Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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Hankook Tire takes over control of Hanon Systems
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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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S. Korea, Japan, China agree to create new financing facility against regional crises
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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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[Herald Interview] Ssangyong looks to brighter future with Mahindra
After return to profit in 2010, carmaker hopes new models bring growth and stabilityWith its takeover by Mahindra and Mahindra Ltd. now complete, troubled carmaker Ssangyong Motor Co. is hoping to strengthen its product lineup, expand into new markets and rebuild its reputation. “Ssangyong caused much trouble for Korea, and to do this (revive the company) creditors and others involved had to make
March 17, 2011
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Japan disaster another worry for global economy
Japan’s earthquake and nuclear crisis have put pressure on the already fragile global economy, squeezed supplies of goods from computer chips to auto parts and raised fears of higher interest rates.The disaster frightened financial markets in Tokyo and on Wall Street on Tuesday. Japan’s Nikkei average lost 10 percent, and the Dow Jones industrials fell so quickly after the opening bell that the st
March 16, 2011
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LG Group to enhance R&D
LG Group will beef up its research and development efforts focusing on energy, displays, home electronics and health care, the country’s fourth largest business group said Wednesday.LG will increase its researchers and R&D budget by about 25 percent to about 3,100 and to 4.7 trillion won ($4.1 billion) this year, it said. About 5,000 of 9,000 new recruits would be allocated to R&D sections.“We wil
March 16, 2011
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Samsung dilutes Lee’s remarks
Samsung on Wednesday rushed to once again water down Samsung Electronics Chairman Lee Kun-hee’s recent remarks that appeared to be critical of government policies, saying that his comments did not reflect his true intentions. Kim Soon-taek, chief of Samsung’s strategic planning unit, told a weekly CEO meeting that the chairman was “disturbed because what he said was not what he meant.” Kim also sa
March 16, 2011
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Firms not pulling out of Japan... despite spreading fears
Companies vow not to abandon Japan, but families question decisionKorean companies with offices in Japan on Wednesday said they would not withdraw their employees despite the massive earthquake and tsunami that has reportedly left more than 10,000 people dead or missing. The firms, which mostly have offices and operations in Tokyo, said their decision to stay was based on the belief that they shou
March 16, 2011
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Hanwha E&C wins $220 million Kuwait contract
Hanwha Engineering and Construction Co. has won a $220 million refinery facility contract in Kuwait.Under the deal signed Monday, the company will update fire detection and alarm systems at three refinery facilities near Kuwait City, and two office buildings, the company said.The project, issued by the state-run Kuwait National Petroleum Co., is to be completed in 30 months, the builder said.“The
March 16, 2011
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Kia bags two top design awards
Kia Motors Corp.’s midsized sedan K5 and the compact SUV Sportage R are to receive the top prizes in this year’s Red Dot Design Award, the carmaker announced Tuesday.According to Kia, this is the first time Korean automobiles have been selected to receive the top honors in the German design award. K5 (top) and Sportage RThe K5 has been selected as the Best of the Best award winner in the automobil
March 15, 2011
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KOGAS touts environmental, social contributions
State-run natural gas developer Korea Gas Corp. said it will further boost its efforts for achieving mutual growth with its contractors and other philanthropic activities, the firm said. KOGAS’ service was recognized last year when it was made Fortune Magazine’s list of the World’s Most Admired Companies. The firm ranked the fourth in the energy firm category. It received good marks for its excell
March 15, 2011
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Ssangyong to invest W240b in rebuilding
Mahindra and Mahindra completes acquisition of Korean automakerSsangyong Motor Co. will invest 240 billion won ($212 million) in developing new products and building its brand, new CEO Lee Yoo-il said at the press conference announcing the completion of Mahindra and Mahindra Ltd. on Tuesday.The Indian company was chosen as the preferred bidder for Ssangyong in August 2010, about 18 months after th
March 15, 2011
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Facebook launching Groupon-style service
Facebook Inc. plans to test a Groupon-inspired service that will sell discount offers, an effort to use its 500 million-plus members to capitalize on the surging online-deal market.The service will get started in San Francisco, San Diego, Dallas, Atlanta, and Austin, Texas, the company said last week in a statement. It will be part of Facebook’s existing Deals program, which lets businesses offer
March 15, 2011
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Toyota output may fall by 40,000 cars on power shortage
Toyota Motor Corp., the world’s largest carmaker, may lose output of at least 40,000 vehicles after Japan’s strongest earthquake damaged factories and crippled nuclear power plants, causing electricity shortages. Toyota closed 12 plants in the nation through Wednesday, Shiori Hashimoto, a spokeswoman for the company, said by phone Monday. The manufacturer’s profit will be cut by 6 billion yen ($72
March 15, 2011
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Japan quake may push up fuel imports
Economists uncertain how Japan disaster will affect oil demand, though imports likely to riseNEW YORK (AP) ― The earthquake and tsunami in Japan took some steam out of the rally in oil prices by reducing the country’s oil imports. That won’t last long.Japan consumes about 4.4 million barrels of oil per day, most of it imported. Only the U.S. and China consume more. With steel plants, auto manufact
March 15, 2011
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Samsung donates 100 mln yen for Japan's quake relief
Samsung Group, South Korea's largest business conglomerate, said Tuesday that it has donated 100 million yen ($1.22 million) to help Japan's earthquake relief. In addition to the donation, the group will dispatch 10 rescue workers from Samsung Rescue Corps. and 11 medical workers from the Samsung Medical Center after consulting with the Japanese government, it said in a statement. The group
March 15, 2011
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Australia may reconsider rejection of mine project
Australia may reconsider rejection of mine projectAn Australian state government will reconsider a rejected Korean consortium-led coal mine project, Seoul’s state-run resource explorer said Monday.Early this month, Australia’s New South Wales state government refused the proposal submitted by Korea Resources Corp. (KORES), citing concerns over water, ecological and heritage impacts.KORES said it w
March 14, 2011
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Groupon aims for slice of Korean social commerce market
Groupon Korea on Monday punctuated its launch on the Korean market with a monthly sales target of 10 billion won ($880 million) during the first half of this year.The goal falls behind the annual 200 billion won targeted by Ticket Monster, the nation’s top social commerce operator, but Groupon brushed aside concerns, saying its initial goal would be to create a healthy social commerce environment
March 14, 2011
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Korean smartphone users near 10m
The number of Korean smartphone users is approaching the 10 million threshold, company data showed Monday. SK Telecom, the country’s top mobile operator, said on Monday it has registered more than 5 million smartphone subscribers. KT Corp. secured 3.7 million users and LG Uplus Corp. followed with 1 million.The combined number topped 9.7 million, up more than 35 percent from about 7.2 million at t
March 14, 2011
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iPad 2 sales may have reached 500,000: analyst
Apple Inc. may have sold as many as 500,000 iPad 2 computers after retail outlets ran out of the tablet-style device on its debut weekend, said Piper Jaffray Cos. analyst Gene Munster. Stores run by Apple, Target Corp. and Best Buy Co. contacted by Munster’s team had sold out of the device, he said in a research note Sunday. Online orders via Apple’s website are taking up to a month for delivery,
March 14, 2011
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China arrests 3,001 for product piracy
Authorities tackle black market for fake medicines, liquor, phones and other goodsBEIJING (AP) ― Chinese authorities have arrested 3,001 people in their latest crackdown on rampant product piracy and seized fake or counterfeit medicines, liquor, mobile phones and other goods, officials said Sunday.The campaign launched in October comes as Beijing faces pressure from the United States and other tra
March 14, 2011
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Fans line up for new iPad
SAN FRANCISCO (AP) ― The updated version of Apple Inc.’s iPad tablet computer went on sale Friday afternoon, and was greeted by the now-familiar lines of buyers outside Apple stores.The Cupertino company opened online sales of the iPad 2 at 4 a.m. Eastern time, well before they became available in East Coast stores at 5 p.m. They were set to go on sale nationwide at the same hour, local time.Apple
March 14, 2011
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S. Korea offers LNG to Japanese power companies
South Korea will provide liquefied natural gas (LNG) to Japanese power companies that have been forced to turn off nuclear power plants due to last week's massive earthquake, the government said Sunday. The Ministry of Knowledge Economy said the state-run Korea Gas Corp. (KOGAS) has decided to divert some LNG shipments that it planned to receive from abroad so they can go to Japan. The shi
March 13, 2011