A cruise vessel is docked at a port in this file photo. (Yonhap)　Korean cruise vessels will be able to operate onboard casinos for foreign passengers when sailing overseas from as early as next year, a move which officials said will help revitalize the strained local marine tourism industry. The Ministry of Oceans and Fisheries on Tuesday announced that an ordinance to support the local cruise tourism industry was approved by the Cabinet, and authorities will gear up to encourage more local play

Korea Gas Corp. president Lee Seung-hoon said Sunday that the state-run company will streamline its structure to focus more on the global business, aimed at becoming one of the key players in the international energy market. “The restructuring will provide the company with the momentum to become the world’s major energy developer, instead of being an importer of natural gas,” Lee said after his plan was approved by the board of directors on July 22. Lee, who was appointed on July 1, stressed tha

BMW has long reigned in the country’s imported car market and is now gearing up to consolidate its status with four new models scheduled to be out starting September. “Carmakers tend to upgrade their models on a regular basis, but this year is even more exciting with some of the best models being revamped or undergoing a full change,” a publicist for BMW Korea said. 　 The New 3-seriesThe 3-seriesThe iconic sports sedan New BMW 3-series will be back in September with both sedan and wagon models.

Sylvain Costof, managing director of Montblanc KoreaMontblanc Korea CEO on Thursday announced that the Swiss luxury maker is set to win the hearts of younger customers with high-tech devices and a wider range of products in order to achieve its planned double-digit growth here. This will start with the launch of a digital watch strap in August, followed by the introduction of 400 items and aggressive online marketing tailored to tech-savvy and contemporary clientele, said Sylvain Costof, managin

At the age of 60, Lotte Korea chairman Shin Dong-bin finally achieved his desire of getting a full grip of Lotte in Japan. Lotte Holdings of Japan announced last Thursday that the board of directors unanimously agreed to name him the company’s president. Now Lotte Holdings has three presidents -- Shin Dong-bin, his father and Lotte founder Shin Kyuk-ho and Japanese CEO Tsukuda Takayuki. But there is little doubt that Shin has overall control of the firm. In March, Tsukuda was seen “bowing polite

A South Korean consortium said Friday it has signed a deal to take over ailing smartphone maker Pantech Co., paving the way for its normalization.   Pantech, the country's No. 3 smartphone maker, has been teetering on the verge of bankruptcy after it sought to give up court protection from creditors in May.   The agreement came as the Seoul Central District Court has approved the consortium's plan, led by South Korean optical manufacturer Optis, to acquire Pantech.    The deal is estimated at 40

Hyundai Heavy Industries and the Ulsan Metropolitan Government on Wednesday launched a Creative Economy Innovation Center to support the country’s marine, shipbuilding and medical services industries. “Through the cooperation of the world’s leading shipbuilder HHI and local scholars, researchers and businessmen, I am very confident that the center will lead Ulsan and Korea’s manufacturing industry. The government will also put all our efforts in opening that road,” said President Park Geun-hye a

The third generation of South Korea’s superrich conglomerates are rushing to consulting firms, in an apparent attempt to obtain management-related experience while establishing their own global network. According to Hankyung.com, Chey Yun-jeong, the eldest daughter of SK Group chairman Chey Tae-won and former President Roh Tae-woo’s daughter Roh So-young, has recently started working at Bain & Company. The report noted that the University of Chicago graduate was hired as a junior consultant. “Th

The United Arab Emirates carried out a rare execution Monday, putting to death by firing squad an Emirati woman convicted of the jihadist-inspired murder of a US school teacher, media reported.Alaa Bader al-Hashemi, 30, was executed at dawn after President Sheikh Khalifa bin Zayed al-Nahyan approved the death sentence against her, said the official WAM news agency, citing prosecutors.The National, an English-language daily, said Hashemi had been put to death by firing squad.Hashemi was sentenced

Mitsubishi Heavy Industries Ltd. Monday appealed a South Korean court's ruling against the Japanese firm to compensate one family and four former South Korean employees for forcing them into labor decades ago when Korea was under Japan's colonial rule, court officials said. In November 2013, the Gwangju District Court ordered the firm to pay a combined 680 million won (US$613,000) to four women and a fifth plaintiff whose two deceased family members were forced into labor during the 1910-45 colo

France`s President Francois Hollande (left) welcomes German Chancellor Angela Merkel prior to a meeting in Paris on July 6. (AP-Yonhap)BRUSSELS (AFP) -- On the frontline of the Greek debt crisis, the Franco-German partnership has been in open conflict with Chancellor Angela Merkel and President Francois Hollande deeply divided over how far to go to keep Greece in the eurozone.On Monday, Greece reached a desperately-needed bailout deal with the eurozone after marathon overnight talks, in a histor

The Korea Trade Promotion Corp., Korea Institute for Robot Industry Advancement and the Korea Association of Robot Industry held a robot trade show in Shanghai from July 10-13, arranging business meetings between 13 domestic companies and 30 Chinese firms. The event was held during the China International Robot Show 2015, where 750 global robot-makers showed off their latest technologies.Six Korean businessmen also had the chance to hold pinpoint meetings with Panda Group, the sixth-largest IT a

INJE, Gangwon Province -- Top management of Ssangyong Motor, the South Korean unit of India‘s Mahindra & Mahindra, has recently expressed hope for a turnaround next year, setting the detailed sales target. "Despite difficulties and challenges ahead in overseas markets, I expect the company will be able to achieve a turnaround next year by selling 170,000 to 180,000 units,’’ said Choi Johng-sik, CEO of Ssangyong Motor focusing on SUVs.  Ssangyong Motor CEO Choi Johng-sikHe made the projection at

BMW Motorrad launched the New S1000 XR, the first “adventure sports” bike for BMW. It is facilitated with the four-cylindrical engine boasting 160 horsepower at 11,000 rpm and can be driven in “Dynamic” and “Dynamic Pro” modes. The BMW new S1000 XR is priced from 26.2 million won ($23,100).

Volvo Truck Korea launched its Volvo FL series for the first time in Asia, aiming at selling more than 4,000 units a year by 2020. The truck is facilitated with the 280 horsepower-D8K “Euro 6” engine, which allows powerful yet stable performance at the 950-1,700 rpm.

Mercedes-Benz Korea launched the new generation B200 CDI, an upgrade of the second-generation B-class with an engine that abides by the upcoming Euro 6 carbon emission regulations. Its engine boasts a maximum of 136 horsepower and a maximum torque of 30.6 kilogram-meters.

Peugeot released its 2008 LED Track edition, a special model of its bestselling SUV, 2008. An LED track light was adjusted on the interior roof for the limited edition, with only 100 units available for sales here. Prices start from 28.5 million won ($25,200).

The Ministry of Land, Infrastructure and Transport on Thursday issued a recall order on a total of 550 units of Sunlong Duego buses by Sunlong Bus Korea. The authorities said the bus, imported from the Chinese headquarters, failed to meet five safety regulations. According to the report, the bus‘ speed limit controller exceeded the 110 kilometers per hour regulation while the color of the turn signal indicator was red rather than yellow. While Korean regulations bind seat belts to hold the pelvi

I enjoyed the chance to drive a diesel Skoda Rapid S during my trip to Greece last month. A worker at Enterprise, a rent-a-car company, recommended this car after learning that I would be driving through the country with my parents. We drove about 1,400 kilometers, from Athens to Corinth, then to Delphi, Kalabaka, Thessaloniki and all the way back to Athens in five days. I wasn’t aware of it at the time, but hadn’t it been for the strong-hearted car, driving through the mountainous country would

Min Boon-hong, director at Code Cosme, operator of beauty brand Moonshot, poses during an interview with The Korea Herald last week. (Chung Hee-cho/The Korea Herald)When YG Entertainment, the cradle of K-pop stars Big Bang, 2NE1, Psy and many others, attracted $80 million in investment from the global luxury giant LVMH Moet Hennessy-Louis Vuitton last year, it had the entertainment industry wondering what would become of the company. And the very first tangible project was introduced in October