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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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Medical feud leaves hospitals in financial crisis
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Probe of first lady on Dior bag allegations set to begin
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'Queen of Tears' riding high on Netflix chart
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Samsung mocks Apple over iPhone alarm glitch
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Lotte Group chairman elected to head Lotte Japan
Lotte Group chairman Shin Dong-bin was named as the CEO of Japan-based Lotte Holdings at a regular board meeting Wednesday, the group announced Thursday. Shin was elected by the board as the new CEO of Lotte Holdings by a unanimous vote, according to group officials. The decision effectively positions the group chairman as the heir to Lotte Group founder and general chairman Shin Kyuk-ho. Shin Dong-bin (Yonhap)Since Lotte Holdings is the de facto holding company of Lotte Japan, Shin’s new positi
July 16, 2015
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Daewoo SME set for restructuring amid big losses
Daewoo Shipbuilding & Marine Engineering Co. is set to face financial restructuring as the world’s second-largest shipbuilder is projected to book massive losses in the second quarter of this year.After a local newspaper reported Wednesday that the South Korean shipbuilder may have booked as much as 2 trillion won ($1.8 billion) to 3 trillion won in unreported losses, stemming from its low-margin offshore project orders, the company’s shares plunged by the maximum 30 percent to reach a seven-yea
July 16, 2015
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Etude House introduces ‘Bling me Prism’
Makeup brand Etude House launched the “Bling me Prism” collection, a collaboration line with fashion jewelry brand High Cheeks. The Bling Me Prism collection includes five kinds of watery eye shadow, five liquid lipsticks, five kinds of nail polish, a henna sticker and a single powder eye shadow. The watery eye shadow contains 50 percent water, bringing a cooling effect to the eyelids. The lipstick with ample pigments brings moist but vivid color and texture to the lips, the company said. All it
July 16, 2015
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Stone Beer debuts in Korea
Stone Beer, a world-famous craft beer brand imported straight from San Diego, has debuted in Korea, InterBeer Korea, its exclusive Korean distributor, said in a press release Thursday.The newly imported beers are the Stone Indian pale ale (IPA), Stone Ruination, Stone Go To IPA, Cali-Belgique IPA, Stone Pale Ale 2.0 and Arrogant Bastard Ale. These beers come with their own “Enjoy by” dates in order to assure the best taste of 90 days from brewing, compared to the conventional 12 months. The beer
July 16, 2015
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Caffe Bene opens in Indonesia
Korean cafe brand Caffe Bene opened its fourth Indonesian outlet inside the AEON Mall of Tangerang City. The 280-square-meter store can seat 108 people and is located near Swiss German University and Prasetiya Mulya Business School, as well as Indonesia Convention Exhibition halls, the company said.Following the local trend of providing meal and desserts at cafes, Caffe Bene serves not only Italian pastas, but also Korean-infused menu items such as Kimchi Aglio Olio pasta and tteokbboki (red pep
July 16, 2015
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Cheil Industries launches accessory brands
Cheil Industries launched two accessory brands, Ravenova and Ilmo, to keep up with the growing fashion markets. Ravenova’s signature item is the “module bag,” which allows consumers to design their own bags based on 50 different modules provided by the brand. The modules are priced between 60,000 won ($52) and 190,000 won for a clutch, and a full bag costs between 300,000 won and 500,000 won. Ilmo is a leather accessory brand for men and women. About 80 percent of the items, ranging from bags an
July 16, 2015
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Starbucks launches ‘Dan. Baek. Jil’
Starbucks Korea launched “Dan. Baek. Jil,” meaning protein in Korean, a snack pack that covers 33 percent of recommended daily protein intake. With a pack of a half-boiled egg, soft tofu and string cheese, one can consume 55 grams of protein, the coffee franchise said. Starbucks will give away a cup of “Today’s coffee” to those who buy one of the 4,900 won ($4.30) packs of “Dan. Baek. Jil” by July 27. It is also introducing its half-dried sweet potato, sliced into the bite-sized shapes and price
July 16, 2015
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[Herald Interview] Organica Day to focus on vegetable detox juice
Just when many Koreans started drinking detox juice and began to realize it’s edible, Organica Day, Herald Corp.’s juice-squeezing arm, decided to take it a step further and focus on vegetables by reducing the amount of fruit in its products. “I am a little concerned about the sugar intake through fruit, even if it is fructose,” said Chung Hyung-ho, CEO of Organica Day, the producer of Just Juice Cleanse. “I believe that vegetables are much better options for health. Our chef, New York-based Chr
July 16, 2015
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LG Display’s large-panel production hits 1.5b mark
LG Display, Korea’s top display-maker, said Thursday that its production of large LCD and OLED panels has hit the 1.5 billion mark for the first time within the industry.The new milestone comes after the company started producing large LCD panels back in 1995, the company said. Large panels, those 9.1 inches or larger, are used for computer monitors, laptop computer screens and TVs. The 1.5 billion units are equivalent to 236,793,391 square meters of panels, the company said. “LG Display has con
July 16, 2015
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SK sells subsidiary to CIAM Group for W100b
SK Group said Wednesday that it sold its subsidiary SK (Chongqing) Lithium Ion Battery Material Co. to CIAM Group, China’s battery production company, for 100 billion won.SK established a memorandum of understanding with CIAM Group on the deal on July 7, and plans to sign a formal contract in the beginning of September.SK (Chongqing) Lithium Ion Battery Material Co. has dealt with producing cathode materials for electric car batteries. SK China and SKC had 90.91 percent and 9.09 percent of its s
July 16, 2015
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Baesangmyun seeks to revive traditional liquor culture with brew pubs
Baesangmyun Brewery, South Korea’s leading traditional liquor maker, is growing its brand with urban brew pubs producing freshly fermented makgeolli, Korean rice wine, every day. By rebuilding a mini-brewery -- Slow City Brewery & Pub -- just like those a century ago, the producer of a range of distilled and fermented Korean beverages seeks to revive the country’s home-brewed alcoholic beverage culture with a modern touch. A chef prepares food for the daily lunch buffet at Slow City Brewery & P
July 16, 2015
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Elliott’s appeal against Samsung merger rejected
The Seoul High Court on Thursday turned down U.S. hedge fund Elliott’s appeal on the injunction to block a merger deal between Samsung C&T and Cheil Industries.Elliott had filed for an injunction to stop Samsung C&T from holding a shareholders’ meeting Friday, where the controversial merger proposal will be put to a vote. However, the Seoul Central District Court threw out the request on July 7, prompting the hedge fund to file an appeal.In addition to seeking to prevent the merger from being pu
July 16, 2015
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Hanjin unit sells stake in Korean Air for 217 bln won
Hanjin Transportation Co., the overland transportation and delivery unit of Hanjin Group, said Thursday that it sold its entire stake in Korean Air Lines Co, a move aimed at streamlining the group's complex governance structure.In a block deal, Hanjin Transportation sold a total of 5,792,627 shares of Korean Air for 37,700 won ($32.85) apiece, 4.4 percent lower than their closing prices in the previous day, the company said in a regulatory filing. The deal was worth 216.9 billion won.The move co
July 16, 2015
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Daewoo Shipbuilding's rating cut on loss woes
Local credit appraisers on Thursday cut their ratings on Daewoo Shipbuilding & Marine Engineering Co. as the world's No. 2 shipbuilder may have to book massive losses on its balance sheets and is set to undergo large-scale debt restructuring.KIS Rating slashed its rating on Daewoo Shipbuilding to "A-" from "A," and put the shipbuilder on its watch list for another rating cut."Increased operating capital has jacked up its financial burden, and uncertainties increased over its second-quarter earni
July 16, 2015
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Seoul court denies Elliott's appeal bids against Samsung merger
A South Korean court rejected Thursday a U.S. hedge fund's request to block a vote by Samsung C&T Corp. shareholders on a high-stakes merger with a sister firm, clearing the legal hurdle on the eve of a crucial shareholder meeting.The Seoul High Court also turned down Elliott Associates' appeal of a district court's rejection of an injunction request to nullify the voting rights of KCC Corp., which increased its stake in the builder through a treasury share purchase.Earlier this month, the Seoul
July 16, 2015
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Hyundai Motor's share in Brazil hits all-time high
Hyundai Motor Co., South Korea's top automaker, saw its market share in Brazil's passenger car sector hit an all-time high in June thanks to brisk sales of its locally produced HB20 subcompact, industry data showed Thursday.According to the data, Hyundai Motor sold 17,517 passenger cars in Brazil last month, raising its market share to 10 percent, its highest ever. It renewed its previous record share of 9.3 percent in May. Hyundai Motor ranked fifth in market share there, narrowing the gap with
July 16, 2015
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POSCO puts $12b India steel project on hold
POSCO decided to temporarily suspend its already delayed $12 billion steel plant construction project in India, company chairman Kwon Oh-joon said Wednesday.”We decided to tentatively stop the project as we have not seen visible progress. The project will remain at all stop unless the Indian government offers a better deal” Kwon told The Korea Herald after an investors’ relations session in Seoul. The continuous galvanizing line facility run by POSCO Maharashtra, POSCO’s Indian unit. (POSCO)POS
July 15, 2015
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FKI urges inter-Korean business liaison offices
The Federation of Korean Industries, South Korea‘s major business lobby group, proposed Wednesday a new set of principles for inter-Korean business exchange, calling for a paradigm shift toward a mutually beneficial economic relationship. “A new economy-centered paradigm should be developed in which both Seoul and Pyongyang could gain mutual interests, and it’s time to go beyond the conventional paradigm of ‘support and pressure,’” Park Chan-ho, a senior executive of the FKI said during a semina
July 15, 2015
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GS chairman accentuates choice and concentration
GS Group chairman Huh Chang-soo emphasized Wednesday that the conglomerate must look ahead and choose to concentrate on their core abilities instead of trying to do everything well.“We cannot achieve greatness if we cannot look far ahead,” he said, quoting the late independence fighter Ahn Jung-geun under the Japanese colonial rule of the Korean Peninsula. “We must realistically analyze our abilities and discern between areas to concentrate and areas to reduce or get rid of,” chairman Huh said d
July 15, 2015
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Samsung CEOs confident ahead of merger vote
Samsung Group’s top executives on Wednesday expressed confidence in winning the upcoming crucial vote on the merger deal between Samsung C&T and Cheil Industries. “We are confident about the merger approval. We want to win big,” said Samsung C&T co-CEO Kim Shin before attending a weekly executive meeting of Samsung affiliates at the group’s Seoul headquarters. “There are also several foreign shareholders who support the deal. We are making all-out efforts to attract favorable votes.”Cheil Indust
July 15, 2015