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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Controversial cult leader’s sentence reduced to 17 years
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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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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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KT&G donates food truck, hot meals for needy
Cigarette maker KT&G said Thursday it donated a food truck to the city-run soup kitchen Warm Chaeumteo, and that KT&G employees will be volunteering at soup kitchens over the next two years.According to the company, KT&G will donate 500 servings of food each week to soup kitchens, including Warm Chaeumteo and the House of Sungmo Lady in Daejeon, and volunteering at the facilities once a month over the next two years. KT&G CEO Baek Bok-in (right) serves food at Warm Chaeumteo in Seoul Thursday. (
Dec. 7, 2017
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Korea’s cable makers fined W16b for bid-rigging
South Korea’s corporate watchdog said Thursday that it would fine a total of 16 billion won ($14.6 million) on seven cable makers here for rigging project bids. According to the Fair Trade Commission’s statement, the manufacturers worked together more than 30 times to set bidding prices for three separate cable supply contracts and shared the work among themselves over a two-year period between 2011 and 2013. Each company will be subjected to a fine of about 2.5 billion won, the statement added.
Dec. 7, 2017
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Kepco President Cho to resign upon nearing UK nuclear bid win
Korea Electric Power Corporation CEO Cho Hwan-eik will resign Friday, more than three months ahead of the official end of his term in March, the company said Thursday.Cho‘s resignation announcement came just a day after Kepco was selected as the preferred bidder in the Moorside nuclear power plant project in the UK. (Yonhap)Cho had reportedly shown his intention to retire before the official end of his term, but had postponed the decision largely due to the nuclear project deal.“I am happy to r
Dec. 7, 2017
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SKT’s Olympic marketing comes under fire
SK Telecom has come under fire after airing a commercial starring former figure skater Kim Yu-na to support the 2018 PyeongChang Olympics as a non-Olympic sponsor. The PyeongChang Olympic Organizing Committee has reportedly sent a letter to SK Telecom to stop it airing television commercials related to the Olympics on the grounds that “ambush marketing” taking advantage of Olympic fever is illegal. Ambush marketing refers to a company’s indirect marketing activities despite not being an official
Dec. 7, 2017
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LG Display says supply for iPhone X not decided yet
LG Display said the supply deal for organic light-emitting diode panels to Apple’s iPhone X has not been settled, in response to industry speculation on a possible deal. “Regarding the OLED supply deal for Apple’s iPhone X, nothing has been set in detail. When anything is confirmed in detail, we will announce it, or (otherwise an announcement will be made) in a month,” LG Display said in its regulatory filing Wednesday afternoon. The statement followed Korea Exchange’s request to clarify the ind
Dec. 7, 2017
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Korea’s top pharma association partners with KOTRA
South Korea’s top pharmaceutical association has partnered with the country’s top trade promotion agency to speed up the local pharma sector’s overseas business expansion and to aid international knowledge exchange. The Korea Pharmaceutical and Bio-Pharma Manufacturers Association and the state-run Korea Trade-Investment Promotion Agency said Thursday that they have signed a Memorandum of Understanding agreeing to such terms. KPBMA Chairman Won Hee-mok (left) and KOTRA CEO Kim Jae-hong pose afte
Dec. 7, 2017
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[PyeongChang 2018] Lotte unveils the next ‘it’ item: ‘PyeongChang sneakers’
Following PyeongChang long padded coats’ huge success in sales, Lotte Department Store set out to extend the popularity to “PyeongChang sneakers,” with pre-orders exceeding 30,000 in six days.Pre-orders for PyeongChang sneakers began on Dec. 1 and will be available until Thursday. In the six days since pre-orders began, more than 20,000 people have requested the now in-demand item. Lotte Department Store announced Thursday that it has already sold 60 percent of the total 50,000 pairs available.
Dec. 7, 2017
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Agricultural goods exports rise despite China's retaliation: data
South Korea's exports of agricultural products rose for the first 11 months this year, industry data showed Thursday, despite China's economic retaliation against the deployment of a US missile defense system.China has been retaliating economically against South Korea since early this year after pushed forward the installation of the US Terminal High Altitude Area Defense missile system, which Beijing sees as a security threat. (Yonhap)South Korea's total shipments of farm and livestock products
Dec. 7, 2017
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Hyundai workers stage partial strike for higher wages
Workers at Hyundai Motor Co. walked away from their production lines Thursday in the latest partial strike as they pressed for higher wages and bonuses, an official said.The workers in the morning shift left their posts at 8:50 a.m. for three hours, while those in the evening shift plan to put down their tools between 5:40 and 21:00, according to the Hyundai official.The strike prevented workers from making engines and transmissions. Hyundai said the production of cars was not affected by the la
Dec. 7, 2017
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CJ CGV: 'Future of Korean cinema is in global market'
CJ CGV has vowed to continue to focus on the global movie market next year as the domestic market has reached a plateau in the past five years with the rising popularity of streaming and social media services and declining population.The country's top cinema chain unveiled the plan during a media forum on the movie industry at its Yongsan location in central Seoul on Wednesday.South Korean cinemas saw 213.351 million in the total number of viewers in 2013, exceeding the 200 million mark for the
Dec. 7, 2017
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KEPCO chief announces resignation one day after winning reactor export contract
President Cho Hwan-eik of the Korea Electric Power Corp. will resign later this week, more than three months ahead of his term which expires in March next year, the state-run utility firm said Thursday.Cho's intention to resign comes just one day after KEPCO was selected as the preferred bidder in a project to build three nuclear power plants in Britain.Toshiba Corp., which has a 60 percent stake in the NuGen consortium in charge of building the nuclear power plants in Cumbria, northwest England
Dec. 7, 2017
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Lotte faces bumpy road to adopt holding firm structure
South Korean retail giant Lotte faces a bumpy road as it moves to adopt a holding company system even though it has sharply cut the number of units that own one another, industry sources said Thursday.In early October, Lotte established the holding firm, Lotte Corp., in a bid to help Chairman Shin Dong-bin solidify his leadership and boost the group's managerial transparency.According to the sources, 11 Lotte subsidiaries had stakes in affiliates through cross-shareholdings as of Wednesday, down
Dec. 7, 2017
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Doosan, imported carmakers ordered to recall 28,000 vehicles, construction equipment
Doosan Infracore Co. and three imported carmakers will recall nearly 28,000 vehicles and construction machines in South Korea due to faulty parts, the transport ministry said Thursday.This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport to both domestic and foreign carmakers and other manufacturers. Honda Motor Co., Fiat Chrysler Automobiles, and Ford Motor Co. plan to recall four different models totaling 19,562 vehicles. Doosan Infracure
Dec. 7, 2017
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Samsung Electronics seen to log record profit in Q4
South Korean tech giant Samsung Electronics Co. is expected to post a record profit in the fourth quarter of the year on its strong chip business, a market tracker said Thursday.FnGuide said a consensus market forecast of Samsung's operating income amounts to 16.3 trillion won ($14.9 billion) for the October-December period, up 77.2 percent from a year earlier.The figure also hovers far above the company's operating profit of 14.5 trillion won for the previous quarter.The consensus forecast of S
Dec. 7, 2017
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Foreign IBs revise up Korea's growth outlook
Major foreign investment banks have upgraded their 2018 growth forecasts for the South Korean economy on its strong exports, a report showed Thursday.According to the report by the Korea Center for International Finance, Barclays, Goldman Sachs and seven other foreign IBs have forecast Asia's fourth-largest economy to expand at an average rate of 2.9 percent next year.The forecast, made at the end of last month, is slightly up from the median growth projection of 2.8 percent presented a month ea
Dec. 7, 2017
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BAT’s Sacheon factory achieves $200m in exports
British American Tobacco Korea’s production plant in Sacheon, South Gyeongsang Province, reached $200 million in exports in 2017, according to the company Wednesday.The $200 million mark was reached just one year after reaching $100 million in 2016 thanks to the construction of two new plants at the factory this June. In total, the Sacheon Factory exported $208 million’s worth of products to 15 countries between July 2016 and June 2017.The factory currently has a capacity of 40 billion tobacco s
Dec. 6, 2017
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Allergens found in essential oils sold in Korea
Essential oils used in aromatherapy currently sold in Korea have been found to contain allergens, according to the Korea Consumer Agency Wednesday.The consumer rights agency tested twenty essential oils including 13 used in air fresheners, two used in cosmetics and five used for hand-made cosmetics. All twenty showed traces of allergens d-limonene and linalool, which can cause allergic reactions when they come into contact with the skin or eyes. Under current regulations, it is not required fo
Dec. 6, 2017
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Construction sector welcomes increase in infrastructure budget
Next year’s budget passed by the National Assembly in the wee hours of early Wednesday included 19 trillion won ($17.4 billion) set aside for various social overhead capital, or infrastructure, up 1.3 trillion won from the government’s original plan. The budget also marked the largest infrastructure increase. The government stated the reason for the budget increase was due to the sector’s impact on the local economy. Last-minute increases came from various regional construction projects endorse
Dec. 6, 2017
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LIG Nex1 showcases defense systems in Colombia
South Korea’s LIG Nex1 highlighted the country’s leading defense systems at this year’s Expodefensa -- a global defense expo -- held in Bogota, Colombia, for three days from Monday. LIG Nex1, an aerospace and defense company, showcased its defense systems including portable ground-to-air guided weapons, medium-range ground guided weapons, Sonar, navigation radars and torpedoes at the event as part of its promotion for exports across South America, the Middle East and Asia. LIG Nex1’s booth sh
Dec. 6, 2017
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[Exclusive] Kepco selected as preferred bidder for Moorside nuclear project
South Korea‘s sole utility provider Korea Electric Power Corp. has been selected as the preferred bidder for the Moorside nuclear power plant project in the UK, a source familiar with the matter told The Korea Herald Wednesday. The Korean utility provider has been moving to acquire the 100 percent share held by Toshiba in the NuGen consortium that is developing the Moorside project. (Yonhap)Kepco‘s selection is anticipated to be announced before the week’s end, according to sources.This will be
Dec. 6, 2017