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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Organica acquires convenience food company
Herald Corp.’s organic food developer Organica has acquired convenience food producer Damyeon to expand its premium fresh food offerings, the company said Monday.Damyeon is a supplier of food such as lunch boxes, triangle gimbap and sandwiches to major convenience store chains such as CU and 7-Eleven. Its best-known products include the Hyeri lunch box sold through 7-Eleven and the Baek Jong-won lunch box sold through CU. The company has forecasted 47 billion won ($39.7 million) in sales this ye
Nov. 21, 2016
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KOSPI-listed firms' financial health improves in 2016: data
Companies listed on South Korea's main KOSPI market have seen their financial soundness improve on decreased debts, data showed Monday.Their average debt ratio stood at 111.12 percent at the end of September, down 6.05 percentage points from late last year, according to the Korea Exchange and the Korea Listed Companies Association.They compiled data from 622 listed firms, with those of 104 others unavailable yet.The debt ratio is a key measure of a company's financial health, meaning the proport
Nov. 21, 2016
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CJ Group in quandary as political scandal spills into its key culture project
An ambitious culture project by CJ Group has been shaken from its roots from the unfolding political scandal, investment negotiations and decisions being suspended despite the conglomerate's hard push, company officials and sources said Monday.The entertainment business giant is building K-Culture Valley in Goyang, just north of Seoul, that would host shopping malls, hotels, theme parks and concert halls at a space of 300,000 square meters. The project costs 1.4 trillion won ($1.19 billion) and
Nov. 21, 2016
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Hyundai Merchant says talks still under way for shipping alliance membership
Hyundai Merchant Marine Co., a major shipping line here, said Monday that its talks to join a global shipping alliance will be completed this month, denying news reports that the financially-troubled shipper has failed to join 2M, one of the key conditions for financial help from its creditors."We are still in negotiations (with 2M) to iron out differences," said an official at Hyundai Merchant. "Our plan to complete the partnership talks by this month has not changed."Since May, Hyundai Merchan
Nov. 21, 2016
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Incheon Airport opens clothing rental service
Incheon Airport’s passenger terminal launched a unique clothes sharing service named “Seinustar” last Thursday, company officials said.The eco-friendly, online-to-offline service rents out clothing to foreigners arriving in Korea.For instance, during winter, travelers from tropical climate regions would be able to lease winter clothes during their stay in Korea, which would save them from the burden of excessive baggage, the airport said. To use the service, travelers should visit www.seinustar.
Nov. 20, 2016
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Scandal-hit companies cautious but relieved over interim probe results
South Korea’s major conglomerates on Sunday remained cautious, but relieved upon the prosecution’s announcement of its interim probe results, which officially named President Park Geun-hye as an accomplice, but did not treat their vast donations as bribes. The businesses, including Hyundai Motor and Samsung Group, minimized their official comments, citing the ongoing investigation. A total of 53 companies are found to have given a combined 77.4 billion won ($66.5 million) in donations to the Mir
Nov. 20, 2016
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Shilla Duty Free opens Phuket branch
Hotel Shilla, which operates The Shilla Duty Free, has opened its first overseas city outlet in Phuket, Thailand, the company said Sunday. Shilla Duty Free in Phuket(Hotel Shilla)The Shilla Duty Free in Phuket is Hotel Shilla's first duty-free store outside of an airport. Hotel Shilla currently operates outlets in Changi Airport in Singapore and Macau International Airport. Its overseas operations make up more than 15 percent of total revenue.The Phuket outlet is a 15-minute distance from the fa
Nov. 20, 2016
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Korean Air, Asiana Airlines go different ways in labor disputes
Korea’s two full-service airline carriers are seeing different outcomes in conflicts with their respective pilot unions as they face a market that is becoming increasingly dominated by low-cost carriers.Korean Air and Asiana Airlines have long been suffering from struggles with their pilot unions as negotiations about wage increases came to a standstill.On Wednesday, Asiana Airlines’ pilot union announced through its website that it had reached a tentative agreement with its management for the y
Nov. 20, 2016
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HMM denies 2M partnership failure
Hyundai Merchant Marine on Sunday denied a news report that it failed to join the 2M Alliance that the company has sought for months as part of its normalization plan. The Journal of Commerce reported Friday that the 2M Alliance would not include HMM based on a confirmation statement which the biweekly magazine claimed to have obtained from Maersk Line. The JOC said HMM would instead collaborate with Maersk Line and Mediterranean Shipping Company through a slot purchase agreement which would all
Nov. 20, 2016
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Korean agency opens center to support exports to Chile
South Korea's trade promotion agency said Sunday it has opened a center to help small and medium-sized firms make inroads into Chile. The center, launched in Santiago last Friday, is offering marketing, legal and accounting advice to Korean firms that are trying to sell their products in Chile, the Korea Trade-Investment Promotion Agency said. The center is expected to serve as a bridgehead for small and medium-sized enterprises to tap the South American country's market, it said. The center is
Nov. 20, 2016
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Korea, Peru push for stronger business ties at APEC meeting
South Korean Prime Minister Hwang Kyo-ahn met with Peruvian President Pedro Pablo Kuczynski on the sidelines of the Asian-Pacific summit and pushed for stronger business cooperation in key infrastructure sectors, the government said Sunday.The premier is in Lima in the place of President Park Geun-hye, to attend the 24th Asia-Pacific Economic Cooperation summit, being held in the Peruvian capital on Saturday and Sunday.South Korean Prime Minister Hwang Kyo-ahn (left) meets with Peruvian Presiden
Nov. 20, 2016
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Biotech firm Medipost sets up joint venture in Japan
Medipost Co., a South Korean biotechnology firm, said Sunday it has set up a joint venture in Japan to sell stem cell-based drugs in the Japanese market. Yang Yoon-sun, CEO of Medipost, said the 50:50 joint venture was launched early last month with a Japanese partner. "The joint venture will begin procedures to get approval for a clinical test of Medipost's stem cell-based drugs," Yang said.Medipost's stem cell-based treatment of damaged cartilage, named Cartistem, won approval for sales from t
Nov. 20, 2016
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Spike in cigarette prices didn't cause people to quit smoking: data
The spike in cigarette prices last year did not help people give up smoking, the latest data by the Seoul city government showed Sunday.According to findings submitted to a city councilman by checking information gathered from stop smoking clinics and centers set up to help people end their tobacco dependence, there were some 69,982 enrolled in support centers in the capital city in 2014, with 39,858 succeeding in giving up the bad habit.In 2015, when the government raised prices for a pack of c
Nov. 20, 2016
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Consumers goods makers raise prices before year-end
Major makers of snacks, drinks and cosmetics have increased the prices of their products as the end of the year draws near, while speculations are rising over price surges in instant noodle and coffee products, according to industry officials Friday. Earlier this month, Oriental Brewery, South Korea's largest brewer, raised beer prices by an average of 6 percent, adjusting the prices for the first time in over four years. On Nov. 1, US soft drink giant Coca-Cola increased the prices of Coke and
Nov. 18, 2016
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Samsung executive grilled over influence-peddling scandal
A senior executive at South Korea's largest business group Samsung was questioned Friday as prosecutors accelerated their investigation into local conglomerates' alleged involvement in an influence-peddling scandal rocking the country. Chang Choong-ki, head of Samsung's strategy planning department, the group's de facto control tower, appeared before the Seoul Central District Prosecutors' Office to undergo questioning over suspicions that the conglomerate gave unlawful favors to Choi Soon-sil,
Nov. 18, 2016
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Korean snacks enjoy popularity in Germany
South Korean snacks have increasingly gained popularity in Germany as more consumers there are interested in new flavors, driven by the rising popularity of Korean pop culture in Europe, industry data showed Friday. Exports of Korean snacks to Germany were tallied at $43.57 million in the first nine months of the year, nearly quadrupling from $11.56 million in 2013, according to the data compiled by the Korea Trade-Investment Promotion Agency. Consumers choose Korean snacks at a supermarket in S
Nov. 18, 2016
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Hyundai Heavy trims order target amid protracted slump
Hyundai Heavy Industries Co., a major shipyard here, has cut its order target for the year, joining other smaller local rivals' move to adjust their annual order targets amid a protracted slump, industry sources said Friday.According to the sources, Hyundai Heavy revised down its order target to $9.49 billion from $19.5 billion.The shipyard has secured new orders worth $6.2 billion in the first 10 months of the year. With the revised figure, Hyundai Heavy achieved 65 percent of its annual order
Nov. 18, 2016
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Producer prices fall in Oct. on cuts in utility prices
South Korea's producer prices fell slightly last month from a year earlier due to steep cuts in utility prices, the central bank said Friday.The producer price index came to 99.45 in October, down from 99.65 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 October index slightly gained from a revised 99.23 in September.Prices of manufactured goods fell 1.1 percent in October from a year ear
Nov. 18, 2016
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[Herald Interview] Saving planet by transforming food market
Dealing with 7.4 billion consumers in different languages around the world and trying to change their ideas on the environment can be hard work, maybe even impossible. But Jason Clay, senior vice president of World Wide Fund for Nature, has come up with a strategy to effectively reduce the negative impact consumption has on the planet. In a major shift within the organization that had long focused on species conservation, Clay turned to the private sector for change. “Building fences around the
Nov. 17, 2016
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Celltrion’s Rituxan biosimilar receives sales approval in Korea
South Korean biopharma company Celltrion said Thursday that its Rituxan biosimilar has been granted sales approval by Korea’s Ministry of Food and Drug Safety. Celltrion’s Truxima is a biosimilar referencing Roche’s blockbuster lymphatic cancer treatment Rituxan (rituximab). Biosimilars refer to cheaper, near-replicas of biologic drugs that have lost patent protection.Celltrion's headquarters in Songdo, Incheon (Yonhap)Truxima, also known as CT-P10, has been approved for the treatment of Non-Hod
Nov. 17, 2016