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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Doosan Heavy Q1 net profit down 38 pct on foreign exchange loss
Doosan Heavy Industries, South Korea's top power equipment maker, said Thursday its first-quarter profit fell 38 percent from a year earlier largely due to foreign exchange loss. Doosan Heavy Industries' power generation equipment (Doosan Heavy Industries)Net profit reached 23.1 billion won ($21.4 million) on a consolidated basis in the January-March period, compared with 37.4 billion won a year earlier, the company said in a regulatory filing.The company said foreign exchange loss and discontin
April 26, 2018
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Local discount chains strive to reduce plastic waste
Five major discount store chains in South Korea on Thursday joined the Environment Ministry’s nationwide move to reduce plastic waste. From left: Mega Mart’s Merchandise Director Kang Sung-tae, Korea National Council of Consumer Organization Vice President Moon Mi-ran, Nonghyup Hanaro Market CEO Kim Sung-kwang, Environment Minister Kim Eun-kyung, E-Mart’s Business Management division Director Lee Joo-hee, Homeplus Operation Management chief Jeon Hwa-soo and Lotte Mart Merchandise Director Nam Ch
April 26, 2018
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Samsung faces tough Q2 with stalled mobile growth, weak display business
After achieving a record-high first-quarter operating profit, South Korean tech giant Samsung Electronics faces a tough second quarter, as its display and mobile businesses are forecast to experience unfavorable market conditions, according to a conference call held Thursday after its earnings announcement. While the memory business is expected to stay robust in the following quarter, Samsung’s mobile device business is projected to see declines in sales of premium flagship models due to slowing
April 26, 2018
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Cafe24 sets record high Q1 GMV of W1.8tr
E-commerce platform Cafe24 said Thursday that it has recorded at least 1.83 trillion won ($160 million) of gross merchandise volume in the first quarter, about a 22 percent jump on-year.Cafe24Influenced by the continued expansion of e-commerce platforms, Cafe24 said its quarterly gross merchandise volume has been showing an average of 20 percent growth for the last three years. “Given that such an upward trend continues, Cafe24’s 2018 yearly gross merchandise volume is projected to reach about 8
April 26, 2018
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FTC chief says Elliott’s scenario for Hyundai would breach fair trade law
The chief of the Korea Fair Trade Commission said Thursday that a recent demand made by US activist hedge fund Elliott to Hyundai Motor Group to create a holding company by merging Hyundai Motor and its parts making affiliate Hyundai Mobis would be in violation of Korea’s fair trade law.“Elliott’s call to create a holding firm could violate the law that separates industrial and financial capital,” Kim Sang-jo told reporters before his opening speech at a local business conference. “I explained t
April 26, 2018
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Hyundai Motor Q1 net plunges 48% on strong won
Hyundai Motor Co., South Korea's biggest carmaker by sales, said Thursday its first-quarter net profit plunged 48 percent on the strong won and weak sales in two major markets.Net profit for the three months ending March 31 fell to 731.6 billion won ($678 million) from 1.406 trillion won a year earlier, the company said in a statement."The net result was affected by the won's strength against the dollar, weak demand in the United States and China, and decreased working days due to strikes during
April 26, 2018
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Chips, smartphones bring Samsung largest-ever Q1 operating profit
South Korean tech giant Samsung Electronics said Thursday it achieved record-high operating profit for the first quarter of 2018 due to robust sales of memory chips and smartphones. According to the earnings announcement, Samsung posted 60.56 trillion won ($56.98 billion) in consolidated revenue and 15.64 trillion won in operating profit for the first three months of the year. Its first-quarter revenue grew nearly 20 percent year-on-year, while operating profit for the quarter was a record high.
April 26, 2018
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Samsung's work environment holds no clues to workers' illnesses: investigation team
An independent investigation committee tasked with checking the work environment at Samsung Electronics Co. said Wednesday that it has found no clear evidence to link the chips and display lines with the illnesses suffered by some workers, although acknowledging there should be continuous studies. After carrying out a probe, the team of experts said it found no critically hazardous substances at Samsung's production facilities. "It is our goal to prevent work-related diseases in the future by re
April 25, 2018
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[Doing Biz in Korea] Too many ‘pure’ Korean regulations here: ECCK president
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 sixth installment. -- Ed.South Korea should get rid of “too many pure Korea regulations” that hamper trade, and fully utilize the benefits of its free trade deals, according to the president of the European Chamber of Commerce in Korea. “Sometimes, European companies hesitate to launch their new products here because there are too many ‘pure Ko
April 25, 2018
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Seoul court rules in favor of LG for vacuum cleaner ad
The Seoul Central District Court ruled Wednesday in favor of LG Electronics in a case regarding its cordless vacuum cleaner advertisement, denying UK home appliance maker Dyson’s claim that LG exaggerated a characteristic of its product. A screenshot of LG Electronics’ advertisement for its cordless vacuum cleaner. (Youtube)“LG’s advertisement is considered to have cited test results conducted by objective means,” the court said, adding there is no evidence that LG had sought to mislead consume
April 25, 2018
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[Management in Korea] CEO succession: A powerful tool for chaebol continuity
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.The transition to a new CEO is a vulnerable time, as the rest of the company, its business partners, investors and customers size up the new leader and his or her effect on the trajectory of the organization. If this is true for companies in general, it is often particularly so for family businesses. In ad
April 25, 2018
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Energy minister ditches plan to install solar panels at home amid neighbors’ opposition
South Korea’s Energy minister Paik Un-gyu has ditched a plan to install a household solar power system at his home apartment, in the face of opposition from neighbors in the same building. Energy minister Paik Un-gyu (Yonhap)Paik, a resident of the affluent Gangnam district in southeastern Seoul, attempted to have the power-generating device attached to the apartment building several weeks ago, according to the ministry. The 54-year-old minister of trade, industry and energy asked a local admin
April 25, 2018
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Customs authorities take to instant messengers to keep anonymity of Korean Air whistleblowers
South Korea’s customs authorities have taken to instant messengers KakaoTalk and Telegram to help whistleblowers anonymously share evidence of the embattled Hanjin owner family’s breach of the law. (Yonhap)Incheon Main Customs, a local unit of the Korea Customs Service in charge of major international airports in Incheon and Gimpo, started an “open chat room” on the nation’s popular messenger app KakaoTalk on Tuesday, through which users can share evidence with all participants in the chat room.
April 25, 2018
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Court denies Dyson's request to stop LG vacuum cleaner ad
A Seoul court on Wednesday turned down an injunction request by British home appliance maker Dyson attempting to stop an advertisement for a cordless vacuum cleaner produced by South Korea's LG Electronics Inc. for overrating its functions.Dyson filed for the injunction last November, claiming that LG had exaggerated the suction power of premium cordless vacuum cleaner Code Zero A9 in its advertisement.The foreign electronics firm, which has established a strong foothold in the local market on t
April 25, 2018
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Police raid Hyundai Engineering's main office in graft probe
Police said Wednesday they raided the headquarters of Hyundai Engineering & Construction Co. in an investigation into allegations that the company offered bribes to owners of properties for which it had bid to gain the sole rights for housing reconstruction.The white collar unit of the Seoul Metropolitan Police Agency sent 37 officers to the company's main office in Jongno, central Seoul, to obtain evidence. (Yonhap)Police have been investigating the country's major builder based on intel that t
April 25, 2018
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Officials seek evidence of alleged tax evasion by Korean Air owning family
South Korea's customs service said Wednesday that it has opened a chat room in the country's dominant chat app Kakao Talk as part of its efforts to gather evidence over allegations that the members of Korean Air Chairman Cho Yang-ho's family smuggled luxury goods without paying duties.The Korea Customs Service said anyone can join the chat room with the click at the click of a link (open.kakao.com/o/g9vFEqL).The move came as Korean Air officials who tipped off the media about Cho family members'
April 25, 2018
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Semiconductor industry shows big profit gap between majors, minors
The profit gap between majors and minors in the semiconductor industry is as wide as eight-fold, analysis by a corporate tracker showed Wednesday, an imbalance veiled by big successes of industry leaders, such as SK hynix and Samsung Electronics.According to CEO Score, total sales by 173 semiconductor firms last year came to 242.88 trillion won ($225.3 billion). Their operational profit reached 57.1 trillion won. The analysis was based on business reports submitted by the companies who are membe
April 25, 2018
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Korean Air chairman accused of ‘excessive’ disciplinary action
Embattled Korean Air Lines Chairman Cho Yang-ho is now under fire for ordering what some have viewed as “excessive” disciplinary action against cabin crew over a customer’s complaint. The complaint involving a chicken curry dish served during a flight follows Chairman Cho’s public apology for the latest “water rage” scandal involving one of his daughters Sunday, as he fired his two daughters Cho Hyun-ah and Cho Hyun-min from their senior executive posts for causing public uproar. Cho Hyun-ah was
April 24, 2018
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Korean Air faces investigation over unfair business practice
The scandal at the embattled Korean Air has spread into an investigation by the nation’s antitrust watchdog into the group’s alleged unfair business practices. It is the latest line of investigations by the authorities sparked by allegations that Cho Hyun-min, a senior vice president at the airline, threw water in an advertising agency employee’s face at a business meeting. “We started an investigation (into Korean Air) on Friday,” the Fair Trade Commission said Tuesday. “A total of 30 investiga
April 24, 2018
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Hyundai steel steps up CSR activities
Hyundai Steel, the steelmaking arm of Hyundai Motor Group, is engaged in a number of volunteer projects to boost long-term corporate social responsibility and help tackle social problems, according to the company Tuesday.Under the company’s vision to “Create miracle and change for the next 100 years,” it has taken part in volunteer programs here and overseas.Since 2011 Hyundai Steel has been running a project aimed at reducing energy use at low-income households in Incheon, Pohang in North Gyeon
April 24, 2018