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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[Editorial] Brace for trouble
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Court’s judgment unexpected: Lotte Group
Following a Seoul Court’s guilty verdict and simultaneous sentencing of 2 1/2 years in jail to Lotte Chairman Shin Dong-bin for bribery on Tuesday, Lotte Group voiced concerns over its future business plans. Lotte Group Chairman Shin Dong-bin (Yonhap)In an official statement, Lotte Group said the outcome was “unexpected” and it was “regretful” about the jail term, and insisted that Shin was innocent.“As soon as we receive the written judgement, the group will discuss with its attorneys for furt
Feb. 13, 2018
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[Management in Korea] Reforming chaebol boards is a big job. Here’s how it can happen
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 role of the board of directors is rapidly evolving in Western countries. No longer rubber stamps hand-picked by CEOs, Western boards are now expected to provide true oversight of management, not just in terms of maximizing shareholder value, but in grappling with broader issues like innovation and globa
Feb. 13, 2018
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[Monitor] Air traffic during Lunar New Year holiday
This week, as South Korea celebrates the Lunar New Year holiday, the number of air passengers is also expected to increase between the day before the holiday starts on Wednesday and Sunday. Incheon International Airport Corporation said that the number of passengers will reach some 940,000 including 462,453 outbound and 477,354 inbound travelers. (khnews@heraldcorp.com)
Feb. 13, 2018
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Korea tense upon Trump’s move to impose ‘reciprocal tax’
US President Donald Trump’s remarks Monday to push for a “reciprocal tax” on Korea has been met with a chilly reaction from lawmakers and trade experts here, with criticism of it being a “nonexisting” concept that takes another step toward trade protectionism and may violate international trade norms.At a White House event on infrastructure Monday, Trump said his administration plans to soon unveil a “reciprocal tax” to charge countries that take advantage of the US. He specifically named Korea,
Feb. 13, 2018
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World impressed by KT’s 5G technologies in PyeongChang
On Feb. 9 the world was impressed by a giant peace dove that lit up the night sky with around 1,200 LED candles held by performers at the opening ceremony of the 2018 Olympic Winter Games. The performance marked the very first in the Olympics’ history to use the fifth-generation wireless telecommunications network established by South Korean mobile carrier KT exclusively for the international sports event being held in a country ardently promoting ICT. As an official telecom partner of the Pyeon
Feb. 13, 2018
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Lotte Duty Free raises commission to attract more Chinese travelers
South Korea’s major duty-free operator Lotte Duty Free has increased the commission for Chinese shuttle traders when they bring in group travelers, in a move to more aggressively entice group travelers from China amid sluggish sales continued from last year’s THAAD row. Lotte Duty Free Worldtower (Lotte Duty Free)According to Lotte Duty Free, the company has raised the commissions doled out to “daigongs” -- individual merchants from China who purchase cosmetics to take them back -- from December
Feb. 13, 2018
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Posco Daewoo shares gift boxes for Seollal
Posco Daewoo, a trading company and a subsidiary of steel giant Posco, conducted a volunteer event on Tuesday to support the underprivileged children, the company said. Posco Daewoo CEO Kim Young-Sang (center) and members of the firms pose after preparing gift boxes to be donated to households in need on the occasion of Seollal. (Posco Daewoo)Some 300 employees and executives of Posco Daewoo packed boxes of gifts at a community child center in Incheon, ahead of the Seollal holiday, which will be
Feb. 13, 2018
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Samsung set to make decision on Pyeongtaek investment
Samsung Electronics’ is set to make an imminent final decision on another round of massive investment -- anticipated at some 30 trillion won ($27.7 billion) -- to expand one of its semiconductor factories into the world’s largest. Samsung’s new investment is at the center of attention in the global chip industry amid technological challenges and market forecasts of slowing growth this year. Samsung reportedly held a meeting of its top management on Wednesday last week to discuss the investment t
Feb. 13, 2018
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Will Google, Apple be more transparent in tax?
Last October spectators got an eyeful viewing the parliamentary audit, as the founder of the country’s largest web portal lodged a full-on public attack against his global rivals.“Google and Facebook make good money here but don’t pay taxes and create no jobs,” Naver founder Lee Hae-jin said, as he was responding to criticism from lawmakers concerning the company’s own alleged abuse of its market dominance.He was effectively diverting attention away from Naver’s influence on news circulation to
Feb. 12, 2018
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Davich Optical celebrates 500th voluntary works
South Korea’s leading optical products chain operator Davich Optical celebrated its 500th volunteer project, providing free eyesight tests to senior citizens and offering goods to those in need, the company said Monday.Since its launch in 2012, the campaign has helped 31,204 people get their eyes tested and receive products to improve their vision.Most recently on Wednesday, Davich Optical CEO Kim In-gyu and representatives from 13 Davich franchise stores in North Jeolla Province marked the 500t
Feb. 12, 2018
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Overseas Korean volunteers to hold concert tour
More than 300 Korean university students, who returned home after a year overseas doing volunteer activities in 68 countries, will perform a homecoming concert titled the “Good News Corps Festival.” The festival is scheduled to be held in 13 major cities in Korea and Japan to share the love and happiness they experienced.The festival offers a unique experience through musicals, plays, traditional performances and exhibition and experience programs of African and Latin.The performances began Satu
Feb. 12, 2018
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Big companies face hefty fines for stealing technology owned by small firms
The government said Monday that it will strengthen the punishment for big companies that steal technology owned by small and medium enterprises in the latest move to create a fair market.The measures -- released after a consultative meeting with the ruling party -- would make big companies pay compensation of up to 10 times the damages incurred by smaller firms if they engage in technology theft, the government said.The government also said that it will be up to big companies suspected of steali
Feb. 12, 2018
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More funds of Samsung chairman found in borrowed name accounts
Financial authorities have found more funds of Samsung Group's ailing chairman, Lee Kun-hee, in bank and brokerage accounts held under other people's names, a lawmaker said Monday, days after Lee was booked for suspected tax evasion. In a report submitted to Rep. Park Chan-dae of the ruling Democratic Party, the Financial Supervisory Service said it has found that Lee kept money in 32 more "borrowed-name" accounts. Last week, police named Lee as a suspect in a tax evasion case, accusing him of m
Feb. 12, 2018
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Samsung Electronics' global market cap ranking slides to No. 18: data
Samsung Electronics Co.'s global market capitalization ranking slid to 18th place among the top 100 companies this year, though its overall size increased over the past year, data showed Monday.Samsung's market cap rose 16 percent on-year to $283.1 billion as of Feb. 2, according to the data compiled by the country's bourse operator Korea Exchange.Still, the South Korean tech giant saw is standing fall from 15th place. (Yonhap)The decline came as market capitalizations of foreign firms rose amid
Feb. 12, 2018
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Hyosung to invest $6b in Vietnam businesses
Calling Vietnam a strategic base for its global expansion, South Korean textile giant Hyosung said Sunday it will invest up to $6 billion in the Southeast Asian country.Since 2007, the company has invested $1.5 billion to operate manufacturing units of spandex and tire codes in Dongnai, an industrial city near Ho Chi Minh. With the new investment plan, Hyosung plans to start a chemical and heavy industry business in the country in addition to its textile business in the country, the company’s Vi
Feb. 11, 2018
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Dayou rises to No. 3 home appliance maker
Mid-size conglomerate Dayou Group is on track to become the third largest home appliance manufacturer in South Korea as it is going to acquire a majority stake in Dongbu Daewoo Electronics, according to the industry on Sunday.The group signed a stock purchase agreement with financial investors of Dongbu Daewoo on Friday after a heated competition with Turkey’s Vestel and Iran’s Entekhab for months to buy an 84.8 percent stake in the electronics firm. The acquisition price hasn’t been confirmed y
Feb. 11, 2018
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Steel mill, nuclear plants unaffected from Pohang earthquake
Major industrial facilities including Posco’s steel mill and Korea Hydro & Nuclear Power’s nuclear plants operated as normal, despite a 4.6 magnitutde earthquake in Pohang, North Gyeongsang Province, the companies said Sunday. Posco’s steel mill in Pohang is running without abnormal signs, the steelmaker said. The southeastern city, home to the country’s largest steelmaker, was hit by a 4.6 magnitude quake at 5:03 a.m., 5 kilometers northwest of the city’s northern district at a depth of 9 kilom
Feb. 11, 2018
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Interest in training pets growing in Korea
Last year’s most popular trends related to pets in Korea were training, buying them luxury items and showing off their photos online, according to a local marketing firm on Sunday. Innocean Worldwide released a report on new perception and consumer trends of pets based on the analysis of 4.1 million pieces of social data related to pets via portals, blogs, online cafes and communities throughout last year. Training pets was one of the popular trends among pet owners. Social perception toward pet
Feb. 11, 2018
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Korea‘s chip-led export diversifying into EVs, robots: report
South Korea’s exports mainly, led by the chip industry, are becoming more diversified as eight new industries related to the “fourth industrial revolution” are emerging as new growth engines, a study suggested Sunday. According to the trade report released by the Korea International Trade Association, all of the new eight industries saw double-digit growth last year.The eight new industries -- electric cars, robots, bio health, aerospace, energy, new materials, next-generation display and next-g
Feb. 11, 2018
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Samsung Electronics total assets topped W300tr
Samsung Electronics was reported to be worth 301.8 trillion won ($276.6 billion) as of the end of 2017, growing threefold compared to a decade ago, in part backed by rising value of tangible assets like facilities and real estate, according to a news report Sunday. Samsung Electronics marked the first private company in South Korea, excluding financial firms like banks, to see its total assets valued at over 300 trillion won. (Yonhap)The value of Samsung Electronics‘ total assets in 2017 soared
Feb. 11, 2018