Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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Epic Games Korea announces store launch on 10th anniversary
Celebrating 10 years of operations here, Epic Games Korea announced Wednesday it will be launching its online game distribution channel, Epic Games Store, here.The store is the latest project of the game company whose main business is the massively popular “Fortnite” and game development suite Unreal Engine. While Epic Games Store launched globally at the end of last year, the opening was stalled for Korea due to game ratings regulations. Every legally distributed game in Korea has to have its u
April 3, 2019
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Korea to globally standardize 15 hydrogen technologies by 2030
Despite a strong state drive, South Korea does not have any hydrogen technology standardized for global use so far, the government said Wednesday, vowing to make 15 locally developed technologies globally standardized by 2030.According to the Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy, the government plans to file for global standardization of next-generation fuel cells for drones, ships and heavy machinery. The plan also includes proposing four s
April 3, 2019
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TaiMed picks Samsung BioLogics as manufacturer in W150b deal
TaiMed, a Taiwan-based biotechnology company, has picked Samsung BioLogics as its new contract manufacturing organization for the production of its novel biologic Trogarzo, used to treat patients with multidrug resistant HIV. The multiyear capacity contract, worth 150 billion won ($132 million), was concluded in August last year.The deal was made after TaiMed suffered from the lower conversion rate at its Chinese partner Wuxi Biologics in the second half last year, wrote Jerry Su, an analyst at
April 3, 2019
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South Korea to suspend tariff concessions on EU goods
South Korea is slated to suspend tariff concessions on European Union products in response to the EU’s safeguard measures on Korean steel products, according to the government Tuesday. The Ministry of Trade, Industry and Energy said it “notified the World Trade Organization about suspending tariff concessions on EU goods valued at about 56.8 million euros ($63.6 million).” (Yonhap)The amount is the estimation of additional tariffs imposed on Korean steel products in the wake of the EU safeguard
April 2, 2019
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[News Focus] Korean Air, Asiana begin succession process, but are the heirs up to the task?
With their fathers stepping down from the top management seats, heirs to the nation’s two major air carriers appear to be readying to fill the vacuum amid market concerns over their lack of experience and untested leadership.Unlike other conglomerates that have spent years preparing their heirs to take the top spot, the third-generation chaebol scions at Korean Air and Kumho Asiana Group, the parent company of Asiana Airlines, both seemingly unprepared, are being pushed to take the baton from th
April 2, 2019
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LG Chem acquires DuPont’s soluble OLED technology
LG Chem, the petrochemicals and battery-making unit of LG Group, has taken over American chemical company DuPont’s technical assets for soluble organic light-emitting diodes to develop its next-generation displays, the company said Tuesday.LG Chem said the acquisition will include DuPont’s approximately 540 patented assets related to soluble OLED materials, key technologies and tangible assets including production facilities. LG Chem Vice Chairman Shin Hak-cheol (right) shakes hand with DuPont V
April 2, 2019
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Korea’s biohealth exports grow 13% on-year
The South Korean biohealth industry’s monthly exports surpassed $800 million in March, a 13 percent growth from a year earlier, mainly due to increased shipments to the US and China. Trade Ministry data released Tuesday revealed that Korea exported $111.7 million worth of biohealth products to the US in March, $80 million to China, $60.3 milion to ASEAN nations and $145.9 million to European countries.Pharmaceuticals exports marked $401 million, up 17 percent from a month earlier and marking the
April 2, 2019
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Asiana plans additional asset sales to secure liquidity
Asiana Airlines, South Korea's second-biggest airline by sales, will move to secure liquidity and bank loans through the sale of additional assets, the company's chief executive said Monday.In a letter sent to employees, Asiana Airlines CEO Han Chang-soo said the company will "suspend non-profitable routes and reduce the number of planes to swiftly respond to changing market demands."(Yonhap)Asiana's task force team went into operations to transform the financially-troubled full-service carrier
April 1, 2019
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Mirae Asset founder’s dividend donations reach W23.2b over nine years
Park Hyeon-joo, founder and currently global investment strategy officer of Mirae Asset Financial Group, will be donating his last year’s dividends, marking nine consecutive years of the practice of social responsibility, officials said Monday.The donation amounts to 1.6 billion won ($1.41 million) that Park received Friday in dividends at the shareholders meeting of Mirae Asset Global Investments, the asset manager arm of the group.The entire amount will be delivered to a group-affiliated welfa
April 1, 2019
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Kolon Life Science pulls Invossa, downplays drug’s labeling error
Kolon Life Science on Monday suspended the distribution and sales of Invossa, its main cash cow drug, following a report that an ingredient in the drug has been mislabeled since 2003.KLS shares closed at 52,700 won ($46) on this day, a 29.92 percent tumble from the previous day. The report was authored by Kolon Group’s US biopharma unit Kolon TissueGene, which said that a Short Tandem Repeat analysis revealed the osteoarthritis treatment drug was made based on a cell different than that specifie
April 1, 2019
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[News Focus] Shareholders meeting culture in Korea needs reforms
Every spring, investors flock to annual shareholders meetings eager to gain a better insight into their companies and their plans for the year. But many South Korean firms have been receiving flak for the opaque nature of such meetings. Critics say the absent CEOs, run-of-the-mill presentations and even snubbing of shareholders at many meetings shows a lack of willingness to communicate. On March 20, over 1,000 investors rushed to attend Samsung Electronics’ 50th shareholders meeting at its he
April 1, 2019
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[Herald Interview] ‘Korea should open energy market to private firms for renewable goals’
South Korea needs to open its state-run energy sector to private companies to bring in more investment and competition and to better achieve the nation’s renewable energy goal, according to a UK-based energy consulting firm. Shortly after Moon Jae-in became president, the Korean government unveiled its power supply plan aiming for 20 percent of total electricity consumption to come from renewable energy sources by 2030.Wood Mackenzie forecast Korea’s renewables would account for about 17 percent
April 1, 2019
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Kumho Asiana creditors demand asset selloff, solid loan repayment plan
Despite the voluntary departure of the Kumho Asiana chairman last week, the main creditors of the conglomerate, which owns South Korea’s second-largest air carrier Asiana Airlines, have demanded that it sell off its high-value assets and draw up a solid loan repayment plan to improve liquidity. The demands were pushed by Asiana Airlines’ main creditors, including the state-run Korea Development Bank, as a condition for their continued support in normalizing the airline’s financ
March 31, 2019
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[Sky’s the Limit] IFC Seoul, a Yeouido landmark reeling from competition
The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed. Operating premium high-rise office buildings in a dense financial district can either be highly profitable or vulnerable to cutthroat competition. Such is the challenge faced by International Finance Center Seoul, or Yeouido IFC, a gleaming landmark at the center of Seoul’s financial hub Yeouido. Completed in 2012 by US constructor Ar
March 31, 2019
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Supply glut, tariffs weigh on Korean steelmakers
A continued oversupply of global steel products and growing protectionism around the world are weighing on South Korean steelmakers already struggling to find fresh growth engines for the future. Global steel production capacity last year stood at around 2.23 billion tons, down 0.3 percent from the previous year, said the OECD Steel Committee at a regular meeting in Paris last week. Though the figure was nearly unchanged, it far exceeded demand -- by 576 million tons, which was almost 19 times t
March 31, 2019
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[Management in Korea] The chaebol leader’s choice: Retain control or build for the future?
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.Chaebol — which means “money clan” — are called that for a reason: The businesses are inseparable from the families that founded them. It is not unusual for dozens of the companies within a chaebol group to be run by the children, grandchildren and in-laws of the chaebol founder. But while this arrangement
March 31, 2019
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LG’s 5G smartphone to cost less than Samsung’s
Samsung Electronics and LG Electronics are going head to head in the fight for 5G smartphone market dominance in South Korea. Not long after Samsung revealed plans to begin sales of the world’s first 5G-compatible Galaxy S10 as of April 5, LG Electronics said Sunday that it would begin sales of its first 5G smartphone, the LG V50 ThinQ, at a competitive price of 1.2 million won ($1,050) starting April 19. The LG V50 ThinQ costs 200,000 won less than the Samsung Galaxy S10 5G. (LG Electronics)Mar
March 31, 2019
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Overseas sales of Choco pie, Bibigo Mandu, Shin Ramen all top 300 bln-won mark
Overseas sales of Choco pie, Bibigo Mandu and Shin Ramen all exceeded 300 billion won ($263.8 million) last year, a milestone for South Korean food producers that have strived to expand into new markets amid tanking demand at home, industry data showed Sunday.The three products, often referred to as the K-Food troika, have been making steady headway in foreign markets over the years thanks to their high quality, taste and uniqueness, market watchers said. A Korean food exhibition, hosted by the
March 31, 2019
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S. Korea denies holding talks with Europe over Hyundai Heavy's acquisition deal
South Korea's antitrust chief denied on Friday that he held talks with his European counterparts on the acquisition of Daewoo Shipbuilding & Marine Engineering Co. by Hyundai Heavy Industries Co. Kim Sang-jo, head of South Korea's Fair Trade Commission, said in a parliamentary session that he was not in a position to consult with European antitrust regulators on the issue during his recent trip to Europe as he was not aware of details of the deal between the two South Korean shipbuilders. Kim Sa
March 29, 2019
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S. Korea approves 5G pricing plans
The South Korean government announced Friday it had approved mobile carriers’ pricing plans for fifth-generation wireless networks, with the third-biggest telecom company, LG Uplus, revealing that its pricing will start from 55,000 won ($48) per month. According to the Ministry of Science and ICT, the government has greenlighted SK Telecom’s pricing for 5G services. SK Telecom is the only mobile carrier required to obtain the government’s approval for new pricing plans. While the details of S
March 29, 2019