Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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MLB stadiums deny Korean fried chicken deal
U.S. Major League Baseball stadiums and the food service operator Levy Restaurant dismissed as totally untrue claims by Korean firm Genesis BBQ that it had agreed to sell fried chicken with them, according to multiple sources.Fried chicken chain BBQ announced in a press conference in Seoul on Monday that it would enter the U.S. market with new openings at 92 sports stadiums, including the popular Dodgers Stadium in Los Angeles. The company added that it had inked a deal with Levy, which provides
April 29, 2015
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[Photo News] British supercar
A model poses next to McLaren’s 650S Spider supercar at the carmaker’s first South Korean showroom, which opened in Seoul on Wednesday. (McLaren Korea)
April 29, 2015
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Ikea Korea, Gangdong-gu sign MOU on store construction
Global home furnishing giant Ikea said it will sign an memorandum of understanding with the Gangdong-gu district office in southeastern Seoul on Thursday to cooperate in overseeing the construction of a new Ikea store inside the Godeok Commercial Multicomplex scheduled to open in 2017.Ikea Korea’s country retail manager Andre Schmidtgall and Gangdong-gu chief Lee Hae-sik will establish a mutual partnership to ensure the smooth establishment of the Ikea Gangdong store ― one of four new Ikea store
April 29, 2015
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Daewoo Shipbuilding releases patents to small companies
Daewoo Shipbuilding and Marine Engineering will make more than 100 shipbuilding-related patents available to small and medium-sized enterprises, company officials said Wednesday.Under the plans, DSME will open up 105 patented technologies related to vessels powered with liquefied natural gas to SMEs. The shipbuilder invested about 50 billion won ($47 million) into developing the technologies. The shipbuilder will sign a business contract with the South Gyeongsang Province branches of the Creativ
April 29, 2015
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Regulatory costs in S. Korea exceed 10 pct of GDP: report
The costs caused by regulations in South Korea topped 10 percent of gross domestic product, a business lobby said Wednesday, arguing that eased regulations could help result in stimulating job creation and economic growth. The regulatory cost is calculated by taking into consideration expenses related to market regulations, bureaucracy and tax policies. In particular, the cost from market regulations is based on a gap between national income under a regulation-free economy and the income under
April 29, 2015
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Kumho Industrial bid ends fruitless
The latest bid for controlling shares of Kumho Industrial Co., the de facto holding firm of Kumho Asiana Group, ended in vain, industry sources said Tuesday, as the sole bidder's offered price did not meet expectations.The decision came after Hoban Construction Co., a mid-sized local builder, made a solo final bid for the 57.5 percent stake in Kumho Industrial at 600.7 billion won (US$561 million). Kumho Asiana Group controls Asiana Airlines Inc., the country's No. 2 air carrier.According to sou
April 28, 2015
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GS Caltex runs programs to help community
GS Caltex has been organizing art therapy for children, a center for the elderly, scholarship funds for low-income students and other social contribution programs in South Korea. Since 2013, the nation’s second-largest oil refiner has been running the Maeum Toktok program, which provides psychological therapy through art, acting and dancing to children who have suffered from domestic and school violence. So far, more than 4,300 children have received the treatment. Starting this year, GS Caltex
April 28, 2015
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Hoban Construction sole bidder for Kumho Industrial
Hoban Construction, a mid-tier builder, has emerged as the sole bidder for a majority stake in Kumho Industrial, the de facto holding company of Kumho Asiana Group. “Hoban Construction is the only company which submitted a bid by the deadline,” an official of the state-run Korea Development Bank responsible for the deal said Tuesday. Detailed conditions of the acquisition deal including the bidding price have not been announced yet, but industry watchers estimate that a 57.48 percent stake in Ku
April 28, 2015
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[SUPER RICH] Superrich reap top dividends
At a time of low economic growth, dividends are rising as a means to promote a smooth economic circulation among the public.As Korean corporations generate more profit every year, foreign investors often mention that they receive too low returns, while ordinary Korean citizens criticize the superrich for receiving too high.But this year, the Korean government implemented a policy to expand dividends, increasing corporations’ dividend overall.Samsung GroupThe new policy has done well for Samsung
April 28, 2015
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[SUPER RICH] Chaebol battle it out in duty-free market
The battle for opening a single downtown duty-free shop is heating up under the watchful eyes of the chiefs of some of the nation’s largest conglomerates. The new duty-free store in central Seoul, whose license will be granted in July, is seen as a golden opportunity for local retail giants to open up a new revenue stream. While the domestic retail market is nearing saturation, the duty-free market has expanded rapidly in recent years, recording double-digit growth since 2010. Between 2010 and 2
April 28, 2015
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New road for Saudi oil minister
New road for Saudi oil minister Saudi Aramco board members including president and CEO Khalid A. Al-Falih (far right) and S-Oil CEO Nasser Al-Mahasher (left) attend an unveiling ceremony for the new 1.3 km-long “A. I. Naimi Road” named after Saudi Oil Minister Ali Al-Naimi (second from left) at S-Oil’s Onsan Refinery in Ulsan, last week. Aramco, Saudi Arabia’s state-run oil firm, is the majority shareholder of S-Oil.
April 28, 2015
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Local builder makes solo bid for Kumho Industrial
Hoban Construction Co., a mid-sized local builder, made a solo final bid for a controlling stake in Kumho Industrial Co., the de facto holding firm of Kumho Asiana Group that controls Asiana Airlines Inc., the country's No. 2 air carrier. According to Korea Development Bank, the lead manager of the stake sale, only Hoban Construction offered its final bid for the 57.5 percent stake estimated at 500 billion won ($468 million). Other details, including its bid price, were not disclosed. In Febr
April 28, 2015
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Software giant Oracle under probe for unfair trading: FTC
South Korea's antitrust watchdog said Tuesday it is investigating multinational software giant Oracle Corp. about its possible unfair trading practices related to its database management system. The investigation into the local unit of California-based Oracle, which has been under way for months, is focused on two areas of business that may be market restrictive, the Fair Trade Commission said. DBMS is used in conjunction with a standard operating system and is a collection of programs tha
April 28, 2015
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S. Korea's cheese import hits record high in 2014
South Korea imported a record amount of cheese last year on rising demand for a westernized diet among local consumers, industry data showed Tuesday. Imports of cheese and curds reached an all-time high of 97,215 tons in 2014, up 14.3 percent from the previous year, according to the data compiled by the Korea Customs Service. Cheese imports have been on a rise with an on-year growth of more than 10 percent since 2010, except 2012, the data added. For the first three months of this year, impor
April 28, 2015
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Sales at discount outlets, department stores drop in March
Sales at South Korea's major discount outlets and department stores dropped in March, the government said Tuesday, possibly indicating that people are cutting back on their spending amid concerns that the economy may lose its growth momentum. The combined sales of the country's three major discount outlet chains dropped 6.5 percent from the same month last year in March, according to the Ministry of Trade, Industry and Energy. The drop marked a sharp turnaround from a 23.5 percent on-year spike
April 28, 2015
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[Photo News] Wireless charging at shops
Samsung Electronics said Monday it would work with companies including Lotte Department Store, coffee chain TOM N TOMS and restaurant chain Seoga & Cook to conduct a joint marketing campaign for wireless charging technology for Samsung’s Galaxy S6 and S6 Edge. Wireless chargers will be installed at around 200 partner stores. (Samsung Electronics)
April 27, 2015
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Nongshim launches ‘Jjawang’ noodles
Nongshim announced last week that it has released a premium jjajangmyeon product, “Jjawang” ― a combination of jjajangmyeon and wang, meaning “king” in Korean.Jjawang boasts 3mm-thick noodles, added with kelp powder in order to improve its texture and bring out savoriness.It also contains a newly enhanced vegetable flake, which includes onions, cabbages, potatoes and green peas, as well as oil made from onion, garlic and green onions to replicate a more authentic taste. Nongshim Jjawang. (Nongsh
April 27, 2015
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Korean chicken hits U.S. sports stadiums
Genesis BBQ Group, South Korea’s leading fried chicken franchise, will launch kiosks at 92 sports stadiums in the United States, the chairman said Monday. The Korean chain signed a memorandum of understanding with Levy Restaurants, which provides vending and food services to major entertainment and sports venues, to set up its kiosks inside the National Football League, Major League Baseball and National Basketball Association stadiums. “BBQ will make a foray into the total restaurant business w
April 27, 2015
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[Herald Interview] ‘Data-driven agriculture is on our doorstep’
Agriculture and information technology may seem far apart, but in fact the latest smart technology could help increase productivity in the primary sector, said the vice president of the world’s leading weather data agency. For centuries, farmers have depended on their empirical instinct in farming, but the so-called big data can help them make more efficient decisions by suggesting numbers and direction, said Anthony Osborne, vice president of marketing at the Climate Corporation. “Data-driven a
April 27, 2015
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POSCO, Indian state at odds over mill building site payment
POSCO’s troubled $12 billion steel mill project in India appears to have hit a snag as the steelmaker and an Indian local government are in dispute over payment for its construction site.According to Indian news reports, a high-ranking government official said POSCO had shown unclear intentions about the project that has remained idle for 10 years.“POSCO must clarify its intention whether it wants to set up the plant or not,” Indian Steel and Mines Minister Prafull Kumar Mallick was quoted as sa
April 27, 2015