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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Military aircraft evacuating S. Koreans in Lebanon returns home
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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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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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Japan, EU protest Seoul's support for Daewoo Shipbuilding
Japan and the European Union officially raised concerns over the Korean government’s latest 2.9 trillion won ($2.5 billion) bailout plan to rescue cash-strapped Daewoo Shipbuilding & Marine Engineering at a working group meeting of the Organization for Economic Cooperation and Development in Paris, a government official said Wednesday.The reactions from Japan and the EU came as nearly all bondholders of the world’s largest shipbuilder -- including its largest bondholder, the National Pension Ser
April 19, 2017
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Samsung Heavy bags order for 2 LNG carriers
Samsung Heavy Industries Co., a major shipyard here, has clinched a deal to build two liquefied natural gas carriers with a local shipping firm, industry sources said Wednesday.Under the deal with Korea Line Corp., Samsung Heavy will build two LNG carriers that can carry 7,500 cubic meters of LNG each by May and December 2019, respectively, according to the sources.(Yonhap)The value of the deal was not immediately revealed.The ships will be used to transport LNG between local ports, they said.In
April 19, 2017
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Exports of industrial parts, materials rise in Q1
Exports of industrial parts and materials increased sharply in the first three months of the year on firm global demand, government data showed Wednesday.Outbound shipments of industrial parts and materials jumped 11 percent on-year to $65.8 billion in the January-March period, accounting for 49.7 percent of the country's overall exports, according to the data compiled by the Ministry of Trade, Industry and Energy.(Yonhap)It marked the first double-digit growth since the third quarter of 2013, w
April 19, 2017
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Organic milk market growing fast in Korea
The organic milk market is expanding rapidly in South Korea, driven by burgeoning demand from younger parents willing to spend money on high-quality food and beverages for their kids, industry data showed Wednesday. The size of the organic milk market has grown by thirteen-fold to 65 billion won ($57.1 million) by the end of 2016, compared to 5 billion won in 2008, according to the data by local dairy industry. (Yonhap)Organic milk, which mainly refers to high-end plain milk, is labeled so afte
April 19, 2017
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1 out of 10 firms unable to meet interest expenses with operating profit
One out of 10 leading companies did not make enough profits last year to be able to cover interest on loans, a corporate analysis indicated Wednesday.The analysis by CEO Score, which follows financial details of conglomerates, showed that among 357 companies checked in the study, 39 had an interest coverage ratio (ICR) of under one. ICR is calculated by dividing a company's operating profit by its interest expenses and serves as a measure of how well a firm can meet its interest burdens. A rati
April 19, 2017
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Korea to launch nationwide shopping festival in fall
South Korea will hold this year's nationwide shopping festival involving retailers and traditional markets in the fall to attract foreign shoppers and boost lackluster domestic consumption, the government said Wednesday.The Ministry of Trade, Industry and Energy said the "Korea Sale FESTA," will take place from Sept. 28 to Oct. 31, overlapping with the week-long Korean Thanksgiving holiday which falls on Oct. 4. (Yonhap)The plan was endorsed by a ministerial meeting chaired by Finance Minister Y
April 19, 2017
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Posco flags W976b Q1 net profit
Posco, South Korea’s largest steelmaker, posted 976.9 billion won ($856.6 million) in net profit for the first quarter of this year, up almost threefold on-year, due to enhanced profitability and higher steel prices, the company said Tuesday.It also recorded an operating profit of 1.3 trillion won and 15.7 trillion won in sales, up 106.8 percent and 20.9 percent, respectively, on-year between January and March this year. (Yonhap)“Efforts made to enhance profitability have bearded fruit. Sales of
April 18, 2017
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Holders of Daewoo Shipbuilding commercial papers expected to agree on bailout plan
South Korea's top financial regulator said Tuesday he expects holders of commercial papers issued by Daewoo Shipbuilding & Marine Engineering Co. to agree to a debt-for-equity swap plan by the end of this week. If they accept the bailout plan, state-run creditor banks will begin injecting fresh funds into Daewoo Shipbuilding to keep the ailing shipbuilder afloat, Financial Services Commission Chairman Yim Jong-yong told reporters. (Yonhap)Yim made the remarks after Daewoo Shipbuilding received f
April 18, 2017
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Self-rescue plan, new orders crucial for Daewoo Shipbuilding's survival
The fate of Daewoo Shipbuilding & Marine Engineering Co. will largely hinge on its implementation of bold self-rescue measures and a revival of new orders, even after bondholders of the world's largest shipyard by order backlog accepted the massive debt restructuring proposal, industry watchers said Tuesday.Over the past two days, investors who hold some 1.3 trillion won ($1.13 billion) worth of bonds sold by Daewoo Shipbuilding have overwhelmingly voted for the debt rescheduling proposal drawn
April 18, 2017
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Celltrion's Truxima hits Britain
South Korean biopharmaceutical firm Celltrion Inc. said Tuesday that its biosimilar drug Truxima began selling in Britain following approval from a European regulator.Starting earlier this month, Britain-based Napp Pharmaceuticals began distributing Celltrion's biosimilar to Roche's Mabthera at 50 hospitals in the country, Celltrion said.(Yonhap)In February, the European Medicines Agency accepted Celltrion's application to sell the antibody biosimilar which is used in the treatment of a number o
April 18, 2017
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Chamisul sales surpass 1 trillion won mark
CHAMISUL SETS RECORD -- Sales of Hite Jinro’s Chamisul crossed the 1 trillion won ($87 billion) mark last year, the first time for the country’s soju brand. Chamisul was first introduced in the market in 1998. Since its debut, about 1.7 billion bottles have been sold, the company said. (Yonhap)
April 18, 2017
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Daewoo Shipbuilding gets nod from bondholders for debt rescheduling, set to receive fresh financing
Embattled Daewoo Shipbuilding & Marine Engineering Co. on Tuesday got the nod from its investors who hold some 1.3 trillion won ($1.14 billion) worth of bonds, paving the way for the troubled shipyard to receive a fresh cash injection from its creditors.Earlier in the day, investors with some 410 billion won approved the debt rescheduling proposal drawn up by the shipyard's creditors. On Monday, holders of some 940 billion won worth of Daewoo Shipbuilding bonds also agreed to the debt rescheduli
April 18, 2017
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Procurement expo to reach out to global buyers
The Korea Public Procurement Expo 2017 kicks off Wednesday, seeking to reach out to a wide range of global buyers. It is held by the state-run Public Procurement Service. The number of international buyers participating in the annual event this year will reach 114 from 25 countries, a 8 percent increase from the previous year, which had 106 from 24 nations, according to PPS Administrator Chung Yang-ho, in an interview with The Korea Herald.Among the buyers this year, 75 will be from the United S
April 18, 2017
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[Newsmaker] Out of bribery scandal, SK chief readies for Toshiba race
SK Group Chairman Chey Tae-won is back on track to advance the conglomerate’s global expansion, after being cleared of all prosecutorial charges in a bribery scandal that led to the impeachment of the nation’s elected leader. The prosecution Monday afternoon did not press any charges against Chey, lacking evidence to prove the allegation he had bribed Choi Soon-sil, the longtime friend of former President Park Geun-hye, in exchange for a presidential pardon. The chairman had been banned from lea
April 18, 2017
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[KH Explains] Rising coffee sales raise sugar, caffeine concerns
Sweet and packing a caffeine punch, ready-to-drink coffee products lining shelves at convenience stores and supermarkets have become a popular and cheaper alternative to high-priced espresso.The quickly rising sales of these ready-to-drink products have even spurred traditional coffee brands including Starbucks and Caffe Bene to launch RTD offerings in convenience stores. According to convenience store chain 7-Eleven, sales of RTD coffees in both cup and can packaging in the first quarter rose b
April 18, 2017
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SK Innovation ad hits over million views
SK Innovation’s advertisement under the theme “Big picture of Innovation” has received positive feedback from viewers, with a million views in the 10 days since its release, said the company Tuesday.The advertisement featuring Garip Ay, a Turkish marbling artist, was released on April 5. It reached its audience through several online media sources including SK Innovation’s official blog and Facebook page. By Monday, the view count had reached 1.14 million. (SK Innovation)“I am glad to have work
April 18, 2017
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Korean airports see massive drop in traffic from China
Korean airports have seen an “alarming” drop in air traffic coming from China since mid-March, according to the Korea Airports Corporation on Tuesday.The decreased numbers have been most visible in places like Jeju International Airport, which serves the tourist-friendly island. In the first quarter of 2017, the airport posted a 24.1 percent drop in international passengers, following a five-year compound annual growth rate of 26.1 percent, according to the airports corporation. (Yonhap)Overall,
April 18, 2017
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Korean firms suffer sales falls in China
South Korean businesses operating in China suffered falls in sales for the first three months of the year due to the soured ties between the two countries, a report showed Tuesday. According to a survey by the Korea Institute of Industrial Economics and Trade, an index for companies’ sales performance logged 78 for March, down from 102 in the previous quarter. An index reading below 100 suggests there are a larger number of companies with negative views or outlook about their performance, while
April 18, 2017
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Subscriptions to low-cost mobile carriers top 7m in Korea
The number of subscribers of mobile virtual network operators (MVNOs) has hit the 7 million mark, the ICT ministry said Tuesday, maintaining stable growth since the service was launched in 2011.The mobile service providers that rent networks from the country's three carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- had over 7.01 million users as of the end of March, the Ministry of Science, ICT and Future Planning said.MVNOs usually provide users with plans cheaper than those of the maj
April 18, 2017
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[Photo News] Novartis criticized by Korean patient groups
NOVARTIS UNDER FIRE IN KOREA — South Korean civic groups representing local patients with leukemia and gastrointestinal stromal tumors hold a rally criticizing Novartis for allegedly inflicting damage to patients in a protest held in front of the Novartis Korea headquarters in Seoul, Monday. Korea’s Health Ministry is slated to suspend insurance coverage for 18 drugs sold by Novartis here as punishment for the Swiss drugmaker which was found to have provided bribes worth 2.6 billion won ($2.28 m
April 18, 2017