Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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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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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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[KH Explains] Is private equity giant MBK a risk-taker or renegade?
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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[From the Scene] Hyundai Mobis catalyzes electrification with new mobility tech
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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C1 Gas Refinery R&D Center to boost petrochemical industry
The C1 Gas Refinery R&D Center said Thursday it has been making continuous efforts to increase the price competitiveness of the domestic petrochemical industry while reducing greenhouse gas emissions through the development of C1 gas conversion technology.Amid rising environmental concerns and increasing price volatility in the industry, a group of 100 researchers from Sogang University, Kyunghee University, Ajou University, Seoul National University, KAIST, the Korea Institute of Energy Researc
May 25, 2017
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[Moon in Office] Industry calls for cautious approach in cutting diesel vehicles
The Korea Herald is publishing a series of articles delving into the economic policies and tasks expected of the new Moon Jae-in administration. This is the eighth installment -- Ed.In a major turn from the past government’s recommendation of using diesel-powered vehicles that were initially touted to be eco-friendly since around 2008, Korea has been moving to slash the number of them as a way to tackle fine dust. And the new Moon Jae-in administration appears determined to take the initiative.P
May 25, 2017
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LS C&S Asia to provide cables to Dong Energy
LS Cable & System Asia has signed a supply contract worth $10 million with Dong Energy, a Danish state-controlled utility and offshore wind farm developer, the company said Thursday. LS C&S Asia‘s supply contract is part of the $35 million deal made between its parent company LS Cable & System and Dong Energy in April 2016.With the contract, LS C&S Asia is to provide power cables to the European market for the second time. LS Cable & System AsiaIn 2016, LS C&S Asia provided cables worth 12.7 bil
May 25, 2017
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Hyundai Merchant's cargo processing soars at local port
Hyundai Merchant Marine Co.'s cargo processing at the Busan Port, the largest sea gateway in the country, increased 72 percent last month from a year ago, helped by its shipping alliances, the company said Thursday.Hyundai Merchant processed 15,332 twenty-foot equivalent units of cargo through the port, 453 kilometers southeast of Seoul, in April, the second-largest volume after Maersk. The total includes 81,000 TEUs of imports and exports, an increase of 68 percent on-year, and 68,000 TEUs of t
May 25, 2017
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[Superich] Hanssem founder’s donations pay off in Pantech building takeover
As the No. 1 in the domestic furniture industry, Hanssem is to open a new “Sangam-dong” era after taking over the Pantech building located in Mapo-gu, Seoul.The company made a public announcement that it will purchase the building previously owned by Ostara Korea C9, a corporate restructuring real estate investment firm, after a meeting held by its board of directors on May 12.The Pantech building, worth around 148.5 billion won, is a 22-floor building for business use with five extra basement f
May 25, 2017
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[Photo News] Renault Talisman used as stars' official cars at the Cannes Film Festival
SM6 IN CANNES -- Renault Samsung Motors, the local unit of French automaker Renault S.A., said its flagship midsize sedan SM6, globally sold as the Renault Talisman, was used as Hollywood actor Dustin Lee Hoffman and other stars’ official car during the 70th annual Cannes Film Festival. Renault Samsung Motors
May 25, 2017
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Lotte chief vow more hirings in line with Moon's policy
The head of Lotte Group promised Thursday he will bolster efforts to expand hiring down the road, in a step with the new government's key policy initiative to create more jobs to tackle alarming youth unemployment. "As there's a saying that 'employment is the best kind of welfare,' I will strive to expand recruitment," Lotte Group Chairman Shin Dong-bin said at the group's annual meeting with its labor union."The trust we have built, between the company and the union, has enabled us to come this
May 25, 2017
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New Lotte beer's name stirs plagiarism debate
Lotte's new beer brand has stirred debate with some claiming it copied the name of a chewing gum sold by the conglomerate's Japan unit, industry sources said Thursday. The controversy is seen as throwing cold water on the launch of the product that targets the low to mid-end market. (Yonhap)On Wednesday, Lotte Chilsung Beverage Co., a key unit of South Korean retail giant Lotte Group, unveiled its new standard lagar Fitz Super Clear, in a push to gain an edge in the mid-end beer market followi
May 25, 2017
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Sulwhasoo to enter French cosmetics market
Amorepacific’s cosmetics brand Sulwhasoo will launch an independent store at France’s largest department store chain Galeries Lafayette this September, said the company Thursday.It will offer the brand’s best-selling products, such as its First Care Activating Serum and Concentrated Ginseng Renewing Cream. Concentrated Ginseng Renewing Cream. (Amorepacific)The store will be designed with the motif of oriental herbal medicine, with traditional raw materials such as ginseng displayed. Sulwhasoo’s
May 25, 2017
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Korea's seaport cargo up 6.6% in April
Cargo processed at South Korean seaports gained ground last month from a year earlier on brisk outbound shipments, government data showed Thursday.Cargo handled at the country's seaports came to 129.62 million tons in April, up 6.6 percent from 121.54 million tons tallied a year earlier, according to the data by the Ministry of Oceans and Fisheries. (Yonhap)Non-container cargo rose 4 percent on-year to 88.74 million tons last month, while container freight jumped 8.9 percent to 2.34 million twen
May 25, 2017
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Posco ICT seeks to sell power produced via solar panels
Posco ICT Co., a unit of South Korea's leading steelmaker Posco, said Thursday it plans to generate power from solar panels set up on rooftops of buildings and sell it to the state-run Korea Power Exchange. (Yonhap)The company said the project involves generating small-volume power of around 1 megawatt. Posco ICT plans to install infrastructure at its headquarters and factories, and gradually expand the production capacity."We have a bright outlook on the growth, as small-volume generation proje
May 25, 2017
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Customer traffic falling fast at online shopping malls
Online shopping malls are fast losing customer traffic, industry data showed Thursday, compounding their massive business losses last year.According to the data, the number of unique visitors to the six top online shopping sites totaled 84.86 million last month. This is 9.2 percent less than the same month last year, with each site losing between 2 to 19 percent. For Ticket Monster, the monthly tally for April was 9.91 million, the smallest among the six sites. (Yonhap)It is the first time that
May 25, 2017
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Number of 'marginal companies' tops 200
More than 200 listed companies in South Korea are unable to service their debt with earnings in what is widely seen as a time bomb for Asia's fourth-largest economy, a report showed Thursday.South Korea had 3,278 marginal companies as of 2015, of which 232 were listed corporations, according to the report from the office of Rep. Kim Jong-min of the ruling Democratic Party of Korea. (Yonhap)The report was based on data from the Financial Supervisory Service. A company failing to earn enough oper
May 25, 2017
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Korea should expand class action for minority consumers: FTC chief nominee
Kim Sang-jo, nominee for head of South Korea’s antitrust watchdog Fair Trade Commission, said South Korea should adopt class action in broader sectors to enhance the rights of minority consumers against corporate wrongdoings.In a report submitted to Rep. Park Yong-jin of the ruling Democratic Party of Korea for Kim’s parliamentary confirmation hearing, Kim said the scope of the sectors that enable class action should be gradually expanded to help a new system settle in society in a smooth manner
May 24, 2017
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Koreans consume 377 cups of coffee on average in 2016: report
South Koreans drank a total of 377 cups of coffee per person on average last year, mirroring brisk growth of the sprawling market fueled by a flurry of various franchises, a government report showed Wednesday.The average coffee consumption, based on South Koreans aged over 20, has grown at an annual rate of 7 percent since 2012, according to the report by the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp. (Yonhap)The size of the domestic coffee ma
May 24, 2017
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Starbucks Korea ordered to compensate customer for changing words on event
Starbucks Coffee Korea has been ordered to compensate a customer for providing only one free coffee after the consumer won an event that originally promised a free drink every day for a year, the plaintiff's lawyer said Wednesday.The customer, surnamed Ko, filed the case with the Seoul Central District Court in December after the local unit of the US-based coffee giant failed to keep its word, saying it mistakenly notified the customers, attorney Choi Soo-jin said. This image provided by law fir
May 24, 2017
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Reseating of passenger was due to safety reasons: Asiana
Asiana Airlines Inc., South Korea's second-biggest airline by sales, said Wednesday its decision to reseat a passenger with a physical disability was to protect the safety of its passengers after he took issue with the matter on Youtube.Tim Seward, a 31-year-old industrial designer, was heading to Hawaii from Beijing via Incheon. A Chinese airline staff noticed his prosthetic leg before the plane took off in Beijing on Sunday and asked him to move from an exit row seat to another seat. "As an a
May 24, 2017
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Kumho Tire creditors to discuss loan extension
Creditors of Kumho Tire, South Korea’s second largest tiremaker, are planning to convene to discuss whether to extend the maturity date of 1.3 trillion won ($1.16 billion) worth of debt due late next month, said a creditor bank Wednesday.“It is only reasonable for Kumho to pay back the loan due on June 30 by selling its tire unit, and request a five-year extension for the remaining debt,” the spokesperson of the state-run Korea Development Bank told The Korea Herald. (Yonhap)“Kumho Tire’s branch
May 24, 2017
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[Photo News] Kumho Tire signs partnership agreement with Tottenham Hotspur
SON IN TOWN -- Kumho Tire CEO Lee Han-seob (right) poses with Son Heung-min, South Korea‘s English Premier League football star, at Kumho Asiana Group headquarters in Gwanghwamun, Seoul, Wednesday. Kumho Tire, South Korea’s No. 2 tire maker, signed a partnership agreement with Son‘s team Tottenham Hotspur last July. (Kumho Tire)
May 24, 2017
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Korea to halt benefits to Novartis drugs over illegal rebates
South Korea's health ministry said Wednesday it will suspend providing benefits for nine variations of two drug types manufactured by the local unit of Novartis after the Swiss pharmaceutical giant was found to have been engaged in illegal kickbacks.For six months starting in August, local customers will have to pay the full price of the nine Novartis items, including dementia drug Exelon, the Ministry of Health and Welfare said. The ministry provides a subsidy for prescription drugs to lower pa
May 24, 2017