Most Popular
-
1
Ex-presidential official’s leaked phone call rattles conservative bloc
-
2
Pay debate plagues foreign nanny pilot
-
3
35% of S. Koreans view unification 'unnecessary'
-
4
Slew of top K-pop stars ready to return from military
-
5
S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
-
6
[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
-
7
N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
-
8
Controversial cult leader’s sentence reduced to 17 years
-
9
Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
-
10
[KH Explains] Is private equity giant MBK a risk-taker or renegade?
-
[Newsmaker] Samsung CEO Kwon Oh-hyun steps down from management
Just hours after forecasting another quarter of record profits on strong chip sales, Samsung Electronics announced its chip leader would be resigning, which some viewed as a carefully timed move to offset possible market jitters. The unexpected move, however, stoked speculation of a large-scale personnel reshuffle at the tech giant. It also prompted further concern over the management of the conglomerate in the absence of Vice Chairman Lee Jae-yong, who has been jailed over bribery. Kwon Oh-hyun
Oct. 13, 2017
-
Samsung posts record profits in Q3 on strong chip sales
Buoyed by a global semiconductor super cycle and boom in sales of new smartphones and panels, Korean tech giant Samsung Electronics is to post yet another record performance in the third quarter this year, with operating profit tripling on-year.The boon is expected to continue in the fourth quarter with the revenue forecast to nearly reach 70 trillion won ($62 billion) for the first time.Samsung Electronics said Friday it was expecting operating profits of 14.5 trillion won between July and Sept
Oct. 13, 2017
-
Lotte Mart's sales in China plunge 65% amid THAAD row
Sales of Lotte Mart, the discount store chain of South Korean retail giant Lotte, in China dropped nearly 65 percent in the first eight months of this year in the face of Beijing's retaliation over Seoul's installation of a US anti-missile system, data showed Friday.According to the data provided by Lotte to Rep. Kim Su-min for the ongoing parliamentary audit, its sales came to 410 billion won ($362 million), down 64.7 percent from 1.16 trillion won tallied for January to August of 2016.Lotte re
Oct. 13, 2017
-
Creditors appoint new CEO of debt-ridden Kumho Tire
Creditors of Kumho Tire Co. on Thursday appointed a former chief executive of the financially troubled tiremaker in a move to help put it back on track.Creditors led by the state-run Korea Development Bank (KDB) named Kim Jong-ho, 70, as CEO and president of the country’s No. 2 tiremaker as he was formerly involved in the company’s debt-rescheduling programs during his term as chief executive at Kumho from 2009 to 2012.They also appointed Han Yong-seong, 63, formerly from Woori Bank, who had bee
Oct. 12, 2017
-
Eight indicted for involvement in spy agency’s political meddling
The prosecution indicted two current and six former officials of the National Intelligence Service Thursday for their involvement in a massive political maneuver set up to benefit the two previous governments.The Seoul Central District Prosecutors’ Office said a 53-year-old surnamed Chang and a 50-year-old surnamed Hwang, both in custody, were put on trial for engaging in online activities in violation of NIS law that bans political interference. It also charged six others -- NIS retirees -- wi
Oct. 12, 2017
-
Korea Airports Corp. signs agency contract for Iran sales
Korea Airports Corp. said Thursday that it signed an agency contract to promote sales of navigational aid systems and airport equipment in Iran.The contract with Iranian construction company Tolid Malzomat Bargh was signed Tuesday at the Inter Airport Europe trade fair in Germany. Lotte Chairman Shin Dong-bin (center) waves a flag bearing the new logo for Lotte Corporation at Signiel Seoul on Thursday. (Lotte)TMB Co., which designs and manufactures electrical equipment in Iran, will promote sal
Oct. 12, 2017
-
Lotte’s holding company sets sail, but hurdles remain
Retail giant Lotte Group officially established its holding company Lotte Corp. on Thursday, marking the first step toward streamlining its governance structure to increase transparency. However, the conglomerate still faces significant hurdles before the new system finds stability. Lotte Chairman Shin Dong-bin (center) waves a flag bearing the new logo for Lotte Corporation at Signiel Seoul on Thursday. (Lotte)“Lotte Corp. is the beginning of Lotte’s vision of increasing management transparency
Oct. 12, 2017
-
Samsung appoints new executive for Bixby development
Samsung recently appointed a new executive for the development of its voice assistant Bixby in a move to enhance the performance of the assistant which is facing a lackluster response from the market. The Korean tech giant confirmed Thursday Samsung Research America’s vice chief Chung Eui-suk is now the head of service intelligence group in its headquarters in Korea. The service intelligence group is in charge of developing Bixby and other artificial intelligence services. Before joining the gro
Oct. 12, 2017
-
Samsung BioLogics’ 2nd plant approved by US FDA
Samsung BioLogics, a contract manufacturer of biologic drugs under South Korea’s Samsung Group, said Thursday that its second production plant in Songdo had been approved for commercial production by the US Food and Drug Administration. With the US FDA license, Samsung’s second plant equipped with 152,000 liters of production capacity is now able to commercially manufacture its first monoclonal antibody biologic drug substance for sale to the US. Samsung BioLogics` headquarters in Songdo, Incheo
Oct. 12, 2017
-
[Video] Ikea Gyang focuses on environment, sustainability
Shot by Lim Jeong-yeo / Edited by Lim Jeong-yeo The second Ikea store in Korea will focus on offering environmentally sustainable and family-friendly home-furnishings solutions, said Ikea Korea Country Retail Manager Andre Schmidtgall at the press conference held at its new Ikea Goyang store, Thursday. The new Ikea Goyang is slated to officially open on Oct. 19. Situated at Gwonnyul-daero, Goyang, Gyeonggi Province, the store spans 52,199 square-meters in sales area, and has 2,379 parking stalls
Oct. 12, 2017
-
Tourism industry expects continued boost from non-working days in 2018
The number of non-working days in 2018 will be the same as this year, raising expectations of a continued boost in tourism and leisure industries, travel industry sources said Thursday.Next year has 119 days off from work, with a few of them three to five days long if weekends are added at either ends. The Chuseok (harvest moon) holiday, for example, will be five days, while the Lunar New Year holiday will be four days.By taking an extra day off from work, people can connect four holiday periods
Oct. 12, 2017
-
Most small merchants closing shop before five years
Less than one-third of self-employed merchants survive past five years, with small shops like restaurants and retailers that are often the lifelines for ordinary families being the first ones to close, government data showed Thursday.Records provided by the Ministry of SMEs and Startups to Rep. Lee Che-ik for parliamentary inspections said that of new businesses that opened in 2009, only 27.3 percent were still open five years later. The survival rate has declined from 30.9 percent for shops ope
Oct. 12, 2017
-
[Herald Interview] Lumens to launch world’s first HD HUD using Micro-LED this year
Market interest toward Micro-LED panels has risen in recent years, following news of Apple working to develop the next-generation display. Micro-LED panels, which feature miniature light-emitting diode arrays with smaller, brighter modules and improved response speed, are also the next-generation target for Samsung and Facebook’s Oculus, but still remain rare in the market due to technical challenges. Samsung’s long-term LED partner Lumens is one of a handful of companies that are ready to comme
Oct. 11, 2017
-
[Monitor] Profits of tobacco firms soar
Despite the raise in conventional tobacco taxes in 2015 and a consequent drop in sales, profits reaped by the manufacturers have soared in the past two years, government data showed.The sharp increase is driven by consumers switching to e-cigarettes which are exempted from higher taxes, according to some industry watchers.The government increased taxes on cigarettes by 2,000 won ($1.70) per pack from Jan. 1, 2015, raising the price to 4,500 won per pack, and made it mandatory for tobacco compani
Oct. 11, 2017
-
E-mart opens second store in Mongolia
Discount retailer E-mart said Wednesday that it has opened its second store in Ulaanbaatar, the capital Mongolia.E-mart entered the Mongolian market last July through a franchise agreement with Mongolian company Sky Trading. E-mart is the only large-scale discounter that offers one-stop shopping in Ulaanbaatar. Customers at the second E-mart store in Ulaanbaatar, Mongolia (E-mart)Since its opening last July, the first E-mart’s sales have reached 140 percent of expectations.Located on the first a
Oct. 11, 2017
-
CJ CheilJedang eyes global market for Korean HMR cuisine
CJ CheilJedang is looking to take its home meal replacement business overseas, the company said Wednesday.“Ultimately, we are looking to compete overseas than domestically. To do that, we must have competitive research and development, as well as R&D for localizing our products,” Kang Sin-ho, the company‘s executive vice president of the food division, told reporters at a press conference Wednesday.The company is pursuing the growing HMR market with three main brands -- Haetban, which offers rea
Oct. 11, 2017
-
Yuhan to market Samsung Bioepis’ Remicade, Enbrel biosimilars in Korea
South Korean pharmaceutical company Yuhan Corp. said Wednesday that it had become Samsung Bioepis’ exclusive marketing partner to sell two of Samsung’s biosimilar drugs in Korea, replacing the role of MSD Korea.The two companies have signed an agreement under which Yuhan will exclusively market and sell Samsung’s biosimilars referencing Enbrel and Remicade in Korea, Yuhan said. Previously, US-based MSD, or Merck & Co., had sold the two Samsung-developed biosimilars, which are marketed locally un
Oct. 11, 2017
-
Korea imposes stricter emission standards on new coal power plants: report
South Korea imposes emission standards on eight private coal power plants under construction that are stronger than those in Germany and Japan, a report said Wednesday.The government has set the permissible sulfur oxide emission level at 15 ppm, which compares with 39 ppm for Japan and 70 ppm for Germany, according to the report written by Rep. Lee Che-ik of the major opposition Liberty Korea Party and based on data obtained from the Ministry of Trade, Industry and Energy and state-run electrici
Oct. 11, 2017
-
SK to acquire Dow Chemical’s PVDC unit
An affiliate of SK Innovation has signed a deal to purchase a chemical unit under Dow Chemical to expand its packaging product businesses, the company said Wednesday.The deal is the second transaction between SK Global Chemical and the US chemical company. The SK affiliate bought Dow Chemical’s ethylene acrylic acid business for $370 million earlier this year. (Yonhap)The sale price of Dow’s polyvinylidene chloride (PVDC) business is not revealed as the company has no obligation to make a public
Oct. 11, 2017
-
CJ Cheiljedang to spend W200b on instant food business
CJ Cheiljedang Corp., South Korea's leading processed foods maker, said Wednesday it will invest 200 billion won ($176 million) to further foster its instant meal business in the next three years to meet robust consumer demands.The affiliate of the country's food and entertainment giant CJ said it aims to post 3.6 trillion won in sales from its instant dishes, commonly referred to as home meal replacement products here, in 2020.Its sales from the instant meal business surpassed the 1 trillion-wo
Oct. 11, 2017