Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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POSCO sells stake in Australian firm in restructuring drive
The country’s leading steelmaker, POSCO, announced Thursday that it had sold off its entire stake in the Australian copper mining firm Sandfire Resources. POSCO’s 15.2 percent stake in the firm was sold for 130 million Australian dollars ($102.7 million). POSCO acquired the Sandfire shares in 2008 for about A$290 million as part of its efforts to diversify its raw materials sources.Although Sandfire has been profitable, POSCO categorized its investment in the firm as a nonessential asset and sol
May 21, 2015
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Trade Ministry, Chinese firms discuss new biz opportunities
South Korea’s Ministry of Trade, Industry and Energy stepped up efforts to attract new Chinese investors to the country by inviting more than 60 Chinese firms to Seoul on Thursday to discuss new business opportunities.Aiming to attract more than $5 billion (5.47 trillion won) in Chinese investment this year, the ministry offered one-on-one consultations linking Chinese companies to Korean firms in diverse industries as part of “China Week,” held this week from Monday to Friday.A total of 61 Chin
May 21, 2015
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Time for companies to show true colors on climate change
The Paris summit on climate change coming up in December will be a test of the ability of world leaders to read science accurately, and to act in the long-term interests of their countries and their planet.But the spotlight is also on business.Traditionally understood to be a major source of the problem, the private sector is now becoming a necessary part of the solution.The first cracks in the ice of corporate inactivity came in 2009, as the United Nations mounted a climate change summit in Cop
May 21, 2015
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[Herald Interview] ‘Korean culture boon for luxury brands’
South Korea has become the darling of global high-end luxury jewelers, with more people being educated about luxuries on top of its very unique celebration culture, said Francis Srun, managing director of Asia-Pacific at the French luxury jewelry house Boucheron. “The celebration of ‘100-days into the relationship’ culture (where men and women buy and wear identical rings) is very interesting and very promising. We say why not 200 days? 300 days?” Srun said in an interview with The Korea Herald
May 21, 2015
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S-Oil supports firefighters with trip to Jejudo
S-Oil on Thursday opened a three-day vacation camp for 70 fire service personnel and their spouses on Jejudo Island as part of its campaign to support the emergency services. The company has been operating the campaign in collaboration with the Korea National Council on Social Welfare. A fire service worker and his wife pose during a three-day vacation camp for 70 fire service personnel and their spouses on Jejudo Island held Thursday to support the emergency services. (S-Oil)The campaign award
May 21, 2015
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Steelmaker head indicted over alleged embezzlement
The head of South Korea's third-largest steelmaker was indicted Thursday over allegations he gambled abroad with millions of dollars he embezzled. Chang Sae-joo, chairman of Dongkuk Steel Mill Co., is suspected of misappropriating more than 20 billion won ($18 million) from Dongkuk Steel Mill by inflating the prices of raw materials the company purchased from abroad since 2003. Prosecutors of the Seoul Central Prosecutors' Office suspect that the 62-year-old used about 8 billion won to gamble
May 21, 2015
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Korean Air heiress to get appeals verdict on ‘nut rage’ case Friday
A high court will issue its verdict on Cho Hyun-ah, former executive vice president of Korean Air at the center of the so-called “nut rage” incident, on Friday.Cho received a one-year jail term in February for disrupting a flight and breaking aviation safety laws over her dissatisfaction with the cabin service. Shortly after, the attorney for the former Korean Air executive appealed the case to reduce her initial sentence, pleading that she was “deeply regretful about her actions.”Former Korean
May 21, 2015
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POSCO sells stake in Australian mining firm
South Korea's top steelmaker POSCO said Thursday it has offloaded its entire stake in an Australian copper mine firm as part of its restructuring efforts to help boost financial health. The 15.2-percent stake in Australian copper producer Sandfire Resources NL was sold off for A$130 million ($102.58 million) last week, POSCO said in a press release. With the deal, POSCO reaped around A$100.9 million in profit as the sale price was nearly 4.5-fold that of the initial purchasing price. POSCO
May 21, 2015
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Change is necessary, not optional, for future: GS Group chairman
GS Group chairman Huh Chang-soo has picked “change” and “innovation” as the management keywords for the future of the conglomerate, whose main businesses include energy, construction and retail.“The business landscape is expected to change faster than ever before, affected by the mobile revolution and the advent of new technologies like the Internet of Things,” Huh said.He made the remark to increase the sense of urgency for change among executives during the Value Creation Forum, an internal ma
May 20, 2015
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Ourhome targets Muslims with halal foods
ASAN, South Chungcheong Province ― On May 12, Sun Moon University canteen’s head chef Lee Gi-yeon sold all 50 servings of halal food, made specially for Muslim students, in a blink of an eye. The menu was chicken curry and naan. “There are about 20-30 Muslims students in the university of the 10,000 students. But many Korean students who are not even Muslim enjoy eating at our halal food corner,” Lee said, explaining that for some students, this is the only meal available outside their homes. Bu
May 20, 2015
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Spirits market breaks away from ‘Scotch’
Premium liquor in Korea mostly referred to Scotch whisky. But this is no longer the case, as the market’s key players have moved on to low-alcohol spirits.This new trend, according to top distillers, reflects the change of the market and the needs of young consumers, while retaining the values of whiskey.Spearheading the low-alcohol spirit sector was Golden Blue, a local whiskey brand launched in 2009 by a medium-sized local distiller in Busan. Golden BlueDifferentiating itself from leading Scot
May 20, 2015
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Tesla CTO eyes growth in car battery development
The chief technology officer of U.S. electric car manufacturer Tesla Motors forecast significant strides in the development of lithium-ion batteries over the next five to 10 years, as he eyed increased demand for electric batteries tailored for cars.“When we look forward to 2020, we think we will have around 1 million electric cars in total on the road that will amass about 70 gigawatt hours of total energy storage,” said JB Straubel, the CTO and cofounder of Tesla, during the 2015 Seoul Digital
May 20, 2015
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[Photo News] On-site management
May 20, 2015
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Time for companies to show their true colors on climate change
Time for companies to show their true colors on climate changeBy Georg Kell The Paris summit on climate change coming up in December will be a test of the ability of world leaders to read science accurately, and to act in the long-term interests of their countries and their planet.But the spotlight is also on business.Traditionally understood to be a major source of the problem, the private sector is now becoming a necessary part of the solution.The first cracks in the ice of corporate inactivit
May 20, 2015
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Renault Samsung's Twizzy for BBQ chicken delivery
BBQ chairman Yoon Jong-geun (far left), Seoul Metropolitan Government Deputy Mayor for Administrative Affairs Jung Hyo-sung (second from left) and Renault Samsung Motors President Francois Provo (far right) pose in front of the RSM all-battery electric vehicle Twizzy after signing a memorandum of understanding in Seoul on Wednesday. According to the agreement, the French-based carmaker will provide five Twizzy Cargo models for BBQ fried chicken delivery from the beginning of June, supported by t
May 20, 2015
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Arrest warrant sought for ex-POSCO E&C exec over slush fund
Prosecutors Wednesday requested an arrest warrant for a former vice president of POSCO Engineering & Construction Co. for allegedly embezzling company funds to create a slush fund abroad. Chung Dong-hwa is suspected of stashing away about 10 billion won (US$9.1 million) in secret reserves when he was the chief executive officer of the company from 2009 to 2012. Prosecutors suspect he collected rebates from POSCO E&C's subcontractors, including one that works for its Vietnam operations. He den
May 20, 2015
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Daelim, Daewoo win 3.5 tln-won deal in S. Korea
Daelim Industrial Co. and Daewoo Engineering & Construction Co. said Wednesday they have won a 3.5 trillion-won ($3.2 billion) deal to build a facility in the southeastern part of South Korea, the country's largest-ever order for a single plant. The deal calls for the construction of a residue upgrading complex and an olefin conversion system at a refinery owned by local oil refiner S-Oil Corp. in Ulsan, 414 kilometers southeast of Seoul, according to the two builders. The new facilities are
May 20, 2015
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Ban urges Korean firms to join sustainable development drive
U.N. Secretary-General Ban Ki-moon on Tuesday called for South Korean firms to step up efforts to achieve sustainable development. “The Korean industry is dynamic. Everybody agrees, and it is growing. I am here to call on you to be even more creative in your contributions to global progress,” Ban said during the U.N. Global Compact Korea Leaders Summit 2015 held in Seoul.Stressing that Korea is one of the highest emission-producing countries within the OECD, Ban urged business leaders to join th
May 19, 2015
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Korea, India to bolster ties in infrastructure, manufacturing
The leaders of South Korea and India vowed to promote closer economic ties when they attended the first CEO forum for the two countries in Seoul on Tuesday.“There is still huge room for growth in economic ties between the two countries, given their economic growth potential and complementary trade structure,” South Korean President Park Geun-hye said during her opening speech in the first Korea-India CEO Forum in Seoul on Tuesday.Business areas where Korea and India can create win-win partnershi
May 19, 2015
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[SUPER RICH] Koo Kwang-mo steps closer to LG inheritance
Koo Kwang-mo, son of LG Group chairman Koo Bon-moo, emerged as the heir-apparent of the 71.2 trillion won ($71 billion) conglomerate this week as it was revealed that he owns the largest number of company shares among contenders. Although he is the biological child of Heesung Group chairman Koo Bon-neung ― younger brother of Bon-moo ― he was adopted in order to inherit the group’s management. The LG founding clan has a strict patriarchal inheritance structure, granting exclusive rights to eldest
May 19, 2015