Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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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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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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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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[KH Explains] Can G-Star level up?
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[Weekender] Make room for us: 5060 generation redefines aging
Yoo Seo-kyung turns 56 this year, but she doesn’t mind getting older. Yoo is excited about the year ahead as she just got into graduate school and now has a chance to delve more deeply into her handicraft hobby. Several years ago, Yoo retired from the private math academy she ran for 10 years. Running the place had become more difficult as she found herself facing an ever-widening generation gap with her teenage students. After retirement, Yoo took an interest in the craft of “ji
April 18, 2020
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SK E&S sells entire stake in China Gas Holdings
SK E&S has sold its entire stake in a Chinese private gas company to prevent a liquidity crisis as demand in the energy market plunged since the global coronavirus pandemic. The energy unit of SK Group said it sold all of its 10.25 percent stake (535 million shares) in China Gas Holdings through a block deal on the Hong Kong Stock Exchange the previous day in a regulatory filing Friday. The sale price was 1.8 trillion won ($1.4 billion), 11.1 percent off the closing price of the contra
April 17, 2020
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Hyundai Motor provides Paju human resources center for entrants from overseas
Hyundai Motor is set to provide about 60 rooms in its human resources development center in Paju as temporary quarantine lodgings for people entering South Korea, the automaker said Friday. The facilities are places where people who enter the country without symptoms can stay until they are notified of the results of coronavirus tests. The company will also provide outdoor parking lots for the installation of test facilities. In March, Hyundai Motor Group provided two training centers in Gye
April 17, 2020
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Apple to reopen Seoul store Saturday
Apple will reopen its Seoul store on Saturday, the company said Thursday. The branch, located in Garosugil in Gangnam-gu, will be the first store outside of China to reopen. Apple previously closed all stores outside of China amid the viral COVID-19 pandemic, and hundreds of Apple Stores around the globe remain closed. “South Korea has shown great progress during the spread of COVID-19 and we’re excited to announce the re-opening of Apple Garosugil. We look forward to seeing our
April 17, 2020
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Unsold duty-free items to be sold at regular stores: reports
The South Korean government is seeking to enable department stores and outlets to temporarily sell duty-free stores’ inventory to help the struggling operators, according to local news outlets on Friday. According to news reports, major duty-free operators in Korea, including Lotte, Shilla and Shinsegae, held a meeting last week with officials from the Korea Duty-Free Shops Association and the Korea Customs Service to discuss the sale of bonded goods. During the meeting, the duty-free
April 17, 2020
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[Monitor] Gloomy Q1 for manufacturers, gloomier outlook
The market conditions and revenue for South Korea’s manufacturing industry in the first quarter deteriorated significantly from a year ago, with the prospects for the second quarter even more gloomy, a business survey index released by the Korea Institute for Industrial Economics and Trade showed. An index above 100 means an optimistic situation or outlook. The overall business downturn was apparent in all sectors including new industries (with BSI dropping 31 points on-year), informati
April 17, 2020
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NCSoft to purchase W800b property to build new headquarters
NCSoft has submitted a letter of intent to purchase a 800 billion-won property in Seongnam, Gyeonggi Province, sources said Friday. A consortium led by the online games giant was the sole bidder for the property, which is a public parking lot. Kakao, a South Korean internet giant based in Pangyo, was known to have shown interest in the purchase. But the company made no action by the Thursday deadline. The city government is expected to choose NCSoft as its preferred bidder by June 5 and fin
April 17, 2020
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Half of global pharmas in Korea downsize
Multinational pharmaceutical firms in South Korea are reducing their local workforce -- 48 percent companies slashed staff last year -- according to the Financial Supervisory Service on Thursday. Data showed that 14 companies out of 29 foreign pharmas reduced the number of employees as they suffered lackluster business performances. Combined, however, the overall employment increased from the previous year’s 6,714 to 6,884, up 170. Sanofi-Aventis Korea was the biggest contributor to the
April 17, 2020
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[Herald Interview] What AI can do for medicine
AI assistance can dramatically change the medical landscape for the better, said Jung Kyu-hwan, chief technology officer and co-founder of medical AI company Vuno, in an interview with The Korea Herald. What AI can do is becoming clearer, giving show recommendations on Netflix and book recommendations on Amazon. It may seem inscrutable how AI works, but really, when simplified, what it does is perform multiplications and additions in colossal volumes, simultaneously. In short, it is a task tha
April 16, 2020
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Why red ginseng is chosen as gift by president, PM
South Korea’s traditional superfood red ginseng is gaining prominence during the COVID-19 outbreak as a favorite gift item by government leaders as a token of thanks. In February, President Moon Jae-in presented Korea Ginseng Corp.’s red ginseng products to 500 public servants working at Incheon International Airport’s quarantine station and at the Korea Centers for Disease Control and Prevention, to encourage them to keep up the good work. Prime Minister Chung Sye-kyun als
April 16, 2020
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Refiners find silver lining in profitable lubricants
Amid the slump in global demand for petrochemical products triggered by the coronavirus outbreak, South Korean refiners are diversifying, according to industry sources Thursday. SK Lubricants, an affiliate of domestic refiner SK Innovation, has introduced its new premium lubricant SK ZIC, as lubricant products are more profitable than general petrochemical products. Last year, the company showed an operating profit rate of 9.8 percent, more than seven times higher than the 1.3 percent post
April 16, 2020
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Poongsan to export machine gun bullets to Middle East
South Korean defense firm Poongsan said Thursday it has bagged orders in the Middle East to supply ammunitions worth 95.7 billion won ($77.9 million). The company will export three types of 50-caliber machine gun bullets to the region by 2021. The armor-piercing 50-caliber bullet is one of the most powerful rounds of ammunition, typically used for M2 machine guns and K6 heavy machine guns to perforate or penetrate hardened or bullet-resistant targets such as armored fighting vehicles. &l
April 16, 2020
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Poland to bring back LG Chem technicians on special flight
South Korean battery maker LG Chem said Thursday that the Polish government would open its airways to allow LG Chem employees to resume the expansion of the company’s electric vehicle battery plant in Poland. It is an exception to the country’s strict measures to contain the coronavirus outbreak. According to LG Chem, the company will dispatch some 200 employees on a special LOT Polish Airlines flight Friday to the construction site in Wroclaw, Poland, to restart the work to expan
April 16, 2020
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SKT T1 inks sponsorship deal with BMW
South Korean esports company SK Telecom T1 said Thursday that it had signed a sponsorship deal with BMW Group, becoming the first sports club in Korea to do so. According to SKT T1, BMW will provide T1 players at home and abroad with the latest vehicles, including the BMW X7. The T1 players will wear uniforms bearing the BMW logo as part of a joint marketing effort. “BMW will develop hardware and software for T1 players with its innovative technology to promote the long-term growth o
April 16, 2020
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Samsung Bioepis’ breast cancer treatment biosimilar launches in US
Samsung Bioepis’ breast cancer treatment Ontruzant (trastuzumab) was launched in the US via local partner Merck, Thursday. Ontruzant references Roche’s blockbuster original Herceptin, which recorded annual global revenue of approximately 7.2 trillion won ($5.8 billion) in 2019. The US accounts for about 45 percent of Herceptin sales. Samsung Bioepis strategizes to sell Ontruzant at a 15 percent more affordable rate than Herceptin, as well as to offer doses of 150 milligrams and 4
April 16, 2020
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Industries increase calls for state support in pandemic
Representatives of South Korea’s key industries expressed concerns about the coronavirus pandemic and raised their calls for the government to expand support for the sectors reeling. On Thursday, the Korea Chamber of Commerce and Industry and associations of five industries, including automobiles, steel, petrochemicals, machinery and shipbuilding, jointly held a meeting to listen to the difficulties of the industries and discuss solutions. “The economic impact of coronavirus was
April 16, 2020
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[The Heirs (2)] Will Lotte heir follow his father’s path?
Despite public apathy and tougher shareholder censure, South Korea’s chaebol groups are preparing a generational shift in leadership. The Korea Herald looks at different conglomerates and succession scenarios. -- Ed. Satoshi Shigemitsu, 33, who goes by the Korean name Shin Yoo-yeol, is the only son of Lotte Group Chairman Shin Dong-bin. Being a Japanese citizen, he went to Keio University, got a management degree from Columbia University and currently works at Nomura Singapore. Alth
April 16, 2020
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Homeplus members jump 153% to 300,000
South Korean discount chain Homeplus said Wednesday that the number of customers joining its membership programs has surpassed 300,000. The number of members reached 301,225 as of April 14, up 153 percent on-year from 119,127. Since 2018, Homeplus has been operating seven membership programs based on product categories such as wine and kids’ products. Each membership program regularly offers special discounts with events on a monthly basis. The jump in membership has led to an increa
April 15, 2020
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Samsung, Hyundai, LG donate funds, goods for India under COVID-19 lockdown
Korean companies are making various donations to Indian organizations to help them fight the novel coronavirus as the country is under heavy lockdown, according to the industry on Wednesday. Although Korean businesses that have manufacturing facilities in India have suspended their operations upon state order since last month, the firms are coming up with measures to support local governments in the states where they are running the plants. Samsung Electronics said its India branch made a p
April 15, 2020
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Opportunities arise as Chinese telecommuting market doubles
China’s telecommuting market is anticipated to double in size this year due to the spread of COVID-19, opening new possibilities for Korean tech firms, the Korea International Trade Association’s Beijing office said Wednesday through a report. The Chinese telecommuting market is expected to reach 44.9 billion yuan ($6.3 billion) in 2020, about double that of 2019’s estimated 22.9 billion yuan and nearly four times 2018’s 11.7 billion yuan. This is due to the increased
April 15, 2020