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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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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Experts predict China to approve Toshiba deal after meticulous calculation
In response to re-emerging concerns about the possible fallout of Toshiba’s deal to sell its memory business to a global consortium by the end of June, trade and semiconductor industry experts in South Korea say China would approve the deal in the end, but after meticulously calculating its interests. Korean trade and semiconductor experts both cite China’s ‘Made in China 2025’ plan as a major reason for the Toshiba deal being delayed for several months. “By international trade customs and rules
May 10, 2018
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Korea’s ginseng goes to Asia-Pacific region
SINGAPORE -- While ginseng products have long been consumed by all age groups in South Korea, the spreading of information on their convenience and benefits has relied mostly on word of mouth.With a gradual rise in the popularity of ginseng products overseas, Korea’s largest ginseng manufacturer has set out to market its products full-fledged, most recently by attending the region’s biggest duty-free and travel retail show.Korea Ginseng Corp. showcased its red ginseng-based products at the 2018
May 10, 2018
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SK E&C sets sights on $15b canal project in Turkey
South Korean builder SK Engineering and Construction’s top official has expressed intent to lead a canal project in Turkey, citing its track record in multiple projects in the nation. Dubbed Canal Istanbul, the project involves building a 45-kilometer-long waterway that connects the Black Sea with the Marmara Sea. It is reportedly estimated to cost some $15 billion. “(Canal Istanbul) is a major project both in terms of value and importance,” Lee Seung-soo, vice president of SK E&C, was quoted as
May 10, 2018
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Big data, AI key to future postal service: Korea Post chief
The state-run Korea Post chief Kang Seong-ju said artificial intelligence and big data are key to addressing a global decline in mail volume, in a panel discussion at Universal Postal Union World CEO Forum held Wednesday, according to Korea Post.As a panelist in a session of the forum, Kang introduced Korea Post’s efforts to adopt AI and drones to “develop a future delivery system” that helps mail to be delivered to remote areas that are difficult to reach. Korea Post President Kang Seong-ju (th
May 10, 2018
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KOTRA to move Southeast Asian headquarters to Hanoi
The Korea Trade-Investment Promotion Agency said on Thursday it will move its regional headquarters of Southeast Asia and Oceania from Singapore to Vietnam, in response to the changing trade environment and policies.Kwon Pyung-oh, CEO of KOTRA (Yonhap)“The regional headquarters will be moved to Hanoi where Korean companies are increasingly making a presence. Two new trade centers will also be set up in Ahmedabad, India and Danang, Vietnam,” Kwon Pyung-oh, CEO of KOTRA, told reporters. The state-
May 10, 2018
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GM, Seoul agree on $7.15b rescue plan
General Motors has decided to set up its Asia-Pacific regional office in South Korea, among other measures to boost its operation here, while agreeing with the Seoul government on a $7.15 billion rescue plan to normalize business in the country, of which $750 million will come from Korea’s state-run bank, officials said Thursday.The two sides reached the agreement, according to which GM will convert $2.8 billion owed by GM Korea into shares and extend loans worth $3.6 billion for the local unit
May 10, 2018
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Orion’s signature corn chips enter Chinese market
Korean confectionery company Orion said it will begin manufacturing its signature corn chips Kkobuk Chip for sale in China from Thursday. Orion’s Lang Li Ge Lang, the Chinese version of Kkobuk Chip. OrionIt will be sold under the Chinese name “Lang Li Ge Lang,” which directly translates to a wave inside a wave, referring to the wavy, layered look of the crispy snack. The production and sale of the corn soup flavored snack in China will be done via its overseas corporation in the country, the com
May 10, 2018
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Budweiser kicks off ‘Light Up The FIFA World Cup’ global campaign
The American-style lager Budweiser, the official beer of the FIFA World Cup, has unveiled its worldwide campaign to promote the 2018 FIFA World Cup, which will kick off in Russia on June 14. Budweiser’s Light Up the FIFA World Cup global campaign. BudweiserUnder the campaign “Light Up the FIFA World Cup,” Budweiser has released Thursday its advertisement featuring the largest beer delivery to date. In this televised ad which will be aired in some 50 countries around the world, thousands of dron
May 10, 2018
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Corporate watchdog chief hopes for conglomerates' voluntary change
South Korea's corporate watchdog chief said Thursday that conglomerates should continue efforts to voluntarily reform their cobweb-like family-run governance structures to meet market expectations and promote fair competition.In a meeting with heads of the country's top 10 conglomerates, including Samsung and Hyundai, Fair Trade Commission Chairman Kim Sang-jo also stressed that the corporate watchdog would keep monitoring large business groups who abuse their market dominance and carry out unfa
May 10, 2018
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Sales of ‘budget meal’ lunch boxes grow
Amid South Korea’s rising consumer prices and increasing interest for budget meals, sales of lunch boxes at convenience stores are growing, industry data showed Wednesday. CU lunch box (CU)According to BGF Retail, operator of the country’s convenience store chain CU, the sales of lunch boxes at CU stores surpassed that of instant cup noodles last year for the first time, recording 52.1 percent and 47.9 percent, respectively.From January to April this year, sales of lunch boxes at CU stores hit
May 9, 2018
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LG rattled by raid over alleged tax evasion of owner family
LG Group was thrown off guard Wednesday as the prosecution raided the headquarters of the conglomerate as part of an investigation into alleged tax evasion by the family of LG Chairman Koo Bon-moo.The Seoul Central District Prosecutors’ Office sent a team of investigators to search the offices in Yeouido, Seoul, and confiscate materials including accounting documents.The raid follows a complaint filed by the National Tax Service against the Koo family, in relation to the suspicion that they evad
May 9, 2018
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Korea, Japan, China leaders meet over economic partnership
A trilateral business summit attended by leaders and business representatives from Korea, Japan and China took place in Tokyo on Wednesday, jointly hosted by the Korea Chamber of Commerce & Industry, the Japan Business Federation and the China Council for the Promotion of International Trade. Park Yong-man (from left), chairman of the Korea Chamber of Commerce, President Moon Jae-in, Japanese Prime Minister Shinzo Abe, Chinese Premier Li Keqiang and CCPIT Chairman Jiang Zengwei attend a trilater
May 9, 2018
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[Video] Samsung heir Lee Jae-yong returns after China, Japan trip
GIMPO -- Samsung Electronics heir and Vice Chairman Lee Jae-yong on Wednesday returned from a weeklong trip to China and Japan after meeting the company’s major business partners there. In response to a question on what had been the major achievements of the latest trip, Lee told The Korea Herald that he would elaborate more later on.(Shot by Song Su-hyun/Edited by Lim Jeong-yeo)Lee met with chairmen and top officials of Japan’s mobile carriers KDDI and NTT Docomo in Tokyo earlier this week as p
May 9, 2018
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Coway sets new record high Q1 performance
Water and air purifier maker Coway said it recorded 647.8 billion won ($598 million) of sales in the first quarter this year with 6.2 percent increase on-year, and 131 billion won of operating profit with 8.6 percent rise on-year, both setting new record highs. Coway CEO Lee Hae-sun (right) poses in front of Coway’s Fresh Wear Styling System, a clothing cleaning machine, at the 2018 Consumer Electronics Show. CowayThe company said the record sales and operating profit are attributable to the hi
May 9, 2018
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Customs agency to set up special team over Hanjin’s alleged smuggling
The Korea Customs Service is reviewing setting up a special team to improve its customs administration system with respect to growing suspicion over family members of Hanjin Group Chairman Cho Yang-ho’s smuggling luxury goods into the country without properly paying duties.The team will closely monitor the passage for airline employees in the airport that was allegedly misused by Cho’s family for dodging duties and also look into the cozy relations between the customs and airline employees, the
May 8, 2018
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AI boosts patents in renewable energy sector: data
Patent applications in the renewable energy sector have sharply increased in recent years, on the back of artificial intelligence and its integration with energy systems, data showed Tuesday.The number of renewable energy patents involving artificial intelligence issued in 2006-2017 totaled at 253, according to the Korean Intelligence Property Office.The yearly figure, which lingered in the 11-17 range in 2010-2012, took a drastic upturn starting 2013 to reach 40 in 2016 and 47 in 2017.Of the ac
May 8, 2018
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Kumho Tire seeks delisting as defense-related business
Following its sell-off to China’s state-run tiremaker Qingdao Doublestar, Kumho Tire recently requested the government to cancel its designation as a defense-related company. Kumho TireThe tiremaker is categorized as a defense industry company as it manufactures tires for fighter planes. Kumho Tire makes some 1.6 billion won ($1.4 million) annually from the related business. Separately, creditors of Kumho tire such as Korea Korea Development Bank are reportedly planning to sell the company’s def
May 8, 2018
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Korea Ginseng Corp. to attend global duty free show in Singapore
Korea Ginseng Corp. will participate in this year’s TFWA World Exhibition & Conference in Singapore for the second year in a row with aims to promote its ginseng-based health care products in the global market, the company said Tuesday. A Cheong Kwan Jang booth set up by Korea Ginseng Corp. (Korea Ginseng Corporation)The Tax Free World Association, or TFWA, is the largest association in international duty free and travel retail. It hosts the global conference twice a year, once in Singapore and
May 8, 2018
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S. Korea's electric utility envisions power plant in N. Korea
South Korea‘s state-owned electric utility has conjured up a plan to build a power plant in North Korea that generates electricity for industrial facility operation there, according to reports Tuesday.The preliminary plans came amid the blossoming relationship between the two Koreas following an inter-Korean summit on April 27, although the feasibility remains farfetched due to outstanding economic sanctions. (Yonhap)According to the plan by the Korea East-West Power, a subsidiary of the state-
May 8, 2018
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[Doing Biz in Korea] ‘Koreans are hard-working but shy’
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 seventh installment. -- Ed.A hardworking mentality has been without doubt the key mantra of South Korea in its rapid industrialization and economic advancements after the Korean War (1950-53). Now the 11th-largest and fourth-biggest economy in the world and Asia respectively, the country is leading in industries ranging from conventional manufa
May 8, 2018