Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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GS Caltex receives first UAE crude delivery
UAE CRUDE IN YEOSU -- Officials celebrate the first 500,000 barrels of murban crude delivery from UAE’s oil fields to GS Caltex’s Yeosu plant in South Jeolla Province on Friday. Participants in the import ceremony included GS Caltex president Kim Byong-yol (left), GS Energy vice chairman and CEO Rha Wan-bae (second from left) and second-Vice Minister of Trade, Industry and Energy Moon Jae-do (third from left). (GS Energy)
July 31, 2015
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Merged SK Holdings to debut Aug. 1
SK Group said Friday that its new holding firm -- formed via the merger of SK Holdings and IT unit SK C&C -- will officially begin operations Saturday.The newly-launched SK Holdings, whose combined assets are estimated at 13.2 trillion won ($11.3 billion) with a workforce of 4,100, plans to function under a “one-entity but two-track” system, said a group spokesman.The original SK Holdings president and CEO Cho Dae-sik and SK C&C CEO Park Jung-ho will respectively head the merged firm’s two busin
July 31, 2015
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Korean firms win $5.3b order for Mideast’s largest refinery
South Korean builders said Friday that they won deals worth $5.3 billion to build an oil refinery in Kuwait even as the construction industry is struggling with a sharp drop in orders from the Middle East this year.The project, worth $14 billion in total, is to build the biggest refinery in the Middle East, which will boost its oil refining output capacity of 615,000 barrels per day in the region of Al Zour, south Kuwait. Of the five packages split from the main project, four were awarded to con
July 31, 2015
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Hankook Tire Q2 profit dips 20% on currency woes
South Korea's top tire manufacturer Hankook Tire Co. said Friday that its second-quarter operating income plunged 20 percent on-year, dragged down by unfavorable currency rates. Operating profit stood at 201.1 billion won ($171.9 million) in the April-June period, compared with 251.2 billion won a year earlier, the company said in a regulatory filing. Sales backtracked 2.5 percent to 1.6 trillion won over the cited period. Net profit figures were not disclosed. Shares of Hankook Tire closed at 4
July 31, 2015
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Two fired Ssangyong workers head for India to rally support
Two former workers of Ssangyong Motor Co. left for India on Friday to rally international support for their reinstatement from the country where the automaker's owner group is located, industry sources said Friday.Ssangyong Motor cut over 2,000 jobs in 2009 through a voluntary retirement program after it was put under court receivership in the aftermath of the 2008 global financial crisis. About 180 workers were also fired, many of whom filed a lawsuit against the automaker, demanding they be re
July 31, 2015
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NCsoft Q2 net gains 9.3 pct on strong online sales
NCsoft Corp., one of South Korea's leading online game makers, said Friday its second-quarter net profit advanced 9.3 percent from a year earlier on increased sales from its key online games.Net profit came to 57.8 billion won ($49.4 million) on a consolidated basis in the January-March period, compared with the 52.9 billion won a year earlier, the company said in a regulatory filing.Sales moved up 1.74 percent on-year to reach 217.53 billion won in the second quarter, and operating profit also
July 31, 2015
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KT swings to black in Q2 on lower costs
KT Corp., South Korea's second-largest mobile carrier, said Friday it swung to a profit in the second quarter from a year earlier on reduced costs and a one-off gain from asset sales.It booked 321.8 billion won ($274.9 million) in net income for the April-June period, a turnaround from a net loss of 757.2 billion won the previous year, the company said in a regulatory filing. The figure, however, missed the median estimate of 421.7 billion won in a poll by Yonhap Infomax, the financial news arm
July 31, 2015
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SK to kick off new holding firm
South Korea's third-largest conglomerate SK Group said Friday its new holding firm will officially kick off this weekend as part of efforts to streamline its governance structure and solidify the owner's control.The new entity, formed through a merger between information technology service provider SK C&C Co. and SK Holdings Ltd., will set sail on Saturday, and have assets of 13.2 trillion won ($11.2 billion) and a 4,100 workforce. The merger was approved by shareholders in June.Although the sha
July 31, 2015
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Samsung poised to debut mobile payment system in Europe
South Korea's top tech giant Samsung Electronics Co. plans to roll out its mobile payment system in the European market in the near future, industry sources said Friday, speeding up its efforts to outpace rivals.Samsung recently agreed with MasterCard Inc. to lay the groundwork for Samsung Pay's debut in the European market, the source said, adding the two sides agreed to start the service in the region as early as by the end of this year.Samsung plans to secure 17 million users of its payment s
July 31, 2015
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S. Korean industrial output rebounds in June
South Korea's industrial output rose for the first time in four months in June mainly due to greater demand for refined petroleum and machinery equipment products, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries gained 2.3 percent last month from May. The increase marks a rebound after three straight months of minus growth and is the sharpest growth since February when numbers also hit 2.3 perc
July 31, 2015
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Shin Dong-joo refutes claim of father’s problem in making judgements
Shin Dong-joo, the first son of Lotte founder Shin Kyuk-ho, unveiled a document signed by his father that the 93-year-old tycoon ordered the firing of his brother Dong-bin and six other board of directors at Lotte Holdings.Dong-joo revealed the document during his interview with the public broadcaster KBS on Thursday after arriving in Seoul a day before to compete with his younger brother Dong-bin for the succession of the retail giant.Dong-joo also claimed that through a separate document, he w
July 31, 2015
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Suncore to import Tesla
Choi Kyu-sun, chairman and CEO at Suncore, speaks to The Korea Herald on Wednesday at his office in downtown Seoul.Energy developer Suncore said Wednesday that the company would import 500 units of premium Tesla electric vehicles in the near future. Tesla Motors, led by Elon Musk, has been coveted among Korean motorists and gadget geeks but remained coy for years about its possible advancement into the market here. Suncore will likely start by importing the prestigious sports utility vehicle and
July 30, 2015
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SPC lab solidifies quality control
On a Thursday afternoon, seven staff members of SPC Group gathered at a meeting room and began to sniff and observe a baguette. “Do you see these cracks? And it smells a bit sour and the sound of the bread cracking is a bit too hard. I think the dough went a bit too far,” said Ahn Kyoung-ho, a member of Paris Croissant’s technical training team. “This happens when the bread is a bit overbaked,” he added. Lee Doo-won, a researcher at the SPC Sensory Lab, took it down. Then the attendants began di
July 30, 2015
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Lotte rivals face vote showdown
Lotte Group’s family feud is escalating as two sons of the conglomerate founder are bracing for a final showdown to seize control of the 112 trillion won ($97 billion) business group. (Yonhap)Lotte chairman Shin Dong-bin, the younger son of founder Shin Kyuk-ho, and eldest son Shin Dong-joo both expressed confidence in winning at the coming crucial shareholders vote. Group insiders said the two brothers have entered a new phase of the tug-of-war to woo support from shareholders of the Japan-bas
July 30, 2015
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Hanskin launches new men’s anti-aging skincare products
South Korea’s cosmetic brand Hanskin has launched two new men’s anti-aging skincare products infused with the company’s latest biotechnology developments.The Bio Origin For Men toner and lotion was developed by applying biopharmaceuticals developer Celltrion’s Skin 3R System, and includes Omega-3, 6 and 9, which help strengthen skin cells and improve skin tension. The products also include extracts of blackberries, blackcurrants, black olives and black beans -- known to contain high levels of an
July 30, 2015
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Caffe Bene receives halal certification
South Korea’s Caffe Bene has become the first coffee franchise in the country to receive halal food certification, the company said Tuesday. Caffe Bene’s six types of coffee beans — Brazil, Colombia, Ethiopia, Kenya, blending and espresso — and nine powder types — coffee, green tea, milk tea, red velvet, sweet potato, vanilla and yogurt — have been certified halal by the Department of Islamic Development Malaysia, or JAKIM.The newly acquired halal certification is set to pave the way for the cof
July 30, 2015
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KEPCO wins platinum on Vision Awards
The state-run Korea Electric Power Corp. won the Platinum Award at the “2014 Vision Awards Annual Report Competition,” the company said Thursday.Vision Awards is a global award hosted by American communications organization League of American Communications Professionals, which assesses annual reports of corporations, public sector and nonprofit organizations around the world,Over 1,000 organizations from 25 countries participated in this year’s competition, and KEPCO’s annual report was recogni
July 30, 2015
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Reebok looks to nurture Korean LesMills trainers
Global fitness brand Reebok is hosting a program to nurture Korean trainers to lead the company’s popular group fitness program until Aug. 16 in Seoul.Since the program kicked off on July 24, LesMills expert trainers Judy King and Ben Tang have been educating Korean trainers on how to properly carry out Reebok’s flagship workout program every Friday at Club Mute.The ongoing training program in Korea seeks to focus on teaching local trainers three core LesMill workout routines -- the muscle-tonin
July 30, 2015
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Eco-friendly car sales set to reach all-time high
Fueled by growing demand for eco-friendly cars with improved fuel efficiency, sales of hybrid and electric vehicles in South Korea are set to reach an all-time high in 2015, according to industry data Thursday.A total of 15,953 hybrid and electric vehicles were sold in the country during the first half of this year, up by roughly 1,000 vehicles compared to the same period last year, according to data compiled by the Korea Automobile Manufacturers Association. Hyundai Motor`s Sonata Plug-in Hybri
July 30, 2015
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POSCO overhauls overlapping teams
POSCO has streamlined the company’s organizations to cope with continued unfavorable market conditions and a management crisis, company officials said Thursday. The country’s largest steelmaker has removed 88 teams from its steel mills in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province. The restructured teams include organizations developing raw material strategy and stainless materials. POSCO explained these departments have grown over the years to overlap with already e
July 30, 2015