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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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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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Medical reform committee kicks off despite boycott from doctors
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[Monitor] Korea prepares grand budget scheme for new industries
South Korea has decided to spend some 3.5 trillion won ($3.11 billion won) to nurture eight leading industries such as smart farms, smart cities, financial technology, drones and electric vehicles in the latest 10-year plan. It will be spent on research and development of the industries. The total allocated budget marks an increase of 77.9 percent from last year.The plan was announced by Hong Nam-ki, the minister of economy and finance, at the central government complex in Seoul.(khnews@heraldco
Feb. 21, 2019
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[Newsmaker] Why would Chey leave SK Holdings board?
The reported departure of SK Group Chairman Chey Tae-won from the boardroom of the conglomerate’s holding company drew heated interest from the market on Thursday, with many viewing it as an effort to improve transparency in corporate governance. Some aggressive analysts also interpret the move as a prelude to more governance restructuring to raise SK Holdings’ stock value. According to local reports, Chey plans to leave the boardroom of SK Holdings and will have CEOs of other affiliates to do t
Feb. 21, 2019
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KAEMS to provide first maintenance for Boeing 737
Korea Aviation Engineering & Maintenance Service said Thursday it will begin providing aircraft maintenance for the Boeing 737. KAEMS, which is a service provider for aircraft maintenance, repair and operations, was jointly launched in July last year by Korea Aerospace Industries, Korea Airports Corporation, BNK Financial Group, Jeju Air and Eastar Jet. (Yonhap)The launch was designed to offer wider options for Korean aircrafts that depend on foreign companies for their maintenance. Korean airli
Feb. 21, 2019
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Hyundai Steel apologizes for worker’s death at plant
Hyundai-Steel on Thursday apologized for the death of its worker at its plant in Dangjin, South Chungcheong Province, which has repeatedly seen workplace accidents over the past decade. “We send our deep condolences to the victims and their families. We will do our best to cooperate with related organizations on the investigation and we take safety measures not to repeat this accident,” the firm said in a statement.(Yonhap)At 5:20 p.m. on Wednesday, a worker died after being caught in a coal con
Feb. 21, 2019
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[Weekender] Korean food industry falls in love with cheese
Only a few years ago, few could have imagined that gorgonzola cheese pizza would become one of Korea’s favorite dishes. Koreans’ recent enthrallment with cheese can be seen in the country’s annual cheese consumption. According to data from the Korea Agro-Fisheries and Food Trade Corporation, the country’s per capita consumption of cheese reached 2.5 kilograms last year, double that of a decade ago. Korea’s cheese production in the same period stood at 35,000 metric tons, up by 60 percent from ju
Feb. 21, 2019
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Sales of air fryers soar, beat sales of microwaves, ovens
Air fryers have been taking off in South Korea, beating sales of microwaves and electric ovens last year, industry data showed Thursday.According to online marketplace Auction, sales of air fryers on its website last year made up 38 percent of the kitchen appliances category, which includes microwaves, electric ovens and electric grills. Sales of air fryers made up around 2 percent of the category in 2014. Over the same period, the proportion of sales made up of microwaves, electric ovens and el
Feb. 21, 2019
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KT&G 2018 net falls 22% on weak exports
KT&G Corp., South Korea's dominant tobacco company, said Thursday its on-year net profit dropped 22 percent last year on decreased sales in overseas markets.Net profit for the whole of 2018 fell to 906.2 billion won ($805 million) from 1.16 trillion won a year earlier, the company said in a statement."The net result was affected by reduced exports to main markets, such as the Middle East and the Commonwealth of Independent States. Moreover, increased corporate taxes also weighed on the bottomlin
Feb. 21, 2019
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From fine dust app to unmanned barista, KT envisions everyday 5G use
As companies worldwide engage in a fierce battle to lead in the future generation of wirelss network, South Korean telecom giant KT on Wednesday suggested platforms that can leverage it for everyday life. During the event attended by Cabinet members and business leaders, the telecom giant showcased how the 5G network can be used for tracking and measuring fine dust, dealing with wide fires, and also serving the best coffee. Held at KT’s office in Gwacheon, Gyeonggi Province, the event offered
Feb. 20, 2019
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Iranian firm likely to seize assets of Korean firms amid dispute
An Iranian business group is seeking to seize the overseas assets of Korean firms after winning a suit against the South Korean government in an investor-state dispute case, according to the financial regulator Wednesday.Enterkhab, owned by Iran’s Mohammad Reza Dayyani, recently got international court approval at Rotterdam, the Netherland, to seize assets of Samsung Electronics, LG Electronics, KEB Hana Bank and others, according to officials.The compensation dispute between the Iranian company
Feb. 20, 2019
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FDA denies Medytox’s petition against Daewoong’s botulinum strain
The US Food and Drug Administration has denied a petition filed by South Korea’s Medytox demanding disclosure of the source of Daewoong Pharmaceutical’s botulinum toxin (BTX) strain used in Nabota, Daewoong said Wednesday, adding it will enter the US market without a change in plans. Nabota, or Jeuveau outside Korea, is an affordable alternative to Allergan’s Botox, and the first Korea-made frown-line treatment to enter the US. (Yonhap)In response, Medytox said it will continue to push forward w
Feb. 20, 2019
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Chong Kun Dang releases five new melting threads for facelift
Chong Kun Dang Pharmaceutical on Tuesday introduced five new melting threads for facelifts. The new “Silkroad” products are made with polydioxanone that dissolves in body six months after operation, the company explained. (Chong Kun Dang)Each of the five threads is intended for applications in different surgeries. Silkroad Mono is for various parts of the face; Silkroad Coil and Double-coil are for stimulation and regrowth of skin; Silkroad Nose is specially for nose surgeries; and Silkroade Con
Feb. 20, 2019
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Yuhan-Kimberly selected as most admired company for 16 years
Yuhan-Kimberly, South Korea’s leading sanitary product manufacturer, ranked fifth on a list of South Korea’s most admired companies, making it to the top 10 for 16 straight years, according to a survey released by Korea management Association Consulting this week. By segment, the company ranked first in terms of social value and first in household goods business, according to the survey of around 10,000 local consumers and professionals. Yuhan-Kimberly sanitary napkins, tissues and paper towels
Feb. 20, 2019
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LG Hausys showcases new premium surfaces at trade show
LG Hausys, which specializes in building and interior decor materials, unveiled new premium interior options at the Kitchen & Bath Industry Show on Tuesday in the US city of Las Vegas.The company displayed 16 new products at the show, including HI-MACS, a solid acrylic surface that boasts smooth curves; and Viatera, a quartz surface with a marblelike finish. LG Hausys’ booth at the Kitchen and Bath Industry show in Las Vegas this week (LG Hausys)The use of artificial marble is no longer restric
Feb. 20, 2019
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SK likely to overtake Hyundai as Korea’s 2nd-largest conglomerate
South Korea’s telecom-to-chip giant SK Group is close to taking the second spot from Hyundai Motor Group in the list of conglomerates by size of assets, a local corporate tracker suggested Wednesday, citing its large-scale investments. According to CEO Score, Samsung held 418.2 trillion won ($3.67 billion) in assets as of September last year, higher than the Korean government’s 2017 budget of 400.7 trillion won. It was the first time that the tech giant saw its assets surpass the 400 trillion wo
Feb. 20, 2019
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Hanjin strikes back at activist shareholder demanding reforms
Hanjin Group on Wednesday opposed Korea Corporate Governance Improvement’s qualification to exercise shareholder rights, in a move to counter its recent string of criticisms and demands on corporate governance and transparency.The Korean conglomerate, which operates the country’s leading air carrier Korean Air, claimed that KCGI was only a minority shareholder and had no grounds to make such demands.(Korean Air`s official Facebook account)“According to the commercial act on special cases for lis
Feb. 20, 2019
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Mobile carriers urged to minimize 5G service fees
With South Korea gearing up for the commercial launch of 5G services this March, mobile carriers are facing pressure from consumer activists to minimize prices. During a meeting organized at the National Assembly with government officials and consumer activists, participants said while the mobile carriers have invested heavily in building their 5G networks, the cost could be offset by an increase in the total number of subscriptions. Some also recommended a new pricing system for non-data serv
Feb. 19, 2019
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Korean mobile carriers marry 5G and VR games
Korean mobile carriers are eyeing virtual reality games as near-future game changers in the fifth-generation environment.While global mobile manufacturers are rushing to unveil their next-generation smartphones at Mobile World Congress 2019 -- to take place from Monday to Thursday in Barcelona, Spain, next week -- Korean network services have announced that they will use the opportunity to unveil new VR games alongside their 5G services. SK Telecom(SK Telecom)SK Telecom, the biggest mobile carri
Feb. 19, 2019
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Digital advertising revenue tops W4tr, surpasses broadcast ads
Advertising expenditure on digital platforms rose to over 4 trillion won ($3.55 billion) in 2018, surpassing the amount spent on broadcast ads for the first time, data showed Tuesday.Samsung-owned advertising agency Cheil Worldwide’s data on Tuesday showed that the total advertising spending in Korea marked an on-year growth of 4.6 percent to 11.18 trillion won in 2018. Analysts credited international sporting events such as the PyeongChang Olympics and Asian Games as chief market growth drivers
Feb. 19, 2019
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[Advertorial] LG Chem paves way to be global industry leader
LG Chem has introduced new sales and investment goals for five of its core business areas in hopes of earning a spot in the global top 5 in the industry by 2025. It is the first Korean company to have been selected as one of the top 10 companies in C&EN’s Global Top 50 chemical companies of 2018, published by American Chemical Society. LG Chem plans on increasing its sales this year by 14.5 percent to 32 trillion won (US$28.37 billion) to further advance its standing in the industry. Officials
Feb. 19, 2019
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Airlines raise fuel surcharges on int'l routes in March
South Korean airlines said Tuesday they have raised their fuel surcharges on international routes for next month to reflect rising oil prices.Local airlines currently charge fuel surcharges of up to 19,200 won ($17) for one-way travel tickets on long-haul routes. The one-way travel fuel surcharges on international routes will rise to 34,800 won starting in March, airline officials said. (Yonhap)Airlines impose fuel surcharges on customers that increase every time the average jet fuel price on th
Feb. 19, 2019