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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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LG Display, UDC to bolster exchanges in OLED
LG Display Co. said Tuesday it has signed a licensing deal with Universal Display Corp. that allows it to use patents held by the U.S. firm to make OLED-related products.UDC, established in 1994, holds more than 3,300 patents on OLED, or organic light-emitting diodes, and related materials.“The strategic exchange will allow us to have a growth momentum in the OLED TV market and accelerate the development of flexible and transparent OLED products,” LG Display said in a news release.LG Display and
IndustryJan. 27, 2015
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Consumption to remain sluggish, despite sentiment improvement
South Korea’s consumer sentiment index rose for the first time in four months in January, but consumers are expected to further tighten their spending amid a slow economic recovery and high household debt, the Bank of Korea said Tuesday.The consumer sentiment index stood at 102 this month, up from 101 a month before.The index improved after months of decline since the Sewol ship sinking, which adversely affected private spending and investment.Although the index is above 100, showing more optimi
Jan. 27, 2015
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Health insurance fees set to increase in April
To taxpayers who have already been pressed by the consequences of the year-end tax revision, the upcoming health insurance adjustment is an additional financial blow.They will likely have to pay more insurance fees than last year due to recent rate hikes.Starting April 15, taxpayers have to readjust their health insurance payments, based on the result of the currently ongoing earned income tax readjustment, the National Health Insurance Service and the National Tax Service said Tuesday.Last year
Jan. 27, 2015
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Korea to allow more corporate investment in online banks
South Korea is to begin a deregulation drive to encourage investment in Internet-only banks to be introduced in the first half of 2015, the financial regulator said Tuesday, as the country hastens to match technology with financial business.In promoting what has been named “fintech,” the Financial Services Commission said it will ease certain measures, which include revising local banking laws that require all commercial banks to have brick-and-mortar offices and face-to-face channels with custo
Jan. 27, 2015
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LG Household & Health Care’s operating profit up 31 percent
LG Household & Health Care posted 1.2 trillion won ($1.07 billion) in sales and 111 billion won in operating profit for the fourth quarter of 2014, the company said Tuesday. The figures are up 14.5 percent on-year in sales and a 30.9 percent hike in operating profit, the company said. It is company’s first time to see quarterly operating profit exceeding 100 billion won, capping its second consecutive year with sales above 1 trillion won. The firm’s yearly record came at 4.6 trillion won in sale
IndustryJan. 27, 2015
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Shares up 0.86 percent on Wall Street gains
South Korean stocks ended 0.86 percent higher Tuesday as investor sentiment was soothed by overnight results on Wall Street that eked out gains despite Russia‘s downgraded credit rating and the Greek election outcome, analysts said. The local currency gained ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index moved up 16.72 points to 1,952.40. Trading volume was high at 456.5 million shares worth 4.51 trillion won ($4.18 billion), with gainers beating decliners 464 to
Jan. 27, 2015
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Provincial government eyes casino resort on reclaimed land
A provincial government said Tuesday it will push to build a casino resort on reclaimed land along South Korea's southwestern coast to attract tourists and boost the local economy. North Jeolla Province said it has been in consultations with foreign investors to build an integrated resort in the Saemangeum area -- the world's longest seawall at 33.9 kilometers, creating 40,100 hectares of land -- after the central government announced plans earlier this month to build two more foreigners-only ca
IndustryJan. 27, 2015
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S. Korea to allow more corporate investment in online banks
South Korea is to begin a deregulation drive to encourage investment in Internet-only banks to be introduced in the first half of 2015, the financial regulator said Tuesday, as the country hastens to match technology with financial business.In promoting what has been named "fintech," the Financial Services Commission (FSC) said it will ease certain measures, which include revising local banking laws that require all commercial banks to have brick-and-mortar offices and face-to-face channels with
Jan. 27, 2015
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Per capita rice consumption hits all-time low in 2014
Per capita rice consumption in South Korea hit a record low in 2014 as people opted for other types of grain products, data showed Tuesday.The average annual consumption of rice per person fell to 65.1 kilograms last year, down 3.1 percent from the previous year's 67.2 kg, according to the data by Statistics Korea.This marked the lowest level since related recordkeeping started in 1963, when consumption was 105.5 kg. Compared with 1970 when consumption hit a record high of 136.4 kg, rice intake
IndustryJan. 27, 2015
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Hyundai Motor to launch fund for innovative technologies
Hyundai Motor Group said Tuesday it will launch a 177.5 billion won (US$163.9 million) fund to support the development of new technologies and business activities for automobiles and hydrogen fuel cells.Hyundai Motor Group, which owns South Korea's top two car manufacturers, Hyundai Motor Co. and Kia Motors Corp., said 52.5 billion won of the fund will be assigned to support automobile-related startups and development of new technologies, and another 15 billion won will go to helping nurture the
IndustryJan. 27, 2015
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S. Korea to nurture southwest region as hub of automotive startups
The presidential office said Tuesday that South Korea will help nurture the country's southwestern region as a center of automotive startups in cooperation with Hyundai Motor Group, the world's fifth-largest carmaker.Cheong Wa Dae said Hyundai Motor Co. and its smaller sister company Kia Motors Corp. will provide about 1,000 unused patents to those who want to open automotive startups in an innovation center in Gwangju, a city located about 330 kilometers south of Seoul."Hyundai Motor will offer
MobilityJan. 27, 2015
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Big firms expected to cut recruitment slightly in 2015
Leading South Korean companies are likely to hire fewer new employees in 2015 than last year as there is no clear sign of an economic recovery, a poll showed Tuesday.The survey by the Korea Chamber of Commerce and Industry (KCCI), which canvassed the country's top 500 companies by sales, found 180 of them plan to hire 22,844 new workers in 2015, down 2.3 percent from 23,385 last year. Of those polled, 305 responded.Among the respondents, 125 said they have not yet come up with a hiring plan as t
CompaniesJan. 27, 2015
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Discount outlet, department store sales fall in Dec.
Sales at South Korea's discount outlets and department stores continued to shrink from a year earlier in December but at a slower pace, a government report said Tuesday. According to the report by the Ministry of Trade, Industry and Energy, discount chain sales dropped 3.8 percent on-year last month while numbers for department stores were down 0.9 percent.The contraction marks the fourth month in a row that sales declined from comparable months in 2013. Sales at discount outlets and department
IndustryJan. 27, 2015
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Asiana Airlines exceeds Korean Air in flying passengers on
Asiana Airlines Inc., South Korea's second-largest flag carrier, ranked first in passenger transportation for the Gimpo-Jeju Island route for the first time last year thanks to its efforts to expand the number of flights for customers using the most popular air travel itinerary here, industry data showed Tuesday.According to the data by Korea Airports Corp., Asiana Airlines transported about 3.18 million passengers between Gimpo, west of Seoul, and the southernmost resort island of Jeju last yea
IndustryJan. 27, 2015
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SK Telecom, Intel to work together on IoT
South Korea's top mobile carrier, SK Telecom Co., said Tuesday it has agreed with U.S.-based Intel Corp.to exchange technology know-how and search for business opportunities in the Internet of Things (IoT) industry.The two firms signed memorandums of understanding on a joint project that gives access to each other's IoT-related infrastructures, aiming to commercialize business ideas and bolster the growth of the IoT industry.The IoT is a concept in which all tangible objects are connected to the
IndustryJan. 27, 2015
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S. Korea seeks to ship rice to China as it moves to lift export restrictions
South Korea is seeking to ship rice to the vast Chinese market as it moves to lift export restrictions on the staple grain, officials said Tuesday.The agriculture ministry said it was seeking revisions to the outdated laws and clauses that restrict the volume and price of rice shipped abroad to open up the export market starting as early as March. The restrictions had been put in place when the country did not produce enough rice to feed its own people, which is no longer the case.Last year, the
Jan. 27, 2015
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Record number of individual debtors apply for bailout program in
The number of South Koreans who filed for a personal debt bailout program rose 4.6 percent to a record high last year, data showed on Tuesday, amid concerns that household debt in Asia's fourth-largest economy is growing at a worrisome pace.A total of 110,707 people applied for a state-managed bailout scheme last year, according to court records and financial sources.The number has been increasing since 2010, from 46,972 that year to 65,171 in 2011 and 90,368 in 2012. It reached 105,885 in 2013,
Jan. 27, 2015
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Samsung ranks No. 2 in global chip market: data
South Korea's tech giant Samsung Electronics Co. ranked No. 2 in the global semiconductor market in terms of revenue last year, data showed Tuesday, while its smaller rival SK hynix Inc. was one of the fastest growing companies among top-notch players.Samsung Electronics, the world's No. 1 smartphone maker, saw its sales of chips reach US$37.25 billion in 2014, up 8 percent from a year earlier, the data compiled by market tracker IC Insights Inc. showed. U.S.-based Intel Corp. retained its top s
IndustryJan. 27, 2015
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S. Korean consumer sentiment snaps 3-month fall in Jan.
Consumer sentiment in South Korea improved for the first time in four months in January despite the central bank's sharp downward revision of this year's growth forecast, data showed Tuesday.The overall consumer sentiment index (CSI) reached 102 in January, inching up from a revised 101 in the previous month, according to the Bank of Korea (BOK). A reading above 100 means that optimists outnumber pessimists. The reading for December was revised due to an annual standardization process. The centr
Jan. 27, 2015
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[Herald Interview] ‘Old young’ Burberry determined to show world beyond trench coat
Mixing a 159-year heritage with the contemporary vibe to target a wider range of customers will be the key to the future of Burberry, the British fashion brand’s Asia-Pacific division CEO told The Korea Herald on Friday. With a new cosmetics store, an upcoming flagship store and the industry’s first-ever digitized PR and shopping spaces, Burberry will aggressively promote the message that it offers “more than a trench coat” to Koreans this year, said Pascal Perrier.Burberry 2015 fall-winter Mens
IndustryJan. 26, 2015