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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Market uncertain on Korea's October rate cut despite slowed inflation
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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Special counsel bill to probe first lady scrapped
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Korea counters US' ‘discriminatory’ drug pricing claim
South Korea has submitted a document hitting back at a claim by a US trade group representing its pharmaceutical industry that Korea’s drug pricing policies favor its domestic industry, ministries said Wednesday.The document was prepared by the Ministry of Health and Welfare and submitted Thursday to the US Trade Representative, a US counterpart in the bilateral free trade deal, by the Ministry of Trade, Industry and Energy, according to a ministry spokesperson. In the 36-page document submitted
Feb. 28, 2018
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Samsung C&T appoints former GE executive to board
Samsung C&T said Wednesday that it has appointed former General Electric Chief Productivity Officer Philippe Cochet, 58, as a new member of the board of directors, as it attempts to diversify its leadership and improve governance. Philippe Cochet (Samsung C&T)The French executive will serve as the non-executive director from March. He is the first foreign board member of the company.The company said it will continue to bring in more global talents and female board members in the next year.Wedne
Feb. 28, 2018
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[Photo News] Homeplus celebrates 21st anniversary
(Homeplus)South Korean discount chain Homeplus is holding a large-scale discount shopping event for four weeks from Thursday to celebrate the 21st anniversary of its foundation. Twenty-one items from categories such as food, daily necessities and hygiene products will be offered at discounted prices, the company said. In addition, Homeplus will also hold events for families at each store’s culture center, such as board game competitions and flea markets.(khnews@heraldcorp.com)
Feb. 28, 2018
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Fila Korea to give W120m reward to Korean women’s curling team
South Korean sportswear brand Fila Korea will provide a 120 million won ($110,400) reward to the South Korean women’s curling team that won silver at the 2018 PyeongChang Winter Games, marking the country’s first Olympic medal in the sport. South Korean women's curling team (Yonhap)The company said Wednesday that the reward was intended to encourage the curling team and motivate them to achieve higher goals in the future.The prize money will be given to the team’s members via the Korea Curling F
Feb. 28, 2018
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Amorepacific named Korea’s most respected company
Amorepacific, Korea’s leading cosmetics maker, has been selected as the most respected workplace in the local cosmetics industry for the third straight year, a survey showed. AmorepacificAccording to the Korean Management Association Consulting, which surveyed more than 12,000 industry workers and human resources specialists, Amorepacific scored high in criteria such as innovation ability, shareholder value, employee satisfaction, customer value as well as social image, topping the cosmetics pr
Feb. 28, 2018
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Creditors to hold meeting on fate of Kumho Tire
Creditors of Kumho Tire Co. will hold a meeting this week to discuss the fate of the troubled tiremaker as its management and labor union failed to agree on a turnaround plan, the state-run creditor bank said Tuesday. Korea Development Bank said it will hold the meeting on Wednesday. (Yonhap)To help revive Kumho Tire, creditors have agreed to extend 1.3 trillion won ($1.21 billion) worth of debt. In return, they asked Kumho Tire's management and labor union to accept concessions and agree on a p
Feb. 27, 2018
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[Photo News] BAT Korea hosts talk concert
British American Tobacco Korea said Tuesday that it successfully hosted the “BAT MAN” talk concert to support the young generation’s challenges in achieving their dreams. The company ran a six-month contest, through which 10 teams made it to the finals. One finalist was awarded 10 million won ($9,300). Gary Tarrant, head of legal and external affairs, said BAT Korea would continue to host such programs to hear more from the young generation and support their endeavors. (BAT Korea)
Feb. 27, 2018
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Posco buys 4.75% shares of Australian lithium producer
Posco, South Korea’s biggest steelmaker, bought 4.75 percent shares and convertible bonds of Australia-based lithium and tantalum producer Pilbara Minerals, in a move to boost its lithium business, the company said Tuesday.Posco also signed a long-term business agreement to purchase 240,000 metric tons of lithium spodumence concentrate annually from the lithium producer.Posco-Australia, the steelmaker’s corporate body there, will acquire the shares, the company said.(Yonhap)Demand for lithium ha
Feb. 27, 2018
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Korea sets aside 10 billion won to protect SME technology
The Ministry of SMEs and Startups and Korean Intellectual Property Office said Tuesday they would jointly support technological development and secure the intellectual property rights of small companies to help them protect their technologies from the influence of bigger rivals.The government will set aside 10.4 billion won ($9.6 million) this year with a plan to support around 40 technological projects, according to a joint statement released by the two organizations. The beneficiaries will be
Feb. 27, 2018
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Hyosung chairman extends outreach to Asia on back of tech prowess
Hyosung Chairman Cho Hyun-joon’s recent series of visits to Asian countries appears to be laying the ground for more business opportunities there. Cho has held talks with leading figures of Asian countries, including Indian Prime Minister Narendra Modi on Feb. 18 and Vietnamese Prime Minister Nguyen Xuan Phuc on Feb. 8.Following Cho’s meeting with Modi, Hyosung announced a plan to build its first spandex plant in Maharashtra, India. The move is expected to serve as the “cornerstone” in penetrati
Feb. 27, 2018
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Nexon Foundation launches to support children in Korea and abroad
South Korea’s video gaming giant Nexon on Tuesday announced the official launch of the Nexon Foundation which has been tasked with spearheading Nexon’s various social contribution programs here and abroad.In doing so, Nexon is joining the likes of its domestic rivals Netmarble Games and NCSoft which also operate similar foundations dedicated to corporate social responsibility projects.The new foundation will continue to operate and expand Nexon’s existing CSR programs, while initiating new proje
Feb. 27, 2018
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CJ Group chairman named chairman of Korea Employers Federation
CJ Group Chairman Sohn Kyung-shik was named the seventh chairman of the Korea Employers Federation on Tuesday.According to the federation, five members of a selection committee held a meeting and appointed Sohn as the next chairman among three other members. Sohn was in India for a business trip when he was selected. CJ Group Chairman Sohn Kyung-shik (Yonhap)“I feel a grave responsibility to serve as the chairman of the KEF at this crucial time,” said Sohn, according to CJ Group.“Based on my ex
Feb. 27, 2018
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3.1 Phillip Lim opens new stores in Seoul via Handsome
3US fashion brand 3.1 Phillip Lim will open new stores in Seoul via Handsome, the apparel unit of Hyundai Department Store, the company said Tuesday. 3.1 Phillip LimAccording to the company, 3.1 Phillip Lim’s men’s and women’s apparel, bags and accessories will be sold at new stores on the 2nd and 4th floor of Galleria Department Store’s luxury hall in Apgujeong, from March 1. Handsome will expand the distribution channels through Hyundai Department Store to establish more 3.1 Phillip Lim stores
Feb. 27, 2018
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[Photo News] E-mart delivers first EV
South Korean discount chain E-mart delivered the mini electric vehicle sold at its stores to its first buyer at its Seongsu branch on Tuesday. The D2 mini electric vehicle sold at E-mart is manufactured by Chinese carmaker Zhidou. (E-mart)Zhidou’s two-seater electric car can run up to 150 kilometers on a single charge. The D2 is priced at 14.5 million won ($13,480), which was fixed in December after being approved by regulatory authorities as well as local governments’ subsidy program of up to
Feb. 27, 2018
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Korea to swiftly discuss normalization plan for GM Korea: regulator
South Korea's top financial regulator said Tuesday the government will swiftly proceed with negotiations with General Motors Co. on a turnaround plan, including the government's potential support measures, for the US carmaker's troubled local unit.Choi Jong-ku, chairman of the Financial Services Commission, told lawmakers that due diligence on GM Korea will be conducted without delay.Earlier this month, GM, which asked the Korean government to provide financial support for GM Korea, said it will
Feb. 27, 2018
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Trump forecasts possible tariffs on steel
WASHINGTON -- US President Donald Trump said Monday he would impose tariffs on steel imports if that helps revive the domestic industry.He made the remark after the Department of Commerce earlier this month recommended tariffs for steel and aluminum imports. South Korean steel manufacturers could be subject to the action."I want to bring the steel industry back into our country," Trump said at a meeting with US state governors at the White House. "If that takes tariffs, let them take tariffs. OK
Feb. 27, 2018
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FTC forces Samsung SDI to sell 4 million of Samsung C&T shares
The Korean Fair Trade Commission said it ordered Samsung SDI on Monday to sell its remaining 4 million shares in Samsung C&T Corp. to further resolve Samsung’s circular chains since the merger between Samsung C&T and Cheil Industries in 2015.Monday’s order is a follow-up measure after the antitrust watchdog decided in December to change its earlier stance of having the affiliate discard only 5 million shares out of the total 9 million shares. A final decision was made by the Office for Governmen
Feb. 26, 2018
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HNB smokers still exposed to toxicants, but less, BAT claims
As tension with the government persists over the risks of heat not burn tobacco, British American Tobacco’s Korean subsidiary released clinical study findings that switching from conventional cigarettes to glo -- the company’s HNB device -- reduces exposure to harmful chemicals. (BAT Korea)While government test results have still not been released, scientists from BAT’s Reduced Risk Substantiation team found that toxicant levels in people who used glo were 90 to 95 percent less than smokers of n
Feb. 26, 2018
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[News Focus] Korea’s ‘zero’ interest in hunt for minerals leave tech firms vulnerable
While rival nations are stepping up the hunt for key minerals, which are increasingly in demand in the ‘fourth industrial revolution,’ South Korea, tied to past mistakes, is seen as going in the opposite direction by scaling down related businesses. Korea is now restructuring organizations and reducing budgets of public organizations related to overseas resource development. There won’t be any government-led overseas resource development for the time being through either consortium or joint inve
Feb. 26, 2018
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[IP in Korea] From trademarks to trade secrets, SMEs broaden IP horizons
For small enterprises with limited resources and technology, the extensive intellectual property war of industry giants such as Samsung and Apple may seem quite irrelevant.But the steady growth trend in the domestic patents sector over the years indicates that even second-tier businesses have now picked up on the importance of their intangible intellectual assets, according to an IP service leader of the state-run Korea Trade-Investment Promotion Agency.“Patents are a highly sophisticated field,
Feb. 25, 2018