Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Green Cross opens 8th U.S. blood center
Green Cross, a South Korean biopharmaceuticals company, said Monday that it has opened its eighth blood center in San Antonio, Texas, aiming to strengthen its position in the U.S. market. The new blood center ― established by Green Cross America, which handles the firm’s U.S. operations ― is able to produce 60,000 liters of general and specialized blood plasma products.With the addition of the Texas center, GCAM’s eight centers are now able to supply up to 400,000 liters of blood plasma products
Aug. 17, 2015
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Pharvis Korea to develop new asthma medication
Pharvis Korea, a homegrown pharmaceutical company, will start developing a new treatment drug for respiratory diseases and asthma based on a therapeutic substance in development by researchers at Korea University and Dongguk University.The Ministry of ICT, Science and Future Planning said Sunday that the firm has purchased the technology and future development rights to the drug PVS02696 for 1 billion won ($840,000). Pharvis Korea signs a deal with researchers at Korea University and Dongguk Uni
Aug. 17, 2015
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SK chief tells affiliate heads to rev up investment
The chief of SK Group on Monday asked the heads of the group's key affiliates to bolster investment, taking his first official step after returning to the throne of South Korea's No. 3 family-controlled conglomerate.Chairman Chey Tae-won had been serving a jail sentence since 2013 for embezzlement, but he was freed from prison last week in a special presidential pardon marking Liberation Day, which was carried out in line with government efforts to revitalize the slowing economy.He presided over
Aug. 17, 2015
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Lotte shareholders back current head over elder brother
Shareholders of Lotte Holdings Co., the Japan-based holding firm of Lotte Group, threw their support behind Chairman Shin Dong-bin on Monday, bolstering his foothold in an ongoing ownership feud with his father and elder brother.Lotte, the country's fifth-largest conglomerate that was founded in Japan, has been making headlines in the past few weeks as founder Shin Kyuk-ho and his two sons, Dong-joo and Dong-bin, are fighting to control the group that operates businesses located in both South Ko
Aug. 17, 2015
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Leading firms lag behind global peers in profitability
The profitability of South Korea's leading tech and auto companies has worsened this year to lag behind that of their global peers, dragging down their share prices and adding pressure to the overall stock market, data showed Monday. The return on equity of major exporters in Asia's fourth-largest economy has slipped over the past years in the face of tougher competition from rising Chinese rivals and global leaders in the high-end market. ROE, calculated by dividing net income by equity capita
Aug. 17, 2015
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Lotte Holdings begins key shareholder meeting
Lotte Holdings Co., the Japan-based holding company of Lotte Group, began a shareholder meeting in Tokyo on Monday, an event deemed crucial in deciding the fate of the founder's two sons who are mired in a succession feud.Lotte, the country's fifth-largest conglomerate that was founded in Japan, has been making headlines in the past few weeks as founder Shin Kyuk-ho and his two sons, Dong-joo and Dong-bin, are fighting to control the group that operates businesses located in both South Korea and
Aug. 17, 2015
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SK Group to adopt wage peak system at all affiliates
South Korea's No. 3 conglomerate SK Group said Monday it plans to have all its affiliates adopt a new wage system by next year, in line with the government's effort to boost the labor market.Under the wage peak system, employees accept a reduced salary in exchange for working for an extended period of time until retirement. Around 90 percent of SK Group's affiliates already have begun steps to adopt the new policy.The South Korean government has been urging local conglomerates to join the system
Aug. 17, 2015
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Kumho Tire workers strike over new wage system
Unionized workers at Kumho Tire Co., South Korea's second-biggest tire maker, began their first all-out strike in three years on Monday after they failed to agree with the management on adopting a wage peak system.Workers at Kumho Tire's three production facilities, including the one in Gwangju, 329 kilometers south of Seoul, started an eight-hour strike at 6:30 a.m., industry sources said.The management has been making efforts to adopt the wage peak system ahead of the extension of the retireme
Aug. 17, 2015
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Business leaders behind Korea’s economic success
Korean companies and their leaders have been one of the biggest contributors to the transformation of Korea, once one of the poorest countries in the world, into a donor nation for the past 70 years after liberation in 1945.Partnering with the military government, which launched the nation’s first five-year economic development plan in 1962, the first generation of Korean chaebol leaders exerted strong leadership to build the foundation of businesses from scratch, while linking their business pr
Aug. 16, 2015
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SK chairman prepares for comeback
SK Group chairman Chey Tae-won, who was released from prison Friday through a presidential pardon, held key meetings at the group’s headquarters in downtown Seoul over the weekend in his efforts to normalize operations and lend a hand in reviving the Korean economy as promised, according to group officials Sunday. Chey took the first steps toward resuming his chairman duties on Saturday, the day after his release, by meeting with SK SUPEX Council chairman Kim Chang-geun and key officials at SK’s
Aug. 16, 2015
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Korea-Japan rivalry deepens in global markets
For decades, the Korea-Japan rivalry has favored Korean firms and helped them secure a firm footing in global markets. In the past, they were desperate to mimic the success of big Japanese names such as Sony and Toyota. But over time, companies like Samsung and Hyundai appealed with quality products at cheaper prices, gobbling up their Japanese rivals’ market shares. Today Korean and Japanese firms compete head-on across almost all industries. And when it comes to information technology, Koreans
Aug. 16, 2015
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Samsung founder’s first son dies at 84
Samsung Group founder’s eldest son Lee Maeng-hee, father of CJ Group chairman Lee Jay-hyun, died Friday at age 84. He had been hospitalized at a Beijing hospital after his lung cancer spread to other parts of his body. The late Lee was often called the “ill-fated prince” of the Samsung empire.His father Lee Byung-chull had originally designated him as his successor in the early 1960s. However, Maeng-hee clashed with his father on issues including his aggressive management style, which led the gr
Aug. 16, 2015
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LG Chem signs battery supply deal with Chinese carmaker
LG Chem Ltd., South Korea's leading chemicals and battery maker, said Sunday that it has signed a deal to supply electric vehicle batteries to a leading Chinese carmaker. Under the contract, LG Chem will supply Changan Automobile Co. with batteries for its next-generation plug-in hybrid electric vehicle, whose mass production is scheduled to start in 2016, the South Korean company said.LG Chem didn't disclose how many batteries it will supply per year.A state-run company, Changan Automobile is C
Aug. 16, 2015
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Hyundai, Kia's China slump to worsen with Tianjin blast
South Korea's top carmaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. are likely to be hit hard by a recent explosion in a Chinese port city, industry watchers said Sunday, amid existing hardships from low sales in the world's No. 1 auto market.On Wednesday, a series of explosions at the Ruihai warehouse in China's northeastern port city of Tianjin wiped out some 4,100 Hyundai units, including its high-end models that are not produced in South Korea. Industry watchers say Hyund
Aug. 16, 2015
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Brokerages' H1 earnings soar on active stock trading
South Korean securities companies saw their first-half earnings jump from a year earlier thanks to active stock trading, industry sources said Sunday.According to the sources, KDB Daewoo Securities Co. reported last week that its net profit spiked 134 percent on-year to 229.4 billion won ($195 million) in the first half due mainly to increased fee income.Samsung Securities Co. said its first-half net income came to 207.8 billion won, more than 4 times the bottom line a year earlier.NH Investment
Aug. 16, 2015
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Hyundai's damage from Chinese explosion estimated at 160 bln won
South Korea's top carmaker Hyundai Motor is estimated to have lost 160 billion won ($136 million) from huge explosions in China's northeast port city of Tianjin, industry watchers said Friday.China Central Television said the blasts involved a shipment of explosives at the Ruihai warehouse in Tianjin, and occurred around 11:30 p.m. on Wednesday. The exact cause was not immediately known.Hyundai had parked around 4,000 automobiles at the site, including Genesis and Equus luxury sedans.While Hyund
Aug. 14, 2015
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Nepa opens new store in Chamonix, France
South Korean outdoor clothing brand Nepa has opened a new flagship store in Chamonix, France, in a bid to expand its global business.Nepa has become the first Korean outdoor brand to operate a store at Chamonix, considered as a hub of the world’s winter sports. Here, the company is looking to “develop products fit for local European customers and newly emerge as a global brand.”Nepa’s new store was established by remodeling Chamonix’s historic pub, Le Chouca ― considered as one of the city’s key
Aug. 13, 2015
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Nespresso launches new Touch Collection
Leading coffee machine brand Nespresso has launched a new collection of premium coffee mugs designed by renowned Berlin-based design studio Geckeler Michels.Made with black ceramic surrounded by a soft silicone ring, the new cups were designed not only for aesthetic appeal but also shaped to enhance and express the aroma and flavor of Nespresso coffees, the company said.“The inner shapes are conceived to guarantee a fluid flow of coffee into the cup and a beautifully refined ‘crema’ every time,”
Aug. 13, 2015
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MCM opens pop-up store in Hongdae
MCM, a German luxury leather goods brand, has opened a new pop-up store in the bustling neighborhood of Hongdae in Seoul, aiming to become a leader in not only fashion but also cultural promotion.The store is housing MCM’s culture and arts project, aka the Kunst Project, until December. The first two floors will sell the brand’s products while the third floor has been transformed into a space displaying the works of star photographer Oh Joong-suk.Since its opening on Aug. 7, the store has attrac
Aug. 13, 2015
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Twosome Place introduces new premium desserts
Twosome Place, a coffee franchise operated by CJ Foodville, is introducing its premium dessert lineup across all its stores nationwide.The new desserts consist of three types of mini cakes and three types of fruit tarts, including the Petit Mango Cake ― made by layering mangos, passion fruit, raspberry and custard cream ― and the Chocolate Cheesecake, wedged in with cream cheese and caramel.Popular tartes include the Strawberry Yogurt Tarte ― made with fresh cream, Greek yogurt mousse and strawb
Aug. 13, 2015