Most Popular
-
1
Korea’s homegrown nanosatellite successfully launches into space
-
2
[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
-
3
Nicaragua shuts down Seoul embassy
-
4
Hybe's multilabel system tested amid conflict with Ador
-
5
Rocket engine expert, ex-NASA exec to lead Korea's new space agency
-
6
SNU profs to suspend treatment for one day
-
7
SK hynix pledges W20tr to ramp up DRAM production at home
-
8
Over-50s, men, single-person households take up majority of those filing for bankruptcy
-
9
Ministry denies blame for Jamboree debacle
-
10
Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
-
Most consumers to cut back spending: poll
Nearly nine out of 10 South Korean consumers plan to cut down on their spending in the near future due to rising prices, a poll showed Monday. The survey of 500 consumers by the Korea Chamber of Commerce and Industry found that 86.8 percent of the respondents said they will reduce their consumption due to high prices. Of the consumers polled, 95 percent said that prices have increased this year compared with the previous year.“The inflation rate has stabilized in recent months, but more consumer
IndustryApril 8, 2013
-
Korean exports forecast to recover in Q2
South Korean exports will likely recover in the second quarter of the year on the back of a mild upturn in the major economies such as the United States and China, a poll showed Monday.The index measuring the country’s exports for the coming months came in at 54.1 for the second quarter of the year, up 2.3 points from the previous quarter, according to the survey by the Korea Trade-Investment Promotion Agency.The figure marked the highest result since the third quarter of 2011.The index is based
IndustryApril 8, 2013
-
IBK offers emergency loans to firms in Gaeseong
The Industrial Bank of Korea on Monday revealed plans to offer rescue loans to embattled South Korean firms operating in the Gaeseong Industrial Complex.The IBK set aside a 100 billion won ($88 million) rescue loan fund for these companies to help them cover costs amid heightening inter-Korean tensions which have hindered regular operations. Pyongyang has blocked South Korean vehicles and workers from entering the inter-Korean industrial complex since last Wednesday. Unable to provide materials,
April 8, 2013
-
Yongsan project to be liquidated on KORAIL’s exit
The faltering Yongsan project, the nation’s single largest property project worth 31 trillion won ($29 billion), will likely be liquidated as the board of KORAIL gave consent Monday for the state-run rail operator to hand off the project. The move of KORAIL, the largest shareholder of the project with a 25 percent stake in Dream Hub, a special purpose company in charge of Yongsan project decision, was expected last Friday as the board of Dream Hub, composed of 30 shareholders including KORAIL, r
IndustryApril 8, 2013
-
NPS ups stakes in large-cap firms: data
South Korea’s state-run pension fund has expanded its stakes in the country’s blue-chip shares last year amid growing calls that it should exercise its voting right as a major stakeholder, data showed Monday. The National Pension Fund either increased its stock holding or held it steady in 20 out of 30 companies for which it holds a 5 percent stake or more as of the end of 2012, compared with the previous year, according to the data by the Financial Supervisory Service. It reduced its holdings i
April 8, 2013
-
Minister Hyun seeks to boost partnerships with U.S., Japan
Deputy Prime Minister and Finance Minister Hyun Oh-seok said Monday that Korea will further aim to boost benefits of its free trade pact with the U.S. so that companies from both countries can enjoy more of the trade deal signed in 2007.In a casual meeting with the U.S. Ambassador to Korea Sung Kim, Hyun sought further talks between the two countries on ways to increase the benefits especially for people from both sides. Hyun’s visit to the U.S. ambassador in Seoul comes as this year marks the 6
April 8, 2013
-
Samsung C&T wins deals worth $892m from Singapore, Morocco
Samsung C&T, the construction and trading arm of Samsung Group, clinched consecutive deals in Singapore and Morocco, adding $892 million to its yearly overseas sales, company officials said Monday.Last week, the company closed a $542 million deal with Singapore property developer GuocoLand to build a 20-story hotel and a 64-story office building in the Tanjong Pagar Complex, a downtown business district. The latter, once completed, is to be recorded as the highest building in the country, offici
IndustryApril 8, 2013
-
Hyundai, Kia overseas sales hit landmark 50 million units
The overseas shipments of cars manufactured by Hyundai Motor and its sister company Kia Motors have broken the 50 million mark, Hyundai Motor Group said Monday. The feat came just short of four decades after Hyundai shipped Pony, the first Korean-made car, to Ecuador, and Kia exported its signature Brisa pickups, both in the mid-1970s. The record was reached as of Sunday after the carmakers loaded several of their top-selling cars including the Tucson ix, Avante, i30 and Genesis to be shipped t
IndustryApril 8, 2013
-
Farm Ministry offers policy consulting to developing countries
Korea will start supporting developing countries by consulting them on its own rural development policy through its official development assistance program, the Ministry of Agriculture, Food and Rural Affairs said on Monday.“The ministry has completed development of 20 modules for the agriculture-related policy consulting services, titled the Korean Agricultural Policy Experiences for Food Security, or KAPEX, geared toward developing countries,” a ministry official said. The 20 modules include a
April 8, 2013
-
N.K. risks may harm Seoul rating: Moody’s
Moody’s Investors Service on Monday raised the possibility that it could downgrade South Korea’s sovereign rating due to escalating tension on the Korean Peninsula.Casting a sort of warning over the nation’s sovereign risk, the U.S.-based rating agency said North Korea’s relaunch of nuclear plant operations is negatively affecting the South’s credit standing.“North Korea’s belligerent actions are credit negative for South Korea because they have increased the chance of a serious military clash,”
April 8, 2013
-
Finding pattern that works is the secret to success
As an executive search professional, and coach to company leaders, I work with many fine leaders from various countries within a variety of businesses in Korea. I often witness firsthand what works and what doesn’t in Korea. Life for me is not boring ― it’s a roller coaster.How can we smooth out the ride of our careers in Korea? Why do books not always deliver? Well, because life is not so cut and dried that it can be captured easily between two hard covers. In looking for a career, don’t assume
BusinessApril 8, 2013
-
La Prairie unshaken by economic slump
The economic downturn has dealt a blow to overall department store revenue in recent years, but sales of premium cosmetics have remained intact.The proliferation of “brand shops” of low-priced beauty products didn’t have an impact either, according to Allen Kim, chief of La Prairie Korea.“A high-end French restaurant won’t be afflicted just because a lot of McDonald’s spring up,” Kim said in an interview with The Korea Herald.“It’s good that those low-priced brands help expand the entire cosmeti
BusinessApril 8, 2013
-
No two chaebol are alike, author says
While Koreans’ rising presence on the global stage is hard to ignore, how to do business with them as a non-Korean is an increasingly tricky area little covered in English-language literature. Don Southerton explores the niche with his recently published book “Korea Facing: Secrets for Success in Korean Global Business,” which picks apart how to work with a Korean conglomerate from the ground up, for non-Koreans working in Korean branches overseas.“Over the years I witnessed firsthand cross-cult
BusinessApril 8, 2013
-
Samsung’s Lee, Kumho’s Park meet Xi Jinping at Boao Forum
Samsung Electronics Co. vice chairman Lee Jay-yong and Kumho Asiana Group chairman Park Sam-koo met with Chinese President Xi Jinping at the ongoing Boao Forum for Asia on Monday. They were two Koreans who participated in a breakfast meeting hosted by the Chinese president for 19 foreign business leaders. At the meeting, Xi appreciated investments made by foreign-based companies and promised to ease regulations for their business in the Chinese market. On Sunday, Lee, the only son of Samsung Ele
IndustryApril 8, 2013
-
Cho to head GroupM Korea
GroupM, a global media agency, has appointed its COO Cho Seon-koog to head its Korean unit, company officials said Monday.The company is a leading global media investment and management operating firm. Cho joined GroupM last summer as COO and has worked on developing and growing Korean operations of four agencies within GroupM ― Maxus, MEC, Mediacom and Mindshare. “As a leading international media agency in Korea, GroupM has the ambition and commitment to derive further growth and expansion for
April 8, 2013
-
Major Korean community website attacked by hackers
An international hacking group is rumored to have attacked “Ilgan Best,” one of South Korea’s biggest online communities.Ilgan Best (Ilbe.com) is a humor-centered community website, producing jokes and political viewpoints. According to reports by local media, Ilgan Best came under a distributed denial-of-service, or DDoS, attack early Monday, which limited access to the site.Soon after the attack, pundits began to speculate that Ilgan Best had been attacked by Anonymous, an international hacker
TechnologyApril 8, 2013
-
‘Life elements may be abundant on Jupiter’s moon’
Jupiter’s moon Europa might be rich in energy sources necessary for life, a new discovery by U.S. researchers indicated.Researchers from NASA’s Jet Propulsion Laboratory and California Institute of Technology said there is an ample amount of hydrogen peroxide on the ice-covered moon, citing the results of an infrared observation of Europa.According to the researchers, the oxidants on the surface can potentially mix with Europa’s presumed subsurface water sources, providing chemical elements and
TechnologyApril 8, 2013
-
S. Korean exports forecast to recover in Q2
South Korean exports will likely recover in the second quarter of the year on the back of a mild upturn in the major economies such as the United States and China, a poll showed Monday.The index measuring the country's exports for the coming months came in at 54.1 for the second quarter of the year, up 2.3 points from the previous quarter, according to the survey by the Korea Trade-Investment Promotion Agency (KOTRA).The figure marked the highest result since the third quarter of 2011.The index
April 8, 2013
-
Seoul shares open lower on U.S. losses
South Korean stocks got off to a weak start on Monday, tracking losses on Wall Street in the previous trading session sparked by weak job data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 4.77 points, or 0.25 percent, to 1,922.46 in the first 15 minutes of trading.Shares lost ground across the board, with top chipmaker SK hynix falling 0.88 percent and No. 1 carmaker Hyundai Motor losing 0.25 percent. Leading steelmaker POSCO moved down 0.32 percent.U.S. stoc
April 8, 2013
-
Samsung heir meets Chinese leader in Boao Forum
Samsung Electronics Co. vice chairman Lee Jae-yong met with Chinese President Xi Jinping at the ongoing Boao Forum for Asia, sources said Sunday.Lee, the only son of Samsung Electronics Chairman Lee Kun-hee, took part in a session where the Chinese leader greeted the 15 board members of the annual forum that is noted as Asia's "Davos Forum," according to the sources who requested anonymity.The younger Lee was recently named as a new board member of the regional forum, succeeding SK Group Chairma
IndustryApril 7, 2013