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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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Controversial cult leader’s sentence reduced to 17 years
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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, Hyundai chiefs to accompany Yoon on Singapore trip
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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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Kepco to invest $50m in power plant project in Malaysia
Korea‘s state-run utility provider Korea Electric Power Corporation said Wednesday that the company will invest $50 million in a power plant project in Malaysia.Together with partner company Tadmax Resources, Kepco will build a 1,300-megawatt combined-cycle gas-fired power plant in Pulau Indah, 60 kilometers southwest of Kuala Lumpur. (Yonhap)With the $50 million investment, Kepco will hold 25 percent stake in the project, while Tadmax Resources is to hold the remaining 75 percent. The project
Nov. 15, 2017
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Duty-free operators see high Q3 amid continuing uncertainty
Duty-free operators enjoyed a healthy third quarter this year despite falling sales from heavy-spending Chinese shoppers, but industry sources say uncertainty still looms over the once highly lucrative sector.On Wednesday, HDC Shilla announced its operating profit reached nearly 2.42 billion won ($2.18 million) in the third quarter this year, continuing three consecutive quarters in the black. A day earlier, Lotte Duty Free released third-quarter earnings with operating profit of 27.6 billion wo
Nov. 15, 2017
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T’way Air Q3 operating profit hits record high, up 56 percent on-year
Korean low-cost air carrier T’way Air posted a record-high operating profit of 25.9 billion won ($23.3 million) in the third quarter of this year, a 56 percent increase on-year, the company said Wednesday. The air carrier’s sales in the same period also reached 165 billion won, a 42 percent increase from a year ago, it added. (T'way Air)In the last three quarters, T’way Air saw combined sales of 426 billion won, up 50 percent on-year, with 46 billion won of operating profit, a 156 percent increa
Nov. 15, 2017
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US trade watchdog clears SK hynix of patent infringement allegation
The United States' trade watchdog has dismissed allegations that South Korean chipmaker SK hynix Inc. violated patents of California-based chipmaker Netlist Inc., industry sources said Wednesday.Through an initial determination, US International Trade Commission concluded that the South Korean chipmaker's server memory products did not violate section 337 of the Tariff Act, according to the sources. (Yonhap)That section of the act allows the US to slap an import ban on foreign products that have
Nov. 15, 2017
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Korea posts 69th consecutive month of trade surplus in Oct.
South Korea's trade remained in the black for 69 straight months on the back of rising global demand for locally made goods, customs data showed Wednesday.The country posted $7.14 billion in trade surplus in October, contracting from a surplus of $13.4 billion tallied a month earlier, according to the data by the Korea Customs Service.Asia's fourth-largest economy has enjoyed a monthly trade surplus since February 2012. (Yonhap)It logged $6 billion in trade surplus with Southeast Asian countries
Nov. 15, 2017
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State-run tour promotion agency to take part in China's largest tour expo
South Korea's tourism promotion agency said Wednesday it will participate in China's largest tourism expo this week, as the local tourism industry steps up efforts to attract more visitors from the neighboring country amid signs of improvements in Seoul-Beijing relations.The Korea Tourism Organization said it will promote a visit to the country at the three-day China International Travel Mart, which will kick off in Kunming, southwest China, on Friday.Major city governments and the operator of S
Nov. 15, 2017
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Korea wins WTO dispute on US anti-dumping duties on steel pipes
South Korea won a case at the World Trade Organization against the United States over the country slapping anti-dumping duties on steel pipes, nearly three years after lodging the complaint, a panel report showed on Wednesday.In July 2014, the US Commerce Department levied 9.9 percent to 15.8 percent anti-dumping duties on oil country tubular goods imports from Hyundai Steel, Nexteel, Seah Steel Corp. and Husteel.OCTG is one the fastest growing sectors in the pipelines market and South Korean pr
Nov. 15, 2017
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[Herald Interview] Reaching out to Indian consumers with K-Beauty
China has for years appeared to be an unchanging target for South Korea’s cosmetics export realm, but for market pioneers, India is the way to go, according to an entrepreneur specializing in Indian business.“For one of the fastest-growing countries in the world with a young, growing population of some 1.3 billion, India is largely underestimated in the global market,” Dale Deugcheon Han, CEO of Limese, told The Korea Herald in an interview.Limese, a combination of the Latin words for “path” and
Nov. 14, 2017
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Emart24 announces new welfare policies for franchisees
Shinsegae’s convenience store chain Emart24 on Tuesday released new welfare policies for franchisees as part of shared growth efforts.The convenience store chain will be offering franchisees financial support for their children’s education at the same level as regular employees of the company. Depending on the number of years a franchisee has operated an outlet, the funding can be used for various levels of education from kindergarten to college. Emart24 (Emart24)In addition, Emart24 said that i
Nov. 14, 2017
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11st sets record for e-commerce sales in Turkey
SK Planet’s e-commerce platform 11st said Tuesday that it set a new record in daily e-commerce sales in Turkey on Nov. 11, reaching 140 million Turkish lira ($36.1 million). Employees of n11.com celebrate the success of the Nov. 11 promotion. (SK Planet)The Nov. 11 promotion, touted as a 24-hour shopping marathon, included special offers such as 111 Volkswagen Golf cars and 111 units of iPhone X, which both sold out within the first hour. The first hour of the promotion saw 23,000 orders and 50,
Nov. 14, 2017
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Hite Jinro’s beers post rapid sales growth in Hong Kong
Hite Jinro expects its beer sales in Hong Kong to see a near sevenfold increase this year compared to 2012, according to the company Tuesday. A TV ad for Hite Jinro beer runs in Hong Kong, featuring local celebrity Eric Kot (Hite Jinro) Last year, Hite Jinro sold 320,000 boxes of beer, a 31 percent on-year increase. This year, that number is expected to rise to 410,000 boxes, almost seven times more than the 60,000 boxes sold in 2012, when Hite Jinro entered the Hong Kong market with stout beer
Nov. 14, 2017
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[Monitor] Holding companies reap profits from brand use
Profits gained by holding companies of conglomerates in South Korea from their affiliates for use of their brand names account for 15 percent of their total revenue, showed a survey by Chaebul.com. The Fair Trade Commission is currently pushing to present a revision bill that would require holding companies to publicize the brand use fees.
Nov. 14, 2017
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Flexible OLED supply to outstrip demand by 44 percent in 2018: report
The supply of flexible organic light-emitting diode panels will outstrip demand by 44 percent next year, as handset makers are slow to adopt the panels due to high production cost, according to US research firm IHS Markit. “Panel makers had expected flexible OLED to penetrate the smartphone market quickly. But they found this year that most smartphone makers choose either liquid-crystal display panels or rigid OLED panels instead of curved edge screens due to the high production cost,” said Kang
Nov. 14, 2017
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GEW Korea 2017 encourages creative, social entrepreneurship for inclusive growth
Global Entrepreneurship Week Korea 2017 was held this week under the theme of “Awakening the value of tomorrow via challenges of today,” highlighting the need for companies and entrepreneurs to place importance on inclusive growth. Some 1,700 participants ranging from students to entrepreneurs attended the two-day event hosted by the Korea Entrepreneurship Foundation and the Ministry of SMEs and Startups.Mentioning how profit-driven business models have led to social issues -- as seen in the 200
Nov. 14, 2017
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[Herald Interview] ‘Compassionate capitalism,’ another name for social entrepreneurship
To achieve successful social entrepreneurship, one should be “even more” creative and innovative as such endeavors seek not just to make profits but also to create a better society, Penny Low, founder of the Social Innovation Park, said in an interview with The Korea Herald on Monday.Low has been leading the nonprofit organization that promotes social entrepreneurship. She was also a member of the Parliament of Singapore for almost 15 years. Low was in Seoul to attend and deliver a key note spee
Nov. 14, 2017
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LS C&S Asia begins cable factory construction in Myanmar
South Korea’s cable maker LS Cable and System Asia on Tuesday said it broke ground on the local cable manufacturing facility in Myanmar. LS C&S Asia is expected to complete construction of the cable factory by November next year. The 19,800-square-meter factory will be built in the Thilawa Special Economic Zone. LS C&S Asia’s cable manufacturing facility there would first focus on producing low-voltage cables to cover demand in the local market. (LS C&S Asia)Fifty percent of cable demand in Myan
Nov. 14, 2017
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[PyeongChang 2018] P&G spotlights moms, diversity in latest Olympic campaign
Under the theme of “Proud Sponsor of Moms,” Procter & Gamble recently released the latest video for its “#LoveOverBias” ad campaign, voicing support and appreciation for mothers ahead of the upcoming 2018 Winter Olympic Games in PyeongChang. “One of the things that is commonly mentioned among various studies on the developmental process of infants and toddlers is the pivotal role of the mother,” said a statement by P&G, an American consumer goods corporation. “While there are many theories and
Nov. 14, 2017
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Korean business delegates uneasy over Australia’s LNG export curb
Local businesses have voiced concerns that Australia’s liquefied natural gas export restriction may mean tight times for Korean companies in the near future, considering President Moon Jae-in’s new eco-friendly energy policy that likely increase the country’s LNG consumption. Roughly 200 delegates from Korea and Australia attended the 38th annual Korea Australia Business Council, held in Brisbane from Nov. 12 to 14. Kwon Oh-Joon, the chairman of both Posco and the KABC, and Mark Vaile, chairman
Nov. 14, 2017
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Lotte wins suit against Shinsegae over Incheon store biz
South Korean retail giant Lotte won a suit against its rival Shinsegae on Tuesday over business rights to run a department store west of Seoul, ending a long legal battle between the two conglomerates that began five years ago. The Supreme Court ruled in line with the original verdict that validated Lotte's acquisition of land in Incheon from the Incheon city government in 2012. The battle between the two rivals began in 2012, when Lotte signed a 900 billion won ($836.4 million) deal with Incheo
Nov. 14, 2017
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Govt. unveils new safety rules on drone flight
The government has unveiled a new set of safety standards for drone flying following the recent revision of a related law, the transport ministry said Tuesday.The amended aviation safety law came into force last week, allowing drones to fly at night or beyond the pilot's visual line of sight once safety requirements are met.Under the standards, drones should pass a set of safety tests and requirements to be flown at night or out of their pilot's direct line of sight. (Yonhap)To prepare against e
Nov. 14, 2017