Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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Hankook Tire takes over control of Hanon Systems
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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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S. Korea, Japan, China agree to create new financing facility against regional crises
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40 flights canceled on Jeju Island due to bad weather
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Korean cosmetics use Canadian clay
A business relationship that started two decades ago is moving to the next stage as Ironwood Clay Company hooked up with three major local firms to create all-natural skin care products.Company president Rodger Upton first hooked up with Ilyang Pharmaceutical in 1992, but due to poor marketing, the stars did not shine on both parties and Upton’s Nena skincare product exited the country only to be replaced by Nu Skin’s own clay masks.“We are the only certified organic skin care company in Canada,
Feb. 6, 2012
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Four companies fined for cartel in submarine project
Korea’s four major defense manufacturers have been fined for allegedly forming a cartel in a 2.7 trillion won ($2.41 billion) project to build next generation submarines, the country’s antitrust watchdog said Sunday.The four defense contractors ― LIG Nex1, Samsung Thales, Hanwha Corp. and STX Engine Co.― were imposed with a combined fine of 5.99 billion won, according to the Fair Trade Commission.Samsung Thales was fined 2.68 billion won with LIG Nex1 ordered to pay 2.47 billion won in penalties
Feb. 5, 2012
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Samsung signs printer deal with California
Samsung Electronics Co., Korea’s leading tech firm, said Sunday it has won a three-year contract to supply printers to the state government of California.The company did not specify the amount of the deal, but said it will supply laser-jet printers to 150 government offices of California for the next three years. Samsung also said the deal marked the company’s largest contract with a government.Samsung currently has the second-largest share of about 20 percent in the global market for laser-jet
Feb. 5, 2012
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SMEs see their cash reserves shrinking
A growing number of small and medium-sized companies in Korea are facing a shortage of operating cash in the midst of the economic slowdown and more stringent loan conditions, data showed Sunday. Cash and cash equivalents at 612 listed companies reached 52.2 trillion won (46.8 billion) as of the end of September down 3.39 percent from December of 2010, according to the Korea Exchange.Due to the eurozone fiscal crisis and deepening concerns about a global economic slowdown, local lenders are relu
Feb. 5, 2012
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Korea faces 18% Iranian oil cut guideline: sources
WASHINGTON (Yonhap News) ― Korea will be forced to slash its oil imports from Iran by at least 18 percent if the U.S. Treasury Department accepts lawmakers’ guidelines on implementing a new Iran sanctions law mainly aimed at curbing its oil sales, sources here said Thursday.The U.S. has been calling for international cooperation in implementing the 2012 National Defense Authorized Act.“Some senators requested a 18-percent cut for a foreign country to be eligible for the waiver of sanctions on it
Feb. 5, 2012
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Korea, Turkey to sign MOU on $2b power plant
ISTANBUL (Yonhap News) -- South Korean firms will sign a preliminary agreement to build a thermal power plant in southern Turkey on the sidelines of President Lee Myung-bak's trip to the Eurasian nation, officials said Sunday.A consortium of SK E&C and the state-run Korea South-East Power Co. will s
Feb. 5, 2012
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Korea to support SMEs to boost trade
Korea will intensify its efforts to nurture more small and mid-sized exporting companies to help the nation’s annual trade volume exceed $2 trillion by 2020, the Commerce Ministry said Friday.Korea’s trade volume topped $1 trillion in early December for the first time in its history, making the country the world’s ninth to have ever reached the $1-trillion mark in trade.According to the ministry, the government plans to foster 20,000 more small and mid-sized exporters by 2020 through programs ai
Feb. 3, 2012
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Favorable perception of firms inches up in H2: poll
Koreans’ favorable views toward local companies edged up in the second half of 2011, helped by public expectations that businesses will create more jobs, a poll showed Thursday.The survey by the Korean Chamber of Commerce and Industry revealed that the corporate favorite index rose to51.2 points in the six-month period, up 0.4 points from the January-June period.The figure represents a rebound after numbers started falling from a high of 54 reached in the first half of 2010. In the second half o
Feb. 2, 2012
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Foreign firms take to SNS to reach public
Companies eager to utilize social media networking for marketing, brand awarenessMore and more Korean companies are using social networking sites as effective marketing tools. Some multinational companies and chambers of commerce in Korea are also following this trend to boost their visibility and profitability in one of the world’s most wired countries.The reasons to use social networking sites such as Facebook and Twitter are numerous.Liam Lusk and Carl Kwan from Kwalus, a public relations mar
Feb. 2, 2012
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Commission adopts scheme for profit-sharing
A panel on shared growth of large and small businesses agreed Thursday to adopt a new system to give extra points to companies that share benefits with their suppliers starting next year.The panel, headed by former Prime Minister Chung Un-chan, grades large enterprises based on their support of smaller partner companies so that those with higher marks get more government incentives and have an advantage in winning public orders.The nation’s largest businesses had locked horns with Chung over his
Feb. 2, 2012
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[[Herald Interview] Yeosu aims for visitor-friendly Expo]
YEOSU, South Jeolla Province ― The southern coastal town famous for its seascape and bountiful seafood is in the final stages of preparation for the World Expo. Construction clatter fills the waterfront Expo site in front of the Yeosu Expo train station, to which the KTX travel time from Seoul will be reduced to 2 hours and 50 minutes by the time the world fair kicks off on May 12. Themed “Living Ocean and Coast,” the Yeosu Expo will be the first world fair to be held above water to highlight th
Feb. 1, 2012
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[Expo to help Yeosu rise as center of marine tourism: Kim]
YEOSU, South Jeolla Province ― The upcoming World Expo will no doubt be a watershed event in the history of Yeosu, a butterfly-shaped peninsula on the southern coast and 365 surrounding islands. To highlight the city’s aspirations for a successful fair, Mayor of Yeosu Kim Chung-seog has worn a blue jumper or blazer sporting an expo logo to work everyday since he was elected in June 2010. “Our aim after the expo is to build an international center of marine tourism and leisure sports, and to beco
Feb. 1, 2012
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[Volunteers in training to serve at Yeosu Expo]
A total of 15,870 volunteers including an 84-year-old senior citizen, college freshmen, soon-to-be discharged soldiers and people from various countries are in training to work at the Expo 2012 Yeosu.Some 45,000 people signed up to volunteer during the application period between April and June last year. They went through the initial screening in August and interviews from September to November in a number of cities including Yeosu, Suncheon, Gwangyang, Seoul, Busan and Jeju. To give a chance to
Feb. 1, 2012
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[Korea suffers first trade deficit in two years]
Korea’s trade balance swung into the red for the first time in two years in January as the Lunar New Year holiday reduced the shipment volume and the eurozone fiscal crisis dented exports. The country logged a trade deficit of $1.96 billion last month, compared with a surplus of $2.9 billion a year earlier, the Ministry of Knowledge Economy data showed Wednesday. Exports unexpectedly fell 6.6 percent on-year to $41.54 billion in January, marking the first contraction in 27 months on a year-on-ye
Feb. 1, 2012
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Korea posts first trade deficit in 24 months in Jan.
Korea’s trade balance swung into the red for the first time in two years in January as the Lunar New Year holiday reduced the shipment volume and the eurozone fiscal crisis dented exports. The country logged a trade deficit of $1.96 billion last month, compared with a surplus of $2.9 billion a year
Feb. 1, 2012
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Korea sells Cheongju airport rights
The government has sold the operational rights of an international airport in the central part of Korea to a private consortium for 25.5 billion won ($22.6 million), officials said Tuesday.The consortium will take over operational control of Cheongju International Airport, 160 kilometers south of Seoul, late this year after completing the necessary administrative process, the finance and transportation ministries said. The consortium, named the Cheongju Airport Group, is made up of Korea Aviatio
Jan. 31, 2012
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Hong vows support for small exporters to U.S.
Korea’s knowledge economy minister vowed Tuesday to provide policy support to small and medium businesses so that they can reap benefits from the ratified Korea-U.S. free trade agreement.“That’s why we will launch a trade comprehensive assistance center under the Korea International Trade Association (this month),” said Minister Hong Suk-woo during a luncheon hosted by the American Chamber of Commerce. The goal of the center, he said, is to provide assistance to Korean businesses that are intere
Jan. 31, 2012
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Number of venture firms tumbles during late 2011
The number of venture firms in South Korea plummeted in the May-December period of last year as economic uncertainties sapped entrepreneurship, industry data showed Tuesday.A total of 850 venture firms closed down in the eight-month period in 2011, compared with a gain of 2,351 startups during the earlier four months, according to the data by the Korea Exchange and the Korea Venture Business Association. The number of venture firms grew a mere 6.1 percent on-year in 2011, compared with a 30.4 pe
Jan. 31, 2012
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Medical tourism income hits record high in 2011
Korea’s medical tourism income reached a record $116 million in 2011 on the strength of the surging popularity of the country’s health care and medical services among inbound travelers, the Bank of Data showed Tuesday. The income from the thriving medical tourism doubled in five years as more foreign travelers came here to get medical services and plastic surgery.“Foreign tourists are flocking to the country because of its advanced medical technologies, and Chinese and Japanese customers, in par
Jan. 31, 2012
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Chamber celebrates Australia Day
The Australia Chamber of Commerce celebrated Australia National Day at the Grand Ambassador hotel in Gangnam, southern Seoul, on Friday.Participants were greeted with a Down Under theme as cabanas decorated one side of the room and Aussie favorites like fish and chips and meat pies were served. No day marking the country’s birthday would be complete without a good old fashion Aussie barbeque.Austcham Executive Director Rod Rothwell said that he wanted to give the feeling of home to the 145 guest
Jan. 30, 2012