Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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Can Jennie break the K-pop solo artist slump?
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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PyeongChang encourages SMEs to take part in Olympics sponsorship
The organizing committee of the 2018 PyeongChang Winter Games said Sunday that it started receiving applications from small and mid-sized enterprises for official sponsorships.The committee said it decided to allow SMEs to participate in sponsorship arrangements at the games in return for marketing opportunities. It said such a move is being taken as demand for various items necessary to run the global event is growing as the start date for the Olympics approaches.There are 30 categories of item
June 26, 2016
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Samsung among top-three 'dynamic' brands with Google, Amazon: poll
Samsung Electronics Co. of South Korea has been named one of the top-three "dynamic" companies, along with Google and Amazon, a U.S. marketing firm's survey showed Sunday.IPG Mediabrands, the media holding arm of the New York-based Interpublic Group, has created a new brand measure, called a "dynamic score," in cooperation with Jonah Berger, an associate professor at the Wharton School of the University of Pennsylvania. They released the "D100" list of the most dynamic firms worldwide.Samsung ra
June 26, 2016
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Lotte chairman fends off elder brother's challenge for third time
The chief of South Korean business group Lotte won support of Japanese shareholders of Lotte Holdings, the group's de-facto holding company, in a vote on Saturday, cementing his grip on the retail giant currently embroiled in the slush fund scandal in South Korea.The shareholders' meeting was held at the request of Shin Dong-joo, the former vice president of Lotte Holdings and the elder brother of the incumbent chief. Lotte chairman Shin Dong-bin (Yonhap)The first son of Lotte founder Shin Kyuk-
June 25, 2016
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Brexit to burden Samsung, LG's electronics biz
[THE INVESTOR] UK’s departure from the European Union is likely to further burden Korean electronics and home appliances makers.Europe’s slowdown has been dragging down Samsung Electronics and LG Electronics’ sales in the region in recent years. Samsung’s European sales had accounted for 21.2 percent of the total in 2013, but the figure dropped to 12.8 percent last year. Over the same period, LG’s figure went from 11.2 percent to 10.3 percent. While sales have slowed, Brexit is expected to add h
June 24, 2016
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Gyeonggi seeks additional duty-free licenses
Gyeonggi Province has proposed giving licenses to duty-free outlets in large exhibition facilities and changing the standard for additional licenses, according to the provincial government Thursday.On June 2, the Gyeonggi government submitted a proposal to the Korea Customs Service asking for changes to the current regulations concerning duty-free licenses in the area.Under current KCS regulations, each provincial government is permitted to grant one new duty-free license for on-year increases o
June 24, 2016
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Hanjin Shipping sells W60b of operating rights to secure liquidity
[THE INVESTOR] Hanjin Shipping sold 60 billion won ($51 million) worth of operating rights on Southeast Asian routes to its affiliate in order to secure liquidity, local news reported Friday. Citing an official from the shipping industry, the shipper sold part of its rights to Hanjin Transportation, which runs the land transport service under Hanjin Group, during an emergency meeting of the board. The move came after the government and creditors, led by the state-run Korea Development Bank, push
June 24, 2016
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Shareholders OK Ildong’s revamp plan
[THE INVESTOR] Shareholders of Ildong Pharmaceutical agreed on June 24 to transform the firm into a holding company with four entities under its wing.In its second attempt to become a holding firm, the Korean drug maker successfully gained approval to spin-off its four units as new entities, aiming to boost transparency of it corporate governance structure and stabilize management rights.“Through the spin-off, we will efficiently allocate resources business sectors and promote business activitie
June 24, 2016
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CJ E&M successfully taps into global showbiz
[THE INVESTOR] Korea’s leading media giant CJ E&M has been persistently pushing to tap into the global show business to develop a new business model.And “Kinky Boots,” a Broadway musical, is one of its latest and most successful efforts. CJ E&M, which has participated in the production of the musical since 2012, is responsible for bringing the energetic stage performance to the Asian markets including China and Korea. A scene from Kinky Boots.“As a co-producer of ‘Kinky Boots,’ CJ E&M was able t
June 24, 2016
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Prosecutors indict former Nature Republic head
Prosecutors on Friday indicted Jung Woon-ho, former head of local cosmetics brand Nature Republic, on charges of dereliction of duty and embezzlement, as they accelerated their probe into a high-profile lobbying scandal.The Seoul Central District Prosecutors' Office filed the charges against the disgraced businessman for having misappropriated some 1.8 billion won ($1.55 million) from the cosmetics firm and 9 billion won from an affiliate of the firm between January and February last year.Jung h
June 24, 2016
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Cell Biotech renews halal certificate
[THE INVESTOR] Korean pharma company Cell Biotech renewed its halal certification for probiotic products from the Korea Muslim Federation, the company said on June 24. The company has received the approval for 13 years in a row since 2004. Cell Biotech“Through the halal certificate, we have been able to import probiotics products to Southeast Asia’s largest Muslim country Indonesia and also Malaysia and Singapore,” a company official said. “From 2000, we have also passed kosher certification.”B
June 24, 2016
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Hanjin Shipping sells W60b on operating rights to secure liquidity
[THE INVESTOR] Hanjin Shipping sold 60 billion won (US$51 million) worth of operating rights on Southeast Asian routes to its affiliate in order to secure liquidity, local news reported on June 24. Citing an official from the shipping industry, the shipper sold part of its rights to Hanjin Transportation, which runs the land transport service under Hanjin Group, during an emergency meeting of the board. The move came after the government and creditors, led by state-run Korea Development Bank, pu
June 24, 2016
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Air Busan opens Busan-Ulaanbaatar route
[THE INVESTOR] Air Busan began flying the Busan-Ulaanbaatar route on June 24, becoming the first Korean carrier to operate the route between the two cities. For Air Busan, this is the 17th international route. Air Busan is a budget carrier subsidiary of Kumho Asiana Group's Asiana Airlines.Air Busan operates Busan-Ulaanbaatar flights on Tuesdays at 10:35 a.m. and Fridays at 8:35 a.m. Ulaanbaatar-Busan flights will take off at 3:40 p.m. on Tuesdays and 1:40 p.m. on Fridays. By Choi He-suk (cheesu
June 24, 2016
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S. Korea's trade promotion agency sets up trade center in Ivory Coast
Korea's trade promotion agency said Friday that it has opened a trade center in Ivory Coast in the latest efforts to make inroads into the West Africa market.The Korea Trade-Investment Promotion Agency said the trade center opened in Abidjan, the economic capital of Ivory Coast, on Thursday and the center will also handle trade affairs in seven other West African countries, including Senegal. The opening raised the number of KOTRA's overseas trade centers to 126 in 126 countries.Hyundai Engineer
June 24, 2016
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Major builders likely to gain ground in Q2 earnings
Six major Korean construction firms are likely to see their earnings improve in the second quarter of 2016 from a year ago amid a housing boom, a report showed Friday.The builders are expected to post 675.6 billion won ($587 million) in combined operating profits for the second quarter, up 16.5 percent from a year ago, according to the report by online financial information provider Fn Guide.The six builders are Samsung Engineering Co., the plant engineering unit of South Korea's top conglomerat
June 24, 2016
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Hyundai Rotem to recover US$66m outstanding fees
[THE INVESTOR] Hyundai Rotem will collect 76.3 billion won (US$66 million) outstanding fees from Iran, the company announced on June 24. Hyundai Motor Group’s defense and railway equipment maker said that the Iranian government has approved related plans, and the payment will be made in three installments. Hyundai Rotem had been contracted to supply 150 diesel-powered train cars to Iran in 2004. The company began shipping the vehicles in 2007, but the project was cut off due in part to economic
June 24, 2016
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Seoul approves 2 new nuclear reactors
[THE INVESTOR] The Nuclear Security and Safety Commission on June 23 approved the construction of two nuclear reactors in Ulsan.The plans for the two reactors -- Shin-Kori 5 and 6 -- were submitted by Korea Hydro & Nuclear Power in September 2012. The state-run KHNP plans to begin work immediately, and complete Shin-Kori 5 in March 2021, and Shin-Kori 6 in March 2022. The two reactors are estimated to cost about 8.6 trillion won (US$7.4 billion). By Choi He-suk (cheesuk@heraldcorp.com)
June 24, 2016
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Widening PX spreads bode well for refiners, petrochemicals firms
Widening paraxylene spreads stemming from firm demand and reduced supply are forecast to help Korean oil refineries and petrochemicals firms rack up decent earnings this year following last year's stellar performance, industry sources said Friday.According to the sources, PX spreads stood at $382.96 per ton this month. PX spreads dipped to below $300 per ton in 2014 due to a supply increase amid sluggish demand, after staying between $500 and $700 per ton in the early 2010s. PX spreads have been
June 24, 2016
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Gloomy outlook for Hanjin Shipping
[THE INVESTOR] On news that ailing Hyundai Merchant Marine is likely to join the prestigious vessel-sharing 2M Alliance, all the attention is now focused on its bigger local rival Hanjin Shipping, to see whether the shipper can normalize its business to stave off bankruptcy. Hanjin Shipping, which joined a new alliance named The Alliance in May along with five shippers including Germany’s Hapag-Lloyd, Japan’s Nippon Yusen Kaisha and Taiwan’s Yang Ming, took the early lead on the industry-wide re
June 24, 2016
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Hyundai Rotem banned from making new bids
[THE INVESTOR] South Korea’s leading train manufacturer Hyundai Rotem was banned from making new bids for government-run projects for 10 months after it was sanctioned by Daegu Metropolitan Transit Corp. for malpractice.The company will not be permitted to submit bids from July 1 to April 30, 2017, according to the Daegu metropolitan authorities. Hyundai Rotem is charged wth violating local subcontractor laws by adopting a turnkey approach for the entirety of a 23.3 billion won (US$20.1 million)
June 23, 2016
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[Graphic News] Korea’s exports projected to improve in H2
Korea’s exports are projected to improve in the second half of this year, despite the poor performances of the semiconductor and shipbuilding industries, data showed Thursday. According to the Korea Institute for Economics & Trade’s report, the amount of exports will recover in the second half of this year and reach an increase rate of minus 1.3 percent compared to last year. Exports in the first half plummeted by 10.8 percent on-year. The overall export increase rate is projected to record minu
June 23, 2016