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Today Industry

Samsung Electronics to announce 3-year buyback plan

Samsung Electronics is set to announce next week a three-year plan to buy back shares, which is anticipated to be the largest backed by the tech giant’s thriving chip business.The tech giant will also announce its third-quarter profit and plans for cash dividends for 2018-2020. (Photo by Park Hyun-koo/The Korea Herald)Last year, the company said it would spend 50 percent of its net profits to increase its share value and return the benefits to its investors. Of the 22.4 trillion won of net profi

Consumers wary as tax hike looms on HNB tobacco

Following the passage of a tax hike bill on heat-not-burn tobacco products at a parliamentary committee, South Korean consumers are bracing for a price hike to begin as early as next month.On Friday, the strategy and finance committee of the National Assembly passed a proposal to raise individual consumption taxes on HNB products to 90 percent of the same tax levied on conventional cigarettes. If the bill passes the floor next month, each 20-stick pack of HNB sticks will be taxed to the tune of

Today
Industry
Pureunbam enters Mongolian market

Shinsegae‘s private soju brand Pureunbam has entered the Mongolian market, according to the company Monday.On Sunday, the first shipment of Pureunbam soju was sent from Incheon to Ulaanbaatar, Mongolia. The products are expected to hit shelves at E-mart’s two branches in Ulaanbaatar in mid-November. Poster for Pureunbam soju (Shinsegae)The first shipment includes 19,200 bottles of the low-alcohol “Short Night” and 4,800 bottles of the stronger “Long Night.”According to Shinsegae, the decision to

Today
Industry
Jeju Air, T’way Air expand into in-house ground handling

Budget carriers Jeju Air and T’way Air have made moves toward creating affiliate companies tasked with the airlines’ ground handling operations, according to the two airlines Monday.Jeju Air announced that it had signed a deal to buy Dongbo Airport, a company specializing in airline operations and ground handling services. Dongbo had been providing ground handling operations for T’way Air.Dongbo will begin servicing Jeju Air as early as this year.“As Jeju Air’s fleet and flights continue to expa

Today
Industry
AmCham elects new leaders

The American Chamber of Commerce in Korea has appointed a new vice chair and seven new board of governors, it said Monday. 　Myung Chan Lee, country chief executive of Lockheed Martin Global, Inc. Korea, has been elected as vice chair. AmCham’s new board of governors include Steven Barnett, president and CEO of AIG Korea Inc., Brad Buckwalter, president and general manager of Johnson Controls Korea, and Colm Flanagan, head of the Seoul Foreign School. (American Chamber of Commerce in Korea)　Jae

Oct 23, 2017
Industry
Samsung set to continue sharing record profits with shareholders

Samsung Electronics Co. is expected to implement a massive share buy-back drive after announcing its third-quarter profit report next week, which is presumed to set another record amid strong returns from the chip business, industry watchers said Monday.The company is also expected to announce detailed plans on buy-backs and dividends for 2018-2020 as well, they added. The outlook came as the South Korean tech giant said last year it plans to allocate around 50 percent of its free-cash flow gene

Oct 23, 2017
Industry
[Ask a Lawyer] Korea’s unique regulations of gab-eul relationship

Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed.

Oct 23, 2017
Industry
[Herald Interview] LOT Polish Airlines aims to bridge Korea, central Europe

Poland‘s flagship carrier celebrated the one-year anniversary of its Incheon-Warsaw direct route Thursday, with hopes to further increase the frequency of the flight and promote Central European destinations in the Korean market.“It is a very important route, not only from the tourist perspective but also because it provides business connectivity,” said LOT’s chief executive Rafal Milczarski during an interview with The Korea Herald. The Incheon-Warsaw flights serviced by LOT began on Oct. 18 la

Oct 23, 2017
Industry
Cosmetics experts to discuss convergence, creativity at IFSCC forum

Cosmetics researchers from all over the world will gather in Seoul to discuss convergence and creativity in cosmetic science starting Monday.The 24th Conference of the International Federation of Societies of Cosmetic Chemists is set to take place from Monday to Wednesday at the Grand InterContinental Seoul Parnas under the theme of “Cosmetic Science: Beauty, Convergence and Creativity.”This is the second time that the conference, which began in 1960, will take place in Seoul.Researchers study c

Oct 23, 2017
Industry
Solar energy can better create jobs than atomic, coal-fired thermal power: KIET

Solar power can create more jobs than atomic and coal-fired energy generation, a state-run think tank said Sunday.In a report on solar power job creation in the fourth industrial revolution era, the Korea Institute for Industrial Economics and Trade said that while nuclear and conventional thermal power plants do not necessary lead to a meaningful rise in hiring, just $1 million invested in solar energy may lead to the creation of 15.7 new positions.It said the difference is due to the relativel

Oct 22, 2017
Industry
Culture-related exports log double-digit growth this year

South Korea's exports of culture content and leisure service-related goods posted double-digit growth in the first seven months of the year on the back of the popularity of K-pop, government data showed Sunday.According to the data compiled by the Ministry of Culture, Sports and Tourism, exports of the country's key 11 culture-related goods reached $1.55 billion in the January-July period, up 23.5 percent from a year earlier. (Yonhap)In contrast, the country's imports of culture content, such as

Oct 22, 2017
Industry
Consumer orientation highest in cosmetics, lowest in auto repairs: data

The cosmetic sector turned out to be the most consumer-oriented in the goods and services market, while the automobile repairs sector was the most detached from customer feedback, data showed Friday.According to a survey conducted by the Korea Consumer Agency, the cosmetic sector scored 80.3 in the consumer market evaluation index, while the car repairs sector stood at 75.9. The market average for 47 individual sectors was 78.1, up 1.3 points from 2015.Also, the average for products sectors was

Oct 21, 2017
Industry
FTC to control chaebol's brand commission fees

Stepping up measures to reform corporate governance and alleviate market monopoly, the Fair Trade Commission is moving to tighten its grip over the brand commission which conglomerates collect from their affiliates.Such a gesture was largely seen as an initiative of the FTC Chairman Kim Sang-jo, dubbed the “chaebol sniper” for his longtime activist stance against the country’s conglomerate-centered economy. Fair Trade Commission Chairman Kim Sang-jo speaks during a parliamentary audit at the Nat

Oct 21, 2017
Industry
P&G signs on with PyeongChang Olympics

Procter & Gamble Korea has signed an agreement with the PyeongChang Organizing Committee to join efforts to promote the Winter Games such as by holding a nationwide cheering campaign, the company said Friday. P&G Korea General Manager Kim Joo-youn (left) and PyeongChang Organizing Committee President and CEO Lee Hee-beom (right) pose for a photo with models to mark their joint campaign launch. (P&G)Under the name “Reply 50 million,” referring to the South Korean population, the company will work

Oct 21, 2017
Industry
Kepco's deal to run UAE reactors contains toxic clauses: lawmaker

Lawmakers of the ruling Democratic Party of Korea said Friday that South Korea’s state-run Korea Electric Power Corp. omitted key clauses in its contract last year to operate nuclear reactors in the United Arab Emirates.Rep. Kim Byung-kwan said that based on the board of directors’ meeting minutes he received from Kepco, the company conceded many of its previous positions in sealing a deal with its UAE counterpart Emirates Nuclear Energy Corp. last year.The electricity provider has coalesced wit

Oct 21, 2017
Industry

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