Gwangju Universiade torch arrives in S. Korea

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Hyundai, Shilla link up on duty-free

Hotel Shilla and Hyundai Development Co. launched a joint venture on Monday to run a downtown duty-free store in Seoul, a burgeoning duty-free market worth 3.2 trillion won ($2.9 billion). The event c...

Updated : 2015.05.25 19:45

Hyundai Heavy Industries restructures financial units

Hyundai Heavy Industries is streamlining its financial units as part of an ongoing group-wide restructuring to ride out financial difficulties. The shipbuilder said Friday that it would realign the businesses of Hyundai Finance Corp., Hyundai Venture Investment and Hyundai Futures as part ...

Updated : 2015.05.25 19:37

SK unit exports own lubricant brand to Saudi Arabia

SK Lubricants, the lubricant oil production unit of South Korea’s top oil refiner SK Innovation, will begin exporting its own lubricant oil brand ZIC to Saudi Arabia.The company announced Monday that it has signed a licensing deal with Rabigh First Lubricants Co.― a subsidiary of Saudi-b...

Updated : 2015.05.25 19:37

Top 10 conglomerates spend W2tr on severance

South Korea’s top 10 conglomerates handed out more than 2 trillion won ($1.8 billion) in severance pay last year, as they undertook restructuring measures and cut their payrolls, market data showed Monday.A total of 97 subsidiaries established under the 10 conglomerates paid out an aggreg...

Updated : 2015.05.25 19:37

Mobile banking usage jumps 13 pct in Q1

Daily usage of mobile banking in South Korea increased 13 percent from three months earlier in the first quarter as more people opted to use their smartphones for banking transactions, central bank data showed Monday.The volume of daily transactions processed via smartphones averaged 40.4 ...

Updated : 2015.05.25 13:17

Foreign bond investment keeps uptrend in April

Foreign investment in South Korean bonds continued to increase in April, with their holdings hovering over the 100 trillion (US$92 billion) won mark for five months running, data showed Sunday.Foreign holdings of bonds listed on the local bourse stood at 102.7 trillion won as of the end of...

Updated : 2015.05.24 11:50

Korea's golfware market keeps growing amid weak consumption

Despite the overall slump in private consumption, South Korea's golfware market is expected to post solid growth this year as more younger people enjoy the sport, industry sources predicted Sunday. According to the Korea Leisure Industry Institute and golf-related clothing makers, the coun...

Updated : 2015.05.24 11:43

Korea faces second ‘investor-state dispute’

Hanocal Holdings, a Dutch subsidiary of the Abu Dhabi-based International Petroleum Investment Company, has filed a lawsuit against the South Korean government through the World Bank’s International Center for Settlement of Investment Disputes.This is the second time that Korea is facing ...

Updated : 2015.05.22 18:30

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 shar...

Updated : 2015.05.21 19:09

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 i...

Updated : 2015.05.21 19:09

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 ...

Updated : 2015.05.21 19:08

[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 directo...

Updated : 2015.05.21 19:07

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 oper...

Updated : 2015.05.21 18:56

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 Stee...

Updated : 2015.05.21 16:40

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 F...

Updated : 2015.05.21 13:12