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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[Weekender] Finding the love of life on mobile app
To begin a relationship, there are many things to consider about a potential partner, from age to personality, occupation and, for some, blood type.According to a survey conducted by Dooit Survey in January, the majority of 3,768 Koreans ranked personality as the priority when choosing a partner. Men ranked appearance and health as the second priority and occupation as third. Women put occupation and economic ability in the second spot, followed by appearance. The time-consuming process and limi
March 30, 2018
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[Newsmaker] Debate ensues upon return of Korean Air heiress Cho Hyun-ah
Debate has been reignited over whether it was timely or too soon for Korean Air heiress Cho Hyun-ah, known for her “nut rage” tantrum that sparked international uproar in 2014, to make an official comeback to work after three years and four months this week.Former Korean Air Vice President Cho Hyun-ah (Korean Air)According to KAL Hotel Network, a subsidiary of Korean Air under Hanjin Group, 44-year-old Cho was approved as its president during a shareholders meeting held Thursday. Cho, the former
March 30, 2018
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Stratasys to unveil additive solution in tech exhibition in Korea
Stratasys, a 3-D printing company, said Thursday it would unveil its latest prototyping and additive manufacturing solution at tech exhibition Simtos in Kintex exhibition center in Goyang from Apr. 3 to 7. Prototypes are basic models designed with only key functions in order to verify and improve performance before new products are launched. Additive manufacturing is a 3-D printing application that stacks and combines layers of base materials to make 3-D products. At the Stratasys booth, visitor
March 30, 2018
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Market reacts to Hyundai Motor’s structural reform
The market on Thursday reacted quickly to Hyundai Motor Group’s governance reform scheme announced Wednesday, with the share prices of its affiliates subject to spinoffs and mergers going in opposite directions.Investors pulled more than 2 trillion won ($1.88 billion) off the market value of Hyundai Mobis on Thursday morning trade, less than a day after the group released a structural overhaul plan to spin off the parts maker’s more lucrative businesses and merge them with Hyundai Glovis. The sh
March 29, 2018
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Former ambassador to Saudi Arabia appointed as KOTRA chief
A former ambassador to Saudi Arabia, Kwon Pyung-oh, has been appointed as the new chief of the Korea Trade-Investment Promotion Agency, the organization said Thursday.KOTRA said his inaugural ceremony would be held Monday. He had served as an ambassador to Saudi Arabia since November 2015, after working as chief of the Trade Ministry’s trade promotion division from 2013 to 2015. Kwon has a bachelor’s degree in trade from Hankuk University of Foreign Studies. He joined the government force in 198
March 29, 2018
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[Doing biz in Korea] ‘Government’s distrust in business is biggest problem’
The Korea Herald is publishing a series on South Korea’s business environment for foreign companies and investors. This is the second installment. -- Ed. A lack of trust between the government and companies is among the biggest problems for companies doing business in Korea, according to the chairman of the board of governors of the American Chamber of Commerce in Korea.“The government and companies in Korea don’t trust each other. The government thinks the company management is not transparent
March 29, 2018
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Korean Air scion from 'nut rage' case makes comeback
The elder daughter of Korean Air Lines Co. chairman, who gained global notoriety for her involvement in the "nut rage" incident in 2014, made a comeback as the head of the hotel affiliate of Korea's largest air carrier and logistics giant, the company said Thursday.Cho Hyun-ah, the former vice president of Korean Air, was tapped as the new president of KAL Hotel Network at the company's annual shareholders meeting at the company's headquarters in western Seoul earlier in the day, according to th
March 29, 2018
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GM Korea CEO urges union to accept wage offer by March
The chief executive officer of GM Korea Co. has called on its labor union to conclude ongoing wage negotiations by the end of March to help turn around the ailing carmaker, industry sources said Thursday.GM Korea and its labor union have made little progress in the wage talks deemed crucial to the normalization of the automaker, which is on the brink of bankruptcy due to ballooning losses.The company demands that the trade union accept a wage freeze and no bonuses as part of efforts to cut costs
March 29, 2018
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Korea, US jointly announce agreement on FTA revision
Korea and the US officially announced Wednesday that they have reached an agreement in principle to the revision of their bilateral trade deal, including an exemption of tariffs on Korean steel, ending three months of talks. The joint statement released by South Korean Trade Minister Kim Hyun-chong and US Trade Representative Robert Lighthizer read, “Today, Minister Kim and Ambassador Lighthizer are pleased to announce that Korea and the US have reached an agreement in principle on the general t
March 28, 2018
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KITA opens office in Dubai for Middle East, Africa
The Korea International Trade Association said Wednesday it has set up an office in Dubai, the first regional arm in the Middle East and Africa, following President Moon Jae-in’s latest visit to the United Arab Emirates. The office will support small and mid-sized companies jumping into the markets of the Middle East and Africa, provide them with trade and market information and speak for the interests of Korean companies by building a network. “Through the UAE office, we hope many excellent Ko
March 28, 2018
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Samsung breaks ground for second memory fab line in Xian
Samsung Electronics announced Wednesday the company had broken ground for a second memory chip fabrication line in Xian, Shaanxi Province of China, investing a total of $7 billion for the next two years. The second line, slated for completion next year, will be used for manufacturing Samsung’s premium V-NAND flash memory chips, a strategic move in response to growing demand for NAND chips, especially in the Chinese IT market, the company said. “By producing the world’s best memory products here
March 28, 2018
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Hanmi Pharmaceutical eyes growth with smart drug production plant
South Korea’s Hanmi Pharmaceutical on Wednesday announced that it would achieve new growth through its newly-built smart drug production plant in Paltan-myeon of Hwaseong, Gyeonggi Province. Hanmi spent 150 billion won ($140 million) toward building the high-end plant, which was completed last year. It produces the firm’s major products including Amosartan, Rovelito and Rosuzet which are distributed globally via global drugmakers including MSD and Sanofi. Hanmi Pharmaceutical's smart plant in Pa
March 28, 2018
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[Management in Korea] Values, governance and transparency
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.Family is central to the idea of chaebol, which literally means “money clan.” Yet the fact that chaebol are family businesses has helped them resist adopting governance practices that have become standard in the developed world. Somehow, because they are family businesses, it does not seem realistic to hold
March 28, 2018
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Direct sales of Korean fashion products to Japan surge
Direct sales from Korean online fashion stores to Japan jumped nearly 60 percent in 2017 compared to 2015, data showed Wednesday. (Yonhap)The total value of fashion products sold to Japan in 2017 came to 90.5 billion won ($84.4 million), according to Statistics Korea. The figure rose 13.3 percent on-year and 57.4 percent compared to 2015. Fashion products -- encompassing clothes, shoes, bags and accessories -- took up 65.5 percent of Korea’s entire online direct sales to Japan. Of the total volu
March 28, 2018
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Shinsegae shifts focus to US, plans to open PK Market by May 2019
Shinsegae Group Vice Chairman Chung Yong-jin announced Wednesday that the retail giant -- flourishing in the Korean market but with meager global prominence -- will open the high-end grocery store PK Market in the US by May next year. Shinsegae Group Vice Chairman Chung Yong-jin (center) and the Employment and Labor Minister Kim Young-joo look around the booths at the Shinsegae Group and Partners Job Fair held in Seoul on Wednesday. (Yonhap)Chung was attending the Shinsegae Group and Partners J
March 28, 2018
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Posco's new bidding system to foster mutual development
Posco, South Korea’s leading steel company, will implement a new bidding system next month that limits excessively low bids for purchasing materials and equipment, the company said.The new system will help eliminate companies from casting bids under 85 percent of the average price, the company said. The average price is the average of the standard price and bids.As the first major local company to implement the system, Posco hopes to foster mutual development with small and midsize suppliers, th
March 28, 2018
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McDonald’s Korea marks 30 years with pledges for prosperity
Celebrating its 30th anniversary of business in South Korea this year, McDonald’s Korea pledged Tuesday to make continuous efforts to foster communication with customers and boost the local economy.Since kicking off here in 1988, the year of the Seoul Olympic Games, the US-based fast-food franchise has expanded from a 100-employee business to one of the largest and most popular casual restaurants.Over the past three decades, the burger brand has set various new trends in the local food industry,
March 27, 2018
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[GM Crisis] GM case reignites debate on ‘easy money’ investment ... but should it?
For Park Ji-young, a 45-year-old businesswoman in Seoul, watching the ongoing dispute over GM Korea’s restructuring scheme and the speculation of the carmaker’s complete departure from the country feels like a deja vu. “Similar cases jolted the country years ago with newspapers, politicians and the labor unions claiming the outflow of national wealth,” she said, referring to Lone Star, a Texas-based private equity fund, and its nine-year stint in Korea that entailed a plethora of legal issues an
March 27, 2018
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Homeplus CEO vows to expand overseas sourcing, overhaul operations system
Homeplus, South Korea’s No. 2 discount chain by store locations, will expand overseas sourcing by working together with European suppliers and revolutionizing the operations system, the company CEO said Tuesday. Homeplus CEO Lim Il-soon speaks at a press conference in Seoul on Tuesday. (Homeplus)“Retail industry, both domestically and globally, faces unprecedented uncertainties. Our vision, at this critical moment, is to become the most loved and trusted retail company across the country,” said
March 27, 2018
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[Photo News] Mural painting in bloom
(Hanwha Galleria)Hanwha Galleria officials on Tuesday paint a cherry blossom mural in Daerim-dong, Yeongdeungpo-gu, Seoul, where Galleria Duty Free 63 is located. The company said 20 employees and six artists from Mullae Creative Village, an art village in Mullae-dong, worked together on the project. Galleria Duty Free 63 has been conducting its 63 Plan community outreach program since November 2015 to give back to the area. The 63 Plan includes projects targeting education, welfare and the envi
March 27, 2018