Most Popular
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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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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Retailers offer bigger deals for Korean Black Friday
Retailers have marked down prices further for a government-led nationwide sales event dubbed Korean Black Friday after it faced ridicule for the lack of preparation.Lotte Department Store in Myeong-dong, central Seoul, is crowded with shoppers during the Korean Black Friday event on Monday. (Lotte Department Store)On Tuesday, the sixth day since the grand sale event launched, major department store chains said they will offer additional bargain deals on the trot only a day after the government
Oct. 6, 2015
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[SUPER RICH] Hong Kong’s young billionaire dreams of democratizing art
“Democratizing art” is the aspiration of the 35-year-old Hong Kong business entrepreneur and art collector Adrian Cheng.The Superrich team met Cheng in August at the Gana Art Gallery at Pyeongchang-dong, Seoul, for his first standalone interview with a Korean daily.Adrian Cheng is the third-generation executive of Hong Kong’s New World Group, which owns real estate company New World Development, jewelry retailer Chow Tai Fook, as well as department stores, shopping malls, duty-free stores, hotel
Oct. 6, 2015
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Samsung, SK hynix shun takeovers for chip biz
Samsung Electronics Co. and SK hynix Inc., two major South Korean memory chip makers, have clinched no overseas takeover deals for the semiconductor business this year, industry data showed Tuesday, in contract to their global peers who've been strongly engaged in the merger and acquisition activities. Samsung Electronics has made no takeover deals for its memory chip business since it acquired Proximal Data, a U.S.-based server solid state drive caching software company, in October last year.
Oct. 6, 2015
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Lawmakers seek rules to prevent emission test fraud
In a backlash against Volkswagen’s emissions-rigging scandal, politicians here are seeking to impose heavier fines on any fabrication in the automobile accreditation processes. Rep. Lee Seok-hyun of the major opposition New Politics Alliance for Democracy on Monday said he would submit a proposal, dubbed the “Volkswagen bill,” that raises the ceiling of fines imposed on automakers who use fraudulent emissions, fuel-economy or safety test results. “The current regulation does not reflect the mark
Oct. 5, 2015
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Schneider Electric Korea’s head to oversee Mongolia
Schneider Electric Korea CEO Kim Kyung-rogSchneider Electric Korea said Monday that its CEO Kim Kyung-rog has been given the additional responsibility of overseeing Mongolian operations of the company.Kim’s expanded duty will enable Schneider Electric to support Korean firms’ operations in Mongolia in energy development as well as power plants, railways, buildings and other social infrastructure projects. The France-based company established its Mongolian branch in 2013, focusing on the informat
Oct. 5, 2015
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Korean fried chicken places outnumber world’s McDonald’s
The number of fried chicken places in Korea has increased to outnumber McDonald’s outlets worldwide, data showed Monday.According to Statistics Korea, there were 22,529 franchise-based fried chicken places in 2013, but over 30,000 when independently owned fried chicken places and bars that sell fried chicken are included.Additionally, KB Financial Group Research estimated there were about 36,000 fried chicken places in Korea in 2013, with a 9.5 percent annual increase over the last 10 years.The
Oct. 5, 2015
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Sanofi presents next-generation basal insulin Toujeo
Sanofi-Aventis Korea, the local affiliate of France-based global health care company Sanofi, presented the benefits of its newly upgraded basal insulin Toujeo in an event in Seoul on Monday to celebrate the drug’s approval in South Korea. Sanofi’s Toujeo SoloSTAR is a long-acting basal insulin which has upgraded the medical effects of Lantus, the world’s top-selling diabetes treatment insulin as well as one of the company’s flagship products. Sanofi-Aventis Korea general manager Bae Kyung-eun ex
Oct. 5, 2015
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[Herald Interview] Korea needs more advanced emergency medical devices: ZOLL
In South Korea, where a growing number of hospitals and emergency medical staff are recognizing the need to implement higher quality CPR, the defibrillation business is geared for new growth and development in the years to come. ZOLL Medical Corporation, a health care company under Asahi Kasei Group which develops and markets medical devices and software solutions that help emergency care, is eyeing Korea as a strategic market with great potential for business expansion, according to the firm’s
Oct. 5, 2015
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Samsung Electronics ranks 7th in global brand value: report
South Korea's tech giant Samsung Electronics Co. ranked seventh in the world this year in terms of brand value, a global consultancy report showed Monday.According to the annual report compiled by Interbrand, Samsung Electronics came in seventh for this year, with its brand value estimated at $45.3 billion.Samsung's ranking and estimated value were unchanged from a year earlier, the report showed. Apple Inc. topped the pack with its brand value estimated at $170.3 billion, up 43 percent from a y
Oct. 5, 2015
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Korea Black Friday homepage to now allow consumer feedback
The Internet homepage of Korea Black Friday will be upgraded to receive consumer feedback and encourage more participation by companies, which could lead to the expansion of the nationwide sales event aimed at fueling domestic consumption, the government said Monday.The Ministry of Trade, Industry and Energy said initial consumer response from the first nationwide sales program that kicked off last Thursday has been positive, but there is room for improvement.The official homepage, launched at t
Oct. 5, 2015
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S. Korea outpaced by China, Japan in Q3 shipbuilding orders
South Korean shipbuilders were outpaced by Chinese and Japanese rivals in terms of new orders in the third quarter of the year, industry data showed Monday, amid deepening woes over their growing losses.According to the data compiled by global researcher Clarkson Research Services, South Korean shipyards bagged new orders totaling 2.11 million compensated gross tons last month, trailing Chinese shipbuilders at 3.48 million CGTs and Japanese companies with 2.36 million CGTs.South Korea retained i
Oct. 5, 2015
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Shipbuilders' earnings to remain weak through next year
South Korean shipbuilders' earnings are expected to remain in the doldrums until the first half of 2016, although their third-quarter bottom lines may beat estimates after suffering a record loss three months earlier, analysts said Monday.Samsung Heavy Industries Co., the country's No. 3 shipbuilder, is estimated to log 29.8 billion won ($25.4 million) in operating income for the third quarter, down 84 percent from a year earlier, with its sales likely to dip 8.32 percent to 2.99 trillion won ov
Oct. 5, 2015
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Doosan Infracore to cut junior staff
Doosan Infracore, the second largest affiliate of South Korean industrial giant Doosan Group, has recently asked junior-level employees with less than four years of work experience to retire voluntarily as part of its restructuring efforts, according to an internal source. “Corporate executives had summoned the junior staff members individually in the second week of September and some of them left the firm en bloc on Sept. 14,’’ an insider of the construction equipment maker told The Korea Heral
Oct. 4, 2015
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'Zombie companies' weigh on Korea Inc.
A growing number of South Korean companies failed to generate enough operating profit to pay tax and interest payments on their debt, potentially raising downside risks in Asia's fourth-largest economy, data showed Sunday. Out of 628 listed companies excluding financial firms, 34.9 percent of the companies failed to make sufficient profit to pay down the principal on their debt, up from 24.7 percent in 2010, according to LG Economic Research Institute. "As the economy still remains repressed, mo
Oct. 4, 2015
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Korean automakers forecast to log better Q3 earnings
South Korean automakers are expected to post better earnings in the third quarter as the weaker local currency boosted their price competitiveness in the global market, analysts said Sunday. A survey of 23 securities companies showed their consensus estimate of top automaker Hyundai Motor's operating profit coming to 1.57 trillion won ($ 1.32 billion) as of Friday, up 1.9 percent from a month earlier, according to market researcher FnGuide. The consensus for Kia Motor, its sister company, rose 2
Oct. 4, 2015
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Hyundai, Kia see China sales drop 11% in Sept.
Hyundai Motor Co. and its smaller affiliate, Kia Motors Corp., saw their combined sales in China shrink 11 percent on-year in September, underscoring their prolonged setback in the world's largest auto market in the face of fierce competition from local and global rivals, industry data showed Sunday.The two South Korean auto giants sold a combined 135,608 units in China last month, compared with 152,265 units a year earlier, according to the data obtained by the English division of Yonhap News A
Oct. 4, 2015
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Korean Black Friday falls short of market expectations
Bargain hunters waiting in long queues for a shopping spree and numerous doorbuster deals on thousands of products may be what the government expected for what it called “Korea Black Friday.”Customers browse products at a clothing store at Lotte Department Store in Myeong-dong in central Seoul during the first day of Korea Black Friday event on Thursday. YonhapBut consumers and retailers participating in the two-week sale event criticized the government for its hasty decision to host the nationw
Oct. 2, 2015
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Hyundai Heavy to focus on highly efficient solar cell production
As part of its hard-driven restructuring project, Hyundai Heavy Industries announced Friday that it will concentrate on the solar power business, increasing the production of high-efficiency solar cells starting next year. The company said that it will change all solar cell products to passivated emitter with rear locally diffused, or PERL, from the current two tracks of producing both PERL and general type cells. The PERL cells are known to generate 5 percent more power than the general type ce
Oct. 2, 2015
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SK-led petrochemical plant in Singapore may face bankruptcy
An SK Innovation led-petrochemical complex in Singapore has gone into creditor receivership after struggling with debt problems, it was confirmed Friday.This is a step before bankruptcy. But should the project fail to achieve profitability, it could face a court order to shut down, industry insiders said.According to SK and news reports, restructuring specialist Borrelli Walsh has been appointed as a receiver and manager overlooking the possible bankruptcy of Jurong Aromatic Corp. in Singapore.
Oct. 2, 2015
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Hyundai, Kia ordered to pay $28.9 mln for patent infringement in U.S.
Hyundai Motor Co. and its affiliate Kia Motors Corp. have been ordered by a U.S. federal jury to pay $28.9 million for the infringement of patents related to hybrid engines, company officials said Friday. The jury in a Baltimore court rejected the argument by the two South Korean auto giants that the patents owned by Paice are not valid and concluded that the infringement was "intentional." The suit filed by the Baltimore-based company in 2012 focused on the possible infringement of the patent
Oct. 2, 2015