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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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Firefighters’ 3,000 won meals spark nutrition concerns
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Business groups inject fortunes to support virus contagion
South Korea’s biggest conglomerates announced Wednesday plans to inject emergency funds to support ongoing efforts to help contain the spread of the novel coronavirus. Samsung Group said all its affiliates will donate a total of 30 billion won ($246 million) to Korea Disaster Relief Association for securing relief goods such as hand sanitizers, disinfectants, daily necessities and health products. Samsung Electronics and its affiliates held emergency board meetings to approve the expe
Feb. 26, 2020
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Samsung C&T to cancel $250m worth treasury stocks
Samsung C&T said its board approved Wednesday to expand dividend income over the next three years and cancel treasury stocks worth 300 billion won ($250 million), as part of its shareholder-friendly policies. Last year, the firm allocated 2,000 won per share, which amounted to 60 percent of dividend income of related companies, including firms that its holds a stake in -- Samsung Electronics Samsung SDS, Samsung Life Insurance, Samsung Heavy Industries and Samsung Engineering. Over th
Feb. 26, 2020
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Tests for remdesivir, likely cure for new coronavirus, to begin in Korea
Gilead Sciences is in talks with Korean health authorities to begin clinical trials of remdesivir, a drug believed to have the most chance of treating the novel coronavirus. “We are in discussions with Gilead Sciences Korea. It is likely they will submit their application for clinical trials this month,” a Ministry of Food and Drug Safety official told The Korea Herald. “We will review the clinical design in a timely manner once we receive it, and begin targeted large-scale
Feb. 26, 2020
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Posco assists communities around world
South Korea’s leading steelmaker Posco said Wednesday it will continue to assist communities in need around the world as part of its corporate citizenship efforts. Most recently it reached out to the people of Wuhan, the Chinese city that was the epicenter of the new coronavirus outbreak. The company sent 1 billion won ($820,159) worth of supplies for city’s citizens on Jan. 31, including masks and hand sanitizers to help prevent the further spread of COVID-19. Earlier in January
Feb. 26, 2020
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Disinfection requests surge as coronavirus spreads
Disinfection service companies are seeing a threefold spike in fumigation requests as the new coronavirus continues to spread, according to the industry on Wednesday. But with COVID-19 cases increasing in regional communities across the country, the disinfection companies are slogging away to meet the soaring demand. “Before the first confirmed case (of the new coronavirus) came up, we would have around five disinfection jobs a day. But now, we get some 30 orders every day,” Lim
Feb. 26, 2020
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[Monitor] Samsung’s Lees remain top dividend earners in 2019
The father and son at the helm of South Korea’s largest conglomerate, Samsung Group, remained the top two dividend earners in 2019, according to data released by corporate tracker CEOScore on Wednesday. Samsung Electronics Chairman Lee Kun-hee, bedridden since 2014, received 474.8 billion won ($391 million) in dividends last year, a figure that remained almost unchanged from a year earlier. Most of the dividends came from the tech company, in which he holds a 4.18 percent stake. Vice Cha
Feb. 26, 2020
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Posco1%Foundation to back projects for disabled artists, persons of merit
South Korean steelmaker Posco said Wednesday its charity unit, Posco1%Foundation, plans to support disabled artists and persons of merit with new and innovative programs through an open contest. The foundation conducted a monthlong contest in January inviting applications from individuals and institutions for various charity ideas and projects. A total of 271 ideas were submitted, many of which focused on future generations, multiculturalism and disabled, culture and arts, the firm said. Aft
Feb. 26, 2020
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Amorepacific to sell Gangnam building for W160b
Cosmetics giant Amorepacific will sell its office building in Nonhyun-dong, within Seoul’s Gangnam district, for 160 billion won ($131.25 million), according to the company’s regulatory filing Wednesday. The company decided to sell the building to secure liquidity and to improve solvency, the report said. The company added that it planned to sell it by April 29 this year. The target price accounts for about 2 percent of the cosmetic firm’s total assets as of end-2018. The
Feb. 26, 2020
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Korean firms on edge ahead of shareholders meetings on coronavirus fears
South Korea’s listed companies are on edge ahead of shareholders meetings scheduled for March as the number of COVID-19 cases surges day by day and many shareholders are expected to stay away. Next month, more than 300 listed companies are slated to hold shareholders meetings to handle issues such as the approval of financial statements and the appointment of in-house directors. Tech giant Samsung Electronics has a shareholders meeting scheduled for March 18, Hyundai Motor for March 19,
Feb. 26, 2020
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Netmarble, Marvel to introduce new game at PAX East
Netmarble said Wednesday it plans to introduce a new game title with Marvel at PAX East in the US. Due to the coronavirus scare in South Korea, only Netmarble’s US office employees will attend the game show. The PAX East 2020 is being held at Boston Convention and Exhibition Center in Massachusetts, from Thursday through Sunday. Netmarble’s will showcase its latest game on the last day of the show, in a session called “Marvel Mystery,” in the presence of Shim Cheol-mi
Feb. 26, 2020
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Baedal Minjok to financially support riders during coronavirus emergency
South Korea’s biggest food delivery service in terms of market share, Baedal Minjok, will provide financial support for its riders if they have to go into self-quarantine for COVID-19, the company announced Wednesday. For delivery riders who have to miss work due to a suspected case of COVID-19, Baedal Minjok will pay the minimum wage of 820,000 won ($673) for two weeks. Normally, the company’s riders work eight hours a day, six days a week. The minimum wage in Korea is 8,590 won
Feb. 26, 2020
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Celltrion’s Remsima SC authorized to treat rheumatoid arthritis in Korea
Celltrion’s autoimmune disease treatment Remsima SC was approved to treat rheumatoid arthritis in South Korea, the company announced Wednesday. Remsima SC is a biobetter of Johnson & Johnson’s Remicade (infliximab), and is the world’s first subcutaenously injectable form of infliximab that comes in a prefilled syringe called an autoinjector. However, while intravenous Remsima is authorized for treatment of psoriatic arthritis, ankylosing spondylitis, ulcerative colitis,
Feb. 26, 2020
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Bidding for duty-free operation at Incheon Airport kicks off
Incheon International Airport Corp. began taking bids for existing airport duty-free operations on Wednesday, accepting proposals from 10 a.m. to 4 p.m., industry sources said Wednesday. Eight duty-free operators including Shilla, Lotte, Shinsegae and midsized operators like SM which currently operate business over 11,645 square meters in the duty-free zone need to submit proposals including the bid price, if they wish to continue to operate. Their contracts end in August. Beyond the bi
Feb. 26, 2020
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Revenues of Korean IoT firms surpass W10tr in 2019
South Korea-based internet-of-things firms posted revenue of over 10 trillion won in 2019, up 16.2 percent on-year, according to the ICT Ministry on Tuesday. This is the first time for IoT companies have crossed the revenue milestone since the ministry began collecting relevant figures in 2014. Domestic sales accounted for 89 percent with 9.7 trillion won. Exports accounted for the remaining 1.2 trillion won. Exports have shown an average annual increase of 46.3 percent from 2015-19, the min
Feb. 26, 2020
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Nexon gives W2b to Korean Red Cross to help fight COVID-19
Nexon Korea said Tuesday it has donated 2 billion won ($1.6 million) to Korean Red Cross for crisis management amid ongoing COVID-19 spread. Its subsidiary Neople has also joined the effort. The donation will be used to prevent the further spread of COVID-19 infections, through emergency medical and relief aid. Nexon allocated 500 million won from the donation for Jeju Island, where the Neople headquarters is located. KRC President Park Kyung-seo expressed his gratitude to Nexon and pledg
Feb. 25, 2020
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[Monitor] Coronavirus depresses consumer sentiment index
Consumer sentiment in South Korea has dropped noticeably since the outbreak of COVID-19, according to data released by the Bank of Korea on Tuesday. The index, however, was calculated before the rapid increase in the number of infections here, meaning sentiment has probably fallen lower since then. The consumer composite sentiment index totaled 96.9 in February, down 7.3 points from a month ago. A similar drop was seen in June 2015, when Middle East respiratory syndrome was in the news. The s
Feb. 25, 2020
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Korean companies raise bar on coronavirus test kits
Korean companies specializing in infection test kits are exporting their new real-time PCR COVID-19 assay kits to overseas destinations. They include KogeneBiotech, Seegene and PCL. With vaccine development for COVID-19 anticipated to take at least a year, the most realistic containment measure currently is to make a speedy diagnosis and follow up with effective quarantine, experts opine. While the numbers of confirmed cases have shot up in Korea -- 977 as of Tuesday at 5:30 p.m. -- the coun
Feb. 25, 2020
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Coronavirus changes South Korean workplace landscape
The new coronavirus outbreak has led to drastic changes in South Korea’s workplace culture, albeit temporarily. Many major companies are letting their employees work from home or have flexible working hours after the government raised the alert level to “serious” and the number of cases here surged. As of Tuesday afternoon, the number of confirmed COVID-19 patients stood at 977, up 84 from 10 a.m., while the death toll stood at 10. The nation’s largest conglomerat
Feb. 25, 2020
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PMK appoints former Google director as new chief
Phillip Morris Korea said Tuesday that it had appointed Paik Young-jay, formerly global director of Google Korea, as its new managing director. Paik, who has a doctorate in cultural anthropology from Yale University, has worked in various industrial sectors over the past 20 years, according to the company. He started his career at McKinsey & Company Korea in 2000 and joined South Korea’s CJ Group in 2003. He also led Blizzard Entertainment Korea as country managing director from 2011
Feb. 25, 2020
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Faced with shortage, Korea limits mask exports
The South Korean government has decided to restrict the export of face masks until April 30, amid concerns that supplies are running short as COVID-19 spreads nationwide. Manufacturers will be allowed to export up to 10 percent of the masks they produce each day. The Ministry of Food and Drug Safety said Tuesday that the measure is authorized under Article 6 of the Price Stabilization Act, which stipulates that regulations can be adjusted in emergency situations. Mask manufacture
Feb. 25, 2020