Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Korean Air eyes growth in aerospace business
BUSAN -- Faced with growing competition from emerging markets and saturating profits, the nation’s flagship carrier, Korean Air, is seeking new growth engines by ramping up its little-known aerospace business, a top executive of the company said on Nov 5.“The company has set its sights on the fast-growing aerospace business for future growth,” said Choi Ho-kyoung, managing vice president from the aerospace business division of Korean Air. He noted that sales of the division have achieved double-
Nov. 11, 2015
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[Photo News] KCCI Corporate Photo Contest winner
KCCI PHOTO CONTEST WINNER — The Korea Chamber of Commerce and Industry selected office worker Lee Jae-hak’s work “Dad is working late” as the 30 million won ($26,000) grand prize winner of its second Korea Corporate Photography Contest. Lee’s work, alongside 74 other winning photos, will be displayed at the KCCI in central Seoul for two weeks starting Nov. 17. They are also available at kcciphoto.korcham.net. (KCCI)
Nov. 11, 2015
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Samsung heir’s visit rattles shipbuilder
Samsung Electronics vice chairman Lee Jae-yong’s rare visit to a Samsung Heavy Industries shipyard has sparked speculations over the fate of the shipbuilding unit, which has been reeling under severe losses.Market watchers are continuing their guessing game over the Samsung Group heir apparent’s visit Monday to the shipyard on Geojedo Island, South Gyeongsang Province, the first of its kind in eight years. Sources said that Lee’s move hints at a possible restructuring or sell-off of the loss-mak
Nov. 11, 2015
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Lotte chairman meets with start-up chiefs
Lotte Group chairman Shin Dong-bin met with executives of several start-up companies to discuss measures to support them, the firm said Wednesday. It is a part of follow-up steps after Lotte announced its plan to set up an investment corporation, named “Lotte Accelerator,” designed to help young people start their own business in October. Shin offered 10 billion won ($8.7 million) from his personal fortune to set up the investment firm. According to the company, some 300 people, including 30 st
Nov. 11, 2015
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S-Oil provides heating oil to poor households
S-Oil donated 200 million won ($173,000) to the Korea National Council on Social Welfare on Wednesday as a part of the “Hope to You” campaign starting this year, where it will provide heating oil to poor households.A total of 200 underprivileged households -- mostly consisting of solitary seniors and elderly raising grandchildren -- will receive the donation in the form of fuel coupons worth 1 million won.S-Oil CEO Nasser al-Mahasher visited the recipients’ homes in person and delivered heating
Nov. 11, 2015
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Daewoo Shipbuilding ordered to halt partial operations amid safety concerns
The government ordered Daewoo Shipbuilding & Marine Engineering Co., one of South Korea's big three shipbuilders, Wednesday to stop work on five of its ships under construction, following a series of accidents at its shipyards, officials said.The measure will immediately take effect and hold true until work safety is guaranteed on the ship that caught on fire Tuesday and four others of the same kind, the Ministry of Employment and Labor said.On Tuesday, a fire broke out inside a gas tanker being
Nov. 11, 2015
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Creditors likely to press for Hyundai Group restructuring
Financial authorities are expected to take the initiative in conducting the debt rescheduling of Hyundai Group after its logistics unit publicizes its third-quarter earnings this Friday, some creditor bank officials said Wednesday.According to data held by the Financial Supervisory Service and the Korea Development Bank, the group is reportedly facing a liquidity crisis as its flagship Hyundai Merchant Marine has been saddled with snowballing debt.After posting 601.7 billion won ($521.4 million)
Nov. 11, 2015
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Koreans largest consumers of instant noodles in the world: data
South Koreans ranked number one in the world in terms of instant noodles consumption per year, government data showed Wednesday. According to the Ministry of Agriculture, Food and Rural Affairs, a South Korean on average consumes 76 packages of instant noodles, or ramyun, every year, outpacing runner-up Vietnam, whose citizens ate 55.1 packages. Besides those two countries, Indonesia and Thailand came in third and fourth. The processed food market report calculated that one package of instant
Nov. 11, 2015
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Hyundai, Kia Oct. sales account over 20% in Russia
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their market share in Russia stay over 20 percent in October despite the overall slump in demand, industry data showed Wednesday.According to the data by a European business association, Kia Motors sold a total of 14,422 units in Russia last month, the second largest following a local carmaker. Hyundai Motor ranked third by selling 14,145 units.Sales of Kia Motors and Hyundai Motor shrank 17 percent and 8 percent, respectively, fro
Nov. 11, 2015
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Uber joins hands with Kia for premium service relaunch in Seoul
Uber, the controversial ride-booking mobile app, will make a fresh start in Seoul with its high-end version to be serviced on a popular Korean-made luxury sedan, its U.S. operator said Wednesday, seeking to set foot here for the second time after the business hit a snag due to opposition from the local industry.Uber Technologies Inc. plans to relaunch UberBlack, the premium riding service, in South Korea by the end of the year, provided on the K9 model sold by the country's No. 2 carmaker Kia Mo
Nov. 11, 2015
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Over 1,500 Koreans join class-action suit against Volkswagen
More than 1,500 owners of Volkswagen vehicles in South Korea are participating in a class-action lawsuit against the German auto giant, demanding the cancellation of their purchases and full refunds, industry sources said Wednesday.According to the sources, a total of 1,536 customers of Volkswagen and its luxury brand Audi joined the collective lawsuit filed with a Seoul court against the German carmaker, its local units and dealerships as of Friday.The number of people suing Volkswagen has been
Nov. 11, 2015
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Korean web portals seek dual tactics for webtoon biz overseas
Gumiho, a nine-tailed, seductive vixen from South Korea's traditional horror tales, may soon make her international debut online in the 21st century. She will likely join Captain America, the Hulk and Iron Man in the official Marvel Heroes lineup, thanks to her appearance as White Fox in the "Avengers: Electric Rain," a webtoon series co-created by the Walt Disney Company and South Korea's No. 2 Internet portal provider Kakao Corp.Naver Corp., the operator of the country's top Internet search en
Nov. 11, 2015
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Hyundai Group striving to stand on its feet
Hyundai Group, a South Korean shipping conglomerate facing a protracted slump, is striving to draw up a plan to stand on its own feet amid government pressure to reshape its money-losing business portfolio, industry watchers said Wednesday.Hyundai Group has been rushing to salvage its key unit, Hyundai Merchant Marine Co. which has been in the red for years due to a decline in freight rates and global trade. The group's losses also have ballooned following the suspension of cross-border tours to
Nov. 11, 2015
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Hyundai Motor heir Chung raises his stake in company
Hyundai Motor vice chairman Chung Eui-sun spent 300 billion won ($259.3 million) to purchase 1.84 million shares, or 0.84 percent, in the nation’s top automaker from Hyundai Samho Heavy Industries, company officials said Tuesday. Chung Eui-sun (The Korea Herald)In its regulatory filing, the carmaker said Chung, the only son of group chairman Chung Mong-koo, bought the shares at 162,500 won apiece during after-hour trading. Market analysts said the junior Chung’s move is seen as an aim to tighte
Nov. 10, 2015
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[SUPER RICH] Shinsegae chairwoman caught with borrowed-name stocks again
Shinsegae chairwoman Lee Myung-hee Shinsegae vice chairman Chung Yong-jinShinsegae Group, the country’s second-largest retailer, declared Friday its founder and chairwoman Lee Myung-hee owned 380,000 company shares worth around 80 billion won ($69 million) under borrowed names and that she would convert them to her own name on the day. The problematic stocks were 258,449 shares of large discount store chain E-mart, 91,296 shares of Shinsegae and 29,938 shares of Shinsegae Food, which were techn
Nov. 10, 2015
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[SUPER RICH] Celebrities running natural product businesses
What do Gwyneth Paltrow, Gisele Bundchen and Madonna have in common?They are celebrities involved in natural product businesses, having become major shareholders in or founding their own companies. Their businesses range from natural foods and snacks to baby products and skin care.The Superrich team presents several world-famous celebrities working as natural lifestyle ambassadors.Jessica Alba Jessica Alba. BloombergHollywood star Jessica Alba is also known for cofounding The Honest Company,
Nov. 10, 2015
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DSME signs memo for fund-raising
Daewoo Shipbuilding & Marine Engineering signed an agreement with its main creditor on Tuesday to start receiving funds for financing its plans to put the embattled shipbuilder back on track.Up to 4.2 trillion won ($3.6 billion) of fresh loans are expected to be injected into Daewoo under the memorandum of understanding it signed with Korea Development Bank, according to related sources. KDB said it signed the memo on the behalf of all of Daewoo’s creditor banks that includes the Export-Import B
Nov. 10, 2015
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Creditors set to pump 4.2 tn won into ailing Daewoo Shipbuilding
Creditors of a loss-making shipbuilder are set to provide 4.2 trillion won ($3.63 billion) in financial aid to the financially shaky firm in their latest bid to salvage it, industry sources said Tuesday.According to the sources, the creditors, led by state-run Korea Development Bank, and Daewoo Shipbuilding & Marine Engineering Co. signed a memorandum of understanding on Monday to push ahead with large-scale restructuring and financial assistance.Daewoo Shipbuilding has suffered a more than 4 tr
Nov. 10, 2015
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LG Electronics wins 7 best product honors in U.S.
South Korean home appliances giant LG Electronics Inc. said Tuesday seven of its products have won this year's awards for the best performances from a U.S. reviewer.The company said its products, including an organic light-emitting diodeTV and a washing machine, won the "Best of Year" title from Reviewed.com, a consumer product analyst.Reviewed.com said the LG 65EF9500 OLED TV boasts outstanding resolution despite the relatively high sales price of around $5,000, along with a design "that stands
Nov. 10, 2015
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Tourism industry faces better outlook in Q4: poll
South Korea's tourism industry is expected to recover from the fallout from the Middle East Respiratory Syndromeoutbreak in the fourth quarter, but the overall business sentiment still remains subdued, a poll showed Tuesday. According to the survey conducted by the Korea Culture & Tourism Institute on 332 tour and hotel operators, the business survey index stood at 83 in the October-December period.The figure is higher than the third quarter's 57, but it is below 100, which means pessimists outn
Nov. 10, 2015