Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Samsung may cut 1,000 jobs in China amid weak smartphone sales: reports
Global smartphone leader Samsung Electronics Co. is likely to eliminate 1,000 jobs in China, Chinese media reports said Tuesday, as sales of smartphones in the country become saturated. The possible job cut would affect about 9 percent of Samsung's workforce in China, said reports by Chinese media, including the state-run China Daily newspaper. Samsung Electronics in Seoul declined to provide details on the issue, adding it cannot comment on workforce-related policies.The reports cited unidentif
Sept. 15, 2015
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Louis Vuitton tops Incheon duty-free sales
Louis Vuitton is the best-selling brand at Incheon International Airport’s duty-free stores, data showed Monday. The French luxury brand sold items worth 73.2 billion won ($61.8 million) last year at its boutique at The Shilla Duty Free center, which is the brand’s first airport store in the world, having opened in 2011. It marks the third consecutive year that the brand ranked as the most popular brand by sales. Sales of Louis Vuitton in Korea, however, declined from 102 billion won in 2012 to
Sept. 14, 2015
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Lawmaker slams unethical behavior among Korea Airports Corp. officials
Over 30 officials at the state-run Korea Airports Corp. have been punished for incidents including sexual harassment and corruption since 2013, an opposition lawmaker said Monday. According to data provided by the KAC to Rep. Kang Dong-won of the main opposition New Politics Alliance for Democracy, 31 officials faced disciplinary actions for two years, with six of them dismissed. Despite being led by Kim Seok-gi, a former police executive and current president of the KAC, the firm has faced a st
Sept. 14, 2015
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SK eyes Japanese firms as models for reform
SK Group appears to be benchmarking big Japanese firms for reshaping its business after chairman Chey Tae-won’s return to management last month. SK Group focused on Toyota, Shinetsu, JX Nippon Oil & Energy and other Japanese companies’ cases of successful business reshuffles, in a company newsletter published Friday. The newsletter is the first to be issued since Chey’s return, and is seen as an indicator of the business empire’s future reforms. Chey was behind bars for three years on embezzlem
Sept. 14, 2015
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Han Sung Motor’s public art program changes Guro scenery
On the evening of Sept. 9, the usually crowded plaza in front of Guro Digital Complex Station became a festival venue. The cradle of Korea’s modern textile industry had become a run-down neighborhood after the country was reformed into a heavy industry-oriented, and then again to a technology-focused, economy, but on this day, the virtue of textiles and labor was celebrated highly. Han Sung Motor CEO Ulf Ausprung (center) poses with the “Dream Gream” members and other participants of the “City
Sept. 14, 2015
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Mobile carriers bag over 9 tln won in net profit since 2010: data
Major mobile carriers in South Korea have reaped more than 9 trillion won ($7.6 billion) in net profit over the past five years, parliamentary data showed Monday. The cumulative net profit of the three telecom companies -- SK Telecom, KT Corp. and LG Uplus Inc. -- came to 9.6 trillion won from 2010-2014, with their combined revenue reaching 209.1 trillion won in the cited period, according to data submitted to a lawmaker for a parliamentary audit, which took place earlier in the day. Of the net
Sept. 14, 2015
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Top 10 biz groups suffer sharp drop in market value
Market capitalization of South Korea's 10 largest business groups has dipped significantly this year despite a rise in total value of the local market driven by small and mid-cap stocks, the main bourse operator said Monday.As of Thursday, the combined value of listed firms affiliated with the country's top 10 business groups, including Samsung Group, came to about 653.83 trillion won ($552 billion), down 9.06 percent from the end of 2014, according to the Korea Exchange.The value of 24 listed f
Sept. 14, 2015
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POSCO Energy goes global with new turbine tech
POSCO Energy, the power generation specialist unit of POSCO Group, is hoping to expand its presence in the overseas market with indigenous technology.In collaboration with HK Turbine, turbine maker POSCO Energy took part in the Power-Gen Asia industry show in Bangkok early this month, using the event to showcase the new disc-type steam turbine.Power-Gen Asia is one of the largest electricity-related industry events held in Asia, attracting more than 7,500 industry officials from over 70 countrie
Sept. 13, 2015
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Steelmakers bet big on supply for premium cars
Bogged by risks from weakening profits and China’s economic slowdown, South Korean steelmakers are seeing higher-than-estimated annual sales in a niche sector to become a major growth engine ― premium auto steel sheets. POSCO and Hyundai Steel, the top two Korean steelmakers, are revving up to gain a competitive edge in auto steel sheets, focusing on developing super high-strength, lightweight products. POSCO workers check steel sheets to be used for cars at its plant in Gwangyang, South Jeolla
Sept. 13, 2015
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Hanwha E&C earns credibility in Iraq project
Hanwha Engineering and Construction said Sunday it had received a 240-billion won ($203 million) advance payment for its ongoing new-town building project in Iraq. In April this year, the construction unit of Hanwha Group won a 2.4-trillion won contract to build social infrastructure, including water management systems and roads, in Bismayah, a new satellite city of Baghdad. The company said the advance payment shows the Iraqi government’s strong commitment to its postwar reconstruction despite
Sept. 13, 2015
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Mercedes-Benz to recall 42 cars sold in S. Korea
Mercedes-Benz Korea, the local importer of the German luxury automobile brand, is recalling 42 cars sold in South Korea for problems with engine compartment seals, the transportation ministry said Sunday.According to the Ministry of Land, Infrastructure and Transport, the rubber seals on some cars have been found to fall off and come in contact with parts of the engine that can cause a fire. The recall affects 39 E300 4Matic mid-size sedans, two E300s with rear-wheel drive and one CLS400 Coupe,
Sept. 13, 2015
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Samsung launches IPTV service in Spain
Samsung Electronics Co. said Sunday it has teamed up with Spanish telecommunications titan Telefonica S.A. to launch an Internet Protocol TV service in Spain.Samsung Electronics explained that the joint service, which began last month, provides access to 119 TV channels and 30 audio channels.Unlike other IPTV services, it does not require a set-top box, which helps cut electricity costs and allows users to access the service with their remote controls, Samsung said."We plan to bolster cooperatio
Sept. 13, 2015
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Creditors set Kumho Industrial sales price at 722.8b won
Creditors of Kumho Industrial proposed higher sales price for a controlling stake in the firm than the Kumho Asiana Group chairman offered, sources said Friday. During a meeting in the day, the state-invested Korea Development Bank and other 54 creditors agreed on selling the builder’s 50 percent stake plus one share for 722.8 billion won ($610 million), or 41,213 won per share.“Creditors took account of the result of company’s valuation, market price and relative value over companies in the sam
Sept. 11, 2015
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FedEx Korea apologizes for anthrax delivery
FedEx Korea has issued an apology for delivering a live anthrax sample that the U.S. military accidentally sent to a U.S. Forces Korea lab five months ago, the country’s transport workers union said Friday. The Korean unit of global air courier services firm offered an apology in an official document to the Korean Public Service and Transport Workers Union, which filed a complaint against FedEx Korea for failing to protect its workers and the public from hazardous materials.“We apologize to FedE
Sept. 11, 2015
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Hyundai Motor beefs up global sales network
Amid the slowdowns in the global economy and car sales, Hyundai Motor Group vowed to beef up its dealer network to 6,320 dealers in more than 200 countries as to achieve its sales goal of 8.2 million cars this year. “Our goal does not lie in becoming the largest carmaker in the world, but being the most-loved car brand among customers,” company vice chairman Chung Eui-sun said at the 2015 Global New Dealers’ Convention held at its Seoul headquarters. Hyundai Motor product dealers pose at the 20
Sept. 11, 2015
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Lotte chairman prepares for parliamentary audit
In a bold move apparently to soothe antipathy against his businesses and to reassure the public that he is fit for the helm of the 90 trillion won ($76 billion) business empire, Lotte Group chairman Shin Dong-bin agreed to be grilled at the National Assembly’s annual audit slated for Sept. 17. He also sought to deliver his promise of listing Hotel Lotte by winning shareholders’ approval while kicking his elder brother off the board to consolidate his regime. “The chairman will sincerely answer
Sept. 11, 2015
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L’Oreal celebrates 10th anniversary of charity program
Global cosmetics-maker L’Oreal on Friday celebrated the 10th anniversary of its Group Home support project, connecting company staff and department store sales clerks with those in need in Gyeonggi Province. At the “Citizen Day” event held at the company’s headquarters and the Jamsil Auxiliary Stadium in Seoul, 355 “Angel” gift boxes containing stationery and children’s apparel were handed over to 75 Group Home welfare facilities. L’Oreal also donated 30.4 million won ($25,700) to the welfare fa
Sept. 11, 2015
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Global start-up pitch-off returning to Seoul
Seedstars World, a global network of start-up investors, is holding a local pitch-off for a chance to compete in Switzerland for $500,000 in funding.Up to 12 start-ups can compete in the third annual pitch-off in Seoul on Oct. 6 for a ticket to the Seedstars World final in Geneva, giving the winner a chance to meet investors and go head to head with over 50 other start-ups at the global event for the funding prize.With the aim of bringing investor awareness to start-ups from emerging markets, Se
Sept. 11, 2015
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Hotel Lotte picks 3 lead managers for IPO
Hotel Lotte, Lotte Group's hotel unit, said Friday it has chosen three brokerages houses for its initial public offering, accelerating the group's move to improve its murky governance structure and transparency.Seoul-based KDB Daewoo Securities, Bank of America Merrill Lynch's Merrill Lynch International & Co and Citigroup were selected to lead the listing process. Korea Investment & Securities, Mirae Asset Securities of South Korea, Goldman Sachs and Nomura will advise the listing, the firm sai
Sept. 11, 2015
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Samsung to hold Tizen conference in China with Baidu, Tencent
Global smartphone leader Samsung Electronics Co. will hold a two-day gathering of developers on its own Tizen operating system in China next week, partnered with Chinese Internet firms Baidu Inc. and Tencent Holdings Ltd., a company official said Friday. Samsung unveiled its first Tizen-based smartphone in India earlier this year, as part of its years-long push to build its own mobile-phone ecosystem, like Google Inc.'s Android and Apple Inc's iOS. It would be the first time that Samsung holds s
Sept. 11, 2015