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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Samsung Electronics splits stocks as Q4 net jumps 72.9% on rising chip demand
Samsung Electronics Co. said Wednesday that it has decided to dramatically lower the face value of it stocks, as it posted record highs in sales and operating profits in the fourth quarter on rising chip demand.Net profit came to 12.25 trillion won ($11.4 billion) in the October-December period, compared with 7.08 trillion won a year earlier, the company said in a regulatory filing.For the whole of 2017, net profit came to 42.18 trillion won, up 85.6 percent from a year earlier. Samsung Town Hea
Jan. 31, 2018
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AI robot debuts at Seoul forum
Sophia, the world's first artificial intelligence robot with citizenship, debuted in South Korea on Tuesday, showcasing the latest technological breakthroughs.Wearing the traditional Korean dress of hanbok, Sophia participated in a panel at a forum hosted by the Artificial Intelligence Industry Association in downtown Seoul.The human-like robot was developed by AI developer David Hanson of Hong Kong-based Hanson Robotics and has been made a full citizen of Saudi Arabia. This makes Sophia the fir
Jan. 30, 2018
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Korea should consider restricting imports of US LNG: scholar
A law professor said Tuesday that South Korea should consider restricting imports of US liquefied natural gas in response to US safeguard measures.Choi Won-mok, a law professor at Ewha Womans University, also said South Korea could move to impose higher tariffs on US liquefied natural gas.Currently, South Korea puts no tariff on US LNG under their bilateral free trade deal, except for a 2 percent tariff during the October-March period every year, according to the Korea Customs Service.Choi made
Jan. 30, 2018
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SKT joins moves to introduce shorter work hours
South Korean mobile carrier SK Telecom said Tuesday it will introduce a flexible work-hour system from the second quarter, joining moves by major conglomerates to shorten the workweek. The telecom firm will adopt a flexible system that allows employees to set their work hours based on a rule that limits maximum work hours to 80 hours per two weeks. For instance, during the last week of a month that usually requires more work to meet monthly deadlines, an employee could reflect his or her schedul
Jan. 30, 2018
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[Exclusive] Airbus to start delivering A330neo in July: sources
Airbus will make the first delivery of A330neo jetliner -- the latest version of the planemaker’s fuel-efficient version of the A330 -- from its headquarters in Toulouse no later than in July. An official from a Toulouse-based civil aircraft manufacturer told The Korea Herald that the aircraft, a revamped version of the A330 with new Rolls-Royce Trent 7000 engines, is due to enter service in July, after achieving its EASA and FAA Type Certification by the end of June. A330neo (Airbus)It successf
Jan. 30, 2018
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Lotte Liquor’s Kloud beer taps Cambodian market
Lotte Liquor, a unit of Lotte Chilsung Beverage, will start selling Kloud beers in Phnom Penh, Cambodia, from February, expanding its sales to Southeast Asia. A Cambodian consumer looks at Kloud beer. (Lotte Liquor)Lotte Liquor said it has delivered over 90,000 cans and bottles of Kloud beer to Phnom Penh’s major retail chains and convenience stores.With its launch in Cambodia, the company said its initial goal is to increase brand awareness with aggressive marketing via television and social m
Jan. 30, 2018
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Louis Vuitton launches online store in Korea
Fashion powerhouse Louis Vuitton has launched its official online store in Korea, 28 years after it first opened a brick-and-mortar store in Seoul. Louis VuittonShoppers in Korea -- including those living on Jeju Island -- can purchase and have their products delivered by shopping at www.louisvuitton.kr, which offers a full range of luxury products: leather goods, watches, luggage, gifting collection, handbags, perfumes, accessories and jewelry. The brand said it will add shoes and ready-to-wear
Jan. 30, 2018
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Samsung Heavy sells offshore facility for around US$500 mln
Samsung Heavy Industries Co., a major South Korean shipbuilder, said Monday that it has sold an offshore facility to a European company for around US$500 million. Samsung Heavy said in a regulatory filing that it is set to deliver the semi-submersible drilling rig to the company by the end of this year, though it did not identify the European buyer. A semi-submersible drilling rig is specially designed to be used in a number of specific offshore roles, such as offshore drilling rigs, oil product
Jan. 29, 2018
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‘Patent troll’ files 14 suits against S. Korean firms in 2017
A nonpracticing entity filed a series of patent infringement lawsuits last year against South Korea’s information technology giants, including Samsung Electronics and LG Electronics, in an apparent move to ride their recently improved sales in the US market, a local intellectual property service provider said Monday.Most recently, Uniloc filed a suit to the federal court of Texas in October last year, claiming LG Electronics infringed upon one of its patents through products equipped with smart
Jan. 29, 2018
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Tax authority to toughen regulations on offshore tax evasion
The National Tax Service’s task force on Monday released a final report of recommendations on reforming the national tax system that include tougher regulations against offshore tax evasion and closely looking into the creation of borrowed-name accounts or corporate foundations to curb the abuse of power by chaebol. “Despite continued investigations on offshore tax evasion, the practice has not been rooted out and it is becoming more intelligent under the surface,” said the task force in the rep
Jan. 29, 2018
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Booyoung chief accused of typical case of corporate monopoly
Lee Joong-keun, the 77-year-old chairman of housing business giant Booyoung Group, is suspected of pulling a classic example of power monopoly and corruption in conglomerate circles, making for a priority target for the Fair Trade Commission led by “chaebol sniper” Kim Sang-jo.Prosecutors on Monday carried out a search warrant on Booyoung’s key affiliates as part of its ongoing investigation into allegations the elder corporate chief dodged taxes and embezzled funds totaling at billions of won.L
Jan. 29, 2018
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McDonald’s Korea launches PyeongChang Korean Beef Signature Burger
McDonald’s Korea said Monday that it will launch PyeongChang Korean Beef Signature Burger on Tuesday, offering 10,000 burgers just for one day. McDonald’s KoreaBy using PyeongChang’s specialty Korean beef that goes well with white Cheddar cheese, the burger set will include golden fried potatoes. McDonald’s Korea said those who purchase the burger can enter into a draw to win two tickets to the Speed Skating final event. A lucky 150 people will be selected.By Kim Da-sol (ddd@heraldcorp.com)
Jan. 29, 2018
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WeMakePrice considers accepting virtual currencies
South Korean e-commerce company WeMakePrice said Monday that it is working to accept cryptocurrencies like bitcoin as one of its payment options, marking the first attempt by a major online shopping platform amid the ongoing cryptocurrency frenzy here. WeMakePriceWeMakePrice said talks are underway with Bithumb, the country’s largest cryptocurrency exchange, to develop a system that can apply some 12 kinds of virtual currencies, such as bitcoin and ethereum, to WeMakePrice’s online payment servi
Jan. 29, 2018
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Largest indoor animation theme park to open in Yongsan
Hyundai Development Company’s Hyundai IPark Mall said Monday that it will open South Korea’s biggest indoor theme park at its Yongsan location on Feb. 10.Yongsan IPark Mall’s Popcon D Square (HDC IPark Mall)Together with Daewon Media -- the company behind Korean animation “Young Shim” and which holds licenses for works of Japan’s Studio Ghibli and Japanese manga series “Doraemon” and “One Piece” -- IPark Mall aims to build a place where an animation kingdom becomes reality.The animation theme pa
Jan. 29, 2018
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Hyosung chief Cho Hyun-joon vows tech prowess, responsible management for 2018
In his New Year’s speech, Hyosung Chairman and CEO Cho Hyun-joon urged the employees to focus on clients and the market, secure world-class technical competitiveness, and practice responsible management, the company said Monday.During a meeting with the employees to mark the New Year, Cho said, “The number of competitors is rapidly surging and the most important action for survival is thus to reflect the voices of clients and markets in products.”Explaining that this means refraining from self-f
Jan. 29, 2018
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Overall agricultural imports from China shrink after FTA deal
South Korea imported fewer agricultural products overall from China last year, but shipments in fruits, vegetables and meats increased, data from the Korea Rural Economic Institute showed Monday.According to KREI's analysis of figures from the Korea Trade Statistics Promotion Institute, South Korea imported $3.62 million worth of agricultural, forestry and livestock products from China in the January-October period last year, 1.8 percent less than the average prior to the two countries' free tra
Jan. 29, 2018
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[Photo News] Another five-year partnership
From left: Australian Open Tournament Director Craig Tiley, Kia Motors Executive Vice President Park Byung-yun, former Australian tennis player Rod Laver and Tennis Australia President Jayne Hrdlicka pose for a photo after signing a five-year partnership extension between the South Korean carmaker and the Australian Open, in Melbourne on Saturday. Kia Motors
Jan. 28, 2018
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Hanwha Chairman Kim, Feulner discuss Korea-US ties, PyeongChang Olympics
Hanwha Group Chairman Kim Seung-youn and former Heritage Foundation chief Edwin J. Feulner Jr. met to discuss changes in Korea-US relations, marking one year into Donald Trump’s presidency, the group said Saturday. Kim told Feulner that South Koreans have high hopes for the Winter Olympics in PyeongChang and its expected role in creating a platform for reconciliation between South and North Korea. Hanwha Group has also been active in supporting the sporting event, he added. Feulner agreed wit
Jan. 28, 2018
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Founder of 73-year-old home-grown pharmaceutical firm passes away
The founder of a 73-year-old South Korean pharmaceutical company passed away at age 97 over the weekend, Il-Yang Pharmaceutical Co. said Sunday.Chung Hyung-sik, who died Saturday, set up the company in 1946, before the three-year Korean War broke out in 1950, and helped the local industry grow to a point where it can now develop its own drugs, the company said.The company currently produces a wide range of drugs ranging from anti-cancer treatment medicines to vaccines. (Yonhap) Chung Hyung-sik (
Jan. 28, 2018
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[Newsmaker] Korea seeks alliance with WTO members against US washer safeguard
The Korean government is seeking an alliance with members of the World Trade Organization to respond to the US’ protectionist actions and is looking for ways to jointly take action on trade restrictions such as anti-dumping or safeguard measures. During a trade ministerial meeting at the World Economic Forum that ended Friday in Davos, Trade Minister Kim Hyun-chong said, “Import restriction measures such as anti-dumping and safeguards are used as means of realizing disguised protectionism. If th
Jan. 28, 2018