Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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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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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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Tobacco price hike begets fresh uncertainties
While the new tobacco tax has been in effect in South Korea for only three weeks, smokers have already found various ways to fight the state-backed market.With the turn of the year, the local price of a pack of cigarettes produced by KT&G, Philip Morris, British American Tobacco or Japan Tobacco International nearly doubled from 2,500 won to 4,500 won ($2.30 to $4.15).The country’s market-based approach to encouraging smokers to quit, however, has had both bright and dark sides. The ugly side ef
Jan. 27, 2015
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Samsung Display eyes Chinese handset makers for diversification
Samsung Display Co., a South Korean display maker, has added more Chinese tech firms to its client list to sell them smartphone AMOLEDs, a move seen as a strategy to rely less on its parent company, Samsung Electronics Co., which is suffering weak sales, industry sources said Tuesday.The subsidiary of the world’s top handset maker, Samsung Electronics Co., has been selling 5.2-inch AMOLEDs to China’s Coolpad Group Ltd. for its flagship Dazen X7 debuted last month. The X5 Max made by another Chin
Jan. 27, 2015
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LG Display, UDC to bolster exchanges in OLED
LG Display Co. said Tuesday it has signed a licensing deal with Universal Display Corp. that allows it to use patents held by the U.S. firm to make OLED-related products.UDC, established in 1994, holds more than 3,300 patents on OLED, or organic light-emitting diodes, and related materials.“The strategic exchange will allow us to have a growth momentum in the OLED TV market and accelerate the development of flexible and transparent OLED products,” LG Display said in a news release.LG Display and
Jan. 27, 2015
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LG Household & Health Care’s operating profit up 31 percent
LG Household & Health Care posted 1.2 trillion won ($1.07 billion) in sales and 111 billion won in operating profit for the fourth quarter of 2014, the company said Tuesday. The figures are up 14.5 percent on-year in sales and a 30.9 percent hike in operating profit, the company said. It is company’s first time to see quarterly operating profit exceeding 100 billion won, capping its second consecutive year with sales above 1 trillion won. The firm’s yearly record came at 4.6 trillion won in sale
Jan. 27, 2015
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Provincial government eyes casino resort on reclaimed land
A provincial government said Tuesday it will push to build a casino resort on reclaimed land along South Korea's southwestern coast to attract tourists and boost the local economy. North Jeolla Province said it has been in consultations with foreign investors to build an integrated resort in the Saemangeum area -- the world's longest seawall at 33.9 kilometers, creating 40,100 hectares of land -- after the central government announced plans earlier this month to build two more foreigners-only ca
Jan. 27, 2015
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Per capita rice consumption hits all-time low in 2014
Per capita rice consumption in South Korea hit a record low in 2014 as people opted for other types of grain products, data showed Tuesday.The average annual consumption of rice per person fell to 65.1 kilograms last year, down 3.1 percent from the previous year's 67.2 kg, according to the data by Statistics Korea.This marked the lowest level since related recordkeeping started in 1963, when consumption was 105.5 kg. Compared with 1970 when consumption hit a record high of 136.4 kg, rice intake
Jan. 27, 2015
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Hyundai Motor to launch fund for innovative technologies
Hyundai Motor Group said Tuesday it will launch a 177.5 billion won (US$163.9 million) fund to support the development of new technologies and business activities for automobiles and hydrogen fuel cells.Hyundai Motor Group, which owns South Korea's top two car manufacturers, Hyundai Motor Co. and Kia Motors Corp., said 52.5 billion won of the fund will be assigned to support automobile-related startups and development of new technologies, and another 15 billion won will go to helping nurture the
Jan. 27, 2015
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Discount outlet, department store sales fall in Dec.
Sales at South Korea's discount outlets and department stores continued to shrink from a year earlier in December but at a slower pace, a government report said Tuesday. According to the report by the Ministry of Trade, Industry and Energy, discount chain sales dropped 3.8 percent on-year last month while numbers for department stores were down 0.9 percent.The contraction marks the fourth month in a row that sales declined from comparable months in 2013. Sales at discount outlets and department
Jan. 27, 2015
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Asiana Airlines exceeds Korean Air in flying passengers on
Asiana Airlines Inc., South Korea's second-largest flag carrier, ranked first in passenger transportation for the Gimpo-Jeju Island route for the first time last year thanks to its efforts to expand the number of flights for customers using the most popular air travel itinerary here, industry data showed Tuesday.According to the data by Korea Airports Corp., Asiana Airlines transported about 3.18 million passengers between Gimpo, west of Seoul, and the southernmost resort island of Jeju last yea
Jan. 27, 2015
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SK Telecom, Intel to work together on IoT
South Korea's top mobile carrier, SK Telecom Co., said Tuesday it has agreed with U.S.-based Intel Corp.to exchange technology know-how and search for business opportunities in the Internet of Things (IoT) industry.The two firms signed memorandums of understanding on a joint project that gives access to each other's IoT-related infrastructures, aiming to commercialize business ideas and bolster the growth of the IoT industry.The IoT is a concept in which all tangible objects are connected to the
Jan. 27, 2015
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Samsung ranks No. 2 in global chip market: data
South Korea's tech giant Samsung Electronics Co. ranked No. 2 in the global semiconductor market in terms of revenue last year, data showed Tuesday, while its smaller rival SK hynix Inc. was one of the fastest growing companies among top-notch players.Samsung Electronics, the world's No. 1 smartphone maker, saw its sales of chips reach US$37.25 billion in 2014, up 8 percent from a year earlier, the data compiled by market tracker IC Insights Inc. showed. U.S.-based Intel Corp. retained its top s
Jan. 27, 2015
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[Herald Interview] ‘Old young’ Burberry determined to show world beyond trench coat
Mixing a 159-year heritage with the contemporary vibe to target a wider range of customers will be the key to the future of Burberry, the British fashion brand’s Asia-Pacific division CEO told The Korea Herald on Friday. With a new cosmetics store, an upcoming flagship store and the industry’s first-ever digitized PR and shopping spaces, Burberry will aggressively promote the message that it offers “more than a trench coat” to Koreans this year, said Pascal Perrier.Burberry 2015 fall-winter Mens
Jan. 26, 2015
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Jeju Air aims for $1.3b in sales by 2020
Jeju Air, South Korea’s largest low-cost airline, vowed to post 1.5 trillion won ($1.3 billion) of sales by 2020 while aggressively targeting the Chinese market, the company said on Monday. “Jeju Air aims for 20 percent annual growth in sales by 2020 based on the company’s core values such as teamwork and trust,” Choi Kyu-nam, CEO of Jeju Air said during a ceremony to mark 10th anniversary of the company‘s foundation.The airline, which plans to launch Daegu-Beijing route in February, aims to exp
Jan. 26, 2015
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POSCO expects Chongching steel plant to break ground next month
POSCO, South Korea’s largest steelmaker, is expected to start building a steel plant in Chongqing, China, as early as next month, reports said Monday.“Chinese Vice Premier Wang Yang has vowed to approve the construction of the project as soon as possible. We could receive an authorization next month, at the earliest,” POSCO chairman Kwon Oh-joon told reporters after a meeting with Yang in Seoul on Saturday. But a POSCO spokesperson stressed that nothing had been fixed yet, saying the chairman wa
Jan. 26, 2015
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Korean firms set to raise dividend payouts for 2014
South Korean companies are set to increase dividend payouts for 2014 under growing government pressure to return more to shareholders, data showed Monday. Among the 18 listed companies that have announced their dividend plans as of Friday, 15 said they would deliver more to shareholders with their 2014 dividends to be paid standing at 1.84 trillion won ($1.7 billion), up 38 percent from the previous year, according to disclosure filings by each firm.Among them, NCsoft Corp., an online game devel
Jan. 26, 2015
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Kim & Chang recognized as top 10 global tax law firm
Kim & Chang ranked ninth among the world’s top tax law firms, the Korean company said Monday.The Korean firm earned the honor from the U.K.-based Legalese, which published the Tax Directors Handbook 2015 after analyzing the tax practices of law firms globally.According to the annual book, Kim & Chang has 152 tax lawyers, about 21 percent of all its lawyers. “Kim & Chang is the only law firm put on the list of the top 10 tax law firms in the Asia-Pacific region,” the company said in its release.T
Jan. 26, 2015
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Corporate direct financing edges up in 2014
Direct financing by South Korean companies edged up in 2014 from a year earlier on large-size initial public offerings, the financial watchdog said Monday.Local companies raised a combined 121.94 trillion won ($113.15 billion) from stock and bond sales throughout last year, compared with 121.5 trillion won the previous year, according to the Financial Supervisory Service.Stock offerings contributed to the slight rise, totaling 5.77 trillion won last year, up 10.8 percent from 5.2 trillion won a
Jan. 26, 2015
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Exports fall for second year in won terms: report
Exports calculated using the Korean won declined for the second year in a row in 2014, despite South Korea’s outbound shipments hitting record annual levels, trade data showed Monday.Numbers released by the ministry of trade and industry and the Korea International Trade Association showed Asia’s fourth-largest economy exporting $573.1 billion worth of goods last year, up 2.4 percent from 2013.In contrast, when converted to the local currency, exports dipped 1.5 percent to 603 trillion won.It wa
Jan. 26, 2015
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KT chief vows to up global sales to 2 tln won by 2016
The head of South Korea's No. 2 mobile carrier KT Corp. pledged Monday to lift the company's global sales to 2 trillion won (US$1.85 billion) by 2016, as it opts to increase sales of mobile infrastructure technology overseas and invest more in future businesses like the Internet-of-Things (IoT). "We'll strive to demonstrate more visible results in the global market based on our strong network platform service as an innovative enterprise that represents this country," KT Chairman Hwang Chang-gyu
Jan. 26, 2015
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Korean, Chinese CEOs discuss cooperation
South Korean business leaders met with Chinese Vice Premier Wang Yang and some 50 Chinese businesspeople to discuss ways to boost cooperation in trade and business between the two countries in Seoul on Saturday.Some 50 Korean top executives including Hyundai Motor Group chairman Chung Mong-koo and LG Group chairman Koo Bon-moo met with the vice premier on the sidelines of his three-day visit to Korea to promote tourism and commercial ties. “The two countries have a mutual interest in expanding t
Jan. 25, 2015