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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China outpaces Korea in smaller OLED shipments for 1st time
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Medical profs at top hospitals suspend surgeries, clinics
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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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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Seoul to deploy more military doctors to fill med prof void
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Stock value of top 30 richest family members up 16.1%
The combined value of stocks belonging to South Korea’s top 30 richest families rose 16.1 percent in the past one-year period to 111.7 trillion won ($101.6 billion), a report by a local conglomerate research firm said Thursday.Analysis by CEO Score showed members of the pan-Samsung family, which include CJ, Shinsegae and Hansol, held stocks worth more than 27.6 trillion won. Samsung is the largest family-run business empire, known as chaebol, in the country.Relatives belonging to the broader Hyu
Dec. 11, 2014
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Korea pushes for forestry partnerships with ASEAN
The Korea Forest Service successfully reinforced its partnership with ASEAN countries in the forestry sector at a two-day Korea-ASEAN Special Ministerial Meeting on Forestry that started Wednesday in Busan. “It was a good opportunity for Korea to share its forestry experiences with ASEAN countries, Korea’s important economic and trading partners,” Shin Won-sop, minister of the Korea Forest Service, told The Korea Herald in an email interview. ASEAN countries together make up Korea’s second-large
Dec. 11, 2014
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Korea, Cambodia team up to tackle deforestation
The Korea Forest Service on Wednesday signed a memorandum of understanding with Cambodia to prevent deforestation and degradation in the Southeast Asian country, government officials said Thursday. Under the MOU, the two countries will cooperate on United Nations-led REDD+ programs ― standing for Reducing Emissions from Deforestation and Forest Degradation ― that aim to cut greenhouse gas emissions by preventing forest degradation and deforestation in developing countries. “Cambodia has a big pr
Dec. 11, 2014
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S. Korea's first nuclear waste facility gets go-ahead
South Korea's nuclear watchdog said Thursday it has approved the full operation of the nation's first nuclear waste disposal facility after test runs and inspections confirmed its safety. Construction of the permanent disposal site for low- and medium-level radioactive waste in Gyeongju, 370 kilometers southeast of Seoul, was completed in June after seven years, but its operation has been delayed pending the nuclear inspection body's safety assessment. The Nuclear Safety and Security Commission
Dec. 11, 2014
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S. Korean firm seeking to export indigenous guns to Poland
A South Korean defense company is pushing to clinch a deal with Poland to sell its indigenous self-propelled howitzers, military sources said Thursday."Samsung Techwin Co. is set to sign a contract with Poland this month to export some 120 units of the K-9 self-propelled howitzers," a source said, asking not to be identified.Samsung Techwin developed the 155-millimeter howitzer for the country's armed forces in 1998 to replace K-55 howitzers. Equipped with state-of-the-art firing and mobility sy
Dec. 11, 2014
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Hyundai Genesis makes final list for N. American Car of the Year
Hyundai Motor Co.’s new Genesis premium sedan made it onto the finalists’ list of the 2015 North American Car of the Year awards, the company said Tuesday.The two other cars tapped were Ford Motor Co.’s Mustang and Volkswagen AG’s GTI, Hyundai Motor America, the sales and marketing arm of South Korea’s No. 1 carmaker, said. A total of 28 cars were considered for the 2015 awards and 10 were shortlisted in late September. The winner of the award will be announced at the 2015 North American Interna
Dec. 10, 2014
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Samsung Gear VR sells out on U.S. debut
Samsung Electronics’ new virtual-reality device sold out on the day of its debut in the United States, industry sources said Wednesday, in a positive sign for the company’s move to diversify its portfolio amid an ailing handset business.“It sold out as thousands rushed to order the device right after starting official sales,” a Samsung official said. “The product is now again available for purchase in all regions in the U.S.”Dubbed Samsung Gear VR, the device was first showcased in August. It pr
Dec. 10, 2014
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Talent Cosmetics attains halal certification
Talent Cosmetics became the first Korean cosmetics brand to receive the Malaysian government’s halal certification, company officials said on Wednesday.The certification ― issued by the Department of Islamic Development Malaysia ― recognizes products that have been processed in ways approved by the Islamic Law. Out of its total of 550 cosmetics products, 147 have received the certification, according to the firm. “The latest authorization from Malaysia has established the bridgehead for us to f
Dec. 10, 2014
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Scrapped power plant project hampers Doosan
Doosan Heavy Industries & Construction is likely to miss its annual construction order target following a move by a state-run power distributor in India to scrap its plans to build a 1 trillion won ($900 million) thermal power plant. Doosan had bid the lowest price for the 1,320-megawatt Katwa power plant in West Bengal commissioned by the National Thermal Power Corporation, India’s state-owned enterprise and the country’s largest power producer. “The NTPC canceled the project suddenly in mid-pr
Dec. 10, 2014
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Samsung Electronics adds to mobile division in reorganization
Samsung Electronics on Wednesday announced a business restructuring that added more sectors to its mobile division, apparently in a move to bolster its mainstay business amid disappointing handset sales.The announced plan includes transferring the marketing sector of the Global Business-to-business Center and mobile-related duties of the Mobile Solution Center to the IT and Mobile Division “to better cope with market changes and strengthen speedy decision-making.”The MSC is in charge of developi
Dec. 10, 2014
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Samsung Electronics adds to mobile division in reorganization
Samsung Electronics on Wednesday announced a business restructuring that added more sectors to its mobile division, apparently in a move to bolster its mainstay business amid disappointing handset sales.The announced plan includes transferring the marketing sector of the Global Business-to-business (B2B) Center and mobile-related duties of the Mobile Solution Center (MSC) to the IT and Mobile Division "to better cope with market changes and strengthen speedy decision-making."The MSC is in charge
Dec. 10, 2014
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Daum Kakao CEO faces summons for condoning child pornography
The head of South Korea's top mobile messenger operator, Daum Kakao, will be summoned for questioning in the near future on charges of allowing massive amounts of child pornography to be shared on its social networking service, Kakao Group, police said Wednesday.Lee Sirgoo, the co-CEO of Daum Kakao, will be questioned over allegations that he failed to prevent child pornography from being freely exchanged on Kakao Group, a mobile app designed for messaging among groups of friends, according to t
Dec. 10, 2014
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Korean Air apologizes over ‘nut rage’
Korean Air, South Korea’s No. 1 air carrier, apologized over the flight delay and inconvenience caused by Hanjin Group heiress Heather Cho amid the launch of a goverment probe. “We apologize for the inconvenience caused to the passengers, and for turning the plane around despite it not being an emergency situation,” the carrier said in a statement released late Monday night.The carrier maintained that a flight manager had neglected his duties by not being aware of whether or not it was suitable
Dec. 9, 2014
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TriBeluga seeks to be Asia’s startup platform
Panelists, including TriBeluga CEO Lili Luo (left), discuss startups in China at a tech conference in Beijing. (Park Hyong-ki/The Korea Herald)BEIJING ― TriBeluga, a Beijing-based startup incubator, said that it will facilitate young technology pioneers and visionaries from China, South Korea and the U.S. to work together to solve social problems through innovation.TriBeluga founder and CEO Lili Luo said the startup accelerator seeks to become a platform connecting entrepreneurs in China and Ko
Dec. 9, 2014
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Digital banking prompts banks to close branches
South Korean banks are being forced to close down branches amid increasingly digitalized banking systems and moves from tech firms to jump into the competition, according to industry watchers.A total of 119 branches of the nation’s top four banks were shuttered this year, related figures showed on Tuesday. Kookmin Bank shut down the largest number of branches at 49, followed by 43 by Shinhan Bank, 18 by Hana Bank and nine by Korea Exchange Bank. “Banks are downsizing as more customers are using
Dec. 9, 2014
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Cheil Industries to open subscription for IPO shares
Cheil Industries Inc., the de-facto holding company of Samsung Group, plans to open subscription for its initial public offering shares for investors from Wednesday through Thursday. The subscription will be led by six local brokers ― KDB Daewoo Securities Co. and Woori Investment Securities Co., which are leading the IPO, and Samsung Securities Co., Shinhan Investment Corp., Hana Daetoo Securities Co., and KB Investment & Securities Co, the four underwriters.The IPO slated for next week is expe
Dec. 9, 2014
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Hyundai E&C inks MOU with Abeinsa for cooperation in solar power
Hyundai Engineering & Construction Co., South Korea’s No. 2 builder, said Tuesday it has signed a pact with global energy contractor Abeinsa to cooperate in solar power generation.The memorandum of understanding is expected to help the South Korean company make inroads into integrated solar combined cycle sectors in places like South America and Africa.Abeinsa is the construction arm of Spain’s Abengoa S.A. and has extensive experience in concentrated solar power generation. CSP efficiently crea
Dec. 9, 2014
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Korea steps up cigarette smuggling crackdown
The Korea Customs Service is to reinforce the monitoring of tobacco smuggling on concerns about the burgeoning trade of duty-free cigarettes in the domestic market following an announced price hike. In the run-up to a tobacco price hike on Jan. 1, the agency said it would closely monitor tourists purchasing more duty-free cigarettes than the government-imposed 10 pack limit. An official from the Korea Customs Service crouches amid duty-free cigarettes seized from smugglers at the Seoul customs
Dec. 9, 2014
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Hanwha to consolidate solar energy affiliates
Hanwha Group, one of South Korea’s leading conglomerates, said Monday that it has decided to merge its two solar energy affiliates ― Hanwha SolarOne and Hanwha Q-CELLS ― to sharpen its competitive edge in the global solar energy market. To that end, Hanwha SolarOne will swap its new shares for a 100 percent stake in Hanwha Q-CELLS held by Hanwha Solar Holdings Co, which is a holding company of the two solar energy companies, the group said. The merged entity slated to be launched in the first qu
Dec. 9, 2014
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SK appoints young CEOs
SK Group, the nation’s third-largest conglomerate, conducted a full-scale management shake-up on Tuesday, replacing heads of its key affiliates including SK Innovation and SK Telecom. Only SK hynix, the best-performing affiliate of the group, retained the current CEO Park Sung-wook.“The new CEOs are tasked to turn around the business with creative and innovative new strategies,” the group said in a press release.SK Group had long been expected to undergo a management reshuffle as the profitabili
Dec. 9, 2014