Most Popular
-
1
Tensions heighten ahead of first president-opposition chief meeting
-
2
Seoul to provide housing subsidy to married couples with newborns
-
3
New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
-
4
Rapper jailed after public street fight with another rapper
-
5
[KH Explains] No more 'Michael' at Kakao Games
-
6
Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
-
7
Med schools expect 1,500+ new admission slots next year
-
8
Woman gets suspended term for injuring boyfriend with knife
-
9
Samsung chief bolsters ties with Germany’s Zeiss
-
10
[Weekender] How DDP emerged as an icon of Seoul
-
Energy firms, builders express interest in buying Dongbu Power
A number of South Korean construction and energy companies have expressed interest in buying Dongbu Power Dangjin Corp. after talks to sell it to steelmaker POSCO fell through, industry sources said Friday.According to market watchers, Daewoo Engineering and Construction, one of the country’s largest builders, Daelim Industrial, GS Electric Power & Services and SK Gas have all submitted letters of intent to buy Dongbu Power or acquire stakes in the company.The power plant located in Dangjin, som
IndustryJuly 11, 2014
-
Power of praise
Professor Lee Kwang-hyung at KAIST is known in the university as an eccentric scientist. He puts his television upside down, ties his shoelaces in different colors and hangs picture frames at slanted angles.But Lee’s reputation, however, mostly comes from his achievements in incubating start-up business leaders. The companies that his students set up generate around 2.5 trillion won ($2.4 billion) in annual sales and employ 7,000 people. The nation’s largest game company Nexon, created by Kim Ju
TechnologyJuly 11, 2014
-
German carmakers expand biz realm into local used car market
Three German carmakers that have been making solid inroads into South Korea's market in recent years are moving to expand their business realm into the used car sector, local industry sources said Friday.The move first set into motion by luxury brand BMW, which has been operating its "premium selection" collection since 2005, is being emulated by Mercedes-Benz and Volkswagen (VW).These three carmakers combined sold 52,278 vehicles in the first half of 2014, up 33.1 percent from 39,267 units sold
IndustryJuly 11, 2014
-
Samsung launches 'Galaxy Apps' store
South Korea's leading tech giant Samsung Electronics Co. said Friday it has renovated its application store as "Galaxy Apps" to provide users with a wider choice for customization of mobile devices.The version is an update from the company's previous "Samsung Apps" store and offers hundreds of apps exclusively available to users of Samsung Galaxy smart devices. Samsung said the new app store will be available to 130 million users in 161 countries."At Samsung, we continuously strive to create val
TechnologyJuly 11, 2014
-
Hyundai, Kia become top-selling car brands in Russia
South Korea's Hyundai Motor Co. and its affiliate Kia Motors Corp. dominated Russia's passenger car market last month, outdoing Russian automaker AvtoVaz, industry data showed Friday. According to data provided by Korea Automotive Research Institute (KARI), the two South Korean carmakers took up 16.9 percent of the Russian market share in June, outselling AvtoVaz accounting for 15.1 percent for the first time. Hyundai and Kia sold 16,754 units and 17,023 units, respectively, so that the total of
IndustryJuly 11, 2014
-
Lotte Hotel cancels reservation for Japanese self-defense forces event
South Korea's high-end hotel chain Lotte Hotel canceled its plan to host a Japanese annual event marking the establishment of the Japanese self-defense forces on Thursday, citing unfavorable public sentiment here. The Embassy of Japan in Korea had planned to commemorate the 60th anniversary of the establishment of the modern Japanese military at Lotte Hotel in central Seoul on Friday. "In consideration of the public sentiment, (we) canceled the Japanese embassy's special event scheduled for
IndustryJuly 10, 2014
-
Central bank cuts growth forecast
South Korea’s central bank on Thursday cut its growth projections for the country’s economy this year to 3.8 percent from its initial forecast of 4.0 percent, and left interest rates unchanged for the 14th straight month.The Bank of Korea also lowered its 2015 growth outlook to 4 percent from 4.2 percent and adjusted down its inflation outlook to 1.9 percent from 2.1 percent.The BOK’s downward outlook came amid growing concerns over whether the level of growth in Asia’s fourth-largest economy wa
July 10, 2014
-
[Herald Interview] Hibrand to woo high-end shoppers
Hibrand, a premium shopping outlet, located in the affluent Yangjae area of Seoul, is eager to change the tide in local shopping trends by attracting more people to outlet stores, a move that its CEO sees to be critical as the shopping center seeks the next level in business. “With the Korean economy entering a low-growth era, more high-end shoppers are migrating to premium outlets from department stores,’’ Hibrand vice president Jin Chang-bum said in an interview with The Korea Herald. “Riding
IndustryJuly 10, 2014
-
Pantech chief appeals for support
The CEO of the nation’s third-largest handset maker, Pantech, pleaded on Thursday for support from telecom carriers and its creditors in a bid to save the struggling company. “Pantech can be a viable company if mobile carriers agree to a debt swap and the company carries out its plan to normalize the management,” said Lee Jun-woo, CEO of Pantech, at a press conference at its headquarters. The press conference comes with the country’s three telecom giants ― SK Telecom, KT and LG Uplus ― dragging
IndustryJuly 10, 2014
-
Korean marina industry set to bloom
Sunbathing and enjoying the ocean waves on a yacht seems like everyone’s dream. And it is coming true here to South Korea. In Busan, three marina parks are vying to win the hearts of marine sports lovers. “The Bay 101,” a 15,000-square-meter marina complex, can berth 50 vessels including yachts, boats, jet-skis and others. The operators are planning to present a 23-meter yacht, state-of-the-art jet-skis and a semi submarine for lease to ordinary visitors. The Bay 101 in Haeundae. (Busan City Hal
July 10, 2014
-
Lotte Duty Free to launch first U.S. operation in Guam
Lotte Duty Free, the country’s largest duty-free shop by sales, is set to launch operations in the U.S. this month, the Lotte Group affiliate said on Thursday. The grand opening of the Guam store will take place on July 23 at Guam International Airport. The duty free sector of the airport covers 2,250 square meters, and there are currently some 250 brands that sell such goods as fashion accessories, cosmetics, perfume, alcoholic beverages and cigarettes. Lotte Duty Free said it has secured right
IndustryJuly 10, 2014
-
Samsung starts sales of Galaxy Tab S
South Korea’s tech giant Samsung Electronics Co. said Thursday it has commenced the sales of the Galaxy Tab S at home, the lightest and thinnest in its Galaxy tablet PC lineup.Samsung Electronics said the 10.5-inch version of the 6.6-mm-thin device will weigh only 465 grams, lighter than any of its tablet PCs released earlier in similar sizes. The 8.4-inch edition weighs 294 grams. They will both work under Wi-Fi networks.The tablets will be powered by Google Inc.’s Android 4.4, or KitKat, and a
TechnologyJuly 10, 2014
-
Foreign trade restrictions hit Korean exporters: report
Antidumping and safeguard actions taken by foreign governments are seriously hurting South Korean exporters, which requires close attention, a report by a local trade promotion association said Thursday.According to the Korea International Trade Association’s latest 2014 trade restrictions report, the maximum value of locally made products that are being penalized for unfairly undercutting prices topped $12 billion annually in the 2011-2013 period.In a detailed analysis of the 94 key products sl
July 10, 2014
-
Seoul shares creep up on rate-cut hope
South Korean stocks inched up 0.12 percent on Thursday as investor sentiment was boosted by the central bank’s signal to cut the interest rate despite lingering concerns over a crippled earnings outlook, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 2.34 points to 2,002.84. Trading volume was moderate at 322.9 million shares worth 3.6 trillion won ($3.55 billion), with gainers outnumbering losers 428 to 382.“The Bank of Kor
July 10, 2014
-
Science Ministry to introduce laws for better mobile service plans
South Korea’s Science Ministry said Thursday it will introduce a set of rules in the mobile devices market to provide better incentives and prices to all subscribers.The Ministry of Science, ICT and Future Planning said it aims to enact the tentatively named “Act on the Improvement of Retail System of Mobile Telecommunication Devices” in October after gauging the opinions of policy watchers and industry players next month.The new rules would induce mobile carriers to provide incentives not only
TechnologyJuly 10, 2014
-
U.S. sales of Kia’s iconic Soul boxy compact top 500,000
Kia Motors Corp., South Korea’s No. 2 automaker, said Thursday that U.S. sales of its iconic Soul boxy compact topped the half-million mark a little over five years after its debut in early 2009.As of last month, 509,854 Souls were sold in the North American country, the company said, stressing that the popularity of the entry-level crossover played a key part in the carmaker’s record-high sales figure reached in the first half of the year.Kia’s U.S. sales were up 7 percent on-year to 297,413 un
MobilityJuly 10, 2014
-
Korea considers raising cigarette prices
The South Korean government appears to be considering a hike in cigarette prices in a move to cut the nation’s smoking rate. The tobacco tax increase, if it materializes, would also be a part of the government’s plans to raise more taxes to cover welfare costs, according to Deputy Prime Minister and Finance Minister nominee Choi Kyung-hwan. “We may need to increase taxation on cigarettes for the sake of public health,” he said in a statement submitted ahead of his confirmation hearing Tuesday. H
July 10, 2014
-
Funds’ net asset values decline slightly in June
Net asset value of investment funds in South Korea fell slightly in June from a month earlier as investors withdrew money from short-term funds amid lackluster performance by the local stock market, data showed Thursday.According to the Korea Financial Investment Association, the net asset value of stocks, bonds and real estate-related funds reached a combined 341.40 trillion won ($337.1 billion) at the end of June, down 401 billion won from a month earlier.Net asset value is the amount of funds
July 10, 2014
-
Validity of financial holding firms in question
It was the government’s hope in 2000 that by introducing the financial holding company system, it could reform the bank-dominated market and diversify the range of financial services available.But it seems that the holding company structure is doing more harm than good.The key trigger was the recent management feud between KB Financial Group, between the group chairman Lim Young-rok and bank president Lee Kun-ho.The top officials’ collided over the matter of replacing the bank’s main computing s
July 10, 2014
-
U.S. activist group claims child labor at Samsung's supply chain in China
A Chinese supplier of Samsung Electronics Co., South Korea's top tech giant, hires children and underage students to work in peak seasons without giving them due compensation, a U.S.-based activist group said in a statement dated Wednesday. China Labor Watch (CLW) said in its statement that it discovered the use of child labor at a factory owned by Shinyang Electronics in Dongguan, southern China. According to CLW, Shinyang hires underage students, who usually work for a period of three to s
IndustryJuly 10, 2014