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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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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Military aircraft evacuating S. Koreans in Lebanon returns home
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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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KOTRA teams with Kakao to support startup firms
The Korea Trade-Investment Promotion Agency is teaming up with Kakao Makers to support the sales of domestic and overseas startups, according to a press release by KOTRA. The two companies signed a memorandum of understanding at Kakao Makers’ headquarters in Pangyo, Gyeonggi Province, Wednesday. (Yonhap)Through the agreement, the two firms will help startups sell their manufactured products on the “Makers with Kakao” platform. They will also provide them opportunities to seek overseas buyers if
April 26, 2017
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LG Display logs record quarterly profit
LG Display said Wednesday it posted record-breaking profits in the first quarter of the year due to the growing demand for large-size televisions and high-end devices. The Korean display maker said it posted 7 trillion won ($6.2 billion) in sales and 1.02 trillion won in operating profits, 17.9 percent and 2,498 percent increases, respectively, year-on-year. “The record-breaking operating profits were driven by the growing demand for lucrative products such as large-size ultra-high-definition te
April 26, 2017
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Olive Young rises as mecca for Korean beauty products
Olive Young’s Myeong-dong branch is the largest health and beauty store in the industry, with over 10,000 visitors every day, according to CJ OliveNetworks on Tuesday.The Myeong-dong branch, having opened in 2012, promotes “healthy and beautiful lifestyle” as a one-stop lifestyle platform, selling a wide variety of products ranging from cosmetics, health foods, character products, interior pieces and exercise equipment to fashion accessories. The inside of Olive Young’s Myeong-dong branch (CJ Ol
April 26, 2017
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UPS to acquire Logen to expand in Korean market
US-based logistics company UPS will acquire local logistics firm Logen to expand its presence in the Korean market, according to news reports Wednesday.UPS is said to have agreed to a 270 billion won ($240.2 million) deal with Baring Private Equity Asia to acquire 100 percent of Logen’s shares. Employees sort packages at UPS Korea’s Docksan Center. (UPS)A spokesperson for UPS declined to comment on the deal when reached by The Korea Herald.This will be UPS’ second foray into the Korean logistic
April 26, 2017
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Hyundai Motor disputes recall order for 1st time
Hyundai Motor, the nation’s largest carmaker, has objected to a request by the Ministry of Transport to recall tens of thousands of vehicles with defects found after an expose by a former worker of the company, officials said Wednesday. The ministry had conducted probes on 32 cases claimed by the whistleblower surnamed Kim last year, and found defects in five cases. Officials had asked the carmaker to carry out a voluntary recall procedure for the cases -- four last month and one this week -- ci
April 26, 2017
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Corporate watchdog fines 54 firms for disclosure violations
South Korea's corporate watchdog said Wednesday that it has slapped a combined 218.9 million won ($194,300) in fines on 54 affiliates of large business groups for regulatory filing violations last year.SK Group, the country's third-biggest conglomerate by assets, were fined 33.3 million won due to 17 offending cases, while affiliates of OCI Co., the top solar power panel maker, were booked(Yonhap)46.7 million won for not properly reporting to authorities about their intra-affiliate business deal
April 26, 2017
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Korean refiners' exports hit record high in Q1
Exports of oil and related goods by South Korean refiners reached an all-time high in the first three months of the year on firm demand and higher oil prices, industry data showed on Wednesday.According to the data compiled by the Korea Petroleum Association, oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 117 million barrels in the first quarter of the year, rising 6.5 percent from a year earlier. (Yonhap)In terms of
April 26, 2017
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Korea's food exports hit record high in Q1
South Korea's exports of food and agricultural products reached a fresh record high in the first three months of the year on rising demand in the United States and China, government data showed Wednesday.Outbound shipments of foodstuffs and farm products rose 11.3 percent on-year to $1.64 billion in the January-March period according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. (Yonhap)It marked the largest exports tallied in the first quarter since the government
April 26, 2017
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Uber Korea fined W10m for illegal taxi service
A lower court on Wednesday fined the local unit of app-based ride service provider Uber 10 million won ($8,900) for running an illegal taxi business.Travis Kalanick, founder and CEO of the US-based ride-sharing service Uber Technologies Inc., and its local unit were indicted in December 2014 for offering taxi services in collaboration with a rental-car service operator in violation of the Passenger Transport Service Act. (Yonhap)Uber, designed to connect customers with private drivers without t
April 26, 2017
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Annual salaries at big firm move up in 2016, petrochemicals on top
The average annual paycheck at the country's largest 500 local companies rose 2 percent from the previous year to 74 million won ($65,457) in 2016, with petrochemical companies dominating the upper rankings, analysis showed Wednesday.Corporate tracker CEO Score looked into salaries of 334 of the 500 top firms that submitted financial statements last year. The top payer was Yeochun NCC, a naphtha cracking center company, whose yearly average salary was 119.9 million won. Hanwha total, another pet
April 26, 2017
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SK Telecom's net profit up 1.95% in Q1
South Korea's No. 1 mobile carrier SK Telecom Co. said Wednesday its first-quarter net profit increased nearly 2 percent from a year earlier.Net profit came to 583.48 billion won ($517.2 million) in the January-March period, the mobile carrier said in a regulatory filing. This represents an on-year gain of 1.95 percent.(Yonhap)Operating profit came to 410 million won, also up 2.08 percent over the cited period. Sales inched up 0.14 percent to reach 4.2 trillion won.Net profit hovered above the e
April 26, 2017
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Daewoo Shipbuilding's order backlog still ranks first
South Korea's three major shipyards -- Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and Hyundai Heavy Industries Co. -- stayed at the top of the list in terms of order backlog, industry data showed on Wednesday.According to the data compiled by industry tracker Clarkson Research, Daewoo Shipbuilding's Okpo shipyard stood at 88 ships representing 6.24 million compensated gross tons (CGTs) in early April, followed by Hyundai Heavy's Ulsan shipyard with 65 vessels or 3
April 26, 2017
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Samsung BioLogics posts 2% revenue hike in Q1
Samsung BioLogics, the contract drug manufacturing arm of South Korea’s Samsung Group, said Tuesday that its first quarter revenue this year grew 1.9 percent on-quarter to 107.6 billion won ($95.6 million) led by a rise in its product shipments. The Korean drug manufacturer raised 3.4 billion won in operating profit in the January-March period, swinging into the black from the previous quarter’s operating loss of 700 million won. The Samsung BioLogics headquarters in Songdo, Incheon (Park Hyun
April 25, 2017
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SK Innovation‘s Q1 operating profit up 19% to W1tr
South Korea’s leading oil refiner SK Innovation said Tuesday that its operating profit increased 19 percent to surpass 1 trillion won ($887 million) in the first quarter. (Yonhap)The firm’s sales also reached 11.3 trillion won during the same period, up 20 percent from the same period last year.SK Innovation said the increases in sales and profit are largely contributed to the success of non-refining businesses, including its chemical and lubricating oil businesses.The operating profit in non-re
April 25, 2017
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LS displays smart energy solution at Hannover
LS Industrial Systems, a South Korean manufacturer of electric and automation equipment, has joined Hannover Messe, a leading industrial show that kicked off Monday for a five-day run. LS is presenting its core products, including an energy storage and management system and circuit breakers, to promote its entry to the European market, the Anyang-based company said Tuesday.The company has been focusing on developing a full lineup of the direct current electric devices such as molded case breaker
April 25, 2017
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IATA chief urges Korea to join unruly passengers agreement
The top executive of the International Air Transport Association encouraged South Korea to ratify an international agreement laying out the legal responsibilities following incidents with unruly passengers on flights.“We encourage Korea to sign MP14,” IATA Director General Alexandre de Juniac told reporters Monday at the 2017 IATA Safety and Flight Ops Conference ongoing at the Grand Hyatt Seoul. IATA Director General and CEO Alexandre de Juniac speaks at the 2017 IATA Safety and Flight Ops Conf
April 25, 2017
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KGC scores hit with antler extract
Cheong Kwan Jang’s line of health products made of deer antler extract Cheon Nok has been gaining growing popularity among middle-aged consumers, Korea Ginseng Corp. said Tuesday.The domestic manufacturer of red ginseng products has launched Cheon Nok Sam, red ginseng and deer antler velvet premium extract, buoyed by the popularity of deer antler extracts in Korea and China, which make up 80 percent of the market worldwide. Cheong Kwang Jang’s red ginseng and deer antler velvet premium extract C
April 25, 2017
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Philips Korea initiates CPR training for all employees
Philips Korea, the local branch of global health technology company Philips, said Tuesday that it was holding a CPR training session for all its employees as part of its efforts to raise public awareness of the life-saving procedure. The Seoul-based company held the CPR training session for nearly 300 employees as part of Philips’ global efforts to help its employees better respond to sudden heart attacks. (Philips Korea)Philips Korea employees will learn about the theory behind CPR, how to app
April 25, 2017
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More female workers hired by restaurant businesses
A large number of female workers in South Korea served at restaurant and cafeteria businesses in the second half of last year amid a protracted economic slump, a report said Tuesday.A total of 1.35 million women were hired by various eateries in the last six months of last year, slightly more than the 1.29 million female workers in the country's retail sector, according to the report by Statistics Korea.Some 1.24 million were in the educational service business and 830,000 people were in the soc
April 25, 2017
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Korean businesses worried about tourism slump during holiday
South Korea's tourism and shopping industries are concerned about the potential impact of next week's long holiday following the recent drops in the number of visitors from neighboring countries, observers said Tuesday.Both China and Japan have extended holidays from the end of this month to the first week of May. Visitors and shoppers from the two countries during the period had previously helped boost South Korea's economy suffering from weak domestic demand, but industry watchers are worried
April 25, 2017