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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Medical reform committee kicks off despite boycott from doctors
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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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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Biz groups urged to adopt flexible working system
A major business lobby group said Monday that it will push for diverse efforts to encourage its member companies to adopt a flexible working system that it expects could result in more leisure time for workers and eventually more consumer spending down the road. In a related move, the Federation of Korean Industries, which represents the interest of large conglomerates, said it will send an official notice to heads of its member companies to adopt the flexible working system in a way that would
July 13, 2015
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Samsung woos shareholder support with ad blitz
Samsung C&T Corp. conducted a massive advertisement blitz to drum up shareholder support for a proposed merger with another unit of Samsung Group on Monday, days ahead of a crucial shareholder meeting.Samsung C&T shareholders are scheduled to meet on Friday to cast ballots on Cheil Industries Inc.'s proposal to take over the builder in an all-stock deal. Cheil Industries is the de facto holding firm of the top family-controlled conglomerate in South Korea."We desperately ask shareholders of Sams
July 13, 2015
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Tobacco tax revenue jumps 38% in H1
Tax revenue from tobacco sales grew 38 percent in six months after the government-led tobacco price hike, while the sales volume dropped considerably, the Finance Ministry data revealed Sunday. In the January-June period, the government collected about 4.3 trillion won ($3.8 billion) in tax revenue from tobacco sales, up 1.2 trillion won from a year earlier. During the same period, cigarette sales dropped 28.3 percent due to the drastic tobacco tax hike that started on Jan. 1. After the new ciga
July 12, 2015
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JTI launches neon Camel
Camel Color Neon Edition. (JTI Korea)Japan Tobacco International Korea on Sunday launched the latest limited edition of Camel in iconic neon packing designs. Camel Color Neon Edition comes in four neon colors ― blue, yellow, pink and green and dark blue ― under the slogan “As bold as you want.”“Camel Color Neon Edition will provide opportunities for creative self-expression with Camel’s classic smooth taste and high-quality tobacco at a reasonable price,” JTI Korea’s manager said.“Whether you ar
July 12, 2015
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Retail, tourism industries step up efforts to attract overseas tourists
South Korea’s tourism and retail industries are pulling out all stops to bring back tourists as the Middle East respiratory syndrome death toll remains flat with no new cases recently.(Yonhap)In order to revive the markets hit hardest by the MERS outbreak, the tourism, aviation and retail industries are working together to win back Chinese and Japanese tourists by holding events and inviting foreign tourism officials to ease worries and revive interest in Korean tourism.South Korea’s second larg
July 12, 2015
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Samsung leads Chinese smart TV market for 10 quarters
Samsung Electronics, which leads the global TV market, scored first in China’s smart TV market for 10 quarters in a row, data showed Sunday.According to market research institute GfK, Samsung Electronics was in the lead with 20.8 percent of market share in the Chinese smart TV market in the second quarter this year.Following closely behind are China’s Hisense with 14.1 percent of the market share, as well as China’s Skyworth and Japan’s Sharp, which each have 11.8 percent of total market share.S
July 12, 2015
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SMEs should set up industrial park in China for NK ties
South Korea's small and medium enterprises should try to create an industrial park in northeastern China to bypass international sanctions and expand business ties with North Korea, a state-run think tank said Sunday.In its latest report on the North Korean economy, the Korea Development Institute said Pyongyang has been sending more workers to China to earn more hard currency, which local companies can capitalize on.North Korea's dispatch of workers to China has increased since Seoul blocked al
July 12, 2015
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SK Telecom joins int'l alliance to tap deeper into IoT
South Korea's top mobile giant SK Telecom Co. said Sunday it has joined an international alliance for low-power networks to tap deeper into the Internet of Things industry.SK Telecom said it became the first Asian member of the LoRa Alliance, a non-profit organization that aims to develop standards for the so-called Low Power Wide Area Networks technology, which can be utilized in developing IoT-related products.IoT is a concept in which all tangible objects are connected to the Internet and can
July 12, 2015
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Analysts revise down Samsung Electronics' Q3 earnings
Analysts revised down Samsung Electronics Co.'s third-quarter earnings outlook, industry sources said Sunday, as South Korea's top tech giant Samsung Electronics Co. is anticipated to continue posting weak handset sales.Samsung Electronics's third-quarter earnings are estimated at 7.23 trillion won ($6.39 billion), according to the data compiled from 19 local brokerage houses by market tracker FnGuide. It marked a 3.27 percent drop from the same research conducted before the announcement of seco
July 12, 2015
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Samsung striving to win more pro-merger shareholders ahead of crucial showdown
With a crucial shareholder meeting for a proposed merger with its sister firm a week away, Samsung C&T Corp., Samsung Group's construction and trading arm, is ratcheting up its efforts to win more pro-merger shareholders, particularly minority stakeholders, industry sources said Saturday.Although the country's state pension fund, the National Pension Service, has decided to back the high-profile merger between Samsung C&T with Cheil Industries Inc., the group's de facto holding firm., it is stil
July 11, 2015
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Pension fund decides on Samsung merger
South Korea's national pension fund operator on Friday decided its official stance on a merger between key subsidiaries of Samsung Group, the country's leading family-controlled conglomerate, but won't disclose what the stance is for the time being, officials said.But sources say that the operator decided to support the merger considering its potential influence on the fund's earning rates.The National Pension Service decided on whether to support or oppose the merger between Samsung C&T Corp. a
July 10, 2015
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KEPCO installs energy storage system for frequency regulation
Korea Electric Power Corp., the nation’s sole power distributor, said Friday it had installed the country’s first energy storage system for power system frequency regulation at the West-Ansung substation in Gyeonggi Province. With the installment of ESS for frequency regulation, KEPCO said it would be able not only to reduce power purchasing costs, but also to lay the foundations for the development of related industries.Starting with the 28 megawatt ESS in the West-Ansung sub-station, KEPCO wil
July 10, 2015
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Elliott urges NPS to oppose Samsung merger
U.S. hedge fund Elliot Associates called on South Korea's national pension fund operator Friday to support its opposition to a proposed merger between two key subsidiaries of Samsung Group, the country's leading family-controlled conglomerate. The call came as shareholders of Samsung C&T, a construction and trade arm of Samsung Group, are slated to meet a week later to vote on the proposed merger with Cheil Industries Inc., Samsung's de facto holding company. The National Pension Service (NP
July 10, 2015
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Google, Apple raise app prices 10% on new tax rule
Prices for smartphone applications sold in South Korea through Google and Apple platforms rose 10 percent starting this month, industry sources said Friday, as the government started imposing taxes on overseas-based open markets. According to the sources, U.S. tech giants Google Inc. and Apple Inc. rolled out new price policies earlier this month and notified application developers of such changes. Google's price hike came into effect on July 1, while Apple increased prices on Thursday. Th
July 10, 2015
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Tonymoly makes strong debut on Seoul bourse
South Korean cosmetic maker Tonymoly made a strong debut on the Seoul bourse Friday as it seeks to tap deeper into China for new growth beyond the saturated domestic beauty market. Its shares opened at 64,000 won (US$56.57), double the initial public offering (IPO) price of 32,000 won, on the main KOSPI market. They were trading at 67,900 won as of 9:15 a.m., up 6.09 percent from the opening price. Buoyed by a strong rally of cosmetic shares earlier this year, its listing has drawn keen a
July 10, 2015
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Hyundai, Kia see China sales plunge in June
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their combined sales in China plunge in June amid intensifying competition and a lack of new models, industry data showed Friday. Hyundai Motor, South Korea's largest carmaker, sold around 60,000 cars in China last month, down 30.8 percent from a year earlier. Kia Motors saw its China sales in June drop 26.5 percent on-year to some 38,000 units, according to the data. This comes in stark contrast with others, including Japanese
July 10, 2015
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Homeplus workers slam ‘secretive’ takeover
Unionized workers at Homeplus, owned by the U.K.’s Tesco, Thursday urged the company to ensure a transparent takeover for the nation’s second-largest supermarket chain and guarantee that the sell-off will not result in job losses. “Tesco is pushing a secretive acquisition deal with foreign private equity firms, which sparks concerns on possible massive restructuring and job losses,” a union member said during a press conference held at the headquarters of Homeplus in Seoul. The move comes after
July 9, 2015
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YG‘s Moonshot not just a showbiz spin-off
Min Boon-hong, director at Code Cosme, operator of beauty brand Moonshot, poses during an interview with The Korea Herald last week. (Chung Hee-cho/The Korea Herald)When YG Entertainment, the cradle of K-pop stars Big Bang, 2NE1, Psy and many others, attracted $80 million in investment from the global luxury giant LVMH Moet Hennessy-Louis Vuitton last year, it had the entertainment industry wondering what would become of the company. And the very first tangible project was introduced in October
July 9, 2015
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Lotte compares staff to ‘cows’
Lotte Group, South Korea’s fifth-largest conglomerate, has come under fire after disclosing a poster featuring cows symbolizing employees, initially designed to encourage workers. The poster, which was put up in March, shows “seonbi” asking a farmer which of his two cows is a harder worker, and the farmer replies “they are both my precious cows.” Lotte Group’s in-house campaign poster.A “seonbi” is a word used to refer to scholars during the Joseon dynasty, and the poster is a depiction of an an
July 9, 2015
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[Graphic News] Korean population to begin to fall in 2030
South Korea saw its proportion of young people to the total population sink to an all-time low this year due to the effect of low birthrates, data showed Wednesday.According to Statistics Korea, the number of people under age 14 made up 13.9 percent of the total population.It is lower than 14.3 percent recorded in 2014 and 21.1 percent in 2000, making it the lowest-ever figure.Korea’s fertility rate, or the average number of children that would be born to a woman over her lifetime, stood at 1.21
July 9, 2015