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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S-Oil supports firefighters with trip to Jejudo
S-Oil on Thursday opened a three-day vacation camp for 70 fire service personnel and their spouses on Jejudo Island as part of its campaign to support the emergency services. The company has been operating the campaign in collaboration with the Korea National Council on Social Welfare. A fire service worker and his wife pose during a three-day vacation camp for 70 fire service personnel and their spouses on Jejudo Island held Thursday to support the emergency services. (S-Oil)The campaign award
May 21, 2015
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Steelmaker head indicted over alleged embezzlement
The head of South Korea's third-largest steelmaker was indicted Thursday over allegations he gambled abroad with millions of dollars he embezzled. Chang Sae-joo, chairman of Dongkuk Steel Mill Co., is suspected of misappropriating more than 20 billion won ($18 million) from Dongkuk Steel Mill by inflating the prices of raw materials the company purchased from abroad since 2003. Prosecutors of the Seoul Central Prosecutors' Office suspect that the 62-year-old used about 8 billion won to gamble
May 21, 2015
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Korean Air heiress to get appeals verdict on ‘nut rage’ case Friday
A high court will issue its verdict on Cho Hyun-ah, former executive vice president of Korean Air at the center of the so-called “nut rage” incident, on Friday.Cho received a one-year jail term in February for disrupting a flight and breaking aviation safety laws over her dissatisfaction with the cabin service. Shortly after, the attorney for the former Korean Air executive appealed the case to reduce her initial sentence, pleading that she was “deeply regretful about her actions.”Former Korean
May 21, 2015
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POSCO sells stake in Australian mining firm
South Korea's top steelmaker POSCO said Thursday it has offloaded its entire stake in an Australian copper mine firm as part of its restructuring efforts to help boost financial health. The 15.2-percent stake in Australian copper producer Sandfire Resources NL was sold off for A$130 million ($102.58 million) last week, POSCO said in a press release. With the deal, POSCO reaped around A$100.9 million in profit as the sale price was nearly 4.5-fold that of the initial purchasing price. POSCO
May 21, 2015
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Change is necessary, not optional, for future: GS Group chairman
GS Group chairman Huh Chang-soo has picked “change” and “innovation” as the management keywords for the future of the conglomerate, whose main businesses include energy, construction and retail.“The business landscape is expected to change faster than ever before, affected by the mobile revolution and the advent of new technologies like the Internet of Things,” Huh said.He made the remark to increase the sense of urgency for change among executives during the Value Creation Forum, an internal ma
May 20, 2015
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Ourhome targets Muslims with halal foods
ASAN, South Chungcheong Province ― On May 12, Sun Moon University canteen’s head chef Lee Gi-yeon sold all 50 servings of halal food, made specially for Muslim students, in a blink of an eye. The menu was chicken curry and naan. “There are about 20-30 Muslims students in the university of the 10,000 students. But many Korean students who are not even Muslim enjoy eating at our halal food corner,” Lee said, explaining that for some students, this is the only meal available outside their homes. Bu
May 20, 2015
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Spirits market breaks away from ‘Scotch’
Premium liquor in Korea mostly referred to Scotch whisky. But this is no longer the case, as the market’s key players have moved on to low-alcohol spirits.This new trend, according to top distillers, reflects the change of the market and the needs of young consumers, while retaining the values of whiskey.Spearheading the low-alcohol spirit sector was Golden Blue, a local whiskey brand launched in 2009 by a medium-sized local distiller in Busan. Golden BlueDifferentiating itself from leading Scot
May 20, 2015
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Tesla CTO eyes growth in car battery development
The chief technology officer of U.S. electric car manufacturer Tesla Motors forecast significant strides in the development of lithium-ion batteries over the next five to 10 years, as he eyed increased demand for electric batteries tailored for cars.“When we look forward to 2020, we think we will have around 1 million electric cars in total on the road that will amass about 70 gigawatt hours of total energy storage,” said JB Straubel, the CTO and cofounder of Tesla, during the 2015 Seoul Digital
May 20, 2015
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[Photo News] On-site management
May 20, 2015
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Time for companies to show their true colors on climate change
Time for companies to show their true colors on climate changeBy Georg Kell The Paris summit on climate change coming up in December will be a test of the ability of world leaders to read science accurately, and to act in the long-term interests of their countries and their planet.But the spotlight is also on business.Traditionally understood to be a major source of the problem, the private sector is now becoming a necessary part of the solution.The first cracks in the ice of corporate inactivit
May 20, 2015
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Renault Samsung's Twizzy for BBQ chicken delivery
BBQ chairman Yoon Jong-geun (far left), Seoul Metropolitan Government Deputy Mayor for Administrative Affairs Jung Hyo-sung (second from left) and Renault Samsung Motors President Francois Provo (far right) pose in front of the RSM all-battery electric vehicle Twizzy after signing a memorandum of understanding in Seoul on Wednesday. According to the agreement, the French-based carmaker will provide five Twizzy Cargo models for BBQ fried chicken delivery from the beginning of June, supported by t
May 20, 2015
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Arrest warrant sought for ex-POSCO E&C exec over slush fund
Prosecutors Wednesday requested an arrest warrant for a former vice president of POSCO Engineering & Construction Co. for allegedly embezzling company funds to create a slush fund abroad. Chung Dong-hwa is suspected of stashing away about 10 billion won (US$9.1 million) in secret reserves when he was the chief executive officer of the company from 2009 to 2012. Prosecutors suspect he collected rebates from POSCO E&C's subcontractors, including one that works for its Vietnam operations. He den
May 20, 2015
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Daelim, Daewoo win 3.5 tln-won deal in S. Korea
Daelim Industrial Co. and Daewoo Engineering & Construction Co. said Wednesday they have won a 3.5 trillion-won ($3.2 billion) deal to build a facility in the southeastern part of South Korea, the country's largest-ever order for a single plant. The deal calls for the construction of a residue upgrading complex and an olefin conversion system at a refinery owned by local oil refiner S-Oil Corp. in Ulsan, 414 kilometers southeast of Seoul, according to the two builders. The new facilities are
May 20, 2015
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Ban urges Korean firms to join sustainable development drive
U.N. Secretary-General Ban Ki-moon on Tuesday called for South Korean firms to step up efforts to achieve sustainable development. “The Korean industry is dynamic. Everybody agrees, and it is growing. I am here to call on you to be even more creative in your contributions to global progress,” Ban said during the U.N. Global Compact Korea Leaders Summit 2015 held in Seoul.Stressing that Korea is one of the highest emission-producing countries within the OECD, Ban urged business leaders to join th
May 19, 2015
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Korea, India to bolster ties in infrastructure, manufacturing
The leaders of South Korea and India vowed to promote closer economic ties when they attended the first CEO forum for the two countries in Seoul on Tuesday.“There is still huge room for growth in economic ties between the two countries, given their economic growth potential and complementary trade structure,” South Korean President Park Geun-hye said during her opening speech in the first Korea-India CEO Forum in Seoul on Tuesday.Business areas where Korea and India can create win-win partnershi
May 19, 2015
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[SUPER RICH] Koo Kwang-mo steps closer to LG inheritance
Koo Kwang-mo, son of LG Group chairman Koo Bon-moo, emerged as the heir-apparent of the 71.2 trillion won ($71 billion) conglomerate this week as it was revealed that he owns the largest number of company shares among contenders. Although he is the biological child of Heesung Group chairman Koo Bon-neung ― younger brother of Bon-moo ― he was adopted in order to inherit the group’s management. The LG founding clan has a strict patriarchal inheritance structure, granting exclusive rights to eldest
May 19, 2015
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[SUPER RICH] Korean superrich around the world
At a time when national borders are blurring, Korean superrich ― both citizens and emigrants ― are setting up shop around the world. As these overseas Koreans run their businesses, not only do they play a role in representing their roots from afar, but they also show that people can succeed after going through much hardship.JapanMany Korean and Korean emigrant businessmen work in other Asian countries, particularly in Japan and Southeast Asia. In the case of Korean-Japanese entrepreneurs, many c
May 19, 2015
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Korean market soars on social marketing success: Amway
BEIJING -- For U.S.-based global direct sales giant Amway, East Asia stands as a critical region housing the company’s top three markets -- China, South Korea and Japan.Though the popular perception is that China, backed by a massive consumer base, is Amway’s most important market, Korea in fact stands as the company’s top-valued market, according to Amway executive Sam Rehnborg, president of the Nutrilite Health Institute.Nutrilite Health Institute president Sam Rehnborg (Amway Korea)“Our No. 1
May 19, 2015
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Samsung C&T leads overseas nuclear exports
The Shin-Wolsong nuclear power plant No. 2 will start operations in July as Samsung C&T has nearly finished its construction through cutting-edge technology and safety precautions.The company said that it oversaw the construction of the plant as well as its nuclear steam supply system. Officials added that the testing of the plant in April ended successfully.The new Shin-Wolsong plant has an improved light-water reactor that can produce 1 million kilowatt of electricity per hour. It also has enh
May 19, 2015
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Samsung Heavy dismisses Indian shipbuilding tech
Samsung Heavy Industries president Park Dae-young reportedly talked down Indian shipbuilding capabilities after meeting Prime Minister Narendra Modi, visiting Seoul on Tuesday.“India’s shipbuilding technology lags far behind South Korea’s. It’s too early to worry about shipbuilding technology being leaked,” Park told reporters after the meeting in a Seoul hotel. India’s state-run shipping company Cochin Shipyard recently inked a deal with Samsung Heavy to win a tender issued by Gail, India’s sta
May 19, 2015