Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Shinsegae to make ‘shocking’ announcement at year’s end
Shinsegae Group is preparing to make a “shocking” announcement at the end of the year regarding its future strategy in online shopping, according to the group’s Vice Chairman Chung Yong-jin Thursday.Chung made the remarks at the opening ceremony for Shinsegae’s third shopping mall under the Starfield brand, Starfield Goyang, in Gyeonggi Province. Shinsegae Vice Chairman Chung Yong-jin attends the grand opening of Starfield Goyang on Thursday. (Shinsegae)“It is true that Shinsegae was considerin
IndustryAug. 24, 2017
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[Graphic News] Kakao Taxi dominates cab-hailing market
Kakao Taxi is the most popular cab-hailing app in South Korea, dominating 98 percent of the market this year. UberTaxi came in a second with 11 percent. Market analysis company Open Survey polled 1,500 smartphone users between 20 through 40 to find out which online-to-offline apps they use the most for specific needs. Multiple selections were allowed in the survey. For food delivery, the most used app is Baedal Minjok with 80 percent. It was closely followed by Yogiyo with 72 percent. Baedalto
BusinessAug. 24, 2017
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Moon names head of new SME and Startups ministry
Cheong Wa Dae announced on Thursday that President Moon Jae-in has named Park Seong-jin as the head of the new Ministry of SME and Startups. Park is a professor of engineering from Pohang University of Science and Technology and also serves as the CEO of Postech Holdings. The new minster nominee is scheduled to attend a confirmation hearing led by a parliamentary committee before his appointment becomes official. Parliamentary approval is not required for Park’s appointment. The new Mi
EconomyAug. 24, 2017
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Parliamentary speaker calls KORUS FTA ‘bedrock’ of Korea-US ties
Amid ambiguity hovering over future negotiations on the Korea-US Free Trade Agreement, Speaker of the Korean National Assembly Chung Sye-Kyun on Thursday defended the agreement as a win-win bedrock of Korea-US relations that must be negotiated wisely so as not to disrupt more than six decades of strong bilateral ties. During a general membership meeting with the American Chamber of Commerce in Korea, or AmCham, at Lotte Hotel in Seoul, Chung stressed the importance of continuing the strong polit
EconomyAug. 24, 2017
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Lilian to refund all sanitary pads
Lilian on Wednesday released a statement to refund all of its sanitary pads that are allegedly causing hormonal disruption in women.Klean Nara, the producer of Lilian sanitary pads, apologized for the concerns it has caused users. While the inspection is still on-going to discern the validity of the complaints of supposed harmful chemical substance that are curtailing female monthly periods, Klean Nara has decided to refund all Lilian products for its accountability.All Lilian pads, including th
IndustryAug. 24, 2017
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Outbound traveler numbers to be twice that of inbound visitors amid THAAD row
The number of South Koreans expected to travel abroad is set to be twice that of foreigners visiting the country this year amid a sharp drop in the arrival of Chinese nationals, a state-run tourism agency said Thursday.The January-July tally showed that some 7.76 million foreigners came to South Korea, down 20.9 percent from the same period last year, according to the Korea Tourism Organization. The number of outbound South Koreans stood at over 15 million during the same months. The last time t
EconomyAug. 24, 2017
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Starfield Goyang holds grand opening
The shopping and entertainment complex Starfield Goyang held its grand opening Thursday in Gyeonggi Province. “In preparing Starfield Goyang, we thought hard not only about hardware, such as construction and interior design, but also software such as content, branding, and consumer convenience,” said Shinsegae Vice Chairman Chung Yong-jin at the opening ceremony. Shinsegae Vice Chairman Chung Yong-jin attends the grand opening of Starfield Goyang on Thursday. (Shinsegae)The megamall, which inclu
IndustryAug. 24, 2017
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Tax discussions on heat-not-burn products delayed
Uncertainty continues to surround the taxes to be levied on heat-not-burn tobacco sticks sold in Korea, throwing consumer prices into question.According to the National Assembly on Thursday, floor discussions on the proposed amendment to raise consumption taxes on heat-not-burn tobacco to the same level as traditional combustible cigarettes were pushed back to Monday by the parliamentary finance committee Wednesday.The proposed amendment had reached bipartisan agreement the day before in the fin
IndustryAug. 24, 2017
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Poland's Lodzkie Region calls for Korean investment
The governor of Poland's Lodzkie Region on Thursday called on South Korean electronics and automobile companies to invest in the province which is rich in skilled workers and is a major transportation hub in Europe. Gov. Witold Stepien is visiting Seoul along with business executives from nine Polish companies to promote the investment opportunities for the central region, which includes the country's third-largest city of Lodz. "The Lodzkie Region is located at the very center of Pol
EconomyAug. 24, 2017
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Chinese firm asks Korean court to halt delisting procedure
China Ocean Resources Co., a Hong Kong-based deep-sea fisheries company listed on the local stock market, said Thursday it filed a court petition to halt the delisting procedures being undertaken by Korea Exchange.China Ocean Resources, which listed its stocks in South Korea in 2009, is on the verge of being kicked out of the Korean bourse as it has been accused of posting false public disclosures and using opaque accounting practices. In a regulatory filing, China Ocean Resources said the petit
EconomyAug. 24, 2017
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Shipbuilders seek fresh orders overseas
Korea’s major shipmakers are striving to secure orders, as several global oil majors are resuming plans to build offshore plants with oil prices bouncing back.Korea’s leading shipbuilders Hyundai Heavy Industry and Samsung Heavy Industry will participate in bids for British oil giant BP’s Tortue gas project off Senegal and Mauritania, the companies said Thursday. (Yonhap)The project led by BP is estimated to be worth $5.8 billion. Of the total investment, some $1 billion is forecast to be spent
IndustryAug. 24, 2017
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Korea to sell W6.3tr in state bonds in Sept.
South Korea plans to sell a combined 6.3 trillion won (US$5.58 billion) in state bonds next month, the finance ministry said Thursday.The government will issue 1.25 trillion won in bonds with a maturity of three years and 1.55 trillion won in five-year bonds in September.It also plans to sell 1.4 trillion won in 10-year Treasurys and a combined 2.1 trillion won of bonds with a maturity of between 20 and 30 years. (Yonhap)
MarketAug. 24, 2017
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Tension escalates over verdict to decide fate of Samsung heir
On the eve of the court’s Friday ruling on Samsung’s de facto leader, tension mounted in South Korea’s corporate community over how the tycoon’s fate would impact the future of the world’s largest producer of smartphones and microchips. On 2:30 p.m. Friday, a local court in Seoul is to deliver its ruling on Samsung Electronics Vice Chairman Lee Jae-yong, who is accused of five charges including bribery, flight of capital and embezzlement. The court decided to deliver the verdict without live cov
IndustryAug. 24, 2017
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Korea's cutting edge ICT prowess to be highlighted at PyeongChang Olympics
The upcoming 2018 PyeongChang Olympics will likely be a showcase of South Korean know-how in state-of-the-art information and communication technology, with mobile operators and carmakers to highlight their prowess at the world's biggest winter sports competition.KT Corp., the country's No. 1 fixed-line Internet operator, will test run the fifth-generation mobile network, or 5G, for the first time in the world at the PyeongChang Winter Olympic Games slated for February next year in the eastern m
TechnologyAug. 24, 2017
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Religious tax brawl disrupts Moon’s fiscal blueprint
President Moon Jae-in’s vision of improving economic equity may suffer some setbacks due to a group of Christian lawmakers’ resistance to an incoming taxation bill on religious leaders.While the administration and the parliamentary cluster remained at odds over the issue, a public poll showed a majority of the public consider religious taxation necessary.Civic groups, led by the Korea Taxpayers’ Association, on Thursday held a press conference in front of the National Assembly,
EconomyAug. 24, 2017
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Kakao Bank secures 2.9m users in 1 month, security woes persist
Kakao Bank solidified its position as South Korea’s leading direct bank in its first month of operation, data showed Thursday, although concerns persist over customer service scams and loopholes in authentication. As of Wednesday, Kakao Bank, the second online-only bank to open in Korea following K bank, attracted some 2.9 million bank accounts, through which customers made deposits and savings worth a combined 1.8 trillion won ($1.6 billion) and took out loans worth 1.3 trillion won. Thes
MarketAug. 24, 2017
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Seoul stocks end higher on institutional buying
South Korean stocks ended higher Thursday as institutions turned to net buyers. The won closed higher against the dollar. The benchmark Korea Composite Price Index rose 9.44 points, or 0.40 percent, to close at 2,375.84. Trade volume was moderate at 290.54 million shares worth 4.59 trillion won ($4.07 billion), with gainers outnumbering losers 428 to 372.Institutional investors bought a net 120 billion won. Foreigners bought stocks worth 14 billion won, extending their buying to a third straight
MarketAug. 24, 2017
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China’s Haier sues Samsung, LG over TV patents in New York
Chinese electronics manufacturer Haier filed a lawsuit against South Korean rivals Samsung and LG Electronics and some others over their monopoly on patents related to the production of televisions with a New York court, according to news reports Thursday. Haier claimed in the suit that Korean TV makers and others pay a patent licensing company named MPEG LA too much for royalties for patents required by the US Federal Communications Commission for manufacturing digital TVs. Defendants sued by H
TechnologyAug. 24, 2017
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[Monitor] Koreans’ overseas card spending hits record high
South Koreans’ use of cards overseas hit a record high in the second quarter of this year amounting to $4.18 billion, up 20.6 percent from a year earlier, according to the Bank of Korea on Thursday. It marked a 4 percent increase from the preceding quarter.Some 6.11 million South Koreans traveled abroad in the second quarter, according to government data, down from 6.51 million from January through March. In comparison, card spending by foreign visitors here reached $1.87 billion in the sa
EconomyAug. 24, 2017
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[Newsmaker] Samsung’s new Galaxy Note 8 plays it safe
Launching the much-awaited flagship smartphone Galaxy Note 8 in New York, Samsung Electronics played it safe instead of shaking things up with stunning new features. This is the first Note model after the exploding fiasco of the Note 7 last year that tarnished Samsung’s reputation. The debacle was reportedly caused by packing in too many new features like an iris scanner, increasing battery capacity and accelerating the release schedule on the rush to beat Apple. Samsung, this time, chose safety
TechnologyAug. 24, 2017