Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hankook Tire takes over control of Hanon Systems
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[Herald Interview] ‘Time to Be Strong’ follows retired K-pop idols’ self-discovery
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No tolerance on nuke corruption: P.M.
In an attempt to appease the public’s anxiety and fury over corruption within the nuclear power business, the government pledged a “zero-tolerance response” to all those who were involved in the scheme.“We will track down all acts of irregularity and make sure that those who are found to be responsible face the due legal punishment,” Prime Minister Chung Hong-won said in a press briefing held at the Central Government Complex on Friday.The government’s three-step countermeasure plans will first
IndustryJune 7, 2013
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STX Pan Ocean files for court receivership
STX Pan Ocean Co., the shipping unit of cash-strapped STX Group, said Friday that it filed for court receivership, dealing a further blow to the shipbuilding and shipping conglomerate which is currently facing a cash shortage.STX Group, the 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors.“We have faced a liquidity crisis due to mounting debts and losses that stem from falli
IndustryJune 7, 2013
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Woori sale open to foreigners: FSC head
The sale of Woori Finance Holdings is open to foreign investors as well, Korea’s top financial regulator said Friday, amid the government’s stern move to wrap up the long-pending privatization of the country’s largest banking group.Shin Je-yoon, the chairman of the Financial Services Commission, stressed that there is “no discrimination against foreign banks” concerning the sale.“We’ll announce the plan (of Woori sale) at the end of this month, and (we) don’t have any intention to discriminate (
June 7, 2013
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Lee says it’s time to raise class, value of Samsung’s business
Lee Kun-hee, chairman of Samsung Electronics, on Friday issued words of thanks to Samsung employees to mark the 20th anniversary of his “New Management Initiative,” and also reminded them it was time to take Samsung to the next level. “We have steadfastly walked this path with the vision of becoming the world’s best company, and now, your passion and dedication has put us at the global pinnacle,” Lee said in his message. “But if the past 20 years were spent achieving the great formation from qu
IndustryJune 7, 2013
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Korea seeks global cooperation to investigate tax haven companies
Korean financial and tax regulators are calling for global cooperation to track and clamp down on companies or wealthy individuals suspected of hoarding unreported funds in their accounts via paper companies in tax havens.Korea’s Financial Supervisory Service Gov. Choi Soo-hyun told reporters that the regulatory body was seeking cooperation with the U.S. Financial Crimes Enforcement Network, a unit of the Department of the Treasury, to use its extensive database and share tax-related information
June 7, 2013
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Lee marks new start for Samsung’s ’New Management’
By Kim Ji-hyunLee Kun-hee, chairman of Samsung Electronics, on Friday issued a statement thanking Samsung employees to mark the 20th anniversary of his "New Management Initiative." He also reminded them it was time to take Samsung to the next level. "Twenty years ago, we dreamed of becoming a world-class company and have been striving relentlessly to reach that goal ever since. Now, thanks to your dedication and passion, we stand tall as a leading global company," Lee said in a statement.In look
TechnologyJune 7, 2013
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Up to 21 firms seek listing on new bourse
From news reports Up to 21 companies wishing to be listed on the new Korea New Exchange (KONEX) market for the smaller industry players submitted their applications, the nation's bourse operator said on Friday. The Korea Exchange (KRX) said that 10 brokerage houses, which were selected as authorized supervisors in March to evaluate and supervise firms to be listed on the envisioned market, handed in the list of candidates.The KONEX was another effort to help foster SMEs and also expand the KRX's
IndustryJune 7, 2013
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Prosecution issues warrant for CJ exec
From news reports The prosecution on Friday said it has issued an arrest warrant for a CJ Group executive for tax evasion amid the ongoing investigation in the food and entertainment conglomerate.The executive is the vice president of the Hong Kong-based animal feed subsidiary of CJ Group, CJ Global Holdings, surnamed Shin. He is seen to have played a critical role in managing and laundering a massive slush fund for the embattled CJ Group Chairman Lee Jay-hyun.The prosecution has indicated it wo
IndustryJune 7, 2013
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Korea's Q1 economic growth revised down to 0.8 percent
The South Korean economy grew slower than earlier forecast in the first quarter as consumer spending remained subdued and export growth slowed amid the yen's slide to the won, the central bank said Friday.Korea's gross domestic product (GDP), the broadest measure of economic performance, grew a revised 0.8 percent in the January-March period from three months earlier, down from a previous estimate of 0.9 percent on-quarter expansion, according to the Bank of Korea (BOK).The first-quarter reading
June 7, 2013
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Foreign car brands set 2nd sales record since April
The import automobile industry has broken its all-time sales record for the second consecutive month this year.After attaining record figures in April, foreign carmakers saw their combined sales come to a fresh high of 13,411 units in May, the Korea Automobile Importers and Distributors Association said Thursday.Data from the foreign automakers’ lobby KAIDA showed that the import brands’ May sales surpassed the April tally of 13,320 units. Their sales have continued to climb since January ― to 1
IndustryJune 6, 2013
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Demand for gold, W50,000 notes soaring
Demand for gold and 50,000 won banknotes is soaring after the Park Geun-hye government’s vow to tax the underground economy, data showed on Thursday.According to Yonhap News, which compiled data from the Bank of Korea and some financial institutions, the amount of 50,000 won banknotes in circulation as of April reached 35.52 trillion won ($31.83 billion). During the first four months of this year alone, the amount increased by 3.76 trillion won. It is almost double the increase from the same per
June 6, 2013
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[Graphic News] U.S. marks record trade gap with Korea
The United States’ monthly trade deficit with Korea widened to a record high in April, raising the possibility that Washington may face calls for measures to supplement the year-old free trade agreement between the two countries.According to a report from the U.S. Department of Commerce, Washington imported Korean products worth $5.58 billion and exported goods worth $3.27 billion to Seoul in that month.The United States’ combined trade deficit with Korea from January to April amounted to $6.98
June 6, 2013
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Samsung seeks supremacy in new businesses
One of the hottest topics in the global auto industry this year is BMW’s first electric car, the i3 hatchback that goes on sale in the second half of the year. For the ambitious i project, the German premium carmaker has picked Samsung SDI as the sole provider of lithium-ion batteries ― the crucial part of electric vehicles.In 2010, Samsung pinpointed the electric car battery sector, together with the medical, biologics, solar energy and OLED display panel businesses, as areas to push for future
IndustryJune 6, 2013
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Samsung celebrates anniversary with shared growth and resolution
Samsung on Friday celebrated the 20th anniversary of the New Management Initiative issued by Samsung Electronics chairman Lee Kun-hee to spur the company into a world-class corporation.But the way it chose to do so was in a quiet manner, choosing to hold a forum, the “Samsung Innovation Forum,” to take a look back in history, to the time of the initiative, and to give Samsung employees a chance to gather together and bond.This is why in addition to the forum, Samsung employees held a three-day w
IndustryJune 6, 2013
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Samsung looks to another successful 20 years
For those who are not familiar with Lee Kun-hee’s powerful leadership, they may think Samsung Group’s transformation into a global powerhouse in most of the world’s key industries has been completed.Flagship Samsung Electronics has surpassed its strongest rival Apple to grab the title as the world’s largest smartphone maker, it boasts the world’s largest market share for memory chips, and operates IT systems throughout Asia and the U.S., while Samsung-made batteries power up hybrid cars all over
IndustryJune 6, 2013
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STX Pan Ocean at crossroads for survival
The financially distressed STX Pan Ocean will hold an extraordinary board meeting on Friday to select an alternative to a stake auction to normalize the company’s management.The scheduled board meeting is to convene as the nation’s largest bulk carrier operator ― as a shipping unit of the ailing STX Group ― has reportedly failed to find an acquirer for the past six months.STX Pan Ocean has been in M&A talks with the state-run Korea Development Bank, which holds a 14.99 percent stake in the compa
June 6, 2013
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Competition for KB Kookmin Bank presidency heats up
As KB Financial Group picked Lim Young-rok as its new chairman on Wednesday, attention is being paid to who will head the nation’s No. 2 bank under the financial group.KB Kookmin Bank president and CEO Min Byong-deok offered to resign from the post after running unsuccessfully for the chairmanship.Currently, KB Kookmin Card CEO Choi Gi-eui, KB Financial Group vice president Yoon Jong-kyu and KB Kookmin Bank vice president Kim Ok-chan are the strongest candidates for the top post, bank sources sa
June 6, 2013
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Ex-vice finance minister tapped as NH Financial chairman
Nonghyup Financial Group said Thursday that the group has named former senior government official Lim Jong-ryong as its chairman.Lim’s chairmanship will go through final verification the following day at the board of directors’ meeting, the group said. Lim, 54, served as the vice minister of the Ministry of Strategy and Finance in April 2010, before leading the Prime Minister’s Office from September 2011. Despite concerns about the group’s general exclusiveness for outsiders, NongHyup Financial
June 6, 2013
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Middle East market still attractive to Korean firms
Despite the rise of Southeast Asia, the Middle East market is still big, important and rich enough to attract Korean firms, especially medium-sized ones seeking to expand their business overseas, according to a senior partner of a top Arabic law firm.“The business potential in the United Arab Emirates is very much ongoing,” Stephen Forster, a partner at Al Tamimi, the largest and the most influential law firm in the Middle Eastern region, told The Korea Herald.The senior lawyer, who is also the
June 6, 2013
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‘No unapproved GMO wheat, flour from U.S.’
South Korea’s food watchdog said Wednesday that it has found no unapproved genetically modified wheat and flour in shipments from the U.S. state of Oregon.The Ministry of Food and Drug Safety made the announcement after inspecting a 1-kilogram sample from each shipment of U.S. wheat and flour being stored by South Korean importers and milling companies.The move comes days after the U.S. Animal and Plant Health Inspection Service confirmed unapproved genetically modified wheat had been found in a
June 6, 2013