Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Hyundai Steel exports large machinery plate rollers
Hyundai Steel Co. said Thursday it will supply 5-meter-wide steel plate rollers to India’s Essar Steel Ltd., becoming the first Korean company to enter the market for the large machinery.Only six companies in Germany, Japan and Sweden have so far manufactured rolling machines for steel plates with a width of more than five meters. The annual global demand for the super-wide rollers amounts to 250 million tons, 12 percent of which is from Korean steelmakers such as POSCO, Hyundai Steel and Dongku
IndustryDec. 1, 2011
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Minister Lee hopes to deliver forestation know-how to world
Korea Forest Service Minister Lee Don-koo has been working toward a greener global environment since he took office in February.The agreement to set up the Asia Forest Cooperation Organization with ASEAN member states is the latest in his efforts to combat desertification and push for green growth. He also successfully proposed the Changwon Initiative ― which seeks to provide practical measures to tackle desertification ― at the U.N. Convention to Combat Desertification conference in Korea in Oc
Dec. 1, 2011
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Makgeolli exports to surpass $50m mark
This year’s exports of makgeolli, a traditional Korean rice wine, are set to surpass $50 million for the first time on a sharp rise in demand from Japan and China. According to the Korea Customs Service, 37,027 tons of makgeolli worth $45.29 million were exported in the 10 months to October, about triple the amount sold abroad in the same period last year. Korea saw $15 million in makgeolli exports (15,543 tons) in January-October 2010. The country’s exports of the rice wine in 2010 amounted to
IndustryDec. 1, 2011
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Air France-KLM official honored by French Embassy
The Korean unit of Air France-KLM SA said its airport chief Lee Young-kil recently received an award from the French Embassy in Seoul for his contribution to the two countries’ economic and business ties.Lee serves the European airline as station and service manager at Incheon International Airport.The National Order of Merit award was created in 1963 by former French President Charles de Gaulle to honor military forces and civilians for their devotion to the country.“Lee has always provided a v
IndustryDec. 1, 2011
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Woongjin takes LG to FTC in spat over water purifiers
Woongjin Coway said Thursday it filed a complaint with the Fair Trade Commission against LG Electronics’ sales outlet chain, accusing it of spreading false information about its water purifier products.Woongjin Coway, the nation’s top maker of water purifiers, has continued to criticize the electronics giant for entering its business two years ago. Water purifiers were excluded from the latest list of business areas that should be left for only small and medium-sized companies announced by a gov
IndustryDec. 1, 2011
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Regulators consider stand-alone rating
Conglomerate units, public firms relying on external support likely to see their ratings dropKorea’s financial regulators are considering the introduction of stand-alone ratings to weed out nonviable affiliates which have inflated their corporate ratings through their links with parent firms with better ratings. According to officials at local ratings firms and financial authorities, the new system is being reviewed so that investors could check the viability of listed companies. The Financial S
Dec. 1, 2011
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KCCI urges Assembly to reduce taxes
The Korea Chamber of Commerce and Industry said Thursday it delivered a proposal to the National Assembly calling for lower corporate and income taxes.The government had planned to lower the corporate tax rate to 20 percent from the current 22 percent for firms with over 200 million won in earnings beginning next year.But the plan is being held up in the National Assembly as some lawmakers argue that the corporate tax rate should either be maintained or increased to 30 percent.“The consistency o
Dec. 1, 2011
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SKT starts fair price system for phones
SK Telecom, the nation’s largest telecom operator, started selling mobile phones at fixed prices in its all on- and offline outlets nationwide Monday. The government plans to implement the fair price initiative in the telecom industry from January, aiming to revolutionize its retail structure. Thus far, vendors have lured customers with “free phones” explaining the normal benefits for long-term subscribers as special discount deals. However, under the new system, they are required to offer their
IndustryDec. 1, 2011
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REVISION PLEASE USE French chamber to hold year-end gala with korean celebrities
French Chamber to hold year-end gala with Korean celebs By Yoav Cerralbo The French Korea Chamber of Commerce and Industry will hold a year-end gala on Saturday, which officials said will toast the new business opportunities brought by the EU-Korea Free Trade Agreement.The officials said the event at the Grand Hyatt hotel will be attended by L’Oreal model and “Lost” actress Kim Yun-jin and Miss Korea 2010 Jung So-Ra.“The chamber’s gala is a unique way to highlight the French-Korean relations wit
IndustryDec. 1, 2011
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Car sales down again in Nov.
Korea’s major automakers once again recorded contrasting sales performances at home and abroad in November.Hyundai Motor and Kia Motors saw their exports increase in November from a year earlier, but their sales at home dropped.Hyundai Motor sold 320,790 units, including exports and overseas production, abroad last month, up 26.1 percent from a year ago.Five major overseas plants in the U.S., China, India, Russia and the Czech Republic posted steady growth in sales, the company said in a stateme
MobilityDec. 1, 2011
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More than half of banks’ foreign debts come from Europe
More than half of the debts South Korean lenders borrowed overseas were from European banks, data showed Thursday, raising concerns about a possible foreign liquidity drain amid the spiraling eurozone debt crisis.As of end-June, South Korean lenders’ borrowing from European banks stood at $187.3 billion, or 53.6 percent of its total $349.4 billion foreign claims, according to the data by the Bank of International Settlements.By country, Britain was the largest creditor with $100.4 billion, follo
Dec. 1, 2011
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Korea’s trade set to exceed $1 trillion
Trade volume nears $987 billion with exports surpassing $500 billionKorea has arrived at the threshold of $1 trillion in trade volume for the first time ever as government figures show on Thursday that this year’s exports have already topped $500 billion.As of end-November, the country’s trade volume reached $986.7 billion with exports exceeding $508 billion, according to the Ministry of Knowledge Economy. That lifted surplus to nearly $30 billion when taking $479 billion in imports into account
Dec. 1, 2011
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Telecom regulator to censor SNS, mobile apps
Telecom authorities plan to censor social networking services and mobile apps starting as early as next Wednesday, the Korea Communications Committee said Thursday.A review committee at the state-run telecom regulator on Thursday discussed a revised bill to set up a new team responsible for examining offensive and immoral content in new media. The revision also contains separate teams to monitor terrestrial radio stations and general programming channels that were newly launched on Thursday.Howe
IndustryDec. 1, 2011
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Shares soar 3.72 percent on acts by central banks
South Korean shares closed up 3.72 percent on Thursday, encouraged by developments in the eurozone crisis, including the cut in borrowing costs by major central banks, and overnight rallies on Wall Street. Seoul’s main index, the KOSPI, closed up 68.67 points to 1,916.18. The tech-packed KOSDAQ ended up 3.52 points, or 0.71 percent, to 496.33. The rally of the local bourse, as with other Asian markets, reflected the optimism induced by the lowering of borrowing costs Wednesday by the central ban
Dec. 1, 2011
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Samsung chief rules out promotion of heir apparent
Chairman Lee pledges to make active investments next yearSamsung Electronics chairman Lee Kun-hee said Thursday his heir apparent and the company’s chief operating officer Jae-yong, and daughter and Cheil Industries’ No. 2 Seo-hyun will not be promoted in the group’s new management lineup set to be announced soon.“The position and role of Lee Jae-yong will remain unchanged and the same goes for Lee Seo-hyun,” he said in a meeting with reporters ahead of the group’s annual award ceremony held at
IndustryDec. 1, 2011
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In mice, a step towards a vaccine for HIV
Tests on lab mice have opened up a new path towards a vaccine against HIV, one of the most frustrating quests in the 30-year history of AIDS, scientists reported on Wednesday.Genetically modified mice fought back the human immunodeficiency virus(HIV) after they had been injected with genes to make a
TechnologyDec. 1, 2011
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Exports of makgeolli set to top $50 million in 2011
This year’s exports of makgeolli, a traditional Korean rice wine, are set to surpass $50 million for the first time on a sharp rise in demand from Japan and China.According to the Korea Customs Service, 37,027 tons of makgeolli worth $45.29 million were exported in the 10 months to October, ab
IndustryDec. 1, 2011
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Korea‘s industrial output grows 6.2% in Oct.
South Korea’s industrial output continued to grow in October from a year earlier, despite persistent global uncertainties caused by eurozone woes and problems facing advanced industrialized economies, a government report showed Wednesday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 6.2 percent last month from a year earlier. The October figure represents the 28th consecutive on-year expansion since July 2009. However, industrial outp
Nov. 30, 2011
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Montreal mayor seeks Korean involvement in design forums
Montreal Mayor Gerald Tremblay has expressed hope for Korean companies and communities’ participation in two design conferences to be hosted by the Canadian city in May.Tremblay recently visited Seoul to invite Korea’s design and related business communities to the UNESCO City of Design forum and the C2 conference of designers and business leaders from around the world.“The C2 conference is an approach to changing the business model of companies so that they realize that creativity can become an
Nov. 30, 2011
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Hyundai chief named best automotive CEO in Asia
Hyundai Motor chairman Chung Mong-koo was selected as Asia’s best automobile industry leader by the U.S.-based publication Automotive News on Wednesday.In this year’s list of auto industry “All-Stars,” Automotive News selected Chung as the top CEO among Asian firms for his part in increasing Hyundai Motor’s presence in the global market.He grabbed the top post for the second consecutive year, beating chief executives of Japanese carmakers.The list names top CEOs and executives from the automotiv
MobilityNov. 30, 2011