Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Korea enters full election mode
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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[Photo News] Samsung Signage in Istanbul
Samsung Electronics announced Tuesday it recently finished installing more than 700 sets of liquid crystal display and light-emitting diode signage at the New Istanbul Airport in Turkey. The combined surface area of the LED displays reaches 1,012 square meters -- the largest such area to be installed at an airport in the world, the company said.(Yonhap)By Korea Herald (khnews@heraldcorp.com)
Dec. 18, 2018
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Korean shipyards almost sweep LNG ship orders
South Korean shipbuilders have bagged over 80 percent of new orders placed around the globe this year to build liquefied natural gas carriers, industry data showed Tuesday.According to the data, Korean shipyards clinched new orders to build 56 LNG carriers in total, which is 86 percent of total new orders placed globally so far this year to construct 65 such ships. (Yonhap)By shipbuilder, Hyundai Heavy Industries Co., the world's top shipyard, has clinched deals to build 25 LNG ships this year.
Dec. 18, 2018
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Korea vows to upgrade key industrial sectors
South Korea's industry ministry pledged Tuesday to bolster efforts to upgrade the competitiveness of the country's key industrial sectors by expanding research and development efforts and easing regulations. The Ministry of Trade, Industry and Energy announced a set of measures to spur innovation in key export sectors, including semiconductors, displays and rechargeable batteries, in the face of toughening competition with emerging rivals. (Yonhap)"The high value-added strategies are aimed at i
Dec. 18, 2018
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HHI signs deal with DAPA for depot maintenance of Chang Bogo-II submarine
Hyundai Heavy Industries said Tuesday it has signed a contract with the Defense Acquisition Program Administration for depot maintenance of the third unit (1,800 tons) of the Chang Bogo-II submarine. Under the contract worth 55.5 billion won ($49 million), the Korean shipbuilder is slated to deliver the submarine to the Korean Navy by 2020. The depot maintenance project is designed to replace and repair parts of the interior of the submarine. Hyundai Heavy Industries already completed depot main
Dec. 18, 2018
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Ministry to expand R&D spending, financial aid for autos, chips, batteries
The Ministry of Industry on Tuesday unveiled a comprehensive plan aimed at revitalizing the sluggish auto sector and increasing state spending on research and development for manufacturers of chips and batteries to secure their leadership in the global market. Industry Minister Sung Yoon-mo (center) visit a local auto parts maker in Changwon, South Gyeongsang Province, as part of the industry inspection tour on Dec. 13. (Yonhap)For auto parts makers suffering from shrinking sales at home and abr
Dec. 18, 2018
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Korean Air to strengthen penalties for ticket cancellation
Korean Air said Tuesday that it will strengthen penalties for ticket cancellations from Jan. 1, following a recent incident involving a group of K-pop fans canceling their flight tickets right before takeoff, which caused a costly delay. According to Korean Air, passengers who cancel their tickets after passing through the departure gate will receive an additional 200,000 won ($176) of penalties. The current penalty amount is 120,000 won for long-distance routes, such as those to the United Stat
Dec. 18, 2018
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Korea's gaming industry ranks among world's top in sales
South Korea's gaming industry is the world's fourth largest in sales, but none of the local companies rank among the top producers, a report said Tuesday.According to the Korea Creative Content Agency, the industry's sales in October came to $5.76 billion. The number ranked fourth behind $34.4 billion for China, $31.53 billion for the United States and $17.71 billion for Japan. (Yonhap)South Korea ranks even higher if internet connections are counted in. For example, the internet-linked populat
Dec. 18, 2018
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Samsung ranks 4th in global market for premium monitors in Q3: IDC
Samsung Electronics Co. took up nearly 10 percent of the world's market for premium gaming monitors in the third quarter to become the No. 4 player in the sector, data showed Tuesday.According to the data compiled by industry tracker IDC, Samsung Electronics accounted for 9.7 percent of the world's market for gaming monitors in the July-September period that come with refresh rates of 100Hz and higher. Shown in this file photo provided by Samsung Electronics Co. on Aug. 21, 2018 is the company`s
Dec. 18, 2018
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Yak-kong Soymilk proves popular as healthy, low-calorie drink
Yak-kong Soymilk, which uses a small black bean base grown in Pyeongchang, Gangwon Province, is garnering attention as a healthy, low-calorie drink. Yak-kong Soymilk (Agency for Functional-Medicinal Soymilk)According to the company, all of its products are manufactured with 100 percent pure ingredients without any food additives or sugar. Most of the products are around 70 calories and are popular among dieters and those who want to stay fit, the company said. Yak-kong Soymilk’s manufacturer, Ag
Dec. 17, 2018
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Celltrion to step up US market expansion with 3 biosimilars
South Korean biopharmaceutical company Celltrion is on track for a major business expansion in the US, as it now has three biosimilars to compete against blockbuster original drugs in the US market.The US Food and Drug Administration on Friday approved Celltrion’s Herzuma, a biosimilar referencing blockbuster breast cancer drug Herceptin. The news came a month after the US regulator’s approval of Truxima, a Celltrion-developed biosimilar referencing Rituxan used for the treatment of non-Hodgkin’
Dec. 17, 2018
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Regulator, SK Telecom team up to fight phone scams
The financial watchdog said Monday it has signed a deal with SK Telecom Co., the nation's biggest wireless operator, to jointly develop an artificial intelligence platform to combat telephone scams. Under the deal, the Financial Supervisory Service will provide voices of phone scammers to SK Telecom, which develops algorithms that automatically analyze possible phone scams. (Yonhap)SK Telecom is expected to announce details of the platform in the first half of next year, the FSS said. The FSS l
Dec. 17, 2018
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Concrete voids found in two UAE reactors: ENEC
Two nuclear reactors under construction in the United Arab Emirates were found to have voids in their concrete walls and have been undergoing repairs, the Emirates Nuclear Energy Corporation has said. The Korea Electric Power Corporation, which is in charge of the construction of four reactors at the Barakah nuclear power plant, verified the presence of voids in Units 2 and 3 that were then confirmed by the plant operator, the ENEC said on its website on Dec. 5. (Yonhap)The state-run nuclear op
Dec. 17, 2018
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Govt. mulls safety checks on all SOC, energy facilities
The government is considering having social overhead capital and public energy firms conduct safety checks on all facilities under their oversight as part of efforts to pre-empt accidents, officials said Sunday.The move comes after a series of recent incidents, such as the derailment of a KTX bullet train operated by the Korea Railroad Corp. and the bursting of old heating pipes operated by the Korea District Heating Corp. (Yonhap)"We're considering asking SOC and energy-related public firms t
Dec. 16, 2018
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CJ chief calls for rapid global expansion
South Korean food-to-entertainment conglomerate CJ Group Chairman Lee Jay-hyun urged CJ retailers to work aggressively to expand their business globally, reiterating the corporate vision of becoming the world’s No. 1 lifestyle and culture company. According to CJ, Lee presided over a meeting with the group’s CEOs on Friday in Los Angeles and asked them to seek a stronger presence in foreign markets with products encompassing CJ’s four business pillars: food, culture, bioindustry and logistics. T
Dec. 16, 2018
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[Monitor] Defense companies’ profits dive in 2017
South Korean defense companies’ operating profits nose-dived last year due to a significant drop in exports and an increase in R&D costs, data showed.According to the Korea Defense Industry Association, the combined operating profits of its 93 member companies amounted to 60.2 billion won ($53.06 million) in 2017, an 88 percent decrease from 503.3 billion won in 2016.Revenue also dropped 13.9 percent to 12.761 trillion won, down 13.9 percent from a year earlier.By Choi Ji-won (jwchoikr@heraldcor
Dec. 16, 2018
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Korean entrepreneurs pivot toward ASEAN on back of New Southern Policy
In line with the South Korean government’s push to strengthen diplomatic and economic ties with Southeast Asia, Korean entrepreneurs are increasingly seeking new opportunities in the region to benefit from its fast-growing economies, which have a combined population of 630 million and a combined gross domestic product of $2.4 trillion. The New Southern Policy is the Moon Jae-in administration’s key foreign economic policy and reflects its strong commitment to prosper together with the ASEAN coun
Dec. 16, 2018
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Innisfree lands in Melbourne
South Korean cosmetics giant Amorepacific’s organic skin care brand Innisfree opened a new store in Melbourne, its third in Australia. The company’s third store in Australia makes its debut six months after the first, as local consumers show increasing interest in K-beauty and organic cosmetics, the company said. (Innisfree)The new Innisfree store is located on the first floor of the Chadstone Shopping Centre, Australia’s largest shopping mall. The company said the store’s decor reflects Innisfr
Dec. 16, 2018
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HHI builds eco-friendly power plant in Colombia
Hyundai Heavy Industries has completed building an eco-friendly power plant in Colombia’s northern port city of Santa Marta, with its own dual-fuel engine, HiMSEN, according to the Korean shipbuilder on Sunday. In February of last year, Hyundai Heavy Industries won an $80 million contract from Colombian private power company Axia to build a 93-megawatt power plant. Termonorte power plant constructed by Hyundai Heavy Industries in Colombia (HHI)The firm said its own dual-fuel engine HiMSEN has si
Dec. 16, 2018
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Celltrion's biosimilar receives US FDA approval
Celltrion Inc.'s biosimilar to Roche's breast cancer treatment Herception has won approval from the US Food and Drug Administration, the South Korean drugmaker said Saturday. Celltrion's Herzuma is the biosimilar to Roche Holding AG's breast cancer treatment Herception, one of the world's most successful antibody medicines that raised $7.18 billion in sales in the United States in 2017. Teva Pharmaceutical Industries Ltd., a global pharmaceutical giant, will be in charge of its sales in the US m
Dec. 15, 2018
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Naver, Dongdaemun market listed on EU counterfeit watch list
South Korea’s dominant portal web operator Naver and Seoul’s Dongdaemun Special Tourist Zone have been included on the European Union’s “watch list” for acts of piracy and counterfeiting, according to a recent report.The European Commission, with the support of the EU Intellectual Property Office and Europol, published its first-ever watch list last week, naming 52 non-EU websites and marketplaces in more than 20 countries it alleges engage in, facilitate or benefit from piracy. (Credit : Seoul'
Dec. 14, 2018