Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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Legoland Korea Resort to open until 9 p.m.
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[Weekender] How DDP emerged as an icon of Seoul
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S. Korea draws up 17.3 tln won extra budget to revive economy
South Korea on Tuesday drew up an extra budget worth 17.3 trillion won ($15.4 billion) for this year in a bid to revitalize its economy faced with gloomy market conditions at home and abroad.The budget plan, which was endorsed by a Cabinet meeting, is the largest since 2009 when the nation unveiled 28.4 trillion won in additional spending in the wake of the global financial crisis.The proposal for the latest extra budget, which will come on top of a 342 trillion won annual budget for 2013, will
April 16, 2013
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Seoul shares open lower on U.S. losses
South Korean stocks got off to a weak start on Tuesday, tracking overnight losses on Wall Street sparked by worse-than-expected Chinese growth data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 9.95 points, or 0.52 percent, to 1,910.50 in the first 15 minutes of trading.Shares lost ground across the board, with market behemoth Samsung Electronics falling 0.26 percent and top auto parts maker Hyundai Mobis losing 0.37 percent. Leading steelmaker POSCO also move
April 16, 2013
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Woori Finance set to kick off process to select new head
Woori Finance Holdings Co., South Korea's top banking group, is likely to launch a committee next week to select a new head to replace Chairman Lee Pal-seung, officials said Monday.Chairman Lee offered to resign from the top post of the state-owned Woori Finance on Sunday, 11 months ahead of the official end of his term, as political pressure mounts.A seven-member committee to select a new chief is likely to be launched on Tuesday when a board meeting will be held, according to officials. A shar
April 15, 2013
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KT drops bid for Moroccan telecom firm
KT Corp., South Korea's top fixed line and No. 2 mobile operator, said Monday that it will not participate in a final bid for a stake in a Moroccan telecom operator due to differences over price.In a regulatory filing, KT said it has decided not to bid for the 53-percent stake in Maroc Telecom, which is controlled by French multimedia giant Vivendi SA."But we will seek various cooperation with Morac Telecom depending on the situation," it said.KT has been seeking to expand its global business in
IndustryApril 15, 2013
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Officials lock horns over lottery sales cap
Commissions of the Ministry of Strategy and Finance and the Prime Minister’s Office have been apparently locked in confrontations over the lottery sales cap imposed by the latter, according to industry sources on Monday.Last month, the Lottery Commission, which is under the wing of the Finance Ministry, asked the National Gaming Control Commission, a gambling regulator of the Prime Minister’s Office, for an elimination of the sales ceiling.The Lottery Commission suggested that lotteries do not p
April 15, 2013
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Hyosung pioneers world-leading products
Hyosung Group has sought to improve people’s lives by developing products with its own technology in its core businesses ranging from fiber to industrial material and power distribution equipment. Hyosung’s best known product is Creora, the firm’s spandex brand. Spandex is a synthetic fiber used for a variety of end-user products based on its exceptional elasticity, including women’s lingerie and stockings, and baby diapers. Few textile companies in the world have created their own spandex bran
IndustryApril 15, 2013
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[Power Korea] Hyosung seeks global supremacy in core businesses
The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the 15th part of the Global Brand series. ― Ed.Hyosung Group, the nation’s 26th-largest conglomerate by assets in 2012, has
IndustryApril 15, 2013
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Hyosung capitalizes on carbon fiber
Hyosung Group, a leading textile and heavy machinery maker in Korea, is looking to its carbon fiber brand Tansome for growth.Tansome is a combination of two words: “tanning,” referring to the characteristic of the carbon fiber production process, and “something special.”Hyosung developed its own technology for producing carbon fiber and invested 250 billion won ($220 million) in early 2012 to build a plant with an annual production capacity of 2,000 tons in Jeonju, North Jeolla Province. The com
IndustryApril 15, 2013
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POSCO completes car steel plate plant in China
POSCO, the nation’s top steelmaker, said Monday that it has completed an auto steel plate production plant in China as part of an effort to meet growing demand for the product from global carmakers. The high-end steel sheet plant in the city of Foshan, Guangdong province, will produce 450,000 tons of galvanized steel sheets annually, according to the company. Guangdong province is a large economic area with a population of more than 100 million. Major automakers such as GM, Toyota and Honda make
April 15, 2013
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Think tanks forecast growth below 3% in 2013
The nation’s leading private and public think tanks projected that Korea’s GDP growth would fall below 3 percent this year, hovering between 2.5 and 2.9 percent, the Ministry of Trade, Industry and Energy said in a press release on Monday. The economic growth projection was presented by representatives from 11 private and public think tanks at a lunch meeting with Trade, Industry and Energy Minister Yoon Sang-jick. The GDP projection is similar to that issued by the Bank of Korea last week. The
April 15, 2013
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Top firms seek ‘super’ employees
“Super” heroes are wanted not only to fight crime, but to raise and maintain profits, according to the Korean Chamber of Commerce on Monday. Super in this case stands for specialty, unconventionality, pioneer, ethicality and responsibility ― some of the top qualities that companies demand from their employees.At the top of this wish list was pioneer, the survey conducted by the chamber on the nation’s top 100 companies showed, indicating that firms now wanted their workers to be dedicated to bre
IndustryApril 15, 2013
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BAT rolls out new edition of Dunhill LIGHTS
British American Tobacco Korea launched its newest edition of “Dunhill LIGHTS,” the tobacco maker said Monday. Targeting young adults, the upgraded version of Dunhill LIGHTS is 2,700 won ($2.40) a pack and contains 6 milligrams of tar.“Dunhill blend masters came up with a special and unique blend for the new Dunhill LIGHTS using top quality tobacco leaves,” BAT said in a statement, saying the company carried out some 300 quality tests to best reflect young consumers’ taste. Upon the launch, BAT
IndustryApril 15, 2013
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KB Financial chief to serve out his remaining term until July
The head of KB Financial Group said Monday that he will remain at his job until the end of his term, despite growing pressure from the government for him to step down as part of a policy push for a reshuffle in banking firm governance. Euh Yoon-dae, the chief of South Korea’s second-largest banking firm, reiterated his stern intent to retain the top post till July this year, when his official term at KB Financial comes due. Asked whether he will complete his term in office, he responded by sayi
April 15, 2013
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World Water Forum launches organizing panel for 2015
The organizing committee to prepare for the hosting of the 2015 World Water Forum in Daegu will launch Tuesday, the Ministry of Land, Infrastructure and Transport said Monday. During its kick-off event, the organizing committee will name Lee Jung-moo, former land minister, as chairman. Lee has led the Korea Water Forum since 2012. As the first task, the organizing committee has prepared a kick-off event to be held May 14-15 in Daegu. About 500 participants from all over the world, including gove
April 15, 2013
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NPS to increase clout on chaebol
The National Pension Service is set to tighten its control on chaebol as the revised bill on the “10 percent rules” will likely pass through the plenary session of the National Assembly soon.The revised bill on the capital market involves financial authorities’ policy to allow the nation’s three major public funds to hold a 10 percent stake or more in a company ― as an exception from other stock investors.The bill, which recently worked through the National Policy Committee of the National Assem
April 15, 2013
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Ministry to look into safety of Korean airlines
The government announced its plans Monday to launch a comprehensive evaluation of electricity and fire detection systems on all passenger jets operated by Korean flag airlines, following the emergency landing of a Korean Air flight on Sunday. Korean Air, the nation’s largest air carrier, Sunday grounded a Boeing 777 passenger jet from Seoul bound for Los Angeles after a burning smell was detected in the cabin. All 288 passengers and crew members safely disembarked at Japan’s Narita Airport. The
IndustryApril 15, 2013
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Hyundai Motor sells 2 million Elantras in U.S.
Hyundai Motor Co., South Korea’s top automaker, said Monday that cumulative sales of its compact Elantra in the United States surpassed the 2 million mark since its debut in 1991.The milestone is the latest sign of popularity of the Elantra, called the Avante in South Korea, in the world’s second-largest automotive market.Hyundai Motor has expanded the Elantra lineup in the U.S. in recent years by introducing the i30 and the Avante Coupe, called the Elantra GT and the Elantra Coupe, respectively
IndustryApril 15, 2013
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Jobseekers flock to KB Financial fair
Tens of thousands of job hunters, ranging from high school graduates to retirees, flocked to a job fair cohosted by two KB Financial Group affiliates in COEX, southeastern Seoul on Monday. Organized by KB Financial Group and its two affiliates KB Kookmin Bank and KB Financial Foundation, “KB Goodjob” is the lender’s fifth-largest job convention and the largest one-day job fair, group officials said. The group noted that this year’s KB Goodjob was designed to help job applicants ― regardless of f
April 15, 2013
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Korea posts trade surplus for 14 straight months in March
SEJONG (Yonhap news) ― South Korea logged a trade surplus for 14 straight months in March despite the prolonged economic slump, customs data showed Monday.According to the customs-clearance trade figures provided by the Korea Customs Service, South Korea’s exports advanced 0.2 percent on-year to $47.4 billion last month. In contrast, imports shed 2 percent to $44.1 billion.The country’s March trade surplus came to $3.3 billion, expanding from $2 billion tallied a month earlier.The export growth
April 15, 2013
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Korean company to market microalgae as energy solution
Microalgae Farm CEO Park Shin-ho expects that the world will pay more attention to microalgae as a source of renewable energy due to rising oil prices and concern about the safety of nuclear power plants.The company, based in North Chungcheong Province, is the only Korean agricultural firm that grows freshwater microalgae. The company said it had passed tests conducted by the Korea Institute of Science and Technology on both lipid content and lipid productivity at the same time in February last
April 15, 2013