Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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[KH Explains] Can G-Star level up?
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Ex-president's daughter investigated for drunk driving accident
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Lotte, SK Networks face tough road after losing duty-free licenses
The failure of duty-free operators to get their licenses renewed for operating stores in Seoul is taking its toll on their staff and location management, sources said Tuesday. People walk past the Lotte Duty Free store at Lotte World Tower in Gangnam, Seoul. (Yonhap)Korea’s top duty-free operator Lotte and SK Group subsidiary SK Networks have to close their lucrative duty-free stores ― one each ― after the government chose to give the license to rival bidders Shinsegae and Doosan last week. To m
Nov. 17, 2015
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[SUPER RICH] Pharma king shakes up superrich rankings
There is a new entrant in the ranks of Korean superrich.Hanmi Pharmaceutical founder and chairman Lim Sung-ki became a prominent superrich as the company signed licensing agreements with several global pharmaceutical companies this year, including Belgium-based Janssen Pharmaceutica and France-based Sanofi.The multibillion-dollar licensing agreements caused the shares of Hanmi Pharmaceutical and its parent company Hanmi Science to skyrocket. Stocks of Hanmi Pharmaceutical closed at 755,000 won (
Nov. 17, 2015
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Entrepreneurship key to growth in ‘platform’ economy
The start-up fever may be spreading fast across the globe, but is yet to fully blossom in Korea and needs to be encouraged, according to a leading expert. “According to the 2016 Global Entrepreneurship Index, which was released last week, Korea needs to encourage competition and provide more opportunities (to spread entrepreneurship among young people),” Timo Nyberg, a senior fellow of Aalto University in Finland, said in a recent interview with The Korea Herald. The index, compiled by U.S.-base
Nov. 17, 2015
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[Photo News] Philips enhances partnership with Korean hospitals
Philips enhances partnership with Korean hospitals -- Willem Rozenberg (second from left, front row), senior director of Philips, poses with Jung Dae-soo, president of Pusan National University Hospital, and other staff, after signing on for a partnership for the development of the Korean medical industry. (Philips Korea)
Nov. 17, 2015
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POSCO ICT seeks to export baggage handling system
POSCO ICT, a subsidiary of South Korea’s leading steelmaker POSCO, said Tuesday it will begin efforts to export its baggage handling system to countries like China, Iran and Saudi Arabia, where many new airports are being built. The company’s self-developed system enables the automatic transfer of travelers’ luggage from the airport terminal to planes using readable tags attached to the bags. POSCO ICT`s baggage handling system at work inside Incheon International Airport in South Korea (POSCO I
Nov. 17, 2015
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Philips Korea names new general manager for consumer lifestyle
Philips Korea, the local branch of leading Dutch health care and lighting company Philips, has appointed Peter Kwak, former country manager of Nike Korea, as general manager of its personal health division. Kwak, who worked at the footwear firm for 12 years and as CEO of its Korea arm since 2009, is a seasoned businessman in the fast-moving consumer goods industry, having led Nike Korea to double its revenue under his leadership, Philips noted. He previously worked at McKinsey & Company in Chic
Nov. 17, 2015
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K-Sale Day to kick off ahead of U.S. Black Friday
Korean retailers will kick off the second annual K-Sale Day event offering major discounts on goods starting Friday, ahead of the U.S. Black Friday sales scheduled for Nov. 27. Aiming to record a sharp increase in sales, retail giants including Lotte, Hyundai and Shinsegae department stores as well as large supermarkets, convenience stores, restaurants, electronics stores and clothing brands will hold various sales events as part of K-Sale Day, which will run through Dec. 15. Shoppers shift thro
Nov. 17, 2015
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Global entrepreneurship initiative inspires start-ups
Han Jung-wha (center, front row), chief of the Small and Medium Business Administration, poses with domestic and international VIP guests in the opening of the 2015 Global Entrepreneurship Week at The-K Hotel Seoul in southern Seoul on Monday. SMBAThe Korean version of Global Entrepreneurship Week, an international initiative aimed at introducing entrepreneurship to young people, kicked off Monday in Seoul, giving hundreds of Korean young entrepreneurs a chance to meet global mentors and learn h
Nov. 16, 2015
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‘Less favoritism will enhance entrepreneurship’
There should be less favoritism toward incumbent firms in order to enhance entrepreneurship, according to an industry expert. Philip Auerswald, founding executive director of the Global Entrepreneurship Research Network, speaks at the Startup Istanbul 2015 Conference.“Giving less favor to incumbent companies is the most critical element to support entrepreneurship so that new firms will have more room to grow, said Philip Auerswald, founding executive director and the cochair of the Global Entre
Nov. 16, 2015
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Samsung eyes biopharma lead
SONGDO, Incheon -- At the Samsung BioLogics headquarters based in Songdo, Incheon, a set of conference rooms have taken on a rather unconventional naming scheme. The first room begins with Songdo, continuing on to South Korea and Asia, and out to the world’s five oceans and six continents. What follows? The highest peaks located on each continent such as Mount Everest in Asia and North America’s Mount McKinley. “It reflects the company’s aim to expand globally and to leave a noteworthy footprint
Nov. 16, 2015
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Korea to punish online malls for deceptive displays
Korea’s Fair Trade Commission will penalize the country’s four leading online shopping malls for deceptive display of products, the antitrust watchdog said Monday. The firms ― Gmarket, Auction, Interpark and 11st ― have been under investigation for allegedly labeling products as “best goods” or placing them at the top of their respective websites in exchange for advertising fees. “The FTC is in the final stage of completing an investigation into the unfair practices of online marketplaces. We ar
Nov. 16, 2015
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Lotte founder sues CEOs of 7 subsidiaries
Lotte Group founder and general chairman Shin Kyuk-ho filed a lawsuit against the CEOs of seven Lotte subsidiaries on charges of obstructing business, according to a law firm representing Shin on Monday. The law firm DW Partners said it lodged a complaint against Lotte Shopping CEO Lee Won-joon and Lotte Corporation’s Noh Byung-yon for underreporting capital losses for their business in China, which disrupted the founder’s ability to make operational decisions. In the complaint filed with the Se
Nov. 16, 2015
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‘Forum to spread start-up spirit across Korean society’
Global Entrepreneurship Week Korea 2015, the Korean counterpart of Global Entrepreneurship Week, kicked off Monday at The-K Hotel in Seocho-gu, Seoul.The Korea Herald interviewed Nam Min-woo, president of the Korea Entrepreneurship Foundation, which organized the program with the Kauffman Foundation.Following is the text of a written interview with president Nam. Korea Herald: What is Global Entrepreneurship Week?Nam Min-woo: The event is a week for bringing in and celebrating start-up founders
Nov. 16, 2015
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Korea to punish open market firms over deceptive displays
Korea’s Fair Trade Commission will punish the country’s four leading open market firms over alleged deceptive displays of products, the antitrust watchdog said Monday. The firms -- Gmarket, Auction, Interpark and 11st -- have been under investigation for allegedly labeling products as “best goods” or placing them at the top of their respective websites in exchange for advertising fees. “The FTC is in the final stage to complete an examination report on the open market firms’ unfair practices. We
Nov. 16, 2015
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Future of creative economy hinges on global entrepreneurship
Entrepreneurship refers to capacity and willingness to develop, organize and manage a business in spite of any risks or uncertainties ahead. Entering an era of low growth and high unemployment, many countries across the world are in competition to boost entrepreneurship to drive growth and create jobs. To nurture entrepreneurs, they have streamlined or created related rules and policies. Looking back the nation’s corporate history, entrepreneurship is not a new concept. Entrepreneurial activit
Nov. 15, 2015
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Retailers count on foreign shoppers for K-Sale event
Encouraged by the record-breaking success of Korean manufacturers and retailers in China’s Singles Day event on Nov. 11, Korea is once again reviving its Korea’s Black Friday event in its efforts to boost domestic consumption. This time, retailers are striving to lure global shoppers hopping around sales promotions around the world ranging from Singles’ Day to the U.S.’ Black Friday Event and then to the K-Sale Day, which is slated for Nov. 20-Dec. 15 in Korea. The logo of the K-Sale event, sch
Nov. 15, 2015
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[Photo News] Samsung donates kimchi for the underprivileged
CARING WITH KIMCHI – Samsung Electronics employees and residents in Gyeonggi Province together make kimchi at the company’s headquarters in Suwon on Saturday. The Korean tech giant plans to donate 120 tons of kimchi to underprivileged people in the area. (Samsung Electronics)
Nov. 15, 2015
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Seoul duty-free market set for major shift
The landscape of Seoul’s lucrative duty-free market, dominated by Lotte and Shilla as of now, is set for a major change following the bid for the expiring business licenses of three duty-free stores in the capital city. According to market data from the Korea Duty Free Association, sales at the nation’s duty free shops reached 8.3 trillion won ($8 billion) last year, with urban tax-free outlets taking 70 percent of the total revenue. Three sites have been chosen to run duty-free shops in Seoul
Nov. 15, 2015
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Shinsegae, Doosan win duty-free shop race
South Korean retail giant Shinsegae and Doosan Group, a leading industrial conglomerate, were the biggest winners in a highly contested bid for three expiring business licenses for duty-free stores in Seoul. Four conglomerates -- Shinsegae, Doosan, Lotte and SK -- had been engaged in a fierce competition over the rights to run the capital city’s duty-free outlets. Four sites have been chosen to run duty-free shops in Seoul and Busan over the next five years. Clockwise from From left: Lotte Depar
Nov. 15, 2015
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Samsung's monthly N. American TV sales top $1 bln
Samsung Electronics Co. saw its monthly shipment of TVs reach $1 billion for the first time in the North American market in October.It marked a giant leap from the monthly sales of $100 million in September 2004 and $500 million in October 2007, the South Korean tech giant said.Samsung added it became the No. 1 player in the U.S. flat TV market, currently taking up 35.1 percent. Its share in the Canadian market comes in at 38.4 percent. Citing the data compiled by market tracker NPD, Samsung sai
Nov. 15, 2015