Most Popular
-
1
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
2
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
3
DP leader says he will meet Yoon without conditions
-
4
First-ever meeting of president, opposition chief set to finally happen
-
5
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
6
NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
-
7
Experts raise concerns about Japan putting pressure on Naver over Line
-
8
Samsung mobile chief, Google device head meet in Seoul
-
9
More med professors to take day off each week while govt. urges them to stay
-
10
South Korea to launch space security center under spy agency
-
Ailing CJ chairman relinquishes more board memberships
CJ Group chairman Lee Jae-hyun has decided to quit from the boards of two officiates after taking similar steps last year, sources said Thursday.Lee, who was convicted of embezzlement and tax evasion, will quit his posts at its delivery unit CJ Korea Express and retail arm CJ OliveNetworks this month, the sources said.The move is expected to weigh heavily on the entertainment and retail conglomerate, which has been struggling to deal with a leadership vacuum and failed investment plans. Lee Jae-
March 12, 2015
-
Charmzone to sue airport over duty-free store failure
Cosmetics company Charmzone said Thursday it was considering suing Incheon International Airport Corp. for a refund on a 10.2 billion won ($9 million) deposit it paid to run a duty-free store there. The Maeil Business Newspaper quoted Charmzone chairman Kim Kwang-seok as saying, “We are seeking legal countermeasures rather than sit and watch our money disappearing.”Kim was referring to the removal of Charmzone’s operational rights on Feb. 23 after the cosmetics-maker failed to pay a 27.7 billion
March 12, 2015
-
Shareholders keep eye on qualification of board members
Shareholders of Korean conglomerates, in particular institutional investors, are becoming vocal about their voting rights in an effort to raise the bar on the qualification of board members at firms they have invested in. “They are the most interested in getting advice on whether to vote for or against appointment of board members in the 2015 annual shareholders’ meetings,’’ said Kim Sang-yoon, an analyst of Sustinvest, an advisory firm for shareholder votes.The trend is finally gathering steam
March 12, 2015
-
Refiners diversify sources of crude, seek new markets
South Korean refiners, who suffered their worst ever performance last year, are diversifying from their traditional crude suppliers in the Middle East while seeking new export markets for their oil products. GS Caltex, the country’s No. 2 refiner, started importing crude oil from Mexico for the first time in 24 years this month as part of efforts to reduce its dependence on Middle East oil and inventory loss. “Finding sources for cheaper crude oil is the urgent priority amid a high level of unce
March 12, 2015
-
Daesung Group CEO named World Water Forum co-chair
The 2015 World Water Forum National Committee selected Daesung Group CEO Kim Young-hoon as its new co-chair, the committee said Tuesday.Kim was selected due to his experience of hosting the 22nd World Energy Congress 2013 in Daegu as well as his leadership skills as cochair of the World Energy Council, committee officials said. Daesung Group CEO Kim Young-hoonKim will be in charge of inviting senior-level officials and managing the external business of the forum.The World Water Forum, a triennia
March 12, 2015
-
Lotte buys car rental firm for 1.02 tln won
South Korean retail giant Lotte Group said Thursday it has signed a 1.02 trillion won ($906 million) contract to buy a car rental service firm, seeking to diversify its business portfolio.Lotte said it will fund the purchase of KT Rental Co. by May. Lotte was selected in mid-February as the best fit to buy the country's largest car rental firm, an affiliate of KT Corp., the nation's No. 2 mobile operator.The group, whose businesses stretch from retail and finance to tourism and hospitality, has
March 12, 2015
-
‘Nut rage’ victim files civil suit in U.S.
A Korean Air flight attendant involved in the “nut rage” incident has filed a civil lawsuit against Heather Cho, the former vice president of the airliner, with a court in the United States on Monday, saying she was subjected to verbal and physical abuse and humiliation. The suit was filed on Monday in the Supreme Court of the State of New York, Queens County, according to U.S.-based law firms representing Kim Do-hee on Wednesday. (Yonhap)Kim, a female cabin crew member who served macadamia nut
March 11, 2015
-
POSCO to supply metal for Porsche 911
POSCO, South Korea’s leading steelmaker, said Wednesday it will be supplying lightweight magnesium sheets to Porsche for the German sports carmaker’s highest-performance model, the 911 GT3 RS. POSCO said the material will be used for the roof of the new GT3 RS, the first body adoption of the material that has been used for a limited number of smaller car parts. “We expect the demand for auto parts using magnesium will continue to grow at a fast pace,” POSCO said in a statement. Body work for Por
March 11, 2015
-
Korean builders expected to win $11b refinery plant project in Kuwait
Global consortiums consisting of three Korean leading builders are expected to win an $11 billion order to build a refinery plant in Kuwait. According to sources, the consortiums, formed by Hanwha Engineering and Construction, Daewoo Engineering and Construction, and Hyundai Heavy Industries, offered the lowest bids for three projects at the Al-Zour refinery tendered by state-owned Kuwaiti National Petroleum Co. “We have a good chance of securing the project as we offered the lowest price,” a Hy
March 11, 2015
-
KTX Seoul-Honam route to launch next month
Korea will launch a new high-speed KTX service linking Seoul and the nation’s southwestern region including Gwangju amid hopes that it will greatly contribute to boosting the local economy, officials said Wednesday.Transport Ministry officials said the Honam KTX trains would link Seoul and Gwangju in 93 minutes, cutting more than an hour and a half from trips by express buses or slower trains. For the faster railroad service, the government has built new tracks in the Jeolla provinces. So far, K
March 11, 2015
-
Ibis chain eyes S. Korea's budget hotel market: Accor official
Leading European hotel group, Accor of France, is looking to expand its budget hotel chain Ibis in South Korea to target a new pack of travelers with style and technology, its Asia-Pacific director said Wednesday. Patrick Basset, Asia-Pacific chief operating officer for Accor, said major Asian markets have shown double-digit growth over the past years and still have more room for expansion in the budget hotel segment. "Asia-Pacific is a very dynamic market. This had the biggest growth of our por
March 11, 2015
-
Air purifier exports jump on China demand
Exports of South Korean-made air purifiers topped the $100 million mark for the first time in 2014, pushed by demand from China, customs data showed Wednesday.Records from the Korea Customs Service (KCS) showed outbound shipments reaching $119.1 million for all of last year, up a sharp 33.3 percent compared to 2013. The average unit price also rose, up 47.2 percent on-year to $101 from $69 in 2013, an indication that higher-end products are being exported.The KCS said last year's showing marked
March 11, 2015
-
[Graphic News] Koreans in 50s and 60s reduce spending most
Families whose main earners are in their 50s or 60s were found to have slashed their spending most among age groups last year as they are planning to or have already retired, according to a government report.The average consumption propensity of households with heads in their 50s and 60s stood at 69.7 percent and 69.6 percent, respectively, the lowest among demographic groups, Statistics Korea said. The propensity average is the ratio of total consumption to disposable income.The drop is notewor
March 10, 2015
-
[SUPERRICH] Lotte, Shinsegae heirs battle for retail supremacy
The rivalry between Lotte, the country’s largest retailer, and Shinsegae, the No. 2, is nothing new, but it has never been as apparent and fierce as now. The corporate archenemies have locked horns several times lately, with the heirs apparent of both business empires seeking to expand their territories before they finally take full control. In the latest such incident, Shinsegae, the country’s 13th-largest business enterprise by assets, on Feb. 27 decided not to bid for control of Kumho Industr
March 10, 2015
-
[SUPERRICH] Korean superrich join selfie trend
Selfies are trending across the world. While people have been shopping their own photos, long the access to smartphones has now made it easier for anyone to take a selfie and share it online.For the superrich, their selfies take on more meaning than a simple snap. Their fame causes their selfies to go viral much faster, and contain more narrative power than a lengthy speech.Billionaire entrepreneurs worldwide have used selfies to promote their products. Apple and Xiaomi’s CEOs both advertised th
March 10, 2015
-
Kumho Asiana likely to retake bus operator
Kumho Asiana Group is vying to retake Kumho Buslines in three years after renouncing control of the forerunner transportation unit during its liquidity crisis.The group sent a takeover proposal late Monday to buy back Kumho Buslines from a private equity fund jointly run by IBK Securities Co. and KStone Partners, which holds a 100 percent stake in the intercity bus transportation. But the group annexed a condition to the deal that it would only buy stakes in Kumho Buslines after excluding the bu
March 10, 2015
-
Homeplus CEO apologizes for retailer’s malpractice
Homeplus CEO Do Sung-hwan on Tuesday publicly apologized over a series of malpractices the company was involved in, from the alleged sale of customer information to unfair treatment of suppliers. “We’re reflecting on ourselves over what has happened in the past year. We’ll strive to win back customers’ trust and meet their expectations,” Do said during his first press conference held since his inauguration in 2013. “2015 will serve as an opportunity for us to transform into a customer-only retai
March 10, 2015
-
DSME hit by leadership row
Daewoo Shipbuilding & Marine Engineering is being hit by growing uncertainty about its new leadership, sapping staff morale. “Although the three-year term of current CEO Ko Jae-ho ends this month, the corporate board hasn’t even started discussions on his successor for the next three years,” Kim Sang-soo, a DSME union member, told The Korea Herald. The situation is unusual for the company. Previously, the board started the process for the next CEO appointment at least two months before the incum
March 10, 2015
-
Lotte establishes W1tr joint fund with pension service
Lotte Group has established a joint fund worth 1 trillion won with the state-run National Pension Service in an effort to boost its M&A deals overseas, the group announced Monday.The two parties each contributed 500 billion won to form the joint fund, which is now registered with the Financial Supervisory Service, according to Lotte.The fund will function so that each time Lotte Group acquires a foreign company through an M&A or invests in a new business, the National Pension Service will match
March 10, 2015
-
Korea’s nuclear reactor model under full review by U.S.
The U.S. is now conducting a thorough review of the APR1400 reactor model, developed by the state-run Korea Hydro & Nuclear Power, to determine whether to officially certify its design, the state power operator said Tuesday.The so-called next-generation reactor model ― with larger capacity, longer life span and less costs ― passed a preliminary screening by the U.S. Nuclear Regulatory Commission last week.The NRC’s final approval would pave the way for South Korea to export the reactor to the Un
March 10, 2015