Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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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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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Ex-pro baseball player who killed debtor appeals sentence
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Hopes rise for possible Gaza truce deal
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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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LG partners with Gwangju City to foster air-purifying ecosystem
LG Electronics has partnered with Gwangju City to foster an industrial ecosystem focused on air quality, amid growing concerns over air pollution in South Korea, according to the government.Fostering such an industrial ecosystem is one of the government’s regional initiatives to stimulate the recovery of 14 regions that are facing industrial hollowing out. The effort will focus on the development of technologies and products for air purifiers, humidifiers and dehumidifiers amid growing demand fo
March 18, 2019
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Strong sales continue for Kumho Tire’s premium Majesty 9
Kumho Tire’s premium tire the Majesty 9 continues to turn in a strong sales performance, reflecting the market’s positive response to its high quality and upgraded features, the company said Monday. The tire maker said sales of the Majesty 9 SOLUS TA91 had increased 30 percent last year compared with the previous model in the same period in 2017.The Majesty 9 employs technology that helps reduce noise on the road, for a much quieter and significantly upgraded riding experience. The secret is a c
March 18, 2019
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Posco Daewoo rebranded as Posco International
Posco Daewoo has decided to rebrand itself as Posco International during a general shareholders meeting, according to the trading arm of South Korea’s largest steelmaker Monday. The firm said the change of the name is aimed at shaping its identity as a global trading company, leading global business of Posco Group and raising the future valuation. Posco International CEO Kim Young-sang (Posco International)“The launch of Posco International is an important momentum to create synergies with overs
March 18, 2019
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[Sky’s the Limit] Booyoung’s real estate dilemma on acquiring Samsung assets
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. Defining the symbolic cityscape of Seoul is Sejong Main Street, a 10-lane road that runs across the downtown area, stretching from Seoul Station to Gwanghwamun Square. Halfway along this main road, just north of Sungnyemun, the southern gate of Seoul, is the “Taepyeong-ro zone,” location of landmark buildings such as the palace Deoksugun
March 17, 2019
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Sonata preorders surpass 10,000 mark in 5 days
The number of preorders for Hyundai Motor’s all-new Sonata has surpassed the 10,000 mark in five days across the country since the carmaker start receiving orders on March 11, the company said Sunday.The eighth-generation Sonata sedan is selling faster than the previous one, around 2,000 units a day. On average, a total of 5,487 units of the seventh-generation Sonata, also known as Sonata LF, were sold a month last year, the company explained. The 8th generation Sonata (Hyundai Motor)The portion
March 17, 2019
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South Korean conglomerates’ cash reserves hit record high
South Korea’s largest 10 conglomerates held record-high cash reserves last year, as they earned more on thriving chip businesses but spent less on fears of a sluggish economic outlook.According to local corporate tracker Chaebul.com on Sunday, the nation’s 10 biggest business groups by assets had combined cash reserves of around 248 trillion won ($218 billion) last year, up 12.2 percent from 2017, based on the consolidated financial statements of their 95 affiliates. The cash reserves in consoli
March 17, 2019
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[Feature] Korea’s peeping Tom dilemma: Are censors getting too much power?
On Feb. 16, a group of young people arrived at Seoul Station to get ready for a protest. Candles and placards were handed out to the participants, who had already begun to fill the street outside the station in downtown Seoul. But there was one stark difference between this protest and so many others in the city: Almost all the participants were men. In fact, there was only one woman in the crowd of 100 or so protesters. The purpose of the gathering was to denounce the government’s decision to b
March 17, 2019
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Korean firms face backlash from foreign investors over financial statements
Most of the big Korean companies are facing disapproval from foreign pension funds over their financial statements ahead of their imminent shareholders meetings in March, as they have not been audited by an independent panel.On Korea Corporate Governance Service’s online website Voting Information Plaza, of the 89 companies that have posted their agenda for annual shareholders meetings, 56 received opposition from more than one foreign pension fund. (Yonhap)The State Board of Administration of
March 17, 2019
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USTR requests consultations with S. Korea on competition issues
The US trade authority said Saturday that it has made a request to the South Korean government to have consultations under the bilateral free trade deal on resolving competition-related issues."The Office of the US Trade Representative today requested the first ever consultations with the Republic of Korea under the chapter on Competition-Related Matters (Chapter 16) of the United States-Republic of Korea Free Trade Agreement," the USTR said in a press release posted on its homepage."Through the
March 16, 2019
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LG Uplus seeks gov't approval for cable TV acquisition
LG Uplus Corp. on Friday sought approval from the government to purchase a majority stake in leading cable TV operator CJ Hello, officials said. The Ministry of Science and ICT will review whether South Korea's No. 3 mobile carrier's move to become the largest shareholder of CJ Hello is in accordance with the country's telecommunication and fair trade laws. (Yonhap) Earlier, the board of directors of LG Uplus approved the purchase of a 50 percent plus one share stake in CJ Hello from CJ EN
March 15, 2019
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Coupang appoints ex-Walmart official Jay Jorgensen as new CCO
South Korean e-commerce company Coupang said Friday that it has tapped a former vice president at Walmart as its new chief compliance officer and general counsel. Based on his legal expertise, Jay Jorgensen had served as Walmart’s vice president and CCO for seven years since 2012. His effort to organize and implement the ethics program among employees has been awarded as the best governance, risk and compliance program by New York Stock Exchange Governance Services in 2016. Coupang’s new CCO Jay
March 15, 2019
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South Korea bans B737 Max 8 in its airspace for 3 months
South Korea’s government said Friday that all Boeing 737 Max 8 aircrafts will be banned from passing the country’s airspace for safety issues until June 15, in the wake of a recent plane crash in Ethiopia which killed all passengers on board.The Ministry of Land, Infrastructure and Transport released a Notice to Airmen (NOTAM) to alert pilots and air carriers on its decision to forbid B737 planes from flying in and out the country for the next three months. (Yonhap)The measure came a day after t
March 15, 2019
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[Newsmaker] SK Chemicals executive arrested in humidifier sterilizer scandal
An executive of SK Chemicals Co. has been arrested on the charge of destroying evidence on the toxicity of raw materials for humidifier sterilizers supplied to other local companies, court officials said Friday.The Seoul Central District Court reviewed arrested warrants requested for three executives and one employee of the SK Group affiliate amid prosecutors' expanding investigation into the humidifier sterilizer scandal and approved one, for Park Cheol, senior vice president of SK Chemicals.Ar
March 15, 2019
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Prosecutors raid Seoul bourse in Samsung BioLogics probe
Prosecutors raided South Korea's main stock exchange Friday as part of a probe into alleged accounting fraud by Samsung BioLogics Co.Investigators from the Seoul Central District Prosecutors' Office were sent to search the Korea Exchange in western Seoul. They also raided the offices of two Samsung units -- Samsung S&T Corp. and Samsung SDS Co. -- on Thursday in the probe into the biopharmaceutical company. (Yonhap)Prosecutors are investigating allegations that Samsung BioLogics Co. broke accou
March 15, 2019
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Daewoo Shipbuilding 2018 net profit halves on loss from asset sale
Daewoo Shipbuilding & Marine Engineering Co., one of the country's top three shipyards, said Thursday that its net profit halved in 2018 from a year earlier due to a loss from asset sale.Net profit reached 320 billion won ($282 million) last year, compared with a profit of 645 billion won a year earlier, the company said in a regulatory filing.Operating income, however, surged 40 percent on-year to reach 1.03 trillion won as set-aside reserves, against potential losses, were reclassified as oper
March 14, 2019
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Prosecutors raid Samsung Group offices in Samsung BioLogics' accounting fraud probe
Prosecutors raided the offices of Samsung Group's affiliates on Thursday as part of an ongoing probe into alleged accounting fraud by its biopharmaceutical unit, Samsung BioLogics Co.The raids come after the Financial Services Commission ruled that Samsung BioLogics intentionally violated accounting rules ahead of its initial public offering in 2016. The case has been referred to the prosecution. The regulatory review centers on questions about the loss-making Samsung BioLogics' reporting of sud
March 14, 2019
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9 operators to take part in bidding for arrival duty-free shops
A total of nine duty-free operators are set to take part in the bidding for the country's first arrival duty-free shops at Incheon International Airport, the airport's operator said Thursday.Incheon International Airport Corp. said the nine companies have sought to take part in the bidding to operate the shops that are set to open during the first half of this year, without disclosing the name of the companies.Industry sources said that one of the bidders is Dufry Thomas Julie Korea Co., a local
March 14, 2019
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LG CNS introduces coding initiative for Korean teens
LG CNS started its software teaching program LG CNS Coding Genius with 118 students from Shinil Middle School, Seoul, Thursday. A part of the company’s CSR activities aimed at inciting creativity and cognitive thinking among youths, LG CNS has been providing software education program for middle school students since 2017. The program has been taught for over 6000 students in 50 schools across the nation. Students from Shinil Middle School uses Lego robot cars to learn about self-driving technol
March 14, 2019
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[News Focus] Korea’s agriculture deficit grows under FTAs
SEJONG -- South Korea has actively promoted its agricultural products in overseas markets over the past few years by holding K-food fairs in Southeast Asia and elsewhere.The Ministry of Agriculture, Food and Rural Affairs is encouraging “steady” outbound shipments of farming products. The growing volume of farm product exports to destinations such as Vietnam and China drew public attention last year and gave local farmers reason to feel hopeful.This year, K-food fairs are scheduled in seven citi
March 14, 2019
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Samsung SDS to bolster cloud security with ‘homomorphic encryption‘
Samsung SDS on Thursday pledged to bolster its security solution for cloud services by applying advanced encrypted technology to better protect client companies’ data both externally and internally. At a press conference in Seoul, Samsung SDS introduced its latest cloud security total service against cyberattacks using newly developed technologies that include its homomorphic encryption. Samsung SDS CEO Hong Won-pyo. Samsung SDS In order to block hackers, the solution applies artificial intelli
March 14, 2019