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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Market uncertain on Korea's October rate cut despite slowed inflation
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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Special counsel bill to probe first lady scrapped
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Air Seoul to open route to Vietnam this week
Air Seoul Inc., the budget unit of Asiana Airlines Inc., said Thursday that it will launch a new route to Danang, Vietnam, this week, a move that could heat up competition among South Korean carriers over a popular tourist destination.The debut service to Vietnam is set to begin at 10:20 p.m. on Friday, with the 195-seat A321-200 jet being deployed on the route. The service will be available every day, according to the carrier.Currently, six other South Korean carriers operate flights to Danang,
May 17, 2018
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[Doing Biz in Korea] ‘Korean women are underestimated in leadership’
The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the eighth installment. -- Ed.Despite having impressive power, knowledge and leadership, Korean female leaders are underestimated due to cultural and social barriers, according to the chief of the Korean-German Chamber of Commerce and Industry. “Careers of females have never been easy anywhere. But, it seems a bit more in Korea,” said Ingrid Drechs
May 16, 2018
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Advocacy group urges policy for defense against hostile activist funds
The nonprofit Korea Listed Companies Association, which represents some 2,000 listed companies, urged the government Wednesday to come up with a policy to allow companies to defend against hostile moves from foreign activist shareholders.Such attempts have undermined Korean firms’ efforts to embark on long-term growth and instead lead to them sticking to short-term gains, said Jung Koo-ryong, chairman of the advocacy group, in a press conference held at the Korea Exchange headquarters on Wednesd
May 16, 2018
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Samsung BioLogics, authorities to clash over accounting fraud case
South Korea’s top financial regulator and Samsung BioLogics are set to butt heads Thursday over allegations that the Samsung-owned contract drug manufacturer committed accounting fraud by inflating its net profit ahead of its initial public offering in 2016.The Financial Services Commission will be convening an initial meeting of its in-house accounting oversight panel on Thursday. It will then refer the case to the Securities and Futures Commission for a final decision. The deliberations follow
May 16, 2018
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Sales of heat-not-burn tobacco skyrocket in 11 months: data
Following the release of different types of heat-not-burn cigarette products by major tobacco companies in Korea, a total of 163 million packs of HNB cigarettes have been sold in the 11 months since the first HNB e-cigarette device was introduced to the domestic market, data showed Wednesday.According to data from the tobacco industry and the Ministry of Health and Welfare, sales of HNB cigarettes have risen sharply since Philip Morris International released the Iqos in May last year. Sales of H
May 16, 2018
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Hanjin Group says founder's adult children pay W19.2b in inheritance tax
Korean Air Chairman Cho Yang-ho and his four siblings have paid 19.2 bln won ($17.7 million) in inheritance tax, transportation and logistics conglomerate Hanjin Group said Wednesday.The five paid inheritance tax following the death of Hanjin Group founder Cho Choong-hoon in 2002, but they learned in April 2016 that they have additional overseas assets they are entitled to inherit and revised their inheritance tax payment to the tax authorities in January this year.Hanjin Group said the 19.2 bil
May 16, 2018
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Shilla Duty Free outperforms in Q1 with record-high sales
Shilla Duty Free, the airport duty-free retailer under Hotel Shilla, said Wednesday that it posted record-high sales of 1.14 trillion won ($1 billion) in the first quarter of this year. A Shilla Duty Free store in Phuket, Thailand. Hotel ShillaShilla Duty Free earned 47.6 billion won in operating profit in the first quarter, mainly due to an increase in sales at its overseas duty-free shops. The company recorded 600 billion won of sales last year. It expects sales to hit 1 trillion won this yea
May 16, 2018
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Daijin mattresses contain radioactive material above standard
South Korea‘s nuclear commission ruled on Tuesday that some of the mattresses manufactured by Daijin Bed Co. contain radioactive material above the standard and ordered a recall. The radioactive levels, including for radon, of seven Daijin mattresses were up to 9.3 times above the national tolerance standard, the Nuclear Safety and Security Commission said. Radon is a radioactive, colorless and odorless gas occurring naturally as an indirect decay product of uranium or thorium. It is considered
May 15, 2018
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Hyundai Merchant to raise its stake in Busan terminal
Hyundai Merchant Marine Co., South Korea’s biggest shipping line, said Tuesday it will raise its stake in a Busan terminal in a move that could strengthen its competitiveness through lower cargo handling costs. Hyundai Merchant Marine said it and PSA International, a Singapore-based terminal operator, are set to acquire 40 percent and 10 percent stakes from private equity investment firm IMM Investment, respectively. The deal -- signed in South Korea’s southeastern port of Busan earlier in the d
May 15, 2018
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KGCCI Innovation Awards applications open until May 31
The Korea-German Chamber of Commerce and Industry said Tuesday it is hosting the KGCCI Innovation Awards to find innovative solutions to mutual problems and foster discussion and cooperation between Korean and German companies. All companies located in South Korea may apply or recommend other companies to one of the three following categories: business, sustainability and digitalization. The business sector covers innovation in new products, processes, organizational development, services and bu
May 15, 2018
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[Newsmaker] Watchdog blasted over call for new Samsung control tower
“How can a control tower not have control?” An official at Samsung Electronics threw the question back to The Korea Herald when asked what Samsung executives and employees think of the latest comments by Kim Sang-jo, chairman of the Fair Trade Commission. Kim said in interviews with local media last week that Samsung needed a new control tower to coordinate all affiliates. He publicly urged Samsung heir apparent Lee Jae-yong to take action to overhaul the corporation’s governance structure acros
May 15, 2018
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Macau seeks gaming innovation, reaching out to new markets of Japan
MACAU -- It’s not a secret that Macau, an autonomous region in China, has made a name for itself as the new gambling capital of the world in recent years. And Melco Resorts Chairman Lawrence Ho -- son of Macau gaming legend Stanley Ho and a casino bigwig who runs three major casino-resorts such as City of Dreams and Studio City in Macau -- has shared his business philosophy and ambitions to foray into Japan. “Ten years ago, the industry was lazy and low-tech. But right from the start I knew eve
May 15, 2018
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S. Korea’s millennials optimistic about economy: survey
South Korea’s millennials -- those born between the 1980s and early 2000s -- have positive views of the country’s economic outlook for this year, but they found fault with its uneven distribution of wealth, according to Deloitte Consulting Korea. (Yonhap)The 2018 Deloitte Millennial Survey by Deloitte Global showed that the proportion of millennials here with a positive appraisal of the economy stood at 48 percent, up 35 percentage points from the previous year, officials said Tuesday.Furthermor
May 15, 2018
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Lotte Shopping to invest W3tr for e-commerce under omni-channel
Lotte Shopping, which operates Lotte Group’s retail brands such as Lotte Department Store and Lotte Mart, will invest 3 trillion won ($2.8 billion) to fortify its e-commerce business under one channel, based on its expertise of operating offline business. Lotte Shopping CEO Kang Hee-tae speaks during a press conference held in Seoul on Tuesday. Lotte Shopping“We aim to make online sales of 20 trillion won by 2022 and become the industry’s No.1, through our focus on strategies for O4O (Online-fo
May 15, 2018
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US should treat Hyundai, Toyota equally: AmCham
Representatives of the American Chamber of Commerce in Korea delivered a message to the US government that Korean automakers including Hyundai Motor and Kia Motors should have full benefits and support during its Doorknock meeting, according to the organization on Tuesday. Doorknock is AmCham’s annual event where its delegation meets with the US administration and high-ranking officials to discuss trade and business issues between Korea and the US. This year, the delegation visited the US from A
May 15, 2018
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SMEs step up patent suit strategies in overseas market: data
South Korea’s small and medium-sized businesses are increasingly taking aggressive legal measures to defend their patents in the US market, according to the Korean Intellectual Property Office and the Korea Intellectual Property Protection Agency.The 2017 IP Trend Annual Report showed Monday that the number of patent litigations filed by Korean companies in the United States, which had been on a steady decline since 2013, took an upturn last year and stood at 182 cases, up 38 from the previous y
May 14, 2018
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[Photo News] Refuting Samsung BioLogics' defense
REFUTING SAMSUNG BIOLOGICS’ DEFENSE -- Hong Soon-tak (right), an activist and certified public accountant, speaks at a press conference held by civic activist group People’s Solidarity for Participatory Democracy at its headquarters in Seoul on Monday. The press conference aimed to refute claims by biopharma company Samsung BioLogics that its change of accounting method had no association with accounting fraud. (Yonhap)
May 14, 2018
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[Video] Matching unique beer with Korean BBQ
Samgyeobsal (pork belly) with soju, Pajeon (scallion pancake) with makgeolli (Korean rice wine) and cheese with wine: these are some of the staple pairings of dishes and alcoholic beverages that go hand in hand.Taking cue from the commercial effects of such dining culture, beverage makers and importers have been stepping up their marketing game by finding “the right” pairings of local dishes for their brands in a country where alcohol consumption is shifting towards quality rather than quantity.
May 14, 2018
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Industry Minister visits Singapore, Thailand on economic cooperation
Korean Minister of Trade, Industry and Energy Paik Un-gyu, will discuss expansion of economic cooperation with his counterparts during a four-day visit to Singapore and Thailand, according to the ministry on Monday. His visit to the two nations is seen as part of the President Moon Jae-in’s recent promise to bolster ties with Southeast Asia. Paik Un-gyu, Korean Minister of Trade, Industry and EnergyDuring the stay in Singapore, Paik is slated to have a dialogue with Chan Chun Sing, the minister
May 14, 2018
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‘Inefficient and all for show’: Korean workers cynical about moves to change corporate culture
Despite attempts in recent years to adopt shorter work hours and greater flexibility in the corporate world, a majority of Korean workers doubt that such efforts actually make a difference, a joint survey by the Korea Chamber of Commerce & Industry and McKinsey showed Monday.Around 2,000 Korean employees were surveyed to check whether there was any improvement from a previous survey in 2016. The earlier report had highlighted Korean employees’ habitual overtime work, inefficient meetings and a l
May 14, 2018