioning semi-noncombustible insulation, with the completion of the construction of its second production line in Cheongju, North Chungcheong Province. Employees at LG Hausys inspect phenolic foam insulation at its second production line in Cheongju, North Chungcheong Province. LG HausysThe firm said it has begun mass-producing PF insulation at its new production line following a trial run in early May
IndustryMay 31, 2018
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GM shuts down South Korean plant as part of restructuring effort
General Motors Co., the parent company of GM Korea Co., on Thursday shut down one of its plants in South Korea as it moves to restructure its operations at home and abroad.The 260,000-unit-a-year plant in Gunsan, about 270 kilometers southeast of Seoul, was hit hard by GM's decision to withdraw its Chevrolet brand from Europe in 2013. Its utilization rate plunged to a dismal 20 percent from 2016 amid rising labor costs.In February, the Detroit-based carmaker announced its plan to shut down one o
IndustryMay 31, 2018
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Korea's industrial output rises 3.4% in April
South Korea's industrial output rebounded in April from a month earlier on a rise in production in the chipmaking and automaking sectors, government data showed Thursday.Production in the mining, manufacturing, gas and electricity industries rose 3.4 percent on-month in April, following an adjusted 2.2 percent on-month decline in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output gained 0.9 percent, from a 4 percent on-year fall in March.Producti
IndustryMay 31, 2018
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Banks plan financial aid for GM contractors
South Korean banks plan to provide financial assistance for contractors of GM Korea Co. that may suffer hardships due to the shutdown of its plant on the west coast, sources said Thursday.GM Korea Co., the South Korean unit of General Motors Co., closed its factory in Gunsan, 274 km south of Seoul, the same day as part of a restructuring plan aimed at keeping the struggling unit afloat.According to the sources, Shinhan Bank has decided to roll over their loans that will mature until the end of t
IndustryMay 31, 2018
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Samsung Display's workplace report contains 'key national technologies': panel
South Korea's industry ministry on Wednesday concluded that Samsung Display Co.'s workplace environment report contains "key national technologies" that need protection from public disclosure.(Yonhap)The special panel of the Ministry of Trade, Industry and Energy, composed of governmental and industrial experts, reached the conclusion after reviewing Samsung's workplace assessment report on its four factories located in Giheung, Cheonan, and Asan. "The special panel concluded that Samsung Displa
TechnologyMay 30, 2018
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Prosecution seeks arrest warrant for chief of KEB Hana Bank
The prosecution has filed for an arrest warrant for KEB Hana Bank chief Ham Young-joo over job-related irregularities, prosecution officials said Wednesday.The request for a warrant came nearly two months after the financial watchdog, the Financial Supervisory Service (FSS), said its own investigation has found at least 32 cases of alleged hiring irregularities at the bank.In 2013, the bank hired 229 college graduates, 32 of whom were hired after allegedly receiving recommendations from the bank
MarketMay 30, 2018
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OECD maintains S. Korea's economic growth forecast at 3 pct. in 2018
South Korea's economy is expected to grow 3 percent this year, the same pace forecast in March, on the back of robust exports and an expansionary fiscal mode, a Paris-based international organization said Wednesday. (Yonhap)For next year, the Organization for Economic Cooperation and Development (OECD) also maintained its growth forecast at 3 percent."Economic growth is projected to remain around 3 percent through 2019, supported by stronger export growth and fiscal stimulus that offset the impa
BusinessMay 30, 2018