Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Pandemic left Korea more depressed than before: report
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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CJ Korea Express launches first Arctic operation
By Bae Ji-sook CJ Korea Express launched a commercial operation on the North Pole route earlier this month, becoming the first Korean cargo deliverer to do so. The company Monday announced that its cargo vessel KOREX SPB No. 2 left the port of Mussafah in the United Arab Emirates on July 19 for the Yamal Peninsula of Russia. The ship carrying 4,000 tons of offshore terminal facilities will sail the Arabian Sea, Suez Canal, Europe and the North Sea and arrive at the Noviy Port of Russia by the en
IndustryJuly 20, 2015
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Part-time labor market gets harsher on slow economy
By Chung Joo-won The growth of Korean part-timers’ monthly income in the second quarter slowed to a three-year low, an online job-matching portal revealed Monday.Alba Paradise chief executive Choi In-nyeong said, “In general, the growth of part-timers’ income and average hourly pay had been far faster than the minimum wage.”“But this year, their monthly and hourly wages grew slower, most likely because the slow economy cut down on the demand in the part-time labor market,” he said.According to a
July 20, 2015
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Won-dollar rate hits 2-year high
The U.S. dollar’s globally strong positon is pulling down the Korean won’s value, with the won-dollar exchange rate reaching its highest point since July 8, 2013.The dollar rose 4.6 won from the previous trading session to close at 1,152.1 won on Monday.The exchange rate ― amid growing expectations of a rate hike in the U.S. later this year ― is likely to surpass 1,161.4 won reached on June 24, 2013, in the coming weeks, some local currency dealers predicted.If it breaks through the barrier, the
July 20, 2015
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[Newsmaker] KakaoTaxi expansion gets mixed reactions
Outside the headquarters of Daum Kakao in Bundang, Gyeonggi Province, on Monday, two groups clashed over the Korean search giant’s hot-selling taxi-hailing service, KakaoTaxi. One group, representing chauffeur service companies nationwide, protested against the company’s possible entry into a market that is crowded with smaller players, while the other group, representing their drivers, urged it to enter and solve the industry’s unfair treatment of drivers. “It is true that we are working on the
TechnologyJuly 20, 2015
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S. Korea opens mini-sized derivatives market
South Korea opened a mini-sized futures and options market on Monday to offer investors wider choices for hedging and trading, hoping to revitalize the once-vibrant derivatives market with robust liquidity. The Korea Exchange currently operates futures and options trading based on the KOSPI 200 index, a flagship index composed of the top 200 stocks by market capitalization. The new system offers contracts for as little as 25 million won ($21,900) and 5 million won for KOSPI 200 futures and K
July 20, 2015
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‘Medium-sized firms key to creating high-quality jobs’
photo caption: Kang Ho-gap (right), chairman of the Association of High Potential Enterprises of Korea, speaks at a press conference on Friday. AHPEK The growth and success of medium-sized companies is critical not only for the nation’s sustainable growth, but also for high-quality job creation for the youth, a business leader said last week. “In 2014, there were about 3,800 Korean companies categorized as midsized companies. They accounted for only 0.12 percent of registered Korean companies
BusinessJuly 20, 2015
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[Photo News] Samsung unveils Galaxy Tab S2
SAMSUNG UNVEILS GALAXY TAB S2 -- South Korea’s tech giant Samsung Electronics unveils its new tablet PC, the Galaxy Tab S2, on Monday. The tablet comes in 9.7-inch and 8.0-inch displays and features 32 or 64 GB of internal storage, an octa-core application processor and a fingerprint scanner. The new device will be roll out in global markets from August. SamsungSAMSUNG UNVEILS GALAXY TAB S2 -- South Korea’s tech giant Samsung Electronics unveils its new tablet PC, the Galaxy Tab S2, on Monday. T
TechnologyJuly 20, 2015
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[Photo News] Mid-tier Galaxy smartphone
MID-TIER GALAXY SMARTPHONE -- South Korean tech giant Samsung Electronics starts to receive preorders for its mid-tier smartphone, the Galaxy A8, from Tuesday through Wednesday through mobile carrier SK Telecom in the domestic market. SKT MID-TIER GALAXY SMARTPHONE -- South Korean tech giant Samsung Electronics starts to receive preorders for its mid-tier smartphone, the Galaxy A8, from Tuesday through Wednesday through mobile carrier SK Telecom in the domestic market. Samsung MID-TIER GALAXY SM
TechnologyJuly 20, 2015
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[Photo News] LG 3G handset
LG 3G HANDSET -- South Korean electronics giant LG Electronics will roll out its mid-range 3G smartphone, the Bello II, in Latin America and India this month, followed by other markets including Europe and the Commonwealth of Independent States throughout the third quarter this year. The device with a 5.0-inch display sports a 5MP front-facing camera and a removable 2,540mAh battery. LGE LG 3G HANDSET -- South Korean electronics giant LG Electronics will roll out its mid-range 3G smartphone, the
TechnologyJuly 20, 2015
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Regulator vows to set up crowdfunding platform
South Korea's top financial regulator will set up a crowdfunding platform to help startups and small venture businesses raise funds and capitalize on their ideas and technologies more easily, its chief said Monday. Crowdfunding is a type of fundraising that a firm uses to raise capital from a large number of individuals who invest small amounts of money, typically via the Internet. South Korea legalized the online crowdfunding business last week, under which venture startups can raise a maximum
July 20, 2015
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Samsung speeding up leadership transfer
Samsung Group’s leadership transfer to the next generation is speeding up on the heels of Friday’s shareholder approval of the crucial merger of Samsung C&T and Cheil Industries. The merged entity, set to be launched on Sept. 1 as Samsung C&T, will become the de facto holding company of South Korea’s largest conglomerate. The merger marks a watershed moment for Samsung’s restructuring that started in 2013 to increase the influence of Samsung Electronics vice chairman Lee Jay-yong, the heir appar
TechnologyJuly 19, 2015
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What’s next for Elliott?
Attention is being paid to U.S. activist hedge fund Elliott Associates’ next step after it suffered a defeat in a shareholders vote on a merger deal between Samsung C&T and its sister firm last week.At the crucial vote on Friday, nearly 70 percent of Samsung C&T shareholders supported a merger with Cheil Industries. The vote ended C&T’s six-week battle with the fund, which had sought to thwart the Samsung merger plan.After Friday’s result, Elliott said it would reserve all options at its disposa
IndustryJuly 19, 2015
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Lotte eyes Audi dealership business
South Korean retail giant Lotte Group plans to enter the foreign car dealership business as part of efforts to strengthen its penetration into the automotive sector, industry sources said. “Lotte is nearing a deal to take over the dealership business license for Audi cars from Charmzone Motors,” an industry insider who is close to the matter told The Korea Herald under the condition of anonymity. If the deal is sealed as planned, sales of Lotte in car-related businesses (except car insura
MobilityJuly 19, 2015
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Korea lags behind rivals in EV usage
Countries around the globe have been working to expand the development and use of eco-friendly vehicles as part of the world’s increasing push to cut greenhouse gas emissions. As most advanced countries strive to promote green driving, Norway has taken the lead in successfully expanding its global electric vehicle and plug-in hybrid electric vehicle market, according to a recent analysis by industry watcher IHS Automotive.Norway ranked first on the new IHS Automotive Plug-in Electric Vehicle Ind
MobilityJuly 19, 2015
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[Photo News] New Pantech
TechnologyJuly 19, 2015
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NongHyup Bank sees profit jump by 150% in H1
South Korean agriculture cooperative-based NongHyup Bank saw its first-half net profit jump 150 percent from the previous year, meeting its target amount for the first time in years, officials said Sunday.The bank recorded 300.2 billion won ($262 million) in net profit in January-June, up 180 billion won or 150 percent from the same period last year. Of the amount, 213 billion won or 71 percent of its 290 billion won target was achieved in the second quarter.“Despite challenges, we met the due t
July 19, 2015
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KDB, EXIM step out to solve DSME debt crisis
Korea Development Bank and the Export-Import Bank of Korea, the country’s two key state-run banks, have started a large-scale debt restructuring process for Daewoo Shipbuilding & Marine Engineering.Last week, the country’s second-largest shipbuilder reported a loss of 2 trillion won ($1.7 billion) in the second quarter. Liquefied Natural Gas carrier built by Daewoo Shipbuilding &Marine Engineering.KDB, which is DSME’s largest shareholder with a 31.46 percent stake, pledged to normalize the compa
July 19, 2015
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[Photo News] BMW Korea offers golf sponsorship
BMW GOLF SPONSPORSHIP -- BMW Korea CEO Kim Hyo-joon (middle) poses in front of the BMW i8 and BMW 7 Series -- awarded to the hole-in-one players at the BMW Ladies Championship 2015, which was held from July 16-19 in Incheon. The automaker handed out 1.2 billion won ($1 million) in prizes, with the champion taking home 300 million won and a BMW X5. (BMW Korea)
MobilityJuly 19, 2015
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[Photo News] Mercedes-Benz launches new C 200D
THE NEW MERCEDES-BENZ C 200D -- Mercedes-Benz Korea launched The New C 200d, the diesel edition of its New C-Class Series, in Seoul, Wednesday. The vehicle boasts an upgraded 1.6 liter, four-cylinder engine, which helps minimize noise and vibrations. Like other C-Class models, the eco-friendly vehicle is topped with the “ECO start and stop” function, which shuts down the engine even when the vehicle is only briefly stationary. While maintaining CO2 emissions at 152 grams per kilometer, the vehic
MobilityJuly 19, 2015
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[Photo News] GM Korea tops sales service
TOP IN SALES SERVICE — GM Korea CEO Sergio Rocha (right) poses with Korea Management Association Consulting vice president Yoo In-sang in celebration of GM’s high sales service quality levels, on Wednesday. For three consecutive years, GM received the highest score in the sales category in the Korean Service Quality Index, conducted by the KMAC. (GM Korea)
MobilityJuly 19, 2015