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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What’s the worst case scenario for Samsung BioLogics?
An announcement by the nation’s financial regulator on Samsung BioLogics’ alleged breach of accounting rules before its market debut in 2016 last week has sent shockwaves across the market, not only dealing a serious blow to the South Korean biotech drug manufacturer, but also placing a heavy burden on the authorities to prove their claim.The Financial Supervisory Service said on May 1 that it had issued a preliminary notice to Samsung BioLogics and its auditors that it could take action over th
May 8, 2018
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AFoCO to lead growth with green forests
Kim Jae-hyun (Asian Forest Cooperation Organization)The efforts for the establishment of the AFoCO started in a simple but desperate attempt to do what we can to save our forests and help the people live better lives in Asia. The AFoCO is opening a door to unfold ‘Asia nestled in forest’ where people lead more prosperous lives with healthier forests. This paves the way to better contribute and think more proactively in tackling climate change -- a global challenge of this age. All too often, for
May 8, 2018
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AFoCO to play crucial role in Moon’s ‘New Southern Policy’
Lim Sung-nam (AFoCO)Last year, President Moon Jae-in announced the New Southern Policy. Under this policy direction, Korea is looking beyond Northeast Asia to deepen bonds of cooperation with ASEAN and beyond. By forging a mutually beneficial partnership, the policy’s ultimate goal is to contribute to an even better quality of life for the peoples of both ASEAN and Korea -- and in so doing fostering a peaceful community of prosperity. In this vein, AFoCO will be an important channel for us to t
May 8, 2018
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Samsung executive probed over alleged labor union sabotage
Prosecutors questioned an executive of Samsung Electronics Co.'s after-service affiliate Tuesday over allegations that his company carried out an organized scheme to disrupt labor union activities among workers. The Seoul Central District Prosecutors' Office grilled Choi Pyeong-seok, a senior executive at Samsung Electronics Service in charge of the human resources division, the office said. The 56-year-old is suspected of leading a scheme to sabotage the establishment of the labor union. Sams
May 8, 2018
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Home appliance sales surge in May amid fine dust concerns: data
Sales of home appliances have been rising every May over the past few years amid growing concerns over high levels of fine dust in the atmosphere, industry data showed Tuesday.Shinsegae Department Store said its sales of home appliances in 2017 were the highest in May, compared with the two previous years when the comparable figures peaked in October.The retailer's sales of household electrical appliances in May posted 15.3 percent growth in 2015, 27.6 percent in 2016 and 47.7 percent last year,
May 8, 2018
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S. Korea needs efforts to avoid US anti-dumping moves: report
South Korea needs more attention to avoid US anti-dumping moves as the bulk of its exports to the world's No. 1 economy overlaps with already regulated Chinese goods, a report said Tuesday.According to the report by the Korea International Trade Association, 90 percent of South Korean exports subject to US anti-dumping moves are the same types of Chinese-made products that the US regulates to protect its domestic industries.The South Korean exports total 351, 98 percent of which are steel produc
May 8, 2018
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Asian forest ministries link up to fight climate change
Ministries and government bodies in charge of forest preservation in South Korea and ASEAN member countries have launched an intergovernmental platform to strengthen regional cooperation regarding forests and address the impacts of climate change. Attendees including Lim Sung-nam, first vice minister of foreign affairs (sixth from left), Kim Jae-hyun, minister of the Korea Forest Service (sixth from right), Park Eun-sik, acting executive director of AFoCO (fifth from right), and Lee Hyuk, secret
May 7, 2018
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Korea’s labor productivity ranked 17th in OECD
Korea’s labor productivity is ranked 17th among 22 member nations of the Organization for Economic Cooperation and Development, according to the OECD report released on Sunday. According to the report, Korea’s gross domestic product per hour worked stands at $34.30, a rise by $1.40 from the previous year. Despite a steady rise since 2011, it is still lower than $47.80 of Spain whose gross domestic product is similar to Korea and is around 38 percent of Ireland’s $88, wh
May 7, 2018
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Hyundai Heavy Industries partners with German robotics maker
Hyundai Heavy Industries Holdings has signed an agreement with German robotics maker Kuka with the aim of selling Kuka’s products to large Korean manufacturing firms, the company said Monday. The agreement was signed on the same day by Kuka chief Till Reuter and Hyundai Heavy Industries Holdings’ management support division head Chung Ki-seon in Germany. Hyundai Heavy Industries Holdings’ management support division head Chung Ki-seo (fourth from left) and Kuka chief Till Reuter (fifth from left
May 7, 2018
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S. Korea's mobile data prices second-highest in world: data
South Korea ranked No. 2 around the globe in terms of smartphone data subscription costs last month, data showed Monday, adding to consumer complaints over local mobile carriers' presumably overpriced subscription plans.According to the study conducted by Finland-based industry tracker Rewheel, the average cost for 1 GB of mobile data in South Korea came to 13.9 euro ($16.6) in April, making South Korea the second-most expensive country in the world.The study was conducted on 41 countries' prici
May 7, 2018
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Data shows unbalanced revenue growth among large Korean firms
South Korea's top 100 companies saw first-quarter earnings rise compared to the same period last year, but the gains were concentrated on a handful of high-performing companies, corporate analysis showed Sunday.CEOScore, a website that appraises corporate performance, analyzed the top 100 firms on their first-quarter business ledgers.Results showed combined sales of 320.5 trillion won ($297.58 billion), up 4 percent from the same period last year, and operational profits of 38.7 trillion won, an
May 6, 2018
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Samsung Biologics' market cap crashes over problematic accounting
South Korea's major biopharmaceutical firm, Samsung BioLogics Co., saw its market capitalization plunge this week over alleged accounting violations, market data showed Saturday.The share price of the firm nosedived 26.3 percent over the previous three trade sessions, losing a whopping 8.5 trillion won ($7.8 billion) in terms of market cap.The drop came after South Korea's financial watchdog on Tuesday tentatively concluded that Samsung BioLogics committed accounting fraud while assessing the va
May 5, 2018
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Korean Air employees to hold candlelight vigil against chief's family
Hundreds of former and current employees at Korean Air Lines Co. will stage a candlelight vigil on Friday in protest at the abusive treatment by the controlling Cho family, amid rising public outcry over an alleged assault by one of the chief's daughters. Former and current employees at the country's flag carrier, as well as their families and acquaintances, are expected to attend the rally from 7 p.m., police officials said. It is highly unusual for employees of a large conglomerate in South Ko
May 4, 2018
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Congratulatory messages from business leaders and diplomats on The Korea Herald's 20,000th edition
From top left, clockwise: LS Chairman Christopher Koo; Samsung Electronics CEO Kim Ki-nam; SK President Kim Jun; KCCI Chairman Park Yong-maan; Hyundai Motor Vice Chairman Yang Woong-chul; AmCham Chairman James Kim; Korea Exchange Chairman Jung Ji-won; ECCK Chairman Dimitris PsillakisChairman Park Yong-maan Korea Chamber of Commerce and IndustryCongratulations on issuing the 20,000th edition of The Korea Herald.I hope The Korea Herald continues its mission of providing accurate and balanced journ
May 3, 2018
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Korea and Germany host ‘Energy Day’ in Songdo
A bilateral event called the “Korean-German Energy Day” took place in Songdo on Wednesday with the theme of cooperation in energy efficiency and energy transformation between the two nations, according to its organizer, the Korean German Chamber of Commerce and Industry.Participants including Thorsten Herdan (fifth from right), director-general of the Federal Ministry for Economic Affairs and Energy, and Barbara Zollmann (fourth from left), president of the Korean-German Chamber of Commerce and
May 3, 2018
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L'Oreal acquires 100% of fashion retailer Style Nanda
French cosmetics giant L’Oreal has acquired a 100 percent stake in Style Nanda, marking its first acquisition of a Korean company, according to the fashion and makeup manufacturer Thursday.The exact transaction price for the deal was not disclosed. Last month, Style Nanda’s CEO and founder Kim So-hee had initially planned to sell off 70 percent of the company’s shares for 400 billion won ($37 billion) and to keep a 30 percent stake. However, she had changed her mind. Kim started Style Nanda as a
May 3, 2018
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Posco attends global offshore tech conference
(Posco)South Korea’s leading steelmaker Posco is attending the Offshore Technology Conference held in Houston, US, this week to showcase leading rolling and processing technology solutions, the company said Wednesday.The conference is a representative marine technology exhibition participated by some 2,500 companies worldwide.Posco set up an exhibition booth with a local oceanic equipment manufacturer to promote its techniques in collaboration with client firms to help win new orders, and to exp
May 2, 2018
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Korean Air heiress denies assault allegation
Cho Hyun-min, a former senior vice president of Korean Air, returned home after 15 hours of police questioning during which she reportedly denied allegations of assaulting an employee of an advertisement agency in March. Korean Air heiress Cho Hyun-min walks out of the Seoul Gangseo Police Station on Wednesday after being questioned. (Yonhap)Cho was called in on Tuesday on charges including business obstruction and assault.Cho reportedly told police that she threw an empty glass cup toward a wal
May 2, 2018
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Elliott confirms action against government over Samsung merger
US private equity firm Elliott confirmed Wednesday it was taking legal action against the former South Korean administration over its illegal intervention in the merger between Samsung C&T and Cheil Industries in 2015. “Elliott is seeking to negotiate with the Republic of Korea regarding compensation for Elliott’s damages arising from the former administration’s unlawful intervention in the merger of Samsung C&T and Cheil Industries,” said a statement released by the US fund. Elliott mentioned i
May 2, 2018
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Samsung BioLogics butts heads with FSS over accounting fraud decision
Samsung BioLogics on Wednesday went full force to rebut the Financial Supervisory Service’s tentative decision that the biologics drugmaker had engaged in accounting fraud, which immediately led to a plunge in the firm’s stock price throughout the day. In an emergency press conference in Seoul in the afternoon, Samsung BioLogics contended that it had received approval from the FSS along with three major accounting firms on changing its accounting method to International Financial Reporting Stand
May 2, 2018