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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FKI to hold meeting of key groups despite low turnout
The Federation of Korean Industries plans to hold a meeting of its key member companies later Thursday, but most of the firms are widely expected to miss the meeting because of a corruption scandal involving the business lobby that has made their chief executives subject to investigation.The FKI also faces possible dissolution due to the scandal that involves President Park Geun-hye and her close friend Choi Soon-sil.The scheduled meeting is a regular meeting of chief executives of some 20 key F
Jan. 12, 2017
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Samsung BioLogics eyes new deals at US healthcare conference
Samsung BioLogics is currently in talks over new supply deals with 15 global pharmaceutical companies, said the CEO of Samsung Group’s contract drug manufacturing unit during the 35th JPMorgan Healthcare Conference in San Francisco. “Thanks to its exclusive plant construction and operation capabilities, Samsung BioLogics has already sealed production deals worth $2.9 billion with six global pharmaceutical companies to produce nine products,” Kim Tae-han said during a presentation delivered Tuesd
Jan. 11, 2017
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Incheon Airport, customs service in duty-free row
Incheon Airport Corp. and Korea’s customs regulator are in a battle over the process of choosing duty-free operators for the airport’s second terminal, which is currently under construction.According to the Korea Customs Service on Tuesday, it has informed Incheon Airport Corp. that it will be creating a licensing committee to evaluate bids for duty-free shops in the upcoming second terminal of the airport, similar to the committees involved in choosing operators for duty-free shops outside of a
Jan. 11, 2017
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Amorepacific seeks to tap into the Middle East
The first Etude House store in Dubai, United Arab Emirates, is slated for launch in the second half of this year. (Amorepacific)Amorepacific, South Korea’s biggest cosmetics maker, will set foot in the Middle East by launching the first Etude House store in Dubai in the second half of this year, the firm said Wednesday. The cosmetics maker joined hands with Alshaya Group, the largest retail firm in the Middle East, last December to tap into the fast-growing Middle Eastern cosmetics market.Amorep
Jan. 11, 2017
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Hyundai, Kia flag nearly record-breaking sales in France
Hyundai Tucson compact SUV (Hyundai Motor Group)Hyundai Motor and Kia Motors sold a combined 61,727 automobiles in France last year, just 24 units short of setting a new record, industry data showed Wednesday. The automakers sold a record 61,751 units in 2012, according to state-run Korea Trade-Investment Promotion Agency.Hyundai Motor sold 28,043 units, up 17 percent on-year, while Kia Motors sold 33,684 units, up 15.6 percent on-year. Combined, the two firms saw a 16.2 percent increase in sale
Jan. 11, 2017
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Cloud computing market grew over 55% in 2016
South Korea's market for cloud computing expanded 55.2 percent on-year in 2016, helped by the government's efforts to nurture the sector, the science ministry said Wednesday.The size of the local market for cloud computing reached 1.19 trillion won ($996 million) last year, expanding from 766.4 billion won posted a year earlier, the Ministry of Science, ICT, and Future Planning said. KT Corp.'s Internet Digital Center in Mokdong, western Seoul. (Yonhap file photo provided by KT)Cloud computing i
Jan. 11, 2017
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Volkswagen's Korea unit executives indicted in emissions scandal
Seoul prosecutors on Wednesday indicted former and incumbent chief executives of Volkswagen's Korea operations on charges of fabricating official documents, wrapping up a year-long investigation into the German carmaker's emissions cheating scandal.Johannes Thammer, who has led Audi Volkswagen Korea since late 2012, was charged with violating the Clean Air Conservation Act to win sales approval from the local authorities, according to the Seoul Central District Prosecutors' Office. His predecess
Jan. 11, 2017
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Samsung BioLogics eyes multiple supply deals
Samsung BioLogics is in discussions with over 15 global pharmaceutical firms on multiple supply deals, the company's CEO said, as the biopharmaceutical unit of South Korea's Samsung Group expands its presence in the global pharmaceutical market."Samsung BioLogics already inked deals worth US$2.9 billion with six global pharmaceutical firms to supply a total of nine products," said Kim Tae-han on Tuesday. "The company is currently in negotiations with over 15 firms to supply more than 30 products
Jan. 11, 2017
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Korea to set up fund to promote cruise industry
South Korea plans to set up a fund worth at least 100 billion won ($83.3 million) to offer financial help to the cruise industry as the country aims to bring more foreign tourists ashore, Oceans and Fisheries Minister Kim Young-suk said Wednesday. Korea Cruise Line, a cruise ship operator, was launched in late 2015, but has failed to initiate full-scale operations so far due to financial trouble over its initial investment. Kim said the fund will help Korea Cruise Line purchase a cruise ship wor
Jan. 11, 2017
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Auto parts makers' sales on decline amid slump in auto market
Sales by South Korea's auto parts manufacturers are on a decline amid a dip in sales by automakers, a report suggested Wednesday.According to the report from the Korea Institute for Industrial Economics and Trade, the overall sales of the country's auto parts makers slipped 3.7 percent on-year to some 73.8 trillion won ($62.37 billion) in 2015.Also, out of 454 auto parts makers with over 12 billion won each in annual sales, 38.1 percent or 173 had their sales shrink from a year earlier in 2015,
Jan. 11, 2017
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Hanmi Pharm likely to have suffered setback in 2016 earnings
South Korea's major drugmaker Hanmi Pharmaceutical Co. is forecast to have posted weak earnings for 2016 due to a partially canceled license-out deal with a global pharmaceutical firm, industry sources said Wednesday.According to data compiled by industry tracker FnGuide, the median market consensus for Hanmi Pharm's revenue is 970 billion won ($808 million) in 2016. Many local securities firms have been lowering their sales estimate below 1 trillion won for the drug manufacturer.In a note to cl
Jan. 11, 2017
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Asiana Airlines to be first to bring in eggs from US
Asiana Airlines will be the first airline to bring in eggs from overseas in the wake of massive shortages due to the bird flu outbreak, according to the airline on Tuesday.The airline will be shipping 100 tons of eggs on a chartered plane, scheduled to leave Chicago at 4 p.m. on Friday, arriving at Incheon International Airport at 11:00 p.m. on Saturday, a spokesman of the airline told The Korea Herald. One hundred tons is about 1.64 million eggs.(Asiana Airlines)The spokesman said that since te
Jan. 10, 2017
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Nescafe Dolce Gusto goes beyond black
Nestle’s capsule coffee brand Nescafe Dolce Gusto is pushing past preconceptions that capsules only offer black espresso with its 2017 Creative Coffee Campaign, as it aims to increase penetration in the Korean market.Dolce Gusto Coffee Creator Ola Persson at Nescafe's Itaewon branch on Tuesday (Yonhap)At a press conference at Nescafe’s Itaewon branch Tuesday, Nestle’s Coffee Creator Ola Persson gave demonstrations about how the espresso created with Nescafe’s Dolce Gusto machines could be infuse
Jan. 10, 2017
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Korean auto industry jittery over Trump’s tweets
Headquarters of Hyundai Motor Group, which owns both Hyundai Motor and Kia Motors, in Seoul. (Yonhap)Concerns are growing over the possibility of US President-elect Donald Trump affecting South Korea’s auto industry through protectionist measures against cars made in Mexico, following Japanese auto brand Toyota’s announcement to invest $10 billion in the US over the next five years.Toyota’s announcement at the Detroit auto show Monday came four days after Trump posted a tweet over the manufactur
Jan. 10, 2017
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CSL’s hemophilia drug approved for sale in Europe
South Korean biopharmaceuticals company SK Chemicals said Tuesday that a hemophilia treatment it licensed out to its partner CSL Ltd. has been approved for sale in Europe, marking another major market entry breakthrough.The European Medicines Agency, Europe’s drug regulator, granted marketing and sales approval for Afstyla, a biologic drug for hemophilia A, to CSL Behring, a subsidiary of CSL Ltd.Afstyla, or NBO601 (SK Chemicals)Afstyla was originated by SK Chemicals and licensed out to Australi
Jan. 10, 2017
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GM Korea to launch new Cruze compact car next week
GM Korea Co., the South Korean unit of US automaker General Motors Co., is set to launch its new Cruze compact car here next week, company officials said Tuesday.The Chevrolet Cruze will be unveiled at a ceremony in Seoul next Tuesday, they said.The new Cruze will mark the first refreshed model since the first-generation Cruze was introduced in 2008. The new Chevrolet Cruze (GM Korea)It will also be the first of the new Chevrolet cars to be launched here this year as GM Korea, the third-largest
Jan. 10, 2017
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Chinese SUV to be launched in Korea next week
A Chinese sport utility vehicle, the Kenbo 600, will be launched in South Korea next week, becoming the first-ever Chinese passenger vehicle to be marketed here, the local importer of the car said Tuesday.China-Korea Motor Co., the local importer and distributor of the Chinese vehicle, plans to unveil the Kenbo 600 in a ceremony to be held at its Incheon headquarters next Wednesday.The file photo, taken on Feb. 12, 2016, shows a China-made mini truck imported and sold in South Korea by China-Kor
Jan. 10, 2017
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Cosmetics firms under heavy selling over China's retaliation concerns
South Korean cosmetics makers hit 52-week lows on the local stock market Tuesday amid increased concerns over a standoff between South Korea and China over a US missile defense system.AmorePacific Co., the country's No. 1 cosmetics maker, and other companies dependent on the Chinese market have been under heavy selling since July last year when South Korea announced a plan to install the missile defense system, called THAAD, which has drawn strong opposition from China. A Shanghai shop selling S
Jan. 10, 2017
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Samsung’s top brass grilled over Choi scandal
The independent counsel investigating the presidential scandal Monday grilled top executives of South Korea’s largest conglomerate Samsung, with reports suggesting the team may consider charging the group’s de facto leader Lee Jae-yong with perjury. Choi Gee-sung, head of Samsung Group’s control tower Future Strategy Office, and deputy head Chang Choong-ki were summoned as witnesses by the special investigation team led by Park Young-soo in the morning. Both Chang and Choi a
Jan. 9, 2017
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Korean airlines fail to make on-time arrival rankings
Korean airlines failed to rank in the top 10 list of airlines with the best on-time record in 2016, according to the airline statistics website FlightStats on Monday, with the airliners pointing to congested traffic at major airports as the reason.Both Korean full-service carriers Korean Air and Asiana Airlines were missing from the On-Time Performance Services Awards winners‘ list, which was led by the Netherlands airline KLM, with 88.52 percent of flights arriving within 15 minutes of the sche
Jan. 9, 2017