Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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More than 40% of China's service sector remains closed: report
More than 40 percent of China's service sector has remained closed despite a bilateral free trade agreement with South Korea, a report said Thursday, suggesting the Seoul government should do more to open the neighboring market in upcoming trade talks with Beijing.The Korea-China FTA took effect in December 2015 after years of negotiations, with tariffs on about 90 percent of goods to be eventually removed over the next two decades. South Korean Trade Minister Yoon Sang-jick (R) and his Chinese
Dec. 7, 2017
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Korea to step up economic cooperation with Russia
South Korea will step up economic cooperation with Russia and northern states in various areas, including energy, shipbuilding, fishery and transportation, to foster future growth drivers and stabilize regional security, a presidential committee said Thursday. The Presidential Committee on Northern Economic Cooperation unveiled its plan in its inaugural meeting hosted by chairman Song Young-gil, attended by ministers of finance, foreign affairs, unification, trade and other related organizations
Dec. 7, 2017
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CJ CGV: 'Future of Korean cinema is in global market'
CJ CGV has vowed to continue to focus on the global movie market next year as the domestic market has reached a plateau in the past five years with the rising popularity of streaming and social media services and declining population.The country's top cinema chain unveiled the plan during a media forum on the movie industry at its Yongsan location in central Seoul on Wednesday.South Korean cinemas saw 213.351 million in the total number of viewers in 2013, exceeding the 200 million mark for the
IndustryDec. 7, 2017
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KEPCO chief announces resignation one day after winning reactor export contract
President Cho Hwan-eik of the Korea Electric Power Corp. will resign later this week, more than three months ahead of his term which expires in March next year, the state-run utility firm said Thursday.Cho's intention to resign comes just one day after KEPCO was selected as the preferred bidder in a project to build three nuclear power plants in Britain.Toshiba Corp., which has a 60 percent stake in the NuGen consortium in charge of building the nuclear power plants in Cumbria, northwest England
IndustryDec. 7, 2017
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Lotte faces bumpy road to adopt holding firm structure
South Korean retail giant Lotte faces a bumpy road as it moves to adopt a holding company system even though it has sharply cut the number of units that own one another, industry sources said Thursday.In early October, Lotte established the holding firm, Lotte Corp., in a bid to help Chairman Shin Dong-bin solidify his leadership and boost the group's managerial transparency.According to the sources, 11 Lotte subsidiaries had stakes in affiliates through cross-shareholdings as of Wednesday, down
IndustryDec. 7, 2017
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Doosan, imported carmakers ordered to recall 28,000 vehicles, construction equipment
Doosan Infracore Co. and three imported carmakers will recall nearly 28,000 vehicles and construction machines in South Korea due to faulty parts, the transport ministry said Thursday.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 and other manufacturers. Honda Motor Co., Fiat Chrysler Automobiles, and Ford Motor Co. plan to recall four different models totaling 19,562 vehicles. Doosan Infracure
IndustryDec. 7, 2017
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Samsung Electronics seen to log record profit in Q4
South Korean tech giant Samsung Electronics Co. is expected to post a record profit in the fourth quarter of the year on its strong chip business, a market tracker said Thursday.FnGuide said a consensus market forecast of Samsung's operating income amounts to 16.3 trillion won ($14.9 billion) for the October-December period, up 77.2 percent from a year earlier.The figure also hovers far above the company's operating profit of 14.5 trillion won for the previous quarter.The consensus forecast of S
IndustryDec. 7, 2017
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Korea pushes against US import restrictions on solar cells
WASHINGTON -- South Korea pushed Wednesday to stop the United States from restricting imports of its solar cells, saying such a move would only harm US interests.A government delegation, including officials from the foreign and commerce industries, made the case at a public hearing at the office of the US trade representative, the foreign ministry said in a statement."An increase in solar cell prices caused by import restriction measures would bring enormous costs to the US public interest," it
Dec. 7, 2017
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Korea maintains dominance over global DRAM market in Q3
South Korean tech giants maintained their strong dominance over the global market for dynamic random-access memory chips in the third quarter, data showed Thursday.According to the data compiled by IHS Markit and other industrial sources, Samsung Electronics Co. accounted for 44.5 percent of the market in the third quarter in terms of revenue, followed by SK hynix Inc. with 27.9 percent. The combined revenue of the sector around the globe is estimated at $19.7 billion for the July-September peri
TechnologyDec. 7, 2017
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Foreign IBs revise up Korea's growth outlook
Major foreign investment banks have upgraded their 2018 growth forecasts for the South Korean economy on its strong exports, a report showed Thursday.According to the report by the Korea Center for International Finance, Barclays, Goldman Sachs and seven other foreign IBs have forecast Asia's fourth-largest economy to expand at an average rate of 2.9 percent next year.The forecast, made at the end of last month, is slightly up from the median growth projection of 2.8 percent presented a month ea
IndustryDec. 7, 2017
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[Graphic News] Online shopping purchases continue to rise
Purchases made via the internet and mobile devices in South Korea continued to rise in October, as the use of smartphones has fully caught on with local consumers, government data showed. Transactions made by smartphones and tablets reached 6.33 trillion won ($5.83 billion) in the one-month period, up a solid 9.9 percent from a year earlier, according to data from Statistics Korea. In particular, the total amount of mobile transactions, valued at 4.03 trillion won, accounted for 63.6 percent of
BusinessDec. 6, 2017
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What will Samsung Galaxy S9 look like?
Samsung Electronics is expected to unveil its new flagship smartphone Galaxy S9 early next year with similar yet upgraded features to its predecessor Galaxy S8. The Korean tech giant is likely to unveil Galaxy S9 during the Mobile World Congress in February or its own launch event in March, according to industry watchers. Samsung took the wraps off Galaxy S5, S6 and S7 at MWC and Galaxy S8 at its own launch events in New York and London in March. Some media outlets have reported Samsung may show
TechnologyDec. 6, 2017
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Seoul slams EU inclusion on tax haven blacklist
The government on Wednesday lashed back at the European Union’s decision to list South Korea as a tax haven, claiming the inclusion infringes on international standards and poses the risk of violating the country‘s taxation sovereignty.“We have violated none of the standards suggested by the Organization for Economic Cooperation and Development or other international regulations,” Deputy Prime Minister and Finance Minister Kim Dong-yeon told reporters. On the previou
MarketDec. 6, 2017
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BAT’s Sacheon factory achieves $200m in exports
British American Tobacco Korea’s production plant in Sacheon, South Gyeongsang Province, reached $200 million in exports in 2017, according to the company Wednesday.The $200 million mark was reached just one year after reaching $100 million in 2016 thanks to the construction of two new plants at the factory this June. In total, the Sacheon Factory exported $208 million’s worth of products to 15 countries between July 2016 and June 2017.The factory currently has a capacity of 40 billion tobacco s
IndustryDec. 6, 2017
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Allergens found in essential oils sold in Korea
Essential oils used in aromatherapy currently sold in Korea have been found to contain allergens, according to the Korea Consumer Agency Wednesday.The consumer rights agency tested twenty essential oils including 13 used in air fresheners, two used in cosmetics and five used for hand-made cosmetics. All twenty showed traces of allergens d-limonene and linalool, which can cause allergic reactions when they come into contact with the skin or eyes. Under current regulations, it is not required fo
IndustryDec. 6, 2017
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Construction sector welcomes increase in infrastructure budget
Next year’s budget passed by the National Assembly in the wee hours of early Wednesday included 19 trillion won ($17.4 billion) set aside for various social overhead capital, or infrastructure, up 1.3 trillion won from the government’s original plan. The budget also marked the largest infrastructure increase. The government stated the reason for the budget increase was due to the sector’s impact on the local economy. Last-minute increases came from various regional construction projects endorse
IndustryDec. 6, 2017
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LIG Nex1 showcases defense systems in Colombia
South Korea’s LIG Nex1 highlighted the country’s leading defense systems at this year’s Expodefensa -- a global defense expo -- held in Bogota, Colombia, for three days from Monday. LIG Nex1, an aerospace and defense company, showcased its defense systems including portable ground-to-air guided weapons, medium-range ground guided weapons, Sonar, navigation radars and torpedoes at the event as part of its promotion for exports across South America, the Middle East and Asia. LIG Nex1’s booth sh
IndustryDec. 6, 2017
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Seoul stocks close sharply lower on foreign sell-off
South Korea's main stock index tumbled Wednesday as foreign investors remained net sellers of stocks, with sentiment soured over geopolitical worries in the Middle East. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 35.75 points, or 1.42 percent, to close at 2,474.37. Trade volume was moderate at 503 million shares worth 6.56 trillion won ($6 billion). The local stock market opened lower as investors took their cues from overnight declines on Wa
MarketDec. 6, 2017
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Korea to spend more on public homes, city renovation next year
South Korea plans to spend 23.3 trillion won ($21.3 billion) next year to provide more public residential houses and renovate existing homes and infrastructure facilities, the transport ministry said Wednesday.The figure represents 58 percent of the 40.4 trillion won allocated to the Ministry of Land, Infrastructure and Transport.The 2018 expenditure for public homes and renovation projects jumped 10 percent from 21.2 trillion won a year earlier, the ministry said.The government said it will spe
EconomyDec. 6, 2017
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[Exclusive] Kepco selected as preferred bidder for Moorside nuclear project
South Korea‘s sole utility provider Korea Electric Power Corp. has been selected as the preferred bidder for the Moorside nuclear power plant project in the UK, a source familiar with the matter told The Korea Herald Wednesday. The Korean utility provider has been moving to acquire the 100 percent share held by Toshiba in the NuGen consortium that is developing the Moorside project. (Yonhap)Kepco‘s selection is anticipated to be announced before the week’s end, according to sources.This will be
IndustryDec. 6, 2017