Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hankook Tire takes over control of Hanon Systems
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[Herald Interview] ‘Time to Be Strong’ follows retired K-pop idols’ self-discovery
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Samsung chief returns from Europe after meeting with Pope, business leaders
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Trump factor pushes Korean manufacturers to contemplate factories in US
With the upcoming inauguration of the Donald Trump administration Friday, there are signs among South Korea’s leading manufacturers that they might speed up plans to establish new production facilities in the US.Companies with flagship products that have significant shares in the American market, particularly home appliances, have been facing increased pressure from the incoming US president, who has openly vowed protectionism. (Yonhap)Most recently, Hyundai Motor, the country’s top automaker, o
IndustryJan. 18, 2017
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HHI and SHI win patent lawsuit against DSME
Hyundai Heavy Industries and Samsung Heavy Industries have won a lawsuit filed against their competitor Daewoo Shipbuilding & Marine Engineering, overturning the first ruling, according to industry sources Tuesday. The Patent Court of Korea on Friday concluded that DSME’s two patents involving liquefied natural gas cargo boil off gas (BOG) re-liquefaction technology are indistinguishable from the existing technology and therefore the patents registration by DSME was annulled.
IndustryJan. 18, 2017
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Turning KDB, IBK, Eximbank public stokes debate
South Korea’s government is considering designating 10 public organizations as government enterprises for stricter control, a move strongly opposed by labor unions. The Ministry of Strategy and Finance will have a meeting by Jan. 31 to decide whether or not to change the status of the 10 public organizations, including three government-owned banks currently categorized as “other public agencies” to public enterprises. (Yonhap)The three banks include Korea Development Bank, Industrial Bank of Ko
Jan. 18, 2017
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Posco climbs ranking of most sustainable corporations
South Korea’s leading steelmaker Posco has made it to the Corporate Knights’ 100 most sustainable corporations list, becoming the first steelmaker listed three consecutive years, the company said Wednesday. The list has been released by Corporate Knights, a Canadian media and research company, at the World Economic Forum in Davos, Switzerland every year since 2005. (Yonhap)Posco ranked No. 35, climbing five places from the previous year. It is the highest ranked South Korean company, with the o
CompaniesJan. 18, 2017
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Galaxy S8 may adopt largest ever 5.7-inch panel
Samsung Electronics is expected to adopt the largest panels for its upcoming Galaxy S series to be unveiled in April, according to multiple news reports Wednesday. (Samsung)Galaxy S8 and S8 Plus will reportedly come with 5.7-inch (14.5-centimeter) and 6.2-inch (15.7-cm) panels, which are larger than their predecessors Galaxy S7 and S7 Edge, which came with 5.1-inch (13-cm) and 5.5-inch (14-cm) screens. The larger panels appear to be possible as the new devices will have the tiniest bezels -- th
TechnologyJan. 18, 2017
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LG launches cooling, heating module
LG Innotek on Wednesday announced it had successfully carried out mass production of a thermoelectric module, a cutting-edge component that provides both cooling and heating functions.As the component is small and light, it can help improve the design and convenience of products such as home appliances and automobiles that need both cooling and heating functions, the company said in a press release.A thermoelectric module is an electronic cooling and heating component that controls temperature b
TechnologyJan. 18, 2017
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Korea Inc. fears spillover from Samsung heir’s fate
A court review of a request by the special counsel to arrest Lee Jae-yong, the de facto leader of Samsung Group, spread fear through the business community here on Wednesday that the unprecedented case could only be the beginning of a long list of “corporate hunt.”The 48-year-old vice chairman of Samsung Electronics spent probably the longest day of his life at a detention center in Seoul, waiting for the court’s decision on the special prosecutor’s demand to put him in jail. Samsung Electronic
IndustryJan. 18, 2017
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Marginal firms drag down corporate Korea
Corporate Korea is becoming polarized between the largest, most profitable corporations and a growing number of marginal companies unable to service their debts with their operating profits. (123rf)According to market analysts here, South Korean companies listed on the country’s main bourse are estimated to have reaped more than 100 trillion won ($85.9 billion) and 143 trillion won in combined net and operating profits, respectively, last year. It is the first time annual aggregate corporate net
Jan. 18, 2017
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Former Daewoo Shipbuilding chief gets 10-year jail sentence for accounting fraud
A lower court court on Wednesday meted out a 10-year prison sentence to a former head of Daewoo Shipbuilding & Marine Engineering Co. who is at the center of a massive accounting fraud case.The Seoul Central District Court found Ko Jae-ho guilty of cooking the company's books to grossly inflate assets and getting loans using faked financial statements. Ko led the company between 2012 and 2015. This photo, taken on July 9, 2016, shows Ko Jae-ho, a former head of Daewoo Shipbuilding & Marine Engin
IndustryJan. 18, 2017
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Renault Samsung Motors sets target sales at 270,000 units
Park Dong-hoon, a CEO of Renault Samsung Motors, speaks at a new year‘s media conference held at the Westin Chosun Hotel in central Seoul, Wednesday. (Renault Samsung Motors)Park Dong-hoon, the CEO of Renault Samsung Motors, announced Wednesday the firm’s goal for 2017 to sell 270,000 units on its continued sales momentum of the SM6 sedan, QM6 SUV and two new models set for launch this year.“We have two new models scheduled for launch this year, the Clio and the Twizzy. We hope to suggest a new
MobilityJan. 18, 2017
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Samsung Heavy bags $230m deal for regasification unit
Samsung Heavy Industries Co., a major shipyard here, said Wednesday that it has clinched a $230 million deal to build a floating storage and regasification ship.Under the deal with Norway-based Hoegh LNG Holdings Ltd., the shipyard will build the vessel by May 2019, the company said in a regulatory filing.Samsung has an option to build three more FSRU units, it said.Earlier this month, the shipbuilder won a $1.27 billion deal to build an offshore facility, marking the first mega deal of the yea
IndustryJan. 18, 2017
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‘Banks should question their purpose of existence’
Pressured by the imminent intrusion of internet-only banks and financial technology startups, Korea’s local lenders should ask themselves whether they will be able to keep existing, the head of an association of banks said Wednesday.“The local banking industry’s net interest margins constantly declined last year and their profitability remains at the world’s lowest levels,” Ha Yung-ku, chairman of the Korea Federation of Banks, said at a press conference with five financial institutions -- the K
Jan. 18, 2017
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Hyundai, Kia log record sales in Europe in 2016
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. -- South Korea's two largest automakers -- logged the largest annual sales ever in Europe last year with their combined market share surpassing 6 percent, industry data showed Wednesday.According to data by a European automobile association, the corporate duo sold a combined 940,712 cars in Europe last year. Chung Mong-koo, chairman of Hyundai Motor Group, tours the manufacturing lines of the automaker's plant in Zilina, Slovakia, on A
IndustryJan. 18, 2017
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KT&G under investigation for unfair profits from excise hike
The Korean fair trade watchdog has begun an investigation into tobacco manufacturer KT&G on allegations that the company gained up to 330 billion won ($282 million) in unfair profits following a hike on cigarette taxes in late 2014. (Yonhap)The FTC’s investigation follows a report from the Board of Audit and Inspection that was released Jan. 12 regarding the management of additional profits that may have been gained by tobacco manufacturers after the tax hike that went into effect in 2015.Accord
IndustryJan. 18, 2017
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Ikea sets up distributions corporation in Korea
Furniture retailer Ikea has set up a distributions services corporation in Korea, according to the company Wednesday.“Ikea set up the new corporation as part of its expansion plan to become a multi-channel leader. We expect to be able to manage inventory and distribution more efficiently, and improve customer services such as delivery. We have not yet decided on any details,” Ikea said in an official statement.The company established a corporation called Ikea Distribution Service Korea Ltd. effe
IndustryJan. 18, 2017
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[Photo News] Lotte Mall in Hanoi
Lotte will be building a new mall near the Hanoi West Lake, one of the Vietnamese city’s top attractions. The approximately 200,000-square-meter complex will include a shopping mall, a department store, a supermarket and a cinema, all to be directly operated by Lotte affiliates. Construction is set to begin in the first half of 2017, for completion in 2020. (Lotte Asset Development)
IndustryJan. 18, 2017
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[Photo News] SSG.com sweeps awards
Shinsegae‘s online shopping mall SSG.com swept top honors at the Seoul Creative Festival of Film Advertising Awards on Tuesday. The brand took home the Grand Prix, Gold Prize and Bronze Prize for its SSG.com advertisements, and also took bronze in the Craft (direction) category. According to Shinsegae, mobile sales at SSG.com rose 50 percent on-year, which the company attributed to the campaign. (Shinsegae)
IndustryJan. 18, 2017
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Honda joins Korea’s growing eco-car market
Honda Motor Company has unveiled the latest model to hit Korea’s burgeoning green car market -- the new Accord Hybrid. The major Japanese automaker released its popular Accord series for the first time in Korea on Wednesday, looking to increase its presence in the competitive local market with its latest eco-friendly sedan. “Last year Honda Korea sold 6,636 vehicles in the Korean market,” said Jung Woo-young, CEO of Honda Korea, at a press conference held at the Grand Hyatt hotel in Seoul on W
MobilityJan. 18, 2017
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Samsung supplies flagship Exynos processors for Audi
Samsung Electronics on Wednesday announced it will start providing its flagship Exynos processors for German automaker, signaling the world’s top chipmaker’s entry into chips for cars. The supply contract was made as part of Samsung’s participation in the Audi Progressive SemiConductor Program, known as PSCP, as a partner supplier of the Exynos processors, its own System-on-Chip solution, for the automaker’s next-generation In Vehicle Infotainment system. Exynos processor (Samsung Electronics)A
TechnologyJan. 18, 2017
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Top regulator meets global investors in Hong Kong
A key South Korean financial regulator has made a pitch for the South Korean economy on a visit to Hong Kong, his office said Wednesday.Jeong Eun-bo, vice chairman of the Financial Services Commission, visited the global credit rating agency Fitch and introduced Seoul's efforts for market stability and economic policy direction earlier this week. Jeong Eun-bo, vice chairman of the Financial Services Commission, speaks at the Asian Financial Forum in Hong Kong on Jan. 16, 2017, in this photo prov
Jan. 18, 2017