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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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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Yoon honors veterans of Korean War in trip to Philippines
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LG Chem swings to loss in Q4 on one-off costs
LG Chem Ltd., South Korea's leading chemicals firm, said Monday that it swung to a loss in the fourth quarter from a year earlier due to one-off costs related to energy storage systems. The net loss stood at 56.8 billion won ($47.5 million) in the three months that ended Dec. 31 from a net profit of 126.5 billion won a year earlier, the company said in a regulatory filing. A company spokesman said one-off costs related to safety measures following a series of fires in ESS are to blame for the
Feb. 3, 2020
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‘Coronamap’ showing confirmed patients’ movements attracts more than 3m visits
A Korean college student’s self-coded “Coronamap,” showing the movements of confirmed coronavirus-infected patients before they were put in quarantine, has recorded more than 3 million visits and may soon record 5 million, reports said Sunday. The map is marked with a web of lines showing the places visited by the 15 patients in Korea and where they are currently confined. It also spells out the number of people showing symptoms of pneumonia and other complications possibly r
Feb. 2, 2020
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[Monitor] Korea’s exports show signs of improvement, but will new coronavirus hamper upturn?
While South Korea’s exports failed to rebound from a minus figure in January, the daily average exports showed an upturn for the first time in 14 months, raising hopes for an overall recovery. The government has forecast the exports to rebound to a plus from this month, although such a projection remains questionable with the impact of the new coronavirus outbreak that is seen to affect sales and production both domestically and globally. According to data from the Ministry of Trade, exp
Feb. 2, 2020
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Outbreak of coronavirus changes consumption patterns
Park Seon-hee, a resident of western Seoul, stayed home over the weekend, canceling her plans to meet friends, as more cases of coronavirus infections were reported. She and her husband chose to order in food, though she is now considering purchasing premade food products online or cooking from scratch. South Korean consumers are increasingly turning to online shopping as the prolonged outbreak of a new coronavirus continues to fuel concerns about going to crowded areas, potentially pulling
Feb. 2, 2020
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Coronavirus vaccine long way off
Any vaccine for the fast-spreading 2019 novel coronavirus is unlikely to take shape in the near future, experts said Sunday, citing the rapid mutational characteristic of the ribonucleic acid virus as what makes speedy pharmaceutical countermeasures impossible. “It would take more than a year even if the government allows all fast-track clearance for drug development,” a vaccine company employee told The Korea Herald. No vaccine has been developed for Middle East respiratory syndro
Feb. 2, 2020
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Korea’s semiconductor show canceled amid coronavirus outbreak
Semi Korea, the local organizer of Semicon Korea, on Friday canceled the nation’s semiconductor show due to mounting concerns over the new coronavirus. Semi Korea’s decision came in line with World Health Organization chief Tedros Adhanom Ghebreyesus’ announcement, in which he declared the outbreak a “public health emergency of international concern.” Semi Korea added that it is currently looking into contingency plans for Semicon Korea 2020 and will post updates
Jan. 31, 2020
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Samsung to send donations to China
Samsung on Friday announced a donation of 10,000 articles of anti-contamination clothing, as well as 30 million yuan ($4.3 million) to support China’s response to the novel coronavirus, the company announced Friday. The donations will be sent to the Red Cross Society of China, via Samsung’s Chinese headquarters, it added. By Shim Woo-hyun (ws@heraldcorp.com)
Jan. 31, 2020
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Hanjin heiress partners with KCGI, Bando for group's management control
The heiress of South Korean airline-focused conglomerate Hanjin Group, widely known for the "nut rage" incident in 2014, has joined hands with a local fund and a builder for the group's management control ahead of a shareholders meeting in March. In a joint statement with local activist fund Korea Corporate Governance Improvement (KCGI) and midsized builder Bando Engineering & Construction, Cho Hyun-ah, the eldest daughter of late Hanjin Group and Korean Air Lines Co. Chairman Cho
Jan. 31, 2020
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Hyosung Heavy Industries expands in Europe with deal in Sweden
Hyosung Heavy Industries said Friday it won a contract to supply high-voltage switchgears in Sweden, clenching a second deal in Europe to expand its presence there. According to the company, it recently landed a contract with Svenska Kraftnet, Sweden’s national power grid, to supply 420-kilovolt switchgears. The company said it will supply the high-voltage switchgears to electric stations in Stockholm by 2021. “Hyosung Heavy Industries plan to expand its power apparatus business
Jan. 31, 2020
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Posco’s operating profit down 30% in 2019 amid industry downturn
South Korean steel giant Posco said Friday its operating profit dropped 30.2 percent in 2019 from the previous year, amid the overall industry downturn and protectionism by major trading partners. The steelmaker said its revenue stood at 64.3 trillion won ($53.9 billion), down 0.9 percent on-year. The operating profit posted at 3.86 trillion won, while net profit was 1.98 trillion won last year. The operating margin recorded 6 percent. Its sales volume increased by 400,000 tons on-year to re
Jan. 31, 2020
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SK hynix’s 2019 operating profit plunges 87%
South Korean chipmaker SK hynix’s operating profit in 2019 plummeted 87 percent to 2.7 trillion won ($2.2 billion), amid the continued fall in memory chip prices and lower demand, according to its earnings report released Friday. The world’s second-biggest memory provider raised 26.9 trillion won in annual sales last year, a 33.3 percent plunge from 2018. The net profit nosedived 87 percent to 2.02 trillion won for the whole year. The company’s operating margin also droppe
Jan. 31, 2020
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LG Display goes into red amid restructuring efforts
LG Display announced Friday it has posted an operating loss of 1.35 trillion won ($1.1 billion) in 2019 -- largest in eight years -- going into the red amid ongoing business restructuring efforts. Overall, the world’s biggest provider of organic light-emitting diode panels posted 23.5 trillion won in sales and 1.36 trillion won in operating loss last year, according to its earnings report for the final quarter of 2019. Compared to 2018, the annual sales dropped 8 percent, while th
Jan. 31, 2020
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[Herald Interview] Blazing Samsung Biologics’ trail into new territory
Describing Samsung Biologics, the biotech arm of the mammoth Samsung Group, as a “startup,” Executive Vice President John Rim is confident that the company’s competitive edge will bring Korea’s footprint forward in the biologics drugs field. Armed with 34 years of experience working at multiple global pharmaceutical companies, Rim joined Samsung Biologics in September 2018. “Korea has to find technology and competitive advantage where it can survive for the long
Jan. 31, 2020
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Korea's industrial output grows 1.4% in December
South Korea's overall industrial output gained 1.4 percent in December from a month earlier despite a slight tumble in the service sector, data showed Friday. From a year earlier, the overall industrial output grew 3.2 percent, according to the data compiled by Statistics Korea. The production in the mining, manufacturing, gas and electricity industries rose 3.5 percent from a month earlier, while that of the service sector edged down 0.1 percent. The production, retail sales and investment
Jan. 31, 2020
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World’s largest halal exhibition to be held in Malaysia in April
Malaysia International Halal Showcase, the world’s largest halal trade fair, will be held in Kuala Lumpur from April 1 to 3, the event’s organizers said Thursday. According to Malaysia’s Ministry of International Trade and Industry, this year’s MIHAS, themed “Expand Your Halal Horizon,” will feature over 1,200 booths of companies from countries around the world, including halal-certified and trade-ready manufacturers, suppliers, buyers and distributors. T
Jan. 31, 2020
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LG posts record W62.3tr revenue in 2019
LG Electronics posted a record revenue of 62.3 trillion won in 2019, as the home appliances division spurt past the 20 trillion won milestone, according to its earnings report Thursday. In the fourth quarter alone, the company notched 16.6 trillion won in revenue and 101.9 billion won operating profit, up 1.8 percent and 34.5 percent on-year, respectively. At the same time, the company suffered quarterly net loss of 87.8 percent due to subsidiary LG Display’s flat performance, turning
Jan. 30, 2020
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Bando E&C begins apartment project in central LA
Bando Engineering & Construction said Thursday that it had started the construction of a mixed-use apartment building in Los Angeles, the company’s first overseas project in nine years. According to the company the Bora 3170 will be an eight-floor building with one floor below ground, about 10 minutes from downtown LA in the Korea Town neighborhood. It is the second overseas project for Bando E&C, which built the Ubora Towers in Dubai, United Arab Emirates, in 2011. Led by C
Jan. 30, 2020
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Samsung affiliates to beef up compliance teams under CEOs
Samsung Group on Thursday announced follow-up measures to “effectively beef up” compliance monitoring teams across its affiliates, including placing them under chief executives, with the intention of displaying its efforts to improve governance. A total of 11 affiliates -- including Samsung Electronics, Samsung SDI, Samsung C&T, Samsung Life Insurance and Samsung Heavy industries -- will introduce in-house compliance units at CEOs’ offices away from the current leg
Jan. 30, 2020
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[Photo News] Consumer agency compares UHD TVs of Samsung, LG
Korea Consumer Agency officials attend a press briefing on their review of the quality of UHD TVs at the government complex in Sejong on Thursday. Their results showed LG’s organic light-emitting diode TV had better viewing angle and high-definition resolution than Samsung’s quantum-dot light-emitting diode TV. Both products met international standards of contrast modulation, the KCA said. (kaylalim@heraldcorp.com)
Jan. 30, 2020
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Naver’s sales surpass W6tr but profits down in 2019
Naver’s annual sales surpassed the 6 trillion won ($5.06 billion) mark for the first time in 2019, but its operating profit decreased due to the sluggish performance of Line and related platforms, according to a regulatory filing on Thursday. The South Korean internet giant’s annual sales totaled 6.59 trillion won, marking an 18 percent increase. The figure is four times greater than that of 2015, 3.25 trillion won. However, Naver’s operating profit fell to 710 billion won
Jan. 30, 2020