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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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Korean telcos likely to avoid major adoption of Huawei 5G equipment
South Korean telecom companies are expected to finalize their decisions on 5G equipment vendors this week amid accelerating efforts to commercialize fifth-generation network services as early as in December, in a bid to lead the global telecom industry. According to industry sources on Sunday, the likelihood that Korea’s three-biggest mobile carriers by number of subscribers -- SK Telecom, KT and LG Uplus -- will adopt major 5G equipment made by China’s Huawei is not high, due to persisting conc
Sept. 9, 2018
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[On the Bar] Debates surrounding ordinary wage and need for overall wage reform
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 Labor Standards Act uses the concept of “ordinary wages” as an instrument to compute allowances for overtime work and work on holidays, among other things.Although the act does not explicitly define ordinary wages, since 1988 the Ministry of Employment and Labor has interpreted the term to
Sept. 9, 2018
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[Newsmaker] Six-largest steel firms fined W100b over price fixing
South Korea’s six largest steel companies were fined a combined total of 119 billion won ($105 million) by the antitrust watchdog for fixing the prices of steel reinforcement bars, officials said Sunday.According to the Fair Trade Commission, the six steel producers fixed prices by reducing discounts during the period from May 2015 to December 2016, significantly lowering the market price of steel rebar. The six local steel manufacturers included Hyundai Steel and Dongkuk Steel Mill, which were
Sept. 9, 2018
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LG Chem holds global recruiting event in US
LG Chem, the chemicals and biopharma business unit of South Korea’s fourth-largest conglomerate LG Group, said Sunday that its management executives including Vice Chairman and CEO Park Jin-soo visited Los Angeles to recruit talent from around the globe. LG Chem Vice Chairman and CEO Park Jin-soo talks with participants of the company’s recruiting event in Los Angeles. (LG Chem)Every year since taking office in 2012, Park has participated in the company’s global recruiting event, which takes pla
Sept. 9, 2018
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Korea’s 2017 pharma exports rise 30%, led by robust sales of biosimilars
South Korea’s pharmaceutical export volume for 2017 soared 30 percent to reach $4.07 billion, riding on strong sales of biologic drug products, including biosimilars and botulinum toxin drugs, the Ministry of Food and Drug Safety said Friday. Exports of biologic drugs in 2017 stood at $1.37 billion, up 28.6 percent on-year, and accounted for 33.6 percent of the country’s total pharmaceutical exports.Biologic drugs are made with living cells using recombinant DNA technology. They differ from chem
Sept. 7, 2018
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Hyundai Motor uneasy about Elliott’s revived push
Hyundai Motor Group couldn’t help but express displeasure toward a letter from US hedge fund Elliott, saying that its proposal is not helping the company improve its governance structure, and also breaches the nation’s capital market law.The world’s fifth-largest carmaker said that it has declined Elliott’s offer of establishing a corporate governance committee, stressing that the law strictly bans a company from discussing confidential information with a specific shareholder. (Herald DB)Elliott
Sept. 7, 2018
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Finance Minister vows support for hydrogen technology development
Finance Minister and Deputy Prime Minister Kim Dong-yeon said Friday that the government would support companies developing technologies to realize a hydrogen economy.In a meeting with local developers of hydrogen technology, Kim said the government would step up efforts to build hydrogen production facilities and develop related technologies such as hydrogen storage and transport. Finance Minister and Deputy Prime Minister Kim Dong-yeon (Yonhap)On a pending bill on the hydrogen economy, Kim sai
Sept. 7, 2018
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Kumho Asiana chairman’s son named president of IT arm
Park Se-chang, the eldest son of Kumho Asiana Group Chairman Park Sam-koo, has been named president and CEO of its IT management arm, Asiana IDT, the company said Friday.Park replaces Han Chang-soo who has been chosen as president of Asiana Airlines, the nation’s second-largest air carrier and the core business of the group. Park Se-chang, president of Asiana IDT (left), Han Chang-soo, president of Asiana AirlinesSince joining the group in 2002, Park has served various posts within the group an
Sept. 7, 2018
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POSCO wins US environmental certificate
South Korea's leading steelmaker POSCO has won an environmental certificate for its corrosion-resistant steel product from a US authentication agency, industry sources said Friday.The product, named Posco magnesium alloy coating, obtained an environmental product declaration from the environment division of the certification agency Underwriters Laboratories.An EPD is an independently verified and registered document that communicates transparent and comparable information about the life-cycle en
Sept. 7, 2018
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Korea calls on India to ease trade restrictions
The South Korean government called for the easing of India’s trade restrictions during the first meeting between the two countries on cooperation in trade remedies, citing the difficulties faced by Korean exporters, said officials on Thursday. The meeting was held in New Delhi on Thursday as a follow-up measure to the summit of the two nations in July. It was attended by Kwon Oh-jung, chief of Korea’s Ministry of Trade, Industry and Energy’s trade research division, and Sunil Kumar, additional s
Sept. 6, 2018
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Hanmi says poziotinib to offer new treatment paradigm for lung cancer
South Korea’s Hanmi Pharmaceutical said Thursday that its global partner Spectrum Pharmaceuticals will be announcing the results of phase 2 clinical trials for poziotinib, a lung cancer treatment currently under development, at the IASLC 19th World Conference on Lung Cancer.Spectrum Pharmaceuticals plans to present the results of phase 2 non-small cell lung cancer study using poziotinib, which includes, for the first time, data on the drug’s efficacy for patients with EGFR and HER2 exon 20 mutat
Sept. 6, 2018
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Hoegaarden unveils new digital ad, campaign
Belgium wheat beer brand Hoegaarden is launching a new digital advertisement and an exclusive lounge as part of a promotional campaign, its South Korean distributor Oriental Brewery said Thursday. Hoegaarden poster. (OB)According to OB, the digital ad titled “Make Room for Nature” was created by such artists as members of IAB Studio, florist Kim Young-shin, food stylist Lee Won-mi and photographer Park So-young.The advertisement features how each artist interprets nature. It was inspired by Hoe
Sept. 6, 2018
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Top court upholds W50m penalty for confectionery company
The Supreme Court has confirmed the penalty on a confectionery company for selling wafer cookies contaminated with harmful bacteria, the court said Thursday. The court upheld the appellate decision that ordered Crown Confectionery Co. to pay a fine of 50 million won ($44,680). It also maintained the suspended prison terms of up to three years for seven officials for violating food safety laws. (Yonhap)Crown Confectionery, best known for its global hit product Choco Pie, was indicted for selling
Sept. 6, 2018
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LG collaborates with BTS to promote latest products overseas
LG Electronics Inc. said Thursday it has joined forces with boy band BTS to promote its latest products by operating a special booth on the sidelines of the seven-member K-pop sensation's current world tour.The South Korean tech giant said it opened the BTS Studio at the venue of the concert in Los Angles on Wednesday, where visitors were allowed to test LG products, such as smartphones and speakers, and enjoy various BTS content."The challenge and passion of BTS towards becoming No. 1, along wi
Sept. 6, 2018
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China still dependent on Korean memory chips
China remained dependent on South Korea in 2017 for more than half of its memory chip demand, despite Beijing's latest efforts to foster its chipmakers on a big scale, data showed Thursday. According to the data compiled by the Korea International Trade Association and the Korea Trade-Investment Promotion Agency, China imported $88.6 billion worth of memory chips in 2017, up 38.8 percent on-year. Of the total, South Korean products accounted for 52.3 percent, or $46.3 billion. (Yonhap)Taiwanese
Sept. 6, 2018
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Korea Gas Corp. to develop LNG trucks with Tata Daewoo
Korea Gas Corp. will be running liquefied natural gas-powered trucks starting this month, as part of its shift toward eco-friendly fuel such as natural gas and hydrogen, according to the public corporation Wednesday. Korea Gas Corp. said it would operate a pilot project involving 400-horsepower LNG trucks in partnership with Tata Daewoo, an automaker headquartered in Korea and owned by the Indian company Tata Motors, until early next year. After the pilot project, dozens more LNG trucks will be
Sept. 5, 2018
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Beyond coworking spaces, FastFive to launch apartment rental service
South Korean co-working space company FastFive is making a foray into the apartment rental service business in Seoul next year, with aims to broaden the scope of its business beyond co-working space rentals to small firms and startups with accommodation needs.FastFive on Wednesday announced the launch of Life, a residential service brand targeting single-person households in the 20s and 30s demographic. It plans to open the first Life apartment building near Seonjeongneung Station in Gangnam Dis
Sept. 5, 2018
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Coupang taps Doug Inamine as new global HR senior vice president
South Korean e-commerce firm Coupang said Wednesday it has tapped Doug Inamine as new senior vice president to head its global human resources. Doug Inamine, Coupang’s new global HR senior vice president (Coupang)An HR expert with 25 years of experience who has worked at multinational companies in Asia and Europe, public companies and startups, Inamine is expected to play a positive role in changes and innovations at Coupang, the company said.His experience includes developing recruiting program
Sept. 5, 2018
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Korean dessert cafe chain Sulbing to enter Middle East
South Korean dessert cafe franchise Sulbing said Wednesday it will open its first Middle Eastern store in Kuwait, as the company moves to expand its presence in overseas markets.Sulbing said it plans to sign a franchise deal with Muhallab Alghanim this year to tap the Middle Eastern market. (Sulbing)"We will expand our businesses to encompass Saudi Arabia and the United Arab Emirates, starting with the Kuwait store," the company said in a statement. The dessert franchise has been opening oversea
Sept. 5, 2018
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Philips Korea names Kim Dong-hee as new CEO
Philips Korea, the local unit of Dutch health care giant Philips, has appointed Kim Dong-hee as its new chief executive. The incoming CEO, whose career has focused on the health care industry, will also simultaneously serve as the general manager of Philips Korea’s health systems division, the company said. Philips Korea`s new CEO Kim Dong-hee (Philips Korea)Kim is a seasoned expert in the medical device business, having spent 14 years managing health care businesses in the Asia-Pacific region i
Sept. 5, 2018