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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LG’s 5G smartphone to cost less than Samsung’s
Samsung Electronics and LG Electronics are going head to head in the fight for 5G smartphone market dominance in South Korea. Not long after Samsung revealed plans to begin sales of the world’s first 5G-compatible Galaxy S10 as of April 5, LG Electronics said Sunday that it would begin sales of its first 5G smartphone, the LG V50 ThinQ, at a competitive price of 1.2 million won ($1,050) starting April 19. The LG V50 ThinQ costs 200,000 won less than the Samsung Galaxy S10 5G. (LG Electronics)Mar
March 31, 2019
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Overseas sales of Choco pie, Bibigo Mandu, Shin Ramen all top 300 bln-won mark
Overseas sales of Choco pie, Bibigo Mandu and Shin Ramen all exceeded 300 billion won ($263.8 million) last year, a milestone for South Korean food producers that have strived to expand into new markets amid tanking demand at home, industry data showed Sunday.The three products, often referred to as the K-Food troika, have been making steady headway in foreign markets over the years thanks to their high quality, taste and uniqueness, market watchers said. A Korean food exhibition, hosted by the
March 31, 2019
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S. Korea denies holding talks with Europe over Hyundai Heavy's acquisition deal
South Korea's antitrust chief denied on Friday that he held talks with his European counterparts on the acquisition of Daewoo Shipbuilding & Marine Engineering Co. by Hyundai Heavy Industries Co. Kim Sang-jo, head of South Korea's Fair Trade Commission, said in a parliamentary session that he was not in a position to consult with European antitrust regulators on the issue during his recent trip to Europe as he was not aware of details of the deal between the two South Korean shipbuilders. Kim Sa
March 29, 2019
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S. Korea approves 5G pricing plans
The South Korean government announced Friday it had approved mobile carriers’ pricing plans for fifth-generation wireless networks, with the third-biggest telecom company, LG Uplus, revealing that its pricing will start from 55,000 won ($48) per month. According to the Ministry of Science and ICT, the government has greenlighted SK Telecom’s pricing for 5G services. SK Telecom is the only mobile carrier required to obtain the government’s approval for new pricing plans. While the details of S
March 29, 2019
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Hanjin KAL keeps Cho Yang-ho’s close ally on board
Shareholders of Hanjin KAL, the holding company of Korean Air, agreed Friday to keep CEO Suk Tae-soo on the board of directors, with a majority of them voting in favor of the move during a regular meeting Friday. Suk is a close ally of Hanjin Group and Korean Air Chairman Cho Yang-ho, who was voted out as chairman of the board Wednesday. Hanjin KAL CEO Suk Tae-soo (Yonhap)With Suk retaining his board seat, Cho now has time to reorganize control over the group, say market insiders. Since joining
March 29, 2019
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Arrival duty-free shops to open at Incheon Int'l Airport in May
South Korea's customs agency said Friday that it has selected two small localcompanies as the operators of the country's first arrival duty-free shops at South Korea's main gateway.The Korea Customs Service said SM Duty Free and Entas Duty Free are set to open their concessions at Incheon International Airport's passenger Terminal 1 and Terminal 2, respectively, on May 31. (Yonhap)The stores will sell cosmetics, perfumes and alcoholic beverages.The move would alleviate the inconvenience of havin
March 29, 2019
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Starbucks Korea appoints new CEO
Starbucks Korea, a 50-50 joint venture between Starbucks Coffee and South Korean retail conglomerate Shinsegae Group, said Friday that it has appointed David Song as its new CEO. Song’s appointment was confirmed at the group’s shareholders meeting. Song has worked at Starbucks Korea since October 2018 as the head of strategic operations. New Starbucks Korea CEO David Song (Starbucks Korea)His experience of working at diverse global companies for the past 20 years will support innovation, the com
March 29, 2019
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Paris Baguette completes bread factory in China
BEIJING -- Paris Baguette, the flagship bakery brand of South Korea's SPC Group, said Thursday that it has completed a bread factory in China to meet growing demand in the world's second-largest market.The new 40 billion-won (US$35.2 million) factory in Tianjin is able to produce 390 items, including bread, cake, processed food and sauces, according to the company.It is the largest overseas production facility of SPC Group, which currently operates 12 factories abroad. Paris Baguette factory in
March 28, 2019
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Hyundai E&C opens luxurious apartment complexes in Pangyo
Hyundai Engineering & Construction is now renting out luxurious apartments in the Pangyo district of Seongnam, Gyeonggi Province, according to the company on Thursday.The Hillstate Pangyo Lforet, which consists of three 20-floored luxurious apartment complexes from which buyers can choose between 11 different apartment types, is the first apartment complex in Pangyo to feature all large-sized apartments. Each apartment spans between 128 square meters and 162 square meters, according to the compa
March 28, 2019
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BMW seeks full-fledged recovery in Korea
With an aim to escape the stigma of last year’s fire accidents involving its vehicles last year, German automaker BMW on Thursday pledged to regain customer trust and introduce future-forward models in South Korea, as it attended the Seoul Motor Show at Kintex from Thursday.During a meeting with reporters, BMW reiterated its apology to Korean customers for accidents caused by the BMW sedans. Last year, nearly 30 engines caught on fire among BMW’s 520d sedan models, although the precise causes ha
March 28, 2019
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Kumho Asiana Group chairman steps down
Kumho Asiana Group Chairman Park Sam-koo announced Thursday he would step down from all of his roles to take the blame for mismanagement, in a surprising turn of events just a day after the chairman of its rival Korean Air, Cho Yang-ho, was ousted from board membership. “I will leave my role as the chairman of the group. This is a decision made to take responsibility for the group mired in (financial) difficulties,” Park said in an email sent to employees Thursday. “The group will be run under t
March 28, 2019
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SK Holdings invests W170b to US natural gas business
SK Holdings announced Thursday that it will invest 170 billion won ($150 million) to Blue Racer Midstream, a US natural gas gathering and processing business. In 2017, SK Holdings made a $1 billion investment in Eureka Midstream Holdings, another US gas company.Both Blue Racer Midstream and Eureka Midstream Holdings have offices in Pennsylvania and Ohio in the Marcellus-Utica Basin, which is the largest natural gas reserve in North America.Major pipeline constructions began in the region last ye
March 28, 2019
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The shameful fall of Korean Air chairman
After years of being mired in controversies and scandals fit for a soap opera involving himself and his closest family members, Cho Yang-ho, chairman of South Korea’s largest air carrier, lost his board seat Wednesday after shareholders voted against extending his term as a director.Although he retains his management rights with shares held by his family, Cho becomes the first conglomerate chief ousted since the nation’s pension fund decided to actively exercise voting rights last year for respo
March 27, 2019
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Hyundai Steel elects new board of directors
Hyundai Steel elected its new board of directors during its annual shareholders meeting last week, in its first move to achieve this year’s corporate goals of expanding sales and innovating corporate culture, the steelmaker said Wednesday. The firm appointed new inside directors -- CEO Ahn Dong-il, Vice President Park Jong-sung and Finance Executive Suh Kang-hyun. CEO Ahn was also elected as chairman of the board of directors. As for outside directors, Chung Ho-yeol, a professor of Sungkyunkwan
March 27, 2019
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[Herald Interview] ‘Biosimilars have no long-term prospect’
Korean conglomerates are diving in to the field of biotechnology one after another, but they have no long-term prospects if biosimilars are the only area they invest in, says Cho Joong-myung, a 71-year-old bio-venture founder who has dedicated his life to the research and development of novel drugs.Cho served as senior vice president and director of research and development at Biotech Research Institute of LG Life Science (then LG Chemical) from 1984 to 2000. The lab started with only a handful
March 27, 2019
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Shareholders vote against reappointment of Korean Air chief
Shareholders of Korean Air Lines Co. on Wednesday voted against the reappointment of the airline chief Cho Yang-ho as director of the board. Seventy-four percent of shareholders attended an annual shareholders' meeting held at the airline's headquarters in western Seoul. Sixty-four percent of participants voted for Cho's reappointment, a number that fell short of the two-thirds support required to pass the motion. (Yonhap)It is the first time that shareholders have voted to remove the head of th
March 27, 2019
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NPS votes against Hanjin, SK chairmen's board reappointment
South Korea’s state pension operator on Tuesday decided to vote against Hanjin Group and SK Group’s chairmen continuing their terms, citing concerns of possible damage to corporate value and infringement of shareholder rights. The announcement came as a result of a meeting of the NPS’ fund management committee, which is the group’s highest decision-making body, on Tuesday afternoon. The meeting was a follow-up from the first of such meeting held Monday, as they were unable to reach a decision a
March 26, 2019
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South Korea sets aside W16tr for R&D on key technologies
South Korea is slated to invest around 16 trillion won ($14 billion) in research and development for 100 key technologies over the next five years in its push to become a global technology powerhouse. The Ministry of Trade, Industry and Energy announced its seventh industrial technology innovation plan Tuesday. The plan sets forth industrial technology research and development policy goals and related investment plans over the next five years under the Industrial Technology Innovation Promotion
March 26, 2019
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Posco chairman visits plants in Southeast Asia
Posco Chairman Choi Jeong-woo chose Southeast Asia for his first overseas trip since taking office last year. According to the Korean steelmaker, Choi left for Indonesia on Monday to visit Krakatau Posco, a joint venture between Posco and Indonesia’s state-owned steelmaker Krakatau Steel. During his four-day trip, he is also slated to visit the firm’s production plants in Vietnam and its gas fields in Myanmar. “Operation sites are the key to a company’s competitiveness,” Choi said during his vis
March 26, 2019
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Daewoo E&C to resolve electricity problem in Libya
The Libyan government signed on with South Korea’ Daewoo Engineering & Construction to build a power plant that will alleviate electricity woes in the country, Daewoo E&C said Tuesday.The company signed a memorandum of understanding to build Western Mountain Power Plant with the General Electricity Company of Libya on March 20. The Western Mountain Power Plant is a 900MW-capacity generator located in Al Hawamind, some 200 kilometers southwest from Libya’s capital city of Tripoli. Daewoo E&C CEO
March 26, 2019