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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Discount store chain E-Mart top recruiter for past 5 years: think tank
E-Mart, South Korea's biggest discount store chain operator, topped other businesses by recruiting the largest number of new employees over the past five years, a local think tank said Sunday. In a survey carried out on the country's top 30 conglomerates' affiliates which employ more than 300 people, E-Mart ranked first by hiring 15,307 employees from 2011-2016, followed by Hyundai Motor Co.'s 9,906 and Starbucks Coffee Korea Co.'s 6,958, the Korea Economic Research Institute said in a statement
Feb. 4, 2018
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SK Group's exports exceed domestic sales in 2017
SK Group said Sunday the proportion of exports in its total sales reached a record high last year, on the back of the brisk performance of its energy and chip businesses. South Korea's third-largest business group booked combined sales of 139 trillion won ($127.9 billion) in 2017. Overseas sales reached 75.4 trillion won, accounting for 54.2 percent of the total. The conglomerate's contribution to the nation's exports also increased to a record high 13 percent, it said. (Yonhap)Energy and chemic
Feb. 4, 2018
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Samsung heir faces verdict over bribery in appeals trial
An appellate court is set to hand down its verdict Monday on Samsung Electronics Vice Chairman Lee Jae-yong, who was found guilty by a lower court of offering kickbacks to former President Park Geun-hye, and her friend, in a scandal that led to Park's ouster last year. The scion of South Korea's biggest conglomerate was sentenced to five years in prison on Aug. 25 for giving 8.8 billion won ($8.2 million) to Park and her confidante, Choi Soon-sil, in return for government backing for the merger
Feb. 4, 2018
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[Herald Interview] Restaurants that sell a story
It’s hard to settle on a restaurant in the bustling Seoul neighborhood of Itaewon, where the dining scene seems to change by the month. The constantly shifting topography of eateries is currently all about mixing and matching different cuisines or being authentically foreign, with eating out becoming more of an exuberant repast rather than a simple meal.In a back alley in Itaewon is Yoo Ji-young’s Korean barbecue restaurant Tongue & Groove Joint. But don’t expect to walk into a typical Korean ba
Feb. 2, 2018
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Prosecutors ask for arrest warrant for Booyoung chairman
Prosecutors on Friday filed for an arrest warrant for the head of a major construction and real estate business group on charges of tax evasion, embezzlement and breach of trust.The Seoul Central District Prosecutors' Office requested the arrest warrant against Booyoung Group Chairman Lee Joong-keun. Lee Joong-keunThe prosecutors are looking into allegations that Lee is involved in a series of crimes, from tax-dodging to managing a slush fund.The National Tax Service filed a complaint with the
Feb. 2, 2018
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[Newsmaker] Samsung's brand value moves up to 4th place in world amid robust earnings
The brand value of Samsung Electronics Co. rose two notches from a year earlier to rank fourth in an annual report on the world's most valuable brands, a British corporate valuation and strategy consultancy said Friday.The Korean tech giant's brand value jumped 39 percent to $92.3 billion in 2018 from a year earlier and remains Asia's most valuable brand, Brand Finance said. "As the company strives to be at the forefront of technology, and its brand philosophy 'Do What You Can't' continues to re
Feb. 2, 2018
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SK Holdings fined 2.9 billion won by FTC
SK Holdings was fined around 2.9 billion won ($2.7 million) for violating the law that separates financial companies from nonfinancial ones, the Fair Trade Commission said on Thursday. Under the current law, a holding firm cannot hold shares of financial companies, such as insurance or securities firms, in order to separate industrial and financial capitals. In August of 2015 when SK Holdings had acquired SK C&C, it had also incorporated SK Securities partially owned by SK C&C. But, SK Holdings
Feb. 1, 2018
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KT&G sees record high of W1.48tr in overseas sales
South Korean tobacco maker KT&G said Thursday that it saw a record high of 1.48 trillion won ($1.3 billion) of overseas sales last year. KT>he company said it broke its previous record of 941.4 billion won of overseas sales in 2016, measured by sales from exports and overseas corporation. This translates to a record high of 55.4 billion cigarettes sold overseas, an about 13.8 percent increase from 48.7 billion cigarettes in 2016. KT&G first tapped the overseas market in 1988. It took about th
Feb. 1, 2018
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Antitrust watchdog chief to promote conglomerate policies in Philippines
The head of Korea’s top antitrust watchdog will introduce policies toward conglomerates to high-ranking officials in the Philippines at a competition forum held in Manila that began on Thursday. The two-day Forum on Competition is being hosted by the Philippine Competition Commission with the aim of discussing competition policies involving conglomerates and SMEs. It is attended by high-ranking officials from Japan, Australia, Singapore, Hong Kong, the Organization for Economic Cooperation and D
Feb. 1, 2018
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Department stores bolsters delivery service for Lunar New Year holiday
Major department stores have put a large number of delivery workers on standby for the Lunar New Year holiday later this month, expecting better business after adjustments to an anti-corruption law, retail industry sources said Thursday.The Lunar New Year falls on Feb. 16 this year, and department stores, retail outlets and supermarkets are all selling special gifts for the holiday, when millions of people travel to their hometowns. (Yonhap)They are expecting improved sales after the government
Feb. 1, 2018
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[Monitor] Conglomerates collect nearly W1tr in trademark fees: FTC
Based on a survey of 57 conglomerates, 20 holding or representative firms received a total of 931.4 billion won ($866.2 million) in brand commission fees in 2016, the Fair Trade Commission said.The FTC, which has been moving to tighten its grip over the brand commission fees, said Tuesday that it has prepared a revision to regulations that would require the holding companies to detail and publicize the collection status of their trademarks.Brand commission payments, though not prohibited by the
Jan. 31, 2018
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‘Naver V Vietnam’ users surge tenfold in 2 years
Naver’s live broadcasting service ‘V Vietnam’ saw the number of monthly users reach 3.3 million in January, the Korean portal operator said Wednesday.This means that the Vietnamese version of video streaming app ‘V’ has seen a tenfold growth in the number of users who used the service at least once a month since its launch in January 2016.Launched in September 2015, V is a real-time broadcasting service that allows users worldwide to stream videos of K-pop stars or celebrities. Personal videos t
Jan. 31, 2018
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With record-high earnings, Samsung fixated on AI chips, foldable phones
Bolstered by an all-time high operating profit of 53 trillion won ($49.6 billion) in 2017, Samsung Electronics’ top management displayed an upbeat mood for the launches of new innovative products, including chips that support artificial intelligence and foldable organic light-emitting display smartphones, this year during a conference call on Wednesday. After announcing that it posted 239 trillion won in consolidated sales and 53 trillion won in operating profit last year, the South Korean tech
Jan. 31, 2018
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KORUS FTA talks resume amid growing trade tensions
Korea and the US resumed the second round of talks to review the bilateral free trade agreement in Seoul on Wednesday in the wake of growing tension following the US safeguard measures on Korean washers and solar panels. The two-day talks, led by Yoo Myung-hee, director general for FTA negotiations at Korea’s trade ministry and Michael Beeman, assistant US trade representative, follow the first round of talks on Jan. 5 in Washington. In the first round, the US had primarily raised the issue of t
Jan. 31, 2018
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[Newsmaker] What’s behind Samsung’s massive share split plan?
On the same day of announcing a record operating profit of 53 trillion won ($49.6 billion) for last year, South Korean tech giant Samsung Electronics surprised the market on Wednesday by unveiling the first-ever share split plan aimed at “enhancing shareholder value.”The landmark decision by the company’s board was widely welcomed by the market, causing the share price to surge as high as 8 percent in the morning.The plan will make Samsung Electronics “more accessible” for investors and provide
Jan. 31, 2018
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[Herald Interview] Airbus promotes brand new A350-1000 as perfect fit for Seoul
With increasing air traffic, passengers continue to demand spacious and cozy flights, while airlines seek profitable planes. The newest member of Airbus’ leading jetliner, the A350-1000, meets all those requirements and is the “perfect fit” for mega cities like Seoul, according to Airbus. Airbus Marketing Director Francois Obe (Airbus)“Forecasts show about 40 percent of the world’s air traffic will come from Asia in the next 20 years. In that sense, our latest A350 model is the product with the
Jan. 31, 2018
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[Monitor] Air passenger traffic reaches all-time high in 2017
Boosted by diversified air routes and expansion of low-cost carrier market, the number of air passengers for international and domestic flights reached 109.36 million in 2017, up 5.2 percent from the previous year, the Ministry of Land, Infrastructure and Transport said.“Airlines increased flights to Japan, Europe and Southeast Asia last year to offset sharp declines in travel demand to and from China due to bilateral diplomatic tensions,” the ministry said in a statement.The ministry also cited
Jan. 31, 2018
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SSK Project Unit to export Korean model of science and technology
The SSK Project Unit of Chungnam National University of Economics and Management is gearing up to expand a project at a macro level.The R&D project, led by SSK chief of research Cho Dae-woo, aims to put together systematic knowledge based on Korea’s experience of science and technology development since the 1960s. It aims to spread the knowledge to developing countries, seeking cooperation with those nations.Until now, the project unit has passed on Korea’s creative development model to countrie
Jan. 31, 2018
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Korean airlines to recruit 3,500 new workers this year: sources
South Korea's airlines will hire more than 3,500 workers this year as they move to serve ever rising numbers of air passengers, industry sources said Wednesday.Korean Air Lines Co. said it will recruit more than 1,000 new workers, noting that it will fly 17 new flights this year.The country's largest national flag carrier said it accepted 1,050 new workers last year, including 600 cabin crew members, 200 pilots and 250 technicians and office workers.Korean Air plans to add 17 new planes -- nine
Jan. 31, 2018
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Korea's industrial output falls 0.2% in December
South Korea's industrial output declined in December from a month earlier on a slump in the automaking and machinery sectors, government data showed Wednesday.Production in the mining, manufacturing, gas and electricity industries fell 0.2 percent on-month in December, following an adjusted 0.2 percent on-month rise in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output also sank 6 percent last month, following a 1.7 percent on-year decline in Nov
Jan. 31, 2018