Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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Gov't appears to shelve punitive measures against mass walkout by doctors
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Pension fund decides on Samsung merger
South Korea's national pension fund operator on Friday decided its official stance on a merger between key subsidiaries of Samsung Group, the country's leading family-controlled conglomerate, but won't disclose what the stance is for the time being, officials said.But sources say that the operator decided to support the merger considering its potential influence on the fund's earning rates.The National Pension Service decided on whether to support or oppose the merger between Samsung C&T Corp. a
July 10, 2015
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KEPCO installs energy storage system for frequency regulation
Korea Electric Power Corp., the nation’s sole power distributor, said Friday it had installed the country’s first energy storage system for power system frequency regulation at the West-Ansung substation in Gyeonggi Province. With the installment of ESS for frequency regulation, KEPCO said it would be able not only to reduce power purchasing costs, but also to lay the foundations for the development of related industries.Starting with the 28 megawatt ESS in the West-Ansung sub-station, KEPCO wil
July 10, 2015
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Elliott urges NPS to oppose Samsung merger
U.S. hedge fund Elliot Associates called on South Korea's national pension fund operator Friday to support its opposition to a proposed merger between two key subsidiaries of Samsung Group, the country's leading family-controlled conglomerate. The call came as shareholders of Samsung C&T, a construction and trade arm of Samsung Group, are slated to meet a week later to vote on the proposed merger with Cheil Industries Inc., Samsung's de facto holding company. The National Pension Service (NP
July 10, 2015
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Google, Apple raise app prices 10% on new tax rule
Prices for smartphone applications sold in South Korea through Google and Apple platforms rose 10 percent starting this month, industry sources said Friday, as the government started imposing taxes on overseas-based open markets. According to the sources, U.S. tech giants Google Inc. and Apple Inc. rolled out new price policies earlier this month and notified application developers of such changes. Google's price hike came into effect on July 1, while Apple increased prices on Thursday. Th
July 10, 2015
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Tonymoly makes strong debut on Seoul bourse
South Korean cosmetic maker Tonymoly made a strong debut on the Seoul bourse Friday as it seeks to tap deeper into China for new growth beyond the saturated domestic beauty market. Its shares opened at 64,000 won (US$56.57), double the initial public offering (IPO) price of 32,000 won, on the main KOSPI market. They were trading at 67,900 won as of 9:15 a.m., up 6.09 percent from the opening price. Buoyed by a strong rally of cosmetic shares earlier this year, its listing has drawn keen a
July 10, 2015
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Hyundai, Kia see China sales plunge in June
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their combined sales in China plunge in June amid intensifying competition and a lack of new models, industry data showed Friday. Hyundai Motor, South Korea's largest carmaker, sold around 60,000 cars in China last month, down 30.8 percent from a year earlier. Kia Motors saw its China sales in June drop 26.5 percent on-year to some 38,000 units, according to the data. This comes in stark contrast with others, including Japanese
July 10, 2015
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Homeplus workers slam ‘secretive’ takeover
Unionized workers at Homeplus, owned by the U.K.’s Tesco, Thursday urged the company to ensure a transparent takeover for the nation’s second-largest supermarket chain and guarantee that the sell-off will not result in job losses. “Tesco is pushing a secretive acquisition deal with foreign private equity firms, which sparks concerns on possible massive restructuring and job losses,” a union member said during a press conference held at the headquarters of Homeplus in Seoul. The move comes after
July 9, 2015
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YG‘s Moonshot not just a showbiz spin-off
Min Boon-hong, director at Code Cosme, operator of beauty brand Moonshot, poses during an interview with The Korea Herald last week. (Chung Hee-cho/The Korea Herald)When YG Entertainment, the cradle of K-pop stars Big Bang, 2NE1, Psy and many others, attracted $80 million in investment from the global luxury giant LVMH Moet Hennessy-Louis Vuitton last year, it had the entertainment industry wondering what would become of the company. And the very first tangible project was introduced in October
July 9, 2015
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Lotte compares staff to ‘cows’
Lotte Group, South Korea’s fifth-largest conglomerate, has come under fire after disclosing a poster featuring cows symbolizing employees, initially designed to encourage workers. The poster, which was put up in March, shows “seonbi” asking a farmer which of his two cows is a harder worker, and the farmer replies “they are both my precious cows.” Lotte Group’s in-house campaign poster.A “seonbi” is a word used to refer to scholars during the Joseon dynasty, and the poster is a depiction of an an
July 9, 2015
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[Graphic News] Korean population to begin to fall in 2030
South Korea saw its proportion of young people to the total population sink to an all-time low this year due to the effect of low birthrates, data showed Wednesday.According to Statistics Korea, the number of people under age 14 made up 13.9 percent of the total population.It is lower than 14.3 percent recorded in 2014 and 21.1 percent in 2000, making it the lowest-ever figure.Korea’s fertility rate, or the average number of children that would be born to a woman over her lifetime, stood at 1.21
July 9, 2015
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Mother’s corn looks to global market with corn-based tableware
Mother’s Corn (www.motherscornworld.com) is an eco-friendly baby tableware brand whose products are made of corn instead of plastic, serving parents’ needs of looking after their children’s health.Kim Mi-jin, CEO of Mother’s Corn, started the company in 2011, and has now set up a multilingual website with help from Korea’s e-commerce solution provider cafe24 (www.cafe24.com). Screenshot of Mother‘s Corn international website (cafe24)The brand has raised its awareness in over 10 countries such as
July 9, 2015
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Samsung C&T CEO positive on NPS support for merger
Samsung C&T co-CEO Kim Shin said Wednesday that the proposed merger with Cheil Industries is certain to happen if the National Pension Service supports the move. The NPS, the nation‘s largest investor, holds 11.61 percent of Samsung C&T. Of that, 11.2 percent count for its voting rights. Samsung C&T co-CEO Kim Shin Samsung “If the NPS agrees, then I am certain the merger will happen,” he told reporters, adding that he anticipates the state-run fund to make a “positive conclusion.” Kim also said
July 8, 2015
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GE advises Korea to speed up innovation
U.S. tech giant General Electric on Wednesday called for Korea to speed up its innovation to keep up with rapidly changing global trends that could make the country “easily left out.” The company suggested that Korean society and businesses adopt “industrial Internet,” “advanced manufacturing” and a “global brain” to achieve stronger homegrown innovation, wider collaboration and education to become leaders in high-value industries. “In terms of putting a stronger emphasis on the speed of innova
July 8, 2015
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LG unveils measures to shore up economy
LG Group on Wednesday unveiled a set of new measures to boost the sluggish economy amid unfavorable conditions such as the Middle East respiratory syndrome outbreak, a prolonged drought and the latest Greek financial crisis. The measures come as the nation’s fourth-largest conglomerate joins other big business groups, including Samsung and Hyundai Motor, in spurring the dull domestic consumption. As part of the efforts, LG said it plans to purchase gift cards worth 7 billion won ($6.2 million) f
July 8, 2015
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Ferrari importer names new CEO
FMK Corp., the official exclusive importer for Ferrari and Maserati, said Wednesday that it had appointed Kim Gwang-cheol as its new CEO.Kim, 59, has worked in sales for Volvo and as a board member of sales and marketing at BMW Korea. He also served as CEO for The Class Hyosung, Hyosung Toyota and The Premiun Hyosung. FMK Corp CEO Kim Gwang-cheol.Kim has successfully established import cars such as Mercedes-Benz and Toyota in the Korean market, and is also credited for using his experience in ma
July 8, 2015
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Hyundai, Kia cars win U.S. satisfaction awards
South Korea's top carmaker Hyundai Motor Co. and its sister affiliate Kia Motors Corp. said Wednesday that their models have won satisfaction awards from a U.S. automotive research company. Hyundai's Sonata ranked No. 1 among different midsize sedan brands to win the AutoPacific Vehicle Satisfaction Award, and Kia's Soul city car and the Sportage crossover SUV also claimed the top in their segments, the carmakers said in a press release. The satisfaction award, given by U.S.-based AutoPacific
July 8, 2015
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[Photo News] Debut of Chrysler's luxury sedan
Models pose next to the new Chrysler 300C, Chrysler’s next generation full-size luxury sedan presented by Fiat Chrysler Automobiles Korea in Seoul on Tuesday. (FCA Korea)
July 8, 2015
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[Photo News] Green light for gas carrier
Hyundai Heavy Industries senior vice president Shin Hyun-soo (sixth from left) and GE Aviation Marine commercial marketing director Jeremy Barns (seventh from left) pose after receiving an approval in principle by Lloyd’s Register in the U.K. on Monday for developing an environmentally friendly, 174,000-cubic-meter liquid natural gas carrier with a gas turbine engine. (Hyundai Heavy Industries)
July 8, 2015
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LG Display is No. 2 supplier of panels to Apple in Q1
South Korea's LG Display Co. emerged as the No. 2 provider of display panels to U.S. tech giant Apple Inc. in the first quarter, moving a notch up from a year earlier, data showed Wednesday.The South Korean firm was responsible for 34.5 percent of the combined iPhone display panel shipments in the January-March period of 2015, up from the 28.8 percent posted last year, when it was the No. 3 provider, according to the data compiled by DisplaySearch.Japan Display Inc. was the No. 1 panel supplier
July 8, 2015
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Samsung C&T expects W60tr in synergies from Cheil Industries merger
Samsung C&T, the trading and construction unit of Samsung Group, has reiterated its goal to double its annual sales following its tie-up with Cheil Industries, the group’s de facto holding company.Samsung C&T claimed that synergies after the proposed merger with Cheil would bring in about 60 trillion won ($54 billion) in sales with net income before taxes reaching 4 trillion won by 2020.The company said the combined entity, if approved by shareholders in a meeting on July 17, would diversify its
July 7, 2015