Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Samsung heir apologizes over MERS handling
Samsung Electronics vice chairman Lee Jay-yong, the de facto leader of Samsung Group, Tuesday offered an official apology after a Samsung-affiliated hospital was blamed for being the epicenter of the spread of Middle East respiratory syndrome here. “I offer my sincere apology and deep regrets to the patients, bereaved families and all others who have suffered from the disease,” Lee said during a televised news conference after making a deep bow to the public. “My father is also hospitalized at t
June 23, 2015
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[SUPER RICH] Korean cosmetics guru eyes young consumers to gain momentum
Charmzone chairman Kim Kwang-seok has returned to what he is good at: Making face cream.His skincare company -- once the dominant player in the Korean cosmetics market -- is seeking to get back on track with its newly launched antiaging cream. Charmzone chairman Kim Kwang-seok (Charmzone)“Cosmetics has become a daily necessity. I will start from the beginning to regain lost time and consumers,” the pharmacist-turned-entrepreneur said in an interview with The Korea Herald. The 31-year-old company
June 23, 2015
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Hyundai E&C banks on ‘zero-energy’ technology
YONGIN, Gyeonggi Province ― Electrical appliances and lights switch on and off, while the balcony doors slide open, all by themselves in an empty house. This is not science fiction, but reality at Hyundai Engineering & Construction’s Green Smart Innovation Center in Yongin, Gyeonggi Province.However, rather than user convenience, the technologies behind such features were developed as part of the company’s plans to cut fossil use in housing, buildings and public infrastructure.Hyundai E&C, the c
June 23, 2015
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[SUPER RICH] News aggregators who rose to prominence
News aggregation sites are on the rise.These websites don’t produce much original content, instead bringing in famous columnists or aggregate preexisting news and add videos or photos to the story.News aggregating websites have grown in the past few years, and have been sold for enormous sums or attracted large-scale investments.Arianna Huffington, founder of The Huffington Post (Bloomberg)Arianna Huffington – The Huffington PostThe Huffington Post is one of the first media companies to introduc
June 23, 2015
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Samsung heir apologizes over MERS outbreak at its hospital
Lee Jae-yong, heir apparent to South Korea's top conglomerate Samsung Group, offered an apology Tuesday over a massive outbreak of Middle East Respiratory Syndrome at a group hospital, pledging support for the quick containment of the viral disease.Samsung Medical Center in southern Seoul has been blamed as a major source of infections and has voluntarily shut down most of its operations after nearly half of all transmissions occurred there. Samsung Electronics vice chairman Lee Jay-yong apologi
June 23, 2015
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Hyundai Motor offers W1.7 tln to city for headquarters construction
Hyundai Motor Group, the world's fifth largest auto-making giant, said Tuesday that it has offered to pay about 1.7 trillion won ($1.54 billion) in public contribution to the Seoul city government in connection with the construction of a 115-story new headquarters building.In September, the parent group of Hyundai Motor Co. and Kia Motors Corp. purchased the 79,345-square-meter piece of real estate that previously housed the main headquarters of state-run Korea Electric Power Corp. in Gangnam, t
June 23, 2015
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Businesses propose recovery plans
The nation’s business community called for action plans to revitalize the sagging domestic economy, hit by the recent outbreak of Middle East respiratory syndrome.“Business leaders brought in those ideas, with MERS fears dragging down the sagging domestic economy,” said Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry.According to a recent survey conducted by the KCCI, a growing number of Korean companies, especially small and self-employed businesses, felt a financial pinc
June 22, 2015
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Oil prices rise with focus on Greece, Iran
Oil prices rose on Monday as dealers focused on crunch Greek debt talks and a possible return of Iranian supplies to the market. US benchmark West Texas Intermediate for July delivery gained 56 cents to $60.17 a barrel compared with Friday's close. Brent North Sea crude for August won 54 cents to $63.55 a barrel around midday in London."Hopes that agreement could be reached in the debt dispute with Greece at today's EU summit are lending buoyancy to oil prices as the new week begins," said Com
June 22, 2015
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[Photo News] High-tech Innovation
Solvay Group CEO Jean-Pierre Clamadieu (left) and the Korean unit head Pyung Suk-koo on Monday vowed to focus on the Korean market as the center of research for high-tech materials, at a news conference to celebrate the group’s 40th anniversary since launching in Korea. (Solvay Korea)
June 22, 2015
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Hite Jinro fined for false advertisement against rival
The antitrust watchdog said Monday that it handed down a 143 million won ($130,000) fine to Hite Jinro, the nation’s largest distiller of soju, for holding a false advertisement campaign against its rival.Hite Jinro handed out fliers and banners between March and May 2012, accusing Lotte Chilsung Beverage’s Cheoeum-Cheoreom soju of being improperly distilled, according to the Fair Trade Commission.From its first launch back in 2006, Cheoeum-Cheoreom had swiftly grown popular among consumers, cat
June 22, 2015
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IKEA’s pricing policy sparks new controversy
The Korean unit of Swedish furniture-maker Ikea has come under fire as it was found to have priced some of its products in Korea as much as double the global prices. According to local advocacy group Consumer Research on Monday, the average price of the retail giant’s couches and wardrobes are 15 to 20 percent higher in Korea compared with those in the U.S., Germany and Japan. “Ikea Korea charged 10-30 percent more for the majority of products marked over 100,000 won ($91) in Korea compared with
June 22, 2015
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IFEZ enters final stage of development
The Incheon Free Economic Zone, the first FEZ designated in Korea in 2003, is growing into an international city as it prepares for its final development stage, to be completed by 2020.As per its “2020 Towards Global Top 3” plan, IFEZ aims to become one of the world’s top three FEZs by 2020 with business districts, leisure, education and residential areas.Largely divided into three regions ― Songdo International City, Cheongna International City and Yeongjong Area ― IFEZ built the foundations du
June 22, 2015
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Minor Samsung C&T shareholders to file petition against merger
Small shareholders of Samsung C&T Corp. said Monday they will file a petition with a Seoul court this week against a controversial proposal for its merger with another key unit of Samsung Group, South Korea's top family-controlled conglomerate. The move came as the construction arm of Samsung Group has been embroiled in a legal battle with U.S. hedge fund Elliott Management since early this month regarding an 8.9 trillion won ($8.09 billion) takeover offer by Cheil Industries Inc., the de facto
June 22, 2015
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Solvay to open silica plant in S. Korea in 2017
Solvay Group, a Belgian chemical company, said Monday it will open a highly dispersible silica plant in South Korea in 2017 to meet growing demands for premium tires and energy-efficient chemical products.In April, Solvay broke ground for a silica plant with an annual capacity of 80,000 tons on a reclaimed industrial complex on the west coast to begin commercial operation in October 2017. The premium silica is used for energy-efficient tires, rubber products and other industrial chemicals.Solvay
June 22, 2015
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Lotte E&C wins $230 mln order from Indonesia
Lotte Engineering & Construction Co., a mid-sized construction firm, said Monday it has clinched a $230 million deal to build a power plant in Indonesia. Under the deal with Indonesia's state-run utility firm PT Perusahaan Listrik Negara, Lotte Engineering will build a gas-fired combined cycle power plant in the Southeast Asian country. The project will be carried out together with the trading unit of Samsung C&T as well as Indonesia-based construction company PT Hutama Karya.Construction is sla
June 22, 2015
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IKEA Korea price tags 15-20 pct higher than other nations: poll
Prices of couches and wardrobes sold by IKEA Korea, the local unit of Swedish furniture giant IKEA, are 15-20 percent higher than those in other countries, a poll showed Monday.The survey by local consumer advocacy group Consumer Research showed that the price of 126 products sold in the country averaged 522,717 won ($471.8), which is 15-20 percent higher compared with the cost in Germany, Japan and the United States.The average price was the lowest in Japan at 437,578 won, followed by Germany w
June 22, 2015
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Hite Jinro fined for false ads attacking rival
South Korea's antitrust watchdog said Monday it has slapped a 143 million won ($129,300) fine on Hite Jinro Co., one of the country's largest distillers, for carrying out a false advertisement campaign against its main competitor.According to the Fair Trade Commission, Hite Jinro distributed fliers and banners between March and May of 2012, claiming that the Chum-Churum soju made by Lotte Chilsung Beverage Co. is harmful to drink and is distilled in an unlawful manner. Chum-Churum had been gaini
June 22, 2015
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STX Heavy calls off W450b Iraq project
STX Heavy Industries has called off a 450.8 billion won ($406.8 million) contract to build a gas pipeline in Iraq, fueling concerns about the company’s ongoing restructuring efforts. The company said Friday the decision was made due to the prolonged conflict in Anbar, Iraq, where Islamic State extremists have been mounting a wave of attacks targeting the Iraqi army.“The worsening situation in the region has reached the level where we cannot proceed with construction,” a company official told the
June 21, 2015
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S. Korean firms striving to overcome MERS fallout
South Korea's business community is going all-out to tide over the fallout of Middle East respiratory syndrome as the unexpected outbreak of the acute respiratory epidemic in Asia's fourth-largest economy is taking a heavy toll on their operations and sales, industry sources said Sunday. The Federation of Korean Industries, the country's largest business lobby group, has urged its member companies to go ahead with their key events and operations as planned, as MERS-related panic has been excess
June 21, 2015
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Toyota CEO apologizes for arrest of foreign exec
TOKYO -- Toyota Motor’s chief executive Akio Toyoda issued an apology today following reports of the sudden arrest of the company’s first female executive, Julie Hamp. Julie Hamp, chief communications officer of Toyota Motor.“I apologize for the confusion caused by recent events,” Toyoda said at a press conference that was hastily arranged following the arrest.As a close friend of Hamp, the CEO also said he believes further investigation will reveal that “there was no intention on Julie’s part t
June 19, 2015