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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DP leader says he will meet Yoon without conditions
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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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NewJeans fans send protest truck against agency chief in conflict with Hybe
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Seoul to promote luxurious side of the city
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CJ Foodville to push aggressive M&As
CJ Foodville, the restaurant and cafe operator under CJ Group, on Tuesday announced that the company aims to become one of the world’s top 10 diner operators with more than 3,600 outlets in 15 overseas countries by 2020.Aggressive merger and acquisitions will become the main tool for the company to grade up with global giants such as McDonald’s, Starbucks or Yum. CJ currently operates 230 overseas outlets in 10 countries, and the proposed increase will account for 44 percent of the company’s rev
Sept. 22, 2015
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Korea starts fruit exports to China
South Korea shipped 5 tons of “geobong” -- a species of grapes -- to China, marking its first-ever export of fresh fruit to the country, said the Ministry of Agriculture, Food and Rural Affairs on Tuesday. Agriculture Minister Lee Dong-phil and representatives of 13 local vineyards in Cheonan, South Chungcheong Province, saw the premium quality geobong grapes, also dubbed the kyoho grapes in Far East Asia, set sail for Chinese shores. The exported brand is “Haneul Green,” a signature geobong br
Sept. 22, 2015
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[SUPER RICH] Superrich and their cars
The superrich across the world have long been fascinated by supercars, which, even when not being driven, must be shown off.Considered an exclusive product for the superrich, it is not uncommon to see billionaires in possession of luxury cars as a status symbol.However, while most of the superrich do own supercars, some have opted for simpler vehicles, believing that they are no more than a mode of transportation. The Korea Herald Superrich Team looked into the different attitudes that the super
Sept. 22, 2015
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[Graphic News] Average age of top top 100 corporate executives 53.5 years
The average age of executives in the nation’s top 100 companies was 53.5 years old, data showed Tuesday.According to Korea CXO Institute, this year there were a total of 6,928 executives across the top 100 companies -- excluding financial firms.When dividing the age group of executives by five years, those who were born between 1960-1964 dominated the list, accounting for 44.8 percent of the total executives, the institute noted.Most of the executives were born in 1964, making them 51 years old
Sept. 22, 2015
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National branding key to uplifting Korean industrial design: iF
For a country with a relatively young design history, South Korea boasts high design standards, characterized by innovation and a drive toward offering new solutions and services. Yet, the excellence of Korean industrial design remains generally unknown to the rest of the world, due to the lack of a national brand image that is uniquely Korean, according to the managing director of Germany-based iF Design Awards, one of the world’s most prestigious international design awards.“The DNA of Korean
Sept. 22, 2015
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[Photo news] Robert Walters anniversary
ROBERT WALTERS ANNIVERSARY -- Robert Walters Group CEO Robert Walters (right) attends a ceremony to celebrate the fifth anniversary of its Korea office in Seoul last week. Around 170 people attended the party in which Korean branch manager Duncan Harrison (left) gave a speech. Robert Walters Korea
Sept. 22, 2015
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S. Korea to host Black Friday sales event in early Oct.
South Korea will host its own Black Friday super sales festival in early October to stimulate domestic spending critical for generating economic growth, the government said Tuesday. Asia's fourth-largest economy has been hit hard by sagging exports and still weak consumer spending. Outbound shipments fell 14.9 percent on-year in August and 6.3 percent for the first eight months of this year. By promoting spending, the country can make up for falling exports and generate much-needed growth. The
Sept. 22, 2015
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S. Korea to invest 420 bln won in smart device industry
South Korea will invest 420 billion won ($357 million) to foster the so-called smart device industry over the next four years amid slowing growth in the traditional smartphones and PC industries around the globe, the government said Tuesday. The Ministry of Science, ICT, and Future Planning said it is shifting focus as the country's traditional tech industries have been slowing down throughout 2015. This raises the need to find new growth engines in other areas such as wearables and Internet-of
Sept. 22, 2015
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Shinsegae joins race for duty-free shop in Seoul
Shinsegae Co., a leading South Korean retail conglomerate, said Tuesday it will bid for a new duty-free store in downtown Seoul and relocate the current shop in the southern port city of Busan to defend the license set to expire this year. Shinsegae said it will apply for the highly competitive bid as three duty-free operating licenses are set to expire within the year. The deadline is set for Friday and the Korea Customs Service will announce the result in November. (Yonhap)Currently, Lotte
Sept. 22, 2015
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S. Korean firms' Q2 profitability gains despite weaker sales
Sales of large South Korean companies plunged nearly 6 percent on-year in the second quarter of this year amid a continued downturn in exports, central bank data showed Tuesday. Sales of large companies dropped 5.7 percent in the April-June period from a year earlier, while those of domestically-focused small and medium enterprise gained 2 percent, according to the quarterly data by the Bank of Korea. Overall corporate sales dropped 4.3 percent in the three-month period. The drop in large fi
Sept. 22, 2015
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Hyundai Motor to complete payment for controversial property deal this week
Hyundai Motor Group, the world's fifth-largest auto giant, will complete its controversial property purchase this week by making the final payment for the site where it plans to build its new headquarters, industry sources said Tuesday. In September last year, the parent group of Hyundai Motor Co. and Kia Motors Corp. purchased the 79,345-square-meter plot that previously housed the headquarters of state-run Korea Electric Power Corp. in Seoul's wealthy Gangnam district for around 10.55 trillio
Sept. 22, 2015
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Major biz groups expand employment plan
Major business groups have expanded their employment plan for this year despite economic uncertainties as part of efforts to join the government-led drive to tackle the high youth unemployment, a report showed Tuesday. South Korea's 13 largest conglomerates by assets plan to hire 103,000 people this year, 10 percent up from an earlier plan, according to the data compiled by the Federation of Korean Industries. Seven groups, including Samsung and SK, decided to increase the number of new emplo
Sept. 22, 2015
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[Photo news] Growing bigger via merger
GROWING BIGGER VIA MERGER -- Ronnie Leten, CEO and chairman of Swedish industrial company Atlas Copco, unveils long-term investment plans and strategies in the Korean market at a news conference in Seoul on Monday. With 1,112 people under Atlas Copco’s payroll in Korea, the company said it expects to post 1 trillion won in sales here by 2020. Atlas Copco
Sept. 22, 2015
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Hyundai Heavy union to sabotage Chung’s FIFA campaign
Unionized workers of Hyundai Heavy Industries are planning to stage a protest in Switzerland next month when the company’s largest shareholder Chung Mong-joon attends the FIFA presidential election as a candidate. The union said it will appoint three union executives on Monday to be dispatched to Zurich from Oct. 18 to 24 to throw a wrench in Chung’s election campaign. The protest is seen as a pressure tactic by the union pushing for its demand of 127,560 won ($108.77) increase in the monthly ba
Sept. 22, 2015
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Iranian firm files claims against Korea over failed deal
An Iranian firm has filed an investor-state dispute claim against the South Korean government for not refunding its down payment on the takeover of a local electronics firm, claiming that Seoul violated a bilateral investment guarantee agreement, a government source said Monday.In April 2010, the Korea Asset Management Corp. (KAMCO), the state-run company dealing with non-performing loans, picked Iran's Entekhab Industrial Group as the preferred bidder for acquiring a controlling stake in Daewoo
Sept. 21, 2015
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Caffe Bene faces uphill battle in China
The homegrown coffee chain Caffe Bene’s aggressive expansion plans in China face an uphill battle due to operational woes and losses as its domestic business struggles with mounting debt. The coffee chain, which rolled out its plan to launch 1,000 cafes across China by the end of 2015, suspended its expansion after the company’s delayed payment to Chinese workers sparked controversies. It has some 580 stores in China, falling far short of its initial plan. “We are currently working with our part
Sept. 21, 2015
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KFS drums up exports of forest products
The Korea Forest Service has established an in-house division to deal with forestry trade in an effort to cope with the fast-changing market and take advantage of the Korea-China free trade agreement.“We plan to promote export of forest products, and will foster them as our new growth engine to properly respond to strengthened global nontariff barriers,” said Kim Yong-kwan, director general of International Affairs Bureau at KFS in an interview to The Korea Herald.The bureau head introduced thre
Sept. 21, 2015
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State institutions under fire for fabricated spending reports
The Finance Ministry on Monday vowed to strengthen its crackdown on state-run institutions that provide fabricated spending reports. Starting next year, the ministry decided to implement “microscopic investigations” to root out the inaccurate spending reports on a variety of areas, including investment, income statements and balance sheets. According to the ministry, a total of 124 public institutions, or 4 out of 10 public institutions, have cooked their financial reports. The Finance Ministr
Sept. 21, 2015
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KFS eyes China’s growing premium forest product market
Visitors flock to the Korean forest product section at a global food convention in Indonesia in April. (KFS)The Korea Forest Service is seeking to expand the nation’s export of premium-quality forest products to China, catching on the growing demand for food safety in the world’s No. 2 economy. The KFS on Monday said it is in the last stage of meeting this year’s export goal of $500 million for forest products, thanks to the stable construction of export-intensive frameworks, including the Korea
Sept. 21, 2015
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Korea, C. America launch FTA talks
South Korea and six Central American countries led by El Salvador began their first round of negotiations to seal a free trade agreement in Seoul on Monday. The talks will continue through Friday. Cheong Seung-il, director general for FTA Policy at Korea’s Ministry of Trade, Industry and Energy, is representing Korea while El Salvador’s Vice Minister of Energy Luz Estrella Rodriguez de Zuniga is leading the talks on behalf of the six countries. Cheong Seung-il (second from right), Korea’s chief
Sept. 21, 2015