Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Spirits market breaks away from ‘Scotch’
Premium liquor in Korea mostly referred to Scotch whisky. But this is no longer the case, as the market’s key players have moved on to low-alcohol spirits.This new trend, according to top distillers, reflects the change of the market and the needs of young consumers, while retaining the values of whiskey.Spearheading the low-alcohol spirit sector was Golden Blue, a local whiskey brand launched in 2009 by a medium-sized local distiller in Busan. Golden BlueDifferentiating itself from leading Scot
May 20, 2015
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Tesla CTO eyes growth in car battery development
The chief technology officer of U.S. electric car manufacturer Tesla Motors forecast significant strides in the development of lithium-ion batteries over the next five to 10 years, as he eyed increased demand for electric batteries tailored for cars.“When we look forward to 2020, we think we will have around 1 million electric cars in total on the road that will amass about 70 gigawatt hours of total energy storage,” said JB Straubel, the CTO and cofounder of Tesla, during the 2015 Seoul Digital
May 20, 2015
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[Photo News] On-site management
May 20, 2015
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Time for companies to show their true colors on climate change
Time for companies to show their true colors on climate changeBy Georg Kell The Paris summit on climate change coming up in December will be a test of the ability of world leaders to read science accurately, and to act in the long-term interests of their countries and their planet.But the spotlight is also on business.Traditionally understood to be a major source of the problem, the private sector is now becoming a necessary part of the solution.The first cracks in the ice of corporate inactivit
May 20, 2015
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Renault Samsung's Twizzy for BBQ chicken delivery
BBQ chairman Yoon Jong-geun (far left), Seoul Metropolitan Government Deputy Mayor for Administrative Affairs Jung Hyo-sung (second from left) and Renault Samsung Motors President Francois Provo (far right) pose in front of the RSM all-battery electric vehicle Twizzy after signing a memorandum of understanding in Seoul on Wednesday. According to the agreement, the French-based carmaker will provide five Twizzy Cargo models for BBQ fried chicken delivery from the beginning of June, supported by t
May 20, 2015
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Arrest warrant sought for ex-POSCO E&C exec over slush fund
Prosecutors Wednesday requested an arrest warrant for a former vice president of POSCO Engineering & Construction Co. for allegedly embezzling company funds to create a slush fund abroad. Chung Dong-hwa is suspected of stashing away about 10 billion won (US$9.1 million) in secret reserves when he was the chief executive officer of the company from 2009 to 2012. Prosecutors suspect he collected rebates from POSCO E&C's subcontractors, including one that works for its Vietnam operations. He den
May 20, 2015
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Daelim, Daewoo win 3.5 tln-won deal in S. Korea
Daelim Industrial Co. and Daewoo Engineering & Construction Co. said Wednesday they have won a 3.5 trillion-won ($3.2 billion) deal to build a facility in the southeastern part of South Korea, the country's largest-ever order for a single plant. The deal calls for the construction of a residue upgrading complex and an olefin conversion system at a refinery owned by local oil refiner S-Oil Corp. in Ulsan, 414 kilometers southeast of Seoul, according to the two builders. The new facilities are
May 20, 2015
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Ban urges Korean firms to join sustainable development drive
U.N. Secretary-General Ban Ki-moon on Tuesday called for South Korean firms to step up efforts to achieve sustainable development. “The Korean industry is dynamic. Everybody agrees, and it is growing. I am here to call on you to be even more creative in your contributions to global progress,” Ban said during the U.N. Global Compact Korea Leaders Summit 2015 held in Seoul.Stressing that Korea is one of the highest emission-producing countries within the OECD, Ban urged business leaders to join th
May 19, 2015
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Korea, India to bolster ties in infrastructure, manufacturing
The leaders of South Korea and India vowed to promote closer economic ties when they attended the first CEO forum for the two countries in Seoul on Tuesday.“There is still huge room for growth in economic ties between the two countries, given their economic growth potential and complementary trade structure,” South Korean President Park Geun-hye said during her opening speech in the first Korea-India CEO Forum in Seoul on Tuesday.Business areas where Korea and India can create win-win partnershi
May 19, 2015
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[SUPER RICH] Koo Kwang-mo steps closer to LG inheritance
Koo Kwang-mo, son of LG Group chairman Koo Bon-moo, emerged as the heir-apparent of the 71.2 trillion won ($71 billion) conglomerate this week as it was revealed that he owns the largest number of company shares among contenders. Although he is the biological child of Heesung Group chairman Koo Bon-neung ― younger brother of Bon-moo ― he was adopted in order to inherit the group’s management. The LG founding clan has a strict patriarchal inheritance structure, granting exclusive rights to eldest
May 19, 2015
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[SUPER RICH] Korean superrich around the world
At a time when national borders are blurring, Korean superrich ― both citizens and emigrants ― are setting up shop around the world. As these overseas Koreans run their businesses, not only do they play a role in representing their roots from afar, but they also show that people can succeed after going through much hardship.JapanMany Korean and Korean emigrant businessmen work in other Asian countries, particularly in Japan and Southeast Asia. In the case of Korean-Japanese entrepreneurs, many c
May 19, 2015
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Korean market soars on social marketing success: Amway
BEIJING -- For U.S.-based global direct sales giant Amway, East Asia stands as a critical region housing the company’s top three markets -- China, South Korea and Japan.Though the popular perception is that China, backed by a massive consumer base, is Amway’s most important market, Korea in fact stands as the company’s top-valued market, according to Amway executive Sam Rehnborg, president of the Nutrilite Health Institute.Nutrilite Health Institute president Sam Rehnborg (Amway Korea)“Our No. 1
May 19, 2015
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Samsung C&T leads overseas nuclear exports
The Shin-Wolsong nuclear power plant No. 2 will start operations in July as Samsung C&T has nearly finished its construction through cutting-edge technology and safety precautions.The company said that it oversaw the construction of the plant as well as its nuclear steam supply system. Officials added that the testing of the plant in April ended successfully.The new Shin-Wolsong plant has an improved light-water reactor that can produce 1 million kilowatt of electricity per hour. It also has enh
May 19, 2015
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Samsung Heavy dismisses Indian shipbuilding tech
Samsung Heavy Industries president Park Dae-young reportedly talked down Indian shipbuilding capabilities after meeting Prime Minister Narendra Modi, visiting Seoul on Tuesday.“India’s shipbuilding technology lags far behind South Korea’s. It’s too early to worry about shipbuilding technology being leaked,” Park told reporters after the meeting in a Seoul hotel. India’s state-run shipping company Cochin Shipyard recently inked a deal with Samsung Heavy to win a tender issued by Gail, India’s sta
May 19, 2015
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Gov't identifies damage to 9 farm goods from FTAs
Producers of nine local farm goods have suffered damage from a rise in imports due to free trade agreements, becoming eligible for government support and compensation, the agriculture ministry said Tuesday. In a meeting in Seoul, the government committee on support for farmers recognized that the agricultural products were affected by a sudden increase in imports in 2014, according to the Ministry of Agriculture, Food and Rural Affairs. They include soybeans, potatoes, cherries, melons, grapes,
May 19, 2015
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AmorePacific chief 2nd best performer among global stock
The chief of AmorePacific Inc., South Korea's leading cosmetics maker, saw his stock asset value rise at the second fastest pace this year among billionaires around the globe, as the company's stunning performance in China drove up its shares, data showed Tuesday. Suh Kyung-bae's stock assets were estimated at US$10.63 billion as of Monday, up 93.3 percent from the beginning of this year, to jump 63 notches to rank 122nd place, according to Forbes Billionaire List. Suh has became South Korea
May 19, 2015
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Oceans minister promotes cruise industry
Oceans and Fisheries Minister Yoo Ki-june will visit Shanghai on Wednesday to host a sales and marketing event targeting Chinese travel agencies and port operators to attract more Chinese cruise travelers to Korea. “During the three-day visit, the minister will also make a presentation on policy changes and efforts for the nation’s cruise industry development in details,” said Kim Sang-ki from the marine policy department at the ministry.According to the ministry, it is the first time for the So
May 18, 2015
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POSCO bets on India as next growth engine
POSCO, South Korea’s largest steelmaker, is betting on India to fuel its growth.POSCO said it is ramping up efforts to develop more infrastructure and operations at the India office, aiming to meet the needs of the country’s rising demand for locally produced steel. POSCO India recently reshuffled its unit and integrated local offices to focus on “glocalization,” a practice of adapting a product or service specifically to each region or culture. The move is in line with POSCO CEO Kwon Oh-joon’s
May 18, 2015
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Airlines to hike fuel surcharge for int'l flights
South Korean air carriers are planning to raise fuel surcharges for international flights in June in tandem with a recent hike in jet oil prices, industry sources said Monday. Korean Air Lines Co. and Asiana Airlines Inc. -- the country's two top flight operators -- will hike the surcharge to $37 for one-way flights to the United States next month from the current $15, according to the sources. The extra fees on flights for Europe and Africa will go up to $36 in June from $15, while those to
May 18, 2015
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Alibaba launches shopping platform in S. Korea
Chinese e-commerce giant Alibaba Group on Monday opened a shopping platform in South Korea that promises local companies a chance to make headway in the world's second-largest economy, the government said. The launch of the business-to-consumer Tmall shopping platform is aimed at selling South Koreans agricultural and manufactured goods as well as tourism-related services, benefiting local companies, the finance ministry said. "Alibaba has pledged to provide comprehensive marketing and consult
May 18, 2015