Most Popular
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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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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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Special counsel bill to probe first lady scrapped
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Korean bands get their day in the sun, finally
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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[Herald Interview] Growing in the air
Forget sunshine and soil to grow leafy greens and fresh vegetables for health-conscious consumers. A US venture firm is leading a new wave of future agriculture by adopting the latest technology to produce something more fresh, safe and environmentally conscious at the heart of urban spaces. Instead of growing crops on land with the use of pesticide and water, a Newark-based AeroFarms is running high-tech greenhouses to produce high quantities of nutritious and quality fresh food all year round.
Sept. 12, 2016
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Forest healing essay contest
The Herald Business is pleasantly co-organizing a forest healing essay contest in partnership with the Korea Forest Service and the Korea Forest Welfare Institute, or FoWi. Sponsored by the Green Fund, the contest has been organized to promote the value of forests and their positive healing effects on wounded hearts. Essay topicAny personal healing experience from forestsExperiences of having overcome an array of problems, such as cancer, depression, alcoholism, game addiction or family problems
Sept. 12, 2016
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Shinhan Bank expands services for foreigners
Shinhan Bank is expanding its services for foreigners, as they make up a steadily growing pool of potential clients in Korea that remain largely untapped. The nation’s leading bank rolled out the “K-onepass” debit card for foreigners in May, which doubles as a deferred-payment transportation card. The card also offers an array of benefits including discounts on dining and shopping. A Shinhan International Finance Center employee consults a foreign customer. (Shinhan Bank)At Shinhan Internationa
Sept. 12, 2016
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Exports drop amid Hanjin crisis
Partly due to the Hanjin Shipping crisis, South Korea’s exports decreased this month, data showed Monday. According to the Korea Customs Service, the amount of exports fell by 3.6 percent to $13.5 billion from Sept.1-10 on-year. The monthly export amount rebounded in August with a 2.6 percent rise, after 19 months of decline. By types of exported items, telecommunication-related equipment, vehicles, and home electronics plummeted by 21.3 percent, 30.8 percent and 25.7 percent, respectively.By re
Sept. 12, 2016
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[Newsmaker] LG Chem merger with LG Life Sciences to boost biotech business
South Korea’s top chemicals company LG Chem on Monday said it has decided to merge with its biopharmaceuticals unit LG Life Sciences to drive up its competitiveness in the biotechnology business. The two companies said in a joint regulatory filing that each company approved of the merger -- plans for which had been recently publicized via media reports -- during a board meeting Monday.“The merger reflects LG Group’s aims to nurture its biotechnology business and bridges the strategic needs of th
Sept. 12, 2016
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Exports drop 3.6% in first 10 days of Sept.
South Korea's exports retreated 3.6 percent in the first 10 days of September from a year earlier, the latest customs data showed Monday, clouding a sustainable recovery in outbound shipments down the road.Outbound shipments totaled $13.5 billion from Sept. 1-10, down from $14 billion tallied over the same period last year, according to the Korea Customs Service.Exports of semiconductors fell 5.2 percent on-year, and those of cars plunged 30.8 percent over the 10-day period, offsetting a 19 perc
Sept. 12, 2016
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Water purifiers found to have mechanical defects: gov't
The South Korean government on Monday said a local company's water purifiers were found to have mechanical defects in cooling components that tainted water with powdered nickel and possibly cause serious health risks to users.Bits of nickel were discovered in dispensed water in three ice maker/water purifier models manufactured and sold by Coway Co., the country's leading water purifier maker, between April 2014 and December 2015, with the number of users involved estimated at about 87,000.The p
Sept. 12, 2016
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Transport industry falls into deficit as trade slumps
South Korea's current account balance in the transport sector hit $1 billion in deficit this year up to July as demand shrank and exports lulled, according to the Bank of Korea on Monday.South Korea made $15.23 billion from transport activities in the January-July period, but payments in the sector amounted to $16.24 billion, the central bank's tally showed.The deficit is the first for the measured period since the Bank of Korea began compiling the data in January 2006, and the largest in the de
Sept. 12, 2016
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[Graphic News] World’s richest individuals
Spanish fashion brand Zara’s founder is richer than Bill Gates or Warren Buffett, according to a Forbes list Thursday.Amancio Ortega, the founder and chairman of Inditex Fashion Group topped the world’s wealthiest list by Forbes. His net worth is $79.5 billion. Inditex is a Spainish multinational clothing corporate that operates multiple brands including the popular Zara.Bill Gates ranked second richest with $78.5 billion, while Amazon.com founder and CEO Jeff Bezos was third with $67.6 billion.
Sept. 11, 2016
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Lotte probe zeroes in on chairman
Korean prosecutors digging into alleged corruption at the Lotte Group appear to be zeroing in on the group’s chairman Shin Dong-bin, the victor of a bitter family feud over the control of the Korean-Japanese conglomerate. The Seoul Central District Prosecutors’ Office questioned Shin Kyuk-ho, the ailing 93-year-old founder of Lotte, twice at his residence in a Seoul hotel last week. It is now mulling ways to summon his third wife, sources at the office said Sunday. Seo Mi-kyung, a 57-year-old Ko
Sept. 11, 2016
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Hyosung, Ho Chi Minh City seek further partnership
Hyosung's president met with a Ho Chi Minh City leader to discuss strategic partnership, the company said Sunday. Cho Hyun-joon, president of the South Korean conglomerate focusing on textile and chemicals, had a meeting with Dinh La Thang, secretary of the Ho Chi Minh City Party Committee, in Seoul on Friday to discuss cooperation including plans to expand infrastructure in Ho Chi Minh City.Hyosung Group President Cho Hyo-joon (left) shakes hands with Dinh La Thang, secretary of the Ho Chi Minh
Sept. 11, 2016
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With chief back at helm, CJ readies for bold moves
With its chairman Lee Jay-hyun back at its helm, CJ Group could emerge as a big buyer in Korea’s merger and acquisition scene, industry watchers predict.The CJ chairman, convicted last year on charges of embezzlement and tax evasion, was the only chaebol tycoon granted amnesty by President Park Geun-hye through a special pardon last month. The 56-year-old chief, however, has not returned to management, as he requires hospitalization for treatment of an inherited neurologic disorder. Nevertheless
Sept. 11, 2016
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Hanjin Shipping faces challenges even after unloading resumes
Hanjin Shipping still faces financial challenges even after its container ship safely began unloading at the US port, industry watchers said Sunday. Hanjin Shipping’s container ship Hanjin Greece was able to dock at the Port of Long Beach on Saturday after the US bankruptcy court granted the company provisional protection from creditors in the United States. Still, market watchers said the cash-strapped shipping company needs an estimated 170 billion won ($150 million) to complete the unloading.
Sept. 11, 2016
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Galaxy Note 7 users advised to stop due to fire risk
Samsung Electronics Co., the world's largest manufacturer of smartphones, on Saturday urged local users of its Galaxy Note 7 to stop using the phablet as the company is recalling its flagship smartphone due to a battery problem.In an online statement, Samsung said Galaxy Note 7 users are advised to visit its service centers nationwide to exchange their phones for other Samsung smartphones before receiving a new Galaxy Note 7 with a safe battery from Sept. 19. (Yonhap)Earlier this month, Samsung
Sept. 10, 2016
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Hanjin Shipping allowed to unload cargo at US ports
Cash-strapped Hanjin Shipping Co. was given provisional court protection in the US on Friday to unload cargo at some ports without worrying about its ships being seized by its creditors, industry sources said Saturday.Hanjin Shipping, currently under receivership in South Korea, has sought court protection in the US as four of its ships have been stranded off the coast of the US out of fears that they will be seized by creditors.According to the sources, US Bankruptcy Judge John K. Sherwood on F
Sept. 10, 2016
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SK chairman meets Sinopec head for partnership
SK Group Chairman Chey Tae-won met with Wang Yupu, the president of China’s state-run oil and gas firm Sinopec to forge a business partnership between the two, the group’s affiliate SK Innovation said Friday.In the meeting held in Beijing, Chey said he was hoping to strengthen business ties between the two, citing a previous case of successful cooperation.In 2012, Chey concluded a negotiation with Sinopec after meeting its former Vice Chairman Wang Tianpu to build a joint ethylene plant in Hubei
Sept. 9, 2016
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Korea, US discuss cargo disruption over Hanjin crisis
Government representatives from South Korea and the US have held a meeting in Seoul to seek ways to prevent cargo disruption in ports in North America over the deepening Hanjin crisis, officials said Friday. Korea’s Oceans and Fisheries Vice-Minister Yoon Hak-bae and US Department of Commerce’s Deputy Assistant Secretary for Asia Diane Farrell shared measures against the Hanjin aftermath amid widespread concerns that the near-bankrupt company could impede cargoes heading to the US ahead of the u
Sept. 9, 2016
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HHI receives 2nd approval for SkyBench
Hyundai Heavy Industries received the second approval in principle from global certification institution Det Norske Veritas und Germanic Lloyd for its unique design concept SkyBench, the company said Friday. At SSM, the leading international maritime trade fair held in Hamburg, Germany on Thursday, the shipbuilder received the second approval from DNV GL for its innovative design SkyBench which allows for maximization of the loading capacity of containerships by utilizing void space under the sl
Sept. 9, 2016
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Shinsegae seeks shift in retail business with Starfield
Starfield Hanam, South Korea’s largest shopping mall complex operated by local retail giant Shinsegae Group, officially opened its doors to the public on Friday. Designed as an all-in-one space for shopping, dining, leisure and entertainment, Starfield aims to become a so-called “shopping theme park” for locals looking to spend a relaxing as well as interactive day at the mall, Shinsegae said. “We worked hard to make Starfield Hanam more than just a shopping mall but a ‘shopping theme park’ off
Sept. 9, 2016
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Cheap whiskies lead new drinking trend in Korea
Whisky brands in South Korea have released affordable, smaller products to target a growing number of people who drink at home and cope with the enforcement of an anti-corruption law later this month, industry officials said Friday. Lotte Liquor Co., a liquor unit under Lotte Group, said it has released "Scotch Blue King," which blended Scottish grain whisky and malt extract, at 16,500 won ($15), removing unnecessary packaging to lower the price below $20.The latest product comes after they laun
Sept. 9, 2016