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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Coronavirus likely to intensify US-China trade dispute: report
South Korea’s trade-reliant companies should be fully prepared for the possibility of heightened trade tensions between the world’s two largest economies amid the global pandemic and the approach of the year-end US presidential election, according to a local business association Sunday. A new report from the Korea International Trade Association titled “The direction of US-China relations in the post-coronavirus era” said COVID-19, which originated in Wuhan, China, has
April 12, 2020
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Refiners face Q1 earnings shock on coronavirus impact
South Korean refiners are expected to report a 2.5 trillion-won ($2.06 billion) combined operating loss during the first quarter due to lower demand and refining margins, industry sources said Sunday. The country's four major refiners -- SK Innovation Co., GS Caltex Corp., Hyundai Oilbank Co. and S-Oil Corp. -- are forecast to suffer the hefty operating loss in the first quarter as demand fell amid the economic fallout from the spreading coronavirus outbreak and oil prices plunging due to a pr
April 12, 2020
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Baedal Minjok apologizes for new fee system, decides to take back
Baedal Minjok, which has come under fire for the introduction of a restructured commission system, on Friday issued a public apology and said it would be returning to the previous fee structure. The country’s No. 1 delivery app operator Baemin recently took public flak after it announced it would expand the fixed-rate commission system from April 1, while scaling back the more preferred flat-sum system. Woowa Brothers’ Chief Executive and founder Kim Bong-jin and CEO Kim Beom-jo
April 10, 2020
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Korean firms rush to sell assets amid high uncertainty
South Korean businesses are increasingly selling assets in a bid to secure liquidity by hoarding cash amid high uncertainty triggered by the novel coronavirus outbreak, according to industry sources Friday. Hyundai Steel, a steelmaking affiliate of Hyundai Motor Group, has decided to sell one of its corporate buildings in Seocho-gu, southern Seoul. The building in Jamwon-dong, an affluent neighborhood in the area, has been used for the company’s sales operations. “It is hard t
April 10, 2020
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ULikeKorea’s tech catches early-stage bovine coronavirus
ULikeKorea, a livestock health care company, said Friday it has successfully detected early-stage bovine coronavirus in South Korea and Japan. Coronavirus is prevalent in animals, and few are lethal to humans and cause respiratory infections like the COVID-19, Middle East respiratory syndrome and severe acute respiratory syndrome. Coronaviruses are ribonucleic acid virus that are prone to mutation, and have the possibility of animal-to-human and human-to-animal infections, uLikeKorea CEO Kim
April 10, 2020
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Samsung Biologics to manufacture Vir’s COVID-19 treatment starting 2021
Samsung Biologics on Friday signed a binding letter of intent worth 440 billion won ($363 million) to manufacture US-based Vir’s COVID-19 treatment, starting 2021. It is the biggest single deal Samsung Biologics has taken since its 2016 initial public offering. Vir’s SARS-CoV-2 monoclonal antibody (mAb) candidates VIR-7831 and VIR-7832 have demonstrated high potency in neutralizing the SARS-CoV-2 in live-virus cellular assays. The molecules were approved for fast-track developme
April 10, 2020
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Moorim’s biodegradable paper cup wins first European green certificate
Paper manufacturer Moorim said Tuesday it is the first South Korean company to receive a biodegradable certification from a European institution for its paper cup products. The company’s biodegradable paper cup with water-based coating received “OK compost” certification from TUV AUSTRIA in March, a 140-year old European certification institution. Moorim’s Neoforet Cup can be biodegraded 100 percent within 45 days after use, while typical paper cups can’t be dec
April 10, 2020
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[Newsmaker] Animal Crossing exposes Korea’s selective boycott of Japanese products
The explosive demand for Nintendo Switch video game console in South Korea has reignited debate about the selective approach to boycott of Japanese products by local citizens. According to Korean game distributor Daewon Media on Tuesday -- which retails more than half of Nintendo’s products here -- demand for the console has spiked following the recent release of Animal Crossing: New Horizons. Nintendo is a multinational video game giant headquartered in Japan, with offices in the US a
April 10, 2020
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[Photo News] Unexpected job interview with CEO
SK Innovation President and CEO Kim Jun (right) conducts a job interview with a candidate via video conference amid concerns over the coronavirus outbreak at the company’s headquarters in Jongro-gu, Seoul, Wednesday. Kim called for “unprecedented measures to overcome unprecedented times.” Candidates were not informed of the CEO’s participation in advance. (khnews@heraldcorp.com)
April 9, 2020
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Samsung requests compliance committee to defer Lee Jae-yong’s apology to May
Samsung Electronics has requested an external compliance monitoring committee to defer the timing of its heir’s public apology to next month, according to the committee Thursday. The committee led by former Chief Justice Kim Ji-hyung last month had urged Samsung Vice Chairman Lee Jae-yong to apologize to the public on the group’s past scheme to succeed leadership from Chairman Lee Kun-hee. The letter was sent to seven Samsung affiliates governed by Lee, offering 30 days of consid
April 9, 2020
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Electricity bill payments deferred to alleviate coronavirus shock
State-run utility Korea Electric Power Corp. said Wednesday it would delay electricity bill payments for small businesses and underprivileged families struggling from the coronavirus outbreak. According to Kepco, small business owners using residential, industrial and general electricity and the underprivileged currently receiving fixed welfare discounts on electricity bills will be eligible for delaying their monthly payments for three months each from April to June. The application period
April 9, 2020
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Hyundai Oilbank takes full responsibility for medical bills of ‘stench’ incident victims
South Korean refiner Hyundai Oilbank apologized Thursday to the victims of “stench” incident at its refinery located in Seosan, South Chungcheong Province, promising full medical support for their recovery. The company said it would pay the medical bills of local residents affected by the stench that originated from its refinery around 10:20 a.m. Wednesday, while the facility was burning remaining LPG inside the pipes to prepare for the upcoming regular turnaround. “Hyunda
April 9, 2020
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GS Caltex pledges ESG to reduce carbon footprint
GS Caltex CEO Hur Sae-hong said Thursday the company will strengthen its environmental, social and governance strategy by reducing greenhouse emissions and air pollutants, speeding up its green management policy based on energy-efficient production facilities. The company said its facility in Yeosu, South Jeolla Province, has replaced its fuel to liquefied natural gas from low-sulfur fuel oil after improvements on its production line. The move is expected to reduce carbon emissions significa
April 9, 2020
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Shin Poong Pharm’s uterine myoma tablets cause ‘serious liver damage’
Shin Poong Pharm, the sudden and sole Korean beneficiary of the recent news of parasiticide ivermectin’s purported coronavirus-killing powers, is facing business uncertainties. The company’s uterine myoma treatment, a tablet of 5mg ulipristal acetate traded globally as Esmya, was found to have caused “serious liver injury” in a number of patients in Europe, according to the Ministry of Food and Drug Safety. Esmya’s license is suspended in Europe until the Pharmac
April 9, 2020
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Coronavirus testing time to shorten from 6 hours to 20 minutes: DGIST
South Korean scientists in Daegu have developed a diagnostic kit that will cut down the COVID-19 testing time from previous six hours to 20 minutes. This diagnostic agent has been transferred to a diagnostic kit maker called Mmonitor, whose website crashed due to heavy traffic as of 11 a.m., Thursday, upon the announcement by Daegu Gyeongbuk Institute of Science and Technology. According to DGIST, its new diagnostic agent makes it possible to amplify genetic information of the coronavir
April 9, 2020
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Lotte, Shilla surrender Incheon airport duty-free biz amid coronavirus woes
South Korea's two leading duty free operators have decided to give up their bids to operate stores at Incheon International Airport as the novel coronavirus has devastated business at the transportation hub, industry sources said Wednesday. The move by Hotel Lotte and Hotel Shilla comes as the business environment at South Korea's main airport has changed dramatically due to the COVID-19 pandemic, insiders said. The two companies should have signed new 10-year lease deals with Incheon Inter
April 8, 2020
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LG Chem supplies most EV batteries globally by capacity in Feb.
South Korean battery manufacturer LG Chem took the lead in the global electric vehicle battery market in February, accounting for more than one third of global EV battery capacity. According to the latest report from Adamas Intelligence, LG Chem supplied 1,800 MWh of EV batteries for newly sold passenger EVs in February, commanding 34.6 percent of total battery capacity deployed to EVs globally in the same month. The battery deployment for passenger xEVs (BEV, PHEV, HEV) in February 2
April 8, 2020
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‘Slowdown in US, China, Japan can lower Korea’s economic growth by 2%’
A slowdown in major economies following the global coronavirus pandemic could cut South Korea’ economic growth rate by as much as 2 percentage points, according to a local business research center Wednesday. The Korea Economic Research Institute analyzed the impact of the growth rate of three countries -- the US, China and Japan -- on the growth rate of Korea based on data from the Organization for Economic Cooperation and Development. It found that if the growth rate of the three cou
April 8, 2020
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Old or young, most workers feel generation gap: survey
Six out of 10 South Korean workers experience a generation gap in their workplace with the older generation feeling wider disparity, a report showed Wednesday. The Korea Chamber of Commerce &Industry released a survey of the generation conflict in Korean companies among around 13,000 office workers from 30 large and midsized companies. The survey showed 63.9 percent of the respondents feel the generation gap. By age, 69.4 percent of those in their 40s and 67.3 percent of those in their 50
April 8, 2020
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School zone fears make drivers gear up with navigation apps, insurance
Spooked Korean drivers are seeking navigation apps that can bypass school zones and are buying insurance with greater coverage, after the passage of a contentious child safety bill that imposes harsher punishments for accidents. SK Telecom said April 1 it has completed the development of a school zone detour function on its navigation app Tmap, in response to rising demand. Under a new law, widely known as the “Min-sik law,” effectuated on March 25, a driver who injures a child u
April 8, 2020