Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Cracking margins drive refiners
After posting record-low deficits stemming from free-falling crude prices that led to massive inventory valuation losses in 2014, South Korea’s top refiners swung back to recovery in the second quarter thanks to high cracking margins and stable oil prices.SK Innovation, the nation’s biggest oil refiner, recorded 987.9 billion won ($845 million) in operating profits from April to June, marking its second-highest quarterly performance ever, after the 1.36 trillion won posted in the first quarter o
July 28, 2015
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Hyosung profit jumps as heavy industry improves
Hyosung Corp. on Tuesday posted a massive jump in operating profits for the second quarter of the year, setting a new quarterly record for the company. According to the company, its second quarter operating profits soared 30.9 percent from a year ago to come in at over 255 billion won ($219 million).The company’s sales rose 3.4 percent over the same period to clock in at about 3.2 trillion won. “(The second quarter performance) is the result of improving profitability of the heavy industries bus
July 28, 2015
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Lotte founder Shin Kyuk-ho sacked by son
Lotte Group founder and general chairman Shin Kyuk-ho on Tuesday was sacked from the post of CEO of Lotte Holdings in Japan by his heir and second son Shin Dong-bin.The junior Shin, chairman of Lotte Group in Korea, called an emergency meeting of the board of directors of the holding company in Tokyo and dismissed his father from the top post.Lotte Group said in a statement that the senior Shin will be positioned as an honorary chairman instead of general chairman. Executives will still report t
July 28, 2015
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[Graphic News] Investments in start-ups increase 40 percent this year
Investments in start-ups increased by 40 percent after the government announced various support policies last year, data showed Tuesday. The Small and Medium Business Association said that investments amounting to 956.9 billion won were made for venture funds from January to June in 2015, a 38.4 percent increase from the same period last year. The number of venture capital firms also increased to 517 in the first half of this year, a 23.7 percent increase from a year ago. An SMBA official said
July 28, 2015
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S. Korean cinema chain CGV opens six 4DX theaters in Japan
A subsidiary of South Korea's largest cinema chain, CJ CGV, has added six 4DX movie theaters in Japan, the company said Tuesday.The six recently opened at multiplex theaters in six cities, including Sapporo, Maebashi and Himeji, CJ 4DXPlex Co. said in a release. The 4DX auditoriums in Sapporo and Himeji were the first such theaters in those cities. The move brought to 17 the total number of CJ-run 4DX theaters in Japan.Japan is the fastest growing market among the 34 countries where CJ's 4DX the
July 28, 2015
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Lotte Holdings in Japan discharges founder Shin Kyuk-ho: report
Lotte Holdings of Japan, the de facto holding company of Lotte Group, held an emergency shareholder meeting on Tuesday, voting to remove General Chairman Shin Kyuk-ho from his post, Japanese media reported.Following the decision, the 93-year-old, who founded the retail-focused conglomerate in 1948, was named honorary chairman of Lotte Holdings. Shin Kyuk-ho, seated on the right. (Yonhap)In a shareholder meeting held on July 16, Shin Dong-bin, the founder's younger son, Shin Dong-bin, was appoint
July 28, 2015
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Daewoo E&C earnings soar over 2.5-fold in Q2
Daewoo Engineering & Construction Co., one of South Korea's major builders, said Tuesday that its second-quarter earnings surged more than 2.5 times from a year earlier on a recovery in the local housing market. Net profit came to 83.55 billion won ($71.41 million) during the April-June period, up 162.83 percent from the 31.79 billion won posted a year earlier, the company said in a regulatory filing. Operating income, however, dropped 10.3 percent to 92.4 billion won over the cited period, whil
July 28, 2015
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Samsung releases flip-style smartphone
South Korea's top tech giant Samsung Electronics Co. said Tuesday it has commenced sales of its second flip-style smartphone in line with its struggles to diversify its handset portfolio amid ailing sales.The Galaxy Folder, which boasts a 3.8-inch display, will come in two editions that run on the third-generation and long-term evolution networks.It will also come with 8-megapixel and 2-megapixel cameras on the back and front, respectively, along with a 1,800 mAh detachable battery."The folding-
July 28, 2015
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Hyundai, Kia rank 1st in home production ratio
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. had the highest home country production ratio among major global carmakers in 2014, industry data showed Tuesday.According to the data by FOURIN, a Japanese car research firm, the two Korean carmakers produced a combined 8 million cars last year, of which they churned out 3.59 million units in their home country.This represented a 44.8 percent home country production ratio, the highest among nine carmakers whose global productions exce
July 28, 2015
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[Graphic News] Korea's per capita income to top $40,000 in 2023
South Korea will reach a per capita gross national income of $40,000 in 2023 if Korea continues low growth, data showed Monday.According to the Korea Economic Research Institute, the OECD predicted that if South Korea’s potential growth rate falls to 2.9 percent, it would take 17 years for the per capita GNI to rise from $20,000 to $40,000. South Korea reached $20,000 in 2006.This is longer than the OECD average, which was 13.6 years. Among the G7 nations, Japan, Italy and Britain took eight, 13
July 27, 2015
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N.K. leader urges young people to inherit patriotism in meeting of war veterans
North Korean leader Kim Jong-un has urged young people to inherit the spirit of defending their country shown by fallen soldiers and war veterans as the North is set to mark the 62nd anniversary of the end of the 1950-53 Korean war, the North's media said Sunday.The armistice that ended the Korean War was signed on July 27, 1953, leaving South and North Korea technically in a state of war.The North has designated the date as "Victory Day."At the 4th National Conference of War Veterans held on Sa
July 26, 2015
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Ottogi releases noodle brand
Ottogi has joined the competition to sell the dry noodle version of jajangmyeon with its release of “Jin Jjajang.” Jin Jjajang, with a strong, smoky flavor, reproduces the soft, chewy texture of the noodles commonly found in Chinese restaurants, as well as the deep taste of jajang from olden times by adding pork and ginger in its black bean paste and onion sauce.The product has beef-flavored powder, onion, cabbage, potatoes and soy protein flakes, and comes with a liquid flavoring instead of the
July 26, 2015
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Retailers slash prices to soften MERS blow
South Korea’s major retailers are holding massive events in a bid to rekindle sales and vitalize consumer sentiment, which was seriously hit by the outbreak of the Middle East respiratory syndrome between late May and early July. Shoppers flock to grab bargains at a Black Shopping Day event held by Lotte Department Store at BEXCO in Haeundae, Busan, Friday. (Yonhap)Department stores and discount outlet chains are slashing prices of luxury and fashion items to clear out their inventory while duty
July 26, 2015
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Asiana Airlines sued over burns
Asiana Airlines Inc., South Korea's second-largest flag carrier, has been sued for allegedly causing serious burns to a female passenger on board one of its planes last year.The passenger in her mid-30s, identified only by her last name Jang, has filed a lawsuit seeking 200 million won ($171,000) in damages from the airline and a flight attendant on board the plane from Incheon, South Korea's main gateway west of Seoul, to Paris on March 17 last year, according to Jang's attorney. (Yonhap)Durin
July 26, 2015
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Top 10 conglomerates' market cap slumps 40 tln won this year
South Korea's 10 biggest business conglomerates saw their combined market cap fall 40 trillion won($34 billion) from the beginning of the year as their share prices tumbled on earnings concerns, market data showed Sunday.The business groups' market cap totaled 679.6 trillion won as of July 23, falling 40.1 trillion won, or 5.57 percent from Jan. 2, the first trading day of the year, according to the data by market tracker Chaebul.com.The portion of their market cap also dropped by 8.3 percentage
July 26, 2015
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Chinese firms encourage 100,000 tourists to visit S. Korea
Two Chinese companies have launched a joint promotional campaign that aims to entice some 100,000 Chinese tourists to visit South Korea within 100 days, a state-run newspaper reported Saturday, joining efforts by South Korea to revive its tourism industry hit by an outbreak of MERS. The campaign was launched on Friday by Wanda Tourism, an affiliate of Chinese property conglomerate Dalian Wanda Group, and Tongcheng Network Technology Co., an online travel agency, the China Daily reported. The cam
July 25, 2015
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Park urges business heads to lead creative economy
President Park Geun-hye on Friday invited 17 business leaders to Cheong Wa Dae to celebrate the completion of creative economy centers nationwide and ask their active support in the future operation. As part of a government-led initiative, a total of 17 Centers for Creative Economy and Innovation have been launched over the past year aiming to nurture competitive start-ups across industries in partnership with big conglomerates. (Yonhap)A combined 2 trillion won ($1.7 billion) will be poured int
July 24, 2015
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SK innovation center boosts start-ups
DAEJEON -- The Daejeon Creative Economy Innovation Center, jointly established by SK Group and the South Korean government in a bid to nurture local start-ups, is helping to accelerate the growth and expansion of promising venture firms.Located at KAIST, one of Korea’s most prestigious universities focused on science and technology research and development, the center opened its doors in October 2014 aiming to help information and communications technology-focused start-ups commercialize their t
July 24, 2015
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NPS under pressure to reform after Samsung-Elliott battle
Following is the last in a four-part series featuring the battle between Samsung C&T and Elliott Associates over the Korean builder’s merger with Cheil Industries and its implications. ― Ed. The National Pension Service is facing growing pressure to reform its decision-making process after it participated in a crucial vote on a $8 billion merger deal between Samsung C&T and Cheil Industries last Friday.The NPS, the nation’s largest investor with assets of 500 trillion won ($430 billion), voted
July 24, 2015
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Hyundai Steel’s operating profit soars
Hyundai Steel’s second-quarter operating profit jumped 18.3 percent on-year to record 424.5 billion won ($363.5 million), buoyed by the construction market showing signs of recovery.Although higher than a year ago, the figures released Friday fell short of projections of 446.5 billion won by seven major local stock firms, including Samsung Securities and Korea Investment & Securities. The steelmaker posted 3.7 trillion won in sales, down 11.3 percent, as price-competitive Chinese products caused
July 24, 2015