Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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First lady’s Dior bag scandal to be at center of Assembly audit
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Firefighters’ 3,000 won meals spark nutrition concerns
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S. Korea to invest W5.19tr into science, ICT R&D in 2020
South Korea said Wednesday that it will invest 5.19 trillion won ($4.49 billion) into various science and information and communication technology research projects in 2020.The annual research and development spending plan covers 4.15 trillion won earmarked for science and technology and 1.04 trillion won set aside to build up ICT capabilities, according to the Ministry of Science and ICT.Of the total, slightly more than 1.53 trillion won will be used on basic scientific research. That amount is
Jan. 1, 2020
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Korea's exports dip 10.3% in 2019 on weak chip sales, trade rows
South Korea's exports fell 10.3 percent in 2019 after setting a record high performance the year before, due mainly to a slump in the global chip market coupled with the trade feud between the world's top two economies, data showed Wednesday. The country's outbound shipments came to $542.4 billion last year, compared with $604.8 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports moved down 6 percent on-year to $503.2 billion
Jan. 1, 2020
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Samsung chairman retains top spot as wealthiest businessman in S. Korea
Ailing Samsung Group Chairman Lee Kun-hee retained the top spot as the wealthiest South Korean businessman with his stock assets rising by 4 trillion won ($3.4 billion) in 2019, to reach 17.6 trillion won, according to a corporate tracker Tuesday. According to CEO Score, Lee’s stock assets rose the most in the nation in 2019 and he is the only individual whose share value exceeds 10 trillion won here. The huge increase comes mainly from his holdings in Samsung Electronics, which soared in
Dec. 31, 2019
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Bioservice industry rakes in W1tr, up 24%
The bioservice industry -- biologics contract research and manufacturing firms -- marked the most on-year growth of 23.9 percent in 2018, KoreaBio said Tuesday.The association, which represents over 300 biologics companies here, surveyed 993 local firms between June 3 and Oct. 31 in collaboration with the Ministry of Trade, Industry and Energy. The firms spanned a diverse range of sectors -- biopharmaceutical, biochemical and bioenergy, biofood, bioenvironmental, biomedical equipment, bioinstrum
Dec. 31, 2019
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Jeju Air delays signing to acquire Eastar Jet
Jeju Air Co., South Korea's largest low-cost carrier, said Thursday it has postponed the signing of a deal to acquire Eastar Jet as it takes more time to conduct due diligence on the smaller budget carrier.Jeju Air was originally set to sign a share purchase agreement with Eastar Holdings within this year to take over a 51.17-percent stake in Eastar Jet for 69.5 billion won ($60 million). "The company entered into due diligence of Eastar Jet and planned to complete it by Jan. 9. But the pro
Dec. 30, 2019
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[Graphic News] Number of ferry users between Incheon and 10 Chinese ports tops 1m
The annual number of passengers using ferries between South Korea‘s western port of Incheon and 10 Chinese cities has surpassed 1million this year for the first time in eight years, port authorities here said. According to the Incheon Port Authority, the figure was provisionally tallied at 1,003,030 from Jan. 1-Dec. 19. It’s the first time the annual figure crossed the 1 million threshold since 2011, when it recorded 1,043,230, the agency said. (Yonhap)
Dec. 30, 2019
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Ministry gives conditional approval to SK Broadband, Tbroad merger
The ICT Ministry on Monday approved the merger between SK Telecom’s SK Broadband and Tbroad, the second-largest cable operator in South Korea. If SK Telecom receives approval from the Korea Communications Commission next month, SK Telecom will hold a 74.37 percent stake in the new company formed from its subsidiary and Tbroad of Taekwang Group.The ministry said it has approved the merger, as well as Taekwang Group’s acquisition of a 16.79 percent stake in the new company, based on th
Dec. 30, 2019
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[Best Brand] SNP continues success with overnight sleeping masks
Cosmetics/ SD BiotechnologiesCosmetics and skin care brand Shining Nature Purity continues to succeed in the market with its latest sleeping pack series that comes in single-use packaging. SNP is SD Biotechnologies’ cosmetics line that has entered the skin care market with its sleeping mask products. In 2015, their sleeping masks contributed to an eightfold increase in the company’s sales from 2014. SNP’s latest sleeping pack series comprises three types: SNP Gold Collagen
Dec. 30, 2019
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Regulator to begin antitrust review of Delivery Hero's acquisition of Woowa
South Korea's corporate regulator said Monday it will begin an antitrust review of a $4 billion deal by Germany's Delivery Hero to acquire the nation's largest food delivery app operator, Woowa Brothers. The Fair Trade Commission said it has received documents from the two firms for an antitrust review, which could take at least 120 days. The FTC will review whether the planned acquisition would hurt competition in the nation's food delivery app market. An FTC official said the regulator will &q
Dec. 30, 2019
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ULikeKorea taps global horse health care market
Livestock health care company uLikeKorea on Monday announced a new patch type diagnosis device for horses, signaling its intent to make inroads into the global horse health care market worth $300 billion with 60 million horses. Coinciding with the portfolio expansion, uLikeKorea said it has established the Livecare Denmark office in Copenhagen. “The patch-type device for horses, developed for the first time in the world, predicts diseases and monitors activity levels,” said uLi
Dec. 30, 2019
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[Best Brand] Lotte Duty Free adopts ‘art’ marketing for beauty brands
Celebrating its 40th anniversary next year, Lotte Duty Free is preparing for art and cultural marketing activities in collaboration with artists and beauty brands. The leading duty-free shop recently unveiled an art collaboration with British artist Steve Wilson, who made his fame by working with international brands, such as Hermes, Karl Lagerfeld and Nike. He is also a pop artist recognized for extending the boundaries of contemporary art by crossing borders of art, typography and graphic desi
Dec. 30, 2019
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[Monitor] South Korea’s conglomerates continue to dominate trade
A handful of large companies in South Korea continued to dominate the country’s exports and imports, according to data released by the Korea Customs Service and Statistics Korea.As per the export data, 805 large companies -- just 0.8 percent of total exporting firms -- accounted for 66.6 percent in 2018, an on-year increase of 0.3 percentage point.The value of imports by 1,092 large businesses increased by 0.2 percentage point to reach $323 billion, having a 61 percent share of all imports
Dec. 30, 2019
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Netmarble chases risky smart home sector with Woongjin Coway purchase
Netmarble’s acquisition of water purifier rental firm Woongjin Coway on Monday is facing skepticism from investors who feel it should focus on its core competencies to prove further growth potential.The South Korean game company revealed its intention to branch out to a whole new business field in October, when it was named the preferred bidder for a 25.08 controlling stake in Coway. Netmarble CEO Kwon Young-sik had said in a conference call with investors that the acquisition is a part of
Dec. 30, 2019
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Amorepacific to debut at CES with 3D printing mask pack
Amorepacific said Monday it will participate for the first time in the Consumer Electronics Show, the world’s largest electronics exhibition, next month.The South Korean cosmetics giant will present the 3D Printing Mask Pack, which won the CES Innovation Award in the 3D printing category, and an LED beauty device, which will be released by its brand Makeon next year. The 3D Printing Mask Pack is a hydrogel mask pack manufactured using 3D-printing technology to fit the user’s fa
Dec. 30, 2019
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[Photo News] Small businesses oppose sell-off of Baemin
Jeon Soon-ok (center), chairperson of the ruling Democratic Party’s special committee on small businesses, and representatives of microbusinesses hold a press conference at the National Assembly on Monday opposing the sell-off of South Korea’s top food delivery application. Debate ensued after an announcement earlier this month that Germany-based online delivery service provider Delivery Hero would acquire an 87 percent stake in Woowa Brothers, the operator of delivery app Baeda
Dec. 30, 2019
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Hanjin family apologizes for family quarrel
Hanjin Group Chairman Cho Won-tae and his mother Lee Myung-hee have publicly apologized for a family quarrel that broke out last week. “We sincerely apologize for causing trouble at Lee’s house last Christmas,” they said in the written statement released Monday. The public apology comes after Cho visited Lee’s home on Christmas day and had a quarrel with her. The photo revealed by Lee on the day showed pieces of shattered glass scattered on the floor and a wound on h
Dec. 30, 2019
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Food business head tapped to lead CJ Cheiljedang
South Korea’s food and entertainment conglomerate CJ Group has promoted or appointed 58 executives, including a new chief to lead major affiliate CJ Cheiljedang, the group said Monday. Vice President Kang Shin-ho, 58, was appointed as the new leader of the group’s food unit CJ Cheiljedang. Kang was credited with accelerating the spread of the company’s Korean cuisine brand Bibigo in the global market since 2018, the group said. Vice President Cha In-hyok, 53, was tapped to
Dec. 30, 2019
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[Best Brand] Lemonex acknowledged for innovative drug delivery method
Biotechnology / LemonexLemonex, a global biotherapeutics and bioengineering firm, is garnering attention with its innovative next-generation drug delivery and biosensor technology on the basis of which it is developing immuno-oncology drugs, antibody and gene therapeutics. The company has won the 2019 11th Innobiz Company Award sponsored by the Ministry of SMEs and Startups and hosted by The Korea Herald and the Herald Business and supervised by PowerKorea. Lemonex’s core technologies are
Dec. 30, 2019
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Korea's Q3 labor productivity down on increased input
South Korea's labor productivity slightly fell in the third quarter from a year earlier, due mainly to an increase in the input of labor in the service segment, data showed Monday.The country's productivity index stood at 109.4 in the July-September period, down 0.7 percent from a year earlier, according to the Korea Productivity Center, a local industrial tracker.The index is calculated by comparing the added value and output with the amount of labor allocated for the production. A higher numbe
Dec. 30, 2019
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Duty-free sales hit new monthly high in Nov.
Sales at South Korean duty-free stores hit a new monthly high in November, industry data showed Monday, mainly on the back of China's annual shopping festival.The combined sales of local duty-free shops reached 2.29 trillion won ($1.98 billion) last month, compared with the previous monthly record of 2.24 trillion won in September, according to the data from the Korea Duty Free Shops Association. The sales increase was due to increased travelers from China during its Singles' Day that fell on No
Dec. 30, 2019