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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Ballantine’s leads imported Scotch whiskey market in Korea
Ballantine’s was the most consumed Scotch whiskey in Korea in the last three years with a market share of 28 percent, its distributor Pernod Ricard Korea said Thursday. “Data shows the international Scotch whiskey market in Korea grew by an average 7 percent every year since 2017,” said Florent Leroi, chief of Pernod Ricard Korea’s marketing division. “During this period, Ballantine’s revenue grew by an annual average of 9.2 percent,” Leroi said, un
Dec. 5, 2019
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S. Korea vows to revitalize manufacturing sector amid protectionism
South Korea said Thursday it will spare no efforts to support local manufacturers in overcoming the growing protectionism around the globe and revamp related policies to provide them with more leeway in rolling out investment."Despite the difficult business environment, we need to overcome various hurdles and challenges to maintain and beef up our competitiveness as a manufacturing powerhouse," Industry Minister Sung Yun-mo said during a meeting with business executives in Seoul.Partic
Dec. 5, 2019
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KT, China Mobile to boost cooperation on 5G roaming, blockchain system
KT Corp., South Korea's major telecommunication service provider, on Thursday said it has agreed with China Mobile Communication Corp. to boost cooperation on 5G roaming services and a blockchain system. Using China Mobile's network, KT said its 5G roaming services in China will be available later this month. The two sides demonstrated their 5G roaming operations in May.KT said its "Narle" service, which allows a high-definition group video chat with a maximum eight people, also perfor
Dec. 5, 2019
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SK Innovation completes EV battery cell plant in China
SK Innovation Co., a major energy and chemical company in South Korea, said Thursday that it has built its first electric vehicle battery cell manufacturing plant in China in the latest move to tap deeper into the world's largest EV market.The completion ceremony for BEST -- a joint venture established by SK Innovation, Beijing Automotive Group and Beijing Electronics -- in Changzhou in the eastern Chinese province of Jiangsu drew more than 500 guests, including the companies' executives.BEST is
Dec. 5, 2019
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Taihan Electric Wire to establish fiber optic cable JV in Kuwait
Taihan Electric Wire Co., a major cable maker in South Korea, said Thursday it will establish a fiber optic cable manufacturing joint venture in Kuwait to tap deeper into the Middle East market. Under the agreement with its Kuwaiti partners, including Rank General Trading and Contracting Co., Taihan said the joint venture will set up their facilities in Mina Abdullah Industrial Area, southeast of Kuwait City, in the first half of 2020.Taihan said the joint venture will be Kuwait's first fiber op
Dec. 5, 2019
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S. Korea seeks to boost hydrogen in energy mix
South Korea is witnessing slow but meaningful progress in its march toward a hydrogen-based economy, with the pollution-free power source set to take up a greater slice of the country's energy mix down the road.The Moon Jae-in administration has been pushing to cut the country's dependency on conventional energy sources such as fossil fuels and move toward sustainable resources like hydrogen, sunlight and wind.In line with this vision, South Korea has been promoting the development of hydrogen f
Dec. 5, 2019
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CJ Cheiljedang, franchisees sign pact on fair transactions
CJ Cheiljedang Corp., South Korea's top food maker, and its franchisees signed a pact that helps promote fair business transactions between the two sides, the antitrust regulator said Thursday. It was the first time that a big company signed such a pact with franchisees since tougher laws on franchise businesses took effect in July this year, the Fair Trade Commission said in a statement. Under the pact, a franchisee can ask CJ Cheiljedang to renew their contract 10 years after their f
Dec. 5, 2019
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SK chief’s wife files divorce countersuit, claims 42.3% of his stake in firm
Roh So-young, founder of Art Center Nabi and wife of SK Group Chairman Chey Tae-won, has filed a divorce countersuit against her husband, claiming a huge stake in the nation’s third-largest conglomerate.She submitted her case to the Seoul Family Court on Wednesday afternoon, giving her first official consent to the divorce, local news outlets reported. She has sought the division of property, claiming 42.3 percent of Chey’s stake in the group’s holding unit SK Holdings.Chey, cu
Dec. 4, 2019
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Samsung BioLogics bags W86b contract deal
A new contract manufacturing deal bagged by Samsung BioLogics, potentially worth 86 billion won ($72 million), has boosted its target stock price. SK Securities on Wednesday adjusted its target price for Samsung BioLogics shares to 470,000 won, from the previous 400,000 won. “Samsung BioLogics’ 2020 unconsolidated operating profit is anticipated to increase 684.5 percent on-year to 234 billion won,” said analyst Lee Dal-mi, along with forecasting that its 2019 operating profit
Dec. 4, 2019
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Naver joins cross-border mobile payment alliance
A financial arm of South Korea's leading portal operator Naver Corp. said Wednesday it has joined a cross-border mobile payment alliance with its Asian partners.The collaboration enables the four companies' nearly 80 million users to make electronic payments at stores that use Naver Pay, Line Pay and Payco in South Korea, Japan, Thailand and Taiwan, according to Naver Financial Corp. The partnership was signed with Japan-based Line Pay Corp., Taiwan's iPass Corp. and Naver's NHN Payco Corp. Unde
Dec. 4, 2019
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Intel eyes AI on 'edge computing'
US chipmaker Intel Corp. said Wednesday that it will focus on "edge computing" that could hold the key to the success of artificial intelligence in the future.Edge computing refers to the practice of storing data on computers located near cell towers and other network equipment to improve network response times. It is different from today's cloud-based system, where information is sent to a distant data center."Forty-three percent of AI tasks will be handled by edge computing in 2
Dec. 4, 2019
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Seoul Court upholds W1tr penalty for Qualcomm
The Seoul High Court ruled on Wednesday in favor of the nation’s antitrust watchdog in a legal battle with US chipmaker Qualcomm over a record penalty of 1 trillion won ($837 million). “The court dismissed Qualcomm’s requests and partially sided with the Fair Trade Commission,” said the FTC in a statement on the day. The “partial” decision is due to the court deeming that some corrective actions taken against Qualcomm were illegal, although the imposition
Dec. 4, 2019
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S. Korea to nurture food sector as new growth engine
South Korea said Wednesday it will double the size of key food industries by 2030 to serve as a new growth engine by easing regulations and revamping related policies.Under the plan, South Korea plans to focus on five major foodstuff industries, namely customized, functional, ready-to-eat, environmentally friendly and export-oriented products, according to the Ministry of Agriculture, Food, and Rural Affairs.The size of the five industries, which was estimated at 12.4 trillion won ($10 billion)
Dec. 4, 2019
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GS Group chairman retires, passes baton to younger brother
GS Group said Tuesday that Huh Tae-soo, vice chairman of its TV shopping channel subsidiary, will lead the energy-to-retail giant and also be chairman of its board. The leadership succession at South Korea’s eighth-largest conglomerate will be carried out after a shareholders meeting next year. Huh, who is now with GS Home Shopping, replaces his elder brother Chairman Huh Chang-soo who tendered his resignation, citing the need for a leadership transfer amid the fast-changing business
Dec. 3, 2019
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Heads of Posco, SK say CSR new business opportunity
The heads of South Korea’s two major conglomerates, Posco and SK Group, attended a rare joint event Tuesday to promote corporate social responsibility, indicating a possible partnership to generate social value for sustainable growth.The purpose of the event, held at Posco’s head office in Seoul, was to share the steelmaker’s vision of becoming a responsible business entity and to present the CSR projects carried out by affiliates over the past 1 1/2 years. Posco Chairman Choi
Dec. 3, 2019
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Foreigners scoop up Kakao on improving earnings, biz diversification
Foreign investors' love for Kakao Corp. seems to be showing no signs of a letup, even during their weekslong sell-off spree of local stocks, on expectations that the operator of the country's most popular messenger KakaoTalk may get a further boost from its lucrative platform, content and fintech-related businesses, main bourse data showed Tuesday.From July 1 to Dec. 2, foreigners net purchased Kakao stocks worth 747 billion won ($629 million), second most behind Samsung Electro-Mechanics Co.'s
Dec. 3, 2019
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Sephora opens 2nd beauty shop in downtown SeoulGlobal cosmetics chain
Sephora said Tuesday it has opened a second shop in South Korea in a popular retail area of central Seoul to attract fashion-savvy locals and foreign travelers.Sephora's second shop landed in Myeongdong, known as a cosmetics mecca, following its first shop that debuted in the posh district of Gangnam in October. Sephora said it will target foreign travelers, especially Chinese, in partnership with Lotte Department Store by featuring hundreds of cosmetics, skincare, body and fragrance
Dec. 3, 2019
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[Herald Interview] China’s No. 1 aesthetic laser firm sees Korea as bridge to Asian markets
Israeli company Alma Lasers, a leading player in China’s skin rejuvenation market, is undertaking an aggressive expansion into South Korea, viewing the country as a strategic market for its brand image. “Korea is a very important market. Being here is not only for revenue -- this is a market that we believe is a bridge to other markets in Asia,” said Lior Dayan, CEO of Sisram Medical, Alma’s parent company, in a conference call interview with The Korea Herald. “When
Dec. 3, 2019
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3 more financial instutions end support for coal projects
Three South Korean financial institutions -- DB Insurance, Korean Teachers’ Credit Union and Public Officials Benefit Association -- said Tuesday they had decided to stop coal project financing in order to support the global efforts to tackle climate change. The move by the financial institutions, who have a combined $73 billion of assets under management, comes after two local public pension funds -- Korea’s Teachers’ Pension and Government Employees Pension Service, with $22
Dec. 3, 2019
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Online shopping purchases continue to rise in October
Purchases made using the Internet and mobile devices in South Korea continued to show solid growth in October, government data showed Tuesday, demonstrating the popularity of smartphones, fast delivery and convenient payment options with local shoppers.The total value of transactions made with computers, smartphones and tablets reached 11.8 trillion won ($9.9 billion) in October, up 17.3 percent from a year earlier, according to the data from Statistics Korea. The sharp rise was attributed to in
Dec. 3, 2019