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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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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Market uncertain on Korea's October rate cut despite slowed inflation
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Samsung unveils 'personalized AI' for all devices
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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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Special counsel bill to probe first lady scrapped
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New Shinhan Bank CEO emphasizes digitalization, globalization
Wi Sung-ho, the newly appointed CEO of Shinhan Bank, the nation’s largest lender by assets, said Tuesday he aims to expand the bank’s global presence and digitalization in order to consolidate the No. 1 position in a quickly changing business environment. After his appointment was officially confirmed at the general shareholders meeting, Wi told reporters he aims to make 20 percent of the bank’s net profits from overseas by 2020, up from the current 12 percent. He picked Vietnam, Japan, Indonesi
March 7, 2017
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Incheon Airport named world’s best for 12th consecutive year
Incheon Airport has won the world’s best airport award for a record 12th consecutive year.South Korea’s largest airport scored 4.99 points out of 5, winning the title given by the annual Airport Service Quality Award event presented by Airports Council International.The airport was also named the best large airport (with at least 40 million passengers annually), the best airport in Asia-Pacific and the best large-scale airport in Asia-Pacific. Changi Airport in Singapore was second place. Incheo
March 7, 2017
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Seoul mulls taking China to WTO over THAAD retribution
The Korean government is contemplating filing a petition with the World Trade Organization over China‘s recent moves allegedly aimed to damage Korean businesses, following Seoul’s decision to bring a US anti-missile system here.Following a meeting between the government and the ruling Liberty Korea Party on Tuesday morning, Lee Hyun-jae, the party’s policy chief, said Korea would “actively” consider the option. (132RF)China has been seen amplifying pressure on Korean businesses that depend heavi
March 7, 2017
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Jeju expo to discuss future of EVs, carbon-free tech
Businesses, experts and government representatives from around the world will gather to discuss the future of electric vehicles on the South Korean resort island of Jeju next week amid lingering questions on infrastructure and the dominance of fossil fuel-powered cars.The fourth International Electric Vehicle Expo, an annual exhibition, kicks off on March 17 for a six-day run at Yeomiji Botanic Garden of Jungmun Resort in Jeju, organizers said Tuesday. The annual exhibition is the world’s first
March 7, 2017
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[Herald Interview] Chef works with SPC on new salad bar chain
Bakeries and Western-style restaurant chains here are mostly run by big companies. While some say they have made Western cuisine more accessible to customers, others voice concerns they have numbed people’s taste buds with excessive artificial flavors, sugar and prepackaged recipes.In light of such perception, chef Kim Sea-kyeong is currently a member of a team within SPC Group -- comprised of group officials, developers and CIA graduate chefs -- to offer high quality healthy dishes through the
March 7, 2017
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LG chief vows to seek ‘true’ innovation
Koo Bon-moo, chief of Korea’s fourth-largest family-run conglomerate LG, on Tuesday vowed to accelerate sophistication of the group’s businesses and seek innovation for manufacturing and R&D. At an executive-level seminar held at the group headquarters in Yeouido, Chairman Koo emphasized the group would set clear goals and specify what it should achieve this year and over the next few years. LG Group Chairman Koo Bon-moo (LG Group)“I vowed to myself early this year to accelerate the pace of bus
March 7, 2017
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College students skeptical about changing drinking culture: survey
A survey among university students in Korea released Tuesday found that while the majority recognized problems with the irresponsible drinking culture on campuses, few were willing to act to change the culture.The survey was conducted by Diageo Korea, a global premium drinks company, on 2,400 college students. Seven out of 10 students said they saw a problem with the irresponsible drinking culture associated with college parties, but just 20 percent of them said they were willing to actively cha
March 7, 2017
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SK Broadband gearing up for global launch of Oksusu
The Korean telecommunications firm SK Broadband’ chief executive said Tuesday it is gearing up for the global launch of its mobile media platform Oksusu. Oksusu, launched in January of last year, is a mobile media service the currently offers a total of 170,000 movies, TV dramas and videos-on-demand created by 115 channels. It is the largest over-the-top platform in Korea with 10 million subscribers, followed by Pooq -- jointly set up by KBS, SBS and MBC -- with 1.3 million subscribers and CJ E&
March 7, 2017
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Eximbank chief vows to support shipbuilders, shipping firms
South Korea's state-run Export-Import Bank of Korea said Tuesday it will financially support debt-ridden local shipbuilding and shipping firms.Eximbank CEO Choi Jong-ku said the policy lender needs to provide financial support to companies that have debt but also have potential to stand on their own feet. Export-Import Bank of Korea's main office in Seoul. (Yonhap file photo)However, he did not elaborate on how the bank will help the companies to make a rebound from their current difficulties.La
March 7, 2017
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Hyundai Merchant set to receive fresh funding
Hyundai Merchant Marine Co., South Korea's top shipping firm, said Monday that it signed a memorandum of understanding with a state-run shipbuilding financing firm to sell part of its fleet to receive fresh funding.Under the deal, Hyundai Merchant will sell 10 container ships at market value of 150 billion won ($131 million) to Korea Shipping Co., versus their book value of 850 billion won. The shortfall will be financed with sales of bonds and stocks to the financing firm. A container ship (Yon
March 7, 2017
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Top trade adviser to Trump accuses LG, Samsung of unfair practices
A top trade adviser to US President Donald Trump on Monday accused South Korea's largest electronics companies of unfair trade practices that hurt American companies.Speaking at an economic policy conference, Peter Navarro, head of the White House National Trade Council, said Samsung Electronics and LG Electronics have engaged in "country hopping" by moving manufacturing bases to evade anti-dumping tariffs.US President Donald Trump (Yonhap)Navarro said the practice has seriously hurt the US firm
March 7, 2017
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Biz groups oppose proposed revision to commercial act, urge deregulation
South Korea's major business groups on Tuesday strongly objected to opposition and government-proposed revisions to commercial and tax codes that they said will turn the country into one of the most business unfriendly nations in the world.They insisted what the country needed instead was an additional removal of excessive regulations.An image portraying the controvery over the commercial act (Yonhap)"Tax revenues cannot but grow when businesses flourish and create more jobs," five major busines
March 7, 2017
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Lotte faces difficulties on 50th anniversary of foundation
South Korean retail giant Lotte Group faces a slew of difficulties, including economic retaliation by China and a criminal investigation for alleged bribery, as it gets ready to mark the 50th anniversary of its foundation next month.Lotte Confectionery Co., the matrix of Lotte Group, was founded by Shin Kyuk-ho, father of Lotte Group Chairman Shin Dong-bin, on April 3, 1967.This file photo provided by Lotte on Nov. 4, 2016, shows a marching band playing a Christmas carol the previous day in fron
March 7, 2017
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Biggest group of Korean food companies joins food fair in Japan
South Korean food companies are trying to rekindle the popularity of Korean food in Japan by participating in a festival near Tokyo, a state-run Korean food distribution company said Tuesday. A total of 127 Korean companies, the most ever, are joining Foodex Japan 2017 at Makuhari Messe convention center in Japan's Chiba prefecture, according to the Korea Agro-Fisheries & Food Trade Corp. This Yonhap file photo, taken on March 3, 2015, shows South Korean food booths at Foodex Japan in Chiba pref
March 7, 2017
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Korea firms face China's tighter rules over THAAD
South Korean companies are increasingly faced with China's unreasonable and tighter regulations after Seoul finalized the site for a high-tech US missile defense system, sources said Tuesday.Late last month, South Korea finalized a deal with Lotte Group to station a Terminal High Altitude Area Defense battery on a Lotte golf course in the southeastern county of Seongju. Lotte agreed to receive a military-owned land plot near Seoul in return. This undated file photo shows a payloader crushing goo
March 7, 2017
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Wary Koreans rethink trip to China amid THAAD row
South Koreans who were planning trips to China are having second thoughts on rising safety concerns amid heightening political tension between the two countries over Seoul's planned deployment of the THAAD missile defense system, sources said Tuesday.A 35-year-old woman, asking only to be identified by her surname Kim, said she is deeply worried about whether she should stick to her plan to vacation in China. Tourists at the airport (Yonhap)"I'm afraid because I don't know how bad the situation
March 7, 2017
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Korean firms urged to come up with measures for US trade restrictions
South Korea and its exporting companies must prepare for new and intensifying import restrictions by other countries, especially the United States, local experts said Tuesday.They noted the US was widely expected to deviate from multilateral conventions, including the World Trade Organization, while in pursuit of President Donald Trump's "America First" policy.Image depicting the controversy surrounding the THAAD installment between China and South Korea. (Yonhap)"In the trade policy agenda rele
March 7, 2017
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Sales of Dongbu Daewoo's wall-mounted washing machine exceed 150,000 units
Dongbu Daewoo Electronics Corp., a South Korean consumer electronics maker, said Tuesday that cumulative global sales of its wall-mounted washing machine have surpassed 150,000 units. Dongbu Daewoo launched the "mini" washing machine in 2012, marking the first wall-mounted washing machine in the world.A model posing in front of Dongbu Daewoo's mini washing machine (Yonhap)With a loading capacity of 3 kg, the mini-washer features higher energy efficiency and a faster wash time. As the number of s
March 7, 2017
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Ad spending in Korea edges up in 2016
Despite a sluggish domestic economy, advertising spending by South Korean companies increased 1.5 percent last year on the back of rapidly growing mobile ads, industry data showed Tuesday.According to the data compiled by Cheil Worldwide, South Korea's largest ad agency, local companies spent a total of 10.88 trillion won ($9.42 billion) on advertisements last year. Advertisement at the Lotte Duty-free Shop (Yonhap)Advertisements in cable TV networks increased 5 percent on-year to 1.87 trillion
March 7, 2017
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Govt. to provide aid fund to firms under THAAD strain
The South Korean government said Tuesday it will provide an emergency relief fund to small and medium-sized firms in the country exposed to financial risks from a series of retaliatory actions by China in protest of Seoul's installment of a high-tech US missile system.The Ministry of Trade, Indtry and Energy will offer a loan of up to 1 billion won ($866,000) for as long as five years to smaller companies with biness ties in China that may face financial problems due to Beijing's intensifying tr
March 7, 2017