Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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Korean bands get their day in the sun, finally
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Injured captain Son Heung-min dropped from nat'l team for World Cup qualifiers
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K-ITC Born2Global Center and its Members ⑥ SecuLetter
On July 18, the information protection service company SecuLetter announced that it will receive an investment from a domestic venture capital company by the end of the month. CEO Lim Cha-sung said, “We will soon be receiving a Series A round as an investment in the development phase of our product.” He went on to add, “We are currently in the final steps of processing the investment and will soon reveal the exact investment amount.” After the company has received and processed all domestic inve
July 22, 2016
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Demand for Buxi’s van-sharing service skyrockets during summer holiday season
With the summer holiday season well underway, Buxi is busier than ever. Buxi is a van-sharing service company that offers direct transportation between customers’ homes and Incheon International Airport via minibus for a fee of 20,000 won per person. The company is currently operating in 11 areas: seven districts in Seoul (Gangnam-gu, Seocho-gu, etc.) and four districts in Gyeonggi-do (Bundang-gu, etc.). Buxi’s competitive edge is based on two key factors: its convenience and reasonable price. C
July 22, 2016
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K-ICT Born2Global Center garners W32.4b in investment in H1
Born2Global Center records 32.4 billion won in startup investment for first half of the year, up 171 percent compared to the same period last year.On July 19, the K-ICT Born2Global Center, a startup incubator affiliated with the Ministry of Science, ICT and Future Planning, announced that it attracted a total of 32.4 billion won in investments -- via direct and indirect means -- for its startup companies in the first half of 2016. This figure represents a whopping 171 percent increase compared t
July 22, 2016
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Hanwha E&C wins W300b order to build Seoul-Sejong expressway
[THE INVESTOR] Hanwha Engineering & Construction announced on July 22 that it has received a 299.8 billion won (US$263.68 million) construction order for part of the Seoul-Sejong expressway.It has won a turnkey project -- that lets contractor do the whole process from design and to implementation -- to build the road between Anseong and Guri. The expressway construction is part of a large-scale government scheme to complete five axis that run across the metropolitan area from north and south. Ru
July 22, 2016
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US slaps antidumping tariff on S. Korean steel products
[THE INVESTOR] US is to levy antidumping tariffs on South Korean corrosion-resistant steel products, the Korea International Trade Association said on July 22. According to KITA, the United States International Trade Commission ruled that South Korean corrosion-resistant steel was damaging to the US steel industry, and decided to levy the antidumping tariffs. The ITC ruled that Hyundai Steel’s products will be subjected to 47.8 percent, and that produced by Dongkuk Steel Mill to 8.75 percent ant
July 22, 2016
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Cafe Droptop arrives in Southeast Asia
[THE INVESTOR] Starting with Malaysia, the coffee shop franchise Café Droptop is entering the Southeast Asian market, it announced on July 22. It recently signed a franchise agreement with Malaysian company KH F&B and will open the first outlet in Johor Baharu in December.The city on southern tip of the country has a bustling economy and growing interest in premium desserts and coffee, the company explained. Partnering with KH F&B, an established wood exporter, and setting up a local subsidiary,
July 22, 2016
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Unionized workers of Hyundai Motor extend strike, denting output
South Korea's top automaker Hyundai Motor Co. again stood to lose billions of won in sales and output as its unionized workers continued their partial strike for a fourth day Friday.Some 13,000 workers at the company's main plant in Ulsan walked off the job at 9 a.m., while an additional 15,000 originally scheduled to start their shift later in the day were set to join the earlier shift in a protest visit to the company's headquarters in Seoul.The company said four-hour strikes over the past thr
July 22, 2016
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Park to host luncheon with heads of midsized firms
President Park Geun-hye will host a luncheon with the heads of some 140 midsized enterprises and economic policymakers to offer them her encouragement and call for their continued efforts to help create new jobs and bolster trade.During the luncheon at the presidential office of Cheong Wa Dae, Park plans to touch on the outcome of the government's drive to foster midsized companies and her future policy direction, and express her continued commitment to support businesses, her aides said.The pre
July 22, 2016
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Shipbuilders' order backlog hits 12-year low
Order backlog held by South Korean shipyards fell to the lowest level in 12 years in June amid a protracted slump in the global shipbuilding sector, industry data showed Friday.According to the data compiled by global research firm Clarkson Research Services, the shipbuilding order backlog held by Hyundai Heavy Industries Co. and its other local rivals stood at 25.1 million compensated gross tons as of end-June, the lowest since January 2004, when the comparable figure was 24.2 million CGTs.Thei
July 22, 2016
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Samsung Electronics files patent suit against Huawei in China
Samsung Electronics Co., the world's largest maker of smartphones, said Friday it has filed a lawsuit against Huawei Technologies Co. in China, accusing the Chinese firm of infringing on Samsung's six patents related to mobile phones and digital images. The move is seen as a countermeasure against Huawei after the Chinese electronics firm sued Samsung in May in the United States and China over patent infringements.In a statement, Samsung criticized Huawei's smartphones and tablets for infringing
July 22, 2016
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Banana is new honey in snack market
Banana-flavored snacks may not be selling as much as before, but they are still a big help in pushing up overall snack sales, retailers' data showed Friday.Banana has been the new honey for the market, replacing the craze over potato chips with sweet taste. Makers of chocolate pie snacks reaped instant success when they marketed the same snack in banana flavor in March. (123rf)According to retail giant E-Mart, snack sales in the first quarter only grew 0.5 percent compared with the same period l
July 22, 2016
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Korea seeks to create 3-D map for drones
Korea will be creating a 3-D map for drones to ensure safety and prevent accidents as drones become more widely used, according to the Transport Ministry on Thursday.The Ministry of Land, Infrastructure and Transport said that current drone users have found it inconvenient or unsafe to fly drones using the current two-dimensional map which does not account for topographical differences and does not show obstacles such as electric wires.The three-dimensional map will help guide drones safely as m
July 21, 2016
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No. of men shopping online jumps 64% in 2 years
[THE INVESTOR] Men, especially in their 40s and 50s, are going online to find what they want. In the first half of this year, the number of male shoppers hiked 32 percent on-year, according to major online shopping site Coupang. Its statistics released on July 21 revealed that men in 40s and 50s showed the biggest increase, jumping 75 percent and 127 percent from 2014, respectively. (123rf)The most frequently purchased items for men were home appliances and digital goods. And it was stuff for pe
July 21, 2016
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POSCO to complete feasibility study on Iran project by Sept.
[THE INVESTOR] Steelmaker POSCO said on July 1 that a feasibility study for building a steel mill in Iran will be completed by end-September. The steelmaker said that it will then decide whether to go ahead with the project or not. POSCO also said that although a memorandum of understanding has been signed with Iran’s PKP in May, there has been no other major development since. By Choi He-suk (cheesuk@heraldcorp.com)
July 21, 2016
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POSCO’s Saudi automobile project could face overhaul
[THE INVESTOR] POSCO’s project with Saudi Arabia for developing cars for mass consumption could be overhauled, an executive with the South Korean steelmaker said on July 21. “Many of Saudi Arabia’s high level officials in charge of the project have been changed, so many areas are being reviewed,” POSCO’s Lim Seung-kyu said at an investor relations event. He said that the company is conducting a study to determine the project’s viability three to four years, and more down the line. “We expect a d
July 21, 2016
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Shinhan Financial's H1 net jumps 13.3% on-year
Shinhan Financial Group Co., a major Korean banking group, said Thursday that it posted a 13.3 percent on-year jump in net profit in the first half on a stable increase in profits in its banking unit and improved performance in non-banking units.Net profit for the six months ending June 30 came to 1.454 trillion won ($1.2 billion), up 170.7 billion from a year earlier, Shinhan Financial said in a regulatory filing.Shinhan Financial said its banking unit saw a stable increase in profits, and the
July 21, 2016
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Korean cosmetics in US could face racism criticism: KOTRA
[THE INVESTOR] Packages of Korean cosmetics selling in US contain expressions that could face criticism of racism, according to a report by Korea Trade-Investment Promotion Agency on July 21.The report notes that a disconcerting ratio of packages included incorrect translations and improper expressions, resulting in bringing down the overall image of Korean cosmetics.Whitening, for example, should be changed to brightening as customers can take it as an expression of racism, the agency pointed o
July 21, 2016
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Construction industry, shipbuilders see worst half on record for orders
The Korean construction and shipbuilding industries have seen the worst record of overseas orders in the first half of this year amid the sluggish economy and the aftermath of Brexit. According to the International Contractors Association of Korea, the total value of overseas orders of local major construction companies reached 12.6 trillion won ($11 billion), dropping by 38.7 percent on-year. This is one fifth of their initial goal of making 62 trillion for this year. Samsung C&T recorded the h
July 21, 2016
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Park keeps tycoons guessing over pardons
South Korean firms are pinning hopes on President Park Geun-hye possibly granting clemency next month to high-profile businessmen convicted of criminal charges. However, there are also jitters among companies over the uncertainties of the president’s decision. Hanwha chairman Kim Seung-youn, CJ chairman Lee Jay-hyun, SK vice chairman Chey Jae-hyun, LIG NEX1 vice chairman Koo Bon-sangThe scale of the pardons could be reduced on political considerations over a recent corruption scandal involving h
July 21, 2016
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E. coli found in restaurants, supermarket products
A survey of restaurants, supermarkets and food production plants showed instances of E.coli in popular foods such as gimbap and lunch boxes, the Food Safety Ministry said Thursday.The products that tested positive for E.coli were being sold in well-known franchises and supermarkets. (123rf)The bacteria were found in gimbap sold in places like fast food chain Pomato‘s branch in Dongjak-gu, Seoul, supermarket Homeplus in Seo-gu, Daejeon, and Lotte Mart in Jeonju.E.coli was also found in foods prod
July 21, 2016