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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Can Jennie break the K-pop solo artist slump?
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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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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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MSD Korea names new managing director
MSD Korea, the local affiliate of U.S.-based pharmaceutical company Merck & Co. on Tuesday said it has named former strategy head of MSD Japan Avi Ben-Shoshan as its new managing director. Ben-Shoshan will replace former chief of MSD Korea Hyun Dong-wook, who has led the company for eight years since 2008. Hyun has been named as the global brand leader of Merck & Co.’s global Human Papillomavirus Vaccine business. MSD Korea’s new managing director Avi Ben-Shoshan (MSD Korea) “I’m looking forwar
May 3, 2016
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Hanjin chairman quits PyeongChang committee
Hanjin Group chairman Cho Yang-ho has stepped down as the president of the PyeongChang Winter Olympics’ Organizing Committee, to save his debt-ridden shipping unit, the group said Tuesday.“Chairman Cho has offered to resign from the (PyeongChang) post to resolve pending issues within the group including Hanjin Shipping,” Hanjin Group said in a statement. Hanjin’s shipping unit applied for restructuring by creditors last week after Cho gave up management rights to the company. Hanjin Group chair
May 3, 2016
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Kumho Tire opens first U.S. factory
Kumho Tire celebrated the opening of its first U.S. manufacturing facility in Macon, Georgia, in the United States, on Monday that will help expand the tire-maker’s presence in North America, said company officials.About 300 people including Kumho Asiana Group chairman Park Sam-koo, Kumho Tire CEO Lee Han-seob, Georgia Gov. Nathan Deal, and Macon Mayor Robert Reichert attended the opening ceremony of the facility that was completed early this year after its construction began in 2008. Kumho Asi
May 3, 2016
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Passenger flights up 12.4% in Q1
The number of domestic and international flight passengers in Korea reached over 24 million in the first quarter this year, continuing a steady increases since 2013, data showed Tuesday.According to the Transport Ministry, international and domestic flyers grew by 13.2 percent and 10.4 percent, respectively. Korea saw 17.6 million international passengers in the first quarter. Incheon Interntional Airport (Yonhap)The ministry attributed this growth to the growth of low-cost carriers and fuel sur
May 3, 2016
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POSCO Energy to cut jobs amid mounting loss
POSCO Energy, a key affiliate of steelmaking giant POSCO Group, is set to cut its workforce via a voluntary layoff program early this month, targeting the fuel cell business that is considered its future growth engine, an industry source told The Korea Herald.The nation’s largest private natural gas power generator has suffered from dwindling profits for the past few years, affected by the continued fall in its LNG power plant operation rate. “With the approval of POSCO management, the energy ar
May 3, 2016
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Auto sales fall in April on slumping global demand
Four of South Korea’s automakers posted declines in their April sales, mostly on weaker demand from overseas markets, the carmakers said Monday. The combined sales of Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor fell 7.2 percent to stand at 740,036 units in April.Hyundai vehicles are lined up at Ulsan Port, waiting for shipment. (Yonhap)Domestic sales grew 4.2 percent on-year to 139,617 units, while exports dropped 9.5 percent to 600,419 units, the data showed.
May 2, 2016
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GM Korea to recall Aveo subcompacts for headlamp flaws
GM Korea, the local unit of U.S. automaker General Motors, will recall 3,987 units of its Aveo subcompact for problems with their headlights, the Transport Ministry said Monday.Headlamps for Aveos produced between Aug.10, 2015, and Dec.19, 2015, were found to be tilted at a higher angle than what local car safety regulations allow. GM Korea‘s AveoFree repair services will be available starting Tuesday at GM Korea service centers throughout the country.The ministry also said Nissan Korea will rec
May 2, 2016
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[Newsmaker] RB’s London office targeted in disinfectant case
Despite an official apology by Oxy Reckitt Benckiser on Monday, South Korea’s prosecution is reportedly zeroing in on executives from its head office in London over allegations that they connived to conceal evidence on the toxicity of humidifier sterilizers blamed for the loss of at least 103 lives here.According to reports, the prosecution has decided to investigate officials at Reckitt Benckiser’s headquarters, after securing testaments and circumstantial evidences that they had remained silen
May 2, 2016
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Tycoons in search of growth in Iran
A group of top Korean business tycoons -- including SK Group chairman Chey Tae-won, GS Group chairman Huh Chang-soo and LS Group chairman Koo Cha-yol -- flocked to the promising Iran market Monday in an attempt to explore new business opportunities in many sectors ranging from energy to infrastructure construction.They landed in Teheran, capital of the oil-rich Middle Eastern country, with the Korean economic delegation composed of representatives from 236 companies and institutions. The delegat
May 2, 2016
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CJ E&M to team up with Thai cable channel
CJ E&M said Sunday it will set up a joint venture with a Thai cable channel operator to further capitalize on the global popularity of Korean pop culture. The entertainment and media arm of South Korean conglomerate CJ Group said it has signed a memorandum of understanding with TrueVisions, the media affiliate of the Thai conglomerate Charoen Pokphand Group.TrueVisions is Thailand’s only multiple system provider. It offers services to more than 40 percent of the 6 million households subscribed t
May 2, 2016
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Korea logs first deficit for diesel vehicle trade
Korea posted the first deficit ever for diesel car trade in 2015 on rising imports, industry data showed Monday.The country’s trade deficit for diesel passenger cars reached $1.42 billion last year, down from a surplus of $870 million in 2014, according to data by the Korean Automobile Importers and Distributors Association. This marked the first ever deficit for Korea. Imports of diesel vehicles spiked 28 percent on-year to an all-time high of $6.29 billion last year, while exports fell 15.7 pe
May 2, 2016
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Electro Mart opens first stand-alone shop
Discount retail giant E-mart’s electronics store Electro Mart is set to open its first stand-alone outlet, according to the company Monday.Electro Mart’s fourth store in Pangyo is located on the first floor of Alpharium Tower in Pangyo Techno Valley in Seongnam, Gyeonggi Province. It is E-mart’s first specialized store outside of existing E-mart and Shinsegae branches, and will open Tuesday. The new Electro Mart in Pangyo (E-mart)Designed to be an experience-focused store, the branch includes va
May 2, 2016
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AmorePacific’s Q1 net profit jumps 33.1%
Korea’s leading cosmetics-maker AmorePacific said Monday that its first-quarter net profit jumped 33.1 percent on-year, led by strong sales in both domestic and overseas markets.Net profit stood at 325.3 billion won ($284 million) in the January-March period, compared with 244.5 billion won during the same period last year, the firm said. (Yonhap)Operating profit rose 30.7 percent on-year to 419.1 billion won during the period, while sales rose 21.8 percent to 1.76 trillion won, it said.Though d
May 2, 2016
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[Photo News] Dongwon donates for Ecuador earthquake
AID FOR ECUADOR EARTHQUAKE — Dongwon Industries CEO Lee Myoung-woo (right) delivers $150,000 to the Ecuadorian ambassador to Korea Oscar Herrera Gilbert in Seoul on Monday. Dongwon is delivering the funds to aid relief efforts to help those affected by a 7.8-magintude earthquake that hit Ecuador on Apr.16. (Dongwon Group)
May 2, 2016
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Pet industry grows diverse with more firms entering market
From a cosmetics company to a ginseng maker and mobile carrier, local enterprises are competing for a portion of the pet industry that is expected to soon grow to an annual 6 trillion won ($5.26 billion), retail market officials said Monday.Aekyung, a leading producer of cosmetics and household care goods, is due to launch a specialized pet care brand "Whistle" in mid-May. Working with Irion, an already-established firm in the pet business, Aekyung will highlight its 60-year corporate experience
May 2, 2016
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Housing market shows signs of slowdown: KDI
Korea's housing market showed some signs of a slowdown in the first quarter of 2016 due mainly to the government's move to tighten rules on household lending, a state-run think tank said Monday.The average price of homes rose 2.9 percent on-year in the January-March period, slowing down from a 3.5 percent on-year gain in the previous quarter, the Korea Development Institute (KDI) said in its latest report. Apartment complex in Seoul (Yonhap)On a seasonally adjusted basis, the first-quarter price
May 2, 2016
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SK Telecom wins bid for 2.6 GHz band
Korea's largest mobile carrier SK Telecom has won its bid for two new bandwidths intended for faster and broader data services, the science ministry said Monday.The company secured a pair of bandwidth blocs in the 2.6 GHz band for 950 billion won ($832 million) and 327 billion won, respectively, according to the Ministry of Science, ICT and Future Planning. SK headquarters in Seoul (Yonhap)Its main rival KT has won a bid for the 1.8 GHz band for 451 billion won and the country's smallest mobile
May 2, 2016
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Online sales jump 21% in March
Online shopping sales in Korea jumped 21 percent in March from a year earlier on robust sales of clothes and electronic devices, a government report showed Monday.Total online transactions reached 5.2 trillion won ($4.5 billion) in the third month of 2016, compared with 4.3 trillion won a year earlier, according to the report compiled by Statistics Korea.The March tally also marks a 10 percent rise from a month earlier, a turnaround from a 10 percent on-month drop in February.Purchases made thro
May 2, 2016
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AmorePacific net profit jumps 33 percent in Q1
Korea’s top cosmetics maker AmorePacific said Monday its first-quarter earnings jumped 33.1 percent on-year, mainly on the back of solid overseas performance. Net profit came to 325 billion won ($284 million) on a consolidated basis, compared with a profit of 244 billion won a year earlier, the company said in a regulatory filing.Operating income rose 31 percent on-year to 419 billion won, while sales gained 22 percent to 1.75 trillion won.In particular, overseas sales grew 46 percent. “The over
May 2, 2016
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Loss-making shipyards moving to cut workforces, sell assets
Loss-making South Korean shipyards, facing growing pressure from their creditors to cut costs amid an industrywide slump, are expected to ratchet up moves to cut their workforces and sell noncore assets, industry sources said Monday.Last month, the government picked five sectors to put under intensive restructuring as their bad performance has been a drag on Asia's fourth-largest economy.The Financial Services Commission, the country's financial watchdog, has demanded local shipyards ramp up sel
May 2, 2016