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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[Management in Korea] Can Korea create its own Silicon Valley?
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Technological prowess is a key element of Korea’s economic identity. Samsung, LG and SK Group are global giants, and the country is considered a leader in innovation and connectivity. But these achievements are the result of conscious and sustained investments in education and industrial infrastructure tha
Aug. 12, 2018
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German cars losing premium image from fire-catching BMWs
Two BMWs catching fire on the road on a single day earlier this week have hardened South Koreans' distrust over German brand automobiles, which may reflect broader problems facing the car industry all around the world, industry watchers in Seoul said Friday.Thirty-six cases of BMWs catching fire, some while parked, so far this year have whipped up public anger from not just faulty parts but the German company's handling of the problem that could have far reaching repercussions. Suspicions run ra
Aug. 10, 2018
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Samsung unveils Galaxy Note 9 with stronger battery, enhanced stylus
Samsung Electronics Co. unveiled Friday the Galaxy Note 9 phablet, which is equipped with a new stylus and the best battery and storage among all of its premium devices. The new product could help breathe new life into the company's IT and mobile division.The company held a showcase event in New York for the new smartphone, which features a 6.4-inch display, with the specs falling in line with most rumors that had circulated in the market.The Galaxy Note 9 comes with a whopping 4,000mAh battery,
Aug. 10, 2018
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GS-Caltex Q2 net up 74 pct on high oil prices
GS-Caltex Corp., South Korea's second-largest refiner by sales, said Thursday its second-quarter net profit jumped 74 percent from a year earlier as high oil prices pushed up the prices of inventories and completion of maintenance work boosted sales.Net profit for the three months that ended on June 30 came to 235.1 billion won (US$210 million), up from 135.3 billion won a year earlier, the company said.Operating profit soared 178.4 percent on-year to 584.6 billion won in the second quarter. Sal
Aug. 9, 2018
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IP Office eases patent process for foreign companies
The Korean Intellectual Property Office said Thursday that starting from Friday agents of foreign companies applying for a patent or trademark will face simpler lists of certifications to file in the process.So far, agents of foreign companies have been required to submit notarial certificates to identify the authority of a signature included in the mandate letter for the agents’ representation in such a case the signature was not of the company’s CEO. Most other countries do not require the sig
Aug. 9, 2018
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[Photo News] Building Hope
BUILDING HOPE -- South Korea’s leading tobacco maker KT&G’s overseas volunteer team comprising 54 university students and employees pose for a photo after completing the 10-day construction of a community center and sports facilities at a village in Cikarang, Indonesia. KT&G has sent 41 volunteer teams since 2005 as part of the company’s corporate outreach. (KT&G)
Aug. 9, 2018
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Dongwon F&B joins with Thai food giant to boost food exports
South Korean food manufacturer Dongwon F&B said Thursday that it has clinched a deal with Thailand-based food giant Charoen Pokphand Foods to boost its export opportunities. A partnership agreement ceremony was held at CPF’s headquarters in Bangkok on Thursday, attended by executives including Dongwon F&C CEO Kim Jae-ok and CPF CEO Sukhawat Dansermsuk.CPF is a food affiliate of Thailand’s Charoen Pokphand Group, which operates subsidiary companies in such sectors as food, retail, finance and tel
Aug. 9, 2018
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Ecuador wants to learn from Korea's economic success: minister
Ecuador wants to learn from South Korea's rapid economic development and expand trade and investment opportunities between small and medium enterprises of the two nations, a government policymaker from the Latin American nation said.Eva Garcia Fabre, Ecuador's Minister of Industries and Productivity, expressed the hope after signing a memorandum of understanding on SME cooperation with Choi Su-gyu, South Korean vice minister of SMEs and startups, at the Ecuadorian Embassy in Seoul on Wednesday.
Aug. 9, 2018
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[On the Bar] Legal look into sustainability of new minimum wage
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.As of May 28, 2018, the amended Minimum Wage Act was passed, with the intended effect of promoting the increase of the minimum wage to 10,000 ($9) won per hour by 2020 and an immediate raise of the minimum wage for 2018 to 7,530 won (monthly 1,573,770 won). This is 16.4 percent higher than 201
Aug. 8, 2018
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Peace talks raise hopes on special economic zones
The Korea Herald is publishing a series of articles featuring inter-Korean relations to mark the paper’s 65th anniversary that falls on Aug. 15. Following is the sixth installment. - Ed. Despite anticipated hurdles, the recent talks of peace on the Korean Peninsula have brought hope among regional governments and politicians in the South to have their regions designated special economic zones that can serve as hubs for exchanges across the border.Establishing a “special economic zone for unifica
Aug. 8, 2018
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Samsung ‘back in game’ with W180tr investment plans
Samsung Electronics on Wednesday unveiled an investment plan worth 180 trillion won ($161 billion) for new growth industries and job creation, marking the largest investment scheme under the command of Vice Chairman Lee Jae-yong, while offering an olive branch to the anti-chaebol government.The plan, which includes investments for domestic industrial infrastructure and creation of 40,000 new jobs over the next three years, came two days after a visit by Korea’s top economic policymaker, Kim Dong
Aug. 8, 2018
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Hotels gain business as vacationers seek nearby refuge from summer heat
Hotels in Seoul and its vicinity are showing higher occupancy this summer as vacationers take refuge from record heat at accommodations not too far from home, their business data indicated Wednesday.Resort-style hotel Banyan Tree Club and Spa Seoul said its package sales rose 3 to 5 percent this summer compared to the same season last year. Shilla Seoul said its reservation rate in July was up more than 10 percent from a year ago. Poolside at the resort-style hotel Banyan Tree Club and Spa Seoul
Aug. 8, 2018
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SPC vice chairman nabbed for smuggling, using marijuana
Hur Hee-soo, vice chairman of South Korean confectionery and bakery company SPC Group, was nabbed Monday for allegedly illegally smuggling and using liquid marijuana in Korea, prosecutors announced Tuesday. The Seoul Dongbu District Prosecutors' Office also said it is looking into how Hur brought in the contraband and whether there was an accomplice. Use of cannabis is strictly banned under Korean law. Hur Hee-soo (SPC Group)SPC Group said Hur was removed from his posts in the family-run conglo
Aug. 7, 2018
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Kakao Friends enters US market with sponsorship of 2018 KCON LA
Kakao Friends, the character licensing and merchandising unit of South Korea’s mobile messaging giant Kakao, will debut in the US as an official sponsor of 2018 KCON LA, an annual Korean culture convention held in major cities worldwide. Kakao IX, which operates the Kakao Friends character licensing business, said Tuesday that it is sponsoring the Los Angeles leg of KCON USA, an event that celebrates Korean pop culture ranging from music and dramas to movies and fashion.During KCON LA, Kakao wil
Aug. 7, 2018
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Orion’s Goraebab makes 74% sales increase in Vietnam
South Korean confectionary firm Orion said Tuesday that its signature snack Goraebab has recorded 74 percent sales increase from January to July in Vietnam, the largest growth since the company tapped into the market. Orion’s Goraebab (Orion)Goraebab, one of Orion’s best-selling snacks besides Choco Pie, Oh Gamja and Yegam, is a potato-based snack consisting of small crackers in different shapes of sea animals. It was launched in the domestic market in 1984. Goraebab entered the Vietnamese mark
Aug. 7, 2018
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Korea 7th largest consumer of energy in 2017
Korea's energy consumption last year ranked seventh in the world and showed one of the fastest paces of increase, data from a foreign consulting firm showed Tuesday.Korea consumed 534 terawatt hours last year, up 2.3 percent from the previous year, according to the Europe-based Enerdata. The country's ranking in terms of the volume of power consumption also rose from eighth the previous year. The ranking was ninth in 2015. (Yonhap)China used up 5,683 TWh, and the United States 3,808 TWh. India f
Aug. 7, 2018
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Minister calls on Samsung to improve governance, support in job creation
South Korea’s Deputy Prime Minister and Finance Minister Kim Dong-yeon on Monday urged Samsung for further efforts in improving governance and discarding unfair trade, while working for job creation and innovative growth, in his first visit to the plant run by the conglomerate.Heir to the group and Vice Chairman of Samsung Electronics Lee Jae-yong was on hand to accompany Kim on his visit, which came on the heels of a meeting between Lee and President Moon Jae-in at the company’s Indian plant on
Aug. 6, 2018
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Sales of hair, scalp care products soar amid scorching heat
Sales of hair care and scalp treatment products have seen an almost 500 percent increase so far this summer amid the scorching weather, industry data showed Monday. Auction’s hair care and scalp treatment products (Auction)According to the online marketplace Auction, sales of hair- and scalp-related products, such as hair loss shampoo, head massagers and scalp scaling products, soared 498 percent on-year in July. As the scalp is more exposed to heat and ultraviolet rays in summer, more consumer
Aug. 6, 2018
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Korea recalls 59 more hypertension drugs for potential cancer risks
South Korea’s Ministry of Food and Drug Safety said Monday that it ordered a recall of 59 hypertension drugs containing valsartan produced by a local drug substance manufacturer, due to its inclusion of above-permitted levels of a chemical that could cause cancer.After an inspection of all valsartan locally produced or imported to Korea, the drug regulator found that some batches of valsartan produced by Daebong LS contained more than 0.3 ppm of N-nitrosodimethylamine, or NDMA, a chemical that c
Aug. 6, 2018
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Cafe24, Shibuya109 sign memorandum to boost fashion exports
South Korean e-commerce platform Cafe24 said Monday it has signed an agreement with Japan’s Shibuya109 Entertainment to boost global sales of Korean and Japanese fashion products. Cafe24 CEO Lee Jae-suk (left) and Shibuya109 President Tomoo Kimura pose after signing a strategic partnership for boosting global exports of Korean and Japanese fashion brands on Monday in Seoul. (Cafe24)Shibuya109 Entertainment is the operator of Japan’s iconic Shibuya109 fashion mall, which was established in 1979
Aug. 6, 2018