Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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SK Group’s Chey family hit by series of scandals
A member of SK Group’s Chey family is once again under the scrutiny of the investigative authorities, adding to the growing list of suspect goings on at the country’s third largest conglomerate.In the latest investigation involving a member of the Chey family, prosecutors have banned vice chairman Chey Jae-won from leaving the country as they look into the allegation that he has slush funds amount
July 6, 2011
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KT expands campaign for mutual growth with vendors
KT Corp. chairman Lee Seok-chae (third from left) and IT firms’ executives attend a ceremony to vow mutual growth in Seoul on Wednesday. (KT)KT Corp., the nation’s largest fixed-line carrier, on Wednesday offered support and encouragement for its vendors at a forum it held for IT sector executives.KT said it would provide up to 1,000 free patents to its partner firms to help them offer better qual
July 6, 2011
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Hyundai Steel bets on excavator parts
Continuous tracks. (Hyundai Steel)Hyundai Steel is upping the ante in its earth-moving equipment parts business as it seeks to meet surging demand for excavators in emerging markets.Korea’s second-largest steel mill said Wednesday it plans to pour 94.4 billion won ($88.6 million) this year alongside its suppliers into a project to establish facilities for components such as continuous tracks, trac
July 6, 2011
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Twitter said to be valued at $7 billion
Twitter Inc. logos are displayed on computer screens. (Bloomberg)Twitter Inc., the microblogging site that lets users post 140-character messages, is raising funding that values the startup at about $7 billion, said a person with knowledge of the matter. The San Francisco-based company is in talks with investors to receive hundreds of millions of dollars, said the person, who asked not to be named
July 6, 2011
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3 global firms eye E-Mart’s units in China
Wal-Mart, Tesco, Ren Ren Le to be likely bidders: sourceThree well-known global companies have been taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As.Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take over E-M
July 6, 2011
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Hyundai Heavy says it will not bid for Hynix
Hyundai Heavy Industries Co., the world's leading shipbuilder, said Wednesday it will not bid for a stake in Hynix Semiconductor Inc., raising speculation that creditors may fail again to sell the world's second-largest computer memory chipmaker.Hyundai Heavy had been regarded as the sole potential investor for the 15 percent stake up for sale.Shares of Hyundai Heavy were trading at 478,500 won on
July 6, 2011
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Incheon Airport Corp. buys 10% stake in Russian airport
Incheon International Airport Corp. announced Tuesday it has acquired a 10-percent stake in Khabarovsk Airport in Russia’s Far East, stepping up its charges into the development of the Russian partner.This makes the IIAC the first foreign airport operator to step into management of a Russian airport, which has been safeguarded by the government there as a national strategic industry.As the third-l
July 5, 2011
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End of fuel discount raises tension among refiners
A banner advertising a 100-won discount per liter on fuel is seen at a gas station in Seoul on Sunday, three days before the scheduled end of the discount period. (Yonhap News)Tension among refiners is flaring up again with the government pressuring them to bring fuel prices back to normal rates in stages.Under pressure from the government, local refiners lowered the pump price of motor fuel by 10
July 5, 2011
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LG Uplus on 4G fast track
Mobile carrier aims for 10 million subscribers to take first place by 2014LG Uplus is out to grab the No. 1 slot in the nation’s telecommunications market with its launch of fourth-generation network services early this month.“This is the new beginning. It will mark the beginning of a new world that will be completely different from yesterday’s world,” Lee Sang-chul, vice chairman and CEO of LG Up
July 5, 2011
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Airlines positioned for big gains in efficiency
Planes are being built out of the same lightweight materials used for Formula 1 race cars. Their engines are being redesigned to squeeze more thrust out of every gallon of fuel. And governments are developing air-traffic systems that will allow airlines to fly shorter routes.Those and other advances have positioned airlines for the biggest gains in fuel efficiency since the dawn of the jet age in
July 5, 2011
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SK Telecom’s union leader attempts suicide
The head of SK Telecom’s union on Monday attempted suicide in what appeared to be a protest of the company’s decision to spin off its platform business.The union leader, identified only by his surname Kim, was found in the office of SK Telecom’s headquarters in downtown Seoul at around 4:00 p.m. after attempting to hang himself. Kim was rushed to a nearby hospital to receive treatment. His conditi
July 4, 2011
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Korea’s full-size car sales surge in H1
Korea’s full-size car sales surged in the first half of this year thanks to the popularity of the fifth-generation Grandeur sedan made by top automaker Hyundai Motor Co., industry data showed Monday.Domestic sales of full or large luxury sedans jumped 39.6 percent on-year to 112,927 units in the January-June period. The increase far outstrips overall car sales in the country that grew 4.1 percent
July 4, 2011
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Korea aims to up EU market share to 3%
Korea aims to increase its market share in the European Union to 3 percent within three years by taking advantage of a bilateral free trade pact that took effect last week, Korea’s trade minister said Monday.In a radio interview, Trade Minister Kim Jong-hoon said increasing market share from 2.6 percent at present is possible since the free trade agreement gives local businesses an edge over rival
July 4, 2011
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Output of Korean rice wine bounces back
Output of makgeolli is picking up in Korea as more people are opting to drink the traditional rice wine following a report that it contains anti-cancer compounds, government data showed Monday. Production of makgeolli rose 12.8 percent on-year to 35,114 kiloliters in April, with the number jumping 16.8 percent to 39,543 kiloliters in May, according to the data by Statistics Korea. Domestic shipmen
July 4, 2011
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Cisco plans Songdo investment of $47m
New Songdo International City Development, the International Business District developer established as a collaborative project between POSCO E&C and the U.S. developer Gale International, on Monday signed a $47 million investment deal with Cisco Systems Inc.Under the deal, Cisco will move its Smart + Connected Communities Global Center into the Northeast Asia Trade Tower in Songdo, Incheon and es
July 4, 2011
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Korean firms cut emissions via partnerships
Ministry: 166 firms reduced 56,000 tons of greenhouse gas emissions during last 2 yearsKorea’s efforts to shrink its carbon footprint are progressing through partnerships between big and smaller companies.The Ministry of Knowledge Economy said Monday that 166 local businesses have reduced more than 56,000 tons of greenhouse gas emissions over the last two years in a green collaboration program, a
July 4, 2011
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KT plans Chinese app market entry
KT Corp., the nation’s No. 1 fixed-line service operator, on Monday said it will open its mobile application market in China Mobile’s application store as part of its application-sharing project with China and Japan. Olleh market will be launched as a “shop-in-shop” on July 9, the Seoul-based company said.China Mobile’s application store “Mobile Market” has since last year shown greater than 40-fo
July 4, 2011
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Samsung to audit financial units in wake of scandal
Samsung Group will audit its financial units this month, including key affiliates such as its insurance arms following a scandal at another subsidiary, industry sources said on Monday.The move would mark the first audit on the financial units since 2003. The group’s auditing team will first review the business operations of Samsung Fire & Marine Insurance later this month, before a separate audit
July 4, 2011
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Foreign reserves fall for 2nd month
Korea’s foreign exchange reserves shrank for the second straight month in June because a weaker British pound reduced the dollar conversion value, the central bank said Monday.The country’s foreign reserves reached $304.48 billion as of the end of June, down $600 million from the previous month, according to the Bank of Korea.The reserves fell for the second straight month in June after hitting a
July 4, 2011
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FTA to boost European cars’ Korean market share
The Korea-EU free trade pact is expected to spark price competition among European carmakers operating in Korea, which will likely boost their popularity with local consumers.Last month, most German automakers here lowered prices by 1 to 2 percent in expectation of a lower tariff on their imports with the Korea-EU FTA. Korea currently levies an 8 percent tariff on European cars but the trade pact
July 4, 2011