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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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Illit, mired in controversy, remains on Billboard charts for 5th week
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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LG Chem sues SK Innovation in US to protect trade secrets
LG Chem has filed complaints against SK Innovation with the US International Trade Commission and the District Court of Delaware, alleging its rival violated rules on trade secrets. LG Chem said Tuesday it has requested the commission to completely ban imports of SK Innovation’s cells, packs and samples of its secondary batteries while seeking compensation from its rival at the district court of Delaware, where SK Innovation’s US battery arm is located. (LG Chem)LG Chem has alleged that it found
April 30, 2019
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Former KT chief to attend arrest warrant hearing in hiring scandal
A local court is to hold a hearing Tuesday to decide whether to issue an arrest warrant for former KT Corp. Chairman Lee Suk-chae over his suspected involvement in the telecom giant's hiring scandal.Lee is to appear at the Seoul Southern District Court at around 10:30 a.m. to attend the hearing, which will review the legality of pretrial detention for him. The court's ruling is expected in the evening.Lee, who had served as KT chairman from 2009-2013, is suspected of being involved in nine cases
April 30, 2019
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Samsung posts lowest operating profit in 10 quarters
Samsung Electronics posted the smallest operating profit of 6.23 trillion won since 2016 for the first three months of 2019 due to weakened memory chip and display businesses, the company announced Tuesday. In a regulatory filing, Samsung reported 52.4 trillion in consolidated sales and 6.23 trillion in operating profit during the January-March period. The Q1 operating profit marked the lowest since the third quarter of 2016 when the tech giant reported 5.2 trillion won operating profit. “First
April 30, 2019
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Hanwha Group to pull out of duty-free biz amid snowballing losses
Hanwha Group plans to pull out of its duty-free business due to increased losses and competition, the group said Monday.Hanwha TimeWorld, the group's retail unit that currently operates a duty-free outlet in downtown Seoul, said its board decided to end its business by the end of September this year. (Yonhap)Since its launch in July, 2016, the group's duty-free business has logged an accumulated operating loss of over 100 billion won ($86 million).South Korean duty-free business operators have b
April 29, 2019
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Sinopec-SK Petrochemical acquires Chinese oil refinery
Sinopec-SK Petrochemical, a joint venture firm of South Korea’s energy and chemical company SK Innovation and Chinese oil and gas enterprise Sinopec, has acquired an oil refinery based in Wuhan city in China, according to the firm on Monday. Factories of Sinopec-SK Petrochemical (SK Innovation)SK Global Chemical, an affiliate of SK Innovation, held a board meeting and decided to acquire Chinese oil refinery Wuhan Refinery. The company will invest 1.1 billion yuan ($160 million) in cash for the a
April 29, 2019
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Homeplus and P&G Korea open futsal tournament for youths
Homeplus has teamed up with P&G Korea to co-host the 2019 Play Cup Youth Futsal Festival, from April 6 until June 8, at HM Futsal Parks located in various branches of Homeplus, the company said Monday.This year’s edition, with some 1,200 youth futsal players from 120 teams participating at five Homeplus Futsal Parks, will be the biggest tournament to date. A youth futsal team holds up the championship cup after winning first place. (Homeplus)The event provides an opportunity for youths to foster
April 29, 2019
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[Newsmaker] [Feature] Debunking Saxenda myth
In recent months, an unusual buzzword has spread among trendsetters, social media influencers and the general public. Injectable medicine “Saxenda” is being touted across various circles as one of the quickest and most efficient ways to lose weight, by suppressing one’s appetite.Although a prescription-based medicine, there were soon reports of people buying them in bulk through backdoor dealings and others reselling them. Saxenda (liraglutide) injections soon soared to the No. 3 spot in Korea’
April 28, 2019
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Korea’s largest cruise terminal opens in Incheon
South Korea’s largest cruise terminal opened Friday in Songdo, an international business district within Incheon, west of Seoul, port authorities said Sunday. Since 2013, the Incheon Port Authority had spent 28 billion won ($24 million) to build the two-story terminal with 7,364 square meters of floor space. Passengers can be seen in the new cruise terminal in Incheon on Friday. (Incheon Port Authority)“With the opening of the terminal exclusive for cruises, the port of Incheon has taken a leap
April 28, 2019
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Hera launches Au Jour Le Jour limited-edition collection
Hera, a luxury beauty brand under Korean cosmetics giant Amorepacific, has launched a limited-edition collection in collaboration with Italian fashion brand Au Jour Le Jour, the firm said Sunday. The collection features an urban-chic concept that reanalyzes the retro trend, according to the company. Hera X Au Jour Le Jour collection (Amorepacific)It comprises an eye shadow palette, Wonder Pearl Liquid lip gloss, Black Cushion pact, Cell Essence and Rich Curling mascara, packaged in a special bo
April 28, 2019
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Messaging app LINE founder receives huge stock options
A co-chief executive officer of LINE Corp., Japan's largest messaging service provider, has been granted massive stock options, industry sources said Sunday.According to the sources, LINE, an affiliate of South Korea's dominant Internet portal and search engine Naver Corp., has decided to give 10.8 percent of its shares listed on Japan's stock market to its employees over the next three years as stock options, with Shin Jung-ho, named last month as a co-CEO of LINE, receiving 2.7 percent. Co-CEO
April 28, 2019
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Kogas to invest W4.7tr in hydrogen industry by 2030
Korea Gas Corp. is to set aside 4.7 trillion won ($4.06 billion) to build hydrogen infrastructure and develop related technologies by 2030 as part of the nation’s push toward next-generation energy, according to the state-run natural gas company on Sunday. Kogas’ hydrogen plan comes as a follow-up to the Moon Jae-in administration’s hydrogen road map unveiled in January, which aimed to produce 6.2 million hydrogen-powered cars and distribute 15-gigawatt fuel cells for power generation by 2040. K
April 28, 2019
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[Management in Korea] Chaebol need to ask: ‘Are we next?’
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.The recent ouster of Cho Yang-ho from the board of Korean Air, shortly before his death and after a series of leadership shortcomings including alleged misuse of company funds, is more than a turning point for one of Korea’s most visible companies. Even though the company had kept Cho as chairman (his son,
April 28, 2019
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[News Focus] Never-ending debate over low-dividend policies in Korea
With heightened awareness here on increasing governance transparency and boosting investors’ rights, large businesses have been facing mounting pressure on all fronts, including the ways they conduct shareholders meetings, reform the power structure and dole out dividends.Since 2016, when a firm is spotted on the National Pension Service’s radar for paying “stingy” dividends to investors, they run the risk of being added to a blacklist that is disclosed to the public. And with the world’s third-
April 28, 2019
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[pre-IFA] At IFA Berlin 2019, ‘connected living’ to be key concept
ANDALUSIA, Spain -- The growing importance of 5G, artificial intelligence, voice recognition and connectivity may be a double-edged sword for South Korean tech companies -- it allows them to maintain the upper hand in the sector but also provides room for a growing number of competitors, according to organizers of IFA Berlin, Europe’s largest consumer electronics show.In an advance press meeting ahead of IFA Berlin 2019, officials acknowledged the competitive edge Asia’s fourth-largest economy h
April 28, 2019
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Daewoong's Nabota receives positive CHMP opinion
Daewoong Pharmaceutical's botulinum toxin Nabota received a positive opinion from European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP), Friday.The CHMP opinion is a scientific recommendation for marketing authorization to the European Commission, which will now review the recommendation and deliver its final decision on the Company’s marketing authorization application. The decision will be applicable to all 28 European Union member states plus Iceland, Norway and Li
April 27, 2019
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Ministry to investigate imported drinks for carcinogenic chemicals
The Ministry of Food and Drug Safety said Friday it will look into some 20 imported drinks for glyphosate residue.The US Public Interest Research Group Education Fund revealed in a report in February that glyphosate had been found in 19 out of 20 brands of 15 popular beers and five wines tested there. Glyphosate is an active chemical ingredient found in Roundup, the herbicide produced by Monsanto. Under the classification from the International Agency for Research on Cancer, glyphosate is classi
April 26, 2019
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Dedicated cat owners behind Korean pet market’s W1.8tr output: report
Dedicated cat owners are behind the boom in South Korea’s pet care market, market research firm Euromonitor International announced Friday.The size of Korea’s pet care market is estimated to surpass 1.8 trillion won ($1.5 billion) in 2019, twice what it was eight years ago. For that, Euromonitor credited cat owners’ careful attention to their feline friends.Spearheaded by squeezable packages of semi-liquid snack food, the cat snack market in Korea has seen explosive growth since 2017, the Euromo
April 26, 2019
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Bringing Asia closer: ANN redefines vision, mission on 20th anniversary
The Asia News Network, an alliance of 24 media companies in 20 Asian nations, charted a new course for its future on the final day of its 20th anniversary board meeting Friday, at Lotte Hotel in Seoul.When ANN was founded in 1999, its founding members’ vision was to deliver news about Asia through Asian eyes. As the network marked 20 years of successful pan-Asian journalistic collaboration, its board gathered in Seoul to redefine ANN’s future vision and mission. ANN’s new tagline, “Bringing Asia
April 26, 2019
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[Weekender] Branded pop-ups liven up retail scene
Branded pop-up stores play an increasingly important role in South Korea’s retail scene as a source of creativity, innovation and a brand new consumer experience. Many customers associate pop-ups with an experience different from what they expect from conventional brick-and-mortar stores. (Louis Vuitton)“If this were a regular shop, I wouldn’t have stepped inside,” said Nam Yong-il, who visited LG Uplus’ fifth-generation-themed pop-up in Gangnam, Seoul, earlier this week. “But since it’s a pop-
April 26, 2019
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LG Electronics to stop smartphone production in Korea
LG Electronics confirmed Thursday that it would stop producing smartphones in South Korea and move manufacturing plants to Vietnam in an effort to improve profitability amid a slump in global smartphone demand. The smartphone maker has decided to transfer its phone manufacturing plants in Pyeongtaek, Gyeonggi Province, to Haipong in Vietnam. Those working at its Pyeongtaek factories will be posted to Changwon, South Gyeongsang Province. With the transfer expected to be completed by the end o
April 25, 2019