A new round of negotiations for a free trade pact linking 16 nations across Asia and Oceania has taken off in South Korea with a fresh sense of urgency, following the conclusion of the U.S.-led Trans-Pacific Partnership last week.　The 10th round of talks on the Regional Comprehensive Economic Partnership kicked off in Busan on Monday, with some 700 officials from the 16 countries in attendance. The talks will conclude Friday. Officials representing the 16 countries participating in the RCEP — a

Industry Oct. 13, 2015

　United Parcel Service announced Tuesday that it has significantly expanded its UPS Worldwide Express service to newly include 41,000 global postal codes, more than half of which are based in the Asia-Pacific region. 　The expanded service, to become officially available starting Oct. 19, offers guaranteed-delivery options -- 10 a.m., 12 noon or 2 p.m. based on the destination -- for customers who previously had only end-of-day guarantees. A UPS delivery plane (UPS)　It is the “largest one-time ex

Industry Oct. 13, 2015

The Korean software market is often referred to as a “barren land” for domestic software developing firms since it is widely dominated by foreign software behemoths including Oracle, IBM and SAP.　Against all odds, TmaxSoft, established in 1997, has been increasing its foothold both at home and abroad with its own technological capabilities for database management systems, which help companies efficiently handle data. The headquarters of TmaxSoft in Bundang, Gyeonggi Province. (TmaxSoft)　Particip

Technology Oct. 13, 2015

SMART TV APP FOR UHD CONTENT -- LG Electronics launches the “Ultra HD World,” a TV application for ultra-high definition content, for the first time in Korea. The tech giant will offer 130 TV dramas, and shows in UHD for free by the end of this year. (LGE)

Technology Oct. 12, 2015

Hyundai Motor, South Korea’s leading automaker, has joined hands with London-based art gallery Tate Modern to showcase the work of Mexican conceptual artist and sculptor Abraham Cruzvillegas.　The company held a ceremony at the Tate Modern on Tuesday to mark the opening of its inaugural exhibit “Hyundai Commission 2015,” which will display “Empty Lot,” an installation artwork by Cruzvillegas, at the gallery starting from Wednesday and going until April 3.Abraham Cruzvillegas: Empty Lot/Abraham Cr

Industry Oct. 12, 2015

CJ Group is reviewing plans to acquire a majority stake in Coway, South Korea’s leading water purifier-maker, joining a slew of potential foreign investors who have expressed interest in the takeover bid valued at around 3 trillion won ($2.6 billion), according to industry sources Monday.CJ is set to join the preliminary bidding Thursday to purchase Seoul-based private equity fund MBK Partners’ 30.9 percent stake in Coway, having chosen Deutsche Securities to guide its efforts, investment bankin

Industry Oct. 12, 2015

GRAFF SHOWCASES FLAGSHIP JEWELRY — A model showcases Graff Diamonds’ Carissa Collection in a special exhibit at The Shilla Seoul on Thursday. The U.K.-based multinational jewelry-maker is displaying a number of its flagship jewelry collections at the Graff store inside the hotel until Oct. 17. (Graff Diamonds)

Industry Oct. 8, 2015

　Former Lotte Holdings vice chairman Shin Dong-joo on Thursday sued his younger brother and Lotte Group chairman Shin Dong-bin to take claim of what he “was destined to have” -- control of the retail giant.　In an impromptu press conference, the eldest son of Lotte founder and honorary chairman Shin Kyuk-ho claimed that his expulsion from managerial roles of Lotte affiliates in both Korea and Japan was made through illegitimate processes, and that he would seek reinstatement as well as compensati

Industry Oct. 8, 2015

Even established, conglomerate-backed fashion labels need a breath of fresh air, and more and more fashion companies are partnering with foreign figures to revamp their lineups and draw public attention for higher sales.　Invite celebrities, star stylists　American hip-hop artist Kanye West proved that he was more than just a musician when his footwear collaboration with Adidas became a mega success in faraway Seoul. 　Fashion and hip-hop enthusiasts queued in front of Adidas stores a couple of day

Industry Oct. 8, 2015

　With China’s e-commerce market estimated at around 104.6 billion yuan ($16.5 billion), companies in different sectors around the world have been flocking to what they see as a gold mine. 　Amid the craze, the performance Panda Korea, a South Korean e-commerce operator, has shown so far is impressive. “Panda” means “sell” in Korean, alongside being the name of China’s symbolic animal.Panda Korea founder and CEO Lee Jong-sik poses for The Korea Herald at the company’s headquarters in southern Seou

Industry Oct. 8, 2015

Samsung Electronics on Thursday denied viral news reports that hacking attempts in March against LoopPay, the mobile payment solution provider for its Samsung Pay, led to a payment data leak in an attempt to ease consumers’ concerns over their privacy.　“The first thing to know is that Samsung Pay was not impacted by the LoopPay hack and at no point was any personal payment information at risk,” the tech giant said in a post on its official blog Thursday. 　 A mobile user makes tries to pay using

Technology Oct. 8, 2015

     KCCI chairman Park Yong-maan.The head of Korea’s largest business association called for calm and objectivity amid heavy criticism against the South Korean government for its lack of effort to participate in the recently-concluded Trans-Pacific Partnership.　“Many have been criticizing that Korea has missed out on a huge market that takes up 40 percent of the global economy by not partaking in the TPP. I ask everyone to calm down and take on a more objective viewpoint,” said Park Yong-maan,

Industry Oct. 8, 2015

Tous Les Jours, the bakery chain run by CJ Foodville, has launched a new line of breads made with butternut squash, known to be rich in nutrition and low in calories.　The breadmaker has launched five types of breads, and one cake made with butternut squash, which is harvested from a farm operated by five-star hotel chef Choi Jong-sup.　“The chain has been launching various seasonal products using only the highest-quality ingredients. Customers will also love our new butternut squash breads made w

Industry Oct. 8, 2015

　Netherlands-based Philips, a global leading company in health and well-being sectors, has introduced a new LED night light made in the shape of Disney’s flagship character Winnie the Pooh.　The Pooh SoftPal portable light friend is designed to help soothe children who are afraid of the dark. Made with soft silicon and rounded, the lamp is highly durable and safe to handle, according to the company.　The lamp is priced around 40,000 won ($35) and can be purchased through Korea’s major retailers.　P

Industry Oct. 8, 2015

Primera, a skin care cosmetics brand under South Korean beauty giant Amore Pacific, has launched a limited edition of its flagship Watery Cream Alpine Berry.　The cream’s case has been designed to feature an eco-friendly illustration as part of its efforts to support the protection of the earth’s wetlands. The company will donate part of the cream’s sales profits to The Biodiversity Foundation in Korea.　Primera’s Watery Cream Alpine Berry is a moisturizing cream made with alpine berry and papaya

Industry Oct. 8, 2015