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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Firefighters’ 3,000 won meals spark nutrition concerns
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Yoon honors veterans of Korean War in trip to Philippines
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[Newsmaker] Coronavirus infection closes GS Home Shopping headquarters, live show suspended
GS Home Shopping said Thursday it has decided to close its headquarters until Saturday morning as one of its employees was infected with the new coronavirus. “As an employee was confirmed to be infected by the new coronavirus, the company has closed the headquarters building in Seoul in case of emergency,” the company said. During the period, the firm said it would thoroughly disinfect the entire building. All of its home shopping broadcasts will be replaced by rebroadcas
Feb. 6, 2020
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[Monitor] How much will new coronavirus hurt exports to China?
With the on-going outbreak of the novel coronavirus (2019n-CoV), concerns have been rising over the impact it will have on the country’s overall exports that have only just begun to show signs of rebounding. Looking back at the Severe acute respiratory syndrome outbreak in 2003, the growth in Korea’s overall exports slowed down in the short term but did not hamper the yearly performance. In the whole of 2003, Korea’s exports surged 19.3 percent on-year. By month, the increas
Feb. 6, 2020
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Ports, shipping industry disrupted by novel coronavirus
In the wake of the novel coronavirus outbreak, operations at ports and the shipping industry have been severely disrupted, with sea ports and manufacturers shutting down in China, South Korea’s major trade partner, according to the industry on Thursday. Shipyards here are clogged with containers that should have been either delivered or stopped over at Chinese ports. Meanwhile, vessels bringing in imported goods to Korea from China have slowed, leaving customs inspection storage units ne
Feb. 6, 2020
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Hyosung’s operating profit surpasses W1tr in 2019
Hyosung Corp. said Thursday the company and its four major affiliates saw their combined operating profit surpass 1 trillion won ($848 million) in 2019. The five companies – Hyosung Corp., Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, Hyosung Chemical -- recorded combined revenue of 18.11 trillion won and operating profit of 1.1 trillion won. It is the second time the Hyosung Group has seen the operating profit go above 1 trillion won since 2016, when it saw revenue
Feb. 6, 2020
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S. Korea pushes for deregulation for new industries
South Korea unveiled plans for regulatory reform Thursday in a bid to promote innovation in new industries related to the fourth industrial revolution. Making public the 2020 road map for "regulatory innovations" in the economic sector, the government said it will allow new industries to develop in an amicable environment and impose necessary regulations later. New major industries that will benefit from the initiative include software, future-generation cars, drones and medical dev
Feb. 6, 2020
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Business circles concerned about NPS’ stronger shareholder activism
The National Pension Service’s growing interference in corporate management as it enforces stricter yardsticks on investments and recent revisions of commercial acts are raising the hackles of South Korean business circles. On Thursday, a forum on “Improving governance structure for national pension independence” was co-hosted by five business associations -- Korea Economic Research Institute, Korea Enterprises Federation, Korea Listed Companies Association, Federation of Mi
Feb. 6, 2020
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KT 2019 profit falls 12% as investment, marketing costs rise
KT Corp., South Korea's major telecommunication firm, said Thursday its net profit fell 12.2 percent last year from a year earlier as it ramped up spending on its network and marketing. In a regulatory filing, KT reported a net income of 669.3 billion won ($ 565.7 million) last year, down from 762.3 billion won in 2018, on a consolidated basis. The company said that operating profit for the year fell 8.8 percent on-year to 1.15 trillion won, although its annual revenue increased 3.8 percent
Feb. 6, 2020
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LIG Nex1 vies to enter defense industry in India
LIG Nex1 said it is participating in DefExpo India 2020, a biennial defense and aerospace exhibition being held from Wednesday to Sunday in Lucknow, India, the world’s second-biggest arms importer that ranks fourth in military spending. The Korean defense company will showcase weapons including its land-based short-range surface-to-air missile Chiron that is mounted on the Hybrid Biho, a 30 mm complex gun and air defense system designed to target low-flying aircrafts and helicopters. T
Feb. 6, 2020
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Smilegate sends 10m yuan donation to Wuhan
Game company Smilegate said Thursday it made a 10 million yuan ($1.4 million) donation to help the people in Wuhan, China, epicenter of the novel coronavirus outbreak. The donation has been delivered to China’s Ambassador to Korea Xing Haiming. “China and Korea are long-time neighbors who must help each other to overcome hardships. I thank the support from Smilegate, as well as many other Korean companies,” the envoy said. Smilegate is the third Korean game company to reac
Feb. 6, 2020
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S. Korea to invest W385b in R&D for eco-friendly auto parts
SEJONG -- South Korea said Thursday it will spend 385.6 billion won ($326.2 million) on research and development projects for auto parts for eco-friendly vehicles, such as electric cars, in line with the country's latest clean energy drive. The project that will run through 2026 will center on lending hands to small and midsized enterprises, according to the Ministry of Trade, Industry and Energy. "Amid a change in the industrial paradigm in the automobile segment, the project will help
Feb. 6, 2020
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Korean builders' overseas orders hit 13-year low in 2019
Overseas orders won by South Korean construction companies hit the lowest point in 13 years in 2019 due mainly to slowing orders from the Middle East, the construction ministry said Thursday. The combined overseas orders by the builders came to $22.3 billion last year, down 31 percent from 2018, marking the lowest since 2006, when the combined overseas orders by the builders stood at $16.4 billion, according to the ministry. For decades, oil-rich Middle Eastern countries have been the largest
Feb. 6, 2020
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Duty-free shops to reopen this week after virus disinfection
Several South Korean duty-free shops that temporarily shut down after people infected with Wuhan coronavirus visited them will reopen later this week, their operators said Wednesday. Shilla Duty Free, one of the country's leading duty-free stores, on Sunday closed its two outlets in central Seoul and on the southern resort island of Jeju after they were each visited by a victim of the pneumonia-like virus. The shops will open their doors again on Friday after disinfection operations to preven
Feb. 5, 2020
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[Monitor] Administrative cost constrains to start business in Korea
To start one’s business, it takes an average of eight days to go through the administrative process, costing an average of 4.9 million won ($4,125) in South Korea, a report by the Korea Economic Research Institute under the Federation of Korean Industries showed. The administrative process was relatively expedient in three steps, lower than the average 5.1 steps among the member countries of the Organization for Economic Cooperation and Development. Expense on the administrative process
Feb. 5, 2020
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K-bio firms all out to contain novel coronavirus spread
Korean biologics firms are putting their heads together to contain the spread of novel coronavirus, with experts opining that a potential vaccine development would require governmental investment. The natural market development of a coronavirus vaccine is unlikely given the characteristics of the epidemic, said Lee Jong-koo, professor of family medicine at Seoul National University, speaking at an open debate on Wednesday. A new vaccine would take more than a year to develop, by which time th
Feb. 5, 2020
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[Photo News] Lotte Mart introduces flashy school safety items
Fluorescent reflective cloaks and school bag covers are showcased at Lotte Mart’s Seoul Station branch in Jung-gu, central Seoul, on Wednesday. The number 30 signifies the 30-kilometer-per-hour maximum travel speed limit in all school zones. The products will be available at 110 branches nationwide from Thursday. (khnews@heraldcorp.com)
Feb. 5, 2020
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Samsung No. 2 tablet vendor in 2019: data
Samsung Electronics Co. ranked behind Apple Inc. in the global tablet market last year in terms of shipments, industry data showed Wednesday, as the South Korean tech giant faces tough challenges from its US and Chinese rivals. Samsung had a 13.6-percent share of the global tablet market last year, with shipments of 21.8 million tablets worldwide, according to data from market researcher Strategy Analytics. US tech titan Apple Inc. ranked first by shipping 44.3 million tablets for a 27.7-per
Feb. 5, 2020
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LG Electronics not joining MWC 2020 over coronavirus fears
LG Electronics said Wednesday that the company was canceling its exhibition at Mobile World Congress 2020 in Barcelona, Spain, amid growing concerns over the new coronavirus that recently emerged in Wuhan, China. The company said it had decided to withdraw from MWC 2020 out of concern for the safety of its employees and the public. This is the first time LG Electronics will not have a presence at the mobile trade show, which takes place every February in Barcelona. LG is the first South Kore
Feb. 5, 2020
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FTC fines Shinsegae for ‘nonrefundable stickers’ terming it unfair
South Korea’s antitrust watchdog on Wednesday fined retailers Shinsegae and Woori Home Shopping 2.5 million won ($2,100) each for violating e-commerce laws. The Fair Trade Commission said the two firms were fined for their “nonrefundable stickers” that restricted the right of consumers to return a purchase and get a full refund if they open the package. The agency noted that Shinsegae posted a sticker on products -- sold on online shopping platform 11th Avenue from April
Feb. 5, 2020
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Samsung Electronics still No. 1 in US home appliances market
Samsung Electronics set a record in 2019 by commanding 20.5 percent of the home appliances market in the United States, whose $25.8 billion electronics market is the world’s biggest, according to data from Reed Electronics. The Korean tech giant has maintained the top spot for four consecutive years, said US market researcher TraQline. Next on the list were Whirlpool and LG Electronics. Samsung recorded its highest quarterly market share figure ever, 21.6 percent, in the fourth quarter
Feb. 5, 2020
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NPS exercises shareholder rights more often since adopting stewardship code
The National Pension Service has exercised its shareholder rights more actively since it adopted the stewardship code in 2018, said a local corporate tracker. On Wednesday, CEO Score released the results of a survey of 577 companies in which the NPS held shares and exercised its voting rights at shareholders meetings last year. It found that the NPS voted against initiatives proposed by companies 16.48 percent of the time, up from 11.85 percent a year earlier. The rate at which it approved
Feb. 5, 2020