Sephora opens 3rd shop in Sinchon

Sephora opened its third shop Friday in Sinchon, a trendy university district, in collaboration with Hyundai Department Store. The 232-square-meter store is located on the first floor of Hyundai Department Store’s U-Plex. Last year, French luxury conglomerate LVMH’s Sephora launched its first store in Parnas Mall in the posh district of Gangnam in October and its second shop in Lotte Young Plaza in the Myeong-dong shopping district in December.The multibrand cosmetics store in Sincho

ConsumerJan. 12, 2020

Hyundai targets sales of 1m cars annually in US by 2025

The US subsidiary of South Korean auto giant Hyundai Motor said Sunday it aims to sell 1 million units annually by 2025, on the back of rapid sales of the new Genesis model and sport utility vehicles. While the once-lucrative US market has seen total car sales fall by 1.1 percent last year to 17.08 million units due to global protectionism and sluggish global economy, sales of recreational vehicles inched up 2.8 percent, increasing its ratio in total sales to 71.9 percent in 2019 from 69.1 perce

MobilityJan. 12, 2020

Samsung, SK hynix stocks to rally on chip market recovery: analysts

Shares of Samsung Electronics and SK hynix -- South Korea’s largest chipmakers -- which hit record highs last week should gain momentum this year on the back of the global semiconductor market’s recovery, according to analysts. Samsung shares closed at 59,500 won ($51.20) Friday, outperforming the previous all-time high of 58,600 won the previous day.Meanwhile, its crosstown rival SK hynix shed 0.1 percent from the previous trading to close at 98,900 won, failing to extend its rally

MarketJan. 12, 2020

[From the Scene] LG’s digital signage displays spruce up Topgolf in US

LAS VEGAS -- Satiating the demands of all things golf for lovers of the game at a Topgolf chain in Las Vegas is a unique display solution designed by South Korea’s LG Electronics. At the sports entertainment venue, where people play golf, have drinks and food and watch sports games, some 120 55-inch LCD commercial displays made by LG are vertically mounted at the three-floor golf zone of the venue, playing three different video contents on a single screen.At Topgolf, a player scores points

TechnologyJan. 12, 2020

[Herald Interview] ‘Philips has same DNA as Korea in innovation’

LAS VEGAS -- Roy Jakobs, head of the personal health business of Royal Philips, believes today’s innovation is not just about individual products. Innovation involves building a new ecosystem and gaining the trust of consumers, and he believes South Korea is on the same page as the Amsterdam-based electronics maker. “In terms of high standards required for innovation, Philips has the same DNA as Korea,” Jakobs said in an interview with The Korea Herald during the Consumer

TechnologyJan. 12, 2020

S-Oil CEO, employees participate in New Year’s hiking trip

South Korea-based oil refinery S-Oil said Sunday that it conducted a New Year’s hiking event which was attended by its CEO and employees to share New Year’s resolutions and reinforce their commitment.S-Oil CEO Hussain A. Al-Qahtani was joined by some 200 employees comprised of team leader-level managers, new employees and officers and hiked on Cheonggyesan on Saturday, the company said.  During the hiking trip, Al-Qahtani told employees, “Uncertainties that we face today r

IndustryJan. 12, 2020

Lotte says Honey Butter Almonds sees high sales among foreigners

Lotte Mart said Sunday it will open two Honey Butter Almonds stores, following the snack’s popularity among foreign customers. According to the company, Honey Butter Almonds was recorded as the most popular snack product by foreign customers, posting the highest sales in the previous two years, with sales rising by 18.2 percent in 2018 and 7.9 percent in 2019 at Lotte Mart outlets. To meet the trend, Lotte Mart said it will open two Honey Butter Almonds stores in Seoul Station and Gim

ConsumerJan. 12, 2020

[Feature] Soju goes ‘newtro’

Soju is going “newtro.” With the trend -- a combination of “new” and “retro” -- sweeping the South Korean retail scene, liquor makers have brought back new versions of discontinued soju. These products are especially popular with consumers in their 20s and 30s, according to the industry. In April 2019, liquor maker HiteJinro -- which leads the soju market with its signature Chamisul -- introduced a new version of its old soju brand Jinro, dubbed “Jinro I

ConsumerJan. 12, 2020

Shake Shack rolls out Roasted Garlic Mushroom Burger

Shake Shack will roll out the limited-edition Roasted Garlic Mushroom Burger in South Korea on Monday. According to the chain’s Korean operator SPC Group, the burger is the first new menu item of the year.  It comprises Angus beef patty, deep-fried shallots and Portobello mushroom, topped with garlic mayonnaise sauce and provolone cheese inside a potato bun, the company said. It will be priced at 8,900 won ($7.66).Along with the new burger, Roasted Garlic Mayo Fries will be available

ConsumerJan. 12, 2020

Pharma firms flock to JP Morgan Healthcare Conference 2020

SAN FRANCISCO -- Samsung BioLogics CEO Kim Tae-han and Celltrion Chairman Seo Jung-jin are among the South Korean C-level officials making presentations at the 38th JP Morgan Healthcare Conference being held from Monday through Thursday. Both the executives have been invited to speak on Wednesday at the Grand Ballroom at the Westin St. Francis Hotel, that can accommodate some 800 people.Kim and Seo are joining the likes of global big pharma firms such as Bristol-Myers Squibb, Novartis, Merck, Ro

TechnologyJan. 12, 2020

S. Korea's exports to Iran dip nearly 90% in 2019

South Korea's exports to Iran dropped nearly 90 percent from a year earlier in the first 11 months of last year, the fastest rate among the top 20 export countries, data showed Sunday.In the January-November period, Seoul's shipments to the Middle East country came to $259 million, down 88.6 percent from the same period a year earlier, according to the data from the state-run Korea Trade-Investment Promotion Agency.The amount still marked the 14th largest, but the rate the drop was by far the hi

EconomyJan. 12, 2020

Seoul shares to trade higher on eased Mideast tension

South Korean stocks are expected to trade higher next week on eased concerns over a conflict between the United States and Iran, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,206.39 points on Friday, up 1.37 percent from a week earlier.Earlier this week, Seoul shares lost ground sharply after Qassem Soleimani, the head of Iran's elite Quds Force, was killed in a US drone strike, which led to a hike in global oil prices. Although South Korean shares rebounded

MarketJan. 11, 2020

Nuclear safety agency approves additional spent fuel storage facilities

Nuclear safety agency approves additional spent fuel storage facilitySouth Korea's nuclear safety agency said Friday that it has approved the construction of seven additional spent fuel storage structures at the Wolsong nuclear power plant to allow for uninterrupted power generation.The decision comes after the state-run Korea Hydro & Nuclear Power Co.,  said the load at the plant hit 93.1 percent of capacity in September 2019, according to the Nuclear Safety and Security Commission. Th

IndustryJan. 10, 2020

HDC board OKs W400b rights issue for Asiana acquisition

HDC Hyundai Development Co. said Friday it will raise 400 billion won ($344 million) in a rights issue to help finance its acquisition of Asiana Airlines Inc.HDC plans to issue 21,969,110 shares, or half of its outstanding 43,938,220 shares, at about 18,550 won per share, the company said in a statement.The price will be finalized on March 2, and investors are required to make their payments for the purchase of the new shares by March 13. The new HDC shares are set to be listed on the main KOSPI

MobilityJan. 10, 2020

Investors accuse Lime, Shinhan, Woori of fraud after hedge fund debacle

Three individual investors have filed criminal complaints against representatives of Lime Asset Management, Shinhan Investment and Woori Bank, accusing them of fraud and capital market law violations in the sale of private equity funds, the investors’ legal representatives said Friday.Local law firm Hannuri said it had filed complaints with the Southern District Prosecutor’s Office against six officials from the three companies on behalf of the three investors.Lime Asset is accused o

MarketJan. 10, 2020

Samsung Electronics again hits record high amid rosy outlook

Shares in Samsung Electronics again climbed to a record high Friday on an outlook for an earlier-than-anticipated recovery in global demand and prices for chips, while foreign investors continued to net purchase local stocks for a sixth consecutive session.Samsung, the world's No. 1 memory chipmaker, surged 1.54 percent to close at 59,500 won ($51.23), one day after spiking3.17 percent to reach the highest level since its listing in 1975. The broader KOSPI advanced 0.91 percent to close at

MarketJan. 10, 2020

SK Innovation to build 2nd car battery plant in US

SK Innovation Co., South Korea's leading refiner and chemical company, said Friday it will invest 1 trillion won ($860 million) to build its second car battery plant in the United States.SK Innovation has already invested 1.9 trillion won to build a car battery plant with a capacity of 9.8 GWh in Georgia.It has decided to make an additional investment to build a second plant in the US to meet soaring demand for all-electric vehicles there, a company spokesperson said. SK Innovation chief executi

IndustryJan. 10, 2020

S. Korea to speed up budget spending in Q1: vice finance minister

South Korea will speed up its budget spending in the first quarter as it seeks to revitalize the economy through large-scale investment projects, a vice finance minister said Friday. Vice Finance Minister Koo Yun-cheol said it is most important for the economy to gain recovery momentum this year, backed by the government's expansionary fiscal policies. "The government will focus on spending in social infrastructure and job creation in the first quarter," Koo said, according to a statem

EconomyJan. 10, 2020

S. Korea to deal with risks from US-Iran tensions, assures limited impact on economy: FM

South Korea’s finance minister said Friday that the government would continue to monitor the situation in the Middle East and would respond firmly to any threats, while reassuring them that the tensions would have a limited impact on the economy. “We will closely monitor the volatile situation in the Middle East along with the market trend and respond firmly if necessary, as related uncertainties continue to exist,” Deputy Prime Minister and Finance Minister Hong Nam-ki said in

EconomyJan. 10, 2020

Foreigners turn net buyers of Korean stocks, but continue to dump bonds in Dec.

Foreign investors snapped a four-month selling streak to net purchase South Korean stocks in December but continued to reduce their investment in local bonds for a third month, central bank data showed Friday.Foreigners net bought $660 million worth of local stocks in the month, marking a sharp turnaround from a net selling of $2.44 billion the month before, according to the data from the Bank of Korea.Foreign investors had net sold local stocks for four consecutive months since August, dumping

MarketJan. 10, 2020