Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[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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Can Jennie break the K-pop solo artist slump?
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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SsangYong Cement Industrial’s largest shareholder consolidates grip
[THE INVESTOR] SsangYong Cement Industrial’s largest shareholder Hahn & company has acquired the entire stake owned by the second largest stakeholder Taiheiyo Cement, it announced on June 29. The investment company established by a private equity fund manager purchased 25,989,010 shares from the holding company of the Japanese cement company for 450 billion won ($388.6 million), increasing its stake to 79.2 percent from 46.8 percent. This transaction will prevent any possibility of conflict ov
June 30, 2016
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Conglomerates abusing CSR firms to tighten ownership
[THE INVESTOR] South Korean conglomerates are on high alert following the proposal of a bill limiting the voting rights of their shares in affiliated public goods corporations.This could be a major blow to the large industrial groups since many of them maintain their control over key affiliates via such corporations. “These public interest corporations have not spent a dime on promoting public interest. Their sole purpose is to perpetuate the current ownership structure of the chaebol,” said Kim
June 30, 2016
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Volkswagen rules out compensation to S. Korean owners over emissions scandal
German carmaker Volkswagen on Wednesday ruled out compensations to South Korean owners of Volkswagen cars for cheating on emissions, a move that could spark anger and disappointment from local consumers.Volkswagen said its agreements reached with the U.S. regulators and private plaintiffs over the scandal "are not an admission" of its liability in South Korea."By their terms, they are not intended to apply to or affect Volkswagen's obligations under the laws or regulations of any jurisdiction ou
June 29, 2016
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Korea Consumer Agency urges recall of Ikea’s dresser
[THE INVESTOR] The Korea Consumer Agency said on June 29 that it has requested a recall of Ikea’s drawer that killed six children in the US.The advocacy group sent an official letter to the world’s largest furniture seller, demanding the firm recall the dresser called “Malm” whose sale in the US and Canada was halted after toddlers were crushed to death in tip-over accidents. Ikea recalled 29 million units of the furniture in the US and 66 million in Canada. But the company still sells the same
June 29, 2016
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State-run energy firms to sell off loss-making overseas assets
Korea's state-run energy firms will offload their loss-making overseas assets to improve their balance sheets in the midst of low oil prices as the government pushes for sweeping restructuring and downsizing efforts, the trade ministry said Wednesday.The Korea National Oil Corp., the Korea Gas Corp. and the Korea Resources Corp. run a combined 91 exploring operations outside Korea as the former Lee Myung-bak administration put its policy priority on winning overseas resource development projects
June 29, 2016
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Brexit sparks concerns for Korean biopharma exporters
Brexit could become a headache for export-driven South Korean biopharmaceutical companies as they may be required to go through separate processes to obtain sales approvals and handle litigation issues both in Britain and Europe, regarded as their biggest overseas market destinations. According to local reports, industry watchers have suggested that Britain’s departure from the European Union could mean an exit from the European Medicines Agency, the European version of the U.S. Food and Drug Ad
June 29, 2016
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Busan-Ulsan KEPCO vows regional development
Ha Hee-bong, the vice president of the Busan-Ulsan District Division of the state-run Korea Electric Power Corp., recently spoke to The Korea Herald about the local office’s plans on future management.He said his office will promote various business strategies including improving old power facilities and investing in underground power lines. Ha Hee-bong, the vice president of the Busan-Ulsan District Division of the state-run Korea Electric Power Corp. KEPCOIf these projects are implemented with
June 29, 2016
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[DECODED] Naver, the new king of journalism
[THE INVESTOR] In the years since its foundation, Naver has become far more than a search engine. It has grown into a giant that dominates Korea’s online services. Naver portal’s news service -- which displays news articles from most online and traditional media outlets in one place -- has become the main source of news for many.As Naver’s clout grew, so did its influence over local news outlets. Naver NewsstandSince March, Naver and Daum introduced the Committee for Evaluation of News Partnersh
June 29, 2016
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Uber CEO declines again to stand trial in Seoul
[THE INVESTOR] Uber’s cofounder and CEO Travis Kalanick has declined again to stand trial in Seoul for the company‘s illegal taxi-hailing service that was suspended here in 2014. At a planned hearing held on June 29, his lawyer is expected to attend instead of him. Uber CEO Travis KalanickEstablished in 2009, Uber entered the Korean market in 2013 but was forced to stop its service, except its luxury limousine service, due to fierce resistance from taxi drivers and the local authorities. In Dec
June 29, 2016
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Shinsegae’s Starfield Hanam to introduce exclusive mall experience to Koreans
SARASOTA, Florida -- At a glance, the Mall at University Town Center, the largest shopping mall in Sarasota, Florida, embodies the typical features of a traditional U.S. shopping mall. Stepping inside, shoppers are greeted with a spacious layout, with rows of shops. The Mall at University Town Center in Sarasota, Florida (Shinsegae Group)Taking a closer look, however, reveals several unique design elements. A 20-meter ceiling and a continuum of glass sunroofs naturally light up the building, cre
June 29, 2016
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CJ jumps into McDonald‘s Korea bid
South Korean food and entertainment giant CJ Group said Wednesday it has submitted a letter of intent last week to buy McDonald’s Korean unit, without providing details.In a regulatory filing, the conglomerate said it has not decided yet on which affiliate would be dealing with the bid. But insiders say that the group’s food services unit CJ Foodville is likely to take the charge, as the group expects to secure a “stable source of income” for its affiliate if it buys the local unit of the U.S. f
June 29, 2016
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Korean pharma exports hit 5-year high
[THE INVESTOR] Exports by Korean pharmaceutical companies grew by 22 percent in 2015 from 2014, the highest on-year increase in five years. The export of pharma products in 2015 logged US$ 2.94 billion, as against the previous year’s US$ 2.41 billion, according to the data by the Ministry of Food and Drug Safety released on June 29. Medicine exports have increased at an annual rate of 14 percent since 2011 when it posted US$ 1.77 billion. Broken down by countries, South Korea exported the most m
June 29, 2016
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KOSPO expands in overseas market
Korea Southern Power, one of Korea’s public energy companies, is gradually breaking into the overseas market with its innovative technology and know-how.Late last month, KOSPO successfully made the first trial ignition in the Kelar gas power plant in Chile, where construction is still underway. The trial ignition, the first step after installing a gas turbine, is considered crucial as it indicates how a plant is well-connected. Korea gas power plant in Chile (KOSPO)Since 2013, KOSPO has been b
June 29, 2016
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[Photo News] LG Global Challenger
LG Group chairman Koo Bon-moo (left) delivers the emblem of LG Global Challenger, a fully funded overseas study and exploration program, to student representatives at the group’s headquarters in Yeouido in central Seoul on Wednesday. The group has selected six teams annually for the program. (LG)
June 29, 2016
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Samsung SDS partners with SAP on enterprise cloud
Samsung SDS, a key information and technology arm of Samsung Group, has partnered with German software firm SAP to jointly work on enterprise cloud business, the company said Wednesday. The two tech firms signed a memorandum of understanding for the future partnership at Samsung SDS’ head office in Seoul. Samsung SDS CEO Chung Yoo-sung (left) and SAP’s executive board member Bernd Leukert attend a signing ceremony in Seoul on Tuesday. (Samsung SDS)Samsung SDS said it plans to provide its client
June 29, 2016
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[DECODED] Is Naver a news medium?
[THE INVESTOR] When Choi Sun-kyung, a 29-year-old office worker, hops on the subway to go to work, she immediately starts scrolling her smartphone. After responding to all the KakaoTalk messages she received overnight, she clicks the bright green app of Naver, Korea’s largest portal site. First, she skims the five headlines on the front page to see if any story catches her attention. Today, she reads a story on high youth unemployment rate and ongoing threats from North Korea. She then clicks on
June 29, 2016
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Budget carrier Air Seoul likely to win gov't approval next week
Air Seoul, a new low-cost carrier of Asiana Airlines Inc., could get government approval for operations early next month if it successfully passes two simulated emergency tests.The two tests are meant to train crew members on how to evacuate a plane in case of an emergency landing.The Ministry of Land, Infrastructure and Transport could issue an Air Operator Certificate to Air Seoul as early as July 7 if the carrier passes the two simulated tests, said Kang Seung-ho, an official handling the iss
June 29, 2016
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Naver Pay outguns rivals in mobile payment race
[THE INVESTOR] Internet giant Naver’s online payment solution Naver Pay has been outpacing its competitors, such as Kakao Pay and Samsung Pay, in the digital payment sector with its transaction volumes and number of subscribers growing at a faster pace.The Internet giant said that the number of cumulative transactions of Naver Pay has exceeded 180 million since the launch of the mobile payment solution a year ago while the total amount of payments stood at 2.5 trillion won ($2.2 billion). The co
June 29, 2016
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Asiana Airlines’ 2nd budget carrier ready for take-off
[THE INVESTOR] Asiana Airlines ’ second budget carrier, Air Seoul, could receive the green light for take-off as early as next month. The Korean flag carrier also operates budget airline Air Busan. According to industry sources, Air Seoul will receive the final assessment in the air operator’s certification process on June 30, and become certified early next month if all goes according to plan.Air Seoul has completed test flights on domestic routes between June 15 and 28, and will now be tested
June 29, 2016
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Organica juices hit all Starbucks stores
Organica Day, the food and juice arm of the premium natural food brand Organica, will be featuring its juices in all 890 Starbucks stores in Korea, the company said Wednesday.The Organica products available at Starbucks include Just Juice Cleanse juices, the Bistro Box and Cleanse Salads. Organica’s Just Juice Cleanse juices, available at Starbucks (Organica)The three types of Just Juice Cleanse juices were first offered through a limited release at 100 Starbucks stores last October. Starbucks
June 29, 2016