Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Business representatives decide to shun minimum wage talks for next year
Business representatives to the Minimum Wage Council have decided not to attend any of the discussions for next year’s minimum wage, reports said Friday, a decision that came after their demand to apply differential minimum wage was turned down.Based on local laws, even without the participation of one of the three sides – government, workers and employees – the 27-member council can decide on the minimum wage level if they meet the quorum. Members of the Minimum Wage Council walk out of a meeti
July 13, 2018
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Mystery solved on Korean Air’s engine damage in 2016
An unusual culprit was behind the right wing engine damage suffered by a Korean Air plane during its landing at Jeju Airport on Jan. 25, 2016, investigations by the Transport Ministry showed, according to news reports Friday.Korean Air’s KE1275 suffered a dent on its right wing engine as it was landing at around 11 p.m. The flight had not crashed into any other airplane or facility on the airstrip. The damaged engine of the KE1275 (Yonhap database)To search for the cause, Jeju Airport officials
July 13, 2018
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Samsung BioLogics unlikely to be delisted: securities report
Samsung BioLogics, the pharmaceutical affiliate of Samsung Group that came under fire for a past accounting breach, is unlikely to be delisted despite the financial regulator’s latest sanction, a securities report said Friday.“The Securities and Futures Commission (of the Financial Services Commission) has reserved its final judgement on the change of accounting standards, which is the core issue of controversy in the Samsung BioLogics accounting dispute,” said Jin Heung-kook, an analyst at Kore
July 13, 2018
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Korean workers use less than W600,000 for vacation
More than half of surveyed employees in South Korea plan to go on vacation between July and August, and they would probably spend an average of 596,000 won while on holiday, a survey showed Friday.According to the survey of 1,106 workers conducted by education business institute Hunet, 83.7 percent said they were planning to go on vacation this summer.The average duration of the vacation came to 4.3 days. Only 14 percent of the surveyed workers said they would be leaving for vacation for seven d
July 13, 2018
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Gmarket strengthens shopping benefits for foreign customers
Gmarket, a leading online shopping site operated by eBay Korea, said Wednesday that it has strengthened shopping benefits for foreign users with diverse promotions in July. With the foreign population increasing here, eBay Korea said its global shopping platform Gmarket Global Shop has seen on-year sales growth of at least 33 percent in the health food section in the second quarter of this year. Sales of fresh food such as seasonal fruits, vegetables and rice also saw a 12 percent increase over
July 13, 2018
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SK Holdings acquires AMPAC Fine Chemicals
SK Holdings, the parent company of South Korea’s third-largest conglomerate SK Group, announced Thursday that it has acquired a 100 percent stake in AMPAC Fine Chemicals, a US-based contract manufacturer of active pharmaceutical ingredients. SK Holdings said in a disclosure that it is paying $455 million to its overseas affiliate Alchemy Acquisition Corp. to facilitate the stake purchase from Fine Chemicals Holding Corp., the parent company of AMPAC Fine Chemicals.The acquisition is expected to
July 12, 2018
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Consumers in 50s, 60s spending more on e-commerce: survey
While millennials in their late 20s and early 30s have been the key purchasers on e-commerce, an industry survey found Thursday that consumers in their 50s and 60s are rising as a new major consumer group, as they have become more familiar with shopping online. (Yonhap)According to e-commerce platform Auction, consumers in their 50s and 60s recorded a 135 percent increase in their purchase amounts in the past five years. They made up 27 percent of consumers ranging from teenagers to those in the
July 12, 2018
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Korea Gas Corp. steps up as global LNG provider
Korea Gas Corp. is expanding its dominance as a global liquefied natural gas provider, with increased overseas business volume as well as active participation in building natural gas infrastructure in emerging countries. Workers are seen at Mexico’s Manzanillo LNG terminal. (KGC)Since its establishment in 1983 under the South Korean government, KGC has been operating a total of 72 11.4 million-kilometer-long storage facilities around the world. It has built and is operating over 4,790-kilometer
July 12, 2018
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Asiana Airlines shareholders move to sue embattled chairman
Following Asiana Airlines’ latest inflight meal fiasco, a group of shareholders of Asiana Airlines are moving to file a lawsuit against the Kumho Asiana board including Chairman Park Sam-koo, industry sources said Wednesday. (Yonhap)According to the sources, an unconfirmed number of shareholders are reviewing ways to submit class action to hold company board members and Chairman Park responsible for damages from causing inconvenience to passengers and hurting the brand image.Last week, the air
July 11, 2018
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Starbucks Coffee Korea slapped with W10m fine
Korea's communications regulator has slapped a 10 million won ($9,000) fine on Starbucks Coffee Korea Co. for breaching personal information of hundreds of its customers, an official said Wednesday.The Korea Communications Commission said IDs, nicknames and mobile phone numbers of 537 people were disclosed due to a technical glitch in an upgraded version of Starbucks Coffee Korea's mobile app.(Yonhap)The upgraded version was meant to strengthen security, the official said.He said the commission
July 11, 2018
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Korea’s antitrust watchdog investigates Audi, Mercedes-Benz over diesel ads
The nation’s antitrust watchdog launched an on-site investigation Wednesday into two local units of German automakers, Audi Korea and Mercedes-Benz Korea, in relation to their alleged manipulation of emissions-related software.According to an industry source, the Fair Trade Commission sent its investigators to the local headquarters of the two firms, with the aim of looking into whether Audi and Mercedes-Benz’s Euro-6 diesel models violated the advertising act of the nation’s fair trade law. The
July 11, 2018
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Posco chief-nominee asks stakeholders for reform ideas
The soon-to-be chairman of South Korean steel giant Posco said Wednesday that he wants to hear not only from stakeholders but also from anyone interested in the company’s business about their ideas on its future.For the first time in the group’s history, the company’s chairman-designate Choi Jung-woo will seek suggestions from its employees, shareholders, clients and suppliers as well as the general public, the company said in a statement. A pop-up window shows Posco`s Love Letter campaign. (Pos
July 11, 2018
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Hyundai Motor hires ex-FTA negotiator amid concerns over Trump's tariff push
Hyundai Motor has hired Kim Jong-hoon, a former chief negotiator who led a free trade agreement between South Korea and the US a decade ago as its special adviser, the company said Wednesday. The move appears to be part of preparations against growing fears over Trump’s car tariff push.US President Donald Trump last month reaffirmed his push to slap a 25 percent tariff on imported vehicles to the US. Kim is a trade expert who led a series of bilateral free trade negotiations between Korea and th
July 11, 2018
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Hyundai Motor Co.'s labor union to stage partial strike this week
(Yonhap)The labor union of Hyundai Motor Co. will stage a partial strike this week amid a deadlock over wage negotiations with its management, union officials said Tuesday.The unionized workers will down their tools on Thursday, some for two hours and others for four hours. It would be the seventh consecutive year they have gone on strike over wage issues if they press ahead with the walkout plan.Separately, the company's union members plan to stage another partial strike on Friday in line with
July 10, 2018
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[Doing biz in Korea] Trickiness in managing risks in Korea
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 ninth installment. -- Ed.Managing risks has been a tricky task for foreign companies operating in South Korea, where personal relations largely overpower official ones and the culture is relatively secluded as well as cautious toward the unfamiliar. On top of it, disparity between the reality here and formal procedures upheld by headquarters ba
July 10, 2018
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Samsung keeps low-key on Moon's request on job creation
South Korea’s biggest family-run conglomerate Samsung appeared to be remaining low-key Tuesday after the first encounter between its heir apparent Lee Jae-yong and President Moon Jae-in, while seeking measures to join the government’s drive for economic revitalization, according to the business community on Tuesday. During a five-minute impromptu meeting which is said to have been suggested by Moon, the president requested Samsung to create more jobs, core agenda to realize its income-driven eco
July 10, 2018
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Starbucks Korea vows to go greener, plastic-free
Acting in tandem with the global coffee giant’s headquarters, Starbucks Korea announced Tuesday that it will kick off the “Greener Starbucks” campaign to go plastic-free at all of its stores nationwide.Starbucks Korea employees pose for an announcement made Tuesday to go greener by reducing the use of plastic at stores nationwide. (Starbucks Korea)According to the company, it will gradually introduce paper straws at all of its 1,180 stores across the country. It will also adopt specially designe
July 10, 2018
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Kolon TissueGene to seek US FDA approval for new drug Invossa in 2021
Kolon TissueGene, the US-based biopharma unit of South Korea’s Kolon Group, said Tuesday that it will initiate phase 3 trials of its new osteoarthritis drug Invossa around September, with plans to submit a biologics license application to the US drug regulator by end-2021. The firm is hoping to get the drug approved in the US as a “disease-modifying osteoarthritis drug,” or DMOAD, by proving through clinical trials that it not only alleviates pain and improves joint function, but also improves j
July 10, 2018
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CGV aims to secure 10,000 screens in 11 countries by 2020
CJ CGV, South Korea's largest cinema chain, said Tuesday it aims to increase the number of its screens around the world to 10,000 in 11 countries by 2020."Based on the company's capabilities that have been built for the past 20 years, we'll lead the future-oriented cinema market and expand the notion of the cultureplex around the world," Seo Jung, CEO of the CJ CGV, said during a regular media forum on the local film industry at a theater in eastern Seoul. (Yonhap)"Cultureplex" refers to an all-
July 10, 2018
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Starbucks pledges to replace plastic straws with sippy cups by 2020
Starbucks announced on Monday it would get rid of plastic straws at all stores by 2020 to help tackle plastic pollution.Plastic straws will disappear from over 28,000 Starbucks stores worldwide over the next two years, and drinks will instead be served with a new strawless lid that has a “teardrop-shaped opening” the size of a thumbprint.The company says the move could eliminate more than a billion straws a year.The new cold-cup lids will be introduced worldwide by 2020. (Starbucks)The moves com
July 10, 2018