Most Popular
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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Special counsel bill to probe first lady scrapped
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Korean bands get their day in the sun, finally
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Govt vows to promote ‘IP-based financing’ for tech SMEs
The South Korean government will ease the criteria for intellectual property-backed lending and drastically increase the related state budget, seeking to promote small-sized tech companies’ access to loans, officials said Tuesday.According to the mid-term plan, small and medium-sized enterprises that own valid patents may save up to 60 billion won ($53 million) in interest cost over the next five years, thanks to low-interest IP-backed loans. Loan accessibility will also be improved as the range
Dec. 11, 2018
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Samsung BioLogics soars after avoiding delisting, but what’s next?
Shares of Samsung BioLogics surged by as much as 26 percent Tuesday, following the Korea Exchange’s decision on Monday to resume their trading after deliberating the weight of local financial regulators’ conclusion that the company had breached accounting rules. After rallying throughout the day, the shares closed at 394,000 won ($349), raising the company’s market cap to 26.69 trillion won and making it the fifth-largest company listed on South Korea’s main bourse Kospi.The development came af
Dec. 11, 2018
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Northeast Asia power grid to cost at least 7 tln won: KEPCO
A cross-border power grid system that would connect South Korea with China, Russia and Japan is expected cost over 7 trillion won ($6.2 billion) to build, a state-run utility firm said Tuesday.In a feasibility report submitted to parliament, the Korea Electric Power Corp. said connecting the electricity system between the four nations for the so-called Northeast Asia super grid would cost around 7.2 trillion to 8.6 trillion. (Yonhap)KEPCO estimated 2.9 trillion won for connecting China's eastern
Dec. 11, 2018
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Lee Jae-yong in Maldives after celebrating Indian telecom group heiress’ wedding
Samsung Electronics heir apparent Lee Jae-yong headed to the Maldives on Monday after attending the prewedding festivities of Isha Ambani, the daughter of the chairman of India’s biggest telecom group Reliance Jio, The Korea Herald confirmed Tuesday. Lee on Friday left for Udaipur, a city in the western Indian state of Rajasthan, to attend the event that drew hundreds of the world’s celebrities, politicians and business moguls. The prewedding festivities were held over the weekend, including a p
Dec. 11, 2018
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Memory industry to continue to grow: SK hynix CEO
Newly-appointed SK hynix CEO Lee Seok-hee said Tuesday the global market for memory chips is anticipated to continue to grow despite short-term tumbles, claiming the company should devise strategies based on long-term visions."Although there will be short terms ups and downs, it is evident that the chip industry will maintain growth led by memory products," Lee said in his inauguration speech. SK hynix CEO Lee Seok-hee (Yonhap)"While preparing for some cold spells, we should also prepare for the
Dec. 11, 2018
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Drug sales at convenience stores more than double in 5 years
Medicine sales at convenience stores have more than doubled over the past five years, primarily for Tylenol, data showed Tuesday.Records from the Health Insurance Review & Assessment Service said 34.47 billion won ($30.55 million) worth of nonprescription drugs were purchased at convenience stores last year, up from 15.43 billion won in 2013. (Yonhap)The government allowed convenience stores to start selling medicine in November 2012 to fill in for late nights and weekends when many pharmacies a
Dec. 11, 2018
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Korea pushes to revise progressive electricity rates
South Korea will push to revise the progressive electricity rates to better handle power supply and demand, and lessen the burden on households, the energy ministry said Tuesday.A task force team composed of government and industry officials, as well as experts and consumer groups, started its first meeting to review the current residential electricity billing system, the Ministry of Trade, Industry and Energy said. (Yonhap)The state-run Korea Electric Power Corp. currently applies the three-sta
Dec. 11, 2018
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POSCO Daewoo to conduct exploration drilling at Myanmar offshore well
POSCO Daewoo Corp. said Monday that it will conduct exploration drilling at an offshore well in Myanmar.(Yonhap)The South Korean trading company said in a regulatory filing that it has secured the right to drill at the A-3 well in the first quarter of 2020. It said 105.3 billion won ($93.3 million) will be invested into the project from January 2019 onwards.The company said that it has been carrying out detailed artificial earthquake wave evaluations of the area and concluded there is a good cha
Dec. 10, 2018
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LG installs digital signage in Delhi's largest shopping mall
LG Electronics Inc. said Monday it has installed a large digital signage at the largest shopping mall in Delhi in the latest move to promote its organic light-emitting diode displays.The new signage, built at Ambience Mall, located in the capital city, utilizes a whopping 63 units of 55-inch OLED display. This is digital signage installed by the company at Ambience Mall in Delhi, India. (Yonhap)Standing 8 meters tall, the signage are installed in a ring so that they can be observed at any angle
Dec. 10, 2018
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Number of new companies up in 2017 on economic recovery
The number of newly established companies in South Korea rose 4.2 percent on year in 2017, as the economy rebounded on robust exports, government data showed Monday. Some 913,000 new businesses were created last year, up 37,000 from the 876,000 tallied a year earlier, according to the data compiled by Statistics Korea. (Yonhap)They made up 15.1 percent of the 6.05 million "operational companies" doing business in South Korea last year, down slightly from 15.2 percent in 2016.The number of firms
Dec. 10, 2018
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Posco to donate W10b for the needy
South Korea’s largest steelmaker Posco plans to donate 10 billion won ($8.88 million) to assist underprivileged families, provide medical services and support the improvement of community housing by the end of the year, the company said Monday.Posco Group will donate 8 billion won while seven affiliates of Posco will contribute 2 billion won to the Community Chest of Korea. Posco Chairman Choi Jung-woo (Posco)Posco has been carrying out various outreach programs under the management philosophy o
Dec. 10, 2018
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US-China trade conflict may pose risks to Korean chip makers: report
A continued battle between the US and China to fight for global technological hegemony may pose higher risks to Korea’s two-biggest memory chipmakers, Samsung Electronics and SK hynix, next year, according to a report released by the Korea International Trade Association on Monday.During the latest G-20 summit, the US and China temporarily agreed to a cease-fire over their prolonged trade war. However, it will not be easy for the two nations to reach a sustainable agreement as the essence of the
Dec. 10, 2018
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E-cigarette makers using aggressive marketing tactics
Makers of e-cigarettes are employing an active marketing strategy, reaching out directly to consumers, industry officials said Monday.KT&G, Philip Morris Korea and British American Tobacco Korea have all set up departments to exclusively promote sales of their e-cigarettes and are increasing the number of their street stores. (Yonhap)Philip Morris was the first of the pack, opening a shop in June last year with the launch of its IQOS. It has since launched four more independent stores nationwide
Dec. 10, 2018
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Samsung Bioepis' Humira biosimilar gains ground in Europe
Samsung Bioepis' Imraldi, a biosimilar for Humira, has earned more than 60 percent of the market in Germany, solidifying its landing in the European market, industry data indicated Monday.The tally, as of Nov. 13 by market researcher IQVIA, showed Imraldi accounted for 62 percent of the biosimilar market for Humira in Germany. The figure was reached less than a month after the South Korean drug company launched Imraldi in Europe on Oct. 17. (Yonhap)The Samsung affiliate had competed with Sandoz
Dec. 10, 2018
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Intentional IP infringers to face punitive damages
Those who intentionally infringe patents and trade secrets of others will be subject to punitive damages starting June next year, South Korea’s intellectual property office said Sunday.The National Assembly on Friday approved bills to revise the Patent Act and the Unfair Competition Prevention and Trade Secret Prevention Act, which included reinforced penalties for violations, according to the Korean Intellectual Property Office.The median value of damages in patent infringement lawsuits here st
Dec. 9, 2018
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Air carriers face criticisms over air mileage system
Passengers’ air miles earned on South Korea’s full-service air carriers and their partner airlines after July 1, 2008 are set to begin to expire on Jan. 1, sparking criticism that they should give more time and more options for customers to spend them. In the face of customers’ criticism, air carriers vowed to revise the current mileage system. But passengers are calling for more ways to spend air miles. The ministry forecasts that, of the total air miles set to expire when their expiry dates ru
Dec. 9, 2018
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[Herald Interview] ‘Automation won’t reduce jobs but workers need to be protected in digital era’
The fear of losing jobs due to automation will not become reality, as innovation will continue to create jobs, according to World Bank Group Senior Director Michal Rutkowski. Still, nations should consider how to better protect workers in the changing work environment driven by technology advances, he added. The notion that automation makes traditional jobs obsolete has always been a source of frustration for blue-collar workers. With the advancement of artificial intelligence and robotics, the
Dec. 9, 2018
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Despite decent earnings, banks move to cut jobs in digital era
Major local banks have been offering or plan to offer voluntary retirement programs to their workers as part of restructuring efforts amid a greater application of digital-driven technology, industry sources said Sunday.Nonghyup Bank announced a voluntary retirement program last month. A total of 610 employees applied for the program, though the company has yet to decide its exact size. Last year, it let 534 go workers via a similar program. (Yonhap)Nonghyup said the outgoing workers will receiv
Dec. 9, 2018
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[On the Bar] Recent changes in code of conduct for public officials in Korea
On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.The Code of Conduct for Public Officials was revised as of Jan. 16, 2018, and the revised Code of Conduct went into effect on April 17, 2018.Likewise, other codes of conduct for employees and executives of public institutions and government-related organizations have already been revised or ar
Dec. 9, 2018
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US casino resort complex to open near Incheon Airport in 2022
A US casino resort complex equipped with a Paramount theme park will be built near Incheon Airport by 2022, airport officials said Sunday.Incheon International Airport Corp. will develop the Inspire Integrated Entertainment Resort at its international business zone, under an agreement signed Thursday with US casino resort operator Mohegan Gaming and Entertainment Partners and film producer and distributer Paramount Pictures Corp. From left: Kevin Brown, chairman of the Mohegan Tribe and the Mohe
Dec. 9, 2018