Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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Yuhan-Kimberly discloses safety policy for baby products
Yuhan-Kimberly, Korea’s leading hygiene product-maker, disclosed its safety policy for baby care products on Wednesday in an effort to build customer trust and penetrate developed markets. The disclosed information includes ingredients used for baby care products. “The first-of-its-kind move within the industry is aimed at keeping the promise to customers at home and abroad about the safety of our baby products,’’ a company spokesperson said. Through gaining the trust of customers, the company a
Jan. 14, 2015
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Daewoo Shipbuilding seeking stake sale in non-core unit
Daewoo Shipbuilding & Marine Engineering Co., the world's second-biggest shipyard, said Wednesday it is pushing to sell its stakes in its wholly-owned unit FLC Ltd., a golf course operator.The stake sale is intended to streamline the shipbuilder's business by disposing of its non-core assets, the firm said in a regulatory filing."We are examining preliminary proposals for the stake sale, which we received from multiple potential buyers at the end of last year," the company said.However, it did
Jan. 14, 2015
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Hyundai Heavy restructures to combat financial crisis
Hyundai Heavy Industries Co., the world's largest shipbuilder, said Wednesday it will integrate its industrial plant business with its offshore engineering division and cut 1,500 jobs through a voluntary retirement program to tide over its financial crisis.The integration will help the company cut its costs through the bulk purchase of components and materials and raise efficiency in production, the shipbuilder said in an e-mailed statement. Under the move, the company will utilize the workforce
Jan. 14, 2015
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[Graphic News] Seoul among most expensive cities
Seoul has some of the highest prices for goods such as Starbucks coffee, Chilean wine, carbonated water, beef and imported fruits, according to data released by Consumers Korea on Monday.The organization examined the prices of 42 agricultural, livestock and processed products in June and October across 13 major cities in the world.Out of 42 products, Seoul turned out to have the highest prices for 35 items, earning the title of one of the top five most expensive cities.
Jan. 13, 2015
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[Newsmaker] Hyundai Motor family share sale plan fails
Hyundai Motor chairman Chung Mong-koo and his son’s bid to sell some of their stakes in their business empire has failed. But this will not hinder the Chung family’s attempt to accelerate a father-to-son management transfer inside the world’s fifth-largest automaker, observers said. On Monday, Chung and his son Eui-sun, who is also the vice chairman of the nation’s top automaker, reportedly sent a notice to institutional investors that they plan to sell a combined 13.4 percent of the logistics f
Jan. 13, 2015
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AmorePacific mulls patent lawsuit against Lancome
Lancome’s “Miracle Cushion” (L’Oreal Paris)AmorePacific, South Korea’s top cosmetics firm, said Tuesday that it was considering legal action against French cosmetics house Lancome over a possible patent infringement of its signature air cushion compact. AmorePacific officials said it would decide whether to file a patent lawsuit against L’Oreal Korea, the Korean unit of L’Oreal Group, which is set to release the Miracle Cushion on Jan. 19.“We will analyze the product after the launch and then co
Jan. 13, 2015
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Thick-noodle ramen from Nongshim
Nongshim’s new spicy thick-noodle ramen, Wooyooktangmyeon. (Nongshim)Nongshim, Korea’s leading ramen maker, unveiled Tuesday a spicy thick-noodle ramen targeting the young generation, company officials said. Nongshim said it aims for Wooyooktangmyeon’s annual sales to reach 50 billion ($46.3 million) won and enter the top 10 best-selling ramen list by the end of the year.The new noodle is 3 millimeters thick, about twice that of average noodles sold in South Korea. “Wooyooktangmyeon is the resul
Jan. 13, 2015
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Korean builders eye $1.2b nuclear plant project in Ulsan
Fierce competition is expected among South Korean construction companies to win a 1.4 trillion won ($1.29 billion) mega project to build two units of a power plant.The order placed by the state-run Korea Hydro & Nuclear Power for Shin-Kori power plant units 5 and 6 in Ulsan is considered to be the single largest public construction project of the year. “It is the most important public construction project of this year, not only because of its huge scale but also because of the construction achie
Jan. 13, 2015
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Caffe Bene seeks success in East Asia
South Korean coffee chain Caffe Bene is betting big on the Southeast Asian market as it aims to operate 140 stores in the region by 2017.Southeast Asia is the fourth region in which the company has opened outlets, starting with the Philippines, Indonesia, Cambodia, Malaysia and Vietnam, according to company officials. With two more shops having opened in Malaysia last month, Caffe Bene now has 17 cafes in Southeast Asia. “We’re striving to become a representative South Korean coffee brand that l
Jan. 13, 2015
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Daum Kakao launches taxi app for drivers
South Korea’s leading free messenger service operator Daum Kakao Corp. on Tuesday showcased a taxi application for drivers in its first step to start a full-fledged taxi service, adding the passengers’ version will also be released by the end of the first quarter.The release came a month after Daum Kakao signed a preliminary deal with the Seoul Taxi Association and Korea Smart Card Co. for the service that would link customers with the closest cab through a mobile app.Daum Kakao said all drivers
Jan. 13, 2015
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Samsung’s patents in U.S. outnumber rivals
South Korea’s tech giant Samsung Electronics Co. had more U.S.-registered patents last year than its big name U.S. competitors, including Microsoft Corp. and Google Inc., according to the latest data Tuesday.Samsung had 4,952 items patented with the U.S. Patent and Trademark Office, ranking it second, the data compiled by U.S.-based IFI Claims Patent Services said. IBM topped the list with 7,534 patent registrations, keeping the No. 1 spot for the 22nd year. Japan’s Canon Inc. ranked third, trai
Jan. 13, 2015
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Taubman sees high growth potential in Korea
U.S. property developer Taubman seeks to expand its footing in South Korea where a growing number of people are starting to embrace shopping malls as a mainstream retail channel, its regional chief said Tuesday."The United States is a good market but with limited opportunities going forward to create new shopping centers because the market is mature. So we had to look where we wanted to be as a company to have some future growth," said Taubman Asia President Rene Tremblay. "We decided that Asia
Jan. 13, 2015
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Planned stake sale in Hyundai Glovis fails
A planned stake sale of the logistics unit of Hyundai Motor Group by Chairman Chung Mong-koo and his son has failed, market sources said Tuesday, apparently due to its massive scale and sales conditions. Chung and Eui-sun, vice chairman of Hyundai Motor Co., had sought to sell a combined 13.4 percent in Hyundai Glovis Co. with about 5 million shares to be offloaded through a block deal.Investment bank sources said that the sale has not gone through as planned because its scale was too big to be
Jan. 13, 2015
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[Newsmaker] Labor abuse scandal rocks WeMakePrice
The past two weeks have been a rollercoaster ride for WeMakePrice, the country’s leading domestic deal-of-the-day online site. The country’s most-visited social commerce website operator was at the peak of its business earlier this year, eyeing the acquisition of a local competitor and labeling global retail juggernauts Alibaba and Amazon market competitors, but soon fell to the very bottom after facing a state crackdown for business malpractice. The Ministry of Employment and Labor on Monday sa
Jan. 12, 2015
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[SUPER RICH] Foreign billionaires’ firms muscle into Korea
When global companies like Uber and IKEA expanded their business into South Korea last year, local taxi firms and retailers were caught off guard by their cheap pricing and fresh business ideas. And it was natural for their billionaire founders, Travis Kalanik and Ingvar Kamprad, respectively, to make headlines here for their success stories and underlying strategies.This year, more ― and bigger ― billionaires are in store to make inroads into in Korea, posing a challenge to their local competit
Jan. 12, 2015
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[SUPER RICH] Superrich linked to ‘dreams’
People tend to hold mixed feelings toward the superrich. While there is animosity or jealousy toward those who have so much, there is also a sense of desire to achieve what they have. The superrich provide inspiration that anyone can be economically successful if they work toward their dreams.The Korea Herald Special Investigation Team and social media analyst Jelly Fish studied “big data” related to wealthy people in Korea and abroad to pinpoint the latest obsession ― dreams and the superrich ―
Jan. 12, 2015
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Incheon City seeks Alibaba’s investment
Incheon City said Monday that it is in talks with Alibaba Group to attract investment from the Chinese e-marketplace giant. “The city has sought investment from the Chinese retail giant, promoting the city’s geopolitical advantage, since the latter half of last year, but more time is needed for both parties to develop the details of the investment plan,’’ Incheon City spokesman Woo Seung-bong said. The remarks came after a local newspaper reported that the port city, located 40 kilometers west o
Jan. 12, 2015
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Hyosung ties up with French firm to enter electric power market
Hyosung Group has reached a business start-up agreement with France’s energy giant Energy Pool to make inroads into the South Korean demand response market, the Korean conglomerate said Monday. Demand response is a network of homes or businesses, in which end-use customers reduce their electricity usage over a given time period.“Hyosung aims to be a leading demand response operator by combining our core technologies such as the Internet of Things and cloud platforms to precisely predict customer
Jan. 12, 2015
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Hyundai Development to join Seoul duty-free bid
Chung Mong-kyuSouth Korean property developer Hyundai Development Co.-Engineering & Construction plans to bolster its retail industry footing by joining an upcoming tender for duty-free shops in Seoul, its chairman said Monday.“We plan to establish a tourism and shopping district in Yongsan by taking part in the bid for Seoul duty-free stores this year. The Yongsan I-Park Mall is deemed as one of the best locations for a duty-free shop,” said Chung Mong-kyu, chairman of Hyundai Development. Chun
Jan. 12, 2015
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Drugmaker Green Cross’ exports top $200m last year
Green Cross Corp., a South Korean pharmaceutical company, said Monday its exports topped $200 million last year, becoming the first South Korean drugmaker to reach the mark. The pharmaceutical firm said its outbound shipments were led by a surge in demand for vaccine products, which totaled $60 million last year, up 60 percent from a year earlier.In 2010, the drug firm started delivering a seasonal flu vaccine to the Pan American Health Organization in the wake of an influenza outbreak, and its
Jan. 12, 2015