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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7 Chinese firms rank among top 10 innovative biz entities in Asia: survey
Seven out of the 10 most innovative tech companies in the Asia-Pacific region were from China, with four South Korean firms making it to the top 100 such enterprises, a survey by a global consulting firm showed Thursday.According to the "2018 Technology Fast 500 Asia Pacific" by Deloitte, Chinese open platform real estate listings provider Ke.com took the top spot by logging a 32,179 percent sales spike over the past three years. (Yonhap)Including Ke.com, China claimed the majority of the top 10
Dec. 6, 2018
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[Weekender] Dropping in for a quick massage in Seoul: Is it worth it?
In most neighborhoods in Seoul, it’s easy to spot signs and posters advertising “massage shops.” Varying in type and pricing, these massage parlors cater primarily to office workers who work desk jobs and are looking for ways to unwind their stiff or aching bodies. Though most are independently owned, a number of franchise massage brands, such as Body & Foot and The Foot Shop, have grown in popularity for their widespread accessibility and affordability. At these shops, a standard full-body mass
Dec. 6, 2018
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[Weekender] Market for massage expands with more accessibility
To tackle pain in her back and hip, graduate school student Lee Yeon-hee uses a lacrosse ball every night to give herself a massage. “After rolling my back on this small massage ball for about 10 minutes, I can feel that the muscles are relaxed. I save both time and money by doing this simple exercise every night,” she said.Lee is one of a growing number of people purchasing massage products that can be used at home. According to online shopping website G-market, sales of such products jumped 40
Dec. 6, 2018
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Software maker Hancom eyes smart city technologies
Hancom Inc., a South Korean software maker, said Thursday that it will target various technologies ranging from the Internet of Things to artificial intelligence that can be used in the building of smart cities, as the company's next profit generators.The homegrown software firm said it aims to generate more than 50 percent of its revenue from such new business opportunities by 2020, based on the technologies that shape the ongoing fourth-industrial revolution. Kim Sang-cheol, CEO of Hancom Inc.
Dec. 6, 2018
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Korea expected to maintain stable power supply in winter
South Korea is expected to maintain a stable power supply and sufficient reserves this winter, the energy ministry said Thursday.The Ministry of Trade, Industry and Energy expected the maximum electricity demand to range from 88 million to 91.6 million kilowatt based on the average winter temperature over the past five decades. (Yonhap)The reserve electricity rate is expected to stay over 11 million kW during the coldest part of winter, the ministry said, noting an additional 7.28 kW reserve pow
Dec. 6, 2018
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Hankook Tire expands overseas in annual reshuffle
Hankook Tire has set up new operations overseas as part of its reshuffle aimed at strengthening business outside of the country, the company said Wednesday.New overseas businesses to take effectuation starting Jan. 1 are a division that oversees the Asia-Pacific, Middle East and Africa regions, corporate bodies in Austria, Indonesia, the United Arab Emirates and Vietnam and branches in Thailand and Serbia. (Yonhap)A “car life division” in charge of sales of passenger vehicle tires and truck tire
Dec. 5, 2018
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Korea, China, Japan to discuss regional free trade deal in Beijing
Representatives of South Korea, China and Japan are to discuss a regional free trade deal in Beijing from Thursday to accelerate negotiations on market liberalization for products, services and investment, the Seoul government said Wednesday. The two-day negotiations will be attended by senior trade officials representing the three nations, who will discuss ways to open up goods and services markets and lower other trade barriers, the Ministry of Trade, Industry and Energy said. This is the 14th
Dec. 5, 2018
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Posco C&C completes color steel plant in Pohang
Posco Coated & Color Steel Co. has completed the construction of a plant in Pohang, North Gyeongsang Province, that will manufacture color-coated plates used in the construction industry and in the production of home appliances, the company said Wednesday. Posco C&C President Ha Dae-ryong and Pohang Mayor Lee Gang-deok (in order, fifth from left) cut tape during completion ceremony, Dec. 5, 2018 (Yonhap)With the new plant, the Posco affiliate can now produce premium-quality ultraviolet curing pl
Dec. 5, 2018
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Local builders speed up restructuring to brace for industry slump
Local builders are resorting to early retirement plans and large-scale manpower reshuffles to weather a possible industry-wide slump going forward, people in the sector said Wednesday.Samsung C&T has been carrying out staff restructuring over the past two years and recently opened an early retirement package to employees who have been with the company for four years or longer. (Yonhap)The company has already reduced its workforce size from 7,962 in 2015 to 5,596 in the first half of this year, h
Dec. 5, 2018
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Lotte opens new premium outlet in Giheung, Gyeonggi Province
South Korean retail giant Lotte opens a new premium outlet in Giheung, Gyeonggi Province, on Thursday -- the second-largest among its branches nationwide and the latest addition to large-scale malls launched by retailers here in hopes of raising offline sales.Lotte is pinning hopes on the latest outlet’s location, citing three highways and five major roads passing through Giheung. It aims to attract some 25 million shoppers in and around the region including Yongin, Suwon, Dongtan and Bundang in
Dec. 5, 2018
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Korean travelers looking more at Portugal, Hungary
South Korean tourists' interest grew the most for Portugal and Hungary over the past year, although Japan, Vietnam and other nearby Asian nations remained steady picks, according to a travel fare website.Skyscanner analyzed Internet searches on travel destinations from October last year to September this year and found that searches on Portugal increased 93 percent compared with the previous period of the same months. Searches on Hungary was up the second most, jumping 74 percent. Budapest, Hung
Dec. 5, 2018
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Japan firm warned of legal step over Korean forced laborers
TOKYO (AP) -- Lawyers for Korean wartime forced laborers have demanded that a Japanese steelmaker respond to their request to discuss compensation, warning they‘ll otherwise take steps to freeze its assets in their country. The two lawyers on Tuesday asked Nippon Steel & Sumitomo Metal Corp. in Tokyo to respond by Dec. 24. They said if there’s no response, they‘ll seek to freeze part of the company’s assets in South Korea. Plaintiffs` attorneys Lim Jae-sung, right, and Kim Se-eun, left, tak
Dec. 4, 2018
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GS Engineering holds meeting with Vietnamese officials
GS Engineering & Construction Co. said Tuesday that it held a meeting with Vietnamese governmental officials and requested that the Southeast Asian country lend support to its ongoing projects in the region. GS Engineering & Construction Vice Chairman Huh Myung-soo met Vietnamese officials including Deputy Prime Minister Trinh Dinh Dung, the company said. (Yonhap) The Vietnamese officials who are in Seoul requested that GS Engineering & Construction continue making investments. Huh replied tha
Dec. 4, 2018
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Lotte mulls expanding investment in Vietnam
South Korea‘s retail giant Lotte Group is considering expanding investment in Vietnam, industry sources said Tuesday. According to the observers, Lotte Group Chairman Shin Dong-bin met Hanoi’s Chairman of the People‘s Committee Nguyen Duc Chung on Tuesday and insisted that the conglomerate is open to expanding investment in the Southeast Asian country, especially in the hospitality segment.(Yonhap) Shin also reportedly claimed that its hotel, Lotte Center Hanoi, recently boasted reservation rat
Dec. 4, 2018
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Korea to raise water industry revenues to W50t by 2030
South Korea aims to expand its water industry revenues and jobs to 50 trillion won ($45.2 billion) and 200,000, respectively, by 2030, the Ministry of Environment said Tuesday.The ministry unveiled a long-term vision for the water industry, as a Cabinet meeting approved the enforcement decree of an act on water management technology development and water industry promotion earlier in the day. Minister of Environment Cho Myung-rae (Yonhap)The water industry act and its enforcement decree are to t
Dec. 4, 2018
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KITA hosts trade fair with global retail buyers
The Korea International Trade Association is hosting a two-day trade fair from Tuesday to match global retail buyers and local exporters in Seoul. The 11th Korea Grand Sourcing Fair 2018, sponsored by the Ministry of Trade, Industry and Energy, the Ministry of Oceans and Fisheries and KB Kookmin Bank, is taking place at the Coex Convention and Exhibition Center with 118 buyers from 24 nations and around 600 Korean companies. KITA CEO Kim Young-ju (front left) talks with buyers at the 11th Korea
Dec. 4, 2018
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Lotte to open 20 movie theaters in Indonesia by 2020
Lotte Cultureworks, the retail giant Lotte Group's cinema affiliate, has made inroads into Indonesia, with a goal to open 20 movie theaters in the Southeast Asian country by 2020, the company said Tuesday.As the initial step, the operator of Lotte Cinema, one of the biggest South Korea movie theater chains, recently opened a theater inside Lotte Mart Fatmawati in southern Jakarta.The new outlet has five screens that can accommodate 759 moviegoers. One of them is fitted with recliner seats as a "
Dec. 4, 2018
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FTC approves convenience stores’ voluntary rules to curb excessive competition
South Korea’s Fair Trade Commission on Tuesday greenlighted a set of voluntary rules agreed to by convenience store operators including the minimum distance between each store to quell excessive competition.Five members of the Korea Association of Convenience Store Industry, CU, GS25, 7-Eleven, Mini Stop and C-Space, along with nonmember E-Mart 24, came up with the voluntary agreement on rules to curb excessive competition in the course of opening, operating or closing stores. Under the deal, fr
Dec. 4, 2018
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[Herald Interview] Korea is attractive market despite regulations: AmCham CEO
The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the twelfth installment. -- Ed.Regulation is a topic that frequently comes up among foreign companies doing business in Korea. And that makes sense, as Korea ranks 51st among 67 countries on the FDI Regulatory Restrictiveness Index compiled by the Organization for Economic Cooperation and Development. However, James Kim, chairman of the American Ch
Dec. 3, 2018
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Korea vows to foster nuclear decommissioning industry
South Korea will unveil a comprehensive plan to foster the nuclear decommissioning industry next year to target a growing market for such work and satisfy the local supply chain under the nuclear phase-out plan, the energy ministry said Monday. Sung Yun-mo, minister of trade, industry and energy, made the pledge during his visit to the Kori-1 reactor in the southeastern port city of Busan, which was shut down in June 2017 following 40 years of commercial use. (Yonhap)"We need to build up the nuc
Dec. 3, 2018