Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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App-based carpooling to be allowed during commute hours
The government, taxi businesses and a shared mobility operator agreed Thursday to permit app-based carpooling services during morning and evening commute hours.Taxi associations have been strongly opposed to the introduction of carpooling services by Kakao Mobility, the operator of South Korea's largest taxi-hailing app, claiming it will put their business in jeopardy.Under the agreement reached by a consultation body involving the ruling party, the government, taxi businesses and Kakao Mobility
March 7, 2019
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Commercial 5G rollout could be delayed to April
The South Korean government said Thursday that commercial rollout of fifth-generation mobile network services could be delayed to next month, as phone manufacturers and telecom firms are struggling to meet the original March deadline.During a press briefing, the Ministry of Science and ICT acknowledged that 5G network services might not be available to consumers by the end of this month. The ministry had been seeking to begin the commercial service this month after 5G-capable smartphones hit the
March 7, 2019
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[Weekender] Coworking biz ushers in golden age
The concept of the “sharing economy” has caught on in Korea, but not as much as the enthusiasts had imagined. Uber, the most controversial example, was unable to enter for legal reasons, and others such as Airbnb-like house-sharing services are still fumbling to overcome regulatory hurdles. In a way, coworking spaces are the lone shining star in the sector, with experts predicting the trend to continue for years. A big part of the reason is because of the steady growth of knowled
March 7, 2019
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[Monitor] Data usage by smartphones surpasses 400,000 TB
Monthly data usage by smartphones surpassed 400,000 terabytes for the first time in January, according to data from the Ministry of Science and ICT, boosted by growing use of video streaming services and mobile games. The data traffic amounted to 403,812 TB in January, up 1.5 percent from the previous month, the data showed. The January figure increased 28.7 percent on-year, and marked a 17-fold increase from usage in January 2012, the data showed. Data traffic on smartphones that support LTE, o
March 7, 2019
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[Herald Interview] ‘Drinking less but better has helped single malt boom in Asia’
The global trend of drinking less but better has led to a boom of single malt whiskey in Asian markets, including South Korea, according to a global brand ambassador of Glenfiddich. “The world is seeing a drink-less-but-better trend now, and it is exciting for us in the single malt world,” said Struan Grant Ralph in an interview with The Korea Herald during his trip to Seoul last week. Struan Grant Ralph, a global brand ambassador of Glenfiddich (Glenfiddich)“Korea is an exciting (market) for u
March 7, 2019
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Pharma firms go all-out in increasing R&D capacities
South Korean firms Daewoong Pharmaceutical and Celltrion Pharm are injecting funds to increase the capacity of their research and development facilities and production plants, despite some concerns that the hefty investments could weigh down their operations.Daewoong, the latest member to join the club of pharma firms with 1 trillion won ($887 million) annual sales, said that it would invest 70.5 billion won from May 31 this year to July 31, 2023, to build a connected collaboration and developme
March 7, 2019
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LG Chem to issue corporate bonds worth W1tr
LG Chem announced Thursday it plans to issue corporate bonds worth 1 trillion won ($885 million). The Korean firm said it decided to increase the initially planned 500 billion won of corporate bonds to 1 trillion won after carrying out “demand forecasting” for institutional investors this week. (LG Chem)The demand from investors stood at a total of 2.64 trillion won, the largest since Korea adopted the demand forecasting system in 2012, the firm said. By segment, it plans to issue 160 billion wo
March 7, 2019
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Essilor Korea calls for preemptive care for presbyopia
It is never too early to wear progressive lenses, Essilor Korea said at a press conference in Seoul marking the 60th anniversary of the French lens maker Essilor, Wednesady. Progressive lenses -- also known as multifocal or varifocal lenses -- are worn by people with presbyopia, a farsightedness often associated with old age.But in the digital age where the increased use of smartphones, tablets and computers are changing sight habits, it’s not only the old people who show signs of presbyopia, Es
March 7, 2019
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Jim Rogers unfazed by summit collapse, says NK still attractive
Jim Rogers, a famed investor and chairman of Rogers Holdings, said a unified Korea is just around the corner and the Korean Peninsula will be the world’s most attractive place to put money on. Describing the botched US-North Korea summit in Hanoi last week as only a “bump in the road,” Rogers said the reunification of the two Koreas is already happening. “It’s a delay and it’s something that’s inevitable. It’s going to happen. ... North Korea wants it, South Korea wants it, China wants it (and)
March 6, 2019
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LS Cable & System bets on EV parts business
LS Cable & System is slated to sell a 49 percent stake in its subsidiary LS Alsco to local private equity fund Keistone Partners with the aim of securing capital to foster its electric vehicle parts business, according to a regulatory filing on Wednesday. The company will retain a 51 percent stake in LS Alsco and the sale is expected to be fetch 30.9 billion won ($27 million). LS Alsco, which specializes in aluminum, will expand its business into related materials for EV parts. LS Cable & System
March 6, 2019
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[News Focus] Korean brands challenge ales from US, Japan
SEJONG - In large discount chains nationwide, it has become easy to find consumers putting beer products into their carts with such brands as Hangang, Gangseo, Dalseo and Jeolla.The names of Hangang (Han River) and Gangseo (a district in Seoul) originate from beer producer Sevenbrau’s headquarters, which is located at the Gangseo Hangang Xi Tower in Gayang-dong, Seoul. Dalseo is a district in Daegu, and Jeolla refers to the two provinces in the southwest of the country.Shoppers could buy four 33
March 6, 2019
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S. Korea ranks 13th in IP standards, down 2 notches
South Korea ranks 13th in the world in terms of its intellectual property standards, a new US report showed, down two notches from the previous year.The Global Innovation Policy Center’s report on International Intellectual Property Index 2019 showed that Asia’s fourth-largest economy was given 36.06 points out of 45 this year, according to the Ministry of Science and ICT on Wednesday. 2019 International IP Index 2019 (GIPC)The GIPC, a research institution affiliated with the US Chamber of Comme
March 6, 2019
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Korean firm invents AI platform for Paris Agreement 2015
CPE Cell, a clean energy developer in South Korea for the reduction of greenhouse gas emissions, has unveiled an artificial intelligence platform dubbed “Clean Development Mechanism Work Owner Device,” as part of its project to brace for certified emissions reductions.CDM Work Owner Device is the first-step technical module of an AI platform, which is fostered for generating and trading CERs, according to the company that holds its headquarters in Yeoksam-dong, Seoul.It is a device delivering CD
March 6, 2019
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‘Dustphobia’ leads to high sales of dust-filtering products
With prolonged nationwide warnings on high fine dust levels, household and health care products to combat it saw a steep rise in sales, industry data showed Wednesday. The South Korean authorities on Tuesday enforced emergency measures for the sixth consecutive day in Seoul, Incheon and Gyeonggi and the North and South Chungcheong provinces.According to eBay, its domestic e-commerce websites G-Market, Auction and G9 saw up to sevenfold jump in sales of products designed to filter fine dust from
March 6, 2019
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Calls grow for supervision of financial conglomerates
Calls have been growing in Korea to pass a bill that will beef up consolidated supervision of financial conglomerates, citing the need to lower their insolvency risk, while opponents claim the move excessively tightens the grip over chaebol. The system is intended to supervise financial conglomerates that do not own banks but hold more than 5 trillion won ($4.43 billion) in financial businesses, including lending, insurance or other finance investments. The system recommended by the Internationa
March 6, 2019
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President pledges all-out support to create 'venture boom'
President Moon Jae-in on Wednesday vowed increased support for venture firms as the key driver of innovation and growth.Moon has been putting an increasing emphasis on regulatory reforms and new technology businesses recently as his trademark income-led growth policy apparently failed to spur employment and consumption last year. (Yonhap)During a briefing on venture business policies, he noted countries across the world are competing fiercely to take the lead in new innovative businesses and tha
March 6, 2019
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SK confirms CEO’s decision to resign as board chair
A full week after reports surfaced, SK Group confirmed Tuesday that its chief, Chey Tae-won, would step down as chair of the board of SK Holdings, the conglomerate’s holding company, to improve transparency in corporate governance.The company said in a statement that it was considering amendments to its articles that would forbid CEOs from concurrently serving as board chair. The board will also have more outside directors to make the organization more independent and transparent, it added. The
March 5, 2019
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Korea's ICT Ministry sends back SKT’s 5G pricing plan
The South Korean government on Tuesday rejected the pricing plan of the country’s largest mobile carrier for its upcoming 5G wireless services.Following a meeting with an expert panel, the Ministry of Science and ICT announced that it cannot approve SK Telecom’s pricing plan. While it was not revealed exactly how much the mobile carrier is seeking to charge for the faster mobile service, the government said SKT’s pricing plan could “restrict the consumers’ right for choices.” (Yonhap)“Since SKT
March 5, 2019
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As recruiting season begins, Korea Inc. seeks creativity
Major conglomerates in South Korea began recruiting staff this month, but they appear to have made noticeable changes in the way they hire new employees, according to industry watchers Tuesday.In a survey of 646 companies in Korea, 63.7 percent of large businesses in South Korea confirmed plans to hire new employees this month, according to Incruit, a local job seeking site.Affiliates of top conglomerates, such as Samsung, LG and SK, have also announced job openings and held a series of recruitm
March 5, 2019
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Ministry names three new LCC operators
South Korea’s Transport Ministry announced Tuesday that it has designated Fly Gangwon, Aero-K and Air Premia as new low-cost carrier operators after more than three years of hiatus due to overcrowding of the local LCC market.The ministry said Fly Gangwon, Aero-K and Air Premia have passed the reinforced criteria for LCCs. Under the revision, companies planning to carry out flight operations are required to have at least 30 billion won ($26 million) in capital and five airplanes before they can b
March 5, 2019