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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Lighter, fizzier, fruitier: Alcohol trends for summer
Beer usually dominates the alcoholic beverage market in summer, but other alcoholic beverage manufacturers are hitting back this year with a slew of fruity, light, sparkling alternatives. The most visible trend is in carbonated alcoholic drinks.Lotte Chilsung Liquor, which set off a boom of fruit-flavored, soju-like liqueurs with its brand Soonhari Chum Churum, expanded into the carbonated category this year to make up for the declining sales of its Soonhari lineup. Soonhari Soda Tok Apple (Lot
April 28, 2016
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[Newsmaker] Samsung BioLogics to make blockbuster IPO
Samsung BioLogics on Thursday said that it would pursue an initial public offering on South Korea’s main bourse, the KOSPI, with plans to complete the IPO process within this year.The company stated plans to select advisers to lead its IPO by next month to decide on the exact timing and the volume of shares to be offered. Samsung BioLogics declined to comment on the potential size of the IPO. However, industry analysts estimate at least 3 trillion won ($2.6 billion) worth of new shares will be i
April 28, 2016
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Multi-brand cosmetic shops expand presence in Korea
Cosmetic shops that sell various brands under one roof have steadily expanded their presence in Korea, giving sophisticated customers more options, according to industry officials Thursday.AmorePacific, Korea's No. 1 cosmetic company, operates about 1,350 multi-brand stores, called "Aritaum," nationwide, which offer a wide selection of its products, including such mass brands as Laneige and IOPE. The company also operates single brand shops such as Innisfree and Etude House in the lower-end and
April 28, 2016
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Gov't to urge conglomerates to limit pay raises for management
The government said Thursday it will ask some of the nation's largest conglomerates to limit the amount of pay raises given to the highest earning management-level employees as the country moves to restructure struggling industries hurt by the global economic downturn and create more jobs for young people.The Ministry of Employment and Labor is set to meet with the CEOs of the nation's 30 largest conglomerates later in the day and urge them to refrain from giving generous raises to the highest p
April 28, 2016
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Pharmaceutical firms expect stronger sales during China's Labor Day holiday
Korean pharmaceutical companies are strengthening their promotions to sell more of their mainstay products to incoming Chinese tourists during China's Labor Day holiday, industry sources said Thursday. Local pharmaceutical firms such as Handok and Kyung Nam Pharm have rolled up their sleeves to attract as many Chinese tourists as possible during the three-day national holiday that starts on April 30, they said. Myeongdong shopping district in Seoul (Yonhap)Handok has supplied more of its Ready
April 28, 2016
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Sales at department stores rise slightly in March
Korea's major department stores saw their sales edge up in March from a year earlier, but sales of discount chains retreated amid sluggish domestic demand, government data showed Thursday.The combined sales of three department stores -- Hyundai, Lotte and Shinsegae -- edged up 0.3 percent on-year last month, while those of major discount stores of E-Mart, Lotte Mart and Home Plus fell 4.6 percent, according to the data compiled by the Ministry of Trade, Industry and Energy. Lotte Department Stor
April 28, 2016
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SK Telecom's Q1 sales, operating profit fall on higher costs
SK Telecom, Korea's top mobile carrier, reported a fall in its first-quarter sales and operating profit from a year earlier on Thursday amid the sluggish market and higher costs from some subsidiaries.Its revenue dropped 0.3 percent on-year to 4.22 trillion won ($3.68 billion) in the first three months of 2016, the Seoul-based firm said in a regulatory filing.It attributed the decline to the elimination of sign-up fees and increased number of subscribers using contract-based mobile fee discounts
April 28, 2016
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Major shipyards to hire new workers despite ongoing restructuring
South Korea's three major shipbuilders plan to recruit hundreds of new workers until next month despite the ongoing industrywide restructuring drive that includes massive layoffs of the existing workforce, sources said Thursday.The three -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- are seeking to hire a combined 400 college graduates by the end of May, according to the sources. Hyundai Heavy Industries (Yonhap)Market leader Hy
April 28, 2016
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Samsung BioLogics to list on Korea’s main bourse
Samsung BioLogics confirmed Thursday morning that it will officially pursue an initial public offering on South Korea’s main bourse KOSPI. (Samsung BioLogics)The decision will be confirmed at the company’s board meeting today, which starts at 9 a.m., Korean time. The firm will reveal the specific details of its scheduled IPO after the meeting concludes.By Sohn Ji-young (jys@heraldcorp.com)
April 28, 2016
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Loving dog owners fuel Korea’s pet industry boom
Every month, 25-year-old Rebecca Kim spends around 700,000 won ($610), sometimes more or less depending on the circumstance, on her two dogs — Cocoa and Oreo. The costs include hiring a dog trainer, routine visits to the veterinarian, and purchasing organic dog food and daily necessities. She also pays for pet hotels, as she is often out of town for work, among other fees. “They’re definitely expensive to take care of and such,” Kim admits. “But in the end, they’re a part of the family and the c
April 27, 2016
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236 business leaders to join Park's Iran visit
A group of 236 South Korean entrepreneurs and business group leaders will join President Park Geun-hye's upcoming trip to Iran in a bid to tap deeply into the Middle East market, the government said Wednesday.The list released by the Ministry of Trade, Industry and Energy involves representatives of 38 large groups and companies, including Samsung Electronics Co. and Hyundai Motor Co., and 146 small and mid-sized firms. President Park Geun-hye (Yonhap)It also contains 50 trade associations and t
April 27, 2016
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S-Oil seeks sustainable growth with CSR programs
Saudi Aramco-invested S-Oil, the nation’s third-largest oil refiner, has sought sustainable growth by running a variety of corporate social responsibility programs on a long-term basis. The firm company has run its “sharing” programs with three targets for protection -- environment, heroes and local community -- for the past decade. S-OIL CEO Nasser al-Mahasher awards the 2015 hero firefighters at the auditorium of Yongsan Fire Station in Seoul in December 2015. (S-Oil)The oil refiner said its
April 27, 2016
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Lotte stablishes new committee on social contribution projects
Lotte Group has established a decision-making unit for its corporate social responsibility projects, officials said Wednesday, in a move seen as an effort to restore public trust following its ugly succession battle last year.The newly established committee will be comprised of seven members, including Lotte Group chairman Shin Dong-bin, former Constitutional Court judge Mok Young-joon and SungKyunKwan University professor Kim Tae-young.Through the committee the group will expand its CSR project
April 27, 2016
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Hanjin chairman in debt dilemma
Having barely recovered from the infamous “nut rage” incident ignited by his daughter, Hanjin Group chairman Cho Yang-ho is being driven into a corner again by creditors demanding he take full responsibility for the debt-ridden container carrier Hanjin Shipping.Requesting a creditor-led rehabilitation on Monday, the Hanjin Group chairman said he would surrender his managerial rights over the shipping unit. But the chairman did not mention whether he would use his own money to rescue the ailing c
April 27, 2016
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Korean shipbuilders in trouble, but still in global top ranks
Korean shipyards may be in big trouble, but they still lead the global market in terms of order backlog, industry data showed Wednesday, possibly suggesting their guaranteed survival at least for a few years to come.According to the data from global research firm Clarkson Research Services, the country's three largest shipbuilders - Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, and Samsung Heavy Industries - are also ranked as the world's three largest in terms of order bac
April 27, 2016
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Moral hazard issue flares up again amid corporate restructuring
With Korea on the verge of a massive corporate restructuring, controversy has resurfaced over entrepreneurial moral hazards following the sale of shares in a financially troubled shipper by the family of its former chairwoman, watchers said Wednesday.According to a recent regulatory filing, Choi Eun-yeong, former chairwoman of Hanjin Shipping, and her two daughters sold their entire 0.39 percent stake, or 669,248 shares, in Korea's biggest container carrier between April 6-20.
April 27, 2016
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Korea's seaport cargo edges up in Q1
Cargo processed at Korean seaports edged up in the first quarter from a year earlier as a rise in domestic shipments made up for a drop in exports and imports, government data showed Wednesday.The country's seaports handled a combined 366.1 million tons of freight during the January-March period, up 1.5 percent from 360.7 million tons tallied a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries.Export-import cargo, which accounted for 82.6 percent of the total,
April 27, 2016
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[Photo News] Asiana donates water to China
WATER FOR CHINA -- Ahn Byeong-seog (third from right), president of Asiana Airlines’ China Regional Headquarters, Ren Jinyang (fourth from right), director of the Women’s Federation of Shanxi province, and other participants pose in Nangaohongkou, Shanxi province, on Tuesday. Asiana Airlines donated five water cellars, pipelines, and drinking water fountains for the arid village through the Chinese Water Cellar for Mothers Project. (Asiana Airlines)
April 27, 2016
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Korean Air resumes Seoul-Pohang flights
Korean Air has received the green light to resume its route between Gimpo Airport in Seoul and Pohang Airport, the Transport Ministry said Wednesday.The route will run twice a day in the morning and afternoon starting May 3, pending the results of additional safety checks.Pohang Airport has been temporarily closed since July 2014 for construction to improve safety on its runways. It is scheduled to reopen in May, after 22 months.Tickets for the route will be priced from 69,000 won to 89,000 won,
April 27, 2016
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Samsung Group rules out further reorganization of businesses
A high-ranking Samsung Group official said the conglomerate will not roll out further reorganizations of affiliates, amid the rising rumor that the family-controlled giant will offload its credit card and construction businesses."There are no more affiliates or businesses that will be offloaded," said Kim Jong-joong, an official from the control tower of Samsung Group on Tuesday. "We can say that (the reshuffle of Samsung's portfolio) has now ended."The remark came amid the market's rumor that S
April 27, 2016