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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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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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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Korea takes steps toward hydrogen economy
South Korea has launched a joint private- and public-sector committee to create a roadmap for the hydrogen economy as part of the nation’s move to shift to clean energy, according to officials on Wednesday. The hydrogen economy recently gained momentum in Korea as the government set the energy source as one of the three key investment areas alongside data and block chain last month. The government set aside 110 billion won ($97 million) for next year, a rise from 42.2 billion won this year, with
Sept. 12, 2018
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[Contribution] Competition policy in advent of 4th industrial revolution
The “fourth industrial revolution” is the hottest buzzword of 2018 in Korea. The fourth industrial revolution received people’s attention after artificial intelligence AlphaGo beat Lee Se-dol in a historic series of Go matches in 2016. In the era of the fourth industrial revolution, people’s everyday lives are translated into big data, which is then analyzed by sophisticated AI. It enables individuals to receive products and services tailored to their idiosyncratic features and demands. Companie
Sept. 12, 2018
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Police question Korean Air chairman for using company money for home security
Korean Air Chairman Cho Yang-ho appeared for police questioning Wednesday over allegations that he used company money to pay for security services at his home.The chairman of the Hanjin Group faces breach of trust charges that he had a Hanjin subsidiary make a contract with a security firm and have security guards work at his home in Pyeongchang-dong, Seoul. Korean Air Chairman Cho Yang-ho appears at the Seoul Metropolitan Police Agency to undergo police questioning on Wednesday. (Yonhap)After a
Sept. 12, 2018
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Chaebol-owned retailers constitute bulk of law violations
South Korea's large retailers affiliated with family-controlled conglomerates, or chaebol, account for more than 60 percent of violations of a related law over the past five years, a report showed Wednesday.The Fair Trade Commission, South Korea's antitrust watchdog, detected 48 breaches of the act on fair transactions in large franchises and retail businesses between 2014 and June this year, according to the report from the office of Rep. Kim Sung-won of the main opposition Liberty Korea Party.
Sept. 12, 2018
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Chaebol owner families' shareholdings top W150tr
Owner families of South Korea's top 100 conglomerates hold more than 150 trillion won ($133 billion) in shares with over 30 percent of the amount already bequeathed to their children, a corporate tracker said Wednesday.The combined value of shareholdings controlled by the owner families stood at 152.4 trillion won as of Friday, according to CEO Score.Sons and daughters of the conglomerate heads held 49.4 trillion won worth of shares in their subsidiaries, or 32.4 percent of the total value. The
Sept. 12, 2018
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Government vows to create 100,000 new jobs in biohealth, software, IP
South Korea aims to create some 101,000 new jobs in the biohealth, software and intellectual property sectors by 2022, seeking to respond to an aging society, boost youth employment and enhance the nation’s corporate competitiveness, according to a government panel.The presidential job committee on Tuesday held its seventh meeting and decided to inject some 618.7 billion won ($549.6 million) into the related budget next year.“The biohealth sector is a booming industry amid an aging society, whil
Sept. 11, 2018
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Tax agency plans to toughen illegal outflow of foreign exchanges
South Korea will toughen measures on illegal outflow of foreign exchange amid an increase in the number of crimes involving the abuse of trade transactions and concealment of assets overseas, according to officials on Tuesday. The Korea Customs Service under the Ministry of Strategy and Finance said it would set up a new investigation division exclusively responsible for foreign exchange. The revision of related laws containing the set-up was also passed during a Cabinet meeting on Tuesday. (Yon
Sept. 11, 2018
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KAI earns international certification for its anti-bribery systems
Korea Aerospace Industries said on Tuesday that it had acquired ISO 37001 certification, proof that its anti-bribery management systems meet international standards. It is the first time that this certification has been granted to any institution in the Korean national defense industry.The International Organization for Standardization adopted ISO 37001 in 2016. To be certified, companies must show they are equipped with appropriate, effective systems to prevent corruption and bribery. They must
Sept. 11, 2018
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Posco workers on path to establishing labor union
Posco, South Korea’s No. 1 steelmaker, is widely expected to face changes in its labor environment with workers at its steel mills here preparing to set up a new labor union, related officials said Tuesday.A two-day closed-door meeting for Posco workers who have agreed to join the union is expected to be held this weekend, the union said, without elaborating on the number of members who have signed up so far.A committee working on preparation for Posco’s new labor union is currently accepting ap
Sept. 11, 2018
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Ssangyong E&C clinches high-rise project in Malaysia
Ssangyong Engineering and Construction has won a high-rise construction project in Malaysia, the firm said Monday. The project involves construction of the 339-meter-tall Oxyley Towers located at Kuala Lumpur City Centre in Malaysia’s largest city. Ssangyong E&C’s planned construction of Oxyley Towers in Kuala Lumpur, Malaysia (Ssangyong E&C)Oxyley Towers’ three buildings of 79, 49 and 29 stories above ground will include SO Sofitel Hotel, Jumeirah Hotel, residences and offices.Ssangyong E&C sa
Sept. 10, 2018
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Asiana Airlines names new president
Sout Korea’s second-largest air carrier Asiana Airlines has named the new president, the group said Monday, about two months after a massive disruption to the carrier’s in-flight meal service. In July, the air carrier’s catering service for some international routes was suspended in the process of changing the airline’s meal suppliers, prompting questions of unfair contracts.The company said Han Chang-soo, who has headed the group’s IT management unit Asiana IDT, will be the new president. The C
Sept. 10, 2018
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SK Innovation shares climb on battery biz boost
SK Innovation, a South Korean refinery and energy company, saw its value rise 4 percent to about 200,000 ($177) won per share on Monday morning compared to Friday’s close on the main bourse, backed by the positive outlook of its battery and chemical businesses.“SK Innovation’s third-quarter operating profit is expected to reach 797 billion won, raising above the 21 percent consensus on heightened performance in the chemical segment due to the increased margin of PX,” said analyst Cho Hyun-ryul o
Sept. 10, 2018
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South Korea to generate electricity with bio-heavy oil
South Korea’s Trade Ministry announced legislation approving the use of bio-heavy oil made with animal fat to produce electricity here, in a move toward the Moon Jae-in administration’s goal to boost the use of clean energy Monday.According to the ministry’s enforcement of regulations on petroleum and its substitute fuel, power stations here will be allowed to use bio-heavy oil starting as early as January. The government has conducted test runs and research using bio-heavy oil made with animal
Sept. 10, 2018
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Indonesian leader calls for partnerships on emerging technologies
Calling South Korea an “old friend,” Indonesia’s leader on Monday urged its tech companies to partner with the Southeast Asian country to develop the emerging technologies that are set to lead the fourth Industrial Revolution."Korean companies such as Samsung and LG played a big role in bringing the smartphone revolution to developing countries, including to Indonesia,” said Indonesian President Joko Widodo at the Indonesia-Korea Business and Investment Forum at the Lotte Hotel in Seoul. “I call
Sept. 10, 2018
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Korea takes first step in trade, investment with South American bloc
Korea is slated to start the first round of negotiations on a trade agreement with South American bloc Mercosur on Tuesday, in its first step in expanding trade and investment in the newly emerging market, according to officials Monday.The negotiation is a follow-up measure to the ministerial meeting in May, where trade ministers from Korea and Mercosur, an economic bloc comprised of Argentina, Brazil, Paraguay and Uruguay, jointly announced they would begin talks on a trade agreement. This week
Sept. 10, 2018
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Unwavering, consistent measures necessary for chaebol reform: senior official
Unwavering and consistent policies are necessary to help the country's conglomerates further improve their ownership structure and overhaul unfair business practices, a senior government official has said."There are still many things to be done to improve their ownership structure, although we have already created lots of systems," Shin Bong-sam, the chief of the business group bureau at the Fair Trade Commission, said in an interview with Yonhap News Agency last week. (Yonhap)"Their practices h
Sept. 10, 2018
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Starbucks Korea begins using paper straws
Starbucks Korea is testing out the use of paper straws at some 100 stores across Seoul, Busan and Jeju, the company said Monday. The two-month-long trial is part of the global coffeehouse chain’s plan to phase out plastic straws and reduce the negative impact on the environment. (Yonhap)After gathering consumer feedback through the test run, paper straws will be introduced at all its stores in November, the company said. For the first two weeks starting from Monday, Starbucks Korea will provide
Sept. 10, 2018
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CJ Logistics to beef up delivery service for upcoming Chuseok
CJ Logistics, a parcel delivery business unit of CJ Group, said Sunday that it will expand delivery services for the upcoming Chuseok holiday. CJ Logistics staff sort parcels. (CJ Logistics)Starting Monday, the company will begin a five-week special holiday delivery service period and operate emergency teams at its headquarters, it said. The three-day holiday takes place from Sept. 23-25. As part of such efforts, the company will expand its workforce, keep track of parcel volume and enhance auto
Sept. 10, 2018
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70% of Korean employers to give thanksgiving bonus
Reflecting the sluggish domestic economy, the number of companies that plan to pay out bonuses for Chuseok decreased slightly from last year, data showed Sunday.According to a survey conducted by the Korea Employers Federation on 527 companies, 73.2 percent of the companies with more than 300 employees and 69.4 percent of the companies with less than 300 employees said they would give bonuses in the upcoming holiday season. This marked an overall average of 70.2 percent, down 1.9 percentage poin
Sept. 9, 2018
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[Herald Interview] 'Precious metals gain value as industrial commodities'
In the global market, gold has mostly been viewed from a monetary policy perspective as its value is generally in inverse proportion to the interest rate trend, offering higher alternative values when other investments are relatively bearish.But gold and other precious metals are increasingly operating like industrial commodities, due to their diversifying product relevance, according to an executive official of a German-based global technology group specializing in precious metals management. “
Sept. 9, 2018