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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LS faces fines, prosecution over inter-subsidiary dealings
LS Corp. and its affiliates have become the first companies to be sanctioned since antitrust watchdog chief Kim Sang-jo said the Fair Trade Commission would take a tougher stance on conglomerates’ inter-subsidiary dealings Thursday. The FTC said Monday it would impose penalties of a total of 25 billion won ($22 million) on LS Corp. and its affiliates, and report six owner family members to the prosecution.“We decided to impose penalties and report the management to prosecutors after we found the
June 18, 2018
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Daewoong Pharma strengthens R&D units for new drug development
South Korea’s Daewoong Pharmaceutical said Monday that it has restructured its research and development units to lend a boost to its new drug development efforts.The Korean pharma company said that its R&D workforce will now work in different project-oriented groups called “extreme teams” designed to achieve specific goals of a particular project. Each team will focus on a different project, and be disbanded once the project ends.As a result, Daewoong’s R&D workforce will be divided into a new d
June 18, 2018
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US FDA resumes review of Celltrion's biosimilar Herzuma
Celltrion Inc., a South Korean biopharmaceutical firm, said Monday that the US Food and Drug Administration has resumed the review process for its biosimilar to treat breast cancer.In May, Celltrion made a resubmission to the FDA to obtain marketing approval for Herzuma, a drug that was originally developed by Swiss pharmaceutical giant Roche Holding.In accordance with FDA regulations, the approval procedure is forecast to be finalized within six months from the resubmission.Global sales of the
June 18, 2018
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US-China trade war may ripple through Korea
The Korean economy is likely to be hit hard as its two biggest trading partners are on the brink of a trade war following threats to slap each other with hefty tariffs over the weekend. (Yonhap)On Friday, the Trump administration announced it would impose 25 percent tariffs on the Chinese goods worth $50 billion in an effort to protect the US intellectual property and technology. A day later, China responded to the US by announcing 25 percent tariffs on a $34 billion list of the US goods in the
June 17, 2018
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[IP in Korea] 'Rise of e-sports, YouTube calls for new approach to copyright'
The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 17th installment. -- Ed. In an age of technology convergence and interactive communication, it is inevitable that major content platforms such as YouTube should attempt to deviate from the conventional concept of copyright so as to encourage individual creative activities.Such a flexible approach, however, should never mean lesser recognition or compensation for content creators, e
June 17, 2018
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Shin Dong-joo to give fifth try to seize Lotte Group, overthrow his brother
Shin Dong-joo, a former vice chairman of Lotte Holdings who was defeated in a management right feud with currently imprisoned younger brother Lotte Group Chairman Shin Dong-bin is attempting to seize his control over the group once again. According to Lotte Holdings, a Japanese firm which owns major stakes in many Lotte units and thus binds the whole conglomerate, it will hold a general a shareholders meeting on June 29 in Tokyo, upon Dong-joo’s request. Former Vice Chairman of Lotte Holdings
June 17, 2018
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Over half of Koreans agree on tax hike for HNB cigarettes: survey
The majority of South Koreans agreed to levying various taxes on recently popular heat-not-burn e-cigarettes, a survey showed Sunday. According to a survey conducted on some 1,000 adults here by market research institute Trend Monitor, 55.6 percent of the respondents agreed to the government’s move to raise taxes on HNB cigarettes. Various heat-not-burn e-cigarette products from Philip Morris International. (Yonhap)Last December, the National Assembly passed a bill for a tax hike on HNB cigaret
June 17, 2018
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Bulk of S. Korean trading firms want to take part in N. Korea projects: poll
The bulk of South Korean trading companies want to take part in North Korean development projects, with many showing an interest in construction, a local poll revealed Sunday.According to a survey carried out by the Korea International Trade Association on 1,176 companies, 80 percent said they wished to take part in North Korean ventures once international sanctions are lifted.Expectations are running high that the successful summit between US President Donald Trump and North Korean leader Kim J
June 17, 2018
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Samsung employs 320,000 people in 73 countries: report
Samsung Electronics said Friday it had 320,000 employees around the globe as of the end of December last year and had spent 16.8 trillion won ($15.3 billion) on research and development projects.According to its annual business report, Samsung Electronics had 320,671 staff members as of 2017, up 3.9 percent from 308,745 a year earlier. By region, South Korea accounted for 96,458, up 3.5 percent over the cited period. The company had 224,213 employees on its payroll in other countries, up 4 perce
June 15, 2018
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Hanjin Group faces slew of new accusations: FTC head
Kim Sang-jo, FTC chairman (Yonhap)Hanjin Group, parent company of flag carrier Korean Air, is facing a number of accusations of breaching market rules alongside the cases of intra-company trade blamed for benefiting the interest of the owner family, the head of the nation’s anti-trust watchdog said Friday.“Not just intra-affiliate dealings for the benefit of the owner family, (Hanjin Group) have allegedly violated a number of rules,” said Kim Sang-jo, chairman of the Fair Trade Commission in a r
June 15, 2018
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FTC to get tough on intra-company trade, revise fair trade law
The nation’s antitrust watchdog head said Thursday that it would take a tougher stance on conglomerates’ inter-subsidiary dealings, stressing that they benefit the interests of owner families and harm the business ecosystem of small firms and traders. “We will make sure that such unfair practices will no longer be tolerated in the market through strict law enforcement,” FTC Chairman Kim Sang-jo said at a press briefing Thursday. Kim Sang-jo, head of the Fair Trade Commission (Yonhap)He urged th
June 14, 2018
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Daesung Group to hold forum on microbes
A South Korean energy firm Daesung Group will hold a forum on microbes on June 21 to seek ways of tackling environment and energy problems through microbial waste management, the company said Thursday.Titled “2018 Daesung Haegang Microbes Forum,” the event will be held at The Korea Chamber of Commerce and Industry headquarters, featuring renowned speakers coming from around the world. Panels talk at Daesung Group`s Few Nexus Conference held last year. (Daesung Group)The list includes Philippe S
June 14, 2018
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Finance regulators move to review Samsung BioLogics’ pre-2015 records
South Korea’s financial regulators are planning to look into the financial statements of contract drug manufacturer Samsung BioLogics prior to 2015, the fiscal year at which the company posted a controversial 1.9 trillion won ($1.77 billion) in net profit by switching its accounting standards. It signals a shift in the investigative direction of the Securities and Futures Commission, the auditing unit of the Financial Services Commission, which appears to be seeking a midway solution that can
June 14, 2018
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Lotte Hi-Mart offers payment by scanning palm
Lotte Hi-Mart, the electronics chain run by retail giant Lotte Group, said Thursday that it has launched the first so-called “Hand Pay” service in the industry. A customer makes payment via Hand Pay, a biometric payment system that scans the pattern of veins in the palm, at Lotte Hi-Mart in Seoul on Thursday. Lotte Hi-MartCustomers can make payment by scanning the palm of their hands, starting with Lotte Hi-Mart’s Daechi outlet in Gangnam, the company said. The pattern of veins in the palm is sc
June 14, 2018
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Govt. to end GTR contracts with Korean Air, Asiana Airlines
The government plans to end its exclusive flight contracts with the country's two flag carriers -- Korean Air Lines Co. and Asiana Airlines Inc. -- this year, to allow its employees to use other airlines, including low-cost carriers, for official travel, the finance ministry said Thursday.Under the so-called government transportation request, the country's public servants have been required to exclusively use the two airlines for almost 40 years. This composite image shows Korean Air`s B787-9 (t
June 14, 2018
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Korean firms required to overhaul top-down, drinking culture
South Korean companies need to improve their strict top-down management structure and culture of frequent after-work drinking if they want to hire talented workers in China, a local trade association said Thursday.In a survey of 465 applicants for jobs in Korean firms operating in China, the Korea International Trade Association found more than 27 percent of the respondents picked the after-work drinking culture and top-down management style as two major things that should be improved, KITA said
June 14, 2018
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Would you buy meat from vending machines?
With the rise in the number of one-person households in the nation, 24-hour vending machines selling meat are going to be in service starting end of June.Imagine packaged meat popping out of side-street machines. That looks set to be the future of Korean cities, following the passing of a revision to the Livestock Products Sanitary Control Act, the Ministry of Food and Drug Safety said Wednesday.The revision was passed by the Ministry of Government Legislation, allowing livestock product sellers
June 13, 2018
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CEOs serve tables for AmCham charity night
A male staff member of 3M Korea looked excited and happy at the 14th AmCham CEO Servers’ Night at the Conrad Seoul on Tuesday.After taking a selfie with his company head, he said, “I got up some courage under the influence of alcohol. I am now so happy that I just sent the photo to my parents.”The 14th AmCham CEO Servers’ Night (AmCham)Next to him, 3M Korea President Amit Laroya was busy serving wine and food to around 20 employees, cheering his staff and giving presents to them through small ev
June 13, 2018
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How profitable will inter-Korean business be?
Anticipation for economic ties with the North is growing in the South following the milestone US-North Korea summit on Tuesday and the inter-Korean summit in April. North Korea opening its market could be a boost to South Korea’s economy in the long term, as it has already entered a slow-growth stage, but it would come at the expense of hefty costs in the short-to-mid term, analysts said. According to a report released by the Korea Institute for International Economic Policy in 2015, inter-Korea
June 13, 2018
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Posco strives for transparent CEO nomination process
South Korean steel giant Posco appears to be taking a cautious approach in selecting its new CEO amid reports questioning the political neutrality of the formerly state-run enterprise.The firm’s council, consisting of five outside board members, picked 11 candidates from 21, in its sixth round of meetings, the company said Wednesday. The list of candidates was not disclosed. The council will interview five candidates at the next meeting, before selecting one finalist in June.The CEO candidate mu
June 13, 2018