Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Seoul’s stock market buzzes ahead of Trump-Kim summit
Seoul’s stock market is expected to be highly active this week, with investors optimistic about the widely tipped momentum following the Washington-Pyongyang summit on Tuesday. All the while, monetary policymakers are tense over expected rate hikes by the United States and European Union later in the week.While guarding against excessive optimism, market observers suggested that the eased peninsular tension would encourage foreign investment by leading to a stronger won. “Should the
EconomyJune 11, 2018
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SKT invests in mobile media startup to boost music platform business
Mobile carrier SK Telecom said Monday it invested 10 billion won ($9.3 million) in MakeUs, a mobile media company, as part of efforts to strengthen its music platform business. MakeUs is a startup that creates mobile content about topics ranging from music, food and traveling to beauty, for Facebook and YouTube. It is followed by more than 330 million users on social network sites. The firm runs a music channel called “Dingo Music” which is gaining popularity for providing music videos adjusted
TechnologyJune 11, 2018
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[From the Scene] Ride-hailing giant Grab joins hands with SK for lead in future mobility
SINGAPORE — In Singapore, you will most likely spot green-colored vehicles or motorbikes roaming the streets in every part of the city. Though they may be an unfamiliar sight to foreign tourists, they’re a part of the everyday mobility scene in the city-state as well as most parts of Southeast Asia. Meet Grab, the largest ride-hailing app in Southeast Asia. Based in Singapore, Grab’s fleet of private vehicles, taxis and motorbikes currently dominates the ride-hailing market in eight countries i
TechnologyJune 11, 2018
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Police begin probe into Coinrail hacking attack
The South Korean police began an investigation on Monday after Korea’s seventh largest crypto exchange Coinrail lost more than 40 billion ($37 million) in altcoins in an apparent attack by hackers over the weekend. “We secured the access history of Coinrail servers and we are in the process of analyzing them,” said a police spokesperson. The police said it would figure out whether the leakage of the cryptocurrencies are caused by hacking or computer network problems. On M
MarketJune 11, 2018
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MAN Truck & Bus Joins German vocational training program in Korea
The Korean arm of German automaker MAN Truck & Bus agreed to participate in the German vocational training program Ausbildung in Korea, according to the Korean-German Chamber of Commerce and Industry on Monday. Ausbildung is a German dual vocational training program that consists of practical training at company sites and academic education at colleges which are acting as vocational schools. The program has the intention of giving young Koreans the possibility to start a sustainable career with
IndustryJune 11, 2018
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Alibaba vows to support Korean companies’ Chinese market foray
Chinese e-commerce giant Alibaba Group has vowed to support Korean companies in making successful forays into China’s expanding online market.It will empower Korean merchants with its new retail initiatives and allow them to leverage on Alibaba’s third-party mobile and online payment platform Alipay, the group said.Angel Zhao, president of Alibaba Global Business Group and vice president of Alibaba Group, speaks during a conference in Seoul on Monday.(Alibaba)During Alibaba’s conference on Monda
IndustryJune 11, 2018
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Prosecutors raid Shinhan Bank in probe into hiring irregularities
Prosecutors raided the head office of Shinhan Bank on Monday as part of an investigation into allegations that its officials gave special favors to children of the bank's ranking officials, allowing them to take jobs at the lender. Investigators from the Seoul Eastern District Prosecutors' Office were sent to search the bank's human resources and inspection departments to confiscate evidence, the prosecution said. They also searched residences of some of the officials. Prosecutors launched a pro
MarketJune 11, 2018
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Credit bureau at center of IP infringement allegation
A financial technology startup and major credit bureau are locked in a fight, with the former claiming the Korea Credit Bureau violated intellectual property rights on the startup’s technology to allow user verification with a single finger touch on a smartphone.Korean financial technology startup Hankook NFC said it is filing complaints against Korea Credit Bureau, its former business partner to create the authentication system, for infringing its patent rights on the authentication technology
TechnologyJune 10, 2018
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Hyundai Mobis invests W1.4b in self-driving software training
Hyundai Mobis has started a software training program at a cost of 1.4 billion won ($1.2 million) at its research center in Yongin, Gyeonggi Province, to beef up its automotive software professionals by five times by 2025, according to the firm on Sunday.The auto parts unit of Hyundai Motor Group said it has widened the role of its research and development centers in India and Vietnam to serve as a global base to analyze information collected by the firm’s self-developed automated vehicle.“In th
MobilityJune 10, 2018
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[Trending in Pairs] Food companies enjoy fashion moment
As they wage a marketing war for consumers’ attention and appetites, food companies are increasingly teaming up with fashion brands, leading to a boom in “food merchandise.”Brands see the collaborations as an entertaining experience for customers that increases opportunities to create a synergistic marketing effects to increase sales.Quirky, humorous and sometimes odd marketing has often been a successful public relations strategy for food companies. The fashion foray is the latest such tactic,
IndustryJune 10, 2018
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[IP in Korea] ‘Era of digital revolution sheds new light on publishing copyright’
The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 16th installment. -- Ed.Responding to the fast-paced advancement of digital culture and replication technology, publishing copyright laws around the world have evolved in a way to expand creators’ range of rights over their work of originality and to toughen penalties upon infringements.This black-and-white logic of “creator versus infringer,” however, may no longer be valid in an
IndustryJune 10, 2018
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Financial authorities to tighten anti-money laundering rules
Financial authorities plan to tighten anti-money laundering regulations ahead of next year's assessment of South Korea by an intergovernmental organization set up to combat illicit movement of funds, officials said Sunday.The Financial Action Task Force, a body established with the mission of clamping down on money laundering, will conduct its assessment on South Korean efforts in 2019. The FATF has also strengthened rules to stamp out money laundering as the liberalization of markets and popula
MarketJune 10, 2018
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4 farm good wholesalers fined over collusion
South Korea's corporate watchdog said Sunday that it levied a combined 11.6 billion won ($11 million) in fines on four major farm good wholesalers for colluding on their commissions.According to the Fair Trade Commission, Hankook Fruits and Vegetables Co. and three other wholesalers that serve as auctioneers or wholesalers at Garak Agricultural Market in southern Seoul, the largest agro-farm good marketplace in the country, worked together to levy unloading charges for fruits and vegetables of s
IndustryJune 10, 2018
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Wider US-Korea rate gap expected to rekindle concerns of capital outflows
The gap between key South Korean and US interest rates will widen further if the US Federal Reserve raises its key rate again this week, a move that would rekindle worries of capital outflows, according to analysts Sunday. Currently, South Korea's base rate stands at 1.5 percent, the same as the lower end of the US policy rate. Traders have expected the Fed to raise its key rate by a quarter percentage point to a range of 1.75 percent to 2 percent this week. The current interest rate reversal is
MarketJune 10, 2018
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Self-employed biz earnings growth falls to 6-year low in 2017: report
The earnings growth rate for South Korea's self-employed businesses fell to a six-year low in 2017 amid social and economic changes under way in Asia's fourth-largest market, official data showed Sunday.Profit growth by relatively small, self-employed businesses reached 1 percent last year compared with 2016, information provided by Statistics Korea showed. This is the worst showing after a 0.7 percent increase tallied in 2011.Industry watchers said the falling off of workplace-related eating an
EconomyJune 10, 2018
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10 out of top 30 conglomerates cut number of workers in 2017: report
South Korea's leading business groups scaled back the number of employees on their payrolls in 2017 amid challenging market conditions and restructuring efforts undertaken by some industries, a report by a corporate information provider said Sunday.According to the data compiled by Chaebol.com., 10 out of the 30 largest conglomerates in terms of assets, had fewer workers last year than in 2016, with four cutting their workforces by more than 1,000.Of the groups that cut workers, Kumho Asiana, wh
EconomyJune 10, 2018
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S. Korean cosmetics firm Innisfree taps Australia
Innisfree Corp., a subsidiary of South Korean cosmetics giant AmorePacific Group, said Saturday it has opened its first outlet in Australia as local cosmetics firms move to diversify their sources of income after being hit hard by China over a missile defense system row last year.The launch of the new store, which opened at a shopping complex in Melbourne on Friday, raises the number of overseas countries with Innisfree outlets to 12, including China, Thailand and the United States, it said.Lane
IndustryJune 9, 2018
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Retail fuel prices in S. Korea up for 7th straight week
Retail fuel prices in South Korea rose for the seventh consecutive week despite a fall in global crude oil prices, data showed Saturday.The average gasoline price was 1,609.7 won (US$1.49) per liter nationwide in the first week of this month, edging up 4.7 won from a week earlier, according to the data compiled by the state-run Korea National Oil Corp. (KNOC).The figure is the highest price tallied since 1,620.0 won per liter recorded in December 2014, it said.The average diesel price also climb
IndustryJune 9, 2018
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Korean Air to host annual IATA meeting in Seoul next year
Korean Air will host an annual meeting of air carriers around the world next year in Seoul, to discuss the future of commercial aviation industry and pending safety issues.The International Air Transport Association is the world’s largest organization for air carriers. It holds a general meeting every year, bringing executives from air carriers, aircraft manufacturers and related industries from all around the world. Named a host of IATA’s general assembly, Korean Air hopes to upgrade the global
TechnologyJune 8, 2018
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Kakao Bank to launch chatbot to upgrade unmanned customer service
Kakao Bank, South Korea’s largest internet-only bank, on Friday showcased a beta version of a customer service chatbot it expects to play a crucial role in enhancing its unmanned operation. The service will officially launch this month, the company said, without elaborating.The launch is expected to relieve the burden of existing customer services, for which 80 percent of customer inquiries were simple issues that could be addressed by the system, according to the bank. Veronica Lee, proje
MarketJune 8, 2018