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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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 unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Korea's rice output falls slightly in 2016
South Korea's rice output dropped slightly in 2016 from last year due mainly to the bad weather conditions in the harvest season, government data showed Tuesday.The country's rice production reached 4.2 million tons this year, down 3 percent from 4.33 million tons in 2015, according to the data compiled by Statistics Korea.But the 2016 figure marks a 6.1 percent gain from the five-year average of 3.96 million tons amid years of bumper harvests.The statistics agency said the weather condition in
Nov. 15, 2016
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Single-portion ginseng goods popular among millenials
Korea Ginseng Corp.’s red ginseng product CKJ Everytime has been gaining popularity among youths at home and abroad, the firm said Tuesday.Since KGC rolled out CKJ Everytime in 2012, the firm has seen a tenfold increase in sales over three years. Sales jumped from 10 billion won ($8.5 million) in 2013 to 40 billion won in 2015. Sales are projected to reach close to 100 billion won this year, the firm said. Actor Song Jung-ki is seen drinking CKJ Everytime in a still from the KBS hit drama series
Nov. 15, 2016
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British investor interested in taking over STX Shipbuilding, its French unit
A British investment fund has submitted a letter of intent to a local court to buy cash-strapped STX Shipbuilding Co. and its French unit up for sale, industry sources said Tuesday.The investment fund has offered to buy STX Shipbuilding and a 66.7 percent stake in its French unit, a deal valued at 1 trillion won ($852 million) in total, while French shipyard DCNS and two other foreign shipyards submitted initial bids for STX Shipbuilding only, which could fetch 100 billion won, the sources said.
Nov. 15, 2016
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Hyosung heir meets Vietnamese PM for cooperation
Hyosung Group President Cho Hyun-joon met Vietnamese Prime Minister Nguyen Xuan Phuc last week to seek business opportunities in the Southeast Asian country’s infrastructure projects, the company said Monday. The South Korean textile giant has been eyeing construction and financial projects overseas as part of its efforts to diversify its business portfolio. Hyosung Group President Cho Hyun-joon (left) poses with Vietnamese Prime Minister Nguyen Xuan Phuc after a meeting in Hanoi. (Hyosung Group
Nov. 14, 2016
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[Herald Interview] 'Coupang moving to Jamsil's Tower 730'
Coupang, the largest operator of social commerce in Korea, will relocate to a new skyscraper called Tower 730 in Jamsil, southeastern Seoul, after the building is completed in February next year, the head of CBRE Korea said. Darren Krakowiak, managing director of the Korean unit of the world’s largest real estate service firm, said the leasing deal with Coupang on behalf of Hyundai Investment Asset Management, the landlord of the building, was one of the biggest deals involving CBRE Korea in the
Nov. 14, 2016
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Tycoons return from weekend questioning
The nation’s most powerful businessmen left the prosecution’s office in the wee hours of the morning Monday after hours of questioning on their alleged secret meetings with President Park Geun-hye last year.In an unprecedented move, the prosecution summoned all eight business leaders over the weekend, while keeping much information -- including their arrival time at the office -- in strict confidence. SK Group Chairman Chey Tae-won, with his eyes closed, sits in the backseat of his vehicle leavi
Nov. 14, 2016
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KTB Asset Management to launch W109b private real estate fund
KTB Asset Management announced Monday it is launching a private real estate fund with 109 billion won ($93 million) worth of loans in New York Marriott at Brooklyn Bridge. According to the firm, four domestic life insurance companies have purchased the fund. The dividend rate is forecast to average 4 or 5 percent by year. The investments will be valid by 2021. New York Marriott at Brooklyn Bridge. (Marriott Hotel)“New York Marriott at Brooklyn Bridge has been seen lucrative to many investors, a
Nov. 14, 2016
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Korean retailers sell big on China’s Singles’ Day
Korean retailers enjoyed a sales windfall on Friday, the unofficial Chinese holiday of Guanggun Jie, or Singles‘ Day, as Chinese consumers flocked to the internet in search of a deal.According to the Alibaba Group, the Chinese e-commerce giant, Korea saw the third-largest volume of sales to China on Friday, following Japan and the United States. A sign shows the total gross merchandise volume for the Singles‘ Day Global Shopping Festival on Chinese e-commerce giant Alibaba. (Alibaba)Alibaba is b
Nov. 14, 2016
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Abalone fishing firm seeks Korea’s first-ever ASC certification
Local abalone fishing firm Chungsanbada in Wando, South Jeolla Province, is seeking to acquire the Aquaculture Stewardship Council certification for the first time in Korea, in a move to have its sea environment conservation efforts recognized.The ASC, founded in 2010 by World Wide Fund for Nature and Dutch Sustainable Trade Initiative, is an independent nonprofit organization that aims to become the world’s leading certification and labeling program for responsibly farmed seafood. The certifica
Nov. 14, 2016
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Entrepreneurship, key to creative problem solving: GEW Korea 2016
The Global Entrepreneurship Week Korea 2016 kicked off in Seoul on Monday with the aim of fostering the spirit of entrepreneurship by inspiring and educating future business leaders.The annual worldwide event, hosted by the Small and Medium Business Administration, will be held for two days under the slogan that entrepreneurship will play a key role in creatively solving social problems. Minister Joo Young-sup of the Small and Medium Business Administration speaks at the opening ceremony of GEW
Nov. 14, 2016
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2nd Shake Shack to open in Seoul
US burger joint Shake Shack will open its second outlet in Cheongdam-dong of Seoul’s Gangnam District, the brand’s South Korean licensee SPC Group said Wednesday. The upcoming Shake Shack outlet is the second to open in Korea’s capital city, following its its first ever store which opened near Gangnam Station. The new store is expected to ease the long lines that still persist at Shake Shack’s first outlet.Construction is underway for Seoul’s second Shake Shack outlet in Cheongdam-dong. (SPC Gro
Nov. 14, 2016
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KEPCO to combine drones with ICT
The state-run Korea Electric Power Corp. on Monday announced its plans to raise a new industry by converging information and communication technology with the drone industry.Kepco has signed an agreement with South Jeolla Province and the Korea Drone Industry Promotion Association involving various projects to raise a new industry as part of a new drive for the future economy. Under the agreement, Kepco will research and develop detective and defensive technology of drones and establish a “drone
Nov. 14, 2016
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Gov't presses Daewoo shipyard's labor union over rescue plan
The South Korean government on Monday ratcheted up pressure on unionized workers at Daewoo Shipbuilding & Marine Engineering Co. (DSME) to support a creditor-led restructuring drive."(You) need to face reality," Yim Jong-yong, chairman of the Financial Services Commission, said at a meeting on the nation's corporate restructuring campaign. Yim, named the new finance minister, stressed that both the management and labor of the troubled shipbuilder should make "thorough self-rescue efforts" under
Nov. 14, 2016
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Top 3 shipyards let 3,000 workers go in Q3 amid restructuring
Some 3,000 employees have quit their jobs from South Korea's top three shipbuilders in the third quarter of the year as the industry underwent extensive restructuring programs to cope with global oversupply and low demand amid a global economic slowdown, industry sources said Monday.The country's three biggest shipyards -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- have been implementing drastic self-rescue programs, including a
Nov. 14, 2016
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Car importers fear revival of trade barriers after Trump’s victory
Both local carmakers and importers here are increasingly concerned about the possible revival of trade barriers after Donald Trump’s presidential election win last week, industry sources said Sunday.Importers here have been taking advantage of a 4-year-old free trade pact between South Korea and the US that have reduced tariffs on vehicle imports since 2012. The tariff rate on imports and exports decreased from 8 percent to 4 percent, then to 2.5 percent. The tariff was abolished in January this
Nov. 13, 2016
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Tycoons questioned over alleged secret meetings with President Park
South Korea’s most powerful businessmen were summoned by the prosecution over the weekend to answer questions about their alleged closed-door meetings with President Park Geun-hye last year. The move comes amid deepening suspicions over their dubious ties with the nation’s troubled leader, who is at the center of an influence-peddling scandal involving her longtime friend. A special investigation team at the Seoul Central Prosecutors’ Office said it had questioned Samsung Electronics Vice Chair
Nov. 13, 2016
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BMW xDrive: Four-wheel drive with finesse
CHUNCHEON, Gangwon Province -- German luxury automaker BMW invited the press on Thursday to experience its cutting edge four-wheel drive technology, dubbed xDrive, in Chuncheon, Gangwon Province. xDrive is the brand’s self-developed flagship four-wheel drive system that controls the torque split between the front and rear axles from 0:100 to 100:0 depending on road and driving conditions. German luxury automaker BMW sports activity vehicles equipped with an xDrive four-wheel drive system. (BMW K
Nov. 13, 2016
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[Photo News] Marathon for love
MARATHON FOR LOVE -- Participants cheer before starting the “Challenge for Love 63” marathon held inside the 63 Building in Yeouido, Seoul, Sunday. Hosted by Hanwha Life Insurance, the marathon involves running up 1,251 flights of stairs to the top of the building. By taking part in the marathon, participants donate tickets to diverse attractions inside the 63 Building to underprivileged children. (Yonhap)
Nov. 13, 2016
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[Photo News] Wearable health care device
WEARABLE HEALTHCARE DEVICE -- Models show the NEOFIT, a wearable healthcare device, developed by KT, which automatically recognizes the type of exercise being performed and counts the moves and the calories burned via an app. NEOFIT is able to recognize some 100 types of exercises including squats, lunges and dumbbell shoulder presses, according to KT. (Yonhap)
Nov. 13, 2016
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[ECONOMY AT RISK] Hurdles lie ahead for Korea's biotechnology push
The Korea Herald is publishing a series of articles on the alarming state of the country’s economy and the challenges to be addressed. This is the fifth installment. -- Ed.Faced with the continued slowdown of its manufacturing sector, South Korea is eyeing new growth in the field of biotechnology, a promising industry expected for a sharp growth in the years ahead. Biotechnology broadly refers to the use of genetic engineering and molecular biology to modify living cells to produce novel substan
Nov. 13, 2016