Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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[Herald Interview] Education key to dealing with bitcoin craze
Following phenomenal bitcoin demand by retail investors in South Korea in the past few weeks, local cryptocurrency exchanges might represent the nation’s potential to take the lead in blockchain technology. But the bitcoin craze does not necessarily mean investors understand the way blockchain works, or that they can even tell the difference between cryptocurrency and blockchain, since they are more interested in high returns than the underlying technology. Cryptocurrencies are digital cur
MarketDec. 15, 2017
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[Weekender] How do skyscrapers work?
Skyscrapers are not just buildings that are tall, but are the outcome of a complex combination of evolving technologies. From highly sophisticated engineering techniques to futuristic elements, today’s skyscrapers have absorbed the latest technology to realize a luxurious human dream.The challenge when building a skyscraper is how to overcome the forces of nature -- wind, heat from above and below and natural disasters that can happen without warning.The key to overcoming these challenges is in
IndustryDec. 15, 2017
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KCS official blamed for leak of gov't measures against cryptocurrency speculation
A Korea Customs Service official was found to have leaked a government press release announcing a package of measures aimed at curbing cryptocurrency speculation earlier this week, officials said Friday.The government launched an investigation after a draft of the press release was leaked online hours before the official announcement of regulatory measures Wednesday. The leak is believed to have impacted cryptocurrency trading. According to the Office for Government Policy Coordination, the draf
MarketDec. 15, 2017
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[Weekender] Skyscrapers altering skyline of Korea
With an unprecedented boom in construction of skyscrapers in South Korea, today’s tallest building in the country can never sit comfortably as candidates queue up to replace it. The 305-meter, 68-story Posco Tower-Songdo was opened in 2011 in Songdo International City, as the world’ most expensive private real estate project. Located in the Incheon Free Economic Zone, the skyscraper was the nation’s tallest building, flaunting its imposing height. With an investment of 516 billion won ($413 mill
IndustryDec. 15, 2017
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Google suspected of underreporting income in Korea
Google Korea reported less than 20 percent of its actual sales generated in Korea, according to local media reports Friday, prompting calls for the US search giant to properly disclose its sales and pay taxes here. According to local broadcaster SBS, the Korean arm of Google reported sales of 267.1 billion won ($245 million) to tax authorities last year, much less than its estimated sales of 1.8 trillion won calculated by app analysis firm IGAWorks. Such a low sales figure may be reported becaus
IndustryDec. 15, 2017
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Cryptocurrency exchanges seek to improve market transparency
South Korea‘s cryptocurrency exchanges said Friday they will adopt self-regulatory measures to boost transparency in the highly speculative market.The Korea Blockchain Association, consisting of 14 virtual currency exchanges here, announced plans to raise the market entry barrier for operators as part of ongoing efforts to protect investors in the fluctuating market. Starting in January, the exchanges will bear responsibility to force traders to store at least 70 percent of cryptocurrency
MarketDec. 15, 2017
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Weakest gold in year ‘not relevant’ to bitcoin surge: analyst
South Korean gold prices are at their lowest in almost a year while bitcoin prices rise exponentially, but a Korean analyst on Friday rebutted claims that gold’s decline was down to the bitcoin craze.Gold was trading at 44,180 won ($40.60) per gram 10 minutes ahead of closing at 44,200 won Friday, according to an estimate by the Korea Exchange. On Wednesday, the price dipped below 44,000 won for the first time since Dec. 23, 2016. By contrast, bitcoin has skyrocketed past 20 million won, w
MarketDec. 15, 2017
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Volvo Korea aspires to sell 8,000 units in 2018
Volvo Car Korea, the local importer and distributor for the Swedish automaker, on Friday said it plans to sell 8,000 units here next year riding on the popularity of XC60 midsize SUV, XC90 large SUV and soon-to-be-launched XC40 compact SUV. “To invest in dealer networks, we need to sell about 10,000 units annually,” said Lee Yoon-mo, Volvo Car Korea CEO, during a lunch meeting with the media. “Our target sales for next year is 8,000 units. We view it as a moderate goal considering recent growth.
MobilityDec. 15, 2017
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[Weekender] South Korea’s skyscraper dream
Cloud-piercing skyscrapers filling the skylines are often held up as a symbol of a country’s economic power and technological development.Korea’s first high-rise 63 Building located in Yeouido, western Seoul, opened doors to the public in July 1985 during the country’s rapid economic growth.The 274 meter high, 63-floor building is no longer the tallest building here. But it stands as a landmark and a symbol of the so-called Miracle on the Han River. After the 1997 Asian financial crisis the Kore
IndustryDec. 15, 2017
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Phillip Morris to hike e-cigarette price by 4.7%
The South Korean unit of Philip Morris International Inc. said Friday it will jack up the price of its heat-and-burn electronic cigarette by nearly 4.7 percent next week.The per-pack price of HEETS, the tobacco units used with its electronic tobacco heating device IQOS, will go up to 4,500 won ($4.13) starting Wednesday, a 4.65 percent increase from the current 4,300 won.The envisioned price raise is to reflect a recent jump in the individual consumption tax imposed on heat-and-burn products and
IndustryDec. 15, 2017
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Samsung to start sales of limited Galaxy Note 8 case
Samsung Electronics Co. said Friday it will start sales of a smartphone case exclusively designed for the flagship Galaxy Note 8 next week in South Korea.Samsung said if users place the Galaxy Note 8 inside the case, a special theme will automatically be applied to the smartphone, displaying a unique skin in the background. The case is jointly produced by 99AVANT, a local design firm. (Yonhap)The South Korean company said only 99 units of the case will be available for sale, which kicks off Tues
TechnologyDec. 15, 2017
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Air Busan to launch charter flights to Kumamoto
Air Busan Co. said Friday it will launch three weekly charter flights to Kumamoto from Busan this month through February so tourists can enjoy the hot springs and golf courses in the central Japanese city.A 195-seat A321-200 jet will depart Gimhae International Airport early in the morning every Tuesday, Friday and Sunday between Friday and Feb. 27.The city is the capital of Kumamoto Prefecture on the west coast of Japan's Kyushu Island and is famous for its old castle and recreational infrastru
IndustryDec. 15, 2017
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Samsung BioLogics completes 3rd plant in Songdo
Samsung BioLogics has completed the construction of its third plant boasting an annual production capacity of 180,000 liters in Songdo of South Korea.The Korean contract drug manufacturer announced that it has finished building its third production plant, which stands as the biggest single-site biologics drug manufacturing facility in the world.The facility is a four-square building that spans across 118,618 square meters, which is the size of around two football fields, according to Samsung Bio
IndustryDec. 15, 2017
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[Eye Plus] ‘LP bars’ shine in tech-saturated Korea
As the world delves further into the digital revolution led by new, cutting-edge technologies, many South Koreans are seeking solace from the mainstream by embracing the simpler times of the past. A key manifestation of this countertrend is the rise of “LP bars” -- retro music bars where visitors can listen to LP records of old music with an analog sound.Surprisingly, these bars are most popular among not older generations, but people in their 20s and early 30s who have found a new way of enjoyi
IndustryDec. 15, 2017
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Gov't mulls introducing punitive damages to tech extortion
The South Korean government is considering a string of measures, including a punitive damages system, to resolve the technology extortion issue as part of its efforts to root out the unfair business practice by large corporations, officials said Friday.There have been persistent reports of big companies stealing technology from their subcontractors that have little means to fend off unfair business practices for fear of losing supply contracts. "Relevant parties, including the Ministry of Small
TechnologyDec. 15, 2017
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State utilities to expand drone use for facility maintenance
South Korea's state-run utilities companies will expand the use of drones in checking power stations and other facilities to improve efficiency and safety, the energy ministry said Friday. The Ministry of Trade, Industry and Energy announced the plan in a meeting of drone developers, state utility firms and research institutes to expand use of the unmanned aerial vehicles in the energy sector.The Korea Power Electric Corp., which has been using 37 drones for system maintenance since May 2016, sa
IndustryDec. 15, 2017
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Antitrust chief urges voluntary change of conglomerates
The head of South Korea's antitrust watchdog said he expects the country's large businesses groups to voluntarily reform their cobweb-like family-run governance structures to meet market expectations and promote fair competition."I once again reaffirm that I will never be pushy and coercive in carrying out reform on conglomerates," Fair Trade Commission Chairman Kim Sang-jo said in a meeting with reporters on Thursday. "They are fully aware of what they have to do and I hope they will change the
IndustryDec. 15, 2017
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Korean washers popular in US despite trade row
South Korean washers are receiving top-notch reviews from US tech evaluators, industry watchers said Friday, amid actions being taken by Washington's trade watchdog to slap tariffs on some products.US-based industry tracker Reviewed said in its latest report that LG Electronics Inc.'s washer with the model name LG WM9000HVA won the Best Washers for Large Families category."LG's TurboWash feature is remarkable. It mixes up the spray pattern of a wash cycle in order to speed things up while still
IndustryDec. 15, 2017
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Turnover of derivatives market gains 9% in H1
The trading volume of South Korea's derivatives market expanded nearly 9 percent in the first half of the year on the back of a bullish stock market, the financial regulator said Friday.The combined turnover of derivatives, such as stock options and futures, reached 20,047 trillion won ($18.4 trillion) in the January-June period, up 8.6 percent from a year earlier, according to the Financial Supervisory Service.Exchange trading jumped 11.4 percent on-year to 13,267 trillion won, while the turnov
MarketDec. 15, 2017
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Carmakers ordered to recall nearly 320,000 vehicles
Six carmakers will recall nearly 320,000 vehicles in South Korea due to faulty parts, the transport ministry said Friday.This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport to both domestic and foreign carmakers.Six carmakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Maserati, Mercedes-Benz and Toyota Motor Corp. -- plan to recall 12 different models totaling 319,264 vehicles, the ministry said in a statement. (Yonhap)The model
MobilityDec. 15, 2017