Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Daewoong Pharm signs investment deal with Osong BioValley
Daewoong Pharmaceutical signed a 210 billion won ($188.3 million) worth investment deal with North Chungcheong Province to build a factory. The new facility will be designed to comply with current good manufacturing practices, better known as cGMPs, U.S. standards for design, monitoring, and control of pharmaceutical manufacturing. Under the deal, signed during the 4th Herald Creative Economy Forum on Friday in Seoul, the Korean drugmaker said the company would construct the facility by 2016 wit
Dec. 7, 2014
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BAT Korea wins award for contribution to exports
The Korean branch of British American tobacco said that it earned an award for achieving $70 million in exports at the 51st Trade Day ceremony, organized by the Trade Ministry and the Korea International Trade Association on Friday.An agreement recently signed by BAT Korea and the labor union at its factory in Sacheon, South Gyeongsang Province, on bilateral cooperation and maintenance of labor-management harmony, led to the doubling of the exports this year over the previous year, the company s
Dec. 7, 2014
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Auto sales in Korea to rise 2.5% in 2015
The sales of automobiles in South Korea are expected to rise 2.3 percent next year, aided by steady rise in demand for imported cars, data showed on Sunday.Sales of autos in the country are estimated at 1.65 million units next year, compared with this year’s projected 1.61 million units, according to the Korea Automobile Manufacturers Association.The data showed sales of locally-produced autos would remain little changed at 1.4 million units next year compared to this year, while some 250,000 im
Dec. 7, 2014
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Korean stocks lag behind Asian peers: data
South Korean stock market has been in a relatively sharper slump compared with other regional rivals as local companies, undercut by a weak Japanese yen and a slowdown in economic growth, suffered a steep drop in their earnings, industry data showed on Sunday.South Korea’s key stock index, the KOSPI, declined 1.23 percent this year through Friday, ranking 12th among 14 regional stock indices, according to the data compiled by the Korea Exchange. The Shanghai Composite Index posted the biggest ga
Dec. 7, 2014
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Seoul shares likely to make small advances ahead of BOK meeting
South Korean stocks are likely to trade slightly higher this week as foreigners are expected to be in the net buying position amid the strengthening of U.S. dollar against the Korean won, though the gains will be limited due to a lack of upward momentum, analysts said Saturday. In the previous week, the Seoul bourse started the week on a negative note on the sluggish U.S. Black Friday sales and plunge in the global oil prices, but it rebounded in the mid-week on the upbeat U.S. Federal Reserve d
Dec. 7, 2014
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Korean TV channels break partnership with YouTube
Two South Korean terrestrial broadcasting companies have broken a partnership with YouTube and joined with local Web portals to offer video content, as they seek greater control over their online content in an effort to secure new profit sources, industry sources said Sunday.Seoul Broadcasting System and Munhwa Broadcasting Corp. stopped providing free streaming of their regular shows and drama series on the world’s No. 1 video-sharing site, starting Dec. 1. CJ E&M Corp., the top media conglomer
Dec. 7, 2014
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KEPCO units mull participation in Rajin-Khasan project
The five units of South Korea’s utility giant Korea Electric Power Corp. said Sunday that they are considering participation in the nascent Rajin-Khasan project logistics project in a bid to reduce the costs of importing coal from Russia through North Korea.The Rajin-Khasan project, which is on a test run, is regarded as a starting point for economic cooperation among the two Koreas and Russia. Under the project, South Korea imports Russian coal through the North’s port of Rajin to the South’s P
Dec. 7, 2014
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KEPCO units mull participation in Rajin-Khasan project
The five units of South Korea's utility giant Korea Electric Power Corp. (KEPCO) said Sunday that they are considering participation in the nascent Rajin-Khasan project logistics project in a bid to reduce the costs of importing coal from Russia through North Korea.The Rajin-Khasan project, which is on a test run, is regarded as a starting point for economic cooperation among the two Koreas and Russia. Under the project, South Korea imports Russian coal through the North's port of Rajin to the S
Dec. 7, 2014
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Hyundai, Kia top U.S. midsize car market in November
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. took the lead in the U.S. midsize auto market in November on the back of their improved product quality and revamped line-ups, industry data showed Sunday.According to the data, South Korea's two largest automakers sold a combined 31,222 midsize sedans in the U.S. last month, relegating Toyota Motor Corp. to the second spot for the first time since October last year. The November figure also marks a 13.9-percent rise from the previous
Dec. 7, 2014
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Hyundai launches refreshed 2015 Grandeur hybrid with safety
Hyundai Motor Co., South Korea's No.1 automaker, said Sunday that its launched a refreshed Grandeur hybrid sedan with improved safety and convenience features while retaining its fuel economy.The full-size, front-wheel drive sedan, rated to achieve 16 kilometers on a liter of fuel in combined driving conditions, also receives a new radiator grille, changes in the front and rear bumpers, black-bezel HID headlights and quad-LED fog lamp assembly that give the vehicle a more upscale feel.The compan
Dec. 7, 2014
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GS Caltex CEO wins ministry award
GS Caltex CEO Huh Jin-sooGS Caltex CEO Huh Jin-soo has received the highest industry honor granted by the Trade Ministry, for his contributions to Korea’s energy sector, according to the company Friday.During the ceremony commemorating the 51st Annual Trade Day, Huh was awarded the Gold Tower Order of Industrial Service Merit in recognition of his efforts to provide a stable energy supply across the country and expand energy-related exports. As the country’s No. 2 oil refiner, GS Caltex posted e
Dec. 5, 2014
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Asiana to appeal crash penalty decision again
Asiana Airlines on Friday said it would once again appeal a decision by the nation’s Transport Ministry to suspend its services to San Francisco for 45 days as a penalty for a passenger jet accident in the U.S. city last year.The ministry had not announced the results as of press time, but Asiana officials said they had heard of the move. The penalty was confirmed following a second round of deliberations held on the request of Korea’s second-largest airliner after the 45-day suspension was firs
Dec. 5, 2014
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Hyundai, Kia see home market share sink below 70 pct
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp., the top two carmakers in South Korea's auto market, saw their combined market share at home shrink to below 70 percent through November, data showed Friday, amid the rising popularity of imported cars among buyers here. During the first 11 months of this year, cumulative sales of the two flagship firms of Hyundai Motor Group in the country accounted for 69.4 percent of the entire domestic market, with Hyundai taking up 41.7 percent, a
Dec. 5, 2014
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Gov't to launch feasibility study on expansion of Jeju Airport
The South Korean government said Friday that it will soon launch a feasibility study on a possible expansion of an international airport on the country's southern resort island of Jeju.The study, to be conducted by a consortium led by Korea Aerospace University, will last up to one year, according to the Ministry of Land, Infrastructure and Transport.The study comes as runways at the only airport in the country's favorite tourist destination are expected to become too crowded as early as 2018.An
Dec. 5, 2014
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Gov't postpones plans to raise vehicle tax on rent-a-car companies
The government has delayed plans to raise vehicle taxes on rent-a-car companies in the face of stiff opposition from operators, an industry source said Thursday.According to the Korea Rent-A-Car Association (KRCA), which lodged a strong protest against the move that would have gone into effect next year, the Ministry of Government Administration and Home Affairs has agreed to review its plan from scratch.Earlier in the year, the ministry said it would revise the country's local tax rules, so tha
Dec. 4, 2014
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POSCO sells specialty steel affiliate to SeAH
POSCO wrapped up a deal to sell its specialty steel-making arm POSCO Specialty Steel to SeAH Group by selling its 72 percent stake, the steelmaker said in a regulatory filing. With the end of the deal, SeAH will advance as the largest specialty steel manufacturer in Korea. With the acquisition, SeAH will be able to push up its annual production capacity from 3 million tons to 4 million tons.POSCO has pushed the deal since August when it announced a plan to sell its affiliate as part of its busin
Dec. 4, 2014
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Hyundai, Kia win best car awards in Canada
Hyundai GenesisSouth Korea’s top automaker Hyundai Motor Co. and its affiliate Kia Motors Corp. said Thursday that three of their models have been named the best cars of the year in their categories in Canada. Hyundai’s Sonata mid-size sedan was named best family car over $30,000, and the Genesis premium sedan best luxury car over $50,000 by the Automobile Journalists Association of Canada, the company said in a press release. Kia, the country’s No. 2 carmaker, took home best city car for its So
Dec. 4, 2014
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Korea’s imported car sales up 22.4% in Nov.
Sales of imported cars in South Korea jumped 22.4 percent on-year in November, accounting for more than one-tenth of overall auto sales in the country, data showed Thursday. The monthly sales figure of imported cars came to 16,959 units last month, up from the 13,853 units sold a year earlier, according to the data compiled by the Korea Automobile Importers Distributors Association. The tally also represents an on-month rise of 3.2 percent.“November sales of imported cars increased on-month than
Dec. 4, 2014
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Samsung Electronics’ overseas shipments hit $75 billion
Samsung Electronics Co., the world’s largest mobile handset and memory chip manufacturer, won South Korea’s most coveted export award by directly shipping out a record $75 billion worth of products in a one-year period, a local traders association said Thursday.According to the Korea International Trade Association, Samsung’s latest accolade marks the third time that the tech giant has been given the Export Trophy. The award given out to celebrate Seoul’s annual “trade day” was first presented t
Dec. 4, 2014
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OPEC move to hurt Korean refiners
South Korean oil refiners’ fourth quarter performance appears gloomy as OPEC’s recent decision not to cut its output target is likely to lead to greater inventory losses, according to industry sources Thursday.“The loss is inevitable for refiners as it takes about a month to ship the final product to markets from the time we buy the crude oil at higher prices,” an industry insider told The Korea Herald, declining to be identified.SK Innovation also predicted its fourth quarter earnings will be h
Dec. 4, 2014