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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Samsung unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Transportation sector's sales edge up 0.5% in 2015
Sales at South Korea's transportation sector turned around to edge up 0.5 percent in 2015 from a year earlier on a rise in land transportation, storage and other transport services, government data showed Wednesday.The combined sales of local transportation firms totaled 140.9 trillion won ($120.2 billion) last year, up from 140.2 trillion won tallied a year ago, according to the data compiled by Statistics Korea.It marked the first on-year gain in three years as it logged a 0.9 percent fall in
Nov. 23, 2016
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Conglomerates speed up spinoffs as legislators move to restrict them
A number of South Korean companies have announced spinoffs of subsidiaries with promises to become more transparent and improve management, but market watchers say they were driven by the growing legislative movement to prevent spinoffs from strengthening corporate owners' control.Snack manufacturer Orion Corp. and dairy producer Maeil Co. were the latest to declare affiliate spinoffs, saying Tuesday they will switch to a holding company structure. Orion will complete the process by June 1 next
Nov. 23, 2016
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Department store market expected to top landmark 30 trillion won this year
South Korea's department store market is expected to top 30 trillion won ($25.6 billion) for the first time this year, industry watchers forecast Wednesday.The landmark figure will likely be reached 86 years after the peninsula's first department store opened in Seoul in 1930. Shoppers visit Shinsegae Department Store in the Gangnam district, which has partially opened after its renovation, on Feb. 25, 2016. (Yonhap)The watchers said domestic department stores have managed to emerge from years o
Nov. 23, 2016
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Instant coffee loses market to brewed coffee
A growing number of people are shifting their preference from cheap instant coffee to brewed coffee and other types of coffee products, industry data showed Wednesday, prompting coffee makers to develop high-quality products.The instant coffee retail market was valued at 1.07 trillion won ($913 million) in 2015, down from 1.26 trillion won in 2013 and 1.14 trillion won in 2014, according to the data by the Korea Agro-Fisheries & Food Trade Corporation. Dongsuh Foods Co., South Korea's leading i
Nov. 23, 2016
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Samsung, pension fund raided over the conglomerate's merger deal
Prosecutors on Wednesday raided Samsung's headquarters and South Korea's state-run pension fund over allegations that the presidential office influenced the pension fund's decision to back Samsung's merger plan last year.The National Pension Service (NPS) -- which held an 11.6 percent stake in Samsung C&T Corp. and a 5 percent stake in Cheil Industries Inc. -- played a key role in the two units' merger.Prosecutors are investigating whether President Park Geun-hye pressured the state fund to supp
Nov. 23, 2016
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Mini home appliances popular among single-member households
Small-size home appliances are growing in popularity in South Korea amid the increasing number of single-member households, a local manufacturer said Wednesday.Dongbu Daewoo Electronics Co. said it has so far sold more than 2 million refrigerators, washers and other products targeting consumers living alone. A model poses for a photo, provided by Dongbu Daewoo Electronics Co., to mark the sale of 2 million products for single-member households. (Yonhap)The number of single-person households here
Nov. 23, 2016
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Korea Line takes over Asia-US line of Hanjin Shipping
Korea’s top bulk carrier Korea Line took over the Asia-US shipping route of the near-bankrupt Hanjin Shipping, a representative from the shipping industry said Tuesday. Hanjin Shipping announced it agreed to sell the operation rights and human resources of its Asia-US line, seven overseas subsidiaries and essential business information at 37 billion won ($31.4 million) to Korea Line, which is under Samra Midas Group. (Yonhap)“(The decision) aims to maintain the competitiveness of the Korean ship
Nov. 22, 2016
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Accident delays Samsung marine drill project
Samsung Heavy Industries’ project to build a marine drilling facility is expected to be delayed after a rig leg was severely damaged in the construction, incurring massive financial damage, the company said Tuesday. The company said a 50-meter-long jack-up rig leg, which was connected to a crane, fell to the ground late Sunday while the construction team was attempting to lift and connect it with the main part of the jack-up rig. A jack-up rig, consisting of a buoyant hull fitted with a movable
Nov. 22, 2016
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Businesses agitated as tycoons face hearings
Concerns are growing among South Korean businesses after political parties agreed on Monday to call in eight conglomerate heads to December’s parliamentary hearings over the scandal involving President Park Geun-hye and her longtime friend Choi Soon-sil.Samsung Electronics’ Vice Chairman Lee Jae-yong will be summoned to testify alongside the chairmen of LG, Hyundai Motor, SK, Lotte, Hanwha, Hanjin and CJ. The business heads are suspected of having made donations to the Mir and K-Sports foundatio
Nov. 22, 2016
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[Photo News] Premium household electronics soar
PREMIUM PRODUCTS SOAR -- Dyson products are displayed for sale at Lotte Department Store in Sogong-dong, Seoul on Tuesday. While sales of household electronics rose 18.1 percent from January to October this year overall, sales of premium vacuums including those from Dyson rose 78 percent, showing that premium products remain strong even in a sluggish economy. (Yonhap)
Nov. 22, 2016
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Asiana Airlines wins Mecenat Award
Asiana Airlines, Korea’s second-largest air carrier, has won the airline division award for this year’s Mecenat Awards, the company said Tuesday.The Mecenat Award, given by the Korean Standards Association, is based on a two-month survey of 258 companies and consumers between the ages of 20 and 59 in Korea’s five largest cities. The survey includes 22 factors including business performance, human resource operations, creative management and leadership. Kim Soo-cheon, president of Asiana Airlines
Nov. 22, 2016
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Lotte Duty Free signs memorandum with major entertainment agencies
Lotte Duty Free has teamed up with 11 major entertainment companies in Korea to work on connecting Hallyu content and tourism, the company said Tuesday. The companies include Hallyu heavyweights such as S.M. Entertainment, JYP Entertainment, and YG Entertainment. Under the agreement, Lotte Duty Free will incorporate Hallyu into its marketing by signing Korean stars as its spokesmodels, while the entertainment agencies will give support by providing models and content to the company. A promotiona
Nov. 22, 2016
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Korea's deficit in intellectual property rights narrows in Q2
South Korea's deficit in the trade of intellectual property rights narrowed in the second quarter from a year earlier on reduced shortfalls from the trademark and franchise sector, the central bank said Tuesday.In the April-June period, South Korea posted a trade deficit ofUS$160 million in intellectual property rights, compared with $580 million a year earlier, showed data from the Bank of Korea (BOK).South Korea exported $2.34 billion and imported $2.5 billion in intellectual property rights i
Nov. 22, 2016
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Sales for Korean firms drop for 2nd consecutive year in 2015
Total sales for South Korean companies dropped for two straight years in 2015 from a year earlier amid a protracted economic slump and low oil prices, government data showed Tuesday.The combined sales from 12,181 companies, excluding financial firms, reached 2.16 trillion won ($1.84 billion) last year, down 3.2 percent from a year earlier, according to the data compiled by Statistics Korea. It is based on a survey of 12,460 companies with more than 50 regular workers and a paid-in capital of mor
Nov. 22, 2016
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[Herald Interview] Ronan by Clinet adds refined touch to Korea’s affordable wine market
Affordability is the recent trend in South Korea’s alcoholic beverage industry. And to break away from the luxurious yet costly image, a growing number of wine and whisky brands are rolling out lower-cost drinks.Having pioneered the trend, Korea’s retailer HomePlus unveiled a lineup of red and white wines made by Ronan by Clinet. They are produced in Bordeaux, France, and sell for 18,900 won ($16) per bottle. Ronan Laborde, the CEO of a prestigious wine brand Chateau Clinet, promotes Ronan by Cl
Nov. 22, 2016
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Hanjin Shipping sells Pacific route, related assets for 37 bln won
Hanjin Shipping Co. said Tuesday it has decided to sell parts of its container shipping businesses, including the US-Asia route and related assets, to Korea Line Corp. for 37 billion won ($31.4 million) as it struggles to secure much needed cash.In a regulatory filing, Hanjin, once the country's No. 1 shipper, said it would hand over its Pacific shipping route business and related customer management and operation information, and subsidiaries and logistics management systems in the US, China, V
Nov. 22, 2016
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Hanwha E&C stresses safety management
South Korea’s Hanwha Engineering and Construction stressed the importance of safety and preventing disasters at construction sites at its annual safety event, the company said Monday. Hanwha E&C held its annual promotion of occupational health and safety at an apartment construction site in Suwon, Gyeonggi Province, which was designated by the company as an excellent example of a safe construction site. Hanwha E&C CEO Choi Kwang-ho (second from left) looks at a construction site with the chiefs
Nov. 21, 2016
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GS Caltex becomes first Korean company to import US crude oil in 41 years
GS Caltex has become the first South Korean company to import US crude oil in 41 years, the company said Monday. Korea’s second-largest oil refiner said the large crude carrier IZKI loaded with 1 million barrels of US Eagle Ford Crude arrived Sunday at a port in Yeosu, South Jeolla Province. The company purchased the crude in July. The unloading work will be finished by Tuesday. Unloading work is underway for the crude oil imported from the US, at a port in Yeosu, South Jeolla Province, Monday.
Nov. 21, 2016
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[HERALD INTERVIEW] Procurement chief vows to support public market entry of SMEs
To support small and medium-sized enterprises and startups eyeing opportunities to enter the public market, the chief of the Public Procurement Service said he would step up efforts to promote their products and services through an online mall, a new government-to-business channel that offers one-stop market access.Venture Nara (venture.g2b.go.kr), is the latest project driven by the state-run public procurement agency, aiming to introduce innovative products and services to government offices a
Nov. 21, 2016
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AmorePacific sells over 100 million cushion compacts
Korean cosmetics giant AmorePacific announced Monday that total sales of its iconic cushion compacts have surpassed 100 million worldwide. The compacts, which include a patented sponge cushion soaked with various liquid cosmetic products including sunblock, makeup base, and foundation, have become a sensation after reaching blockbuster status here. AmorePacific's cushion compacts (AmorePacific)After selling more than 33 million cushion compacts in 2015 alone, the company surpassed the 100 millio
Nov. 21, 2016