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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Non-operating expenses surge at scandal-hit conglomerates
Seven large South Korean business groups, suspected of donating huge sums to two nonprofit foundations controlled by President Park Geun-hye's scandal-ridden confidante Choi Soon-sil, saw their non-operating expenses increase by a large extent last year from a year earlier, market data showed Sunday.Park reportedly asked the heads of the seven conglomerates, including Samsung, Hyundai Motor, SK, LG and Hanwha, to donate large sums of money to the Mir and K-Sports foundations in group and one-on-
Nov. 13, 2016
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Top economic policymakers' term averages 13 months
The average tenure of South Korea's finance ministers has turned out to be a mere 13 months over the past 13 years, government data showed Sunday, raising questions about the consistency of the government's economic policies.The data analyzed by Yonhap News showed that the average term in office of economy-related ministers was slightly longer than one year amid rising concerns over a lack of long-term economic policies. Finance Minister Yoo Il-ho (R) speaks at a ministerial meeting in Seoul on
Nov. 13, 2016
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Posco chief questioned overnight by prosecutors over political scandal
Posco chairman Kwon Oh-joon (Yonhap)The chief of South Korea's top steelmaker Posco was grilled overnight by prosecutors until Saturday morning over an allegation that the sale of its former unit was related to an influence-peddling scandal involving President Park Geun-hye's close friend, prosecutors said.Kwon Oh-joon, 66, returned home at about 7:10 a.m. after about 12 hours of intensive questioning at the Seoul Central District Prosecutors' Office, they said.He is the first head of a major So
Nov. 12, 2016
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Samsung’s Lee family tops Forbes’ 50-richest list in Asia
South Korea’s largest conglomerate Samsung Group’s Lee family has topped the wealthiest family list in Asia for the second straight year, according to Forbes’ ranking. The nation’s largest automaker Hyundai Motor’s Chung family was 12th. The Lee family had a combined wealth of $29.6 billion in 2016, up by $3 billion from 2015, the American business magazine said. Samsung Group, founded by the late Lee Byung-chul as a small trading company in 1938, has grown into the world’s largest smartphone an
Nov. 11, 2016
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[NEWS FOCUS] Businesses vexed by probe turning to chaebol
The probe into suspected shady business deals made in connection with President Park Geun-hye and her longtime friend Choi Soon-sil is now turning to the nation’s top conglomerates, as the prosecution seeks testimonies on their alleged secret meetings with the nation’s troubled leader.The prosecution said Thursday that it will summon seven conglomerate owners over allegations that they were asked by President Park to provide funds to two controversial foundations led by Choi and her associates i
Nov. 11, 2016
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Korea East-West Power showcases smart office through VR
Korea East-West Power Co., a subsidiary of Korea Electric Power Corp., is showcasing its smart working environment at the third Government 3.0 Fair, which runs through Saturday at BEXCO, Busan.The Government 3.0 Fair is an event hosted by the government to share the best practices of public information and communication within government divisions. Korea East-West Power Co. employees wear virtual reality glasses which show a 360-degree view of a smart office environment at the third Government 3
Nov. 11, 2016
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Posco chief to be questioned by prosecutors over political scandal
The chief of Posco, South Korea's No. 1 steelmaker, will be grilled by prosecutors Friday over its former affiliate related to an influence-peddling scandal surrounding a close friend of President Park Geun-hye. The prosecution said it summoned Kwon Oh-joon, 66, to appear before the Seoul Central District Prosecutors' Office at 7 p.m. to undergo questioning over allegations that an associate of Choi Soon-sil, Park's longtime friend, attempted to forcibly take over the shares of the steelmaker's
Nov. 11, 2016
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Daewoo Shipbuilding's labor union pressed to accept restructuring scheme
The labor union at Daewoo Shipbuilding & Marine Engineering Co. is being pressed to accept the shipyard's restructuring scheme including a workforce reduction, a key condition for the embattled shipyard to receive financial aid from its creditors, industry sources said Friday.Earlier this week, the creditors, led by the state-run Korea Development Bank, has drawn up 3.2 trillion won ($2.75 billion) worth of financial help for one of the country's big three shipyards faced with a protracted indus
Nov. 11, 2016
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[Super Rich] Assets of late Ottogi chairman’s families reach W1tr
It is quite common for Korean food companies to dispatch part-time or irregular workers to promote their sample foods at supermarket chains. However, at Ottogi, such salespersons are hired as full-time employees under the legacy of Ham Tae-ho, the late founder and honorary chairman of Ottogi, who passed away on Sept. 12 at that age of 86.Born in Wonsan in South Hamgyong Province, now in North Korea, Ham founded Poonglim Trading in 1969 which is now called Ottogi Corp. Poonglim was the first in t
Nov. 10, 2016
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[Super Rich] K-beauty tycoon donates W2.5b Buddhist Painting
Korea’s rare 14th century Buddhist painting “Water-Moon Avalokiteshvara” returned home from Japan in October. Behind the return was Yoon Dong-han, chairman of Kolmar Korea, one of the leading cosmetics and pharmaceutical companies in the country.Yoon donated the painting to the National Museum of Korea on Oct. 17 after buying it for 2.5 billion won ($2.2 million) from a Japanese dealer in spring this year. With less than 50 paintings from the Goryeo kingdom “Water-Moon Avalokiteshvara” in existe
Nov. 10, 2016
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[Photo News] Calling home
Soldiers use incoming-only cellphones provided by LG Uplus to talk with family members. The company, which supplied the cellphones from January this year to help boost the military’s welfare, said the accumulated traffic from the phones at the facilities of the Army, Navy, Air Force and the Marine Corps reached 240 million minutes as of the end of last month. (Defense Ministry)
Nov. 10, 2016
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[Photo News] Part-timers' union
Former and current part-time employees of McDonald’s Korea hold a press conference in Seoul on Thursday announcing they are forming a labor union. McDonald’s Korea has been embroiled in controversy over allegedly heavy workload and poor working conditions. The union said it will request the right for collective negotiation. (Yonhap)
Nov. 10, 2016
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Culture business sees turbulent days with leaders' rise and fall
South Korea's culture and entertainment business has seen its high-speed ups and downs in just a couple of years, with a former music video director who made a meteoric rise now facing criminal charges.Cha Eun-taek, who made a name for himself from making hit TV ads and music videos, became deeply involved in key cultural projects under the Park Geun-hye administration. He was named to the Presidential Committee for Cultural Enrichment in August 2014. Cha Eun-taek (C) is brought to the Seoul Cen
Nov. 10, 2016
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Travel agencies eye rise of elderly overseas travelers
A growing number of elder South Korean citizens are traveling abroad, prompting local travel agencies to offer new options to lure affluent seniors with ample leisure time, industry officials said Thursday.The latest trend reflects the changing demographic trend in the rapidly aging society as more baby boomers retire and look for something different from their status quo. Four veteran actors in their seventies pose during a production press conference for a TvN travel-reality show, "Grandpas O
Nov. 10, 2016
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What Trump's victory means for Korean businesses
A dramatic victory by US President-elect Donald J. Trump, a strong advocate of trade protectionism, on Wednesday sent shockwaves through Korean industries which heavily rely on exports to the world’s largest economy.Major exporters of automobiles, tech devices, steel and petrochemical products expressed concerns over the prospect of US-Korea trade under Trump’s presidency, of which many fear will push to have new sets of tariff barriers revived and free trade agreements rewritten. During his cam
Nov. 9, 2016
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[Photo News] Children's advocate
Google introduces a special logo to commemorate Nov. 9, the 117th birthday of the late Bang Jung-hwan, a pioneer of literature and rights for children. He led the establishment of the Children’s Day holiday in Korea. (Google Korea)
Nov. 9, 2016
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Legendary automobile designer Fisker unveils EMotion
Fisker Inc., a California-based electric vehicle and battery solutions maker, on Wednesday shared details of its all-electric luxury sport sedan the Fisker EMotion that is scheduled to launch mid-2017.The EMotion, designed by world renowned automotive designer and founder of Fisker Inc Henrik Fisker, is equipped with a new electric power train system. The compact system allows for more leg room compared to an average full-size sedan by shortening the front and rear overhangs. (Fisker Inc.)Its sp
Nov. 9, 2016
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[Herald Interview] German industry expert praises Incheon Bridge project
Incheon Bridge is a good example to show how an excellently managed project can benefit the local economy, said Reinhard Wagner, president of the International Project Management Association, during an interview with The Korea Herald on Wednesday.The project won the premium gold award from the biennial IPMA World Congress competition last year, although Korea was not a member of the Swiss-registered international association of 66 countries aiming for high-value sustainable projects. Incheon Br
Nov. 9, 2016
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AbbVie’s patent win in US dampens prospects for Humira biosimilars
US pharmaceutical giant AbbVie has won a key patent dispute over its blockbuster rheumatoid arthritis treatment Humira in the US, dealing a blow to those preparing to commercialize Humira biosimilars in the world’s biggest market for biologic drugs. Coherus Biosciences Inc. said Tuesday that the US Patent and Trademark Office denied the company’s request for an inter partes review -- the procedure for challenging the validity of a patent via the office -- of AbbVie’s formulation patent on Humira
Nov. 9, 2016
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Lotte Mart opens 44th store in Indonesia
Lotte Mart, a discount store chain by Lotte Group, said Wednesday it has opened the 44th store in Indonesia as part of its global growth strategy. The new shop opened in the underground floor of Pakuwon Mall in Surabaya, a port city on the Indonesian island of Java. The mart has a health and beauty section, as well as household and fresh food corners, and runs a membership program for regular patrons, the firm said. Lotte Mart operates a total of 290 stores in South Korea, China, Indonesia and V
Nov. 9, 2016