Most Popular
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Vehicle malfunction or negligence? Probe of deadly car crash begins
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Deadly car accident reignites debate over senior drivers
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[From the Scene] Passersby, families mourn tragic deaths of 9 killed by wrong-way driver
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Driver in fatal crash was speeding from hotel: police
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Boy stabs female classmate before jumping out window
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Korea to provide W25tr support for debt-laden small business owners in H2
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Korea soft-launches longer forex trading hours
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No kids at the pool? Hotels turn back on families
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Hyundai Motor completes EV ecosystem in Indonesia
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Katseye, Hybe’s first multinational K-pop girl group, off to disappointing start
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Angry franchisers sue Skinfood
Store operators of the financially struggling budget cosmetics brand Skinfood filed a lawsuit seeking compensation from the company in August, it was revealed Thursday. Four Skinfood franchisers asked the court to order Skinfood to compensate franchisers, citing poor management by Skinfood CEO Cho Yoon-ho, Skinfood confirmed. (Yonhap)In early October, Skinfood filed for court receivership because of its poor financial status. According to the regulatory filing, the company has been losing money
Oct. 18, 2018
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GS Group chairman urges CEOs to tap into Southeast Asia
The head of South Korean energy-to-retail giant GS Group urged CEOs of affiliates to seek ways to make inroad into the Southeast Asian market by taking Thailand as a strategic base, the company said Thursday.At a meeting with GS CEOs held in Bangkok, Chairman Huh Chang-soo stressed the importance of the market, citing the fast economic growth and increasing demand to build infrastructure. GS Group Chairman Huh Chang-soo (right) tries a product exported by South Korean company 9tails at a studio
Oct. 18, 2018
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Coupang opens Halloween-theme store
South Korean e-commerce company Coupang said Thursday that it had opened a Halloween-concept store, offering some 250,000 Halloween items.According to Coupang, there are 20 categories of products including costumes, trick-or-treat candies and party and packing items. (Coupang)For promotion, Coupang will offer discount coupons applicable to some of the Halloween makeup products. Those who purchase more than 50,000 won ($45) of Halloween products will be given a 7,000 won discount coupon.“As more
Oct. 18, 2018
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Korea launches promotions at int'l derivatives expo
South Korea's bourse operator said Thursday it has taken part in the world's largest futures and options expo and launched campaigns to promote its derivative products.The Korea Exchange joined the 34th annual FIA Futures and Options EXPO 2018 event, which kicked off on Tuesday (US time) for a three-day run in Chicago.(Yonhap)As the world's largest event for the global listed derivatives and cleared swaps community, the trade show drew more than 4,000 industry experts to share new market trends
Oct. 18, 2018
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Hyundai chief pushing to visit N. Korea for anniversary of stalled tour program
The head of Hyundai Group is pushing for a trip to a scenic North Korean mountain resort next month to mark the 20th anniversary of a long-stalled inter-Korean tour program, a company official said Thursday.Hyundai Asan, the inter-Korean business arm of Hyundai Group, plans to seek approval from the Unification Ministry handling inter-Korean affairs later this month to contact North Korean officials to work out the details of a trip.Any trip by South Koreans to North Korea requires Seoul's appro
Oct. 18, 2018
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Court rejects injunction against GM Korea's shareholders' meeting
A South Korean court on Wednesday rejected an injunction against a shareholders' meeting of GM Korea Co. set for later this week, a move that could allow the local unit of General Motors Co. to establish a separate R&D entity.GM Korea is set to hold the shareholders' meeting on Friday and is expected to endorse a controversial plan to set up the new business entity responsible for design and development work for GM's best-selling compact sport utility vehicles.South Korea's state-run Korea Devel
Oct. 17, 2018
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Companies should spend more on investment: lawmaker
South Korean companies should expand their investments and boost the nation’s economy with their cashable assets that have more than doubled over the last seven years, a ruling party lawmaker said Wednesday.According to Rep. Kim Doo-kwan of the Democratic Party of Korea, cashable assets of Korean companies rose 76 percent from 337 trillion won ($298 billion) in 2009 to 594 trillion won last year, citing the reports from the Bank of Korea. (Yonhap)Cashable assets refer to cash, financial produc
Oct. 17, 2018
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Gimpo Airport reopens domestic terminals after renovations
Domestic terminals at Gimpo International Airport reopened Wednesday after decadelong renovations that cost 250 billion won ($222 million). The airport, which was built in 1980, underwent renovations in response to aging buildings, increasing numbers of domestic travelers and the rise of low-cost carriers, the Ministry of Land, Infrastructure and Transport said. Renovated domestic terminals at Gimpo International Airport (Yonhap)The 88,443 square-meter terminal will now enable passengers to qui
Oct. 17, 2018
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1 in 10 coffee franchise shut down last year: data
Just over 1,000 coffee shops went out of business last year, reflecting the nation’s coffee franchise market in a saturated state, data showed Wednesday. According to local corporate tracker CEO Score, the total number of franchisees in Korea hit 87,540 as of the end of last year. The survey was based on a list of 118 franchise brands registered at the Korea Franchise Association. Among them, 11,198 were coffee and beverage chains -- the third largest number following convenience stores and frie
Oct. 17, 2018
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[Breaking] YouTube resumes service after 1-hour crash, global disruption
YouTube servers that went down causing worldwide bafflement Wednesday morning were restored after about an hour.The site was restored at 11:38 a.m. by which time nearly 5,000 tweets had inundated Twitter in Korea with a hashtag for “YouTube Server.”From around 10:30 a.m. Wednesday, YouTube users worldwide faced the message “500 Internal Server Error” upon trying to visit the video streaming site. The error page explained, “Sorry, something went wrong,” but added, “A team of highly trained monkey
Oct. 17, 2018
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Korea's Gimpo Airport completes $222 m renovation
South Korea's airport operator said Wednesday that it has completed a 250 billion won ($222 million) renovation of the domestic terminal at Gimpo International Airport in southwestern Seoul.The terminal built in 1980 -- which is used for domestic travelers -- underwent a decadelong progressive upgrade so as not to affect normal operations, according to the Korea Airports Corp. (Yonhap)People using the 88,443 square-meter terminal can now benefit from a shorter baggage processing time of about fi
Oct. 17, 2018
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Users baffled by worldwide YouTube crash
YouTube users worldwide faced the message “500 Internal Servor Error” upon trying to visit the video streaming site, Wednesday.The error page explains, “Sorry, something went wrong,” but adds, “A team of highly trained monkeys has been dispatched to deal with this situation.”A YouTube Korea representative told The Korea Herald they are “internally investigating the temporary error” that has occurred globally. As of the time of publication, some site functionality had been restored, but videos wo
Oct. 17, 2018
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More companies switching to blind hiring for new recruits
More local companies are switching to blind hiring for new recruits, looking more at qualifications for required skills rather than alma mater, hometowns and language proficiency, an analysis indicated Wednesday.According to the Korea Economic Research Institute, the surveyed firms mostly adopted blind hiring for select positions. (Yonhap)Lotte Department Store uses the hiring system for its merchandisers, CJ ENM for its concert planners, KT for software developers and Doosan Heavy Industries &
Oct. 17, 2018
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[KH Biz Forum] Beware fallacy of hasty generalization in ASEAN investment
When addressing Southeast Asian states as “ASEAN,” foreign investors are often inclined to overlook the individual economic, legal and cultural differences of each country, according to a legal expert. “Cultural disparity is a frequent challenge for foreign investors who seek to affiliate themselves with an unknown business environment,” Jeong Cheol, a lawyer at Jipyong LLC, said at The Korea Herald Biz Forum.“It may thus be a critical error to presume that the business experience and insight in
Oct. 16, 2018
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[KH Biz Forum] S. Korea holds forte in ASEAN partnership
While global investors have been flocking to the lucrative Southeast Asian market in search of sustainable growth opportunities, South Korea has an upper hand in forming partnerships with the countries. It is a rare economic power that shows no sign of hegemonic ambitions, according to an Association of Southeast Asian Nations economic policy expert. Kwak Sung-il, director general of KIEP's Southern Policy Department, speaks at the Korea Herald Biz Forum on Tuesday. (Park Hyun-koo/The Korea Hera
Oct. 16, 2018
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[KH Biz Forum] ASEAN diplomats foresee greater economic collaboration with Korea
Amid South Korea’s increasing pivot toward the Association of Southeast Asian Nations, foreign diplomats from the region expressed confidence in deeper and diversified bilateral economic ties at a business forum organized by The Korea Herald on Tuesday.At “The Korea Herald Biz Forum: ASEAN and New Asia” in Seoul, envoys from the 10 member countries introduced investment opportunities from their home turfs, including the latest policies, free trade agreements, special economic zones, incentives a
Oct. 16, 2018
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[KH Biz Forum] Choson Exchange founder stresses ASEAN as platform for entrepreneurship in NK
The ASEAN countries, including Singapore, can be a neutral platform upon which to build entrepreneurship in North Korea and facilitate inter-Korean economic ties in a stable and consistent manner, the head of Choson Exchange said Tuesday.Speaking at The Korea Herald Biz Forum in Seoul, Geoffrey See, founder and CEO of the organization, said he hopes that Singapore and ASEAN can play a role in bringing about the gradual integration of both Koreas’ economies and with North Korea’s transition to a
Oct. 16, 2018
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[KH Biz Forum] Toward stronger partnership between Korea and Southeast Asia
South Korea’s top government and political figures, corporate executives and diplomats from Southeast Asia gathered at The Korea Herald’s inaugural business forum Tuesday, an event that aimed to increase mutual understanding and cooperation and reinforce economic ties between the two sides.The Korea Herald Biz Forum reflected the Moon Jae-in government’s “New Southern Policy,” which strives to elevate Korea’s diplomatic and economic ties with the Association of Southeast Asian Nations as well as
Oct. 16, 2018
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GM Korea union votes to strike against R&D center plan
Unionized workers at GM Korea Co. voted Tuesday to go on strike to protest the carmaker's plan to establish a separate R&D corporation. In the two day vote that began Monday, 78 percent of the 10,234-member GM Korea union agreed to a walkout as a sign of opposition to the R&D entity plan, which they see as an initial step to shut down its car manufacturing operations in South Korea.They expressed concerns that GM will, in the long run, only maintain a research facility in the country. The compan
Oct. 16, 2018
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Korean Google Play users spent $11.2 b in 10 years
South Korean users of Google Play's application store spent a total of $11.2 billion over the past 10 years, making Asia's fourth-largest economy the third most lucrative market, a report showed Tuesday.(Yonhap)Google Play, originally known as Android Market, has provided games, applications and other content from its Android store since October 2008.Japan topped the list with a combined user spend of $25.1 billion, followed by the United States with $19.3 billion, according to the latest report
Oct. 16, 2018