Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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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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First lady’s Dior bag scandal to be at center of Assembly audit
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Firefighters’ 3,000 won meals spark nutrition concerns
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Korea seeks to gain international certification for wind power system
Korea is striving to gain international certification for its homegrown wind power generation system by attracting an international gathering led by the International Electrotechnical Commission, an organization that certifies renewable energy technologies. According to the Ministry of Trade, Industry and Energy on Monday, government officials and industry experts from around the world launched a discussion on Jejudo Island on the IEC System for Certification to Standards Relating to Equipment f
April 19, 2016
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Seoul to reduce cabs
Seoul city announced Tuesday that it will be reducing the number of cabs here by 74 to help ease the overcrowded taxi market. Research recently showed that the city currently has an oversupply of 11,831 vehicles. The Seoul city government aimed to completely resolve the problem by 2036.In the meantime, it will cut down the number of cabs by 74 in 2016, an additional 108 in 2018 and another 110 in 2019. (Yonhap)Cars to go this year include 50 operated by individual drivers. This will be followed
April 19, 2016
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Roche Korea appoints new general manager
Roche Korea, the local branch of Switzerland-based global biopharmaceutical giant Roche, on Tuesday appointed former chief of Roche Pharma Peru Matt Sause as its new general manger. “Korea is considered as a key market within Roche Group, and I am very pleased to assume this important role,” Sause said in a statement. “I will devote myself to improving the quality of the lives of Korean patients by strengthening access to innovative medicines by collaborating with various health care profession
April 19, 2016
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Conde Nast International Luxury Conference to kick off in Seoul
The second annual Conde Nast International Luxury Conference will kick off in South Korea on Wednesday, bringing together hundreds of officials from the world’s major luxury and high-end fashion industries to examine the present and future of the Korean and global luxury market. The two-day conference, organized by Conde Nast International, a U.S. multimedia company which publishes major fashion and lifestyle magazines like Vogue, GQ and Vanity Fair, will take place at the Hotel Shilla in Seoul.
April 19, 2016
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Go star Lee Se-dol, new model for Nongshim Shin Ramyun
Nongshim, Korea’s leading processed food manufacturer, has named Go champion Lee So-dol who challenged Google’s AlphaGo artificial intelligence program last month as the new TV model for its best-selling instant noodle product Shin Ramyun, the company said Tuesday.“We have named Go grandmaster Lee Se-dol as the new model because he is known as a Shin Ramyun fanatic, and the passion he has shown through the game series (against AlphaGo) bears a likeness to Nongshim’ K-food drive toward the global
April 19, 2016
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Green Cross, IVI sign MOU on Zika virus vaccine
Green Cross, a Korean vaccine-maker, has signed a memorandum of understanding with the International Vaccine Institute to jointly develop a vaccine to prevent Zika virus, the company said Tuesday.Under the agreement, Green Cross and its affiliate Green Cross Medical Science will share a pool of researchers, labs and instrumental techniques on vaccine development. Green Cross will also share its technical know-how on vaccine development and production while IVI offers Zika virus strains for joint
April 19, 2016
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Hankook Tire fined in China for resale price-related violation
Hankook Tire, Korea's largest tiremaker, has been fined in China for breaching anti-monopoly regulations there, industry sources said Tuesday.According to the sources, Hankook Tire's affiliate in Shanghai was slapped with a fine of 2.17 million yuan ($334,000), which is equivalent to one percent of its annual sales.It is the first time that a Korean tiremaker has been fined in China.The sources said Hankook Tire was found to have violated regulations regarding the so-called "minimum resale price
April 19, 2016
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Corporate offshore bond issuances on the rise
Korean companies increasingly opt to raise funds by issuing corporate bonds outside the country as it takes lower costs, a local asset-management association said Tuesday.Companies, such as Kia Motors, Hanwha Chemical and Doosan Heavy Industries & Construction, have raised funds by selling debts to overseas institutional investors, according to the Korea Financial Investment Association (KOFIA). "As base rates in the United States and Europe are much lower than the (current) key rate of 1.50 per
April 19, 2016
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Samsung, U.N. to roll out aid projects in Latin America
Samsung Electronics on Tuesday said it will roll out volunteer projects in Latin America under ties with the United Nations, adding it will introduce various activities by utilizing its capabilities in information technology.The Korean tech giant and the United Nations Volunteers officially signed an agreement in Brazil earlier this week, where Samsung vowed to kick off volunteer programs through using the organization's know-how.The U.N. Volunteer can also introduce a wider range of activities
April 19, 2016
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[Graphic News] Top 10 conglomerates‘ sales fall further than corporate average
Korea’s top 10 conglomerates saw their companies‘ sales decline at a sharper rate than the nation’s corporate average last year, according to data released Sunday.Market information provider FnGuide said in its report that combined sales at 68 of the top 10 business groups’ listed affiliates stood at 1,010.7 trillion won ($877.1 billion), a 3.31 percent drop from the previous year.Companies listed on the Korea Stock Composite Price Index fell by an average of 3.01 percent.By conglomerate, seven
April 18, 2016
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Lotte Mart apologizes, vows to compensate toxic disinfectant victims
Lotte Mart, one of the manufacturers of a humidifier disinfectant that allegedly caused lung damages that claimed 143 lives, on Monday officially apologized and vowed to provide due compensation to the victims and their families.The announcement marks the first ever public action taken by a maker of the toxic disinfectants in question since a probe on the case began in 2011. It also comes as the prosecution is set to summon executives of Lotte Mart, alongside three other firms, for questioning t
April 18, 2016
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Samsung Electronics’ spin-off, highly likely: analyst
Tech giant Samsung Electronics is likely to be spun off as part of Samsung Group’s ownership restructuring, an analyst said Monday. As per the plans, various affiliates will be clubbed under two groups -- Samsung Electronics and Samsung Life Insurance.Since 2013, Samsung Group has sought to reorganize affiliates vertically under electronics and finance business, ease cross-shareholding structure among subsidiaries, and sell noncore businesses.As the first step, the group will seek Samsung Life I
April 18, 2016
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Free coffee if you watch commercial
Franchise coffee house Coffee Banhada will launch a new mobile application that rewards customers with free drinks and desserts when they watch commercials, the company said Friday. Customers can save points on the app by watching commercials or participating in surveys and quizzes. The accumulated points can be used like cash at more than 350 Coffee Banhada franchise. (123RF)“In this never-ending competition within the low-priced coffee market, we had to lead with a completely new service,” Li
April 18, 2016
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Peace forum for journalists opens in Seoul
Journalists from across the world launched a discussion on their role in world peace and denuclearization of the Korean Peninsula in Seoul on Monday.About 80 journalists from 50 countries were invited to the six-day Journalist Forum for World Peace, hosted by the Journalist Association of Korea. Participants pose at the opening ceremony of the Journalist Forum for World Peace in Seoul on Monday. (Yonhap)“As journalists, we share warm hearts and sharp eyes to tell the truth regardless of nationa
April 18, 2016
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EverSpin receives awards at domestic and overseas Fintech competitions for its mobile application security platform
On April 14, the mobile application security solution startup EverSpin (CEO: Steven Ha) announced that its technology had received excellent evaluations at major Fintech competitions in Korea and abroad. At an international Fintech contest held in February by Japan’s FIBC (Financial Innovation Business Conference), EverSpin received a Judge’s Special Award. The company also passed the preliminary round of a Fintech competition to be held at the ICT Spring Europe 2016 in May in Luxembourg and won
April 18, 2016
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Gong Cha Korea seeks to acquire global headquarters
Taiwanese milk tea franchise Gong Cha Korea confirmed Monday that it is in the process of potentially acquiring its global headquarters Royal Tea Taiwan Co.“Gong Cha Korea is currently in talks over potentially acquiring Royal Tea Taiwan Co.,” Gong Cha Korea spokesperson Hyun Ye-seul told The Korea Herald.“However, the details of the acquisition have yet to be determined, as the negotiations are still underway and still open to changes,” she said.If the deal goes through, Gong Cha Korea would be
April 18, 2016
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Korean firms keeping tabs on fallout from Japan quakes
Korean companies are closely monitoring the impact of the recent earthquakes in Japan on the local and global manufacturing sectors as they have halted operations of major Japanese plants, industry sources said Monday.A magnitude-6.5 earthquake hit Japan's Kumamoto region Thursday, followed by a magnitude-7.0 tremor just 28 hours later. The temblors killed at least 42 people and injured some 1,500 people.The earthquakes have also disrupted supply chains of major manufacturing companies in the wo
April 18, 2016
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Hyundai Heavy suffers massive loss from delay in ship construction
Hyundai Heavy Industries, a major Korean shipyard, suffered some 600 billion won ($523 million) in losses last year stemming from a delay in the construction of offshore facilities and ships, and other costs, industry sources said Monday.According to the sources, the shipyard logged a loss of 608 billion won last year coming from the failures to meet construction deadlines, work suspensions and other problems. The amount is equivalent to 2.5 percent of its total sales in 2015.Hit by an industryw
April 18, 2016
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Department stores report growth in spring sales
Korean department stores posted a surge in sales during the spring discount season, helped by revived sentiment from last year's slump and spending by Chinese travelers, industry data showed Monday.Major department stores held a series of discount events from late March to mid-April, attracting both domestic customers and Chinese nationals visiting the nation.Lotte Department Store in Myeongdong (Yonhap)Lotte Department Store, the No. 1 department chain by Lotte Group, said its sales from March
April 18, 2016
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[Market Now] Romanson to change name to J Estina
Romanson, a Korean manufacturer of jewelry, accessories and watches, said it will be changing its company name to J Estina at an upcoming shareholders’ meeting on May 31, ditching the name that it has used for watches since 1988.J Estina is Romanson’s jewelry brand launched in 2003. After sponsoring jewelry for celebrities such as figure skating star Kim Yu-na, the company’s sales in jewelry and accessories began to lead its overall sales in 2007. The name change comes as sales of jewelry and ac
April 18, 2016