Most Popular
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Slew of top K-pop stars ready to return from military
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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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[KH Biz Forum] Choson Exchange founder stresses ASEAN as platform for entrepreneurship in NK
The ASEAN countries, including Singapore, can be a neutral platform upon which to build entrepreneurship in North Korea and facilitate inter-Korean economic ties in a stable and consistent manner, the head of Choson Exchange said Tuesday.Speaking at The Korea Herald Biz Forum in Seoul, Geoffrey See, founder and CEO of the organization, said he hopes that Singapore and ASEAN can play a role in bringing about the gradual integration of both Koreas’ economies and with North Korea’s transition to a
Oct. 16, 2018
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[KH Biz Forum] Toward stronger partnership between Korea and Southeast Asia
South Korea’s top government and political figures, corporate executives and diplomats from Southeast Asia gathered at The Korea Herald’s inaugural business forum Tuesday, an event that aimed to increase mutual understanding and cooperation and reinforce economic ties between the two sides.The Korea Herald Biz Forum reflected the Moon Jae-in government’s “New Southern Policy,” which strives to elevate Korea’s diplomatic and economic ties with the Association of Southeast Asian Nations as well as
Oct. 16, 2018
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GM Korea union votes to strike against R&D center plan
Unionized workers at GM Korea Co. voted Tuesday to go on strike to protest the carmaker's plan to establish a separate R&D corporation. In the two day vote that began Monday, 78 percent of the 10,234-member GM Korea union agreed to a walkout as a sign of opposition to the R&D entity plan, which they see as an initial step to shut down its car manufacturing operations in South Korea.They expressed concerns that GM will, in the long run, only maintain a research facility in the country. The compan
Oct. 16, 2018
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Korean Google Play users spent $11.2 b in 10 years
South Korean users of Google Play's application store spent a total of $11.2 billion over the past 10 years, making Asia's fourth-largest economy the third most lucrative market, a report showed Tuesday.(Yonhap)Google Play, originally known as Android Market, has provided games, applications and other content from its Android store since October 2008.Japan topped the list with a combined user spend of $25.1 billion, followed by the United States with $19.3 billion, according to the latest report
Oct. 16, 2018
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[On the Bar] Recent trends in amendment of domestic legislations and response measures to GDPR
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.Since the EU General Data Protection Regulation took effect in May, Korea has promoted the use of personal data, which is a major asset in the “fourth industrial revolution,” while amending or preparing to amend the Act on Promotion of Information and Communications Network Utilization and Inf
Oct. 16, 2018
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[KH Biz Forum] Digital transformation key in ASEAN content market entry
Facing a wave of mobile-first digital transformation, traditional media contents like recorded video, comic books and studio albums give way to live-streaming video services, webtoons and digital songs. Southeast Asian countries are no exceptions from such digital transformations, both posing challenges and heralding new opportunities to Korean business entities, Lee Sung-min, research associate at the state-led Korea Culture and Tourism Institute, told audience at a business forum hosted by The
Oct. 16, 2018
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[Photo News] Korea Herald Biz Forum: ASEAN and New Asia
To spotlight the significance of South Korea-ASEAN relations, The Korea Herald hosted the “The Korea Herald Biz Forum: ASEAN and New Asia” at Shilla Hotel in Seoul for four hours on Tuesday morning.More than 200 prospective investors, diplomats, and business executives from Korea and the 10 ASEAN nations attended the forum to increase the strength of their partnerships. The forum started with Deputy Secretary-General Aladdin D. Rillo’s presentation on the overview of the ASEAN economy. The follo
Oct. 16, 2018
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[KH Biz Forum] ASEAN official predicts bright future for partnerships with Korea
The outlook for economic partnerships between South Korea and the ASEAN region is optimistic, given the willingness on both sides to pursue stronger ties in the areas of trade and technology cooperation, according to a high-ranking official from the Association of Southeast Asian Nations Economic Community.“I am very optimistic about future partnership between ASEAN and Korea as efforts are ongoing to make sure the free trade agreement really works and to come up with results that benefit both r
Oct. 16, 2018
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Hyundai Motor's leverage to improve over next 12-18 months: Moody's
Moody's Investors Service, a global credit rating agency, on Tuesday said it expected Hyundai Motor Group's financial leverage to improve over the next 18 months on increasing profitability.(Yonhap)The financial status of Hyundai and Kia, South Korea's two biggest carmakers, will improve gradually over the next one and a half years, helped by improving sales in China, higher utilization rates in their US plants and the launch of new models, Moody's said in a report. "This improvement will be dri
Oct. 16, 2018
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Nuclear safety commission OKs restart of Kori No. 2 nuclear reactor
South Korea's nuclear safety commission on Tuesday approved the restart of a nuclear reactor that was shut down six months ago.The 650-megawatt Kori No. 2 reactor in the southern port city of Busan went offline on April 17 for routine inspections. (Yonhap)The Nuclear Safety and Security Commission said it has repaired two cracks on the outer surfaces of an auxiliary building and another building that houses the nuclear fuel.The Kori No. 2 reactor is expected to operate at full capacity on Friday
Oct. 16, 2018
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ASEAN becomes center stage for Korean retail, beauty and entertainment biz
With Southeast Asia becoming the center stage for South Korean businesses in expanding their global presence, retail conglomerates like Lotte, Shinsegae and CJ have been successfully tapping into the markets.Lotte Group has focused its investments on its retail arm Lotte Shopping’s entrance to the Indonesian market. According to the company, the Indonesia market accounts for 17 percent of total sales earned from overseas Lotte Group businesses.Lotte Mart’s Batam outlet in Indonesia (Lotte Shoppi
Oct. 15, 2018
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Korean businesses venture into ASEAN in search of new opportunities
Seeking new opportunities amid intensifying competition and a shift in the industrial and manufacturing landscape, South Korean businesses are jumping into new markets in the ASEAN region in line with the government’s diplomatic push to strengthen ties there.Seeking to make the most of amicable bilateral relationships and the popularity of Korean culture in the region, “Korea Inc.” has set its eyes on ASEAN, a region full of emerging markets brimming with passion for economic development. Rising
Oct. 15, 2018
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FTC head Kim Sang-jo bombarded with questions over corruption
Fair Trade Commission Chairman Kim Sang-jo was bombarded with questions from both ruling and opposition parties over corruption allegations related to the FTC’s retirees during a parliamentary inspection Monday. This put further pressure on the nation’s antitrust watchdog amid an ongoing investigation by prosecutors into top officials accused of forcing conglomerates to hire the FTC’s retirees. Fair Trade Commission Chairman Kim Sang-jo answers to a question by a lawmaker during a parliamentary
Oct. 15, 2018
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The Korea Herald to host Biz Forum on ASEAN and New Asia
Southeast Asia is increasingly emerging as an important market for South Korean companies, particularly in light of the of the Moon Jae-in government’s “New Southern Policy” that aims to elevate Korea’s ties with the Association of Southeast Asian Nations and India.And with shifting geopolitical relations, South Korea’s economy is expected to play a bigger role in the years ahead in bridging the Northeast Asian market with markets in Southeast Asia.With this, The Korea Herald is hosting its inau
Oct. 15, 2018
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SK Biopharmaceuticals builds AI-powered drug development platform
SK Biopharmaceuticals, the new drug development unit of South Korea’s telecom-to-energy conglomerate SK Group, said Monday it had finished developing an artificially intelligent drug development and design platform that is expected to speed up its new drug discovery efforts. The AI platform was built by studying the vast amount of research on central nervous system disorders and developing optimized algorithms in partnership with SK Holdings C&C and its AI platform Aibril. AI-supported drug deve
Oct. 15, 2018
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KOTRA advises Korean startups to head to Europe
In line with South Korean President Moon Jae-in’s state visit to France, the Korea Trade-Investment Promotion Agency on Monday released a report highlighting Europe as the place to be for Korean startups.According to the report, Europe has concentrated efforts on creating an ecosystem for startups as its strategy for survival in the “fourth industrial revolution.” London, Berlin, Paris, Stockholm, and Amsterdam ranked among the world’s leading 20 startup ecosystems, according to a 2017 report by
Oct. 15, 2018
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Samsung stands at 64th place in corporate responsibility ranking: poll
Samsung Electronics Co., South Korea's biggest conglomerate by sales, came in 64th place in corporate responsibility this year, which falls far short of its No. 6 ranking in brand value, a US market survey showed Sunday. In the 2018 Global Corporate Responsibility Trak 100 rankings released by the Reputation Institute, the world's biggest chip giant scored 64.9 points to rank 64th, up from 89th with 64.5 points a year earlier. (Yonhap)Samsung's ranking has improved this year compared with a yea
Oct. 14, 2018
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Heads of Hanwha, Heritage Foundation call for stronger US-Korea alliance
The chiefs of South Korea’s Hanwha Group and the US-based Heritage Foundation called for efforts to strengthen the US-Korea alliance during a meeting in Seoul on Friday, the conglomerate said Sunday. Hanwha Chairman Kim Seung-youn and Heritage Foundation founder and former president Edwin J. Feulner Jr. exchanged ideas on various topics, including cooperation on strengthening US-South Korea relations, forging peace on the Korean Peninsula and the US-China trade war. The two have met regularly si
Oct. 14, 2018
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Govt mulls injecting 800 bln won into Hyundai Merchant for normalization
The government is considering an injection of 800 billion won ($706 million) into Hyundai Merchant Marine Co., the nation's leading oceangoing shipping company, within this year to help it tide over mounting losses, industry sources said Saturday.The company's largest-shareholder Korea Development Bank and the state-run maritime business promotion agency Korea Ocean Business Corp. (KOBC) said they are reviewing a plan in which Hyundai Merchant issues bonds and the two purchase 400 billion won wo
Oct. 13, 2018
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Philip Morris to begin selling Korean-made heated tobacco unit
Philip Morris Korea Inc. said Thursday that it will begin selling its tobacco sticks, called Heets, produced at its factory in South Korea later this month.To this point, Philip Morris Korea imported Heets for sale in South Korea. Heets (Yonhap)Philip Morris Korea has expanded its production facility in Yangsan, the first facility in Asia to manufacture heated tobacco units for its tobacco heating device IQOS. Yangsan is a city located about 420 kilometers southeast of Seoul.The share of Heets,
Oct. 11, 2018