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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Korea refiners diversify business portfolios for growth
South Korean refiners are betting on non-refining activities to reduce their heavy reliance on their mainstream businesses amid the won's strength and lower cracking margins, industry sources said Sunday. As the won's strength against the dollar drives down cracking margins despite signs of recovering oil prices, local refiners have invested in non-refining businesses in recent years as part of their efforts to secure new growth engines amid growing uncertainties, they said.SK Innovation Co., th
Feb. 11, 2018
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[Monitor] Sales at department stores drop
Sales at department stores in South Korea fell by 2.1 percent last year from 2016 partly due to the rising popularity of online shopping, data from Statistics Korea showed Friday.Local department stores posted combined sales of 29.24 trillion won ($26.7 billion) last year.Overall retail sales, meanwhile, increased 4.4 percent to 402.91 trillion won. Department store sales accounted for 7.3 percent of the total, with the rate continuing to decline from 8.4 percent in 2013.Shopping done online or
Feb. 9, 2018
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Socially aware SK Group joins PyeongChang fever
Conglomerate’s social enterprise to supply meals during Winter GamesOver a period of 44 days surrounding the 2018 PyeongChang Winter Olympics from Jan. 14 to Feb. 26, some 36,000 meals are to be delivered to members of the staff and cast residing in 33 residences in the vicinity.And the company designated for the job is Happy Dosirak, or Happy Meal Box. Happy Dosirak‘s meal boxes to be provided to the 2018 PyeongChang Olympics staffThe company is one of the social enterprises run by nonprofit fu
Feb. 8, 2018
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Prosecutors raid Samsung office over corruption scandal linked to ex-President
Prosecutors on Wednesday raided the headquarters of Samsung Electronics Co. and the house of a former senior company official as part of their probe into a corruption scandal linked to ex-President Lee Myung-bak.Investigators from the Seoul Central District Prosecutors' Office confiscated computer hard discs and other materials from the company's main office in southern Seoul and from the home of Lee Hak-soo, a former group vice chairman. Employees move about the Samsung building in southern Seo
Feb. 8, 2018
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SK to launch research unit on social enterprises
SK Group is set to establish a nonprofit foundation in March to research ways of solving social programs by nurturing social enterprises, according to industry sources Thursday.The South Korean conglomerate said it has been planning the research unit to look into specific ideas for social enterprises not only to produce profits but also to bring changes to communities -- a corporate vision driven by its chief’s command.Chairman Chey Tae-won has been supporting social enterprises for years by run
Feb. 8, 2018
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[Graphic News] Korea ranks 10th worldwide in autonomous vehicle
South Korea ranks 10th among major economies in the world in terms of the autonomous vehicle readiness index, a report showed. According to the recent report from global accounting and consulting giant KPMG International, South Korea has received a total score of 20.71 points in the index, the 10th highest among the 17 other major countries. The index measures which countries are most prepared for self-driving cars and covers four categories -- policy and legislation, technology and innovation,
Feb. 8, 2018
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[Photo News] Visit to Songdo Bio Valley
(Samsung BioLogics)Swiss President Alain Berset (center) is briefed by Samsung BioLogics President Kim Tae-han on the company’s business portfolio and production facilities in Songdo on Thursday. The Swiss leader was accompanied by Linus Von Castelmur, the European country’s ambassador to Korea, as well as representatives of Roche Korea, a local branch of the Swiss drugmaker.
Feb. 8, 2018
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[Photo News] Not just a bag
(SK Group)SK Group Chairman Chey Tae-won shows off a backpack by Morethan, an upscaling company that making bags by reclaiming material from seat belts and leather from old cars, during his presentation on the businesses’ role for sustainable development at the Global Engagement and Empowerment Forum on Sustainable Development held at Yonsei University in Seoul, Thursday. The group’s energy arm SK Innovation has been supporting Morethan through an incentive program that measures the social value
Feb. 8, 2018
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Samsung heir maintains low profile amid backlash, probe
Samsung’s de facto chief appears to be taking efforts to say out of the public eye, rather than resuming his official duties, amid stronger-than-expected backlash over the court’s decision that released him earlier this week, as well as a police probe into his father’s secret funds. Samsung Electronics Vice Chairman Lee Jae-yong reportedly expressed his intention to return to work as soon as possible while he was in custody. However, it seems to be difficult for him to return anytime soon, a Sam
Feb. 8, 2018
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Hyundai Mobis fined W500m by FTC, reported to prosecutors
The Korean Fair Trade Commission imposed a fine of 500 million won ($459,000) on Hyundai Mobis, the parts arm of the nation’s largest automaker Hyundai Motor, and will report the firm to prosecutors on the suspicion that it forced its agencies to buy car parts. According to the FTC, Hyundai Mobis had set an excessive goal of selling its car components and forced its regional agencies to buy the products in order to achieve the target from January 2010 to November 2013. “The sales goals were 3 to
Feb. 8, 2018
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[Monitor] Sales gains from buildings soar
Average gains from selling buildings have increased to nearly 100 million won ($92,000) per case as of 2016, according to statistics from the National Tax Service. The transfer gains from buildings increased by 51.4 percent between 2013 and 2016. While it cost more to purchase a building at an average of 213 million won, the average sale price has also gone up to 376.4 million won. (khnews@heraldcorp.com)The average price of a case, however, does not necessarily mean the price per building as th
Feb. 8, 2018
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[Feature] How local supermarket became Koreans' new favorite restaurant
With lines amongst industries blurring, an increasing number of supermarkets have transformed themselves into “grocerants” -- a term coined combining grocery and restaurants -- stocking shelves with ready-to-cook foods and offering in-store dining. “It’s beyond just a food stand where people cook for you. Including the quality and freshness of the food, it feels more like a full-service type of restaurant,” said a 31-year-old Hwang Young-ju, who said she enjoys the eateries after a round of groc
Feb. 8, 2018
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Leading LED firm files 3rd patent suit against US distributer
Seoul Semiconductor, a leading light-emitting diodes manufacturer here, has filed a patent lawsuit against electric component distributer Mouser Electronics for selling patent-infringing products, officials said Thursday.The semiconductor company filed the litigation in the Court of Milan, claiming the US-based distributer and its Italian subsidiary consistently sold items that infringe upon its patent. The disputed products are manufactured by Taiwanese LED manufacturer Everlight Electronics.In
Feb. 8, 2018
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Posco opens steel solution center in Vietnam
Posco, South Korea’s leading steelmaker by sales, opened its first overseas steel solution marketing center in Vietnam in an attempt to predominate the premium steel market, the company said Thursday.The roles of the center include managing steel sales along with offering technologies in molding and improving efficiency to partner companies to beef up their competitiveness.A total of 25 professionals in construction will be stationed at the center, the company said.The opening ceremony of the ce
Feb. 8, 2018
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[PyeongChang 2018] Lotte chairman to stay in PyeongChang during Olympics
The head of South Korean retail giant Lotte is planning to stay in PyeongChang throughout the Winter Olympic period to carry out sports diplomacy, company officials said Thursday, with the international event now just one day away.Lotte Group Chairman Shin Dong-bin will head to the alpine town of PyeongChang, 180 kilometers east of Seoul, to attend the opening ceremony Friday, they said. Shin Dong-bin, the head of South Korean retail giant Lotte, carries a torch for the 2018 PyeongChang Winter O
Feb. 8, 2018
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Govt. to bolster chip, display industries, improve localization
The industry ministry launched a project Thursday to bolster the country's semiconductor and display sectors through new technology development and localized production.The project will be driven by the "Gap 5" strategy, under which Korea will try to maintain a five-year lead compared to emerging economies in the two sectors while at the same time closing the gap with advanced nations.The underlying consensus is that while Korean companies are the leaders in the global semiconductor and display
Feb. 8, 2018
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Completion of new reactors delayed by quake-safety inspections
The completion of two new nuclear reactors has been delayed by eight months to meet strengthened safety requirements against earthquakes, the energy ministry said Thursday.Construction of Shin-Hanul No. 1 and No. 2 reactors began in April 2010 and was planned to be completed by February next year. Ministry officials said the postponement to October is due to delayed test operation of another reactor, Shin-Kori No. 4.All three of the new reactors passed previous safety inspections, but were place
Feb. 8, 2018
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[Feature] Local beer makers struggle amid imported beer boom
Cass has long been a household name in Korea -- even to those who do not imbibe. Korea’s No. 1 beer maker Oriental Brewery has been around for over 80 years, but it has only recently been making moves into overseas markets like China.Even for a well-established brand with sales of 1.5 trillion won ($1.4 billion) in 2016, the reason is clear and simple -- local beers aren’t selling so well in Korea. Korea’s beer market had long been dominated by two local power brands: Cass by OB and Hite by Hite
Feb. 7, 2018
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GS Caltex to invest W2tr in olefin production facility
Korea’s leading oil refiner GS Caltex announced on Wednesday it will make an investment of 2 trillion won ($1.8 billion) in an olefin production facility, mixed feed cracker, near its plant located in Yeosu, South Jeolla Province. Olefin is an unsaturated hydrocarbon that contains at least one carbon–carbon double bond. It includes ethylene and propylene as one of the most common petrochemical classes. Through the plant, GS Caltex plans to produce 700,000 tons of ethylene and 500,000 tons of pro
Feb. 7, 2018
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LG stepping up game with focus on R&D
Although rivals tend to attack LG’s struggling smartphone business, the tech conglomerate remains unfazed, setting its sights on innovation in its lucrative mainstays, with its focus for this year on research and development.LG plans to invest 19 trillion won ($17 billion) this year, with the bulk of it set aside for next-generation technologies including car components, self-driving sensors, plastic organic light-emitting diodes, camera modules and the bio sector. LG’s keyword this year is R&D,
Feb. 7, 2018