Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Yoon vetoes bill for special probe into young Marine's death
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SNU alums nabbed for digital sex crimes
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Minister warns against trusting NK stated intentions, says Moon misguided
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South Korea bans viral North Korea propaganda video praising Kim
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Hermes celebrates craftsmanship
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Hyosung to invest $6b in Vietnam businesses
Calling Vietnam a strategic base for its global expansion, South Korean textile giant Hyosung said Sunday it will invest up to $6 billion in the Southeast Asian country.Since 2007, the company has invested $1.5 billion to operate manufacturing units of spandex and tire codes in Dongnai, an industrial city near Ho Chi Minh. With the new investment plan, Hyosung plans to start a chemical and heavy industry business in the country in addition to its textile business in the country, the company’s Vi
Feb. 11, 2018
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Dayou rises to No. 3 home appliance maker
Mid-size conglomerate Dayou Group is on track to become the third largest home appliance manufacturer in South Korea as it is going to acquire a majority stake in Dongbu Daewoo Electronics, according to the industry on Sunday.The group signed a stock purchase agreement with financial investors of Dongbu Daewoo on Friday after a heated competition with Turkey’s Vestel and Iran’s Entekhab for months to buy an 84.8 percent stake in the electronics firm. The acquisition price hasn’t been confirmed y
Feb. 11, 2018
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Steel mill, nuclear plants unaffected from Pohang earthquake
Major industrial facilities including Posco’s steel mill and Korea Hydro & Nuclear Power’s nuclear plants operated as normal, despite a 4.6 magnitutde earthquake in Pohang, North Gyeongsang Province, the companies said Sunday. Posco’s steel mill in Pohang is running without abnormal signs, the steelmaker said. The southeastern city, home to the country’s largest steelmaker, was hit by a 4.6 magnitude quake at 5:03 a.m., 5 kilometers northwest of the city’s northern district at a depth of 9 kilom
Feb. 11, 2018
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Interest in training pets growing in Korea
Last year’s most popular trends related to pets in Korea were training, buying them luxury items and showing off their photos online, according to a local marketing firm on Sunday. Innocean Worldwide released a report on new perception and consumer trends of pets based on the analysis of 4.1 million pieces of social data related to pets via portals, blogs, online cafes and communities throughout last year. Training pets was one of the popular trends among pet owners. Social perception toward pet
Feb. 11, 2018
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Korea‘s chip-led export diversifying into EVs, robots: report
South Korea’s exports mainly, led by the chip industry, are becoming more diversified as eight new industries related to the “fourth industrial revolution” are emerging as new growth engines, a study suggested Sunday. According to the trade report released by the Korea International Trade Association, all of the new eight industries saw double-digit growth last year.The eight new industries -- electric cars, robots, bio health, aerospace, energy, new materials, next-generation display and next-g
Feb. 11, 2018
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Samsung Electronics total assets topped W300tr
Samsung Electronics was reported to be worth 301.8 trillion won ($276.6 billion) as of the end of 2017, growing threefold compared to a decade ago, in part backed by rising value of tangible assets like facilities and real estate, according to a news report Sunday. Samsung Electronics marked the first private company in South Korea, excluding financial firms like banks, to see its total assets valued at over 300 trillion won. (Yonhap)The value of Samsung Electronics‘ total assets in 2017 soared
Feb. 11, 2018
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Korea refiners diversify business portfolios for growth
South Korean refiners are betting on non-refining activities to reduce their heavy reliance on their mainstream businesses amid the won's strength and lower cracking margins, industry sources said Sunday. As the won's strength against the dollar drives down cracking margins despite signs of recovering oil prices, local refiners have invested in non-refining businesses in recent years as part of their efforts to secure new growth engines amid growing uncertainties, they said.SK Innovation Co., th
Feb. 11, 2018
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[Monitor] Sales at department stores drop
Sales at department stores in South Korea fell by 2.1 percent last year from 2016 partly due to the rising popularity of online shopping, data from Statistics Korea showed Friday.Local department stores posted combined sales of 29.24 trillion won ($26.7 billion) last year.Overall retail sales, meanwhile, increased 4.4 percent to 402.91 trillion won. Department store sales accounted for 7.3 percent of the total, with the rate continuing to decline from 8.4 percent in 2013.Shopping done online or
Feb. 9, 2018
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Socially aware SK Group joins PyeongChang fever
Conglomerate’s social enterprise to supply meals during Winter GamesOver a period of 44 days surrounding the 2018 PyeongChang Winter Olympics from Jan. 14 to Feb. 26, some 36,000 meals are to be delivered to members of the staff and cast residing in 33 residences in the vicinity.And the company designated for the job is Happy Dosirak, or Happy Meal Box. Happy Dosirak‘s meal boxes to be provided to the 2018 PyeongChang Olympics staffThe company is one of the social enterprises run by nonprofit fu
Feb. 8, 2018
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Prosecutors raid Samsung office over corruption scandal linked to ex-President
Prosecutors on Wednesday raided the headquarters of Samsung Electronics Co. and the house of a former senior company official as part of their probe into a corruption scandal linked to ex-President Lee Myung-bak.Investigators from the Seoul Central District Prosecutors' Office confiscated computer hard discs and other materials from the company's main office in southern Seoul and from the home of Lee Hak-soo, a former group vice chairman. Employees move about the Samsung building in southern Seo
Feb. 8, 2018
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SK to launch research unit on social enterprises
SK Group is set to establish a nonprofit foundation in March to research ways of solving social programs by nurturing social enterprises, according to industry sources Thursday.The South Korean conglomerate said it has been planning the research unit to look into specific ideas for social enterprises not only to produce profits but also to bring changes to communities -- a corporate vision driven by its chief’s command.Chairman Chey Tae-won has been supporting social enterprises for years by run
Feb. 8, 2018
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[Graphic News] Korea ranks 10th worldwide in autonomous vehicle
South Korea ranks 10th among major economies in the world in terms of the autonomous vehicle readiness index, a report showed. According to the recent report from global accounting and consulting giant KPMG International, South Korea has received a total score of 20.71 points in the index, the 10th highest among the 17 other major countries. The index measures which countries are most prepared for self-driving cars and covers four categories -- policy and legislation, technology and innovation,
Feb. 8, 2018
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[Photo News] Visit to Songdo Bio Valley
(Samsung BioLogics)Swiss President Alain Berset (center) is briefed by Samsung BioLogics President Kim Tae-han on the company’s business portfolio and production facilities in Songdo on Thursday. The Swiss leader was accompanied by Linus Von Castelmur, the European country’s ambassador to Korea, as well as representatives of Roche Korea, a local branch of the Swiss drugmaker.
Feb. 8, 2018
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[Photo News] Not just a bag
(SK Group)SK Group Chairman Chey Tae-won shows off a backpack by Morethan, an upscaling company that making bags by reclaiming material from seat belts and leather from old cars, during his presentation on the businesses’ role for sustainable development at the Global Engagement and Empowerment Forum on Sustainable Development held at Yonsei University in Seoul, Thursday. The group’s energy arm SK Innovation has been supporting Morethan through an incentive program that measures the social value
Feb. 8, 2018
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Samsung heir maintains low profile amid backlash, probe
Samsung’s de facto chief appears to be taking efforts to say out of the public eye, rather than resuming his official duties, amid stronger-than-expected backlash over the court’s decision that released him earlier this week, as well as a police probe into his father’s secret funds. Samsung Electronics Vice Chairman Lee Jae-yong reportedly expressed his intention to return to work as soon as possible while he was in custody. However, it seems to be difficult for him to return anytime soon, a Sam
Feb. 8, 2018
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Hyundai Mobis fined W500m by FTC, reported to prosecutors
The Korean Fair Trade Commission imposed a fine of 500 million won ($459,000) on Hyundai Mobis, the parts arm of the nation’s largest automaker Hyundai Motor, and will report the firm to prosecutors on the suspicion that it forced its agencies to buy car parts. According to the FTC, Hyundai Mobis had set an excessive goal of selling its car components and forced its regional agencies to buy the products in order to achieve the target from January 2010 to November 2013. “The sales goals were 3 to
Feb. 8, 2018
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[Monitor] Sales gains from buildings soar
Average gains from selling buildings have increased to nearly 100 million won ($92,000) per case as of 2016, according to statistics from the National Tax Service. The transfer gains from buildings increased by 51.4 percent between 2013 and 2016. While it cost more to purchase a building at an average of 213 million won, the average sale price has also gone up to 376.4 million won. (khnews@heraldcorp.com)The average price of a case, however, does not necessarily mean the price per building as th
Feb. 8, 2018
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[Feature] How local supermarket became Koreans' new favorite restaurant
With lines amongst industries blurring, an increasing number of supermarkets have transformed themselves into “grocerants” -- a term coined combining grocery and restaurants -- stocking shelves with ready-to-cook foods and offering in-store dining. “It’s beyond just a food stand where people cook for you. Including the quality and freshness of the food, it feels more like a full-service type of restaurant,” said a 31-year-old Hwang Young-ju, who said she enjoys the eateries after a round of groc
Feb. 8, 2018
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Leading LED firm files 3rd patent suit against US distributer
Seoul Semiconductor, a leading light-emitting diodes manufacturer here, has filed a patent lawsuit against electric component distributer Mouser Electronics for selling patent-infringing products, officials said Thursday.The semiconductor company filed the litigation in the Court of Milan, claiming the US-based distributer and its Italian subsidiary consistently sold items that infringe upon its patent. The disputed products are manufactured by Taiwanese LED manufacturer Everlight Electronics.In
Feb. 8, 2018
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Posco opens steel solution center in Vietnam
Posco, South Korea’s leading steelmaker by sales, opened its first overseas steel solution marketing center in Vietnam in an attempt to predominate the premium steel market, the company said Thursday.The roles of the center include managing steel sales along with offering technologies in molding and improving efficiency to partner companies to beef up their competitiveness.A total of 25 professionals in construction will be stationed at the center, the company said.The opening ceremony of the ce
Feb. 8, 2018