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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Asiana supports Vietnamese women
South Korean air carrier Asiana Airlines said Thursday it held its fourth graduation ceremony for beneficiaries of its “Beautiful Classroom” project.The airline’s head of business management Kim Yi-bae presented certificates to Vietnamese students who have completed the education program during a ceremony at its job training center in Hai Duong, Vietnam. Since 2015, Asiana Airlines has been running the “Beautiful Classroom” project, a corporate outreach campaign, to help improve the educational
Nov. 29, 2018
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Air Premia secures W125b investment from PEFs
Air Premia, a new budget air carrier applying for a business license here, said Thursday that it has received investment proposals worth 125 billion won ($111 million) from domestic private equity funds for its Series B financing. According to the company, private equity funds including IMM Investment, JKL Partners and Skylake Investment submitted plans to each invest 30 billion won in the company. Including other private equity funds such as Mirae Asset Venture Investment and Daishin Private Eq
Nov. 29, 2018
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SK Group chairman vows commitment to US society
WASHINGTON -- The chairman of South Korea's SK Group was in Washington on Wednesday, vowing to make a commitment not only to the US market but also its people and society. This photo shows SK Group Chairman Chey Tae-won speaking at the opening of SK hynix`s office in Washington on Nov. 28, 2018. (Yonhap)Chey Tae-won, who heads South Korea's third-largest conglomerate by assets, formally opened the Washington office of chipmaker SK hynix Inc. in the presence of dozens of American dignitaries, inc
Nov. 29, 2018
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US FDA approves Celltrion’s Truxima as first-ever Rituxan biosimilar
South Korean biopharmaceutical company Celltrion announced Thursday that the US Food and Drug Administration had approved Truxima, a biosimilar referencing Rituxan, for the treatment of non-Hodgkin’s lymphoma.Truxima is the first-ever Rituxan biosimilar to be approved in the US and is therefore expected to reap gains from being an exclusive product in the drug segment. It was developed by Celltrion and will be marketed in the US by Teva Pharmaceutical Industries.Celltrion`s headquarters in Songd
Nov. 29, 2018
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Samsung Electronics world's 4th-largest R&D spender
Samsung Electronics Co. has ranked No. 4 among 1,000 major global companies in terms of spending on research and development over the past one-year period, a report showed Thursday.The South Korean tech juggernaut spent $15.3 billion on R&D projects over the period beginning in the second half of last year, retaining the No. 4 spot for two years running, according to a report from global accounting and consulting firm PricewaterhouseCoopers. (Yonhap)The amount was up 6.8 percent from the same pe
Nov. 29, 2018
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2019 growth outlook for global chip market cut sharply
The world semiconductor market is expected to grow at a much slower-than-expected pace in 2019, industry sources said Thursday, amid a heated debate over an oversupply.According to the sources, a recent report from the World Semiconductor Trade Statistics has forecast global chip sales to rise 2.6 percent on-year to US$490.1 billion next year. (Yonhap)The projection is much lower than a 5.2 percent estimate presented by the WSTS, an organization of 42 chip suppliers that pools sales data in Augu
Nov. 29, 2018
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‘Roles of government, businesses critical for well-being of citizens’
Governments and companies both play important roles in improving the well-being of citizens, said renowned academics on Wednesday, the second day of the sixth OECD World Forum that kicked off under the theme of the future of well-being. Jeffrey D. Sachs, a professor of economics at Columbia University, said that to improve the well-being of people, trust between the government and society should be rebuilt. “As the world is facing many challenges, such as environmental harms, risks of wars and n
Nov. 28, 2018
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[Photo News] The Investor’s Choice Award 2018 highlights innovative startups
The Investor’s Choice Award 2018 was held to honor Korean startups at the Shilla Hotel in Seoul on Wednesday.(Park Hyun-koo/The Korea Herald)Hosted by The Investor, the event aimed to acknowledge innovative key players in the industry and stimulate discussion about Korea’s startup environment. Fleur Pellerin, co-founder and managing partner of Korelya Capital. (Park Hyun-koo/The Korea Herald)(Park Hyun-koo/The Korea Herald)Fleur Pellerin, co-founder and managing partner of Paris-based Korelya Ca
Nov. 28, 2018
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SsangYong Motor launches Rexton Sports SUV in Latin America
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday it has launched the Rexton Sports sport-utility vehicle in Latin American markets to boost sales. SsangYong Motor launched the Rexton Sports SUV in Chile in September, Ecuador in October and Paraguay in November, following its launch in Europe in the second and third quarters, the company said in a statement. In this photo taken on Sept. 25, 2018, SsangYong Motor`s Rexton Sports SUVs are displ
Nov. 28, 2018
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[Global Finance Awards] Lotte Card makes inroads into Vietnamese market
CREDIT CARDLOTTE CARDCredit card company Lotte Card made a foray into the Vietnamese market, in a first for a Korean credit card company, with the full acquisition of Hanoi-based Techcom Finance approved in March. In March, the firm received approval from Vietnam’s central bank for the acquisition. It earned licenses to operate credit cards and related businesses, becoming the first Korean credit card company to enter the Southeast Asian country’s consumer finance market. Telecom Finance is a su
Nov. 28, 2018
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Samsung BioLogics files administrative suit against Korea's financial regulator
Samsung BioLogics said Wednesday that it has filed an administrative suit against South Korea’s financial regulator over its ruling earlier this month that the company had violated accounting regulations by intentionally inflating its profits ahead of its market listing in 2016. The biopharmaceuticals manufacturer under Samsung Group said that it was also seeking a court injunction to nullify the penalties imposed by the Financial Services Commission, including recommendations to dismiss its chi
Nov. 28, 2018
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Kolon Group chairman announces resignation
South Korean chemical-to-textile company Kolon Group said Wednesday that Chairman and CEO Lee Woong-yeol is resigning from his post. According to the group, the chairman announced that he would step down next year, after 23 years of overseeing the company’s management. Kolon Group Chairman Lee Woong-yeol (Kolon Group)The company said in a press release that the group will be operated without a chairman. Instead, the group’s major business plans will be handled by a holding company and president
Nov. 28, 2018
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Homeplus to grant 600 contract workers permanent status
South Korean discount chain operator Homeplus will grant full-time and permanent employment status to some 600 contract workers at its stores, starting from Saturday. The move comes five months after the company converted the status of some 430 contract workers to regular positions. Homeplus cashiers (Homeplus)This year, a total of 1,200 Homeplus workers would have been converted to full-time and permanent positions, including 600 contract workers and security guards whose contracts end this yea
Nov. 28, 2018
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Homeplus to convert 1,200 temps into permanent staff this year
South Korean hypermarket chain operator Homeplus Co. said Wednesday it will upgrade some 1,200 contract and outsourced workers to its permanent payroll this year.A total of 600 contract workers, who have no set limits to their contracts and have worked for the company for 12 years and longer, will become full-timers starting in December. (Yonhap)Female workers account for 98.9 percent of the total contract workers, with those in their 50s or older taking up 68.4 percent.In addition, an unspecifi
Nov. 28, 2018
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Samsung unveils new SSD lineup with up to 4TB capacity
Samsung Electronics Co. unveiled a new lineup of consumer-oriented solid state drives on Wednesday boasting storage capacity of up to 4 terabytes with improved speed and reasonable price tags.The South Korean tech giant said it will release the Samsung 860 QVO built on the high-density 4-bit multilevel cell NAND flash architecture next month in some 50 markets including South Korea and the United States.Compared to 3-bit products, the 4-bit solution can increase the amount of data stored in a ch
Nov. 28, 2018
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Big firms changing pay system on higher minimum wage: poll
More than 7 in 10 large South Korean firms have changed or are considering overhauling their pay systems due to the country's higher minimum wage, a poll showed Wednesday.According to the survey of 108 big businesses, about 30 percent of respondents said they have reformed their pay structures concerning the minimum wage, with 43 percent reviewing an overhaul.The remaining companies replied they have no plans to reform their wage systems due to either administrative difficulties or exemptions fr
Nov. 28, 2018
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Samsung BioLogics files administrative lawsuit against FSC ruling
Samsung BioLogics said Wednesday it has filed an administrative lawsuit against a recent ruling by the country‘s financial regulator that the company violated accounting rules. Samsung BioLogics, the biotechnology unit of Samsung Group, also asked the Seoul Administrative Court to nullify penalties that were imposed by the Financial Services Commission (FSC) over the ruling. (Yonhap) After months of regulatory review, the Securities and Futures Commission under the FSC ruled earlier this month
Nov. 28, 2018
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SK Holdings becomes No. 2 shareholder of China’s Lingbao Wason Copper Foil
SK Holdings said Tuesday that it had acquired a 270 billion won ($239 million) stake in Lingbao Wason Copper Foil, a Chinese manufacturer of copper foil, an integral metal component used to build batteries that power electric vehicles. With the acquisition, the parent company of South Korea’s third-largest conglomerate, SK Group, is now the second-largest shareholder of China’s top copper foil manufacturer. (Yonhap)Copper foil is extremely thin and its production is a delicate process. Only six
Nov. 27, 2018
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European firms call for more deregulation in Korea
European companies doing business in South Korea called on the Korean government to bring the nation’s business regulations in line with international standards, a step they said would benefit both foreign firms doing business here and domestic exporters in the global market, during a press conference in Seoul on Tuesday. Since the Korea-European Union free trade deal was implemented in 2011, the trade volume between the two regions has gradually risen. The EU is currently the largest source of
Nov. 27, 2018
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SK chief leaves for US to oversee businesses
SK Group Chairman Chey Tae-won has left for the United States to oversee the conglomerate’s businesses in North America and to meet political and business leaders there, the group said Tuesday. The chairman will be briefed in Washington DC about SK’s energy, bio and petrochemical businesses and their plans next year. Chey will also hold meetings with US Sen. Johnny Isakson from Georgia, Kurt Campbell, chairman and CEO of The Asia Group and Edwin Feulner, president of the Heritage Foundation, the
Nov. 27, 2018