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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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Furniture imports hit all-time high in H1
[THE INVESTOR] The total value of furniture imports in the first half of this year recorded an all-time high breaking last year’s record, according to customs data on July 18. Furniture imported in the first half of 2016 was worth US$1.54 billion, according to Korea Customs Service, a 13.1 percent increase from the same period last year, which saw the highest figure in the 2000s, with US$2.85 billion for the whole year. (123rf)Growth in furniture imports had slowed down in the late 2000s due to
July 18, 2016
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[DECODED] Samsung goes back to basics
[THE INVESTOR] Many start-ups want to be like Samsung. Ironically enough, Samsung wants to be like a start-up. And for the past few years, the nation’s largest conglomerate has been working hard to go back to basics. Some liken it to a patient lying on an operating table: Some of its affiliates are being removed like dead tissue, while others are being stitched back together, at times after receiving several blood transfusions. The head surgeon is Samsung Group vice chairman and heir Lee Jae-yon
July 18, 2016
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Doosan Infracore Q2 net surges on asset sale, cost-saving measures
Doosan Infracore Co., Korea's top construction equipment maker, said Monday that its second-quarter earnings soared on the back of asset sales and reduced costs in the wake of tough restructuring.Net profit reached 224 billion won in the April-June period, compared with 9.5 billion won a year earlier, the company said in a regulatory filing.Operating income more than doubled to 174 billion won from a year earlier, while sales edged down 0.2 percent on-year to reach 1.62 trillion won.Doosan Infra
July 18, 2016
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DSME to start work on $2.6b crude plant modules
Daewoo Shipbuilding & Marine Engineering said Monday it will kick off building oil plant modules that is worth $2.7 billion, the largest plant project in the company’s history. The shipbuilding firm said the shareholders of Tengizchevroil LLP -- Chevron Overseas Co., ExxonMobil Kazakhstan Ventures, LUKARCO B.V. and KazMunayGas NC -- had made the final investment decision on expanding the Tengiz oilfield in western Kazakhstan. The expansion project is worth $38.8 billion, the shipbuilder said. Yo
July 18, 2016
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Korean consumer group denounces Visa Inc. for fee hike plan
A major financial consumer group in Seoul lashed out at Visa Inc. on Monday for its plan to raise the fees for overseas credit card purchases by South Koreans, warning that it may launch a nationwide campaign to boycott the global payment network.Visa announced that it would press ahead with the fee hike plan despite strong opposition from local card firms.The California-based company argued that it's inevitable to jack up the fee rate from 1.0 percent to 1.1 percent starting next year due to in
July 18, 2016
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Samsung Bioepis seeks approval of Humira biosimilar in Europe
Samsung Bioepis, the biopharma development unit of South Korean tech giant Samsung Group, said Monday it is seeking regulatory approval to sell its biosimilar drug referencing AbbVie’s top-selling rheumatoid drug Humira (adalimumab) in Europe. The Samsung unit said the European Medicines Agency has accepted for review the company’s marketing authorization application for its Humira biosimilar, SB5, drawing a step closer to commercializing the drug in the region.A Samsung Bioepis employee (Samsun
July 18, 2016
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DSME to resume US$2.7b Kazakhstan oil facility project
[THE INVESTOR] After two years of deadlock, Daewoo Shipbuilding and Marine Engineering is expected to resume the suspended construction of a crude oil production facility in Kazakhstan within the year.The company said on July 18 that it has recently received the green light to resume the Kazakhstan project, following a new investment decision made by shareholders of Tengizchevvroil, the operator of the US$36.8 million Tengiz oil field, the largest investment by an oil company since 2014.Tengizch
July 18, 2016
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Doosan Infracore’s Q2 operating profit more than doubles
[THE INVESTOR] Doosan Infracore ’s second-quarter operating profit jumped 126.9 percent from a year earlier, aided by recovering North American and European markets. On July 18, the company disclosed that its second-quarter operating profit came in at 173.5 billion won (US$ 152.71 million), and sales fell 0.2 percent from a year ago to come in at just under 1.62 trillion won. Doosan InfracoreThe company said that restructuring of its heavy industries and engine businesses facilitated the large i
July 18, 2016
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Korea, Mongolia hold biz forum
Korea's business community voiced hope Monday to expand economic partnerships with Mongolia and unite the Eurasian countries that have great potential to become a major global economic bloc."It is important for Eurasian countries to unite and connect to 'one continent' in order to develop Eurasia to the next level,"Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said at a business forum held in the Mongolian capital of Ulaanbaatar.Park noted that the Eurasian region has
July 18, 2016
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Shinsegae Food to launch new brand
Shinsegae Food will be jumping into the food market with a new brand set to roll out in September, according to the company.This is the first time in the company’s 21-year history that it is creating its own brand, although it had previously launched the brand Peacock for its supermarket affiliate E-mart, and manufactured other generic products.The new brand is expected to focus on the home meal replacement market, which has picked up momentum this year.While Peacock faced difficulties widening
July 18, 2016
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P&G defends safety of Febreze
CINCINNATI -- Multinational consumer goods company Procter & Gamble said its fabric refresher Febreze is scientifically safe for use, amid growing public concern in Korea over its possible toxicity.P&G headquarters said that the ingredients of Febreze are strictly controlled and within the safety range so it is not toxic when inhaled.The P&G Ivorydale Technical Center in Cincinnati, Ohio, U.S. (P&G)“All ingredients used in Febreze products have been thoroughly assessed to be safe for consumers u
July 18, 2016
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[Herald Interview] Wolfgang’s USDA steaks speak for themselves: CEO
Wolfgang‘s Steakhouse in Seoul is an unusually large restaurant, especially for the upscale Cheongdam-dong area of Seoul. Step inside and walk past the mahogany reception desk, and the main dining hall seems to spread out endlessly, countless tables covered in white tablecloths floating above wooden floors. Overhead, private dining rooms line the second floor.“Our Seoul branch is about twice the size of some of our other restaurants,” said Peter Zwiener, who currently heads up the franchise, on
July 18, 2016
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AmorePacific launches Hera in China
[THE INVESTOR] Korean cosmetics giant AmorePacific has successfully introduced its premium brand Hera in China, it announced on July 18. The official launching event on July 15 was attended by more than 250 media representatives and VIPs at Pheonix Media Center in Beijing. It showcased videos that reinterpreted its best-selling items such as Cell Essence and UV Mist Cushion, and a performance that demonstrated the ideal beauty of Hera, “Seoulista.” The highlight of the event, however, was the ap
July 18, 2016
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BAT Korea raises price of Kent cigarettes
British American Tobacco Korea has raised the price of its Kent cigarettes as of Monday, according to the company.BAT Korea increased the price of Kent Convertible 6 milligrams cigarettes -- the only product in the Kent line currently sold in Korea -- from 4300 won ($3.80) to 4500 won, the standard price of cigarettes here.Kent Convertible 6 mg is the only product that BAT Korea imports from its Singapore factory to the Korean market. All other BAT products sold in Korea are made in its factory
July 18, 2016
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Korean Air flight delayed due to generator defect
A Korean Air flight bound for Hawaii was canceled Sunday night at its transfer point in Japan after a defect was found in the engine’s generator, according to the airline Monday.The 220 passengers on board flight KE001 were stranded at Narita Airport in Tokyo overnight.According to Korean Air, the plane could not leave as soon as the generator was fixed because of Narita Airport’s regulations regarding nighttime takeoffs.Passengers spent the night at the airport lounge because there were no othe
July 18, 2016
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Emart to bring in top drugstore chain Boots
[THE INVESTOR] Emart will usher in Walgreens Boots Alliance, the largest drugstore company in the world. It has signed a franchise partnership for the exclusive management of Boots stores in Korea, the nation’s largest discount chain announced on July 18. The first store in Korea will open in the first half of 2017 and will showcase its own lineup including No7 as well as international brands such as Soap & Glory, which will give Boots an edge in competing in the 900 billion won (US$792.04 milli
July 18, 2016
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Seoul to change preferential income tax for foreigners
[THE INVESTOR] South Korean government is planning to change the preferential income tax for foreign nationals working here, local media reported on July 18. According to reports, the Ministry of Strategy and Finance reviewing three possible measures in altering the special income tax rate applied to foreign nationals who work for companies specified by the presidential decree. At present, foreign nationals working at relevant companies are taxed at fixed rate of 17 percent regardless of income.
July 18, 2016
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Korean antitrust watchdog rejects SKT's bid to take over No. 1 cable TV operator
Korea's antitrust watchdog on Monday said it has rejected SK Telecom Co.'s bid to buy the country's leading cable TV operator, raising concerns that the merger would undermine competition in the market.SK Telecom, the top mobile carrier with a market share of more than 50 percent, agreed to acquire a 53.9 percent stake in CJ HelloVision Co. from its parent firm CJ O Shopping, an affiliate of CJ Group, for 1 trillion won ($870 million) in November last year.SK Telecom said it seeks to become an a
July 18, 2016
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Shipyard workers set to stage strike this week
Workers at the country's major shipbuilders will stage a joint strike this week, demanding that tough restructuring moves currently underway be scrapped.According to the sources, unionized workers at the country's Big Three shipyards -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- and five other smaller shipbuilders plan to launch a partial strike for four hours on Wednesday. (Yonhap)An estimated 30,000 workers may join the walkou
July 18, 2016
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Audi Volkswagen to recall cars over child lock problems
Audi Volkswagen Korea Ltd., the local importer and distributor of the German car brand, will recall 1,320 units over defects in their automatic child safety locks, the Korean transport ministry said Monday. The problems related to the child lock function were detected in Volkswagen Tiguan sports utility vehicles and three other models manufactured from Nov. 25 to Feb. 4, the Ministry of Land, Infrastructure and Transport said. Free replacement services will be available starting on Monday at the
July 18, 2016