Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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DP leader says he will meet Yoon without conditions
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Hedge fund files injunction against Samsung C&T merger
A U.S. activist hedge fund said Tuesday it filed a court injunction to stop South Korea's top conglomerate Samsung Group from merging two key units. The legal action by Elliot Management comes after Cheil Industries Co., Samsung's de facto holding company, announced a plan to take over construction and trading unit Samsung C&T Co., a move that would allow heir apparent Lee Jay-yong to tighten his grip on the conglomerate. Last Thursday, Elliot disclosed the acquisition of a 7.12 percent stak
June 9, 2015
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KHNP vows to grow into global energy leader
The nation’s power plant operator said Monday that it aims to grow into a world leader in the energy sector on the basis of strong public trust.“Regaining public trust comes first for us to become a global energy leader,” said Lee Jong-ho, head of the engineering department at Korea Hydro and Nuclear Power.Lee made the remarks at the session of “Nuclear Technology Adding Green on Earth,” during the World Conference of Science Journalists 2015 being held in Coex, southern Seoul, until Friday. KH
June 9, 2015
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Builders suffer from MERS scare
The Middle East respiratory syndrome outbreak is taking a toll on South Korean builders, for whom the Mideast is a major source of revenue.Worries over South Korean construction workers in the Middle East have heightened as South Korea reported the world’s second most MERS infection cases on Monday.Compounding the risk to the firms is an economic one: the potential that workers in the countries leave the workplace and home buyers will not visit model houses fearing infection.“If any one of the d
June 8, 2015
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E-Mart challenges IKEA with new home specialty brand
South Korean discount chain E-Mart has launched home specialty brand “The Life” to compete with Swedish furniture retail giant IKEA, the company said Monday. “The Life will strengthen its foothold as a local lifestyle brand by launching stores not only in new E-Mart branches, but also in multiple shopping malls and outlets run by Shinsegae Group,” said Lee Gap-soo, CEO of E-Mart, the flagship unit of Shinsegae Group.The store will sell some 5,000 home furnishing items, ranging from bedroom furni
June 8, 2015
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S-Oil revives spring recruitment program after 7-year break
S-Oil, South Korea’s third-largest oil refiner, has revived its spring recruitment program for the first time in seven years, as it seeks to increase its workforce in lieu of a new refinery complex set to open in Ulsan.The expanded recruitment comes as “S-Oil seeks new talents ahead of the opening of its Onsan refinery scheduled to open by 2018,” according to industry sources. The factory, for which S-Oil invested 5 trillion won ($4.45 billion), will convert heavy fuel oil ― lower in quality tha
June 8, 2015
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Tous Les Jours enters southwest China
CJ Foodville’s flagship bakery Tous Les Jours has advanced into China’s southwest Guangzhou and Guizhou markets, the company said Monday. “By entering two additional Chinese regions, Tous Les Jours is taking one step closer to its goal of opening more than 1,000 stores in China by 2020,” a CJ Foodville official said. It is Korean bakery brand’s first foray into the two regions, which were included as footholds of the Chinese government’s New Silk Road project, the firm said. The project, initiat
June 8, 2015
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Big firms vulnerable to foreign shareholders’ influence
Foreign-owned shares surpass majority stakes held by group owners at roughly 17 percent of South Korea’s top 10 conglomerates, market data showed Sunday, signaling the significant level of influence outsiders can exert over management at major Korean companies.Foreign shareholders hold more stakes than the conglomerate owners themselves at 16 out of 97 subsidiaries established under the 10 conglomerates, according to data released by Chaebul.com. That marks around 17 percent of the country’s lea
June 7, 2015
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Samsung has no plan to move hospitalized chief on MERS woes: source
Samsung Group, South Korea's largest conglomerate, has no plan to transfer its chief Lee Kun-hee, who is receiving treatment at an affiliated hospital that has been hit hard by Middle East Respiratory Syndrome (MERS), a group source said Sunday.The 73-year-old Lee, head of Samsung Electronics Co., has been hospitalized at Samsung Medical Center in southern Seoul since May last year after suffering a heart attack.Out of 64 South Korean MERS patients, 17 have been infected with the virus at the ho
June 7, 2015
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[Weekender] Franchise bakeries look beyond Korean market
If one were to randomly walk into a bakery in just about any urban neighborhood in Seoul, there is a high likelihood that it is either a Paris Baguette or a Tous Les Jours. Neither is French. They are Korean brands, respectively run by SPC Group, the market’s undisputed leader, and CJ Foodville, a unit of local conglomerate CJ Group. Armed with a systematic production and distribution system, big-budget marketing campaigns and a wide product range, the franchise bakeries have rapidly expanded to
June 5, 2015
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[Herald Interview] KGCCI to award innovative firms
Inspired by the South Korean government’s initiative to foster a “creative economy,” the Korean-German Chamber of Commerce and Industry is seeking to recognize innovative Korean and German operations here with the inaugural KGCCI Innovation Awards.“We wish to provide a forum for a broad variety of innovative companies located in Korea, both Korean and German, to advertise their unique and innovative potentials,” KGCCI secretary-general and executive director Barbara Zollmann told The Korea Heral
June 5, 2015
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Steelmakers face U.S. antidumping dispute
U.S.-based steel producers have lodged a complaint against South Korean and other steelmakers with the U.S. International Trade Commission accusing them of irregular trade practices.This is the first time that a country’s steel industry has taken anti-dumping retaliatory proceedings against foreign competitors this year ― duties were levied on some global steelmakers by authorities in six markets including Korea and China over similar disputes last year.According to an overseas media outlet, the
June 5, 2015
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Senegal president calls for Korea’s tech investment
The Senegalese president asked South Korean companies to actively invest and take part in the large-scale development projects pushed forward by the West African country.“We hope that Korean firms, which possess great advanced technologies, will actively partake in the energy development projects that Senegal is currently pursuing,” President Macky Sall said while delivering a speech to the Korean business community at a luncheon organized by the Korea Chamber of Commerce and Industry in Seoul o
June 5, 2015
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Tesco to sell off Homeplus
British retailer Tesco has kicked off a sale process for its South Korean unit, whose market value is estimated at around $5 billion, according to industry sources on Friday. The U.K. retail giant sent out a teaser letter to prospective buyers on Thursday and hired HSBC as the sale broker for Homeplus. “With this pace, Tesco may be able to begin the preliminary bid in July and wrap up the takeover deal in October,” an official at an investment bank said. Tesco owns a 100 percent stake in Homeplu
June 5, 2015
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Samsung tops India’s high-end smartphone market
Samsung Electronics claimed the No. 1 spot in the premium smartphone market in India, beating its arch rival Apple, according to a report compiled by research institute Counterpoint Research on Friday.The Seoul-headquartered smartphone-maker captured 46 percent of the country’s luxury smartphone market during the January-April period, buoyed by robust sales of the Galaxy S6 and its variant S6 Edge, the Note 4 Edge, and the A7, according to the report. Apple ranked second with a 42 percent share.
June 5, 2015
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Airports put on alert
The nation’s two airport operators are panicking over the outbreak of Middle East respiratory syndrome, worried about its impact on passenger traffic. In line with the level 2 health warning issued by the Korea Centers for Disease Control, the Incheon International Airport Corp. and Korea Airports Corp. ― which runs 14 airports nationwide, including Gimpo Airport ― said they had established a task force each to deal with issues related to the disease since May 22.The task force is in charge of t
June 4, 2015
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POSCO-Saudi fund deal imminent
POSCO’s impending deal with Saudi Arabia’s sovereign wealth fund is raising both concerns and expectations for Korea’s largest steelmaker. According to financial industry sources, POSCO is set to sell 15.89 million shares or about 38 percent of POSCO Engineering and Construction to Saudi’s Public Investment Fund, or PIF.The two sides are expected to ink the deal within this month, said a source close to the matter.The sale is expected to give POSCO a boost in its efforts to streamline its affili
June 4, 2015
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Samsung merger faces challenge
U.S.-based hedge fund management firm Elliott Management on Thursday announced that it has become one of the major shareholders of Samsung C&T, and opposes its planned merger with Cheil Industries. This is the first opposition raised against the plan to merge the two main pillars of Samsung Group. “Elliott believes that Cheil Industries’ proposed takeover undervalues Samsung C&T and that the terms are neither fair nor in the best interests of Samsung C&T’s shareholders,” the firm said in a press
June 4, 2015
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[Photo News] Delizioso Korean food
Italian visitors have lunch at Korean restaurant Bibigo in the Korean Pavilion at the Expo Milano 2015 which runs through October in Milan, Italy. (CJ Foodville)
June 4, 2015
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Hana Financial hosts musical event for liberation anniversary
Hana Financial Group recently hosted an invitation event to the musical “Hero” at Blue Square in Hannam-dong, Seoul, to commemorate the 70th anniversary of Korea’s liberation from Japanese colonial rule.About 1,000 Hana Financial Group customers, including members of the “Daehan Minguk Mansae” deposit and savings plan ― jointly created by Hana Bank and Korea Exchange Bank ― attended the event.The musical followed the story of independence activist Ahn Jung-geun, tracing his life from 1909 to 191
June 4, 2015
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Duty-free license bidders boast social responsibility plan
The bidding war to win two licenses to operate downtown duty-free stores has entered a new phase as applicants competitively target points in corporate social responsibility categories to vie for the upper hand, according to sources Thursday.Hyundai Department Store, one of the seven applicants to join the bidding for the burgeoning duty-free market worth 3.2 trillion won ($2.9 billion), said it would return 20 percent of its envisioned store’s operating profits to society if it wins the license
June 4, 2015