Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Man escapes DUI charges by downing bottle of soju while pulled over
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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35% of S. Koreans view unification 'unnecessary'
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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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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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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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Fierce dispute expected at Samsung heir’s appeal
A fierce legal dispute is expected to extend this week following the Seoul Central District Court’s decision to sentence Samsung Electronics’ de facto leader Lee Jae-yong to a five-year prison term. During the weekend following the court ruling Friday that found the Samsung heir guilty of five major charges related to the corruption scandal of former President Park Geun-hye, Lee‘s legal team and the special counsel team respectively clenched their fists in preparation for the forthcoming appella
Aug. 27, 2017
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Lotte Hotel Yangon to be open on commissioned operation by Lotte resorts affiliate
Lotte Hotel Yangon, to be operated on commission by Lotte Hotel & Resorts, will open later this week as the company's eighth overseas chain, officials said Sunday.South Korean retail giant Lotte will manage the new hotel for 20 years in contract with Daewoo Amara, in what will be the first five-star accommodation facility it operates on commission outside of the country. The resorts firm has a similar arrangement for Lotte City Hotel Tashkent in Uzbekistan, which is a business hotel class. Ima
Aug. 27, 2017
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Korean regional airport hit hardest by THAAD row
CHEONGJU -- A South Korea's regional airport heavily dependent on Chinese tourists is facing tough times after being hit hard by Seoul's diplomatic row with Beijing over the deployment of an anti-missile system, industry sources said Sunday. The Cheongju International Airport, which used to have nine out of 10 international passengers coming from its China routes, has not seen flights to major Chinese cities since March when Beijing banned the sale of group travel packages to South Korea in reta
Aug. 27, 2017
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Korean shipyards still struggle to cut costs amid 'order drought'
South Korean shipyards, led by Hyundai Heavy Industries Co., are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, industry sources said Sunday.For decades, the shipbuilding sector has been one of the key growth drivers for Asia's fourth-largest economy. South Korea is home to Hyundai Heavy and two other top ranked shipyards -- Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co.But they suffered
Aug. 27, 2017
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Cold medication prices to increase by up to 14%
Drugmakers in Korea have decided to hike prices of cold medications due to increases in manufacturing costs.South Korean drugmaker Dong-A Pharmaceutical has said it will hike the supply price of its flagship over-the-counter cough and cold medication Panpyrin Q by 10 percent, starting from Sept. 1. Local drug stores are expected to increase their retail prices for the product accordingly. A box of five 20-milliliter Panapyrin Q bottles is currently sold at between 2,000 won ($1.80) and 2,200 won
Aug. 25, 2017
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S-Oil to import 700,000 tons of LNG per year from Malaysia
South Korean refiner S-Oil signed a 15-year liquefied natural gas supply contract with Malaysia’s Petronas, the company said Friday. Under the contract, S-Oil will start importing 700,000 tons of LNG per year from April 2018 to April 2033. S-Oil CEO Othman Al-Ghamdi (third from left) poses with Petronas Upstream CEO Datuk Anuar Taib (third from right) at the signing of a supply contract Thursday at the Petronas headquarters in Kuala Lumpur, Malaysia. (S-Oil)“With the latest deal, the company has
Aug. 25, 2017
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[Eye] ‘World without displays is unimaginable’
In today’s world, people spend quite a huge chunk of their days staring at screens. Some 3.8 billion people in the world use smartphones to search the internet, watch movies and take photos. Nearly half of global households have computers and televisions, according to IHS Markit and the International Telecommunication Union.“Can you imagine the world without displays?” said Jang Jin, a professor at Kyung Hee University’s department of information display, in an interview with The Korea Herald. D
Aug. 25, 2017
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Samsung in shock upon Lee’s jail sentence
The five-year jail sentence of Samsung’s de facto leader Friday drove the world’s largest producer of smartphones and chips into a deeper quagmire, as Samsung Electronics Vice Chairman Lee Jae-yong was found guilty of all five charges over his involvement in the corruption scandal that led to the impeachment of the nation’s former president.The court acknowledged a special counsel’s accusation that Lee and other executives were aware of President Park Geun-hye’s close relationship with her frien
Aug. 25, 2017
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Discount chains suspend sales of sausages, ham made from European pork
South Korea's three leading hypermarket chains said Friday they have discontinued sales of sausages and ham products made from German and Dutch pork that have been embroiled in an infection scandal.There have been allegations that products made of pork from the two countries may have infected British shoppers with the hepatitis E virus, which can cause fever, reduced appetite and nausea, according to media reports. "We do not sell sausages imported from Germany or the Netherlands but had produc
Aug. 25, 2017
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Daewoo Shipbuilding wins 215 bln-won contract for submarine parts
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it has won a 215 billion-won ($191 million) deal to supply key parts for a submarine built by its local rival Hyundai Heavy Industries Co.Under the deal with Hyundai Heavy, Daewoo Shipbuilding will deliver the parts to its rival by 2021, it said.Hyundai Heavy is constructing the third 3,000-ton submarine as part of the Chang Bogo-III project in a deal with the Defense Acquisition Program Administration, the cou
Aug. 25, 2017
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Target date funds grow exponentially amid population aging
The South Korean market for so-called target date funds (TDFs) shot up this year from 2016 as investors are keen to prepare for post-retirement life amid low interest rates, a market tracker said Friday.According to fund researcher Zeroin, 37 TDF products with a net asset value of 1 billion won or more had a combined 378.7 billion won ($336 million) under their management as of Wednesday, more than seven times larger than the amount at the end of last year.TDFs are aimed at providing people with
Aug. 25, 2017
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Court to hand down verdict on Samsung's heir Lee in 'trial of century'
A court in Seoul was to hand down its verdict on Samsung Electronics Vice Chairman Lee Jae-yong on Friday in what is billed as the "trial of the century" that could have deep repercussions on the image of the global electronics giant and affect the fate of ousted former President Park Geun-hye.Prosecutors have demanded a 12-year jail term for Lee on charges that he offered or pledged 43.3 billion won ($38 million) at the request of Park to organizations under control of herlongtime friend and co
Aug. 25, 2017
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Shinsegae to make ‘shocking’ announcement at year’s end
Shinsegae Group is preparing to make a “shocking” announcement at the end of the year regarding its future strategy in online shopping, according to the group’s Vice Chairman Chung Yong-jin Thursday.Chung made the remarks at the opening ceremony for Shinsegae’s third shopping mall under the Starfield brand, Starfield Goyang, in Gyeonggi Province. Shinsegae Vice Chairman Chung Yong-jin attends the grand opening of Starfield Goyang on Thursday. (Shinsegae)“It is true that Shinsegae was considerin
Aug. 24, 2017
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Lilian to refund all sanitary pads
Lilian on Wednesday released a statement to refund all of its sanitary pads that are allegedly causing hormonal disruption in women.Klean Nara, the producer of Lilian sanitary pads, apologized for the concerns it has caused users. While the inspection is still on-going to discern the validity of the complaints of supposed harmful chemical substance that are curtailing female monthly periods, Klean Nara has decided to refund all Lilian products for its accountability.All Lilian pads, including th
Aug. 24, 2017
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Starfield Goyang holds grand opening
The shopping and entertainment complex Starfield Goyang held its grand opening Thursday in Gyeonggi Province. “In preparing Starfield Goyang, we thought hard not only about hardware, such as construction and interior design, but also software such as content, branding, and consumer convenience,” said Shinsegae Vice Chairman Chung Yong-jin at the opening ceremony. Shinsegae Vice Chairman Chung Yong-jin attends the grand opening of Starfield Goyang on Thursday. (Shinsegae)The megamall, which inclu
Aug. 24, 2017
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Tax discussions on heat-not-burn products delayed
Uncertainty continues to surround the taxes to be levied on heat-not-burn tobacco sticks sold in Korea, throwing consumer prices into question.According to the National Assembly on Thursday, floor discussions on the proposed amendment to raise consumption taxes on heat-not-burn tobacco to the same level as traditional combustible cigarettes were pushed back to Monday by the parliamentary finance committee Wednesday.The proposed amendment had reached bipartisan agreement the day before in the fin
Aug. 24, 2017
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Shipbuilders seek fresh orders overseas
Korea’s major shipmakers are striving to secure orders, as several global oil majors are resuming plans to build offshore plants with oil prices bouncing back.Korea’s leading shipbuilders Hyundai Heavy Industry and Samsung Heavy Industry will participate in bids for British oil giant BP’s Tortue gas project off Senegal and Mauritania, the companies said Thursday. (Yonhap)The project led by BP is estimated to be worth $5.8 billion. Of the total investment, some $1 billion is forecast to be spent
Aug. 24, 2017
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Tension escalates over verdict to decide fate of Samsung heir
On the eve of the court’s Friday ruling on Samsung’s de facto leader, tension mounted in South Korea’s corporate community over how the tycoon’s fate would impact the future of the world’s largest producer of smartphones and microchips. On 2:30 p.m. Friday, a local court in Seoul is to deliver its ruling on Samsung Electronics Vice Chairman Lee Jae-yong, who is accused of five charges including bribery, flight of capital and embezzlement. The court decided to deliver the verdict without live cov
Aug. 24, 2017
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Entertainment expenses by drug firms fall due to anti-graft law
Meals and entertainment spending by major pharmaceutical firms have been greatly reduced after the anti-graft law went into effect nearly one year ago, industry data showed Thursday.According to their semi-annual business reports, 15 drug companies checked greatly reduced their spending on clients and partners during the first half of 2017, compared with the same period a year earlier. These companies raked in more than 100 billion won ($87 million) in revenue each in the January-June period. (Y
Aug. 24, 2017
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Top 30 groups suffer sales drop, higher costs over 6 years
South Korea's top 30 conglomerates have seen their sales growth and profitability worsen over the past six years amid increased costs, a report showed Thursday.Per capita sales of 164 listed companies belonging to the leading business groups fell at an annual average rate of 1.8 percent between 2011 and 2016, with the amount reaching 957 million won ($848,000) last year, according to the report from the Korea Economic Research Institute.Per capita operating profit of the companies also declined
Aug. 24, 2017