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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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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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Businesses call for new Assembly‘s efforts to restore economy
The nation’s major business associations called on the new National Assembly to make cooperative efforts to restore economic vitality beyond conflicts in ideology and distrust.“The business community hopes most that the newly elected lawmakers will make collective efforts to stabilize the livelihoods of ordinary citizens and restore the economy mired in a slump as the election result implies,” the Federation of Korean Industries, a business association of conglomerates, said in a statement Thurs
April 14, 2016
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Asiana Airlines named top air carrier of 2015 by Incheon Airport
Asiana Airlines, the nation’s second-largest air carrier, was named the top airline of 2015 by Incheon International Airport on Thursday, the airport said.Asiana Airlines took top honors in the over 5-million-passenger category for Airline of the Year. T’way Airlines and Eastar Jet were named best for the 500,000-passenger group.In smaller categories, AirAsia X, Emirates, Delta Airlines, Lao Airlines, Hawaiian Airlines, and KLM Royal Dutch Airlines were named Airline of the Year.At the awards ce
April 14, 2016
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[Photo News] Environment Ministry, Starbucks join hands for coffee recycling
COFFEE RECYCLING - Vice Environment Minister Jeong Yeon-man (second from left) and Starbucks Coffee Korea CEO Lee Seock-koo (third from left) water a plant Thursday after signing an agreement to turn used coffee grounds collected across Starbucks outlets nationwide into eco-friendly compost, animal feed and other repurposed substances for local usage. This year, the two plan to collect roughly 3,500 tons of used coffee grounds for recycling purposes. (Starbucks Coffee Korea)
April 14, 2016
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CJ Korea Express expands presence in global cargo delivery market
CJ Korea Express, the shipping unit of South Korean conglomerate CJ Group, is expanding its presence in the global cargo delivery market by securing major deals with clients around the world and partaking in global construction projects. In January, CJ secured a deal with GS Engineering & Construction to deliver its equipment to be used in building the Socar Turkey Aegean Refinery, to the Port of Aliaga in western Turkey, the company said.CJ Korea Express loads up cargo to be shipped to Turkey f
April 14, 2016
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Doosan Infracore rebounding on expanded sales
Doosan Infracore, a loss-making construction equipment maker, is witnessing an improvement in its business on the back of increased sales in China and other major markets, industry sources said Thursday.According to sources, Doosan Infracore sold a total of 1,001 excavators in China, the world's largest market for construction equipment, last month to garner 7.6 percent market share there, compared with sales of 828 units, or 6.9 percent, a year earlier.In the first quarter of the year, demand f
April 14, 2016
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Korean market for insomnia drugs grows on rising patients
The Korean market for insomnia medications is growing at a fast clip as more people complain of sleep disorders, industry sources said Thursday.According to data by the National Health Insurance Service, 455,900 Koreans received hospital treatment for sleep disorders in 2015, up a whopping 57 percent from five years earlier. (123RF)After breaching the 300,000-mark, the number of people with sleeping problems has spiked more than 40 percent over the past five years, with the annual increase rate
April 14, 2016
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Mobile carriers join forces with Naver for app service
Korea's top three mobile carriers will team up with Naver, the country's leading Internet service provider, to launch a unified app store, company officials said Thursday.SK Telecom, KT and LG Uplus already have a combined app retail channel: One Store.A subsidiary of SK Telecom, which manages One Store, has agreed with Naver to consolidate their app services.The new app market scheduled to open in June will use the single brand One Store and it will strengthen its connection with Naver's other
April 14, 2016
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Korean retailers boosted by resurgence of Chinese travelers
Korean retailers saw a sharp surge in sales from Chinese travelers who have flocked back this year to popular shopping districts here, fully recovering from last year's slump stemming from the Middle East Respiratory Syndrome (MERS), industry officials said Thursday. Local department stores and duty-free shops had sluggish business last year after the MERS outbreak in May dropped the number of foreign travelers, especially from China. Sales have gradually recovered since late 2015, and they gain
April 14, 2016
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Foreign cigarettes to be sold on Korean military bases for first time
Foreign cigarette brands will soon be sold in post exchange stores on Korean military bases for the first time.Among the four new cigarette lines that were approved for sale in PX stores next year, two were foreign brands. They are Marlboro Gold Original by the American company Philip Morris, and Mevius LSS Wind Blue by Japanese maker JTI, according to sources at the Defense Ministry. “We welcome the decision,” a spokeswoman for Philip Morris told The Korea Herald. “We believe that this will giv
April 14, 2016
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MBK pushes for sale and leaseback of Homeplus
MBK Partners, a Seoul-based private equity fund, is pushing to sell some Homeplus stores and lease them back to help repay its debts that are nearing maturity, industry sources said Thursday. In October last year, MBK bought Homeplus, the Korean unit of British retail giant Tesco, for 7.2 trillion won ($6.3 billion). To deal with near-term maturities, MBK has chosen Standard Chartered Bank Korea as the lead manager for the leaseback arrangement of Homeplus, South Korea’s No. 2 discount retail ch
April 14, 2016
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GS Holdings posts top per-capita income in 2015
GS Holdings Corp. posted the largest per-capita operating income among the country‘s large businesses on a second straight year in 2015, data showed Thursday.The operating income per employee at the GS Group holding company averaged 5.56 billion won ($4.82 million) last year, the highest among 274 subsidiaries of the nation‘s top 30 business groups, according to data by financial information provider FnGuide.The figure, however, was down from the per-capita operating income of 8.45 billion won t
April 14, 2016
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Doosan eyes China’s nuclear plant O&M market
Doosan Heavy Industries & Construction, the biggest affiliate of industrial giant Doosan Group, said Thursday it has signed a memorandum of understanding with state-run China Nuclear Industry Maintenance Company in its efforts to enter China’s operations and maintenance market.The Chinese partner is the biggest O&M service provider for nuclear power plants in China. It offers its O&M services to 30 nuclear plants nationwide in China, Doosan added. Doosan has sharpened its global competitiveness
April 14, 2016
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Samsung SDI to spend W1tr on EV battery business
Samsung SDI Co. said Thursday that it plans to make about 1 trillion won ($875 million) facilities investmetn this year including those required for its electric vehicle battery business.Samsung SDI, the chemical unit of Samsung, said it plans to spend 975 billion won this year to expand its facility, up from last year’s 682 billion won.Samsung SDI runs two EV battery plants, in South Korea and China. The company currently manufactures components sufficient to produce batteries for 200,000 elect
April 14, 2016
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POSCO shares rebound on foreign buying
Foreign ownership in POSCO, the country’s No. 1 steelmaker by sales, rose the most in recent months among the top 20 stocks in terms of market capitalization, causing a spike in the company’s share prices.Foreign shareholdings of the steel giant jumped to 49.32 percent as of April 11 from 47.28 percent at the end of December, according to the Korea Exchange on Thursday. The figures marked the largest gain among the top 20 market cap stocks, said the Korea Exchange. During the cited period, POSCO
April 14, 2016
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[Newsmaker] Abusive moguls face growing public pressure
Business tycoons will soon come under closer watch, as political parties and civic groups are seeking to strengthen monitoring and regulation of their behavior. The move comes amid mounting public criticism toward conglomerate leaders, following a recent series of alleged assault and abuse cases. Nonprofit organization Public Welfare Committee recently set up a call center to monitor abusive remarks or acts by owner family members, CEOs or executives in workplaces.“We wanted to get to the botto
April 13, 2016
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‘Half of Korean biotech, pharma firms make no sales’
Around half of South Korean biotechnology or biopharmaceutical companies currently do not generate any sales, according to a recent report by the Korea Industrial Technology Association. Of some 226 local bio companies surveyed by KOITA, 45.6 percent do not generate any sales today. Among those which do, 18.7 percent said that they began generating sales less than a year ago. A majority of Korean bio firms surveyed were found to be small or midsized as well. Around 66.4 percent of the surveyed c
April 13, 2016
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Hanjin speeds up leadership succession
Hanjin Group, the parent company of the nation’s largest air carrier Korean Air, appears to be speeding up a generational shift in its leadership by appointing the chairman’s only son as the new chief of the group’s budget flight operator.Jin Air, a low-cost carrier owned by Korean Air, said Tuesday afternoon that it has named Cho Won-tae, son of the group’s chief Cho Yang-ho as its new president. Cho will jointly manage Jin Air with Choi Jung-ho, the incumbent CEO of the air carrier, who will m
April 13, 2016
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Korean automobile exports down 10.8% in Q1
Korea’s automobile exports dropped 10.8 percent in the first quarter from a year earlier due to weak demand from emerging countries, according to data and market analysts Wednesday.The Korea Automobile Manufacturers’ Association said in its report that Korean automakers sold 654,494 units abroad from January to March. They sold 733,759 units during the same period last year. GM Korea cars are lined up ready to be shipped to overseas markets. (Yonhap)Industry watchers attributed the decline to th
April 13, 2016
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[Exclusive] Samsung’s Enbrel biosimilar wins supply deal in Denmark
Samsung Bioepis’ Enbrel biosimilar won a supply deal from Denmark’s drug procurement agency Amgros on Tuesday, becoming the priority etanercept drug used for treating rheumatoid arthritis in the country, an industry source told The Korea Herald on condition of anonymity. Benepali, Samsung’s biosimilar version of Amgen’s top-selling Enbrel, is expected to take away at least 50 percent of the original drug’s market share in Denmark, as local hospitals and doctors favor prescribing drugs selected b
April 13, 2016
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IKEA disciplined to revise refund terms
(Yonhap)South Korea's antitrust watchdog said Wednesday that it has recommended global furniture giant IKEA revise its terms regarding refunds for canceled deliveries.IKEA, which opened its first store in southern Seoul in 2014, is running a delivery service for South Korean customers who are familiar with free packaging and door-to-door delivery.The service costs between 19,000 won and 159,000 won depending on the distance from its store in Gwangmyeong to the destination.IKEA has never refunded
April 13, 2016