Most Popular
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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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Korean bands get their day in the sun, finally
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Malaysia eyes S. Korea as next halal market
KUALA LUMPUR -- With the launch of its halal trade fair this year, Malaysian officials pointed to South Korea as a viable halal market for growth, citing a growing number of Muslim tourists interested in visiting the Northeast Asian country.The 16th Malaysia International Halal Showcase kicked-off on April 3 in Kuala Lumpur with more than 800 exhibitors from about 44 countries participating in the event, to promote their interest in both the local and global halal market. Among them were South K
April 4, 2019
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SK Innovation’s new PR campaign draws 20m views online
SK Innovation’s new public relations campaign “Imagination Into Reality” has gained 20 million views within 27 days of its launch, making it the fastest growing PR campaign by the company, SK Innovation said Wednesday. SK Innovation, an energy and chemical subsidiary of SK Group, released five 12-second videos last March to promote its philosophy and vision. The videos feature innovative technologies currently in the works at the company. (SK Innovation)Since the release, the videos have gained
April 4, 2019
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2 million trees cut down to make way for solar panels in 3 years: lawmaker
More than 2 million trees have been cut down in South Korea over the last three years to make space for solar panels, according to opposition lawmakers who argue that the government’s renewable push should not be a replacement of nuclear energy. Since the government strongly pushed for solar power business in 2017, 4,407 hectares of forest have been damaged, 15 times the space of the Yeouido area of Seoul, according to Rep. Yoon Sang-jin of the main opposition Liberty Korea Party on Thursday. 12
April 4, 2019
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With SKT's pricing plan release, Korea’s 5G preparations complete
With South Korea’s biggest telecommunications firm SK Telecom unveiling its own pricing plan for 5G services Wednesday, all the mobile carriers have wrapped up preparations for their commercial rollout Friday. During a meeting with reporters in Seoul, SKT became the last carrier to announce pricing plans for the 5G network. It came a day after the mobile carrier's rival KT roiled the market with “unlimited” data plans without speed limits or data caps. According to SKT, consumers can choose fro
April 3, 2019
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Epic Games Korea announces store launch on 10th anniversary
Celebrating 10 years of operations here, Epic Games Korea announced Wednesday it will be launching its online game distribution channel, Epic Games Store, here.The store is the latest project of the game company whose main business is the massively popular “Fortnite” and game development suite Unreal Engine. While Epic Games Store launched globally at the end of last year, the opening was stalled for Korea due to game ratings regulations. Every legally distributed game in Korea has to have its u
April 3, 2019
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Korea to globally standardize 15 hydrogen technologies by 2030
Despite a strong state drive, South Korea does not have any hydrogen technology standardized for global use so far, the government said Wednesday, vowing to make 15 locally developed technologies globally standardized by 2030.According to the Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy, the government plans to file for global standardization of next-generation fuel cells for drones, ships and heavy machinery. The plan also includes proposing four s
April 3, 2019
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TaiMed picks Samsung BioLogics as manufacturer in W150b deal
TaiMed, a Taiwan-based biotechnology company, has picked Samsung BioLogics as its new contract manufacturing organization for the production of its novel biologic Trogarzo, used to treat patients with multidrug resistant HIV. The multiyear capacity contract, worth 150 billion won ($132 million), was concluded in August last year.The deal was made after TaiMed suffered from the lower conversion rate at its Chinese partner Wuxi Biologics in the second half last year, wrote Jerry Su, an analyst at
April 3, 2019
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South Korea to suspend tariff concessions on EU goods
South Korea is slated to suspend tariff concessions on European Union products in response to the EU’s safeguard measures on Korean steel products, according to the government Tuesday. The Ministry of Trade, Industry and Energy said it “notified the World Trade Organization about suspending tariff concessions on EU goods valued at about 56.8 million euros ($63.6 million).” (Yonhap)The amount is the estimation of additional tariffs imposed on Korean steel products in the wake of the EU safeguard
April 2, 2019
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[News Focus] Korean Air, Asiana begin succession process, but are the heirs up to the task?
With their fathers stepping down from the top management seats, heirs to the nation’s two major air carriers appear to be readying to fill the vacuum amid market concerns over their lack of experience and untested leadership.Unlike other conglomerates that have spent years preparing their heirs to take the top spot, the third-generation chaebol scions at Korean Air and Kumho Asiana Group, the parent company of Asiana Airlines, both seemingly unprepared, are being pushed to take the baton from th
April 2, 2019
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LG Chem acquires DuPont’s soluble OLED technology
LG Chem, the petrochemicals and battery-making unit of LG Group, has taken over American chemical company DuPont’s technical assets for soluble organic light-emitting diodes to develop its next-generation displays, the company said Tuesday.LG Chem said the acquisition will include DuPont’s approximately 540 patented assets related to soluble OLED materials, key technologies and tangible assets including production facilities. LG Chem Vice Chairman Shin Hak-cheol (right) shakes hand with DuPont V
April 2, 2019
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Korea’s biohealth exports grow 13% on-year
The South Korean biohealth industry’s monthly exports surpassed $800 million in March, a 13 percent growth from a year earlier, mainly due to increased shipments to the US and China. Trade Ministry data released Tuesday revealed that Korea exported $111.7 million worth of biohealth products to the US in March, $80 million to China, $60.3 milion to ASEAN nations and $145.9 million to European countries.Pharmaceuticals exports marked $401 million, up 17 percent from a month earlier and marking the
April 2, 2019
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Asiana plans additional asset sales to secure liquidity
Asiana Airlines, South Korea's second-biggest airline by sales, will move to secure liquidity and bank loans through the sale of additional assets, the company's chief executive said Monday.In a letter sent to employees, Asiana Airlines CEO Han Chang-soo said the company will "suspend non-profitable routes and reduce the number of planes to swiftly respond to changing market demands."(Yonhap)Asiana's task force team went into operations to transform the financially-troubled full-service carrier
April 1, 2019
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Mirae Asset founder’s dividend donations reach W23.2b over nine years
Park Hyeon-joo, founder and currently global investment strategy officer of Mirae Asset Financial Group, will be donating his last year’s dividends, marking nine consecutive years of the practice of social responsibility, officials said Monday.The donation amounts to 1.6 billion won ($1.41 million) that Park received Friday in dividends at the shareholders meeting of Mirae Asset Global Investments, the asset manager arm of the group.The entire amount will be delivered to a group-affiliated welfa
April 1, 2019
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Kolon Life Science pulls Invossa, downplays drug’s labeling error
Kolon Life Science on Monday suspended the distribution and sales of Invossa, its main cash cow drug, following a report that an ingredient in the drug has been mislabeled since 2003.KLS shares closed at 52,700 won ($46) on this day, a 29.92 percent tumble from the previous day. The report was authored by Kolon Group’s US biopharma unit Kolon TissueGene, which said that a Short Tandem Repeat analysis revealed the osteoarthritis treatment drug was made based on a cell different than that specifie
April 1, 2019
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[News Focus] Shareholders meeting culture in Korea needs reforms
Every spring, investors flock to annual shareholders meetings eager to gain a better insight into their companies and their plans for the year. But many South Korean firms have been receiving flak for the opaque nature of such meetings. Critics say the absent CEOs, run-of-the-mill presentations and even snubbing of shareholders at many meetings shows a lack of willingness to communicate. On March 20, over 1,000 investors rushed to attend Samsung Electronics’ 50th shareholders meeting at its he
April 1, 2019
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[Herald Interview] ‘Korea should open energy market to private firms for renewable goals’
South Korea needs to open its state-run energy sector to private companies to bring in more investment and competition and to better achieve the nation’s renewable energy goal, according to a UK-based energy consulting firm. Shortly after Moon Jae-in became president, the Korean government unveiled its power supply plan aiming for 20 percent of total electricity consumption to come from renewable energy sources by 2030.Wood Mackenzie forecast Korea’s renewables would account for about 17 percent
April 1, 2019
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Kumho Asiana creditors demand asset selloff, solid loan repayment plan
Despite the voluntary departure of the Kumho Asiana chairman last week, the main creditors of the conglomerate, which owns South Korea’s second-largest air carrier Asiana Airlines, have demanded that it sell off its high-value assets and draw up a solid loan repayment plan to improve liquidity. The demands were pushed by Asiana Airlines’ main creditors, including the state-run Korea Development Bank, as a condition for their continued support in normalizing the airline’s financ
March 31, 2019
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[Sky’s the Limit] IFC Seoul, a Yeouido landmark reeling from competition
The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed. Operating premium high-rise office buildings in a dense financial district can either be highly profitable or vulnerable to cutthroat competition. Such is the challenge faced by International Finance Center Seoul, or Yeouido IFC, a gleaming landmark at the center of Seoul’s financial hub Yeouido. Completed in 2012 by US constructor Ar
March 31, 2019
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Supply glut, tariffs weigh on Korean steelmakers
A continued oversupply of global steel products and growing protectionism around the world are weighing on South Korean steelmakers already struggling to find fresh growth engines for the future. Global steel production capacity last year stood at around 2.23 billion tons, down 0.3 percent from the previous year, said the OECD Steel Committee at a regular meeting in Paris last week. Though the figure was nearly unchanged, it far exceeded demand -- by 576 million tons, which was almost 19 times t
March 31, 2019
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[Management in Korea] The chaebol leader’s choice: Retain control or build for the future?
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Chaebol — which means “money clan” — are called that for a reason: The businesses are inseparable from the families that founded them. It is not unusual for dozens of the companies within a chaebol group to be run by the children, grandchildren and in-laws of the chaebol founder. But while this arrangement
March 31, 2019