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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Hyundai Heavy seeking to spin off biz unit, labor union in opposition
Embattled Hyundai Heavy Industries is seeking to spin off a business unit, while the labor union strongly opposes the move, claiming that it would lead to a massive number of non-regular workers in the end, industry sources said Tuesday.According to the sources, Hyundai Heavy said in its emailed statement that the spin-off of its facility-assistance business division is one of its key promises to its creditors, which demand a tougher restructuring program, pledging to push ahead with related pro
June 21, 2016
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Presidential office says announcement over new airport will be made 'promptly and fairly'
The presidential office Cheong Wa Dae said that the announcement over the site of a new airport in the country's southeastern region will be made in a "prompt and fair" manner amid growing political tensions over the selection process.With the announcement slated for this week, the presidential office has been walking a tightrope, striving to fend off any possible fallout from the politically tinged race between the two candidate sites: Milyang, South Gyeongsang Province, and Gadeok Island in th
June 21, 2016
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SK Innovation to beef up ceramic coated LiBS
[THE INVESTOR] SK Innovation, the energy solution arm of SK Group, has decided to increase facility investments for the production of lithium-ion battery separator or LiBS, a key part of electric vehicles. The company said on June 20 it will set up two assembly lines at its production plant in Jeungpyeong, North Chungcheong Province, with aims to complete the facilities by the first half of next year. A company official holds LiBS produced at SK Innovation’s Jeungpyeong, North Chungcheong Provin
June 20, 2016
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Merck to establish nonprofit company for charitable work
[THE INVESTOR] Global pharmaceutical and chemical enterprise Merck will establish a nonprofit company, the Merck Family Foundation, to expand its charitable work, the Germany-based company said on June 20. The Merck Family Foundation will conduct charitable work such as promoting public health care and education, providing emergency aid in a community. To be involved in international development cooperation as a further goal, the global pharmaceutical company is also working out research project
June 20, 2016
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Boryung Pharma signs export deal
[THE INVESTOR] Boryung Pharmaceutical on June 20 clinched a deal with Sandoz, the generic division of Swiss drug maker Novartis, to export its anti-hypertension drug Cilnidipine to Southeast Asian countries. Under the contract, Boryung will provide US$ 73 million worth of drugs through Sandoz to six countries, including Thailand, Philippines, Malaysia, Singapore, Taiwan and Hong Kong over the 10 year period. “Based on the experience from Knarb’s marketing abroad, we will increase our brand’s val
June 20, 2016
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[DECODED] Shin Dong-bin’s battle wages on
[THE INVESTOR] In front of a phalanx of flashing cameras, Lotte Group chairman Shin Dong-bin took to the witness stand for a parliamentary audit for the first time as a chaebol chief on Sept. 17 last year. The five-hour grilling took place just as the public’s hostility toward Lotte -- including for its national identity, murky governance and bitter fraternal war -- was reaching its climax. Lawmakers were eager to drive him into a corner. But Shin remained outwardly calm even then, though his h
June 20, 2016
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Coreana signs W285b supply deal with Chinese retailer
[THE INVESTOR] Korean cosmetics maker Coreana on June 20 signed a 285 billion won (US$ 245 million) supply deal with China’s Y&F.Under the contract, the Chinese firm will import and market Coreana’s Orthia brands cosmetics products over the next five years. Korean retailer Songjung will act as Y&F’s import channel for the cosmetics. Coreana said that the deal will provide the company with diverse marketing channels in China. By Choi He-suk (cheesuk@heraldcorp.com)
June 20, 2016
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Chip prices projected to rebound
Speculation has grown over the possible rally of semiconductor prices amid the industry’s efforts to control the supply and releases of new smartphones, industry sources said Monday. According to global online semiconductor market DRAMeXchange, the spot price of DDR3 began its rebound early this month. The prices of DDR3 and DDR4 have been on the decline since late 2014, with each hitting record lows last month, at $1.25 and $1.31, respectively. The fall of DRAM price has, consequently, led to s
June 20, 2016
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Kolmar Korea under tax investigation
Beauty and pharmaceutical company Kolmar Korea is under investigation by tax authorities in what appears to be a targeted probe into the controlling family.Dozens of employees of the National Tax Service raided the firm‘s headquarters on June 9, seizing financial records.The NTS investigation comes a year before Kolmar Korea’s scheduled regular tax audit. Industry watchers say the sudden investigation is closely linked to allegations that CEO Yoon Dong-han misappropriated the holding structure o
June 20, 2016
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Korea's rebar imports from China jump 160% in May
South Korea's imports of Chinese rebar jumped nearly 160 percent in May from a year earlier on strong demand from the construction sector, industry data showed Monday.Rebar imports came to 113,000 tons last month, up 159.7 percent from the same period last year, according to the data compiled by the Korea Iron and Steel Association.Imports of Chinese rebar stood at 515,000 tons in the first five months of this year, accounting for 88.3 percent of the imported rebar market in South Korea, the dat
June 20, 2016
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Ratings agency downgrades major shipping companies and shipyard
[THE INVESTOR] Korea Investors Service, one of the big three rating agencies here, downgraded the credit ratings of Hanjin Shipping, Hyundai Merchant Marine and Daewoo Shipbuilding & Marine Engineering on June 20. The agency lowered DSME from BB+ to BB, with its rating outlook also remaining negative. HMM received a downgrade from A+ to A, citing its continuous deficit, while Hanjin Shipping, struggling container operator who recently sought creditor-led restructuring to avoid bankruptcy, also f
June 20, 2016
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Samsung Electronics adopts new appellation system
[THE INVESTOR] Samsung Electronics plans to transform its appellation system starting next month under the slogan “Start-up Samsung,” according to local reports on June 20. The initiative aims to get rid of designations and boost the atmosphere to share ideas freely among workers. The company is currently conducting a survey on employees regarding the new system. The survey provides four alternatives: adding “Nim” -- which refers to “sir” in Korea -- “pro” or “manager” at the end of a name, or u
June 20, 2016
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Conservative heavyweight calls for control on chaebol
[THE INVESTOR] The ruling Saenuri Party on Monday called for strengthened supervision on conglomerates’ lax management and tax-evading power succession practices as part of a long-term vision to achieve social compromise and lessen inequality.By prioritizing distribution over growth and advocating the rights of irregular workers, the conservative party gestured at expanding its political horizon to the centrist-reformist zone.“A nation that is not just may not stand straight,” said floor leader
June 20, 2016
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Hallyu contents to be hit by tougher Chinese regulations
[THE INVESTOR] China has officially announced plans to strengthen regulations on imports of overseas contents, according to China Daily on June 20.The directive issued by the State Administrator of Press, Publication, Radio, Film and Television focuses on producing media embodying “Chinese spirit and value” starting July 1, and is expected to deal a blow to the spread of hallyu, or Korean Wave, contents that have been steadily gaining popularity in the country. Poster of KBS2 drama “Descendants
June 20, 2016
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Hanwha begins shipping K9 hulls to Poland
[THE INVESTOR] Hanwha Techwin, Hanwha Group’s weapons and surveillance systems affiliate, announced on June 20 that it began shipping the hull of the K9 self-propelled gun to Poland. K9 self-propelled gun.Hanwha Techwin signed the contract to supply 120 units of K9’s hull to Poland’s state-run defense contractor HSW in December 2014. HSW will attach its own turret to the body to produce the AHS Krab 155-mm self-propelled gun. Six K9 hulls were shipped to Poland on June 20, Hanwha Techwin said. A
June 20, 2016
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Corporate Korea lacks antitakeover measures
[THE INVESTOR] Only 1 percent of Korean companies have set up defense mechanisms against hostile takeovers in recent years, indicating that they are still vulnerable to such threats and shows the lack of corporate governance. Daeshin Economic Research Institute on June 19 looked into 600 listed companies and conglomerate affiliates in Korea where institutional investors or the pension fund hold more than 5 percent stake in the company. Only six of 600, or 1 percent, have established measures aga
June 20, 2016
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Korea, China, Japan to bolster drone cooperation
Drone associations from Korea, China and Japan signed an agreement for the collaborative development of the drone industry during the 2016 Shenzhen International UAV Expo at the Shenzhen Convention Center in China on June 18. One hundred participants representing the industry and drone associations, including the Korea Drone Industry Promotion Association, China Drone Industry Alliance and the Japan UAS (unmanned air system) Industrial Development Association, agreed to standardize drone parts a
June 20, 2016
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Korea, Israel to develop amphibious drone, high-tech farming technology
[THE INVESTOR] Korea and Israel will collaborate in developing amphibious unmanned aerial vehicles, Korea’s Ministry of Trade, Industry and Energy announced on June 20. The project will be conducted by Korea’s KEVA Drone and Israel’s Aerodrome with the support of both governments through the Korea-Israel Industrial R&D Foundation.The two companies plan to develop light drones that can land on both land and water fitted with water-resistant imaging equipment. Founded in 2001, Korea-Israel Industr
June 20, 2016
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Digital signage industry to create 70,000 jobs by 2020
South Korea's digital signage industry could create 70,000 jobs and generate 10.1 trillion won ($8.6 billion) in production by 2020, a local think tank said Monday.The Korea Economic Research Institute made the prediction in a report on the smart advertising industry.Digital signage refers to display devices that show advertisements and information in public or commercial areas through networks. Last year, South Korea accounted for 19 percent of the global digital signage market.The South Korean
June 20, 2016
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Bad loans may put insurance firms at risk
[THE INVESTOR] Korean insurance companies’ financial status and profitability may take a blow following the industry-wide restructuring of shipbuilding and shipping sectors as corporate debts extended by insurers are on the rise, according to a local think tank’s report. “The size of corporate liabilities extended by insurance companies is only one-twelfth of banks’ lending but credit risks that they are taking can be relatively bigger,” said Jeon Yong-sik, a researcher at Korea Insurance Resear
June 20, 2016