Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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Medical profs at top hospitals suspend surgeries, clinics
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Police to open alleged stalking probe over pastor over Dior bag scandal
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Hopes rise for possible Gaza truce deal
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Ex-pro baseball player who killed debtor appeals sentence
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Seventeen shows who is the ‘Maestro’ of K-pop in greatest hits album
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SK kin invest in hallyu building
Founding family members of SK Group, the country’s fifth-largest business conglomerate by assets, have become the latest conglomerate scions to become involved in the Korean pop culture wave, also known as hallyu. Choi Ki-won, the younger sister of SK Group chairman Chey Tae-won, was reported earlier this week to have acquired the JYP Entertainment building in the expensive district of Cheongdam-dong, southern Seoul, for 7.6 billion won ($6.9 million). Choi Ki-wonChoi owns the second-most share
Dec. 22, 2014
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KNOC’s UAE consortium eyes 100m barrels of oil
The Korean consortium, formed by state-run Korea National Oil Corp. and GS Energy, is expected to produce some 100 million barrels of crude oil in Abu Dhabi, the United Arab Emirates, KNOC said. The KNOC-led consortium said that it has completed a drill stem test, which aims to examine the pressure, permeability and productive capacity of a geological formation during the drilling of a well, for producing 200,000 barrels a day at the onshore Haliba field, also called Area 1. Through an array of
Dec. 22, 2014
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Korea, New Zealand agree free trade pact
Korea and New Zealand on Monday initialed their free trade agreement, negotiations for which concluded on Nov. 15, the Ministry of Trade, Industry and Energy said. “The FTA was initialed in Wellington by South Korean Deputy Trade Minister Choi Kyong-lim and New Zealand Deputy Secretary of Foreign Affairs and Trade David Walker,’’ a ministry official said. Initialing of a free trade pact means that the two parties confirm every word on each page is final and will not be subject to changes before
Dec. 22, 2014
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Cinema chains fined W5.5b for unfair practices
South Korea’s corporate anti-trust watchdog on Monday slapped fines totaling 5.5 billion won ($5 million) on two of the country’s largest cinema chains for discriminatory film screening practices.The Fair Trade Commission said both Lotte Cinema and CJ CGV gave preferential screen quotas to films produced by their affiliates or in-house movie distribution firms. Such actions placed non-affiliate film agencies and movie distributors that import films directly from abroad at a disadvantage.Affiliat
Dec. 22, 2014
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POSCO builds lithium extracting plant in Argentina
POSCO, South Korea’s largest steelmaker, said Monday that it had completed the construction of a lithium plant in Argentina that would mass produce the material needed to make batteries for electronic devices.The plant located in Jujuy, in the northern part of Argentina, can produce up to 200 tons of lithium every year by directly extracting the material from water from a nearby lake through chemical reactions, a technique that requires less time than traditional means of production.The company
Dec. 22, 2014
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SJM invited to help run Seoul’s casino resort
SJM Holdings, Asia’s largest casino operator by revenue, has received a partnership proposal to run a casino being built at an airport about 50 kilometers from South Korea’s capital Seoul, people with knowledge of the matter said.Macau, China-based SJM, founded by casino mogul Stanley Ho, was invited by a venture of South Korea’s Paradise Co. and Japan’s Sega Sammy Holdings Inc. to jointly manage the resort at the Incheon International Airport, said the people, who asked not to be named as the i
Dec. 22, 2014
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Hyundai Group raises over W3tr through self-rescue plan
South Korea’s debt-laden Hyundai Group said Monday that it had raised more than 3 trillion won ($2.7 billion) over the last year, reaching 92 percent of the target in a self-rescue plan to pay back debts.The group had aimed for 3.3 trillion won by selling its three financial units ― Hyundai Securities Co. and unlisted firms Hyundai Asset Management Co. and Hyundai Saving Bank Co. ― plus other assets such as its luxury hotel Banyan Tree in downtown Seoul. It said that as of Monday it had raised 3
Dec. 22, 2014
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2 cinema chains fined 5.5 bln won for unfair practices
South Korea's corporate anti-trust watchdog on Monday slapped fines totaling 5.5 billion won (US$5 million) on two of the country's largest cinema chains for discriminatory film screening practices.The Fair Trade Commission (FTC) said both Lotte Cinema and CJ CGV gave preferential screen quotas to films produced by their affiliates or in-house movie distribution firms. Such actions placed non-affiliate film agencies and movie distributors that import films directly from abroad at a disadvantage.
Dec. 22, 2014
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POSCO builds lithium extracting plant in Argentina
POSCO Co., South Korea's largest steelmaker, said Monday that it has completed the construction of a lithium plant in Argentina that will mass produce the material needed to make batteries for electronic devices.The plant located in Jujuy, in the northern part of Argentina, can produce up to 200 tons of lithium every year by directly extracting the material from water from a nearby lake through chemical reactions, a technique that requires less time than traditional means of production.The compa
Dec. 22, 2014
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Investigators zero in on reactor data hacker
The South Korean prosecution said on Sunday it had identified the location of the hacker who posted information on nuclear reactors on the Internet. The joint investigation team looking into the cybercrime said it had dispatched investigators to the province where the Internet protocol address associated with the hacker was sourced. Investigators were also sent to nuclear reactors at the Gori and Wolseong nuclear power plant complexes, which were targeted by the hacker. On Sunday, the hacker use
Dec. 21, 2014
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[Herald Interview] ‘Time to nurture game changers in sports industry’
Korea has become a sports powerhouse in terms of athletes’ performance, but it has made little progress in cultivating the sports industry. “The nation’s sports industry is still in an infant stage. Most firms in this sector (except a small pool of conglomerates) suffer from a lack of strategy and resources,” Choi Joon-seo, a professor of the sports industry and management department at Hanyang University, said in a recent interview with The Korea Herald. He pointed out the local industry’s stru
Dec. 21, 2014
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Prices of oil imports fall to near 4-year low
South Korea’s oil import prices are estimated to have fallen to their lowest in nearly four years last month as international prices plummeted, the Korea National Oil Corp. said Sunday.South Korea brought in 74.47 million barrels of crude oil in October at an average of $93.75 per barrel, KNOC’s statistics showed. This is a 15.5 percent markdown from $111 in the same month last year and is the lowest price since January 2011. It is also the first time that the price has fallen to under $100 sinc
Dec. 21, 2014
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Half of conglomerates to tighten belts next year
Nearly half of South Korea’s conglomerates said they will tighten their belts next year while smaller companies hoped to keep their business status quo, a poll showed Sunday.In the poll conducted by the Korea Employers Federation on 228 companies, 51.4 percent of the leading large firms responded they will seek tight management for 2015, up 11.8 percentage points from a year earlier.As for the 158 small and medium-sized companies, 46.6 percent said they will keep the status quo next year. Only 1
Dec. 21, 2014
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Financial regulator to soften regulation on fintech
The South Korean chief financial regulator said Sunday that he will remove hurdles to the fast-growing financial technology and fully support the sector to refresh the country’s long-sluggish financial industry.“I will change the paradigm of regulation on fintech,” Financial Services Commission chairman Shin Je-yoon told reporters. “I will minimize preregistering requirements, and at the same time clarify liability and maximize consumer protection and information security.”Fintech is a new type
Dec. 21, 2014
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Korea to focus on economic ‘structural reform’ in 2015
The government is expected to announce Monday its economic policy priorities for next year, which will center on structural reform.Deputy Prime Minister and Finance Minister Choi Kyung-hwan hinted at the policy direction Friday, saying that as economic uncertainty and structural vulnerability have slowed recovery, the government plans to focus on structural changes to the economy.His remark came amid a slower-than-expected economic recovery, despite the government’s latest expansionary policy al
Dec. 21, 2014
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Gates Foundation donates $4.9m to SK’s vaccine project
SK Chemicals, a petrochemical unit of South Korea’s third-largest conglomerate SK Group, said Sunday it has received a donation of $4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on joint clinical testing of the vaccine through September 2017 with the International Vaccine Institute, an international organization set up in 1997 by the United Nations Development Program devoted to fighting diseases
Dec. 21, 2014
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LG countersues Samsung on quarrel over washer
LG Electronics, currently in the middle of a legal dispute with rival Samsung Electronics after being accused of vandalizing Samsung products at German shops earlier this year, said Sunday it would take the local competitor to court for defamation and forging evidence.LG executive Jo Seong-jin, one of the company officials accused in the case, said he would comply with a prosecution summons for questioning next month.Samsung in September asked the prosecution to investigate senior executives of
Dec. 21, 2014
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LG countersues Samsung on quarrel over washer
LG Electronics Inc., currently in the middle of a legal dispute with rival Samsung Electronics Co. after being accused of vandalizing Samsung products at German shops earlier this year, said Sunday it will countersue the local competitor for defamation and forging evidence.LG executive Jo Seong-jin, one of the company officials accused in the case, said he will comply with a prosecution summons for questioning next month.Samsung in September asked the prosecution to investigate senior executives
Dec. 21, 2014
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Tourism revenue set to reach all-time high in 2014
South Korea's tourism revenue through the first 10 months of 2014 has already set an all-time high compared with totals from previous years, data showed Sunday, on the back of the rising number of Chinese visitors.The country's tourism revenue came to US$14.78 billion in the January-October period, surpassing the previous record of $14.16 billion posted for the whole of last year, the data compiled jointly by the Ministry of Culture, Sports, and Tourism and the Korea Culture and Tourism Institut
Dec. 21, 2014
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Gates Foundation donates US$4.9 mln to SK's vaccine project
SK Chemicals Co., a petrochemical unit of South Korea's third-largest conglomerate SK Group, said Sunday it has received a donation of US$4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on joint clinical testing of the vaccine through September 2017 with the International Vaccine Institute (IVI), an international organization set up in 1997 by the United Nations Development Program devoted to fight
Dec. 21, 2014