Most Popular
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hyundai Motor’s profit lowest in 7 years
Hyundai Motor, the nation’s biggest carmaker, posted an operating profit of 5.19 trillion won ($4.45 billion) last year, the lowest since 2010 when the carmaker started to comply with international financial reporting standards.The carmaker, in a regulatory filing Wednesday, also posted a net profit of 5.76 trillion won, a 12.1 percent decrease from 6.51 trillion won in the previous year. (Yonhap)For the entire year, Hyundai’s sales grew 1.8 percent on-year to 93.65 trillion won, selling a total
MobilityJan. 25, 2017
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[Newsmaker] Posco chief assumes second term amid scandal, growing uncertainty
Amid growing uncertainty over the global competitiveness of the Korean steel industry and an intensifying probe into an influence-peddling scandal, Posco Chairman Kwon Oh-joon was given another three-year term as the head of the world’s fourth-largest steelmaker Wednesday.The board of directors was briefed on an independent panel’s assessment on Kwon that he is qualified to seek a second term, and agreed to recommend him as the sole candidate for Posco’s next chairman during a shareholders’ meet
IndustryJan. 25, 2017
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Weakening consumption drags down Korean economy
Concerns are deepening that weakening domestic consumption will further drag down South Korea’s sluggish economy this year, offsetting any positive effect of a rebound in exports.Experts caution that Asia’s fourth-largest economy may suffer from the worst slump in domestic demand since the 2008 global financial crisis. (123rf)According to the Korea Economic Research Institute, a private think tank, the country’s private consumption is projected to grow 1.7 percent in 2017, down from 2.4 percent
Jan. 25, 2017
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McDonald’s Korea joins Herald campaign
McDonald’s Korea is participating in The Korea Herald’s campaign to provide newspapers to military units in isolated regions as part of its social responsibility program, the company said Wednesday.The units are located in areas including Hwacheon in Gangwon Province and Icheon and Yeoju in Gyeonggi Province. Some 50 editions will be provided to the units for a year. (Yonhap)McDonald’s have been exerting continuous CSR efforts under its corporate philosophy of contributing to the development and
CompaniesJan. 25, 2017
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Korea, Malaysia extend $4.2b currency swap deal
South Korea's central bank said Wednesday it has agreed with its Malaysian counterpart to extend their bilateral currency swap line, a move that could further strengthen bilateral financial cooperation.Under the deal that will last until January 2020, the two countries can exchange 5 trillion won ($4.2 billion) for 15 billion ringgit ($3.3 billion) or vice versa, which could also be used to settle payments linked to their bilateral trade, the Bank of Korea said in a statement. (Yonhap)"This arra
Jan. 25, 2017
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SKT develops smart watch identity verification technology
SK Telecom has developed an identity verification technology using smart watches and won an international certification from the Fast Identity Online Alliance, the company said Wednesday. The FIDO certified technology enables users to replace existing USB flash drives or one-time password tokens with a smart watch for verification required for online financial transactions. (SK telecom)All a user needs to do is tap the screen of his or her smart watch that has been registered for verification w
TechnologyJan. 25, 2017
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STX Shipbuilding ordered to compensate shareholders for accounting fraud
A lower court has ordered cash-strapped STX Offshore & Shipbuilding Co. to compensate its minority shareholders for losses they suffered due to its accounting fraud, court records showed Wednesday.The Seoul Central District Court ruled in favor of 290 plaintiffs who sued the shipbuilder, former STX Group Chairman Kang Duk-soo and the accounting firm Samjong KPMG, and ordered the defendants to pay a total of some 4.9 billion won ($4.2 million) in damages. (Yonhap)The court said Kang, who led the
IndustryJan. 25, 2017
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Korea says illegal imports up 8% in 2016
South Korea's customs agency said Wednesday that it has caught illegal imports in 89,336 cases in 2016, up 8 percent from a year earlier.The Korea Customs Service said it seized imports of foods that contain harmful substances in 9,033 cases, up 315 percent from 2,867 cases in 2015. (Yonhap)Among the items seized by the agency include dietary supplements that could cause hallucination and stomachache, sexual performance drugs and supplements meant to enhance athletic performance.Some of the item
Jan. 25, 2017
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KOTRA chief says Korea's exports will grow 3.4% in 2017
South Korea's exports will likely post positive growth for the first time in three years in 2017, the head of a local trade agency said Wednesday, pledging all-out efforts by his organization to help ensure growth."External conditions will likely remain unfavorable for South Korea's exports this year due to Donald Trump's America First policy and China's China Inside policy. Also, with the issue over South Korea's scheduled deployment of a US air defense system, but we can turn a crisis into an
Jan. 25, 2017
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Volvo’s new leasing offer looks to make S90 ‘affordable’
Volvo Korea has launched the new D4 model of its flagship S90 series, the company said Wednesday, touting the vehicle as one of the country’s most reasonably priced and affordable luxury sedans. Offered in both “Momentum” entry-level and “Inscription” trim, the 2017 D4 is priced at 59.9 million won ($51,400) and 66.9 million won, respectively, including taxes. In comparison, in Korea the Mercedes E-Class series runs anywhere from 60.9 million won to 98.7 million won, while Ford’s newly release
MobilityJan. 25, 2017
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Europe approves Lantus biosimilar developed by MSD
The European Medicines Agency has granted official sales approval to a new Lantus biosimilar developed by US-based Merck Sharp & Dohme with partial funding from Samsung Bioepis. The European drug regulator approved MSD’s Lusduna -- a biosimilar drug referencing Lantus (insulin glargine), an insulin-based diabetes treatment originally developed by Sanofi -- on Jan. 4. It is the second Lantus biosimilar to be approved by the EMA after Eli Lilly’s Basaglar, another biosimilar referencing Sanofi’s t
IndustryJan. 25, 2017
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E-Land, V-Grass agree Teenie Weenie deal
Retail firm E-Land Group said Wednesday that it has closed a deal to sell its youth clothing brand Teenie Weenie to China’s V-Grass Fashion for 5.13 billion yuan ($751.2 million).“The two companies successfully closed the deal believing that after E-Land successfully introduced Teenie Weenie to the enormous Chinese market, V-Grass will be able to grow it into a global brand,” said an executive with E-Land. V-Grass is a women’s fashion company in China. A Teenie Weenie store in China (E-Land Grou
IndustryJan. 25, 2017
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LG Household & Health Care profits hit record
Personal care product manufacturer LG Household & Health Care said Tuesday that it saw a record-breaking fourth quarter in 2016 with 1.5 trillion won ($1.28 billion) in sales and 178 billion won in operating profits.The nearly 10 percent rise in sales and 20 percent rise in operating profits continues a trend of consecutive growth for the company since 2005. (LG Household & Health Care)Approximately half of the company’s sales, or 798 billion won, came from the cosmetics category. LG H&H continu
IndustryJan. 25, 2017
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Hyundai Motor Q4 net plunges 30.1%
South Korea's top automaker Hyundai Motor Co. suffered a huge setback in its profit in the fourth quarter of last year, the company said Wednesday.Net profit came to 1.07 trillion won ($918.5 million) in the three months ended Dec. 31, down 30.1 percent from the same period in 2015, the company said in a regulatory filing. Hyundai Motor Vice Chairman Chung Eui-sun at the Consumer Electronics Show in Las Vegas on Jan. 5, 2017. (Yonhap file photo)Sales slipped 0.9 percent on-year to 24.54 trillion
IndustryJan. 25, 2017
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Woori Bank renews current CEO’s term
Recently privatized Woori Bank said its outside directors decided Wednesday to renew the term of its current CEO Lee Kwang-goo, who led the bank’s long-awaited privatization along with strong earnings last year.He beat two other candidates -- Lee Dong-gun, an executive vice president and head of the bank’s business support group, and Kim Seung-gyu, a former vice president of the bank’s management support unit -- after a series of interviews by the outside directors. Woori Bank CEO Lee Kwang-goo
Jan. 25, 2017
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Korea’s growth slows in Q4 on weak consumption: BOK
The South Korean economy expanded at the slowest pace in more than a year in the fourth quarter last year, weighed down by weak private consumption and a slowdown in the construction boom, the central bank said Wednesday.The nation’s gross domestic product grew 0.4 percent in the fourth quarter from the previous three months, slowing from 0.6 percent quarterly growth in the third quarter. The fourth-quarter figure is the lowest since the 0.4 percent growth in the second quarter of 2014.For the w
Jan. 25, 2017
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'Pokemon Go' tops 2.83 mln downloads in Korea
More than 2.83 million South Koreans are presumed to have downloaded the popular augmented reality game "Pokemon Go" on the first day of its official launch in the country, a survey showed Wednesday.On Tuesday, Pokemon Go was officially released in the Google Play Store and Apple's App Store in South Korea, six months after becoming a global hit. (Yonhap)According to the survey of 17,400 smartphone users conducted by an app analytics company WiseApp, 2.83 million people are presumed to have down
TechnologyJan. 25, 2017
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Korea's seaport cargo rose to record high in 2016
The volume of cargo processed at South Korea's seaports reached a record high last year despite a global economic slump and the collapse of the country's leading shipper, the government said Wednesday.Cargo handled at seaports across the nation totaled 1.5 billion tons in 2016, up 2.7 percent from a year earlier, according to the Ministry of Oceans and Fisheries. Trade cargo totaled 1.23 billion tons, while domestic shipments came to 265 million tons. This file photo shows containers waiting for
IndustryJan. 25, 2017
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Korea's population mobility slumps at slowest pace in 43 yrs in 2016
South Koreans changed residences from region to region at the lowest pace in 43 years last year due largely to the deepening economic downturn and rapid aging, government data showed Wednesday.The number of people who moved to other regions in the country dropped 4.9 percent on-year to 7.38 million throughout 2016, marking the lowest amount since 1979 when it posted 7.32 million, according to the data by Statistics Korea. (Yonhap)Among them, 66.7 percent moved within their cities or provinces, w
Jan. 25, 2017
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US CPSC calls Samsung probe into Note 7 'important step forward'
The chairman of the US Consumer Product Safety Commission has called the results of the investigation by Samsung Electronics Co. into what caused the Galaxy Note 7 smartphones to catch fire an "important step forward." Announcing the results of its monthslong probe Monday, Samsung said earlier this week it concluded that faulty batteries were the cause of the Note 7 fires, not the smartphone's hardware design or software. (Yonhap)In a statement released Tuesday, Elliott Kaye, chairman of the US
IndustryJan. 25, 2017