Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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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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Immigrant woman stabbed to death by Korean husband
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[Kim Seong-kon] The April 2024 election will decide our future
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Biz outlook far worse than post-Sewol level: surveys
A majority of companies in South Korea predicted business conditions to get worse in July as they are concerned over the fallout from Middle East Respiratory Syndrome and toughening outlooks for exports, a poll showed Monday. According to the poll conducted on the country's top 600 companies by the Federation of Korean Industries, the business survey index for July stood at 84.3. A reading below 100 means pessimists outnumber optimists about business conditions down the road. The latest figure
June 29, 2015
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140 Samsung unit workers arrested after protesting merger
About 140 workers of Samsung Techwin Co., one of Samsung Group's four affiliates sold to Hanwha Group, have been arrested on charges of obstructing the firm's shareholders meeting, police said Monday. The protest came as Samsung has decided to sell its defense affiliate, Samsung Techwin, and chemical unit, then Samsung General Chemicals Co., to Hanwha, a conglomerate whose main businesses include defense and solar power. Two other affiliates, Samsung Thales Co. and then Samsung Total, were als
June 29, 2015
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Asiana Airlines faces $30m lawsuit over San Francisco crash in 2013
More than 50 passengers have filed a class action suit for compensation against South Korea’s No. 2 carrier Asiana Airlines over a crash landing in San Francisco, which killed three in 2013. (AP)Korean law firm Barun Law LLC filed the complaint on June 26 in the Seoul Central District Court on behalf of 53 plaintiffs -- 27 Korean, 25 Chinese and one Indian national who resides in Korea -- aboard Flight 214, which clipped a sea wall and slammed into a runway at the U.S. airport on July 6, 2013.“
June 28, 2015
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[Graphic News] Korea lowers growth outlook to 3.1%
The Korean government lowered its economic growth forecast for 2015 from 3.8 percent to 3.1 percent.Presenting its economic policy direction for the second half of the year, the Ministry of Strategy and Finance said it cut the growth forecast due to falling exports and the effect of the Middle Eastern respiratory syndrome outbreak on spending and tourism.The ministry also cut its forecast of the employment rate for the year, from 66.2 percent to 66.0 percent.The expected consumer inflation rate
June 28, 2015
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Ilsung Pharm says Samsung C&T merger 'unfair'
Ilsung Pharmaceutical, a South Korean drugmaker with a 2.11 percent stake in Samsung C&T Co., said Sunday that Samsung Group's bid to merge its construction and trade arm with Cheil Industries Co. is "unfair" for shareholders. "It will not be easy to have the merger plan approved at the shareholders' meeting," said Yoon Seok-keun, who heads Ilsung Pharmaceutical, indicating it will likely vote against the bid at the shareholders' meeting slated for July 17. "Share prices do not always reflec
June 28, 2015
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KOSDAQ spin-off plan would backfire: KRX
The idea of separating the tech-laden secondary stock market from the main bourse will not only increase operating costs, but also weaken market soundness and customer protection, according to the Korea Exchange.“The Korea Securities Dealers Automated Quotations, which mostly involves small-sized venture capital, is already differentiated from the main bourse Korea Composite Stock Price Index in size, capital, and characteristics,” said an official of the stock operator.“The spinoff is more like
June 26, 2015
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Queer fest seeks corporate support
The 16th annual Korea Queer Festival is nearing to an end amid apparently growing awareness.“Many did not know about the festival at all, and only got to know last year when some people opposed it,” said Woo Ji-young, secretary-general of KQCF. More and more people, including foreign diplomats, have been participating in the event, the organizer said. In spite of this trend, however, many local companies are hesitant to join the event, and the organizers would like to see that change in the near
June 26, 2015
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KOGAS sales rise on overseas projects
The state-run Korea Gas Corp. posted 10.2 trillion won ($9.2 billion) in sales in the first quarter of this year, an 18.4 percent increase compared to the same period last year.According to its business report, KOGAS’ quarterly profits reached 865.4 billion won, a 20 percent increase from a year earlier, largely thanks to an increase in its overseas business.KOGAS also reported an increase in investment returns by 82.2 billion won, as well as a net profit of 581.2 billion won, a 37.6 percent inc
June 26, 2015
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Korean street food spreads to rest of Asia
The rapid globalization of Korean food has extended to street food, widening the scope of Korean exports of farmed goods and food throughout Asia. With the rising popularity of Korean culture, travel and food, the nation is seeing a growing number of foreign visitors who have already tried out authentic street foods like tteokbokki and hotteok. “A country’s street food fully reflects its unique culture and trends, not to mention affordable prices, making significant channels to raise the foreign
June 26, 2015
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Shareholders approve merger of 2 SK firms
Shareholders of SK Holdings and SK C&C on Friday approved the proposed merger between the two companies, paving the way for SK Group, the nation’s third-largest conglomerate, to streamline its business structure and reportedly strengthen the influence of the de facto owner family that includes group chairman Chey Tae-won. Following the approval, a new entity ― retaining the name SK Holdings ― is set to be launched on Aug. 1. Its asset value is estimated to reach 13.2 trillion won ($12 billion).
June 26, 2015
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S. Korea to resume Dutch poultry imports next month
South Korea will lift its six-month ban on imports of poultry from the Netherlands as no additional outbreaks of avian influenza (AI) have occurred there since the measure was imposed late last year, the agriculture ministry said Friday.The imports are set to resume next month, as soon as it has been agreed that there are no contradicting opinions from related agencies or specialists that say otherwise, according to the Ministry of Agriculture, Food and Rural Affairs.Seoul had discontinued impor
June 26, 2015
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Hyundai Heavy launches low-carbon hotel
Hyundai Heavy Industries is opening a new hotel in Gangneung, Gangwon Province, aiming to become a landmark for the 2018 PyeongChang Winter Olympics.The SEAMARQ hotel, to be launched on Friday, is designed by New York-based architect Richard Meier and built by Hyundai Engineering and Construction, the company said in a statement Thursday.The environmentally friendly building uses solar energy and geothermal heat to reduce environmental damage, according to the firm. The hotel was previously know
June 25, 2015
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[Best Brand] Branding strategy: Magic on top of logic
A “brand,” as we commonly know, includes a name, design, logo and sound that differentiates one corporation from another. To take McDonald’s as an example, they have their name, a cutely arched M-shaped logo, the red-haired Ronald McDonald and the famous jingle featured on television commercials. These qualities allow customers to differentiate McDonald’s from other fast food stores.But interpreting a brand as merely a name and an image is not enough. Three judges screen candidates for The Korea
June 25, 2015
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[Best Brand] Lotte Chilsung’s Icis 8.0 makes waves in water market
Icis 8.0 mineral water from Lotte Chilsung Beverage Co. is making a splash in the country’s tightly contested bottled water market. Launched in August 2011, Icis 8.0 has gained much popularity in a relatively short period of time, aided by the optimized mineral content and eye-catching packaging. The product is bottled in North Chungcheong Province with pH 8 natural mineral water, which the company says offers the optimal calcium-magnesium balance. In addition, the company has applied eco-friend
June 25, 2015
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[Best Brand] Chinese visitors take shine to Face Shop’s facial mask
South Korean budget makeup brand The Face Shop has drawn an increasing number of Chinese shoppers with its facial sheet masks as more Chinese opt for affordable and convenient skin care products. Amid the rapid growth of demand for the mask pack, the LG Household and Healthcare-owned brand rolled out the Character Mask, which has a print of an animal face on each sheet, in January. “The character mask has beenwell received by consumers both here and abroad as it not only delivers rich moisture t
June 25, 2015
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[Best Brand] IFEZ aims to be East Asian hub city
Songdo International City in IFEZThe Incheon Free Economic Zone is emerging as a global city, with 94 percent of foreign direct investment in eight free economic zones in Korea coming to the IFEZ. The free economic zone was started in 2003 to become a hub city in Northeast Asia, and has shown remarkable growth since. IFEZ has achieved its initial FDI goal of $1.7 billion, about 9 percent of the total FDI in South Korea ($19 billion) and a 2.5 percentage point increase from the previous year.IFEZ
June 25, 2015
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[Best Brand] Ottogi becomes Korea’s representative curry product
When asked to describe “Korean curry,” most South Koreans will likely mention the well-known Ottogi Curry at some point, testifying to the role that the Korean food brand Ottogi has played in introducing and popularizing curry across the country.Though curry was introduced to Korea in the 1940s, the Indian dish was only popularized decades later, when Ottogi entered the Korean food industry by launching its powder-type curry product in 1969, betting that Korean consumers would likely enjoy curry
June 25, 2015
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[Best Brand] Incheon Bridge establishes itself as metropolis’ key landmark
Incheon Bridge is renowned as one of Incheon’s key landmarks due to its high level of technical complexity as well as its aesthetics and economic value.Construction began on the Incheon Bridge in July 2005 and finished in October 2009. It cost a total of 2.45 trillion won ($2.21 billion) with 823 billion won in private funding and 1.63 trillion won in government funding.Incheon Bridge boasts a high level of safety as it was constructed to withstand earthquakes of up to magnitude-7.0 and other na
June 25, 2015
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MERS takes toll on airlines
The Middle East respiratory syndrome virus is hitting the local airline industry hard, forcing them to keep flights grounded. South Korea’s two major airlines and other five budget carriers have canceled a total of 1,102 international flights to and from the country scheduled from June 1 through October, a report from the Transport Ministry showed Thursday. (Yonhap)“The blow by MERS is much tougher than SARS. The second-quarter performance will likely sharply drop compared with last year or the
June 25, 2015
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DSME delays STX France bid
Daewoo Shipbuilding & Marine Engineering has put its plans to acquire STX France on the back burner, the shipbuilder’s CEO Jung Sung-leep said Thursday. DSME CEO Jung Sung-leep. DSMEDSME had considered acquiring 66 percent stake in STX France upon request by its largest shareholder, state-run Korea Development Bank. KDB, which is also STX Group’s main creditor, has been pushing to sell off STX France and STX Finland as part of its efforts to restructure the defunct shipbuilding conglomerate. Spe
June 25, 2015