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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Samsung anti-corruption panel vows close scrutiny on management succession
The head of Samsung’s anti-corruption committee said Thursday that the panel would look closely into a broad range of issues affecting the group, including management succession, corruption and labor issues, with independence and autonomy.“The basic principles of the committee’s operation will be independence and autonomy,” said Kim Ji-hyung, the former Supreme Court justice who was named to head the compliance committee, in a press briefing on the day. Kim said he had re
Jan. 9, 2020
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LG Chem seeking business opportunities in Southeast Asia
LG Chem Ltd., South Korea's leading chemical company, said Thursday that it is seeking business opportunities in Indonesia and other Southeast Asian countries amid growing demand for electric motorcycles."We are considering businesses in various sectors in Indonesia as small electric vehicle markets such as electric motorcycles could grow in the country," a company official said.He said no specific decisions have been made yet on its possible businesses in Southeast Asia. The comments
Jan. 9, 2020
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S. Korea to revamp safety policies on deep-sea fishing boats
South Korea said Thursday it will revamp safety guidelines for deep-sea fishing boats and their crewmen to improve their working environment and better meet international regulations.Under the plan, South Korea will raise a fund worth 170 billion won ($146 million) together with shipowners and financial firms to replace fishing boats that are 40 years or older, according to the Ministry of Oceans and Fisheries.The state budget allocated for the fund is 85 billion won. "Many of the dee
Jan. 9, 2020
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DuPont to invest $28m in S. Korea to build material production line
US-based chemical firm Dupont on Thursday announced its plan to invest $28 million in South Korea to build a production line for photoresist, which can potentially help Asia's No. 4 economy reduce its dependence of the key industrial material on Japan amid their trade spat.Under the project, Rohm and Hass Electronic Materials Korea Ltd., the South Korean unit of Dupont, will build a new production line in Cheonan, 92 kilometers south of Seoul, and test facilities for extreme ultraviolet &n
Jan. 9, 2020
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Hankook Tire sets up Austria subsidiary for Europe expansion
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Thursday it has set up an overseas subsidiary in Austria for expansion in Europe.The subsidiary established in Vienna Schwechat will be in charge of sales in Austria and Switzerland to gain a bigger share in the European markets, the company said in a statement.Hankook Tire has 15 subsidiaries in Europe in countries such as Germany, Britain, France, Spain, Hungary, Russia and Sweden, it said. Hankook Tire earns
Jan. 9, 2020
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[Monitor] Young chaebol scions promoted faster
According to local corporate tracker CEOScore, members of the owner families of the nation’s conglomerates joined their groups at the age of 29 and became executives at 33.6 on average. The survey was carried out on 40 groups, in which both parents and their children participate in the management, among the nation’s top 59 groups that are defined as chaebol by the Fair Trade Commission. The survey showed the young chaebol scions were promoted to executives after 4.1 years after joini
Jan. 8, 2020
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[CES 2020] LG, Luxoft to set up JV for in-vehicle infotainment
LG Electronics and Switzerland’s Luxoft announced Wednesday they will set up an in-vehicle infotainment joint venture in Santa Clara, California, in the first half of 2020. The partnership deal was signed by LG Electronics Chief Technology Officer Park Il-pyung and Luxoft CEO Dmitry Loschinin on the sidelines of the Consumer Electronics Show in Las Vegas. They vowed to strive for innovations in the intelligent mobility field. The JV, whose name or ownership ratio will be decided later, wil
Jan. 8, 2020
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[Exclusive] CJ HealthCare to reinvent itself under Kolmar by April
CJ HealthCare, which was acquired by Kolmar Korea -- the 10th-largest pharmaceutical company in South Korea -- for around 1.3 trillion won ($1.2 billion) in 2018, will be rebranded by April to show its affiliation with the parent company, sources told The Korea Herald on Wednesday.As per the acquisition deal, CJ HealthCare was allowed to retain its name for two years to maintain its corporate image for sales promotion.According to sources, the company is now actively considering to change its na
Jan. 8, 2020
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Korean construction firms on alert following Iran’s missile attack against US
Following Iran’s latest attack against American military bases in Iraq, Korean construction companies operating projects in the Middle East are on high alert, according to industry sources Wednesday.Along with safety concerns, industry officials also worry that the security situation in Iraq and Iran would influence Korean construction companies that sought to secure more orders in the region. South Korea’s Ministry of Land, Infrastructure and Transport said it is working with the Mi
Jan. 8, 2020
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S. Korea strives to revive petrochemical sector
South Korea said Wednesday it will spare no efforts to revitalize the country's petrochemical industry facing a prolonged slump amid growing protectionism and competition.The country's exports of petrochemical products surrendered 14.8 percent in 2019 from a year earlier to $42.5 billion, according to the Ministry of Trade, Industry and Energy.Outbound shipments of petroleum goods also sank 12.3 percent over the cited period to $40 billion. The two segments each represented the fourth and fifth-
Jan. 8, 2020
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Samsung beats Q4 earnings estimate, 2019 performance worst in 3 yrs on chip prices
Samsung Electronics Co. expected better fourth-quarter earnings Wednesday but suffered its worst performance in three years in 2019 due to a protracted slump in chip prices.The world's No. 1 memory chipmaker estimated its fourth-quarter operating income at 7.1 trillion won ($6.1 billion), down 34.26 percent from a year earlier, but the reading was well above the median market estimate of 6.5 trillion won, largely on the back of a slight recovery in chip prices and better-than-expected market res
Jan. 8, 2020
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Science Ministry to invest W420b in original bio tech
The Ministry of Science and ICT said Tuesday it will invest 420 billion won ($360 million) in 2020 in the development of original technologies in the biologics field.The budget is 10 percent higher than the 380 billion won allocated last year, and above the 349 billion won in 2018. This year, the Science Ministry will give more support to the domestic bio industry, to gain competitiveness in research and development for novel drugs, medical devices and precision medicine such as neuroscience. It
Jan. 7, 2020
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Positive outlook for Korean shipbuilders in 2020 with new sulfur cap
Korean shipbuilders, which secured over a third of new orders placed around the globe last year, are expected to lead the global industry in 2020 as well, especially with the new maritime cap regulating sulfur emissions, according to industry sources on Tuesday.Five prominent Korean shipbuilding companies recorded a combined $26.2 billion in 2019, fulfilling 81 percent of annual targets, industry data showed.Hyundai Heavy Industries won $12 billion in new orders to build 135 ships, achieving som
Jan. 7, 2020
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Posco to donate A$500,000 for Australian bushfire relief
South Korea’s leading steelmaker Posco will donate 500,000 Australian dollars ($347,000) for Australian bushfire relief via its regional corporation there, the company said Tuesday. According to Posco, the relief fund will be delivered to the Australian Red Cross after the decision passes at its Australian corporate board of directors meeting. “We wish to help relief of the disastrous bushfire and share the burden with Australians,” Posco Chairman Choi Jeong-woo said. Sin
Jan. 7, 2020
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[Newsmaker] Shin Dong-bin steps down as director of Lotte E&C
Lotte Group Chairman Shin Dong-bin stepped down as an executive director of the group’s construction unit last month, according to the firm’s regulatory filing on Tuesday. Shin resigned from his post at Lotte Engineering & Construction after two years and nine months to take responsibility following the Supreme Court’s decision on his involvement in a bribery scandal and to strengthen responsible management, the group said. In October, the nation’s top court conf
Jan. 7, 2020
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Global chip market will likely recover in Q2: report
The global semiconductor market will likely rebound in the second quarter as manufacturers struggle to ease a supply glut that has pushed down prices, an industry report said Tuesday. Hana Institute of Finance said in the report that the fluctuations and downturn in the semiconductor sector were largely due to oversupply."Last year's sluggish chip exports and poor earnings by chipmakers were not due to a drop in sales but to price drops driven by oversupply," the report said. Har
Jan. 7, 2020
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Major firms' operating profit estimated to have almost halved last year
Major listed firms are estimated to have seen their earnings nearly halve last year in the face of uncertainties stemming from the Sino-American trade row, a market tracker said Tuesday.According to data compiled by Yonhap Infomax, a financial information provider, the combined operating profit of the 51 companies, which are also part of the KOSPI 200 Index, is estimated to have fallen by 44.59 percent to 69 trillion won ($59.2 billion) in 2019 compared with the previous year's 124.5 trillion wo
Jan. 7, 2020
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S. Korea to host more companies at food cluster
South Korea said Tuesday it will continue efforts to invite more businesses to the food industry complex with tax incentives and better infrastructure to bolster the country's exports of foodstuff and meet the changing market demand.As of 2019, there were a total of 93 food companies and institutes operating at the national food cluster in Iksan, 246 kilometers south of Seoul, according to the Ministry of Food, Agriculture and Rural Affairs.South Korea said the figure will rise to 110 by the end
Jan. 7, 2020
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More liquidity to be funneled into small firms, merchants ahead of holiday
South Korea plans to inject more liquidity into smaller firms and merchants to help boost private consumption ahead of Lunar New Year's Day, the finance ministry said Tuesday. As part of the plan, the government will provide 36 trillion won ($30.7 billion) in financial support, up 3.3 trillion won from the previous year, the Ministry of Economy and Finance said in a statement. The government will also roll over 54 trillion won worth of debt owed by smaller firms and merchants, the ministry said.
Jan. 7, 2020
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[CES 2020] LG Electronics further enhances OLED TVs for cinema, sports, gaming
LAS VEGAS -- LG Electronics announced Monday the company would unveil a reinforced lineup of organic light-emitting diode TVs for 2020, including further-enhanced picture quality and art-inspired design breakthroughs, with the goal of bringing cinema, sports and gaming to life at home, at the Consumer Electronics Show in Las Vegas. The world’s biggest provider of OLED TVs enhanced picture quality of its OLED models with the latest third-generation artificial intelligence Alpha 9 processor,
Jan. 6, 2020