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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PyeongChang Winter Olympics to be a massive boost for Korean economy
Banners celebrating PyeongChang’s selection as the host of the Winter Games in 2018 are hung across a road near the Alpensia Resort in PyeongChang on Thursday. (Yonhap News)PyeongChang’s hosting the Winter Olympics in 2018 will bring massive economic benefits for the country.According to estimates based on a report compiled in 2008 by the Korea Institute for Industrial Economics and Trade, hosting
July 7, 2011
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Apple files complaint against Samsung
Apple Inc. has filed a complaint with the U.S. International Trade Commission to block U.S. sales of Samsung Electronics Co.’s smartphones and tablet PCs, escalating the legal tussle between the two mobile giants. Apple’s ITC filing comes less than one week after Samsung filed a similar complaint with the federal agency, seeking to block Apple from importing the iPhone, iPad and iPod Touch product
July 7, 2011
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POSCO to acquire Southeast Asia’s largest stainless steel maker
POSCO announced Thursday that it signed a share purchase agreement to acquire controlling stakes in the Thai stainless steel maker ThaiNox.ThaiNox is Southeast Asia’s largest stainless steel maker and currently produces about 240,000 metric tons of cold rolled stainless steel on an annual basis.POSCO currently holds a 15 percent stake in the company, and the latest deal will see the steel giant ac
July 7, 2011
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Samsung Electronics’ Q2 earnings fall 26.1%
Source: Samsung Electronics (Yonhap News)Samsung Electronics on Thursday was on par with market forecasts with the announcement that its tentative second quarter operating profit stood at 3.7 trillion won ($3.4 billion), down 26.1 percent from the previous year.Sales rose 2.93 percent from the second quarter of 2010 to reach 39 trillion won to record a 5.43 percent increase from the first quarter.
July 7, 2011
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KRIHS, World Bank sign deal for urban development
Korea Research Institute for Human Settlements President Park Yang-ho (right) and the World Bank Group’s manager of the urban development unit Abha Joshi-Ghani, after signing an agreement to exchange resources on sustainable urbanization. (KRIHS)The Korea Research Institute for Human Settlements, a state-run think tank, said Thursday it has forged an agreement with the World Bank Group to share re
July 7, 2011
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FTA to cut cosmetics, medical prices
Competition is set to become intense between cosmetics and medical equipment firms in Korea and the European Union after the two regions’ free trade agreement came into effect on July 1.Though it will take up to seven years until all the tariffs are eliminated, Korean manufacturers are stoking fears that cheaper European products will erode their competitiveness in the market.European leaders, on
July 7, 2011
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‘Apple to unveil new iPhone in third quarter’
Shoppers enter the Apple Inc. Store on Fifth Avenue in New York. (Bloomberg)NEW YORK (AFP) ― Apple plans to launch its next-generation iPhone during the third quarter of the year, The Wall Street Journal reported on Wednesday.The newspaper, citing “people familiar with the situation,” said Apple has placed orders for key components to used in the new version of the iPhone and that it would be thin
July 7, 2011
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Auto industry on hiring spree in U.S.
In two years since brush with death, auto industry has added jobs faster than rest of economyDETROIT (AP) ― Volkswagen opened a plant in Tennessee last month with 2,000 workers. Honda is hiring 1,000 in Indiana to meet demand for its best-selling Civic. General Motors is looking for 2,500 in Detroit to build the Chevy Volt.Two years after the end of the Great Recession, the auto industry is hiring
July 7, 2011
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LG Electronics cuts smartphone target by 20 pct
LG Electronics Inc., the world's third-largest maker of mobile phones, said Thursday that it expects to sell 24 million smartphones this year, 20 percent fewer than its earlier target, as competition in the lucrative handset market intensifies.The reduced sales target may complicate LG's efforts to revive its money-losing mobile business, which is expected to report a fifth straight quarterly loss
July 7, 2011
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SKT, STX bid for Hynix
SK Telecom and STX Group have submitted letters of intent to acquire Hynix Semiconductor.Friday marked the deadline for a sale broker’s receiving LOIs for a 15 percent stake, whose value ranges between 2.34 trillion won ($2.18 billion) between 2.74 trillion won, in the world’s 2nd-largest semiconductor firm.According to industry sources, SK Telecom has the strong willingness that it “would not los
July 7, 2011
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Three global firms bid for E-Mart Chinese operations
By Cho Ji-hyunThree well-known global companies are taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As.Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take over E-Mart’s Shanghai operations and that the players w
July 7, 2011
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Corporate Korea efforts for PyeongChang paid off
The collective effort from the local corporate sector played a pivotal role in giving PyeongChang its long-coveted wish of hosting the 2018 Winter Olympics. ####CaptionIOC member and Samsung Group chief Lee Kun-hee (front) and Bid Committee and Hanjin Group chairman Cho Yang-ho visit the Durban Riverside Hotel on Monday, where the Korean delegation is staying to promote PyeongChang’s bid to host t
July 7, 2011
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SK Group’s Chey family hit by series of scandals
A member of SK Group’s Chey family is once again under the scrutiny of the investigative authorities, adding to the growing list of suspect goings on at the country’s third largest conglomerate.In the latest investigation involving a member of the Chey family, prosecutors have banned vice chairman Chey Jae-won from leaving the country as they look into the allegation that he has slush funds amount
July 6, 2011
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KT expands campaign for mutual growth with vendors
KT Corp. chairman Lee Seok-chae (third from left) and IT firms’ executives attend a ceremony to vow mutual growth in Seoul on Wednesday. (KT)KT Corp., the nation’s largest fixed-line carrier, on Wednesday offered support and encouragement for its vendors at a forum it held for IT sector executives.KT said it would provide up to 1,000 free patents to its partner firms to help them offer better qual
July 6, 2011
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Hyundai Steel bets on excavator parts
Continuous tracks. (Hyundai Steel)Hyundai Steel is upping the ante in its earth-moving equipment parts business as it seeks to meet surging demand for excavators in emerging markets.Korea’s second-largest steel mill said Wednesday it plans to pour 94.4 billion won ($88.6 million) this year alongside its suppliers into a project to establish facilities for components such as continuous tracks, trac
July 6, 2011
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Twitter said to be valued at $7 billion
Twitter Inc. logos are displayed on computer screens. (Bloomberg)Twitter Inc., the microblogging site that lets users post 140-character messages, is raising funding that values the startup at about $7 billion, said a person with knowledge of the matter. The San Francisco-based company is in talks with investors to receive hundreds of millions of dollars, said the person, who asked not to be named
July 6, 2011
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3 global firms eye E-Mart’s units in China
Wal-Mart, Tesco, Ren Ren Le to be likely bidders: sourceThree well-known global companies have been taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As.Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take over E-M
July 6, 2011
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Hyundai Heavy says it will not bid for Hynix
Hyundai Heavy Industries Co., the world's leading shipbuilder, said Wednesday it will not bid for a stake in Hynix Semiconductor Inc., raising speculation that creditors may fail again to sell the world's second-largest computer memory chipmaker.Hyundai Heavy had been regarded as the sole potential investor for the 15 percent stake up for sale.Shares of Hyundai Heavy were trading at 478,500 won on
July 6, 2011
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Incheon Airport Corp. buys 10% stake in Russian airport
Incheon International Airport Corp. announced Tuesday it has acquired a 10-percent stake in Khabarovsk Airport in Russia’s Far East, stepping up its charges into the development of the Russian partner.This makes the IIAC the first foreign airport operator to step into management of a Russian airport, which has been safeguarded by the government there as a national strategic industry.As the third-l
July 5, 2011
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End of fuel discount raises tension among refiners
A banner advertising a 100-won discount per liter on fuel is seen at a gas station in Seoul on Sunday, three days before the scheduled end of the discount period. (Yonhap News)Tension among refiners is flaring up again with the government pressuring them to bring fuel prices back to normal rates in stages.Under pressure from the government, local refiners lowered the pump price of motor fuel by 10
July 5, 2011