Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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Acting president pledges to nurture 100 global venture firms by 2020
Acting President and Prime Minister Hwang Kyo-ahn on Friday pledged to nurture 100 global venture firms by 2020 as part of the government's efforts to promote startups, create jobs and revitalize the economy.To achieve this goal, the government plans to provide "strategic, tailored" assistance, including legal counseling, to help venture firms prepare for their entry into foreign markets or expand their presence abroad. Acting President and Prime Minister Hwang Kyo-ahn speaks during a meeting of
IndustryFeb. 17, 2017
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Lee’s arrest puts Samsung’s Harman deal in question
Uncertainties spiked Friday over Samsung Electronics’ plan to take over Harman International, as its chief was arrested one day ahead of the US firm’s shareholders meeting.According to the financial industry, the physical detention of Samsung Electronics Vice Chairman Lee Jae-yong may affect a meeting of shareholders of Harman International, scheduled to be held in Stamford, Connecticut at 9 a.m. on Friday, local time. “Previously, it was highly expected that the shareholders meeting wouldn’t im
IndustryFeb. 17, 2017
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Haebora to enter AI voice recognition market
Tech startup Haebora, which has developed an earbud that allows users to “talk through their ears,” recently announced its intention to enter the AI voice recognition market.On Friday, Haebora announced that it was developing an AI-based voice service device that can be integrated into speakers or smartphones to carry out voice commands or offer real-time interpretation. This service will be an expansion of the technology behind the company’s revolutionary “RippleBuds” earbuds, which are equippe
IndustryFeb. 17, 2017
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Underground economy accounts for 8% of GDP in 2015
The underground economy accounted for 8 percent of South Korea's gross domestic product in 2015 amid the government's efforts to reduce the black market, a state-run think tank said Friday.The Korea Institute of Public Finance said in its latest report that the shadow economy was estimated at 124.7 trillion won ($108.8 billion) as of 2015, taking up 8 percent of the country's GDP worth 1,558.6 trillion won. (Yonhap)The rate against the GDP has been on a slight decline since 2013 when it hit 8.7
Feb. 17, 2017
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Deloitte Anjin case puts accounting firms on edge
Accounting firms in South Korea remain jittery as financial authorities are set to discipline Deloitte Anjin LLC soon for its failure to detect massive accounting fraud in a troubled shipyard, sources said Friday.Starting in late 2015, the Financial Supervisory Service conducted a near one-year investigation into Deloitte Anjin over its failure to uncover that Daewoo Shipbuilding & Marine Engineering Co. had cooked the books to make its snowballing losses in 2013 and 2014 look smaller. This und
IndustryFeb. 17, 2017
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Korea hikes foreign egg imports to cope with supply shortages
Imports of foreign eggs and their processed products to South Korea have surged this year, government data showed Friday, as the country is dealing with the worst supply shortage caused by the spread of avian influenza. The inbound shipments of fresh eggs and processed products reached a total of 1,331 tons from Jan. 1 to Feb. 15, according to data by the Ministry of Food and Drug Safety, and Ministry of Agriculture Food and Rural Affairs. Piles of boxes containing eggs imported from the United
IndustryFeb. 17, 2017
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Imports of FMD vaccine not on the cards
South Korea's plan to import a vaccine against food-and-mouth disease from a British company may end up in smoke as it has yet to respond to a Seoul request for an emergency import, sources said Friday.South Korea remains gripped by a serious undersupply of FMD vaccines following the simultaneous outbreak of type A and type O viruses. Since the first outbreak on Feb. 5, nearly 800 cows have been culled so far. This undated file photo shows an FMD vaccine (Yonhap)After a type A case was reported
TechnologyFeb. 17, 2017
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FKI board meets over new chief, upcoming assembly
The board of the Federation of Korean Industries was set to meet Friday for discussions on ways to reform the organization now facing a series of departures by its key members that are threatening its very foundation.FKI officials said the board was expected to set the agenda for the general assembly scheduled to be held next Friday, noting they were expected to include the appointment of a new FKI chief. (Yonhap)The organization has been searching for a new leader to replace outgoing chairman H
IndustryFeb. 17, 2017
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Exports of key items tipped to log robust gain in Feb.
South Korean exports of chips and other key products are forecast to expand at a double-digit rate in February on increased prices and a recovery in overseas demand, sources said Friday.The sanguine outlook, which local trade associations offered at a meeting hosted by the Ministry of Trade, Industry and Energy, comes as the country's overseas shipments have been on the mend in recent months after a prolonged slump. (Yonhap)Overseas shipments of most flagship products are likely to increase in F
Feb. 17, 2017
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Futures firms, brokerages sharply down due to tepid derivatives market
South Korean futures firms and brokerage houses have declined sharply in the recent seven years due to a deep slump in the local derivatives market, industry data showed Friday.The number of futures firms stood at five as of September last year, more than halving from 11 tallied in 2009, with their employees shrinking to 395 from 683, according to the data compiled by the Korea Financial Investment Association. (Yonhap)Over the same period, the number of brokerages also fell to 56 from 62, while
Feb. 17, 2017
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Kakao Taxi to feature auto payment system within H1
Kakao Taxi, a taxi hailing app operated by South Korea’s mobile giant Kakao, will feature a new automated payment function within the first half of this year, the company said Tuesday. Kakao has entered a new partnership with Korea Smart Card Co. to jointly introduce an auto pay option on the KakaoTaxi app that is widely used by those in Korea. Once the new feature is added, KakaoTaxi app users will be presented with an “auto payment” option which would automatically pay for the taxi fare when t
TechnologyFeb. 17, 2017
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Samsung BioLogics denies accounting fraud accusations
Samsung BioLogics, a contract manufacturer of biologic drugs under Samsung Group, has denied accusations that it engaged in fraudulent accounting practices to boost its market valuation in seeking a public listing on South Korea’s main bourse Kospi last year. The move came after Rep. Sim Sang-jeung, chairwoman of the minor opposition Justice Party and local civic group People’s Solidarity for Participatory Democracy questioned accounting methods that led to a sudden rise in Samsung BioLogics’
IndustryFeb. 16, 2017
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Investment to and from Cayman Islands on the rise
The Cayman Islands may be little known to ordinary Koreans, but inward and outward investments between South Korea and the British overseas territory located in the western Caribbean Sea have been on the rise, according to government data. As of the end of January, the amount of investment from the island reached 9.96 trillion won ($8.72 billion), up from 8.22 trillion won in January 2015. The figure in 2008 was 3.67 trillion won. With a population of less than 60,000, the Caribbean isl
Feb. 16, 2017
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Samsung BioLogics wins best CMO Asia award
Samsung BioLogics has received the Best Asia CMO award from the Asia-Pacific Bioprocessing Excellence Awards 2017 held in Singapore, the company said Thursday.The award ceremony was held on the sidelines of the fourth Biologics Manufacturing 2017 conference. Samsung BioLogics was recognized for its achievement in leading the industry’s innovation with quality and speed competiveness, the company said.(The Investor)“By utilizing the latest world-class facilities to maximize production efficiency
IndustryFeb. 16, 2017
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[Superrich] SPC’s third generation hits stride with success of Shake Shack
SPC Group, which was recently boosted by its successful launch of premium burger chain Shake Shack here, is undergoing a generational shift in management.Chairman Hur Young-in’s two eldest sons were promoted to vice presidents in 2015 and 2016 joining the firm’s management.The change has drawn a mixed reaction among those in the food and beverage industry, with some anticipating the young leaders will take initiative in coming up with new business models and improving the group’s structure. Othe
CompaniesFeb. 16, 2017
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[Superrich] Breakdown of salaries for heads of listed public companies
There are eight public enterprises that are listed on the domestic stock market: Kangwon Land, Grand Korea Leisure, Industrial Bank of Korea, Korea Gas Corporation, Korea Electric Power Corporation, KEPCO Engineering and Construction Company, KEPCO KPS, and Korea District Heating Corporation.The corporate stocks of these companies are openly traded on the market. Both individuals and companies can be shareholders while the government holds over 50 percent of the shares, allowing it to have autho
CompaniesFeb. 16, 2017
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[Photo News] Starbucks' digital receipts surpass 500,000 users
STARBUCKS‘ DIGITAL RECEIPTS -- Starbucks Korea said Thursday that more than 500,000 people have signed up for its digital receipt program, which aims to reduce paper waste. In the past two months, Starbucks has issued 15 million digital receipts, saving 17,000 rolls of paper. (Starbucks Korea)
IndustryFeb. 16, 2017
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11st launches in Thailand
Online open market 11st has launched in Thailand, its operator SK Planet said Thursday.Thailand is 11st’s fourth overseas expansion following launches in Turkey in 2013, Indonesia in 2014, and Malaysia in 2015. The launch in Thailand will begin with over 3 million products across eight categories including fashion, electronics, and leisure. There will also be deals offered for a limited time with products curated by 11st. “We saw that Thailand’s e-commerce sector has huge growth potential consid
IndustryFeb. 16, 2017
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LIG Nex1 to head to IDEX 2017
South Korea’s leading defense company LIG Nex1 said Thursday that it will be participating in the International Defence Exhibition and Conference 2017.In its seventh appearance at IDEX, LIG Nex1 will be displaying state-of-the-art products including the medium-range anti-air missile KM-SAM, Korean GPS Guided Bomb Kit, portable surface-to-air missile Chiron, Artillery Locating Radar and Software Defined Radio. In addition, LIG Nex1 will be introducing a powered exoskeleton robot that boosts the u
IndustryFeb. 16, 2017
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[HERALD INTERVIEW] Ericsson-LG to join hands with Korean mobile stars: chief
Ericsson-LG CEO Patrick Johansson (Park Hyun-koo/The Korea Herald)Ericsson-LG, a network equipment and solution provider, will expand its business in South Korea to mobile and media services, taking advantage of the country’s fast internet speed, said the company’s CEO Patrick Johansson. The company, established between Sweden’s largest network business and LG Electronics in 2010, is now in talks with leading mobile businesses such as Naver and Kakao in order to help improve the efficiency of mo
TechnologyFeb. 16, 2017