Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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[Graphic News] Korean-made luxury cars regain 30% market share
South Korean premium cars have regained a 30 percent market share at home, according to data provided by the Korea Automobile Manufacturers Association and the Korea Automobile Importers and Distributors Association. Locally made cars accounted for 32.9 percent, or 47,119 units out of 143,123 premium vehicles ― those with a sticker price of over 40 million won ($ 37,850) ― sold in the first eight months of 2014.The rise was thanks to strong demand for Hyundai Motor’s brand new Genesis sedan, whi
IndustrySept. 30, 2014
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[Newsmaker] Korea takes aim at mobile subsidies
On Oct. 1, South Korea will enforce a revised law governing the sales and subsidies of mobile devices such as smartphones in an effort to eradicate long-standing malpractices by telecommunications operators.Consumers will no longer be discriminated against on the basis of age, place of residence or monthly subscription plan when using their existing mobile phones, buying a new phone or switching their mobile carriers.Everyone, regardless of their class and status, will be entitled to a subsidy s
TechnologySept. 30, 2014
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Unrivaled luxury at Qatar’s new airport
DOHA ― An amalgam of odors from fresh materials lingered at Hamad International Airport, Qatar’s new gateway that opened on May 27. The odor gently blended in with the genuine European leather that was used on the airport couches to create an aroma that reminded one of being inside a luxury sports car.“Since long layovers are typical for travelers using the airport and many flights depart after midnight, the terminal is designed for a more relaxing and luxurious stay,” said an official of Qatar
IndustrySept. 30, 2014
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High-end suit brand offers smart solutions
Cheil Industries, an affiliate of Samsung Group, unveiled on Tuesday the updated version of Rogatis, its high-end men’s suit line, adopting smart solutions for the first time in the local fashion industry. “Rogatis, whose target customers are businessmen aged between 35 and 44, has been renewed in a bid to pioneer a ‘smart suit’ category in the fashion industry,” the firm’s vice president Choi Hoon, who supervised the project, said during a launch event at the Hilton hotel in Seoul. Inside a Rog
IndustrySept. 30, 2014
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CrucialTec, Danal form JV in mobile payment solution
CrucialTec, a biometric sensor tech company, and Danal, a mobile payment solutions provider, have formed a joint venture called BioPay.CrucialTec said Tuesday that the two companies would use each other’s technological resources to provide secure financial settlement and authentication solutions and services through the venture.The two tech companies previously partnered to develop a fingerprint recognition payment solution, called BioME, Danal noted.Danal is currently seeking partnerships with
TechnologySept. 30, 2014
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Economic recovery to continue modestly: BOK official
The South Korean economy is forecast to continue its modest recovery pace, a central bank official said Tuesday, amid growing concerns that Asia’s fourth-largest economy may be slowing down as domestic demand lags.“While we have to judge whether the ups and downs in economic indicators are temporary or stem from fundamental changes, as of now, we believe that the modest recovery trend will continue,” Bank of Korea Deputy Governor Kim Jun-il told reporters in a news conference. Kim, however, adde
Sept. 30, 2014
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Missha opens two new stores in Kazakhstan
Local budget cosmetic brand Missha has recently opened its ninth and 10th branches in Kazakhstan, its mother company Able C&C said Monday. The ninth store is located inside APORT Mall, while the 10th opened in Mega Park, both in Kazakhstan’s largest city of Almaty. “Both locations are frequented by locals and foreigners. A success in Kazakhstan will give us a leg up in the Central Asian market,” said Lee Gwang-sup, a company official. BB Cream ― the company’s signature best-seller, has been spea
IndustrySept. 30, 2014
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Samsung Heavy to build first overseas facility
Samsung Heavy Industries, a global leading shipbuilder, will spend 1 trillion won ($950 million) to build the company’s first overseas shipyard by 2017 as a part of its plans to revamp manufacturing operations, according to a high-ranking Samsung official. The South Korean company is hoping to cut costs by producing lower-margin vessels at the overseas yard, while its domestic operations focus on upstream oil and gas projects. “We believe there will be demand for offshore oil and gas projects in
IndustrySept. 30, 2014
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Hyundai Motor agrees on pay raise
Hyundai Motor, South Korea’s largest automaker, said Tuesday it has reached a tentative agreement with its labor union on this year’s pay increase 119 days after the start of negotiations. On Wednesday, the labor union plans to hold a vote on whether to approve the agreement signed late Monday at the carmaker’s main production plant in Ulsan.Under the agreement, unionized workers and management will set up a special pay system and standard wage reform committee that will tackle the tricky issue
IndustrySept. 30, 2014
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Top-tier Italian eatery brands to open Seoul outlets
Cafe Milano Korea CEO Park Ji-hoon (center) signs an agreement on opening high-end diners with Salvatore de Riso business manager Sartoria de Luca (left) at a Seoul hotel on Tuesday.Cafe Milano Korea on Tuesday unveiled its plans to open a total of four high-end Italian-brand restaurants here in the near future. Park Ji-hoon, chief executive of Cafe Milano, said the outlets will be a restaurant called Cafe Milano, a bakery named Salvatore de Riso and two pizzerias ― Gino Sorbillo and Presidente
IndustrySept. 30, 2014
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Samsung SDS sets IPO price at 170,000-190,000 won a share
Samsung SDS, Samsung Group’s key IT unit, has set the price range of its initial public offering at 170,000 won to 190,000 won ($161 to $180) a share, sources familiar with that matter said Tuesday. Samsung SDS suggested the expected range of its IPO price to Korea Exchange, the main bourse operator, multiple sources said. It is a little more than half of the 340,000 won a share the company’s shares were trading for on the over-the-counter market on Monday.Last week, the Korea Exchange approved
TechnologySept. 30, 2014
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Korea to dish up Asia’s first food cluster
South Korea is pushing ahead with building Asia’s first food cluster, Foodpolis, to tap into the global food industry, which is expected to be worth up to $6 trillion by 2020. The nation plans to invest 553 billion won ($524 million) in setting up the cluster by 2016. It is currently in talks with up to 160 domestic and foreign companies, colleges and research centers that are vying for a spot at Foodpolis. It has been roughly modeled after Napa Valley, California’s famous wine country, but Food
IndustrySept. 30, 2014
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Korean manufacturers’ confidence rises for October
South Korean manufacturers’ business sentiment for next month remained negative but jumped to a three-month high, a poll showed Tuesday.The business sentiment index, which measures manufacturers’ outlook on their business situation for the coming month, came in at 78 for October, compared with 74 for September, according to the Bank of Korea.The forecast for next month marks the highest level since the outlook for July, when the index came in at 78. It also marks the first increase since the out
Sept. 30, 2014
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Korean Air operates food truck in downtown Houston
Korean Air Lines, South Korea’s largest full-service carrier, said Tuesday that it is operating a food truck in downtown Houston to showcase some of its favorite meals served on international flights.The truck will serve 250 meals per day during lunch hours at the so-called energy corridor of the city near the headquarters of General Electric Oil and Gas and Chevron Corp., the company said.For the meal service, which kicked off Monday and runs through Oct. 26, the airline plans to serve 100 bowl
IndustrySept. 30, 2014
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Finance minister urges business leaders to make active investment
South Korea’s finance minister on Tuesday called on business leaders to step up investment in order to help the government revitalize the sluggish economic recovery. “At a time when the situations are not favorable at home and abroad, what we need the most is entrepreneurship,” Finance Minister Choi Kyung-hwan said during a meeting with dozens of senior businessmen in Seoul. “Our economy is facing a golden time that will determine whether it makes a leap forward or falls into a recession.”Choi u
Sept. 30, 2014
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POSCO Plantec wins $17m overseas steam generator order
POSCO Plantec, the industrial plant building arm of South Korea’s No. 1 steelmaker, POSCO, said Tuesday that it has won a $17 million order from French power solution provider Alstom S.A. to make two heat recovery steam generators.The modules are critical systems used in combined cycle power plants that help harness super-heated gases coming out of gas turbines and transform them into usable energy.The company said the pair of 4,300-ton generators will be built at its main plant in Ulsan, 414 ki
IndustrySept. 30, 2014
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[Herald Interview] ‘Seoul has good chance of becoming offshore RMB hub’
South Korea’s renmibi market is still largely passive, especially considering its trade volume with China, but the country is considered a leading candidate as a global offshore hub for the Chinese currency, according to a transaction banking expert.“Korea’s currency market is going through a transition phase, which means that most local banks realize the importance of the renmibi trade but still lack the necessary manpower and expertise,” Kim Dan-joo, the head of transaction banking at Standard
Sept. 30, 2014
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Seoul shares down 0.32% on Hong Kong woes
South Korean stocks ended lower Tuesday as investors’ sentiment was dented by the on-going civil unrest in Hong Kong, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 6.51 points, or 0.32 percent, to 2,020.09. Trading volume was moderate at 314.73 million shares worth 4.45 trillion won ($4.22 billion), with decliners outnumbering gainers 439 to 394. Analysts said Seoul shares traded lower as investors took a wait-and-see approach
Sept. 30, 2014
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Hyundai Motor agrees on tentative pay raise with union
Hyundai Motor Co., South Korea's largest automaker, said Tuesday it has reached a tentative agreement with its labor union on this year's pay increase 119 days after the start of negotiations. On Wednesday, the labor union plans to hold a vote on whether to approve the agreement signed late Monday at the carmaker's main production plant in Ulsan, located 414 kilometers southeast of Seoul. Under the agreement, unionized workers and management will set up a special pay system and standard wage ref
BusinessSept. 30, 2014
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KFS, Algeria join hands to tackle deforestation
The Korea Forest Service is joining forces with Algeria to work together on global reforestation.The KFS and Algeria’s Ministry of Agriculture and Rural Development recently held the first Korea-Algeria Forestry Cooperative Committee to discuss restoring forests and parks in the African country.“Although the cooperation is only in the initial stage, we believe that South Korea’s experience and technology will be highly useful in modernizing Ben Aknoun Amusement Park in Algeria and recovering the
IndustrySept. 29, 2014