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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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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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Firefighters’ 3,000 won meals spark nutrition concerns
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Japanese firms urged to invest more in S. Korea amid trade row
South Korea wants more investment from Japanese companies into their neighboring country and business ties should remain unfazed by the still ongoing trade row between the two Asian neighbors, Seoul's trade minister said Wednesday."Despite the temporal tumble in the bilateral relationship, the exchange and cooperation between the two nations must remain steady," Trade Minister Yoo Myung-hee said during a meeting with officials from the Seoul Japan Club, which represents some 400 Japane
Dec. 11, 2019
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Number of C-suite employees at top 30 groups falls 0.5% over 4 yrs
The number of executives at South Korea's top 30 conglomerates fell 0.5 percent compared to 2015, amid a slowing economy, data showed Wednesday.The data compiled by CEOScore, a research firm that tracks conglomerates, showed that the number of executives at 262 companies affiliated with the conglomerates came to 9,742 as of the end of September, down 53 from 9,795 during the same period of 2015.Samsung Group, South Korea's largest family-run conglomerate, whose flagship units include Samsung Ele
Dec. 11, 2019
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Hankook Tire supplies tires for Audi SQ8 TDI SUV
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Wednesday it began to supply tires for Audi's SQ8 TDI SUV in October.Hankook Tire supplies the high-performance Ventus S1 evo 3 SUV tires for the high-performance SQ8 TDI SUV in the form of original equipment tires, the company said in a statement. The company didn't give an exact time frame for the supply deal or the value of the deal. The tiremaker has supplied OE tires to a variety of Audi models, including
Dec. 11, 2019
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Korean builders' overseas orders down 31% through Nov.
Overseas orders won by South Korean construction companies fell 31 percent in the first 11 months of this year from a year earlier, a state-run bank said Wednesday.The combined overseas orders by the builders came to $18 billion in the January-November period, the Export-Import Bank of Korea said in a report, citing data compiled by the International Contractors Association of Korea.By region, orders from Asia accounted for the lion's share with $10.6 billion, followed by the ones from Middle Ea
Dec. 11, 2019
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Ex-Justice Minister Cho is Twitter’s person of the year
Prosecutorial reform was the hottest trending topic on Twitter in Korea this year, according to data released by the social media platform on Tuesday. It was the most mentioned social keyword on Twitter in Korea between Jan. 1 and Nov. 15. The “boycott Japan” movement followed in second place with over 1.3 million mentions in the cited period.Former Justice Minister Cho Kuk, who resigned after submitting his proposal for prosecutorial reform, was the most-mentioned person of the year
Dec. 10, 2019
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Samyang Biopharm USA in-licenses Talix Therapeutics’ first-in-class compound
Samyang Biopharm USA has licensed in Belgium’s Talix Therapeutics’ first-in-class immuno-oncology compound for global rights, the companies said Tuesday. Financial details of the agreement were not disclosed.Under the agreement, Samyang Biopharmaceuticals’ subsidiary will gain the research rights, as well as exclusive options to worldwide rights for development, manufacturing and commercialization of Talix’s anti-CD96 antibody.The anti-CD96 antibody is a first-in-class co
Dec. 10, 2019
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Biz circle mourns Daewoo founder's death
Kim Woo-choong, founder of Daewoo Group -- once among Korea’s four major conglomerates -- died from a chronic disease Monday evening at the age of 82. The self-made man had contributed to the country’s industrial growth in the 1970s and 1980s. The former chairman of Daewoo Group died at 11:50 p.m. at a hospital in Suwon, Gyeonggi Province, where he had been receiving medical treatment since December last year due to his worsening health condition, Kim’s family said.&n
Dec. 10, 2019
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[Monitor] Owner families’ presence in boardrooms down
Conglomerate owners or family members accounted for 17.8 percent of the board members of affiliates this year, according to the Fair Trade Commission. The number has been falling steadily since it reached 27.2 percent in 2012, the watchdog said.Chaebol chiefs have been refraining from officially joining company boards as the positions are subject to legal responsibility in case of disputes or accusations, according to observers.(khnews@heraldcorp.com)
Dec. 10, 2019
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35 conglomerates earn W1.28tr in brand license fees
Thirty-five conglomerates earned 1.28 trillion won ($1.07 billion) last year by selling brand licenses to their affiliates, South Korea's antitrust watchdog said Tuesday, amid concerns that such transactions may help owners of conglomerates pocket profits.Brand commission fees earned by 35 conglomerates last year rose 11.5 percent on-year, the Fair Trade Commission said in a statement.LG and SK topped the list by charging their affiliates 268.4 billion won and 233.2 billion won, respectively, la
Dec. 10, 2019
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Business likely to hit low in Q4, rebound next year: FN Guide
South Korea’s key listed companies are likely to emerge gradually from their longtime slump, with the majority expected to see a rebound in their business performance as early as this quarter, data showed Tuesday.According to financial market tracker FN Guide, the aggregated operating profit of 217 key listed companies for the fourth quarter came to 27.87 trillion won ($23.36 billion) as of Monday.This was down only 0.3 percentage point from the actual operating profit for the fourth quart
Dec. 10, 2019
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LG Uplus to use Canadian software for 5G in-building network design
LG Uplus Corp., South Korea's No. 3 mobile carrier, said Tuesday its 5G in-building network will be designed through a Canadian-made software platform that will allow the company to provide faster and reliable 5G services.LG Uplus said it has adopted Quebec-based iBwave Solutions Inc.'s designing tool for 5G in-building wireless networks. The software can offer better wireless coverage inside buildings after analyzing the building structure and interior materials, according to LG Uplus. The 5G n
Dec. 10, 2019
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Bio startup Aprogen gets S. Korea's 11th unicorn status
South Korean bio venture firm Aprogen Pharmaceuticals Inc. was listed as the country's 11th unicorn, according to an industry tracker on Tuesday. Aprogen was registered as a unicorn company with a valuation of more than $1 billion by CB Insights, a tech market intelligence platform. In May, Aprgoen attracted 20 billion won ($16.7 million) in investment from venture capital firm Lindeman Asia Investment. Aprogen is a venture enterprise founded with proprietary technologies
Dec. 10, 2019
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Seoul expands purchases of eco-friendly cars amid new energy drive
South Korea's public organizations increased their purchases of eco-friendly cars, including hydrogen fuel cell automobiles, this year in line with a new energy drive that centers on cutting the use of fossil fuels, data showed Tuesday.Eco-friendly cars accounted for roughly 70 percent of the combined cars purchased by public organizations this year, according to the Ministry of Trade, Industry and Energy. The survey was conducted on 211 institutions.The figure marks a sharp increase from 56.6 p
Dec. 10, 2019
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FTC to probe ‘slave’ contracts of Korean esports players
Amid the recent controversy over unfair contracts of young professional esports players in South Korea, the Fair Trade Commission on Monday pledged to comb through the relevant regulations and examine all contracts.Currently, the watchdog is undertaking preliminary inspections of Korea e-Sports Association’s standard contract and a full-fledged review of major esports teams will begin as soon as possible, a FTC official confirmed to The Korea Herald.Any unfair clauses found during the inve
Dec. 9, 2019
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Court gives jail terms to Samsung execs in accounting fraud case
A Seoul court on Monday handed jail terms of up to two years to Samsung Electronics Co. executives for destroying evidence in relation to an alleged accounting fraud at Samsung BioLogics Co.A Samsung Electronics vice president overseeing the company's funds was sentenced to two years in prison, while two presidents in a Samsung Electronics taskforce were each sentenced to one year and six months in prison, according to the ruling handed down by the Seoul Central District Court. Prosecutors had e
Dec. 9, 2019
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Hyundai Motor Group donates W25b for charity
Hyundai Motor Group said Monday it has donated 25 billion won ($21 million) to the country’s nonprofit charity organization Community Chest of Korea to contribute in helping vulnerable members of the society and alleviate social polarization. The donation ceremony was attended by Hyundai Motor Group President Kong Young-woon, along with Chairman Ye Jong-suk and Secretary-General Kim Yeon-soon of the Community Chest of Korea.Since 2003, the automaker has been delivering year-end donati
Dec. 9, 2019
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Koreans consider W3.9b in assets as threshold to be wealthy
South Koreans consider a person who owns an average of 3.9 billion won ($3.2 million) in assets is wealthy, a local survey showed Monday.According to a recruiting service provider Saramin’s survey on 4,111 adults, respondents in their 30s said a person can be considered rich when he or she owns assets of 3.98 billion won, while those in 40s said 3.9 billion won. Those aged 50 and above said a rich person owns 3.3 billion won. Some 3.9 billion won of assets equal the amount accumu
Dec. 9, 2019
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Starbucks Korea receives presidential award for supporting cultural heritage
Starbucks Coffee Korea said Thursday it has received a presidential award for its effort to contribute to restoring the country’s cultural assets and honoring it heritage and history. The award ceremony which took place at Korea Cultural Heritage Foundation on Friday was attended by some 100 awardees. The local unit of Starbucks Coffee joined hands with the Cultural Heritage Administration in 2009 and has conducted various activities to protect cultural assets and support descen
Dec. 9, 2019
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LG International's JV listed on Omani stock market
LG International Corp. said Monday that its joint venture with Oman Oil Co. has been listed on the Omani stock market, a move that helped the South Korean developer of natural resources recover part of its investment in the JV.Musandam Power Co. debuted on the Muscat Securities Market on Thursday. LG International said it retains an 18 percent stake in Musandam Power after selling a 12 percent stake worth $6.9 million. In addition, LG International said it earned revenue through operation of the
Dec. 9, 2019
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EV models reach over 40% of Hyundai, Kia eco-friendly car sales
Electricfied models reached over 40 percent of Hyundai Motor Co. and Kia Motors Corp.'s environmentally friendly vehicle sales in the January-October period, an automobile association said Monday. In the first 10 months, Hyundai and Kia sold a combined 291,237 eco-friendly models in global markets, according to the data from the Korea Automobile Manufacturers Association.Among them, plug-in hybrid electric, all-electric and hydrogen fuel-cell electric vehicles rose to account for 40.8 percent, o
Dec. 9, 2019