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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New LG chairman gets right to business
Koo Kwang-mo, the new CEO and chairman of LG Corp., on Monday started off his first day as the chief of the fourth largest conglomerate in South Korea, focusing on major issues across the group’s affiliates. The 40-year-old group head skipped an inauguration ceremony and started figuring out major issues of the group in a new office room on the 30th floor of the east building of LG Twin Tower in Yeouido, western Seoul.“While inheriting and developing my predecessor’s management direction based o
July 2, 2018
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SK Chemicals spins off vaccine business into ‘SK Bioscience’
SK Chemicals announced Monday that it has spun off its vaccine business division into a new unit called SK Bioscience. The spinoff was completed as of Sunday. SK Bioscience has been established as a wholly-owned subsidiary of SK Chemicals.With the split, SK Chemicals will focus on the chemical materials and chemical combination drug business, while SK Bioscience will focus on the vaccine business with aims to maximize shareholder value. (SK Bioscience)The new subsidiary will be led by Ahn Jae-yo
July 2, 2018
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S. Korea shortlisted for Saudi Arabia's nuclear project
South Korea has been included on the shortlist for a nuclear project in Saudi Arabia, boosting hope for its second export bid in the Middle East following a deal in the United Arab Emirates, Seoul's energy ministry said Sunday.Saudi Arabia selected five countries -- South Korea, the United States, France, Russia and China -- as preferred bidders for the kingdom's first nuclear project, the Ministry of Trade, Industry and Energy said. (Herald DB)The kingdom plans to build two nuclear reactors wit
July 1, 2018
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[Photo news] Cheering for the youths
CHEER UP, YOUNG -- Performers including singer-songwriter Baek Ga-young, folk song duo Okdal and poet Ha Sang-wook on Saturday perform at the Cheer Up 2030 Concert held by steelmaker Posco. The concert, held at Posco Center in Seoul and attended by some 300 college students, came as part of the company‘s long-term efforts to enhance communication with the young generation. (Posco)
July 1, 2018
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Battery business to gain further momentum in ‘fourth industrial revolution’ era: Samsung SDI
South Korea’s leading auto components maker Samsung SDI pledged to use the ongoing technological progress in the industrial world to add fuel to its battery business, officials said Sunday. Samsung SDI CEO Jun Young-hyun (left) poses with Kim Dong-chun, head of Sung Shiim Won, a child care center in Yongin, for an opening of Dream Academy. (Samsung SDI)“The advent of the ‘fourth industrial revolution’ is an opportunity for bigger growth. The importance of battery will only grow, since the hyper-
July 1, 2018
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S. Korea ramps up efforts to deter Trump’s proposed tariffs on cars
The South Korea government has delivered its opposition to the Trump administration’s gestures to up tariffs on imported cars, claiming the tariff hike may negatively boomerang on the US economy, according to Seoul’s Trade Ministry on Sunday. Reflecting the growing anxiety of the local auto industry, Minister of Trade, Industry and Energy Paik Un-gyu visited Washington last week to deliver Seoul’s stance on the issue to the related US politicians and business representatives. During consecutive
July 1, 2018
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Korean Air's brand value slides over owner family scandal
The brand value of Korean Air Lines Co. fell sharply in the second quarter over a series of allegations involving the family that owns it, an appraisal website showed Sunday.The flag carrier's brand value ranked 36th in the April-June period, down from 11th a quarter earlier, according Brandstock, a South Korean market research firm that determines the rankings of local brands.The decline reflects the intense public fire directed at Korean Air Chairman Cho Yang-ho's family over a series of alleg
July 1, 2018
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Hyundai Heavy cuts third of its executives in offshore & engineering division
Hyundai Heavy Industries Co., the world's largest shipbuilder by sales, said Sunday it has slashed a third of its executives in its offshore and engineering division as new orders have dried up.The move came a month before the shipbuilder is due to suspend work at its offshore facilities shipyard. The suspension scheduled for August is the first in 35 years.Hyundai Heavy has lost out to Chinese and Singaporean rivals in offshore projects in recent years due to higher costs. The labor costs of Ch
July 1, 2018
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[Feature] Popularity of meal kits change Koreans’ cooking at home
Office worker Kim Dong-bin has recently picked up the hobby of cooking, and his secret recipe is ready-to-cook meal kits. “Meal kits made my cooking a lot easier, with fewer responsibilities,” said Kim. After work, he used to run to get groceries, prepare the ingredients, cook and do the dishes. “For me, cooking was a time-consuming process even before sitting down to eat. But now, I cook restaurant-quality food at 30 percent less price in just about 20 minutes,” said Kim, adding that the kits h
July 1, 2018
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Lotte Duty Free opens second airport outlet in Vietnam
Lotte Duty Free said Sunday it has opened a new airport duty free store in Vietnam‘s southeastern city of Nha Trang, its second airport outlet in the Southeast Asian state and seventh among its total overseas locations. Lotte Duty Free‘s second airport outlet in Vietnam’s Cam Ranh International Airport’s new terminal in Nha Trang. (Lotte Duty Free)The company has secured exclusive rights to run the store until 2028 over the 1,680 square-meter area at Cam Ranh International Airport’s new terminal
July 1, 2018
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Korea against Trump's proposed auto tariffs
South Korea has delivered its opposition to the United States' move to impose tariffs on imported autos through various channels as part of efforts to minimize the fallout for the local automotive industry, Seoul's trade ministry said Sunday.Paik Un-gyu, Minister of Trade, Industry and Energy, visited Washington D.C. from June 27-29 to meet US policymakers and business leaders and shared concerns over the Donald Trump administration's proposed tariffs on foreign autos, his office said. The polic
July 1, 2018
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Posco Daewoo signs W300b contract for gas fields in Myanmar
Posco Daewoo, the energy development unit of steelmaker Posco, has partnered with two global energy firms to jointly develop new gas fields in Myanmar to sustain gas production there, the company said Friday.The firm inked a 300 billion won ($268.1 million) deal with McDermott and BHGE on the phase two development of gas fields Shwe and Shwe Phyu in Myanmar.“By successfully completing the phase two development, Posco Daewoo will make efforts to retain stable gas production at the company’s cash
June 29, 2018
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Korea’s Transport Ministry delays decision on Jin Air license revocation
South Korea’s Transport Ministry announced Friday that it will delay its decision on whether to revoke the business license held by Korean Air's budget affiliate Jin Air over the firm’s board appointment of a non-Korean member of the controlling family that violated local transport laws. The Ministry of Land Infrastructure and Transport said that it would initiate a formal hearing on the Jin Air case attended by company officials, before reaching a decision on the issue, a process which could t
June 29, 2018
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[Best Brand] Wireless vacuum cleaner Swing heads overseas
Swing Corp., which was established in 2002 under a previous name Shinan Greentech, is bringing a new trend to the vacuum cleaner market by introducing new technologies by combining the functions of the wireless wet and dry vacuum. By prioritizing trust with customers over short-term gains, the company, led by its chief O Bu-jeon, has been operating on the philosophy of brining innovative technologies and services, officials explained.Swing began with its WLE-550, 770 brands to introduce its vacu
June 29, 2018
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[Best Brand] Lock&Lock, making minimal lifestyle, easier
Amid the trending minimalism across all industrial sectors, Lock&Lock is enabling a minimal kitchen life with modular-type food containers that make home kitchens look simpler and cleaner. Its latest Bisfree Modular Series containers are designed like Lego blocks to enable tidy, stable and space-efficient stacking. When stacked, there are no edges or locks sticking out, hence taking up minimal space in refrigerators. Bisfree Modular Series containers (Lock&Lock)The so-called “6-millimeter hidde
June 29, 2018
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Biogen ups stake in JV Samsung Bioepis to share management with Samsung BioLogics
Samsung BioLogics said Friday that Biogen has exercised its call option to raise its stake in their joint venture Samsung Bioepis to 49.9 percent, putting its long-noted intent to increase its ownership in the biosimilars development company into formal action.The development is expected to be taken into consideration by South Korea’s financial regulators, who are currently investigating a change in Samsung BioLogics’ accounting standards in 2015 that had factored in Biogen’s right to the Bioepi
June 29, 2018
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Jailed Lotte chief fends off elder brother's leadership challenge
SEOUL/TOKYO -- The jailed head of South Korean conglomerate Lotte won the support of Japanese shareholders in a vote on Friday to keep his seat in the boardroom of a crucial affiliate in the group's governance structure, cementing his grip on the retail giant from behind bars.Lotte Holdings Co., holding firm for Lotte's Japanese affiliates which also has major stakes in the group's Korean units, rejected the motion to dismiss Shin Dong-bin as a board member during its regular shareholders' meeti
June 29, 2018
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[Newsmaker] LG taps Koo Kwang-mo as new CEO
Koo Kwang-mo, the son of LG Group's late Chairman Koo Bon-moo, became a board member of the holding firm and its CEO on Friday, effectively becoming the fourth-generation leader of the family-controlled conglomerate.Koo, who was adopted by the late business tycoon so as to fulfill the LG family's tradition of handing over power to the chairman's eldest son, was named as the newest board member during Friday's shareholders' meeting of LG Corp. He was tapped by the board as CEO later in the day. K
June 29, 2018
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Lotte’s top executives head to Japan on motion to dismiss group chairman from board
A delegation of senior Lotte Group executives headed to Japan on Thursday to meet with the heads of the conglomerate’s Japanese counterpart that is taking steps to fire the group’s chief from its board of directors.Hwang Gag-gyu, vice chairman of Lotte Group, and three other senior executives of the conglomerate left for Japan, a day ahead of a shareholders’ meeting by Lotte Holdings. Shin Dong-joo, former vice chairman of Lotte Holdings, has proposed to dismiss Shin Dong-bin, his younger brothe
June 28, 2018
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[Video] E-mart’s new discount store attracts shoppers on opening day
Hundreds of shoppers flocked to the first branch of E-mart’s new discount store chain Pierrot Shopping on its opening day Thursday. Located at Coex in Samseong-dong, southern Seoul, the two-story shop garnered anticipation on the internet before its opening. Curious shoppers flooded the store, forming long checkout lines, while onlookers at the shopping mall turned their heads.(Shot and edited by Park Ju-young / The Korea Herald)The new discount store chain by Shinsegae, which runs discount reta
June 28, 2018