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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Military aircraft evacuating S. Koreans in Lebanon returns home
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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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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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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[Robert Fouser] Why the US election looks so close
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Samsung unveils 'personalized AI' for all devices
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Global video-streaming giant Netflix recommends LG TV
LG Electronics Inc. said Tuesday that the US-based video service provider Netflix has recommended its smart televisions released this year as the most suitable platform to enjoy its entertainment content.The video-service provider has been announcing "Netflix Recommended TV" every year since 2015 based on convenience, speed and other features.LG Electronics said the operating system of its smart televisions, the WebOS 3.5, provides users with "intuitive" experiences.The tech company said all of
March 21, 2017
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POSCO chairman says donations to dubious foundations made under pressure
The chairman of global steelmaker POSCO said Monday his company's donations in 2015 to two foundations controlled by a friend of former President Park Geun-hye were made under pressure from Park's office.Kwon Oh-joon, who has been leading the steelmaker from 2014, made the remarks while attending a hearing on Choi Soon-sil, Park's arrested friend, and former presidential secretary An Chong-bum as a witness at the Seoul Central District Court.Kwon Oh-joon, chairman of global steelmaker POSCO, arr
March 20, 2017
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BAT Korea, Sacheon city sign scholarship program
British American Tobacco Korea and Sacheon city government signed an agreement Monday to operate a 100 million won ($89,000) scholarship program aimed at fostering local talent, the company said in a statement. BAT Korea CEO Tony Hayward (left), Sacheon City Mayor Song Do-geun (center) and Kim Jung-kyu, head of the Sacheon Office of Education pose during a signing ceremony held for a scholarship program to be funded by the tobacco maker, at Sacheon City Hall, Monday. (BAT Korea)Under the program
March 20, 2017
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[Newsmaker] Suh Kyung-bae stands at helm of K-beauty
When Suh Kyung-bae, Amorepacific Group chairman, inherited the family business 20 years ago, the cosmetic firm was teetering due to low demand and financial rigidity.Not only was the country suffering from the Asian financial crisis at the time, but the local beauty industry as a whole was facing a wave of foreign cosmetics that poured in after the government completely lifted a ban on imports. Amorepacific Group Chairman Suh Kyung-bae (Amorepacific)The second-generation chaebol scion could have
March 20, 2017
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Third of chaebol offspring marry children of similar backgrounds for biz reasons
Nearly one third of the children of South Korea's 10 biggest business groups marry among themselves mainly due to business purposes, a survey showed Monday.A total of 30.3 percent, or 94 family members out of 310 from chaebol families, married others from similar backgrounds, according to the survey by the Leaders Network.The term chaebol refers to the large family-run businesses that dominate the country's business landscape.Forty-six chaebol family members, or 14.8 percent, tied the knot with
March 20, 2017
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Gmarket tops brand power rankings for 7th consecutive year
Online open market Gmarket took the top slot among online shopping malls in an annual brand power index for the seventh year in a row, according to eBay Korea Monday.The Korea Brand Power Index is compiled each year by Korea Management Association Consulting, taking into account various aspects of brand power including trustworthiness and value. This is the K-BPI‘s 19th year. (eBay Korea)“Consumers seek out Gmarket because of our product and price competitiveness, which comes from strong partner
March 20, 2017
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Lotte’s founding family denies all in first trial
The founding family of Lotte Group stood trial Monday, denying their charges of embezzlement and corrupt management of their businesses. It marked the first time that the feuding members have appeared in court together. The trial came five months after prosecutors first charged Chairman Shin Dong-bin and four other family members in October last year. Following Monday’s opening trial, the court plans to hold hearings three times a week regarding the charges of embezzlement and tax evasion. Chair
March 20, 2017
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Celltrion maintains IPO timetable despite accounting inspection
South Korean drugmaker Celltrion said Sunday that it does not expect to make changes to Celltrion Healthcare’s initial public offering timetable, brushing off concerns the listing process could be significantly delayed due to additional accounting inspections.The statement came following reports the Korean Institute of Certified Public Accountants has requested an in-depth audit into Celltrion Healthcare’s accounting methods, a move that could push back the firm’s IPO.Celltrion said it expects t
March 20, 2017
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[Herald Interview] SK Telecom to open AI platform in June
SK Telecom’s research and development head said the company plans to open its artificial intelligence platform in June to solidify its lead in the smart home appliances market. “We plan to open the application program interface of NUGU’s AI platform for third-party developers at the end of June. We will make it an open platform like Amazon’s Alexa,” Choi Jin-sung, SKT’s head of corporate research and development, said in an interview with The Korea Herald. Launched in September, NUGU is SKT’s vo
March 20, 2017
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Galaxy S8 Plus price estimated at 899 euros
The large-screen edition of Samsung Electronics Co.'s upcoming flagship smartphone is expected to come with a price tag of 899 euros ($967), a technology blogger said Monday.According to the blogger, Evan Blass, the regular Galaxy S8 is expected to be priced at 799 euros, with the Galaxy S8 Plus expected to be sold at the slightly higher price. Industry watchers expect the two models to be released at 1 million won ($890) and 1.1 million won here, respectively.The models may become the most expe
March 20, 2017
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Health food sales grow despite chronic economic slump
Sales of red ginseng and other health-related products surged in recent years despite a slumping economy as people are becoming more health conscious, data showed Monday.Such a trend shows consumers opening their pockets on products they deem valuable despite challenging economic conditions, industry analysts said.Sales of health food rose 72 percent in 2016 from a year earlier on the online shopping mall 11th Street, a company official said. The comparable figures were 27 percent in 2015 and 44
March 20, 2017
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SK Telecom inks agreement with The Pokemon Company for popular mobile game
South Korea's top mobile operator SK Telecom Co. said Monday it has decided to roll out joint marketing projects with The Pokemon Company to promote the popular mobile game that involves catching Japanese animated characters based on augmented-reality technology.In the "Pokemon Go" game, users walk around the streets to find and collect hundreds of characters called Pokemon, which combines computer-generated images with real-life backgrounds. The game has been considered a prime example of AR te
March 20, 2017
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SM Group chief eyes more takeovers
SM Group will acquire more companies, including overseas shippers, to beef up its status in the sector, its chief said Monday.The midsized South Korean shipping group has been taking over a series of financially troubled companies over the past few years, to emerge as a major player in the domestic shipping industry, currently under financial strain amid falling rates and a drawn-out slump in the global economy. SM Group chairman Woo Oh-heun (right) speaks during a press conference in Busan on J
March 20, 2017
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Market cap of Samsung affiliates gains 12.1% this year
The combined market capitalization of 23 Samsung Group affiliates has gained 12.1 percent so far this year, helped by a rally in the group's crown jewel, Samsung Electronics Co., according to the Korea Exchange on Monday. Shares of Samsung Electronics have continued to rise in the past few weeks buoyed by expectations about an improvement in its corporate governance structure, strong demand for semiconductors and an upcoming launch of the Galaxy S8 smartphone. As of last Tuesday, the combined ma
March 20, 2017
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Producer prices up in Feb. on price hike of petrochemical products
South Korea's producer prices rose slightly last month from a year earlier due to a hike in the prices of coal and petrochemicals, the central bank said Monday.The producer price index came to 102.62 in February, up from 98.48 a year earlier, according to preliminary data from the Bank of Korea. Producer prices serve as an indicator of future consumer inflation.Month-on-month, the February index also gained from a revised 102.31 in January.Prices of manufactured goods rose 6.9 percent in Februar
March 20, 2017
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80% of Lotte outlets on China suspended over THAAD spat
South Korea's Lotte Group said Sunday 80 percent of its hypermarket chains operating in China have been forced to shut down temporarily, adding to woes that Beijing's reprisal against Seoul over the deployment of an advanced U.S. missile defense system is intensifying.The number of Lotte Mart stores facing business suspension stood at 79 as of Sunday, according to Lotte. That accounts for 80 percent of 99 stores it is currently running in Asia's largest economy. The additional suspension on Lott
March 19, 2017
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SK E&C to build, operate 5 power plants in Iran
SK Engineering & Construction has partnered with major Belgium-based Turkish energy firm Unit International for a multitrillion-won project to build and operate five new gas-fired power plants in Iran. According to an announcement by SK E&C on Saturday, the South Korean firm signed a deal with the Turkish firm in Istanbul on Friday, agreeing to join Unit International’s ongoing project to build and operate the new power plants. Following the agreement, SK E&C acquired a 30 percent stake in Unit
March 19, 2017
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NPS’ ‘rubber stamp’ tendency continues this year
South Korea’s state pension fund has changed little in playing a “rubber stamp” role this year when it comes to exercising its voting rights in major conglomerates’ shareholders meetings.The latest was when the National Pension Service decided to abstain from voting at a general shareholders meeting of Hyundai Motor Group on Friday to re-elect Chairman Chung Mong-koo as an in-house director.Chung’s re-election had been opposed by the Center for Good Corporate Governance. The institute said Chung
March 19, 2017
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Everland launches new virtual reality robot ride
Everland, the amusement park operating unit of Samsung C&T Corp., said Sunday it will soon launch a new virtual reality attraction that offers riders an experience in which they control a robot. The Robot VR, which will start operations Friday, was developed jointly by Samsung C&T and a local startup. (Yonhap)Participants will ride on the robot's arms, which are six meters above the ground. The arms are designed to move 360 degrees, with room for six passengers each, and riders will be able to
March 19, 2017
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[Advertorial] LG Chem to invest W2.7tr in capex
LG Chem, a major battery maker in South Korea, said Sunday it plans to invest 2.7 trillion won ($2.3 billion) in capital expenditure, a 40 percent increase on-year, with the aim of advancing its business structure and strengthening research and development.The company said its base material unit aims to be in the global top three by expanding the production capacity of elastomer to 290,000 tons by 2018. Elastomer is a high-value-added synthetic resin that features both rubber and plastic. The fi
March 19, 2017