Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Man escapes DUI charges by downing bottle of soju while pulled over
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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35% of S. Koreans view unification 'unnecessary'
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Slew of top K-pop stars ready to return from military
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Pianist Lim Yunchan double winner at Gramophone Awards
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Online transactions one-fifth of purchases as mobile shopping soars: data
Purchases made on smartphones soared in the first quarter this year, helping to make nearly one-fifth of all retail purchases online transactions, according to data from Statistics Korea on Friday.Online purchases rose 19.6 percent on-year in the first quarter to reach 18.2 trillion won ($16.27 billion), accounting for 19 percent of retail transactions. This was the highest proportion of purchases ever to be recorded since 2010, when statistics were first compiled. (123rf)In March, purchases mad
July 21, 2017
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FTC selects Harim Group as first target for ‘unfair practices’ investigation
The Fair Trade Commission said Friday that the government is currently investigating the legal standings of Harim Group CEO Kim Hong-kuk handing off 100 percent of stakes in Orpum, an unlisted chicken subsidiary, to his 25-year-old son Kim Jun-young in 2012. As part of the government’s latest pledge to crack down on illegal and unfair business practices, the FTC has selected local poultry giant Harim Group, Korea’s leading livestock and animal feed group, as the first conglomerate to probe in
July 21, 2017
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Lotte World Adventure 14th most visited theme park globally
Lotte World Adventure in Seoul, operated by Lotte Group, had the 14th highest number of visitors among its global peers last year with 8.15 million people, an annual survey said Friday.The tally compiled jointly by Themed Entertainment Association and consulting firm Aecom said Lotte World was the most-visited amusement park in South Korea and fifth in Asia. Everland Resort, another theme park located just south of Seoul, ranked 16th in the world in visitor numbers. (Yonhap)Lotte World had 11.5
July 21, 2017
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Hyundai Rotem wins W220b order to build subway trains
Hyundai Rotem Co., the train manufacturing affiliate of Hyundai Motor Group, said Friday it has won two separate orders worth 220 billion won ($196 million) to build subway trains for Seoul's metro company. The company said in a statement it received a 176 billion-won order from Seoul Metro to build 214 trains for the capital city's subway line No. 2 by 2020. A subway train operated by Seoul Metro (Courtesy of Hyundai Rotem) (Yonhap)In the other deal, the company won a 43.8 billion-won order to
July 21, 2017
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Airlines ordered to pay fines, pilots suspended as punishment for accidents
Asiana Airlines was fined 900 million won ($802,282) for a runway accident two years ago and the pilot responsible stripped of his license, the transport ministry said Thursday while announcing a series of punitive actions against carriers.Korean Air Lines Co. was ordered to pay 600 million won in penalties, also for a runway incident in the same year.The Ministry of Land, Infrastructure and Transport convened a meeting of its administrative action review board earlier in the week to decide the
July 20, 2017
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Kepco lays groundwork to enter energy markets in CIS countries
South Korea’s state-run utility provider Korea Electric Power Corp. on Wednesday held the Korea-Kazakhstan Energy Forum to discuss future cooperation, the company said Thursday. Kepco CEO Cho Hwan-eik and Korea Trade-Investment Promotion Agency CEO Kim Jae-hong participated in the event, along with 150 other attendees including government officials and experts. They discussed current trends and joint business opportunities in the energy industry. Kepco CEO Cho Hwan-eik delivers a speech at the c
July 20, 2017
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First Korean leisure sport aircraft KLA-100 takes maiden flight
GOHEUNG, South Jeolla Province -- The first two-seater light aircraft developed in Korea took its initial flight Thursday at Goheung Aviation Center in Goheung, South Jeolla Province.The Korea Light Aircraft-100 was developed by a team of researchers from display parts maker Vessel and Konkuk University, supervised by the Transport Ministry. The project had attracted investments of 27.9 billion won ($24.8 million) from September 2010 to develop the plane, which is designed to fulfill growing dem
July 20, 2017
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GS25 launches convenience store air ticket service
Convenience store chain GS25 has joined with Air Busan to introduce new kiosks that sell air tickets.The company said customers can book and buy Air Busan’s domestic and international flight tickets at the kiosk installed at local branches. Customers without luggage can also check in via the platform. (GS25)GS25 has installed the kiosk at three branches so far and plans to increase the number to 100 nationwide by the end of the year,Customers using the kiosk will receive a 5 percent discount, G
July 20, 2017
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[Newsmaker] Role grows for KCCI chief as mediator to Moon’s reform drive
Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, has exhibited a somewhat different image as a member of a chaebol family in the past years. The former Doosan Group chairman and the fifth son of the nation’s oldest conglomerate, posts his daily ride to work via subway train on Twitter, and is known as a man of humor who surprises his staff on April fool’s day. Through a TV program on Korean chaebol some years ago, the chairman even opened up his residence, family and his l
July 20, 2017
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Posco’s Q2 earnings rise on-year with improved profitability
(Yonhap)Posco, South Korea’s leading steelmaker, reported Thursday that its second-quarter earnings rose compared to the same period last year, backed by sturdy performances of nonsteel sectors including trading, construction and energy. The company posted 14.9 trillion won ($13.2 billion) in revenue and an operating profit of 979.1 billion won between April and June this year, rising by 16.2 percent and 44.3 percent, respectively on-year. They were, however, a drop from the previous quarter by
July 20, 2017
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Daewoo Shipbuilding delivers FPSO
Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Thursday that it has delivered an offshore oil stage facility, the fourth of five orders scheduled for this year.In 2012, Daewoo Shipbuilding clinched a $2 billion contract from Inpex Corp. of Japan to build the so-called floating production and storage offloading unit.The FPSO, measuring 336 meters long and 59 meters wide, is designed to process and store oil or natural gas, and can be maneuvered to serve different l
July 20, 2017
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Business lobby's annual forum kicks off in Jeju
An annual forum held by the country's leading business lobby group kicked off its four-day run on South Korea's resort island of Jeju on Wednesday. The 42nd Jeju Forum hosted by the Korea Chamber of Commerce and Industry opened at Hotel Shilla, bringing together some 600 businessmen and experts to discuss key issues faced by Asia's fourth largest economy. Marc Knapper, the acting U.S. ambassador to South Korea, and China's top envoy in Seoul Qiu Guohong are scheduled to give lectures on economic
July 20, 2017
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LG scores approval to test self-driving cars
LG Electronics is ready to compete against its rival Samsung Electronics in developing self-driving cars. The tech giant told The Korea Herald on Wednesday it was recently granted permission to test autonomous cars on public roads in the nation. “We received the approval to test self-driving from the government on July 7 after applying for permission in May,” a LG official said. LG plans to develop its autonomous automobiles with Hyundai Motor‘s luxury vehicle Genesis by applying its own sensors
July 19, 2017
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France association apologizes over unfair biz practice
An association of local franchise companies offered an apology on Wednesday, vowing to reform themselves to end unfair business practices across the board. "Unfair business practices and inappropriate actions have caused social problems and hurt small business owners," said Park Ki-young, the chairman of the Korea Franchise Association. "I sincerely apologize as the head of the franchise industry."The apology made at a press conference comes a day after the country's antitrust regulator, the Fai
July 19, 2017
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Korean Air foresees smooth Delta JV approval despite anti-competition concerns
Korean Air foresees a smooth process of receiving government approval for its joint venture with Delta, despite some concerns about the potential for anti-competition raised by smaller airlines in the US.The airline said Wednesday that it officially applied for the Transport Ministry’s approval for the joint venture Tuesday, with similar documents filed with the Department of Transportation in the US the same day. (Starting third from right) Korean Air President Cho Won-tae, Hanjin Group Chairma
July 19, 2017
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Courts confirm legality of Rocket Delivery
Debate over the characteristic of Coupang’s popular Rocket Delivery service was put to rest after a local court on Tuesday upheld its legality, confirming that it was not considered a paid transport service under current law.“The court has reaffirmed Coupang’s long-standing position that Rocket Delivery was not a paid shipping service,” an official for Coupang said.Rocket Delivery allows consumers who buy more than 19,800 won's ($18) worth of products from Coupang to receive free guaranteed next
July 19, 2017
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Shinsegae releases SSG branded credit card
Retail giant Shinsegae said Wednesday that it will release a branded credit card called the SSG Card on Thursday.While most retailers partner with existing credit card companies to create credit card benefits for their consumers, Shinsegae produced its own card to create synergy with its SSG Pay system. Models pose with the SSG Pay system using the new SSG Card (Shinsegae)When used together with SSG Pay, the SSG card allows consumers to earn 1.5 percent of their spending as cash points called SS
July 19, 2017
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[Monitor] Everland tops list of most popular destinations
Everland Resort, an amusement park owned by Samsung, topped to the list of the most popular tourist destinations in South Korea for both Koreans and foreign visitors, according to the Korea Culture and Tourism Institute.A total of 6.96 million people visited Everland, located in Yongin, Gyeonggi Province, in 2016. It marks the second consecutive year for the resort to top the list.Following was the palace Gyeongbokgung, sitting at the center of the capital. Its rank shot up three slots from 2015
July 19, 2017
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[Advertorial] Eximbank donates cars for multicultural centers
Hong Young-pyo, executive director of the Export-Import Bank of Korea (third from left, front row), Community Chest of Korea Secretary-General Park Chan-bong (second from right) and eight recipients from centers for multicultural families, including Ahn Dae-hwan, head of the Korea Migration Foundation (center), pose at a donation event held at the Eximbank of Korea headquarters in Seoul on Tuesday. (Eximbank)The Export-Import Bank of Korea said Wednesday it donated eight cars to centers supporti
July 19, 2017
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Analysts optimistic that SK Innovation’performance will improve in 2nd half
Analysts in South Korea maintained optimistic toward SK Innovation, the nation’s top refiner, despite a downturn in its second-quarter earnings forecast due to low global crude prices. The fall in the second quarter will be “transient,” analysts say, while SK Innovation stocks will bounce back in the second half of this year, due to the seasonal upward push of crude prices and the refining margin from August to winter on the back of soaring demand.“Seasonal factors of the refining margin will sh
July 19, 2017