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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Customs office to improve duty-free goods delivery process
The Korea Customs Service is expected to diversify delivery channels of duty-free items bought by travelers, as part of measures to improve duty-free operations at airports, officials said Tuesday.The customs office received a set of suggestions from its task force to review ways to make it easier for travelers to receive preordered goods at airports, along with ways to run duty-free businesses in a more transparent manner. Travelers wait to receive preordered goods at Incheon International Airp
June 26, 2018
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Will E-mart Traders be the new Costco?
South Korean retail giant Shinsegae’s warehouse-style supermarket E-mart Traders is threatening its US rival Costco, heading off with stellar sales growth.According to the company, E-mart Traders saw accumulated sales of 755.1 billion won ($677 million) from January to May this year, an about 28.3 percent jump year-on-year. (Yonhap)The company posted solid 30 percent on-year growth in sales for the last three consecutive years. It reached sales of 1.52 trillion won in 2017, up 27.2 percent fro
June 26, 2018
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[Eyes On] Tradition-laden LG braces for junior Koo
Over the past seven decades, what has prevented feuds among the owner family members of LG Group, South Korea’s fourth-biggest conglomerate, has been the outdated yet strict adherence to the tradition that only the chairman’s eldest son takes over the management.Considered “LG norm,” the same type of arrangement was long anticipated before the death of late Chairman Koo Bon-moo, the third generation of the founding family, on May 20.But whether the transition will be as smooth as in the precedin
June 26, 2018
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Asiana Airlines, Korean Air planes collide at Gimpo Airport
Two airplanes collided at Gimpo Airport around 8:10 a.m., resulting in damage to the jets and delays in takeoff, the Transport Ministry said Tuesday.Asiana Airlines A330’s wing crashed with the tail of the Korean Air B777 that was waiting near the taxiway, breaking its wing as well as the other plane’s tail and wing. The Korean Air flight was bound for Osaka, and the Asiana Airlines’ plane for Beijing.The collision delayed the departure of both planes by four hours, authorities said. (Ministry
June 26, 2018
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Naver to invest 150 bln won in online comic arm
South Korea's top portal operator Naver Corp. said Monday it will invest 150 billion won ($134 million) in its online comic platform to better penetrate into overseas markets.Naver said it will make the investment through a paid-in capital increase program and acquire 300,000 additional shares in its wholly-owned affiliate, Naver Webtoon Corp. This photo shows pedestrians near Naver`s main office in Bundang. (Yonhap)Naver Webtoon said it plans to utilize the cash to expand its presence in forei
June 25, 2018
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CPE Cell to release blockchain-powered carbon credit transaction
CPE Cell, South Korea‘s company devoted to clean development mechanism, has developed a blockchain-powered platform to generate and trade carbon emission credits. For now, only parts of its full-fledged version have been released.(CPE Cell)The company introduced technology to trade carbon credit on a distributed ledger platform called Master Node Platform in order to pursue transparency and accuracy in measuring the volume of greenhouse gas reduction. CPE Cell’s own six-phase technology to achie
June 25, 2018
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[Herald Interview] Korea stands at forefront of forest welfare
South Korea is taking the initiative in forest welfare, with the aim of maximizing economic value of forests for the public, according to the chief of the Korea Forest Welfare Institute. “The focus of Korea’s forests has transformed over the 40 years from simple afforestation to forest resources to sustainable forest management,” said Yoon Young-kyoon, president of the Korea Forest Welfare Institute, in an interview with The Korea Herald.Yoon Young-kyoon, president of the Korea Forest Welfare In
June 25, 2018
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Inter-affiliate trading up despite tough regulation: FTC
Trading between companies affiliated with South Korea's large business groups has been on a steady rise despite tough regulations, the country's corporate watchdog said Monday.Under the current regulations, which were revised in 2014, inter-affiliate trading within a business group whose owner and family hold 30 percent or more of listed affiliates is banned. For unlisted subsidiaries, the limit is 20 percent.Such trading is blamed for allowing owner families to easily net large profits by havin
June 25, 2018
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S. Korea's economy expected to grow 3% in 2018: KIET
South Korea's economy is expected to expand 3 percent this year as increased domestic consumption and government spending will offset sluggish exports and investment, a local think tank said Monday.The Korea Institute for Industrial Economics & Trade projected South Korea's gross domestic product will post solid growth in 2018, although slightly below the 3.1 percent increase in 2017.The growth rate was the same as outlook by the Bank of Korea, the International Monetary Fund and the Organizatio
June 25, 2018
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Duty-free war intensifies with Shinsegae winning license at Incheon Airport
With South Korean retail giant Shinsegae obtaining two licenses to operate duty-free stores at Incheon Airport’s Terminal 1, competition between fast-growing travel retailers is expected to intensify, industry experts said Monday. Shinsegae’s duty-free store in Incheon Airport. (Shinsegae DF)Shingsegae DF Global -- the third-largest duty-free operator following Lotte and Shilla in terms of market share -- was picked as the sole operator for two duty-free zones Friday. The areas were vacated by L
June 25, 2018
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Nearly 60% of S. Korean manufacturers expect 4th industrial revolution to hurt jobs
Nearly six out of 10 South Korean manufacturing companies forecast that the upcoming fourth industrial revolution will weigh heavily on employment, especially in labor-intensive sectors, a survey said Monday.According to the poll of 272 manufacturers conducted by the Bank of Korea, 59 percent said the fourth industrial revolution will lead to a decrease in employment, while 15.4 percent said it would lead to a rise in new jobs.By sector, 71.4 percent of petrochemical and oil refinery firms gave
June 25, 2018
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Biopharma industry seeks leniency in Korea’s '52-hour workweek' policy
South Korea’s biopharmaceutical industry is seeking leniency in implementing the country’s revised labor law that mandates companies with 300 or more employees to reduce maximum weekly work hours to 52 hours per week, from the current 68 hours.As the law is set to take effect from July 1, with a six-month grace period, Korea’s big biopharma companies are hoping to work around the new limit by asking the government to permit wider leniency in introducing flexible work hours for the industry, whos
June 25, 2018
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S. Korean fast-food chain Lotteria opens in Mongolia
South Korean retail giant Lotte's fast-food chain, Lotteria, opened its first Mongolian store in the country's capital city of Ulaanbaatar last week, its operator said Monday, as the company moves to expand its presence in the global market.The launch of the new store came after Lotte GRS Co. signed a franchise agreement with cinema equipment supplier Eugenetek Mongolia LLC in September last year.Lotte GRS said it plans to operate up to 10 Lotteria outlets in Mongolia by 2022. The operator of So
June 25, 2018
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S. Korea shares tourism policy with developing countries
South Korea kicked off a forum Monday to share its tourism policy with developing countries as part of its efforts to help them nurture experts in the field, the government said.Tourism officials from nine countries -- Cambodia, Indonesia, Laos, Mongolia, Myanmar, Sri Lanka, Vietnam, Uzbekistan and Peru -- are participating in the three-day forum on tourism development, according to the Ministry of Culture, Sports and Tourism.In this file photo, taken April 30, 2018, foreign tourists dressed in
June 25, 2018
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Indoor smoking lounges to be closed at airports
Indoor smoking lounges at airports will gradually be shut down and outdoor smoking areas will be relocated further away from zones with passenger traffic, authorities said Monday.Smoking areas will be rearranged at the country's 14 airports nationwide to reflect the changing social perception of smoking and second-hand smoke, according to the Korea Airports Corporation.(Yonhap)Gimpo International Airport in Seoul will close the two indoor smoking lounges at its domestic terminal and renovate the
June 25, 2018
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[Eyes On] Posco’s chief-designate to foster nonsteel business
In hopes of ending weeks of questions on its political neutrality, Posco over the weekend selected Posco Chemtech CEO Choi Jeong-woo to lead the country’s largest steelmaker, which is currently facing a myriad of challenges while attempting to diversify new growth engines. Choi’s nomination is widely seen as a move to eliminate speculation that preceding Chairman Kwon Oh-joon had exerted influence in the selection process, while underscoring the company’s drive to bolster its non-steel businesse
June 24, 2018
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Popular Korean mask brand Mediheal enters Europe’s offline market
Global mask brand Mediheal is entering the European market by opening a branch at a premium department store Selfridges in London, following their popularity in China, the company said last week. Mediheal made by L&P Cosmetic has been seeing increased in sales of their “Flowater Hydro Gel Mask” and three other products sold at Selfridges’ online channel in England.A total of seven products will start to be sold at their offline store. Selfridges, an upscale retailer was founded in 1909 by an Ame
June 24, 2018
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[IP in Korea] Fast-tracking process to protect Korea’s content business
The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 18th installment. -- Ed. In an era where the cultural content industry has become a pivotal engine for growth, public awareness should evolve accordingly to perceive copyright infringement of creative work as a serious hurdle to technological innovation and sustainable revenue, according to a cultural content policy expert here.“When it comes to copyright protection, South Korea is
June 24, 2018
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[World Cup] S. Korea's match pushes up sales at convenience stores
Sales at local convenience stores rose sharply as South Korean fans enjoyed seeing their national football team play their second match at the ongoing Russia World Cup, retailers said Sunday.BGF Retail Co., the operator of CU, the country's largest convenience store chain, said sales of major products at its stores from 6 p.m. Saturday to midnight more than doubled as South Korea took on Mexico in its second match of the 2018 FIFA World Cup. People clean up after watching South Korea`s Group F m
June 24, 2018
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Korean retailers turn to content production to lure young consumers
South Korean retailers are increasingly engaging in content creation, breaking the boundaries between media and commerce, as they seek ways to better interact with consumers, industry watchers said Sunday.According to Lotte Shopping Co., the accumulated views of the web drama "Secret Queen Makers," promoting its duty-free store Lotte Duty Free, has surpassed 100 million views as of Thursday, with 75 million views coming from China alone.The seven-episode drama, first released on June 4, features
June 24, 2018