Most Popular
-
1
Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
-
2
Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
-
3
Controversy brews over shakeup of prosecutors amid probe of first lady
-
4
OpenAI gives ChatGPT new powers to see, hear
-
5
Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
-
6
S. Korea to inject $70m into AI-powered public education
-
7
[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
-
8
Korean industries gauge impact of Biden's steep tariffs on China
-
9
[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
-
10
Do Korean doctors make too much money?
-
POSCO chairman sharpens reform, antigraft drive
POSCO has announced a set of reform measures as the steelmaker struggles to reorganize its business structure and rebrand an image tarnished by an alleged graft scandal.The proposed plans, dubbed “Innovative POSCO 2.0,” include revamping business portfolios, disclosing the names of those behind major investment and mergers and acquisitions decisions for higher responsibility and enhancing personnel management transparency.“I sincerely apologize to our investors for having caused concerns,” POSCO
July 15, 2015
-
[Graphic News] Iran nuclear resolution to boost Korean exports
As economic sanctions are expected to be lifted as a result of the settlement of the Iranian nuclear issue, Korean industries anticipate their overseas business will be revitalized.According to the Korean International Trade Association, South Korea-Iran trade reached its peak in 2011 as Korea exported $6.1 billion to Iran and imported $11.4 billion.However, the trade volume has halved since the economic sanction led by the United States was launched.But as the U.S.-Iran relationship warms and t
July 15, 2015
-
Daewoo Shipbuilding dips to 7-year low on loss woes
Major shipbuilder Daewoo Shipbuilding & Marine Engineering Co. plunged to a near seven-year low Wednesday afternoon on concerns it may have to book a cumulative loss of some 2 trillion won ($1.76 billion) on its balance sheet.Stocks of Daewoo Shipbuilding were trading at 8,750 won on the Seoul bourse as of 1:21 p.m., down 3,750 won, or 30 percent, from the previous session's close.The stock plunge came as the Chosun Ilbo, citing unnamed sources, reported that the shipbuilder has not booked the e
July 15, 2015
-
Elliott urges C&T shareholders to vote against merger
U.S. hedge fund Elliot Associates made its last pitch to shareholders of Samsung C&T Corp. on Wednesday to vote against the firm's merger with another key unit of Samsung Group, South Korea's top conglomerate.The call came two days before Samsung C&T shareholders are slated to meet to cast ballots on a takeover offer by Cheil Industries Inc., the de facto holding firm of South Korea's top conglomerate.Elliott, the third-largest shareholder of Samsung C&T with a 7.12 percent stake, has been seeki
July 15, 2015
-
S. Korea's major shipbuilders to share patents for eco-ship project
South Korea's three major shipbuilders will provide publicized patents to their smaller local counterparts to help them build eco-friendly ships, Cheong Wa Dae said Wednesday.The three shipbuilders are Hyundai Heavy Industries Co., the world's largest shipyard; Daewoo Shipbuilding & Marine Engineering Co., the world's second-biggest shipyard; and Samsung Heavy Industries Co., a shipbuilding unit of Samsung Group, South Korea's largest conglomerate.The three shipbuilders will open about 2,500 pat
July 15, 2015
-
Superrich heirs-apparent rush to consulting companies
The third generation of South Korea’s superrich conglomerates are rushing to consulting firms, in an apparent attempt to obtain management-related experience while establishing their own global network. According to Hankyung.com, Chey Yun-jeong, the eldest daughter of SK Group chairman Chey Tae-won and former President Roh Tae-woo’s daughter Roh So-young, has recently started working at Bain & Company. The report noted that the University of Chicago graduate was hired as a junior consultant. “Th
July 14, 2015
-
Hyundai Steel aims at W26tr in sales by 2020
Hyundai Steel, the steel business arm of Hyundai Motor Group, unveiled its growth vision to 2025 under a blueprint to advance into a “materials business-based value creation company.”Under the new slogan of “engineering the future beyond steel,” the company said it would diversify its businesses beyond the core and achieve sales of 26 trillion won ($23 billion) by 2020 and 31 trillion won by 2025. The company’s declaration of a new vision was expected, following the completion of its merger with
July 14, 2015
-
[SUPER RICH] South Cape Spa & Suite attracts superrich around the world
The South Cape Spa & Suite, located in Namhae, South Gyeongsang province, is a constant temptation for golf enthusiasts who dream of golfing every time they look at a patch of grass.South Cape has become one of Korea’s representative golf resorts just two years from its establishment in 2013, becoming a must-see for foreign visitors and being listed as one of “Korea’s best golf courses” in various golf magazines.A total of about 400 billion won ($350 million) was invested to build the golf resor
July 14, 2015
-
Kumho chairman to head Visit Korea Committee
Park Sam-kooKumho Asiana Group chairman Park Sam-koo has been appointed to lead a tourism promotion committee, the group said Tuesday. The Visit Korea Committee, under the Ministry of Culture, Sports and Tourism, elected Park as its new chairman during a board meeting in Seoul on Friday.“We expect that Park will contribute vastly to the development of the tourism industry with his expertise in the tourism sector and management skills he cultivated as a business leader,” a VKC official said. Foun
July 14, 2015
-
Korean Air heiress seeks to dismiss nut rage lawsuit in U.S.
Heather Cho, the oldest daughter of Korean Air chairman Cho Yang-ho, has asked a U.S. court to dismiss a lawsuit involving an onboard tantrum dubbed “nut rage” on Tuesday, saying the case should be handled by a court in Korea. (Yonhap)“It is more appropriate to hold a plea in Korea as all parties related to the case are Korean nationals and investigations were also conducted in the country,” an attorney representing Cho said. The motion comes months after a flight attendant who was harassed by
July 14, 2015
-
[Graphic News] Inbound remittance surpasses outbound transfers
Foreign remittance sent to Korea surpassed money going abroad, data showed Tuesday. According to data from KB Financial Group and World Bank, the amount of money wired from abroad to Korea in 2014 was $6.48 billion, eclipsing the $5.8 billion wired out of the country.By country, the most money was wired to Korea from the United States with $2.96 billion, followed by Japan with $1.71 billion. The two countries made up 71.3 percent of all money being wired to Korea.The next three countries in ter
July 14, 2015
-
Samsung Electro-Mechanics to spin off non-core biz lines
Samsung Electro-Mechanics Co., a South Korean industrial parts maker under the country's No. 1 conglomerate Samsung Group, said Tuesday it will spin off a handful of its product lines to focus on its mainstay businesses.Under the move, Samsung Electro-Mechanics will offload businesses, including the Electronic Shelf Label, a price-displaying system installed on shelves in stores, and tuners that are used to receive digital broadcasting."Our company decided to transfer the related staff and asset
July 14, 2015
-
KEPCO inks deal to set up micro grid in Canada
South Korea's state-run power company said Tuesday that it has signed a deal to set up a micro grid in Canada, marking the first time it will make inroads into the North American market.The $11.7 million contract signed with PowerStream Inc. includes an option to participate in updating the Canadian partner's conventional supervisory control and data acquisition systems, Korea Electric Power Corp. said.Micro grids are localized grids that can be operated autonomously from nationwide power networ
July 14, 2015
-
S. Korea to turn Busan into world's No. 2 transshipment port
South Korea plans to transform Busan into the world's No. 2 transshipment cargo port by 2020 by building up infrastructure and streamlining operations, the government said Tuesday.The move could enable the country's largest sea port to outstrip Hong Kong for the second place slot among the world's transshipment harbors and place it below Singapore, the Ministry of Ocean and Fisheries said.Transshipment refers to the handling of containers and cargo at an intermediate destination before they are
July 14, 2015
-
Hyundai, Kia cut sales target by 10 pct amid bleak outlooks: sources
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have lowered their annual sales target for this year "internally" by around 10 percent in the face of less demand and intensifying competition that have resulted in a sharp fall in sales in major economies including China, sources close to the matter said Tuesday.In its 2015 business plan unveiled earlier this year, the two South Korean car making giants aimed to sell a combined 8.2 million cars at home and abroad, which is 2.5 percent
July 14, 2015
-
Probe zeroes in on negligence at heart of Hanwha explosion
A police officer enters a Hanwha Chemical plant in Ulsan as part of an investigation into a deadly explosion there on July 4. (Yonhap) Officials clean up the debris from the explosion at the Hanwha Chemical plant in Ulsan on July 7. (Yonhap)The investigation into the deadly explosion at Hanwha Chemical Corp. is pointing to long-established negligence and lax safety management as the cause of The investigation into the deadly explosion at Hanwha Chemical Corp. is pointing to long-established negl
July 13, 2015
-
Hyundai chief stresses risk management in hard times
Hyundai Motor Group chairman Chung Mong-koo on Monday admitted that his company is facing hard times and called for all-in efforts to boost global sales. “It is true that we are facing hard times in many ways, but this cannot be an excuse. We need to, and can, overcome them and become stronger by doing so,” Chung said at the meeting of representatives of 60 overseas branches of Hyundai and Kia at the company’s headquarters in Yangjae-dong, southern Seoul. “We always need to find the solution in
July 13, 2015
-
Robot-makers tap Chinese market
The Korea Trade Promotion Corp., Korea Institute for Robot Industry Advancement and the Korea Association of Robot Industry held a robot trade show in Shanghai from July 10-13, arranging business meetings between 13 domestic companies and 30 Chinese firms. The event was held during the China International Robot Show 2015, where 750 global robot-makers showed off their latest technologies.Six Korean businessmen also had the chance to hold pinpoint meetings with Panda Group, the sixth-largest IT a
July 13, 2015
-
Samsung gauges foreign investors’ decisions on merger proposal
Samsung C&T is thoroughly gauging the decisions of foreign investors, most of whom finished their absentee voting last week on the company’s planned merger with Cheil Industries, the de facto holding company of Samsung Group. With the voting results to be revealed at a shareholders meeting Friday, their decisions are expected to play a key role in determining the crucial 8.9 trillion won ($7.93 billion) merger for the nation’s largest conglomerate’s management transfer to a new generation. Forei
July 13, 2015
-
Analysts paint rosy picture for duty-free bid winners
Analysts on Monday raised their target prices on shares of high-profile bid winners who will operate duty-free stores in downtown Seoul, citing that the retail giants secured a new growth engine amid sluggish domestic demand and rising competition.The upgrades in the target prices of the retail firms reflects expectations that the new stores will give a boost to the world‘s largest duty-free market, accounting for 13 percent of global revenues from duty-free shops in 2014. “The urban duty-free b
July 13, 2015