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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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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Military aircraft evacuating S. Koreans in Lebanon returns home
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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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Lotte Liquor announces new line of beers
Lotte Liquor, a unit of Lotte Chilsung Beverage, said Thursday that it would launch a new lager beer at the end of May.Fitz Super Clear will contain 80 percent malt and an alcohol volume of 4.5 percent, according to Lotte. The name is a variation on the word “fit,” indicating it is a fitting beverage to enjoy with anyone and fits with a variety of foods. The logo for Fitz Super Clear (Lotte Liquor)Fitz uses the German Herkules hop to create a light, fresh taste, and uses original gravity, meanin
April 20, 2017
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Dolce Gusto launches limited-edition Brazilian capsule
Capsule coffee brand Nescafe Dolce Gusto has launched a limited-edition single-origin Brazilian capsule, the company said Thursday.The Catuai do Brazil capsule contains Catuai Arabica, chosen by Dolce Gusto’s coffee creators out of the 50 kinds of Arabica beans grown by the South American company. Catuai do Brazil capsules from Nescafe Dolce Gusto (Nescafe Dolce Gusto)“Delicately roasted Catuai beans unfold their subtle coffee aromas and surprising sweet floral notes for a stunning limited edit
April 20, 2017
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Paradise City resort opens in Incheon
Integrated resort Paradise City opened its doors Thursday, making available its casino, convention center and hotel to the public.“Paradise City was a challenge best suited for Paradise Group, a first mover in the tourism industry,” Paradise Group Chairman Chun Phil-lip said at the opening ceremony. “We will raise the stature of Korea through Paradise City, East Asia’s first integrated resort, and create a K-style destination for visitors from all over the world.” Paradise Group Chairman Chun Ph
April 20, 2017
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[Superich] Hansae Group speeds up business succession
Hansae Group has been actively passing on its management rights to the second generation of its founding family, with Director Kim Seok-hwan promoted to co-CEO of the largest domestic online bookstore Yes24 last month.The group was founded by Kim Dong-nyeong in 1982 as a company specializing in the export of clothes. Hansae Co. established foreign corporate bodies in the 1980s and expanded its business to Latin America in the 1990s. Chairman of Hansae Group Kim Dong-nyeongIt was listed on the
April 20, 2017
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[Superich] CU maintains No. 1 position but faces challenges
Along with the rise in single- and double-person households, there has been an increasing demand for home meal replacements and other convenient facilities here.In light of this trend, the convenience store industry has enjoyed substantial increases in profits, with the combined sales of convenience stores here surpassing 20 trillion won ($17.6 billion) and the number of convenience stores reaching 30,000 nationwide last year.Hong Suk-jo, the “king of the convenience store,” was able to make a f
April 20, 2017
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Antitrust watchdog slaps W70.2b fine on four builders for bid rigging
South Korea's antitrust watchdog said Thursday that it has imposed a combined 70.2 billion-won ($61.4 million) fine on four local builders for rigging bids for a state railway project.The four companies -- Hyundai Engineering & Construction Co., Hanjin Heavy Industries & Construction Co., Doosan Heavy Industries & Construction Co. and KCC Engineering & Construction Co. -- allegedly colluded to participate in the bidding process to build a 58-kilometer-long railroad arranged by the Korea Railway
April 20, 2017
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Market for premium children's brands growing fast
Online shopping malls are partnering with premium children's brands as sales in the segment are growing faster than for cheaper labels, industry watchers said Thursday.First-quarter sales of brand name children's clothing and accessories increased 43 percent on-year at online mall 11st Street, compared with a 34.7 percent rise for the overall market.(Yonhap)Seven of the top 10 sellers were products priced at over 100,000 won ($87.73), according to officials. The No. 1 seller was a swaddle blanke
April 20, 2017
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Egg prices rise again due to bird flu outbreaks in Spain, US
Prices of eggs are on the rise again recently as imports of chickens were halted from the United States and Spain due to outbreaks of bird flu there, industry sources said Thursday.Prices of chickens and eggs surged to the highest level in recent months in three decades as more than 33 million chickens were culled following the nationwide outbreak of avian influenza late last year.(Yonhap)The prices had fallen briefly with the import of chickens and eggs from the US and Spain, but began moving u
April 20, 2017
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Chinese shoppers of Korean products turn to direct online purchases
Chinese online shoppers' direct purchases from South Korea have not waned despite Beijing's economic retaliations against Seoul, the latest statistics showed Thursday.According to the Beijing office of the Korea Trade-Investment Promotion Agency, South Korean products accounted for 13.6 percent of direct overseas purchases through China's Tmall, the largest platform for such shopping. South Korean products ranked third after Japan's (19.3 percent) and the United States' (18.3 percent).(Yonhap)Ch
April 20, 2017
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Lotte's losses in China compounded by payment to local workers
Losses incurred by South Korean retail chain Lotte Mart from business suspensions in China are being compounded by salary payments to local employees, industry sources said Thursday.Lotte Mart, a highly successful affiliate of Lotte Group, had to temporarily close 74 of its 99 shops in China in February after local authorities suspended them for violating fire safety regulations. Another 13 have shut down voluntarily.(Yonhap)Officials at Lotte Mart's China business say they have fixed the cited
April 20, 2017
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LG Chem posts record-breaking sales in Q1
LG Chem posted record-breaking sales for the first quarter of this year. LG Chem said Wednesday that it posted 796.9 billion won ($698 million) in operating profit, a 74 percent rise on-year. It also posted 6.4 trillion won in sales, a 33 percent increase, for the same period. The battery firm said the strong earnings were brought about by the record-breaking operating revenue in its basic material business, the turnaround in its information electronics materials and profit increases in its life
April 19, 2017
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Item rentals expand market presence on surging demand
The item rental market in South Korea is expanding its range of lineups into various areas, ranging from fashion accessories and digital cameras to furniture, as a growing number of consumers are willing to use products at affordable prices and return them instead of owning them outright, industry observers said Wednesday. Renting goods have emerged as a lucrative business here, as people, especially the younger generation, are increasingly open to the idea of borrowing items for everyday use an
April 19, 2017
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[From the Scene] Celltrion bulks up to meet spiraling demand for biosimilars
SONGDO, Incheon -- Outside, it was a lazy spring day. The weather in Songdo was warm despite the nearby ocean that usually drags the temperature a few degrees lower than in Seoul. However, inside the plants of Celltrion, there was a constant buzz as machines ran on full capacity to churn out biosimilars worth 1.4 million injections. Biosimilars are at the heart of the recent success that has followed Celltrion, a local biotech company that rose to fame with Remsima -- known as Inflectra in the U
April 19, 2017
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Kakao Friends become most beloved characters in Korea
Started as mobile messaging app characters, the characters of Kakao Friends have now been named the most popular in South Korea, beating out the former No. 1, the eponymous character from “Pororo the Little Penguin,” the Korea Creative Content Agency said Wednesday.The Kakao Friends are eight characters introduced on KakaoTalk in 2012. They remained outside of KOCCA‘s top 10 list until 2014, but moved up quickly, seizing the second spot in 2015.A view inside the Kakao Friends flagship store in G
April 19, 2017
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[Herald Interview] Celltrion out to eat J&J's lunch with Remsima
SONGDO, Incheon -- South Korea’s Celltrion will take away half of Johnson & Johnson’s Remicade market in the US with its biosimilar drug that hit the country last year, the company’s CEO said, citing its price competitiveness and quality assurance.“We expect to take away around 40-50 percent of Remicade’s market share in the US at a faster pace than we did in Europe,” said Celltrion’s Chief Executive Officer Kim Hyoung-ki in an exclusive interview with The Korea Herald and The Investor at the co
April 19, 2017
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Chicken franchise sales rise in 2016 despite bird flu, economic slump: data
Sales of South Korea's major chicken franchises rose last year from the previous year despite the outbreak of avian influenza and weak economic growth, government data showed Wednesday.Fried chicken and beer, called "chimaek" in South Korea, is one of the most popular foods in the country, as well as soju and samgyeopsal, or grilled pork belly. (Yonhap)Kyochon, the biggest franchise, posted a 13-percent increase to 291 billion won ($255 million) last year from $257 billion won a year earlier, ac
April 19, 2017
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Daewoong Pharm's antibiotic Meropenem hits US
South Korean drug maker Daewoong Pharmaceutical Co. said Wednesday its generic antibiotic, Meropenem, was launched in the United States.Meropenem, which is used in treatment for a wide range of diseases ranging from serious bacterial infection to general infection, was rolled out under the name "Daewoong Meropenem Inj" in the world's largest pharmaceutical market, it said. (Daewoong Pharmaceutical Co.)In December 2012, the US Food and Drug Administration (FDA) accepted Daewoong Pharmaceuticals'
April 19, 2017
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Korea can't afford another Hanjin: AmCham panel
The American Chamber of Commerce in Korea as well as stakeholders in the international and domestic shipping industries gathered in Seoul on Wednesday, calling for strong political and financial countermeasures to help aid the hemorrhaging shipping industry that is seeing a gross overcapacity of vessels worldwide. AmCham held its “Seminar on Korea-US Marine Transportation: Current Landscape and Measures for Revitalization,” inviting members of the Korea Shipowners’ Association, Busan Port Author
April 19, 2017
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KDB to proceed with Doublestar deal for Kumho Tire
The state-run Korea Development Bank and Chinese tiremaker Doublestar are scheduled to proceed with sales of Kumho Tire from Monday to Sept. 23, if Kumho Asiana Group Chairman Park Sam-koo does not exercise the right of first refusal, KDB said Wednesday.“Chairman Park has until the 19th, which is today, to exercise the right of first refusal. If he does not change his stance, we are planning to continue the stock purchase agreement signed with Doublestar” said an official at KDB, one of Kumho Ti
April 19, 2017
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Homeplus aims to outplay rivals with fresh produce campaign
Supermarket chain Homeplus is promising to bring fresh food to dinner tables in Korea with a new campaign called “Basis for Freshness,” according to the company Wednesday.The name of the campaign is a play on the Korean title of the popular math textbook “The Art of Mathematics,” promoting an image that Homeplus’ fresh food distribution process follows the best practices in terms of sourcing, packaging, delivery and display.Models promote Homeplus’ “Basis for Freshness” campaign (Homeplus)Since
April 19, 2017