Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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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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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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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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Samsung Heavy bags $330 mln oil tanker order
Samsung Heavy Industries Co., a South Korean shipbuilder, said Thursday that it has secured a $330 million deal to build three oil tankers.Under the deal with an unidentified U.S. shipper, Samsung Heavy will deliver the vessels by February 2018, the company said in a statement.The vessels are each 293 meters long and 49 meters wide, according to the shipyard.With the latest deal, Samsung has secured deals to build 43 oil tankers, accounting for some 38 percent of the total orders placed around t
June 4, 2015
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Imported car sales in S. Korea jump 20.1 pct in May
Sales of imported cars in South Korea jumped 20.1 percent in May from a year earlier, driven by strong demand for German vehicles, industry data showed Thursday.According to the data by the Korea Automobile Importers and Distributors Association, 18,386 foreign vehicles were newly registered in the country last month, compared with the previous year's 15,314 units.The May registration figure is also 1 percent higher than the previous month. The latest figure raised the cumulative sales of import
June 4, 2015
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U.S. fund opposes Samsung unit's merger proposal
U.S.-based hedge fund Elliott Management said Thursday it is against a proposed move by Samsung C&T Corp., a trading arm of South Korea's top conglomerate Samsung Group, to merge with its affiliate, Cheil Industries Co., as it is not in "the best interests" of shareholders."Elliott believes that Cheil Industries' proposed takeover of Samsung C&T significantly undervalues Samsung C&T and that the terms are neither fair to nor in the best interests of Samsung C&T's shareholders," the company said
June 4, 2015
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India emerges as 4th largest auto market: data
India has emerged as the fourth-largest auto market in the world, which will further intensify the competition among global automakers to expand their presence there, industry data showed Thursday.According to the data by the Korea Automobile Manufacturers Association, a total of 877,000 new cars were registered in India during the first quarter of the year, rising 4.7 percent on-year, the largest growth tallied among the four BRIC countries -- Brazil, Russia, India and China -- the data showed.
June 4, 2015
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Shipbuilders strike out in key market
South Korean shipbuilders failed to strike a single deal in selling offshore support vessels in the January-April period, a sign that they are at risk of losing the market to increasingly confident Chinese competitors.Up to 22 of 34 offshore support vessels worldwide were sold by Chinese shipbuilders during the period, while local firms posted zero sales, according to industry reports. China’s outpacing of local shipbuilders, including Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy I
June 3, 2015
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Gasado’s microgrid projects future of electricity
GASADO, South Jeolla Province ― Gasado Island, a 15-minute boat ride from Jindo of South Jeolla Province, is a quiet little place with less than 280 residents. But this nondescript island is in the spotlight for housing the first-ever independent microgrid made using an indigenous energy management system in Korea. In other words, the island is capable of generating its own electricity with renewable energy sources for its own residents.A total of 400 kW of electricity is generated from four aer
June 3, 2015
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German chamber elects new board chairman
The Korean-German Chamber of Commerce and Industry named Kim Young-jin, chairman and CEO of Handok Pharmaceuticals, as its new chairman of the board Wednesday.“The KGCCI is grateful for chairman Kim’s commitment and is looking forward to further promoting economic exchange and cooperation between Korea and Germany under his leadership,” KGCCI secretary general and executive director Barbara Zollmann said in a statement.Kim, 58, is also the chairman of the Korean-German society. He holds degrees
June 3, 2015
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SK Innovation sells stake in Peruvian gas firm
SK Innovation, South Korea’s leading oil refiner, said Wednesday that it sold its 11.19 percent stake in the Peru-based natural gas pipeline operator Transportadora del Gas de Peru for $251 million.Spanish energy firm Enagas will take over a 3.94 percent stake in the Peruvian gas firm while the remaining 7.2 percent stake will go to Habanera, a Canadian subsidiary of Peru-based Corporacion Financiera de Inversiones, S.A., according to the Korean refiner.“The deal is largely a part of SK Innovati
June 3, 2015
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LS Cable wins Singaporean extra-high-voltage cable project
LS Cable & System said Wednesday that it won the contract for a $45 million underground cable project in Jurong, Singapore. The contract is a turn-key project which involves delivering cables to construction projects.The company said that it has established itself as a main supplier in the electric cable business in Singapore, with 35 percent market share, through its Vietnamese branch LS-VINA.LS-VINA, established in 1996, is the leading electrics company in Vietnam with over 30 percent of marke
June 3, 2015
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Coupang gets $1 bln investment from SoftBank
South Korean e-commerce giant Coupang said Wednesday that it has won a $1 billion investment from Japanese telecommunications giant SoftBank Corp., a deal that is anticipated to solidify its footing in the local online retail market and fuel global expansion plans.Under the agreement, a SoftBank unit will make the investment in Coupang, with the deal closing in early July, the two companies said in a joint press release. "We welcome SoftBank as a long-term partner and look forward to leveraging
June 3, 2015
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Intel set to widen gap with Samsung via Altera merger
Intel Corp., the world's top chipmaker, is expected to widen the gap with No. 2 Samsung Electronics Co. thanks to its purchase of Altera Corp., industry watchers said Wednesday.The U.S.-based chip giant said earlier this week that it will acquire Altera, the world's second-largest maker of programmable logic devices and field programmable gate arrays, for $16.7 billion and merge with it."The combination is expected to enable new classes of products that meet customer needs in the data center and
June 3, 2015
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GS opens innovation center in Yeosu
The South Korean government launched a new creative economy innovation center in Yeosu, South Jeolla Province, Tuesday, in a bid to nurture new businesses in the nation’s agricultural sector, drive up growth in the biomass chemicals industry and expand tourism.The Ministry of Science, ICT and Future Planning joined hands with GS Group to open the 2,978-square-meter Jeonnam Creative Economy Innovation Center in the southern coastal city. GS Caltex, the group’s energy business arm, remodeled its t
June 2, 2015
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[SUPER RICH] Lee Jay-yong consolidates hold on Samsung
The stock market went frantic. Business analysts were excited. News of the merger between Cheil Industries and Samsung C&T ― two main pillars of Samsung Group ― revved up the business world through last week.But as time passed, the victor of the merger between a fashion-chemical company and construction-trading firm became very clear. According to news reports, Samsung Group vice chairman Lee Jay-yong saw his wealth increase by around 1 trillion won ($897 million) within a week, given his 23.23
June 2, 2015
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[SUPER RICH] Demographics of East Asian superrich
In East Asia, the middle-aged and elderly superrich run the show.Forbes recorded 358 billionaires in China, Taiwan, Hong Kong, Japan and South Korea combined, and most were middle-aged and elderly in their 40s to 70s, with differing rates of self-made billionaires and heirs.ChinaForbes recorded 221 billionaires in mainland China with their collective assets worth $773.3 billion. Of them, 96 superrich were in their 50s with collective assets of $285.6 billion, led by 51-year-old Jack Ma ― founder
June 2, 2015
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Hanwha Total under surveillance on safety
Hanwha Group’s new chemical affiliate Hanwha Total Petrochemicals is mired in safety controversies less than a month after being rebranded from Samsung.The Labor Ministry said Tuesday it lacked appropriate safety measures and “fell short of legal standards” at its factory in Daesan, South Chungcheong Province.The company is under surveillance after a construction worker died from a fall at the site on May 19. The ministry said it would decide whether to press charges within this month after the
June 2, 2015
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Budget airline charges for in-flight food
South Korean budget carrier Eastar Jet has begun charging passengers for meals on long-haul flights in a move that is expected to trigger other low-cost airlines to follow suit.Starting from Monday, the low cost airliner began charging for in-flight food and beverages, except drinking water, on its international flights lasting longer than three hours.“Eastar will continue to increase the range of services to accommodate our passengers by expanding the idea of selling food on all our flights and
June 2, 2015
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Korean webtoon market expanding rapidly: data
South Korea’s cartoon industry has been expanding rapidly thanks to the roaring popularity of Web-based cartoons, or webtoons, government data showed Monday.The market value of the once-faltering cartoon industry doubled to 758.2 billion won ($680.11 million) in 2012, compared to 436.2 billion won in 2005. The webtoon market is estimated at 171.9 billion won, according to the first state-sponsored report on the cartoon industry compiled by the Ministry of Culture, Sports and Tourism and state-ru
June 2, 2015
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Korean Air to provide code-sharing flights for Brazil
Korean Air Lines Co., South Korea's largest flag carrier, said Tuesday that it will provide code-sharing flights with a major Brazilian airline company for the latter's domestic lines in the South American country. Code-sharing flights allow one carrier to sell its tickets on the other's flights. It is aimed mostly at boosting revenue by increasing passenger seats and flight destinations without deploying its own airplanes.Korean Air said that it will provide code-sharing flights with Gol Linhas
June 2, 2015
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7 firms bid for Seoul downtown duty-free license
Seven companies have submitted bids to open two new duty-free stores in downtown Seoul, the customs agency said Monday, in what is seen as a major opportunity for retailers to boost sales amid anemic consumer spending.The seven bidders include market giants Hotel Lotte and HDC Shilla Duty Free, who are affiliated with Lotte Duty Free and Shilla Duty Free, respectively, according to a press release by the Korea Customs Service.Other companies who took part in the bid, the first for large corporat
June 1, 2015
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Hanwha spurs solar facility investments
Hanwha Group, the nation’s 10th largest conglomerate, unveiled its facility investment plan to turn the nation’s central region of Chungcheong into a solar business hub. “Hanwha Q Cells Korea will build a 1.5 gigawatt solar cell plant in Jincheon, North Chungcheong Province, by the end of this year,” the group said in a press release. The company, where Hanwha Corp. and Hanwha Chemical hold 41 percent and 30 percent stake each, will invest 350 billion won ($260 million) for the project to build
June 1, 2015