Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Korea enters full election mode
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Mobile carriers to delete users' fingerprints
South Korea's mobile carriers will destroy some 900 million fingerprints collected from their customers over the years for ID verification purposes, the telecommunication watchdog said Thursday, amid growing concerns here about protecting private data. The Korea Communications Commission said the three mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Inc. - have agreed to delete the biometric information scanned from users' identification cards within this year."Mobile carriers admitted
April 16, 2015
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Audi Volkswagen emerges as No. 3 in S. Korea sales
Audi Volkswagen Korea, the local importer of the German company, outpaced GM Korea Co. in domestic sales last year, signaling a change in the car market that has been long dominated by major local makers, industry data showed Thursday.Audi Volkswagen Korea reported to financial authorities here that its domestic sales came to 2.7 trillion won ($2.47 billion) in 2014, the third-largest following Hyundai Motor Co. and Kia Motors Corp., the two homegrown carmaking giants.This is the first time that
April 16, 2015
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Officials to probe air accident in Japan
The Korean government dispatched a group of inspectors to Japan on Wednesday to find the exact cause of the accident involving an Asiana Airlines plane which overran a runway while landing at Hiroshima Airport.The Ministry of Land, Infrastructure and Transport said the inspection team would examine the plane’s black box and other records.“It is too early to determine the exact cause of accident. Korean ministry officials will join the investigation team in Japan to find out,” a ministry official
April 15, 2015
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GKL mulls casino on Yeongjongdo Island
Grand Korea Leisure, which runs three foreigners-only casinos in Korea under the “Seven Luck” brand, is reviewing a plan to open another casino in Yeongjongdo Island, Incheon, home to the Incheon International Airport. “It is true that we are conducting a feasibility study for a casino on the island, but no details (on the project) have been discussed yet,’’ Choi Ji-young, a company spokesperson said. The official comment came after a local economic daily reported that GKL has formed a partnersh
April 15, 2015
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E-Land partners with Chinese developer for luxury mansions
E-Land Group on Wednesday announced it will partner with Chinese golf resort developer Mission Hills in marketing super luxury mansions. The partnership will help Korea’s fashion-turned-lifestyle company attract Chinese tourists and investors to its leisure facilities, E-Land vice chairperson Park Sung-kyung said. Park signed a memorandum of understanding with Ken Chu, CEO and chairman of Mission Hills, at the Chinese business group’s headquarters in Shenzhen. Under the deal, Mission Hills will
April 15, 2015
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Hyundai Heavy may liquidate German wind energy units
Hyundai Heavy Industries, the world’s largest shipbuilder, said Wednesday that its German wind energy affiliates may be liquidated due to their prolonged losses.The Germany-based subsidiaries in question ― Jahnel-Kestermann Getriebewerke GmbH and JaKe Service GmbH ― have posted deficits ever since they were acquired by the Korean shipbuilder in 2011.“Many options, including liquidation, are being considered,” said Hyundai Heavy spokesman Ryu Geun-chan.“As our company is also experiencing difficu
April 15, 2015
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LS Cable to supply cables to Chinese automaker
South Korean electric cable company LS Cable & System announced Wednesday that it had become a direct supplier of high-voltage automotive cables to Dongfeng Motor, a leading Chinese auto company. LS Cable’s high-voltage cable sets ― used to connect components in automobiles ― will be installed on the electric car Venucia e30 starting next month.The Venucia e30 is an EV model produced by Dongfeng Nissan Passenger Vehicle, a subsidiary of Dongfeng based in China.Fueled by the Chinese government’s
April 15, 2015
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Hanwha clinches $200m medical deal with Iraq
Hanwha Group, the nation’s 10th-largest conglomerate, has won a $200 million project to establish hospital facilities and provide medical assistance in Bismayah, Iraq. Under the agreement, Hanwha Engineering and Construction will build the hospital on a 77,000 square meter plot of land. The group’s trade and commerce team will assign medical staff and manage the operation, Hanwha officials said Tuesday. The group is said to be in talks with Soon Chun Hyang University Hospital in Seoul for a par
April 14, 2015
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[SUPER RICH] ‘Tweaker’ superrich who innovated by imitation
Urban Dictionary defines a “tweaker” as someone who constantly makes slight alterations to an object ― typically a very specific one ― such as computers, automobiles and software. Several superrich have been made successful by applying this concept to the corporate world and tweaking preexisting business models as they would a car or software.Sam WaltonWal-Mart founder Sam Walton, who died in 1992, stated in his autobiography: “Most everything I’ve done I’ve copied from somebody else.”Walton set
April 14, 2015
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[SUPER RICH] Huge salary gap between Korean and U.S. superrich
How much do the superrich earn each year from their business achievements?Whenever salary statements of business heads are revealed, the company’s annual performance and achievements are evaluated as well. This is to determine whether the business head deserves the salary that he or she received. For this reason, the annual salary of a business head is often referred to as “compensation.”The Superrich Team looked into the annual salaries of both Korean and U.S. superrich by collecting data from
April 14, 2015
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Cheating website predicts success in Korea
Canadian-based cheating website Ashley Madison on Tuesday celebrated its resumption of services “in a very viable market” in Korea. Ashley Madison, a pro-adultery platform and dating website, was banned by the Korean government after two weeks of successful service in March 2014 for its potentially negative impact on Korean society, in which adultery was still illegal at the time. However, the law was changed in February this year when South Korea’s constitutional court overturned a 62-year-old
April 14, 2015
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Kakao Story is top social media in Korea: survey
Daum Kakao’s Kakao Story is the favorite social network service among South Koreans, beating global rivals such as Facebook and Twitter, according to the latest poll released Tuesday. The poll of 9,381 online users was conducted last year by local research firm Hankook Research.Among 6,700 social media users, or 70.5 percent of the total respondents, Kakao Story topped the list with 51.8 percent, followed by Facebook (28.5 percent) and South Korea’s largest portal site Naver’s Band (23.6 percent
April 14, 2015
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S. Korea's EV market to grow fivefold by 2016
South Korea's electric vehicle market is anticipated to expand more than fivefold by next year on the back of government subsidies to boost sales of the eco-friendly cars, ministry officials said Tuesday. As of the end of last year, the number of registered battery-powered cars in the country stood at 3,044 units, with subsidies to be provided for 3,090 units this year, according to the Ministry of Environment. With the addition of 150 billion won (US$136.82 million) that the environment ministr
April 14, 2015
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(Photo News) Power deal in Vietnam
Doosan Heavy Industries & Construction vice chairman Jung Ji-taek (front, left) and Lilama president Le Van Tuan (front, right) shake hands on Friday in Hanoi, Vietnam, after signing a deal to build a coal-fired power plant in Hau Giang, about 200 kilometers southwest of Ho Chi Minh City, by October 2019. (Doosan Heavy Industries& Construction)
April 13, 2015
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Hyundai Heavy targets early retirement objectors
Concerns over labor conflicts are rising again at Hyundai Heavy Industries as the shipbuilder reportedly tried to penalize those who refused to take the latest early retirement program, the firm’s voluntary workforce cut plan.The HHI branch of the Korean Metal Workers’ Union, the nation’s biggest umbrella union, claimed that a number of its members working for the shipbuilder were subjected to unreasonable demands by the management since they rejected the voluntary retirement scheme, which it be
April 13, 2015
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Urban duty-free bidding war rages
Hyundai Development and Hotel Shilla’s announcement on Sunday to join forces to win a license for an urban duty-free store in Seoul has spurred fresh competition among domestic retailers to grab their share of the 3.2 trillion won ($3 billion) urban duty-free industry.The bidding, managed by the Korea Customs Service, will start in June, with two out of three slots in Seoul allocated to large enterprises and the last reserved for a small- to mid-sized firm. But the “war,” in particular among ret
April 13, 2015
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[Herald Interview] Well-being market on the rise in aging society: Amway scientist
Thanks to improvements in diet, sanitation, technology and medical advancements, the average life expectancy has surged dramatically worldwide over the past decades. Those born in the developed countries are now expected to live past 80, according to recent data by the National Institute on Aging.Faced with changing priorities and a longer lifespan, people around the globe are focusing more on their health than ever before, seeking to improve their quality of life through various measures, accor
April 13, 2015
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K-water spurs global expansion with smart solutions
The state-run Korea Water Resources Corp., better known as K-water, is seeking growth opportunities internationally with its smart water management technology.Taking the 7th World Water Forum as a platform for global marketing, the state-run water resources management corporation is stepping up promotions of its advanced water technologies to the world, while seeking to gain a foothold to enter overseas water markets. The international water event is being held in Daegu and North Gyeongsang Prov
April 13, 2015
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KRC pushes joint projects with Egypt, Thailand
Korea Rural Community Corp. president Lee Sang-mu met with Thai counterparts to discuss Korea’s renovation deals on Thai dam facilities, the KRC said Monday. The KRC chief had in-depth talks with Lertviroj Kowattana, the chief of the Royal Irrigation Department of Thailand, to discuss renovation projects for the Rama VI Dam and water lock gates.In addition, Lee and Kowattana also discussed the Korean pilot development businesses in Pran Buri and Phetchaburi, Thailand, to set up the water managem
April 13, 2015
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S. Korea takes up nearly half of global smart TV market
South Korea took up nearly half of the global smart TV market in 2014, data showed Monday, with Samsung Electronics Co. and LG Electronics Inc. being the only tech players to post a two-digit share.The combined market share held by the two came to 43.4 percent last year, with Samsung accounting for 28.2 percent and LG for 15.2 percent, according to the data compiled by market tracker DisplaySearch.Other global rivals were far behind the two South Korean players, with Japan's Sony Corp. posting 7
April 13, 2015