Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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'Queen of Tears' riding high on Netflix chart
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Chip up cycle won’t stay long: SK chief
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[Weekender] Regulations, privacy pose dilemma
With the latest revolutionary technology taking off, a growing number of entrepreneurs are paving the way in Korea for a wider use of unmanned aerial vehicles, commonly known as drones.Even President Park Geun-hye last month stressed the need for an industry-specific development strategy at a national level concerning unmanned vehicles, including drones. However, industry insiders agree that the existing legal landscape for drones remains relatively restrictive in comparison to other developed c
June 19, 2015
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Korea, Central American nations launch free trade negotiations
The South Korean government will soon start negotiations with six Central American countries for a free trade agreement, officials said Friday. Trade Minister Yoon Sang-jick announced the official launch of FTA talks after meeting on Thursday with his counterparts from six countries ― Panama, Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica ― in Houston, the U.S.“The ministers shared the view that the FTA should be consistent with the rules of the World Trade Organization and agreed to
June 19, 2015
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Qatar Airways named best airline of 2015
Qatar Airways has been selected as the world’s best airline at the annual Skytrax World Airline Awards, the carrier said Friday.“Qatar Airways strives to offer the best travel experience for its guests across our entire global network of 147 destinations, with a commitment to providing quality services to each and every one of our passengers.” Qatar Airways Group CEO Akbar Al Baker said.In addition to the Airline of the Year award, which Qatar Airways also won in 2011 and 2012, the airline also
June 19, 2015
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KEPCO installs reactor vessel for UAE plant
The state-run utility firm Korea Electric Power Corp. has completed the installation of a reactor vessel for the United Arab Emirates’ second new nuclear power reactor in the Western Region of Abu Dhabi, the company said Friday. KEPCO headquarters in Naju“KEPCO has been building a partnership with the UAE by offering the latest cutting-edge technology in nuclear power reactors based on its 40 years of experience on power plant construction and operation,” KEPCO’s executive vice president of ove
June 19, 2015
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S. Korea's mobile shopping logs sharp growth in 2014: report
Mobile shopping in South Korea expanded by more than twofold in 2014 from a year earlier, on the back of the country's advanced mobile technology and a shift in consumption trend, a report showed Friday. The size of mobile shopping in Asia's fourth-largest economy came to 13.14 trillion won ($11.9 billion) at the end of last year, up 122.3 percent from 5.91 trillion won tallied the previous year, according to the Korea Institute for Industrial Economics & Trade.In contrast, internet shopping on
June 19, 2015
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Elliott ratchets up attack on Samsung C&T-Cheil merger
Elliott Associates, the U.S. activist hedge fund, stepped up its attack on the proposed merger between Samsung C&T and Cheil Industries on Thursday, a day before the escalating dispute goes to court in Seoul. Elliott unveiled a 27-page online presentation, reaffirming its opposition to the merger plan. It instead newly expressed support for Samsung Group’s restructuring for a successful leadership transition in a move to appeal to shareholders. “Elliott firmly believes that the proposed takeover
June 18, 2015
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Export of airport operation consulting
Park Wan-su (left), CEO of Incheon International Airport Corp., poses with Mertol Genc, CEO of the project to build the Istanbul Grand Airport, after signing a contract to offer airport operation consulting services to the new airport in Istanbul, Turkey until 2020. The Incheon Airport-led international consortium won the 12.9 billion won ($11.7 million) consulting project in March. IIAC
June 18, 2015
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Regulator unveils steps for Internet-only banks
South Korea's financial regulator unveiled a set of measures Thursday aimed at encouraging big name local IT firms to invest in the Internet-only banking industry with a focus on lowering entry barriers and easing related regulations. Under the measures, Internet-only banks will be off limits to the country's conglomerates, including Samsung Electronics Co. and Hyundai Motor Co., the country's No. 1 and No. 2 companies, respectively, by market capitalization.A non-financial firm will be allowed
June 18, 2015
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FTC probing alleged unfair practices by multiplex theaters
South Korea's antitrust watchdog said Thursday that it has started a probe to determine if local multiplex theaters engage in unfair trade practices that hurt consumers.The Fair Trade Commission said it is trying to determine if CJ CGV, Lotte Cinema and Megabox forced customers to view extended advertisements and made excessive profits through the sales of snacks. All three companies have been ordered to submit business-related records. The top three multiplex chains controlled 90.1 percent of t
June 18, 2015
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S&P upgrades POSCO's rating outlook to 'stable'
Global credit appraiser Standard & Poor's (S&P) said Wednesday it has revised up its credit outlook for South Korean steelmaker POSCO Co. to "stable" from "negative," citing the firm's recent efforts to improve cash flow. "We expect credit metrics for POSCO to improve this year, and for the company to start generating positive free operating cash flow for the first time since 2010 thanks to significant nondebt financing, declining capital investment, and stabilizing operating performance," said
June 17, 2015
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[Photo News] QM3 Pop-up store
Renault Samsung Motors set up a pop-up store for its compact SUV QM3 near the bustling Gangnam Station in southern Seoul. The store to promote the best-selling vehicle will be open until Friday. (Renault Samsung Motors)
June 17, 2015
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AmorePacific inks Christian Dior tie-up
AmorePacific signed a memorandum of understanding with Christian Dior in Seoul on Wednesday to bolster a strategic partnership between the two global cosmetics giants.According to AmorePacific, the deal highlights the so-called “cushion” technology transfer from the Seoul-based firm to the cosmetics line of the French fashion house. “This agreement holds great significance in that our ‘cushion’ technology is appreciated by one of the world’s most respected luxury brand companies and a powerhouse
June 17, 2015
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Korean Air chief signals daughter’s return to firm
Hanjin Group and Korean Air chairman Cho Yang-ho has hinted at the possibility of his daughter Heather Cho making a comeback to the company, nearly six months after the former female Korean Air executive resigned from all posts over the so-called “nut rage” case. Meeting reporters in Paris early this week, the family-run conglomerate chairman said that he will focus on developing his children’s expertise as a step to succession. The senior Cho has three children including Heather Cho, who was se
June 17, 2015
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KEPCO to cut power rates: source
The state-run Korea Electric Power Corp., the nation’s largest utility company, has internally decided to cut electricity rates under pressure from the political circles, according to a source.“KEPCO will soon lower the electricity rates as it has already agreed with the government on the measure,” a company official close to the matter told The Korea Herald on condition of anonymity.The source, however, declined to say how large the cut would be. KEPCO has been under pressure to make a rate cut
June 17, 2015
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Korean Air to bolster short-haul routes
Korean Air, the country’s top flag carrier, will invest about $12 billion to buy 100 new passenger jets from Boeing and Airbus in its effort to strengthen short- and mid-range international routes. Under memoranda of understanding signed each with Boeing and Airbus overnight in France, Korean Air agreed to buy 50 B737 Max-8s and 50 A321 NEOs from the two plane manufacturers, according to Yonhap.It will cost the airline some $12.23 billion, the largest purchase deal recorded in airline history in
June 17, 2015
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Daewoo International CEO steps down over Myanmar row
Jeon Byeong-eal, the CEO of POSCO’s trading subsidiary Daewoo International, quit Tuesday after a protracted feud with the steelmaker over an overseas natural gas project.He announced his resignation while attending at a meeting of board of directors of the trading company in Seoul.“Having thought about what would be the future-oriented measure for the group, the company and all those concerned, I concluded that resigning is the quickest way to end the situation,” Jeon said.The outgoing CEO had
June 16, 2015
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Lotte to buy Indonesian mall
Lotte Group, the country’s fifth-largest conglomerate, plans to acquire several multimillion-dollar shopping complexes in Indonesia to expand its presence in the country, Korean media outlets reported Tuesday. According to officials at an investment bank, the retail giant selected Samil PricewaterhouseCoopers as an accounting adviser to buy a seven-story building in Senayan, located in south Jakarta. A Lotte Group spokesperson declined to provide further details of the deal or confirm the acquis
June 16, 2015
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[SUPER RICH] Ex-Jinro chairman’s death reflects honor and disgrace of Korean conglomerates
Prosecutors on Monday confirmed the death of former Jinro Group chairman Jang Jin-ho, and officially ceased the arraignment process on him over four suspected irregularities. The announcement of the death of the father of the nation’s best-selling Cass beer and Chamisul soju came more than a month after his funeral was held in Beijing and his bereaved family set up a small mourning place in Asan Medical Center in Seoul.Investigators said that because the surviving family did not register his dea
June 16, 2015
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[SUPER RICH] BridgeCrest Medical helps fight disease with big data
Amid the Middle East respiratory syndrome outbreak, a Korean technology company won much public support by creating and distributing a “MERS map” before the government did.Nathan Klarer, founder and CEO of start-up BridgeCrest Medical, did something similar last year by presenting an Ebola map when the United States was facing an Ebola scare.Ebola, which had been spreading in West Africa, led to a scare in the United States when a patient in Texas died from it and two nurses who were treating hi
June 16, 2015
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[Photo News] Cordless Vacuum
Tech giant LG Electronics said Monday that the Cordzero Cyking, a cordless vacuum cleaner, had recorded accumulated sales of 10,000 units, the highest in the domestic market, during the first five months of this year. (LGE)
June 15, 2015