Most Popular
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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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Korean bands get their day in the sun, finally
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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[Weekender] Branded pop-ups liven up retail scene
Branded pop-up stores play an increasingly important role in South Korea’s retail scene as a source of creativity, innovation and a brand new consumer experience. Many customers associate pop-ups with an experience different from what they expect from conventional brick-and-mortar stores. (Louis Vuitton)“If this were a regular shop, I wouldn’t have stepped inside,” said Nam Yong-il, who visited LG Uplus’ fifth-generation-themed pop-up in Gangnam, Seoul, earlier this week. “But since it’s a pop-
April 26, 2019
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LG Electronics to stop smartphone production in Korea
LG Electronics confirmed Thursday that it would stop producing smartphones in South Korea and move manufacturing plants to Vietnam in an effort to improve profitability amid a slump in global smartphone demand. The smartphone maker has decided to transfer its phone manufacturing plants in Pyeongtaek, Gyeonggi Province, to Haipong in Vietnam. Those working at its Pyeongtaek factories will be posted to Changwon, South Gyeongsang Province. With the transfer expected to be completed by the end o
April 25, 2019
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Asia News Network discusses past 20 years, future ahead
The Asia News Network, an alliance of 24 media companies across 20 Asian countries, had its board members gather Thursday at Lotte Hotel in Seoul to celebrate the group’s 20th anniversary and discuss its future direction at a time of closer regional cooperation on political, business and cultural fronts.ANN was founded in 1999 with the founding members’ vision to deliver news about Asia through Asian eyes. “We know Asia better” has been the ANN’s longstanding motto.Chon Shi-yong, chief editorial
April 25, 2019
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SK Innovation returns to profit in Q1 driven by chemicals
South Korean oil refiner SK Innovation returned to profit in the first quarter of this year, driven by its chemical business and non-oil refining areas, such as batteries and materials. SK Innovation posted 12.4 trillion won ($10.6 billion) in sales and 331.1 billion won in operating profit in the January-March period, according to its regulatory filing Thursday. Sales dropped 11.1 percent on-year but rose 1.9 percent from the previous quarter. Operating profit dropped 53.5 percent on-year but
April 25, 2019
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OB celebrates Earth Day by making eco-friendly products
Executives of Oriental Brewery, South Korea’s largest beer manufacturer, celebrated Earth Day this week by making products containing effective microorganisms and donating them to a volunteer center in Gangnam, the company said Thursday.On April 17, five days before Earth Day, some 20 OB executives gathered at a volunteer center to discuss “green survival,” which refers to the need for people to take action in order to pass down a healthy and green Earth to future generations. OB CEO Bruno Cose
April 25, 2019
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Hugel submits new drug application in China
Botulinum toxin producer Hugel has submitted a new drug application in China for its product, the company announced Wednesday.Hugel is to become the first Korean company to enter the greater China region, which includes mainland China and Taiwan. Hugel and its Chinese partner, Sihuan Pharm, completed phase 3 clinical trials in 2018 and submitted the application Wednesday after finalizing the paperwork. Hugel expects to receive marketing approval within the first quarter of 2020, as the standard
April 24, 2019
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Cho Won-tae appointed as Hanjin Group chairman
Hanjin Group’s holding company Hanjin Kal said Wednesday its board of directors had decided to appoint Korean Air President Cho Won-tae as the group’s new chairman. The appointment of Cho is aimed at minimizing the leadership vacuum in the group and maintaining stable business operations, Hanjin Kal said in a statement, adding there will be no separate inauguration ceremony for Cho. Hanjin Group Chairman Cho Won-tae (Hanjin Group)This comes about two weeks after Cho’s father, former Hanjin Group
April 24, 2019
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SK denies $1b investment in Vietnam’s Vingroup
SK has denied local reports that the conglomerate is gearing up for a $1 billion investment in Vietnam’s largest private company Vingroup.“We have been reviewing a number of investment cases, but there is no such case confirmed yet,” the company’s spokesman said. (Yonhap)News reports said the nation’s third-largest conglomerate will soon invest $1 billion to acquire shares of Vingroup through its overseas investment arm SK South East Asia Investment. Based in Singapore, SK’s investment unit was
April 24, 2019
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CJ to shut down Bibigo in China by August
CJ is shutting down its loss-making Korean restaurant chain Bibigo in China, with a plan to dissolve the unit by August this year, according to an industry source. The move is part of restructuring of its food and beverage business due to poor profitability. It follows the closure of VIPS, the group’s family restaurant chain that ended operations in March, the source told The Investor on Tuesday on the condition of anonymity. Bibigo restaurants in China took up half of the total n
April 24, 2019
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‘IP-intensive industries have tangible impact on economy’
Intellectual property is perceived as an essential tool for knowledge-based innovation, especially in the context of the “fourth industrial revolution,” but when it comes to actual legislation, the lack of quantitative information has often acted as an obstacle for policymakers and market players. In light of this limitation, a think tank of South Korea’s IP office has compiled an extensive study on the impact that IP-intensive industries have on the economy, measuring the tangible benefits of I
April 24, 2019
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[Herald Interview] Korea aims to go global with IP system
South Korea recently signed a memorandum of understanding worth $3.2 million with Saudi Arabia to help establish an ecosystem for intellectual property. It was an outcome of efforts by Asia’s fourth-largest economy in expanding global partnership to share its intellectual property system, according to the chief of the nation’s top IP office. “The deals with the United Arab Emirates and Saudi Arabia will work as a prime opportunity to promote our IP administration service to the world,” Korean In
April 24, 2019
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Kepco CEO pledges to accept civil liability for wildfire damage
Korea Electric Power Corporation CEO Kim Jong-kap on Wednesday apologized to residents of Gangwon Province who lost their homes in the recent wildfires and said the firm would accept civil liability for the damage. “We truly apologize to the victims as the fire started from facilities managed by Kepco,” Kim told local residents at a town office in Goseong, Gangwon Province. CEO Kim Jong-kap bows to local residents in a show of remorse for the recent wildfires that destroyed many of their homes.
April 24, 2019
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Nexon Developers Conference 2019 kicks off
The three-day Nexon Developers Conference kicked off Wednesday at Nexon Korea’s headquarters in Pangyo Techno Valley, Gyeonggi Province. The NDC began in 2007 as an opportunity for Nexon Korea employees to share knowledge internally. It has since become Korea’s biggest conference for sharing knowledge on game development. (Lim Jeong-yeo/The Korea Herald)
April 24, 2019
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Creditors to inject 1.6 tln won into Asiana Airlines
Creditors of Asiana Airlines Inc. will funnel 1.6 trillion won (US$1.4 billion) into the cash-strapped airline to help it overcome a liquidity crisis, its main creditor said Tuesday.The Korea Development Bank-led creditors will buy 500 billion won worth of perpetual bonds to be sold by Asiana Airlines, open a 800 billion-won credit line to the airline and extend 300 billion won in the form of a standby letter of credit, a bank guarantee of payment on behalf of clients, the state lender said in a
April 23, 2019
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GM Korea' R&D workers vote for strike, no output losses expected
Workers at GM Korea Co.‘s R&D firm voted to go on strike against the carmaker’s move to apply unfavorable wages and working conditions for the spin-off entity, GM Korea‘s union said Tuesday. In a vote held Monday and Tuesday, 83 percent of 2,067 employees at the GM Technical Center Korea (GMTCK) agreed on industrial action to prevent the company from applying a “discriminative” collective agreement to them, a spokesman for the union said. “The union will hold talks with the company (on behalf o
April 23, 2019
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Iran sanctions alarm Korean petrochemical sector
As the US is set to end sanction exemptions for countries buying oil from Iran, South Korean petrochemical companies are anticipated to struggle in having to reduce their Iranian oil supplies. From May 2, eight nations, including Korea, Japan, China and India, will be banned from buying oil from Iran as the US government’s 180-day waiver ends. Iran is the fifth-largest exporter of crude oil to Korea, following Saudi Arabia, Kuwait, the US and Iraq. Imports of crude oil from Iran to Korea account
April 23, 2019
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Posco pursues eco-friendly business with steel byproducts
Steelmaking itself is not environment-friendly, but its byproducts can be, South Korean steel giant Posco said Monday, citing its application of slag and gases to the company’s conservation projects and businesses. On average, in the process of making 1 metric ton of steel around 600-700 kilograms of byproduct is produced, mostly slag. Posco’s Triton is installed for marine life conservation. (Posco)Slag, if the lime is separated, can be used as a fertilizer to improve the production of rice ar
April 22, 2019
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SK E&C clinches oil refinery modernization deal in Uzbekistan
SK Engineering & Construction will modernize an oil refinery in Uzbekistan to enhance the quality of gasoline, diesel and lube oil products there, the firm said Monday.SK E&C clinched a $600 million deal with Uzbekistan’s state-run oil and gas corporation UNG to modernize Bukhara Oil Refinery, located 437 kilometers southwest of the capital city of Tashkent. It is the company’s first project in Uzbekistan.SK E&C President Ahn Jae-hyun (left) shakes hand with Uzbekistan’s UNG Chairman Sidikov B.B
April 22, 2019
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Chinese characters, Korean history outdated: survey
South Korean companies no longer see knowledge of Chinese characters and Korean history as necessary skills to include in resumes, a poll showed Monday.Obtaining respective qualifications concerning knowledge of Chinese characters and Korean history had been considered by local job seekers as quintessential specifications for employment for decades.The research, conducted by job researcher Saramin, involved 385 local firms. (Yonhap)Of the surveyed firms, 73.2 percent acknowledged there were qual
April 22, 2019
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Biodegradable plastic? Hanwha Chemical teams up with Yonsei to develop eco-friendly tech
Hanwha Chemical has established a research center together with Yonsei University to develop innovative eco-friendly technologies, the chemical firm said Monday. The research center, which will run for five years, will focus on five projects involving eco-friendly technologies as part of the firm’s efforts to adapt to climate change. Hanwha chemical websiteOne of the projects will involve using electrolysis to split water molecules to produce hydrogen, a promising alternative to the use of crude
April 22, 2019