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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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Controversial cult leader’s sentence reduced to 17 years
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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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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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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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Hanwha buys 1,400 tickets to Winter Games to use as gifts
Hanwha Group has purchased 1,400 tickets for the forthcoming PyeongChang Olympic Winter Games and souvenirs to gift them to customers, the underprivileged and foreign military personnel temporarily living in South Korea, according to the company Thursday. (Yonhap)The conglomerate held a ceremony on Thursday in Seoul to hand out 300 tickets to over 80 military officers that came to Korea from 27 countries. Those holding the tickets have access to events such as Skeleton and Bobsleigh, according
Jan. 4, 2018
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Korea makes case against US restriction on washers
With around a month to go before US President Donald Trump makes a final decision on restrictions on imported washing machines, Samsung, LG and the South Korean government made a concentrated effort to argue that Washington’s latest plan to impose strong tariffs on their washers would do more harm than good. During a hearing held by the US International Trade Commission on Wednesday, the Korean side made a final appeal, saying the trade restrictions would hurt American consumers and hamper US jo
Jan. 4, 2018
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Food industry eyes microwavable packaging technology
With growing popularity of home meal replacements, or ready-to-eat meals that require little preparation, South Korean food processing companies are in a race to develop better and more efficient microwavable packaging. NongshimIndustry insiders said packaging technology will emerge as an important factor in the competitiveness of products, while busy lifestyles and easy preparation are also boosting the microwavable food market.According to global market research firm Smithers Pira, the South
Jan. 4, 2018
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Osulloc opens premium tea room, new branch
Osulloc Tea House, a brand under Korean cosmetics powerhouse Amorepacific, opened Tuesday the premium tea room Osulloc 1979 and a new branch in the company’s new headquarters in Yongsan, central Seoul. Osulloc 1979 (Amorepacific)Osulloc Tea House is a chain of Korean traditional teahouses that specializes in green tea and offers a variety of fruit juices, smoothies and ice cream. Osulloc 1979 is the brand’s first premium tea room. It offers a special tea blending service by a tea sommelier and a
Jan. 4, 2018
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Innocean to present smart driving sunglasses at CES
Innocean Worldwide, an advertising arm of Hyundai Motor Group, will unveil a set of smart sunglasses programmed to prevent drowsy driving and help drivers with hearing problems at the Consumer Electronics Show, the company said Wednesday. The product named “Glatus” has sensors built into the sides of the sunglasses to detect the wearer’s biorhythm. If signs of sleepiness are detected, the sunglasses vibrate to warn the wearer of the dangers of driving while drowsy, the company said. Glatus by In
Jan. 3, 2018
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Hyosung to spin off, relist subsidiaries
Hyosung on Wednesday embarked on a preliminary screening process to list a new holding company and four subsidiaries that will be spun off on the first-tier stock market Kospi, according to the Korea Exchange. By no later than June 1 this year, Hyosung will spin off the units, each dedicated to the polyester fiber industry, heavy industries, industrial materials and chemical products, according to a regulatory filing with the Financial Supervisory Service. (Hyosung)The four subsidiaries will ho
Jan. 3, 2018
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Retailers look to digital, content and overseas expansion for 2018
South Korea‘s largest retailers are looking to incorporate digital technology into their shopping experiences, inject storytelling elements into their content and expand overseas in 2018.In his New Year’s address, Lotte Group Chairman Shin Dong-bin stressed the importance of adopting a “digital transformation” in processes across the entire group. In the retail sector, Lotte has already begun adopting artificial intelligence to its shopping experiences in partnership with IBM. Last month, Lotte
Jan. 3, 2018
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Gwanghwamun ranked Seoul’s top business district
Gwanghwamun in central Seoul was ranked first among the country’s business districts in terms of yearly sales and sales volume per person. YonhapSK Telecom’s big data analysis service Geovision analyzed 20 major business districts across the country from November 2016 to October 2017. Geovision provides an analysis of business districts by tracking statistics of location, population, sales, category of business and consumer’s consumption tendency, combined with information on a map.SK Telecom sa
Jan. 3, 2018
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Samsung Heavy merges divisions, sheds 30% of execs
South Korean shipbuilder Samsung Heavy Industries has axed 30 percent of its executives as part of the struggling firm’s latest efforts to prepare for a decline in its business due to a further drop in orders. Samsung HeavyFollowing a reshuffle conducted last week, the firm now has a total of 50 board members, down from 72. It also streamlined the organization from 89 to 67 departments or teams by converging its management. In addition, the company decided to increase its capital by 1.5 trillion
Jan. 3, 2018
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Hyundai Heavy sets 2018 sales target at W7.9tr
Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Wednesday that it aims to achieve 7.98 trillion won ($7.5 billion) in sales this year as its president warned of an unprecedented crisis due to declining order backlogs."This year, we could face a grave situation that we have never gone through before," Hyundai Heavy President and CEO Kang Hwan-goo said in his speech for 2018.He warned that Hyundai Heavy could face difficulties due to dwindling order backlogs and building work
Jan. 3, 2018
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Samsung’s Lee likely to quit Boao Forum board
Samsung Electronics Vice Chairman Lee Jae-yong is likely to leave the board of the Boao Forum, known as Asia’s Davos Forum, as he is unable to carry out his role.His term as a board member ends in April. The heir apparent of the nation’s largest conglomerate is not likely to seek another five-year term, industry observers said.Lee took the board member position from SK Group Chairman Chey Tae-won in 2013. The board includes Singapore’s former Prime Minister Goh Chok Tong and former US Secretary
Jan. 3, 2018
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Lotte faces bumpy road to sell off its discount store chain in China
South Korean retail giant Lotte is facing a bumpy road as its latest negotiations over the sale of its hypermarket chain in China fell through, industry sources said Wednesday.In September, the business group announced its decision to pull out Lotte Mart in China after it suffered major losses in the wake of the Seoul-Beijing diplomatic spat over a US anti-missile system.The conglomerate had been in talks with Thai conglomerate Charoen Pokphand Group, which runs other supermarket chains in China
Jan. 3, 2018
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Korea Inc call for innovation, change, and synergy in 2018
Amid fierce competition as markets move toward the “fourth industrial revolution,” leaders of major Korean companies on Tuesday urged their businesses to seek innovative ideas and responsible management as well as to secure key technologies for the future while embracing challenges in the new year.Emerging protectionism, geopolitical uncertainties as well as fast-changing market environments will be hurdles for Korean businesses this year, they said in their New Year’s messages, adding that chan
Jan. 2, 2018
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Green Cross Corp. rebranded as GC
Local biopharmaceutical company Green Cross Corp. has been rebranded as GC, the company said Tuesday. GC stands for the English initials of the company’s original name Green Cross, but it also represents the company’s motto of “Great Commitment, Great Challenge, Great Company,” the firm said. GCThe company’s new name and logo will apply to all of its subsidiary and affiliated companies, as well as the holding company Green Cross Holdings. “Rebranding the business is intended to reaffirm the comp
Jan. 2, 2018
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AIA Korea officially inaugurates as Korean corporation
AIA Korea, local subsidiary of Asia’s largest life insurance AIA Group, officially inaugurated as a Korean corporation, the company said Tuesday. Celebrating the 30th anniversary of its launch, AIA Korea said its transition into a corporation will increase the company’s financial transparency and strengthen competitiveness. The company first entered the domestic market in 1987 as an insurer branch.“Establishment as a Korean corporation is an important milestone for the company, which will help u
Jan. 2, 2018
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Posco vows to utilize ICT in key industries
Posco, South Korea’s top steel maker by sales, vowed to bolster new growth drivers by incorporating information and communications technology across a slew of key sectors.The company celebrates its 50th anniversary this year after wrapping up four years of restructuring last year.Through the overhaul, Posco reduced the number of local affiliates to 38 from 71 and overseas affiliates to 124 from 181, ultimately preventing some 400 billion won ($376 million) in annual losses, the company said. “We
Jan. 2, 2018
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Shipments of premium TVs on rise amid Samsung's lead
The global market for premium televisions sized 75 inches and larger is set to rise sharply in 2018, industry data showed Tuesday, with Samsung Electronics Co. also posting a steep growth.According to the data compiled by industry tracker IHS Markit, the global sales of such televisions is anticipated to reach 1.69 million units this year, rising sharply from 1.15 million units estimated for 2017. The researcher also suggested a figure of 3.38 million units for 2020. (Yonhap)The global market ex
Jan. 2, 2018
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7 out of 10 part-time workers worry about tough job market amid minimum wage hike
More than 70 percent of part-time laborers are worried about changes in work circumstances due to this year's rise in the minimum wage, a portal survey showed Tuesday.According to the survey conducted by the website operated by Mediawill Networks, 72 percent of respondents said they are worried about facing changes in the job market with the hike in the minimum hourly wage. The poll was conducted from Dec. 21-29 on 1,458 of its members.The number of people worried about finding new jobs was the
Jan. 2, 2018
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[Herald Interview] ‘Regulation mars Korea’s entry to 4th industrial revolution’
President Moon Jae-in’s state visit to China last month has provided a reconciliatory mood to resume bilateral business ties between the two countries after a monthslong diplomatic row that hindered Korean companies’ operations there. But what worries the chairman of Korean Chamber of Commerce and Industry Park Yong-maan, is rather China taking a step ahead of South Korea, an IT giant, toward technologies of the “fourth industrial revolution.“ The former Doosan Group chairman who led the busines
Jan. 1, 2018
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Air passenger traffic in S. Korea up 9% in Nov.
South Korea's air passenger traffic rose in November on strong demand for outbound trips, government data showed Monday. A total of 9.07 million passengers used international and domestic flights in November, up 9 percent from a year ago, the Ministry of Land, Infrastructure and Transportation said.The number of passengers using international flights jumped 11.1 percent to 6.44 million as more people went abroad to take advantage of the stronger Korean won and airlines expanded alternative route
Jan. 1, 2018