Most Popular
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Son Ye-jin is not worried about aging
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Samsung projects 15-fold surge in Q2 profit
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Man turns self in over offensive comment about car crash victims
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[Exclusive] US troops in S. Korea could be reduced, but not withdrawn, Trump allies tell Seoul lawmaker
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Is Hybe Chairman Bang Si-hyuk really ignoring NewJeans?
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Just 1 in 4 Korean teens 'content with life'
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Opposition leader's attacker sentenced to 15 years in prison
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Hyosung's estranged son donates inheritance, seeks to end family feud
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90% of Gen Z says they won't keep quiet over problems at work
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Surprise appearance of Son Heung-min packs public park in minutes, prompts police to control area
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KOTRA advises Korean startups to head to Europe
In line with South Korean President Moon Jae-in’s state visit to France, the Korea Trade-Investment Promotion Agency on Monday released a report highlighting Europe as the place to be for Korean startups.According to the report, Europe has concentrated efforts on creating an ecosystem for startups as its strategy for survival in the “fourth industrial revolution.” London, Berlin, Paris, Stockholm, and Amsterdam ranked among the world’s leading 20 startup ecosystems, according to a 2017 report by
Oct. 15, 2018
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Samsung stands at 64th place in corporate responsibility ranking: poll
Samsung Electronics Co., South Korea's biggest conglomerate by sales, came in 64th place in corporate responsibility this year, which falls far short of its No. 6 ranking in brand value, a US market survey showed Sunday. In the 2018 Global Corporate Responsibility Trak 100 rankings released by the Reputation Institute, the world's biggest chip giant scored 64.9 points to rank 64th, up from 89th with 64.5 points a year earlier. (Yonhap)Samsung's ranking has improved this year compared with a yea
Oct. 14, 2018
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Heads of Hanwha, Heritage Foundation call for stronger US-Korea alliance
The chiefs of South Korea’s Hanwha Group and the US-based Heritage Foundation called for efforts to strengthen the US-Korea alliance during a meeting in Seoul on Friday, the conglomerate said Sunday. Hanwha Chairman Kim Seung-youn and Heritage Foundation founder and former president Edwin J. Feulner Jr. exchanged ideas on various topics, including cooperation on strengthening US-South Korea relations, forging peace on the Korean Peninsula and the US-China trade war. The two have met regularly si
Oct. 14, 2018
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Govt mulls injecting 800 bln won into Hyundai Merchant for normalization
The government is considering an injection of 800 billion won ($706 million) into Hyundai Merchant Marine Co., the nation's leading oceangoing shipping company, within this year to help it tide over mounting losses, industry sources said Saturday.The company's largest-shareholder Korea Development Bank and the state-run maritime business promotion agency Korea Ocean Business Corp. (KOBC) said they are reviewing a plan in which Hyundai Merchant issues bonds and the two purchase 400 billion won wo
Oct. 13, 2018
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Philip Morris to begin selling Korean-made heated tobacco unit
Philip Morris Korea Inc. said Thursday that it will begin selling its tobacco sticks, called Heets, produced at its factory in South Korea later this month.To this point, Philip Morris Korea imported Heets for sale in South Korea. Heets (Yonhap)Philip Morris Korea has expanded its production facility in Yangsan, the first facility in Asia to manufacture heated tobacco units for its tobacco heating device IQOS. Yangsan is a city located about 420 kilometers southeast of Seoul.The share of Heets,
Oct. 11, 2018
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[Trending in Pairs] How far has ‘retail tech’ advanced?
After the world’s first experimental cashier-free grocery store Amazon Go opened in the US earlier this year, it did not take long for the trend to land in Korea. An increasing number of customers are going cashless or even credit card-free, as payment options through palm scanning or via app have become easier at offline shops. But there is also a pronounced trend among Korean customers who enjoy a traditional yet convenient way of purchasing products in comfort: home shopping. South Korean hom
Oct. 11, 2018
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LS C&S to provide $125m extra-high voltage cable to Bahrain
LS Cable & System signed a contract with Bahrain Electricity and Water Authority for its extra-high voltage cable project worth 142 billion won ($125 million). The project involves setting up a new electrical grid in Bahrain to provide necessary power as part of the government’s efforts to industrialize and urbanize the nation. (Yonhap)LS Cable & System will be supplying 400-kilovolt extra-high voltage cables and also be in charge of engineering works involving electricity and civil engineering
Oct. 11, 2018
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GS sends $200,000 for earthquake victims in Indonesia
GS Group said it was sending $200,000 to assist the Indonesian victims of the 7.5-magnitude earthquake and resulting tsunami that devastated the island of Sulawesi last month.The donation, comprising $100,000 from GS Energy and $100,000 from GS Global, will be used to purchase supplies for the relief work and to restore the damaged areas, the group said.“We hope the funds will be helpful for Indonesians who are suffering the devastating impact of the sudden earthquake and tsunami,” said a spokes
Oct. 11, 2018
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Celltrion’s Rituxan biosimilar wins backing from US FDA advisory committee
South Korean biopharma company Celltrion is on track toward launching its Rituxan biosimilar in the US market, as the drug has obtained the endorsement of the US Food and Drug Administration’s drug advisory committee.Celltrion and its marketing partner Teva Pharmaceutical Industries said Thursday that the US FDA’s Oncologic Drugs Advisory Committee voted unanimously 16-0 to recommend the approval of CT-P10, indicating the drug is highly likely to win the FDA’s final approval. The decision came a
Oct. 11, 2018
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Court denies arrest warrant for Shinhan Financial chief
A Seoul court turned down early Thursday a prosecution request for a warrant to arrest Shinhan Financial Group Chairman Cho Yong-byoung, who is suspected of involvement in alleged unfair hiring of new employees. The Seoul Eastern District Court said he presents a low risk of fleeing or destroying evidence, given his social and residential status. (Yonhap)Cho, 61, is accused of having his officials give undue favors to job applicants who were either children or relatives of influential people suc
Oct. 11, 2018
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LIG Nex1 aims to advance into US with precise guided missiles
South Korean aerospace and defense company LIG Nex1 presented its advanced weapons customized for future battlegrounds at a defense exhibition in the US, with the aim of advancing into the world’s largest defense market. LIG Nex1 said it showcased its precise guided missiles and unmanned surface vehicles at the 2018 Annual Meeting & Exposition, which kicked off Monday in Washington. Visitors from the US Army listen to a LIG Nex1 official’s presentation of unmanned surface vehicles at the 2018 An
Oct. 10, 2018
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Asiana Airlines launches own craft beer
South Korean air carrier Asiana Airlines said Wednesday that it has launched a craft beer brand called Asiana. In collaboration with Korea Craft Brewery, Asiana Airlines has developed its own craft beer, which contains 4.7 percent alcohol by volume. It has a fruity scent and deep flavor, the company said.Asiana craft beer is showcased by an Asiana Airlines flight attendant. (Asiana Airlines)Asiana craft beer will be offered at Asiana Airlines’ recently renovated first and business lounge for pas
Oct. 10, 2018
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[Photo News] Deputy Finance Minister visits Celltrion headquarters
VISIT TO BIOTECH PRODUCTION SITE -- South Korea’s Deputy Finance Minister Ko Hyung-kwon (center) looks around a research lab at Celltrion’s headquarters in Songdo, Incheon, Wednesday. His visit to the biopharma company came as part of the ministry’s efforts to meet with on-site biotech industry employees and listen to their opinions, it said. (Yonhap)
Oct. 10, 2018
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SPC to open Singapore’s first Shake Shack store
SPC Group said Wednesday that it will open Singapore’s first Shake Shack branch next year. It signed a partnership with the US premium burger chain Shake Shack Enterprise last month for the business rights to operate Shake Shack in Singapore, said SPC Group, a South Korean bakery and confectionary company that operates 60 brands worldwide. The first branch will open at Jewel Changi Airport. The company plans to open up to 10 outlets in Singapore by 2024.Shack Shack Enterprise said it chose SPC a
Oct. 10, 2018
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[Hydrogen Korea] Learning from Fukushima disaster, Japan envisions hydrogen society
The Korea Herald is publishing a series of articles on South Korea’s latest measures to support the hydrogen economy, the market drive for hydrogen-powered vehicles and the hurdles that stand in the way. This is the sixth installment. -- Ed.More than seven years have passed since Japan suffered from a devastating earthquake and tsunami that caused meltdowns at a nuclear power plant in Fukushima. The disaster that claimed hundreds of lives and contaminated the air and water also served as a grave
Oct. 10, 2018
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[Doing Biz in Korea] ‘Korea should be more foreign investor-friendly’
The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the eleventh installment. -- Ed.Vestiges of xenophobia and unnecessary regulations hinder South Korea from attracting foreign investment, which plays a key role in the nation’s economic development and job creation, according to the new foreign investment ombudsman. Despite being an attractive market with global enterprises, tech-savvy consumers, f
Oct. 10, 2018
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Export growth continues but private spending remains stagnant: KDI
South Korea's exports remain bullish, helped by the robust shipment of semiconductors, but domestic demand is stagnant due to sluggish facility investment and weak employment, a state-run think tank said Wednesday."Export growth maintained a favorable growth trend led by semiconductors. But the domestic situation remains stagnant due to reduced investment and weak employment," the Korea Development Institute said in its monthly evaluation of the country's economic conditions. (Yonhap)The think t
Oct. 10, 2018
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Korea to provide liquidity support to struggling shipping firms
A state-run maritime business promotion corporation said Wednesday it will provide liquidity support for cash-strapped shipping firms and fund eco-friendly projects.The Korea Ocean Business Corp. said it will provide 138 billion won ($121.9 million) worth of guarantees for four shipping companies to help them build liquefied natural gas-propelled ships and purchase other vessels. (Yonhap)Among them are Korea Line Corp. SK Shipping Co., H-Line Shipping Co. and Polaris Shipping Co. The KOBC will
Oct. 10, 2018
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S. Korea's 2018 Winter Olympics produce a financial surplus of at least $55m
South Korea's 2018 PyeongChang Winter Olympics generated a financial surplus of at least $55 million, the International Olympic Committee has said, citing the head of the PyeongChang Organizing Committee.Lee Hee-beom made the announcement during his final report to the International Olympic Committee session in Buenos Aires. Short track speed skater Lee Jung-su (AFP-Yonhap)"We congratulate the Organizing Committee of the Olympic Winter Games PyeongChang 2018 for the organization of outstanding O
Oct. 9, 2018
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Money-losing Skinfood seeks court receivership amid suffering biz
Skinfood, a first-generation cosmetics brand that was one of South Korea's top three budget beauty brands in the late 2000s, filed for court’s receivership Monday on its poor financial condition. The cosmetics company cited dwindling sales and accumulated debt as reasons for its mounting losses. Skinfood store in Seoul (Skinfood)“Although the company is currently at stake in securing liquidity due to excessive debt, considering Skinfood’s unique branding and product competitiveness we believe th
Oct. 9, 2018