Most Popular
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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LG Hausys bets on energy-efficient insulation panels
CHUNGJU, North Chungcheong Province ― Korean surfacing material manufacturer LG Hausys seeks to capitalize on the revival of the property market by expanding its sales of high-efficient phenolic foam insulation panels, the company said Friday. It chose the phenolic foam board as its new growth engine and pledged to expand its sales of the insulation panel to 50 billion won ($45 million) by 2018, a sixfold increase from 8 billion won last year. The company expects the energy-saving and eco-friend
March 29, 2015
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Korean Air’s new plane boasts luxury suites
Korean Air Lines’ newest aircraft will offer passengers a luxury in-flight experience on medium-to-long distance flights beginning April 2, according to the flagship carrier.The new plane is an Airbus A330-300, which seats 272 passengers. It is highly fuel-efficient and can fly up to 11 hours covering 9,450 km. According to Airbus’ website, it also has the quietest cabin among twin-engine planes operating today. Korean Air has fitted the plane out with its luxury Prestige Suites to make it more
March 29, 2015
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Slush fund scandal may delay Dongkuk Steel’s Brazil project
The latest prosecution’s raid on Dongkuk Steel Mill and its investigation into the group owner are casting a cloud on the future of the nation’s faltering third-largest steelmaker, which had hoped for revitalization through its ongoing Brazil project.The prosecution unexpectedly raided the headquarters of the steelmaker in Seoul on Saturday, on suspicion that the firm stashed some 10 billion won ($9.06 million) in U.S. accounts to avoid taxes. It is also suspected of exaggerating the sales price
March 29, 2015
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Lotte, Shinsegae compete for rich Chinese
South Korea’s two retail giants Lotte and Shinsegae are duking it out to attract the growing number of rich Chinese shoppers visiting the country. Lotte Department Store is reportedly reviewing plans to build an eight to nine-story building next to its headquarters in the shopping district of Myeong-dong, Seoul, a popular destination for Chinese and Japanese tourists. Chinese tourists visit the shopping district of Myeong-dong, Seoul, during the Lunar New Year holiday in February. (Yonhap)The n
March 27, 2015
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Can rich builder take over Asiana?
Hoban Construction, a mid-tier local builder, showed much confidence in winning a controlling stake in Kumho Industrial, saying the company has enough cash to satisfy creditors. Kim Sang-yeol, founder and chairman of Hoban Construction, said his firm is in a position to bid 1 trillion won ($ 906.8 million) to acquire a 57.5 percent stake in Kumho Industrial, which owns key affiliates of Kumho Asiana Group, including the country’s second-biggest air carrier Asiana Airlines.“My company has suffici
March 26, 2015
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CJ Group sets breeding company
Food-and-culture enterprise CJ Group on Thursday established CJ Breeding, a seed company, in order to improve domestic farm products. The company will focus on the research and development of the seeds of rice, beans, mung beans, red pepper, Chinese cabbage, sesame, seaweeds and others, and will provide the outcomes to farms. The farmers will sell back the harvested products to CJ CheilJedang, which will be manufactured into processed foods for sales, the company spokesman said. CJ plans to secu
March 26, 2015
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Busan Bank innovating for financial tech era
Busan Bank will focus on expanding non-face-to-face transaction channels and smart finance strategies, bank officials said Thursday.The bank said the efforts were part of a bid to gain competitiveness in the emerging fintech era. Fintech, a relatively new term combining finance and technology, broadly refers to technology and software that is used to facilitate financial analysis and transactions.The bank is currently working on creating mobile-based bankbooks, a credit card transaction system b
March 26, 2015
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SK Networks to sell American Eagle, Canali
SK Networks, the trading arm of SK Group, said it would introduce American Eagle, a U.S. casual apparel brand, and Canali, an Italian luxury menswear brand, to the local market in June and August, respectively. “The firm’s fashion division has completed a deal with each brand for exclusive domestic sales,” the company said in a press release. Cho Joon-hang (right), head of SK Networks’ fashion division, poses with Kareem Gahed, vice president of American Eagle Outfitters, Thursday. (SK Networks
March 26, 2015
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[Graphic News] Conglomerates acquire 203 firms in 5 years
Korea’s 30 largest conglomerates acquired 203 companies at a total price surpassing 29 trillion won ($26.3 billion) in the past five years, according to data compiled on mergers and acquisitions released Wednesday. CJ Group led the pack in the number of deals with 36 acquisitions while Hyundai Motor Group topped spending on M&As, tallying nearly 5.2 trillion won, the business performance analysis site CEO Score said.The most expensive acquisition by far was Hyundai Engineering and Construction,
March 25, 2015
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Korean Air announces codeshare with Jin Air
Korean Air, South Korea’s largest airline, said Wednesday that it would strengthen cooperation with its budget unit Jin Air by adding six codesharing routes to Japan and other Southeast Asian countries. Starting March 29, codesharing will be applicable on routes that the low-cost carrier currently operates from Incheon to Nagasaki, Okinawa, Macau, Guam, Kota Kinabalu and Vientiane.“Korean Air will have a chance to enter new markets where it has not operated, while Jin Air can strengthen its sale
March 25, 2015
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Schindler slams Hyundai Elevator share plan
Schindler Holdings AG, the second-largest shareholder of Hyundai Elevator, on Wednesday said the company will boycott the Korean lift-maker’s attempt to seek a paid-in capital increase, for the sake of shareholders’ interest. Its stringent opposition is likely to ignite a heated debate at Hyundai’s annual shareholders meeting on Friday, where the company will seek approval to triple its total shares to 60 million. “Schindler will vote against the proposal in order to best protect the company and
March 25, 2015
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DSME to share LNG-fueled ship technology with Changwon
Daewoo Shipbuilding and Marine Engineering and Changwon City in South Gyeongsang Province announced Tuesday that they signed a memorandum of understanding to share and transfer patented technology.The MOU was a follow-up measure to a visit by DSME to Changwon in January at the request of Changwon’s Future Strategy Committee, when the two parties first agreed on a transfer of technology regarding liquefied natural gas-fueled ships, or LFS.DSME will transfer technology to shipbuilding material sup
March 25, 2015
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Hyundai Heavy speeds up business consolidation
Hyundai Heavy Industries Group, the country’s top shipbuilding conglomerate, is speeding up consolidation of the business management units of its three shipbuilding-related subsidiaries in an effort to streamline operations.The group said Tuesday that Hyundai Heavy Industries, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard will come under a single management system for finance, accounting, information technology and public relations. “We hope to lower the cost and burden of overlapping
March 25, 2015
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Shinhan Financial vows to remain top banking group
Shinhan Financial Group vowed to retain its No. 1 spot in the nation’s banking industry under the leadership of its chairman Han Dong-woo.The banking group maintained the top position last year by earning a net profit of 2 trillion won.Financial analysts said the result was meaningful in that the financial group achieved this at a time when the banking sector was seeing a decline in interest margins due to continued low interest rates. Shinhan Financial Group chairman Han Dong-wooShinhan has kep
March 25, 2015
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Korea seeks FTAs with emerging markets
Korea will seek free trade agreements with emerging markets this year, including Latin American and Middle Eastern countries, in an effort to expand its export markets, a high-ranking government official said Wednesday.“One of three key FTA policy directions this year is to push for FTA talks with emerging markets, whose trade with Korea has increased or will further increase,” Vice Trade Minister Moon Jae-do said in a meeting with business leaders in Seoul. The emerging markets to be targeted f
March 25, 2015
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Who are the oldest superrich in Korea?
As people’s life expectancies are becoming longer and longer, there are expected to be more superrich who live to 100.The Superrich Team found six billionaires in South Korea who in their 90s.The oldest living entrepreneur in Korea is KISWIRE founder and honorary chairman Hong Jong-ryul, who is 97 years old. Hong, born in 1918, has since stepped away from business management, but is still registered as a company executive.Lotte Group founder and general chairman Shin Kyuk-ho is 93 years old this
March 24, 2015
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[SUPER RICH] AmorePacific chief dreams big for beauty empire
Last Friday, AmorePacific chairman Suh Kyung-bae was revealed to be the second-richest stockholder in South Korea. According to Chaebul.com, a website dedicated to investigating the wealth of Korea’s superrich, Suh’s shares ― 49.34 percent of AmorePacific Group ― were estimated at 8.1 trillion won ($8 billion). The amount is 39 percent up from 5.8 trillion won estimated in end-2014. Suh is just 362 billion won short of the frontrunner, Samsung Electronics vice chairman Lee Jay-yong. But he has a
March 24, 2015
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[Graphic News] Top 3 retailers remain unchallenged
Lotte Department Store soared past the other big five local department stores in sales reported on Monday, while Galleria Department Store gave up its fourth-place slot to AK Plaza.Lotte reported sales of 14.2 trillion won ($12.8 billion) last year, followed by Hyundai Department Store with 6.98 trillion won ($6.3 billion) and Shinsegae Department Store with 6.3 trillion won ($5.7 billion).AK Plaza unseated Galleria Department Store for fourth place with 2.15 trillion won ($1.94 billion) in sale
March 24, 2015
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Hyundai Motor chairman visits U.S. for on-site inspections
Hyundai Motor Group chairman Chung Mong-koo flew to the U.S. on Tuesday to pay on-site visits to production lines in the United States and Mexico and to boost the morale of employees overseas, the automaker said. During his first overseas business trip, lasting four days, he is scheduled to visit the production sites of both Hyundai Motor and Kia Motors, and the construction site of Kia’s new production plant in Monterrey, Mexico.“His visit to the U.S. reflects the significance of the market for
March 24, 2015
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McDonald’s in conflict with part-timers union
McDonald’s Korea and the nation’s union of part-time workers are at odds over the company’s hourly wage and workplace environment.The union said it would hold a rally in Seoul this weekend to protest “McDonald’s low wages and poor working environment.”But the Korean unit of the fast-food chain Tuesday denied the allegations that its hourly pay is not more than the legally set minimum wage of 5,580 won ($5.05). The company said it has paid workers 7,000 won to 9,000 won an hour. “Under our philo
March 24, 2015