Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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[Grace Kao] American racism against Stray Kids
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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NewJeans' members' parents complained to Hybe, email shows
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Suspect behind murder of Korean tourist in Pattaya arrested
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Prosecutors summon pastor involved in Dior bag scandal
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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BOK expects stronger inflation pressure in H2
South Korea’s consumer prices are expected to face stronger upside pressure in the latter half of this year, although the rise will be limited by the pace of economic recovery over the long term, the Bank of Korea said Thursday.Consumer price growth in Asia’s fourth-largest economy remained in the 1 percent range for the eighth straight month in June, hitting a 1.7 percent rise last month from a year earlier, amid weak demand and few signs of rising raw material prices.The six-month inflation st
July 31, 2014
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Banks’ net more than doubles in Q2
South Korean banks’ combined earnings more than doubled in the second quarter of this year from a year earlier on reduced bad debt losses, the financial watchdog said Thursday.The combined net income of 18 local banks registered at 2.4 trillion won ($2.33 billion) in the April-June period, compared with 1 trillion won the previous year, according to the Financial Supervisory Service.The second-quarter net profit marked the highest quarterly figure since the first quarter of 2012, when it hit 3.3
July 31, 2014
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Hyundai Motor's union declares breakdown in labor talks before start of summer break
ULSAN, July 31 (Yonhap) -- Union leaders of South Korea's top automaker on Thursday declared a breakdown in wage talks before workers take time off for summer break. The announcement, which followed the 14th wage and collective bargaining agreement negotiation at the carmaker's main production plant in this industrial city 414 kilometers southeast of Seoul, claimed workers have reached the end of their patience and laid the blame for the lack of progress on prevarication by the management.Manag
CompaniesJuly 31, 2014
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Samsung Electronics logs 6.25 tln won in Q2 net profit
Samsung Electronics Co., the world's top maker of smartphones, said Thursday its second-quarter net profit fell 19.5 percent from a year earlier as its mainstay handset business suffered from rising competition in the global market.Net income came to 6.25 trillion won (US$6.1 billion) in the April-June period, compared with 7.77 trillion won a year earlier, the company said in a regulatory filing.Sales fell 8.89 percent on-year to 52.35 trillion won in the second quarter. Its operating profit ca
TechnologyJuly 31, 2014
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Shares set new yearly high
South Korean stocks closed higher Wednesday to set another yearly record as investor sentiment was boosted by the government’s latest economic stimulus package, analysts said. The South Korean won slightly rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 20.64 points, or 1 percent, to 2,082.61. Trading volume was moderate at 328 million shares worth 6.13 trillion won ($5.99 billion), with gainers outpacing losers 417 to 384.After breaching the 2,060-poi
July 30, 2014
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[Graphic News] Average corporate CEO serves 2.6 years
A South Korean CEO serves for an average of 2.6 years, which is shorter than the minimum of three years endorsed by the country’s commercial law, according to data from corporate tracker CEO Score on Wednesday. The data showed that 367 chief executives, who accounted for 63.7 percent of the 576 executives surveyed, stepped down after less than three years. Another 102, or 17.7 percent, stayed on for less than a year. At an average of 3.94 years, the CEOs at LG Group affiliates were found to stay
IndustryJuly 30, 2014
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[Herald Interview] Lab Series campaigns for ‘less is more’
Lab Series, an Estee Lauder skin care line for men, believes less is more when it comes to men’s cosmetics. “For beginners, starting with one or two ― perhaps all-in-one products ― is enough. When they are ready, they could mix some more,” said Paul Jarrod Frank, a skin care expert at Lab Series, in a recent interview with The Korea Herald. “I would rather have customers buy a single classic product for 20 or 30 years than buy multiple (types) at once without knowing the exact pros and cons,” he
IndustryJuly 30, 2014
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Kia Motors to add three driving centers
Kia Motors, the country’s second-largest carmaker, will open three new driving centers this year that offer more customers a place to relax and test-drive cars as they wait for their vehicles to be repaired. Kia currently operates 15 driving centers at critical operation and maintenance points such as Pohang in North Gyeongsang Province, Cheongju in North Chungcheong Province and Daejeon. The additional three facilities will be built in Gangseo-gu in Seoul, Changwon in South Gyeongsang Province
IndustryJuly 30, 2014
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Woori Bank to introduce digital bankbooks
Woori Bank said Wednesday it would introduce a digital bankbook application next month to phase out conventional bankbooks. The digital bankbook smart application will be available for Android-based devices as of Aug. 1, while iOS users can download it from Aug. 11, according to Woori officials.Under the current banking system here, users must use either bankbooks or debit cards to withdraw and deposit cash at ATMs. But the new application will make the process easier by requiring only smartphon
July 30, 2014
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Seoul considers easing limit on stock price movement
The government is considering easing or lifting the current daily limit imposed on the movement of stock prices in a bid to help stimulate the country’s stock market, according to news reports on Wednesday.According to the daily JoongAng Ilbo, Seoul is pushing to phase out the 15 percent daily limit in stock price fluctuations, and an announcement may come as early as this week in a meeting chaired by President Park Geun-hye.The government “has always been considering” the option to phase out th
July 30, 2014
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Korea to inject 26tr won in H2: finance minister
The government will inject about 26 trillion won ($25.3 billion) in the form of fiscal measures and policy financing during the remainder of this year to help the slowing economic recovery, the finance minister said Wednesday.“In order to carry out diverse policy measures in a speedy manner, we plan to inject about 26 trillion won (into economic recovery efforts) by strengthening fiscal measures and policy financing,” Choi Kyung-hwan told a meeting with other policymakers. This is a follow-up to
July 30, 2014
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Overseas travel spending hits new high in June
Overseas travel spending soared to a record high in June as South Koreans continued to flock to foreign destinations despite a prolonged slump in domestic demand, central bank data showed Wednesday.Overseas travel spending totaled $1.7 billion in June, growing 23.3 percent from the previous month, according to the Bank of Korea. The figure does not cover traveling for study purposes.The latest data, which is part of the current account, comes only two months after overseas travel spending set a
July 30, 2014
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Hyundai Motor unions vow to strike in August
Labor unions at Hyundai Motor Co. and its 14 affiliates vowed to go on strike next month unless the companies meet their wage demands.Workers at South Korea’s largest automaker and affiliated companies including Kia Motors Corp. and Hyundai Mobis Co. plan to put down their tools beginning Aug. 18 if management refuse to count bonuses as base wages, Lee Kyung-hoon, union leader at Hyundai Motor, said at a press conference in Ulsan today. Lee was joined at the briefing by 19 other union leaders of
MobilityJuly 30, 2014
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Samsung’s smartphone market share plunges in Q2
South Korea’s tech giant Samsung Electronics Co. saw its market share in the smartphone industry plunge in the second quarter from a year earlier, data showed Wednesday, dented by the rise of Chinese players vying with low-end models.Samsung took up 25.2 percent of the global smartphone market in the April-June period, down 7.1 percentage points from the 32.3 percent posted last year, the data compiled by market researcher IDC Corp. showed. It shipped a combined 74.3 million units of smartphones
TechnologyJuly 30, 2014
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Samsung SDS to raise share cap
Samsung SDS, Korea’s biggest IT solutions provider, said on Tuesday that it would raise the ceiling in the number of share issuances to secure capital for future business and acquisitions.The limit will be increased to 200 million shares from 120 million shares, of which the company added more than 70 percent shares are already being traded in the off-exchange market.Samsung SDS holds an extraordinary shareholders’ meeting in Seoul on Tuesday. (Samsung SDS)The decision came after Samsung SDS hel
TechnologyJuly 30, 2014
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LG Group bets big on energy solutions
Efficient-energy management has become important for companies as they seek to reduce costs and protect the environment.LG Group affiliates, including LG Electronics, LG Chem and LG CNS, are in full swing to develop an energy solutions business, which is expected to be the group’s next growth engine after consumer electronics and smartphones.LG CNS officials inspect the company’s smart lighting system installed at LG Display’s plant in Paju, Gyeonggi Province. (LG CNS)“We should strive to shake
TechnologyJuly 30, 2014
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Wearables will need more power efficiency
Application processors for wearable devices need to be more power-efficient to fit into the small gadgets, an industry watcher said. “Currently, the performance of application processers for smart watches is much lower than those for smartphones because wearables can only use small batteries,” said Lee Hyuck-jae, head of the Korea Evaluation Institute of Industrial Technology’s department of system semiconductors.An application processor, which is the equivalent of a PC’s central processing unit
TechnologyJuly 30, 2014
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Korean-Americans return to help Korean start-ups
For David Lee, Korea is a land of opportunity. At first, this might sound strange. Looking at David’s impressive resume, Korea seems like it might be the last place on his mind. Google hired him in the early days as one of its first employees. He was responsible for bringing Google into Asia, Europe and Latin America. The phrase “land of opportunity” evokes imagery of years of immigration to the developed world in search of a better life. It does not seem to fit someone who is a limited partner
TechnologyJuly 30, 2014
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Korea starts PR campaign for ITU conference
With less than 80 days until the landmark ITU Plenipotentiary Conference in Busan, the Ministry of Science, ICT and Future Planning said it would zero in on promoting the global IT event beginning Aug. 1.The ministry said Wednesday that it will use Busan’s resources and summer festivals to display the ITU logo and introduce the global event on the streets to the some 1 million people who visit the coastal city during their summer break each year.Korean athletes, TV stars and singers, including J
TechnologyJuly 30, 2014
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IMF urges S. Korea to limit foreign exchange intervention
The International Monetary Fund(IMF) urged South Korea to refrain from stepping into the foreign exchange market in its report released Tuesday, saying the appreciation of the country's currency is caused by its large trade surplus and excessive foreign reserves. In an external sector report based on the policies of 2013 and the first half of 2014, the IMF said, "In some countries (China, Korea), FX (foreign exchange) purchases for non-spot market interventions were deployed in the context of re
July 30, 2014