Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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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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Immigrant woman stabbed to death by Korean husband
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Seoul’s bus union prepares for strike
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Samsung showcases IoT device for better sleep
South Korea's top tech giant Samsung Electronics Co. unveiled a device on Wednesday that connects to the Internet and home appliances to provide a better environment for sleeping, in its latest effort to diversify its product lineup amid ailing handset sales. The device, dubbed SLEEPsense, can analyze movement, heartbeat and respiration during users' sleep and connects to various home electronics, such as TVs and air conditioners, to provide an optimized sleep environment, Samsung said. For ex
Sept. 2, 2015
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S. Korea's travel account deficit hits 7-year high on MERS
South Korea's travel account deficit reached a seven-year high in July on the fallout from the Middle East Respiratory Syndrome outbreak, while its current account surplus narrowed from the previous month, data showed Wednesday. July's travel account deficit stood at $1.45 billion, the worst reading since a $1.65 billion shortfall in July 2008, and widening from a $1.04 billion deficit in the previous month, according to the provisional data released by the Bank of Korea. The MERS outbreak, w
Sept. 2, 2015
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Lotte shares bullish despite leadership feud
Shares of Lotte Group units have been trading bullish since the outbreak of a family feud over group leadership, data showed Wednesday, apparently due to high hopes the fight will eventually boost its governance structure. Since Japan-based Lotte Holdings Co., the de facto holding firm of Lotte Group, decided to sack founder Shin Kyuk-ho from his post in the conglomerate in late July, shares of eight listed Lotte subsidiaries have advanced 6.94 percent on average through Monday. The move to re
Sept. 2, 2015
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Korean Air's first B747-8i jumbo jet
Korean Air’s cabin attendants give a demonstration of its newest Boeing 747-8 Intercontinental’s prestige class during an opening event held at the airliner’s maintenance hangar in Incheon. The plane is the first of 10 such aircraft that the airline has on order. (Korean Air)
Sept. 1, 2015
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Shinsegae to hire over 20,000 new employees
Major South Korean retailer Shinsegae Group will hire over 20,000 workers from the second half of this year through next year, the group said Tuesday. “It’s time to work together to resolve the worst youth unemployment rate since the 1997 Asian financial crisis,” Shinsegae vice chairman Chung Yong-jin said. Under “Vision 2023,” a management plan unveiled by Shinsegae last year, the company pledged to recruit more than 10,000 employees every year for 10 years. This year, Shinsegae plans to employ
Sept. 1, 2015
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KRC’s global exchange center to open in 2017
(Korea Rural Community Corp.)The Korea Rural Community Corp. vowed to spread Korea’s advanced agricultural technologies to developing countries by establishing a new global education center in Ansan, Gyeonggi Province. The KRC on Tuesday hosted a groundbreaking ceremony of the Rural Community-International Education Exchange Center, or RC-IEEC, set to open by January 2017. The center aims particularly at sharing the know-how that Korea has accumulated in developing the rural regions, best exem
Sept. 1, 2015
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New Samsung C&T adopts collective leadership
The new Samsung C&T, the construction and trading arm of Samsung Group, was officially launched on Tuesday under a collective leadership led by four top executives.The new entity, given outright shareholder approval on July 17 to merge with Cheil Industries, is expected to serve as the group’s de facto holding company, with estimated sales of 60 trillion won ($50.9 billion) by 2020. Market insiders believe the new Samsung C&T will be one of the group’s core affiliates alongside Samsung Electroni
Sept. 1, 2015
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[SUPER RICH] Business tycoons shun payroll disclosure
More and more high-level “registered” executives at business conglomerates are resigning from their official positions at corporate affiliates, apparently fearing a public backlash following the disclosure of their salaries. Registered executives have the legal power to participate in the overall management of the companies while unregistered executives have less power in the boardroom.According to Chaebul.com, a website devoted to tracing the wealth of the superrich, among the country’s top 30
Sept. 1, 2015
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Korea mulls more Iranian crude imports
Iran is expected to become a solid business partner of Korea in the near future as officials of both governments vowed to beef up ties. Once U.S.-led sanctions against Iran are lifted, Seoul will likely increase the import of Iranian crude oil and help companies invest more in the natural resources-abundant country that has had a rocky relationship with Korea since 2010. Still, Iran is Korea’s third largest export destination in the Middle East with exports of $4.2 billion in 2014. Iran exported
Sept. 1, 2015
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[SUPER RICH] Son’s bold investments create new superrich
Masayoshi Son (also known as Son Jeong-ui), chairman and CEO of SoftBank Group Corp., is well known among the superrich. Forbes ranked him as the 75th richest person in the world with assets of $13.8 billion, making him the second-richest person in Japan.Son is seen as more than a telecommunications billionaire, however. He is also well known as an investor with incredible acumen.He has been known to financially invest in young, up-and-coming entrepreneurs and also act as their business mentor.
Sept. 1, 2015
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Asiana Airlines collaborates with union for flight safety
The management and labor unions of Asiana Airlines have collaborated to bolster the flight safety system.Asiana Airlines signed a Flight Operational Quality Assistance program agreement Monday at its Asiana Town headquarters in Seoul.FOQA is a voluntary safety program that analyzes flight data in order to find potential safety risks during flights and eliminate them through education.Asiana Airlines would be the first airline to manage a FOQA program with both management and unions among Korean
Sept. 1, 2015
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SK Daejeon innovation center greets new start-ups
The Daejeon Creative Economy Innovation Center, jointly established by SK Group and the South Korean government in a bid to nurture local start-ups, officially welcomed a new batch of venture firms to its facilities on Tuesday. A total of 10 start-ups specializing in a diverse spectrum of businesses -- including the Internet of Things technology, health care, semiconductors, energy, solutions and fintech -- are set to receive tailored business mentorship and support at the center for the next 1
Sept. 1, 2015
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[Photo News] S-Oil supports Ethiopian children
S-OIL SUPPORT FOR ETHIOPIA — S-Oil CEO Nasser Al-Mahasher (second from left) delivers 100 million won ($85,000) to World Vision Korea CEO Yang Ho-seung (second from right) in Seoul on Tuesday to support Ethiopian children. S-Oil plans to continue donations to Ethiopia for the next 10 years. (S-Oil)
Sept. 1, 2015
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Hanjin Group chief summoned over alleged influence-peddling
The chief of Hanjin Group, the operator of the country's No. 1 airline, appeared before prosecutors Tuesday over alleged involvement in a veteran opposition lawmaker's influence-peddling. The case centers around allegations that Rep. Moon Hee-sang, former head of the main opposition New Politics Alliance for Democracy, asked Hanjin Chairman Cho Yang-ho to give his brother-in-law a job in 2004. Cho showed up at the Southern District Prosecutors' Office in southern Seoul around 9:00 a.m. "Cho
Sept. 1, 2015
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Lotte Mart pioneers first drive-thru service
Lotte Mart Co. has started its first drive-thru service in Seoul to allow customers to order products online and pick them up offline, joining the global trend for digital shopping to boost customer convenience, the retail chain of Lotte Group said Tuesday. Lotte Mart began the so-called "Drive & Pick Service" at a store in northern Seoul over the weekend, launching it for the first time in South Korea. It plans to expand the service to other stores later this year after this test-run.Clients ca
Sept. 1, 2015
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Global pharma firms boost employee morale with family-centered benefits
Shin Seong-suk, compliance director at France-based pharmaceutical company Sanofi-Aventis Korea, sent her 11-year-old son Lee Yu-jin to Paris this summer to spend 10 days with a French family she had never met before.Last week, she welcomed Marceau Dabert, the 12-year-old son of the French family Yu-jin had stayed with, to South Korea for the first time. Shin took the children in and around Seoul, seeking to grant the young French visitor an unforgettable experience of a lifetime in a foreign co
Aug. 31, 2015
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SK Innovation, JX Nippon to strengthen partnership
SK Innovation, South Korea’s top oil refiner, and Japan-based JX Nippon Oil & Energy have agreed to strengthen their partnership in order to overcome structural challenges faced by the global oil and petrochemical industries, according to the Korean refiner.Executives from the two companies ― including SK Innovation CEO Chung Chul-khil and JX Nippon Oil & Energy CEO Yasushi Kimura ― discussed joint measures to pursue in line with changing conditions in the global oil market at a high-level meeti
Aug. 31, 2015
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Daewoo Shipbuilding to cut 1,300 jobs, sell assets
Troubled Daewoo Shipbuilding & Marine Engineering is set to undergo restructuring, including job cuts and assets selloff worth 400 billion won ($338 million), as it battles to cope with mounting losses and lack of orders.“The company’s reorganization will be carried out on Sept. 1. With the slim-down, some high-level officials will resign due to overlapping duties,” a DSME official said Monday.The restructuring program will directly affect 1,300 jobs, including 30 percent of general managers and
Aug. 31, 2015
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Korea tops 10% of China’s import market
The share of Korean products in China’s import market exceeded 10 percent for the first time, thanks to the growing demand for Korean semiconductors, the Korea International Trade Association said Monday.China is Korea’s largest trade partner, accounting for a quarter of its entire exports at $82.8 billion in the first half of 2015. China’s import market was sized at $775.8 billion between January and June, about a 19.1 percent fall from the same period last year.According to a KITA report, Kore
Aug. 31, 2015
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Hite Jinro products enter Dubai airport duty-free store
Hite Jinro liquor products have entered the duty-free stores at Dubai International Airport, company officials said Monday.The company’s soju products, Ilpoom Jinro and Chamisul, will be sold in the liquor section along with premium alcohol products around the world.Ilpoom Jinro is a premium soju product made with unadulterated distilled rice liquid and aged in oak for over 10 years. Hite Jinro‘s Ilpoom Jinro and Chamisul sold in duty-free stores in Dubai International Airport. Hite JinroIlpoom
Aug. 31, 2015