Most Popular
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Intentional IP infringers to face punitive damages
Those who intentionally infringe patents and trade secrets of others will be subject to punitive damages starting June next year, South Korea’s intellectual property office said Sunday.The National Assembly on Friday approved bills to revise the Patent Act and the Unfair Competition Prevention and Trade Secret Prevention Act, which included reinforced penalties for violations, according to the Korean Intellectual Property Office.The median value of damages in patent infringement lawsuits here st
Dec. 9, 2018
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Air carriers face criticisms over air mileage system
Passengers’ air miles earned on South Korea’s full-service air carriers and their partner airlines after July 1, 2008 are set to begin to expire on Jan. 1, sparking criticism that they should give more time and more options for customers to spend them. In the face of customers’ criticism, air carriers vowed to revise the current mileage system. But passengers are calling for more ways to spend air miles. The ministry forecasts that, of the total air miles set to expire when their expiry dates ru
Dec. 9, 2018
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[Herald Interview] ‘Automation won’t reduce jobs but workers need to be protected in digital era’
The fear of losing jobs due to automation will not become reality, as innovation will continue to create jobs, according to World Bank Group Senior Director Michal Rutkowski. Still, nations should consider how to better protect workers in the changing work environment driven by technology advances, he added. The notion that automation makes traditional jobs obsolete has always been a source of frustration for blue-collar workers. With the advancement of artificial intelligence and robotics, the
Dec. 9, 2018
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Despite decent earnings, banks move to cut jobs in digital era
Major local banks have been offering or plan to offer voluntary retirement programs to their workers as part of restructuring efforts amid a greater application of digital-driven technology, industry sources said Sunday.Nonghyup Bank announced a voluntary retirement program last month. A total of 610 employees applied for the program, though the company has yet to decide its exact size. Last year, it let 534 go workers via a similar program. (Yonhap)Nonghyup said the outgoing workers will receiv
Dec. 9, 2018
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[On the Bar] Recent changes in code of conduct for public officials in Korea
On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.The Code of Conduct for Public Officials was revised as of Jan. 16, 2018, and the revised Code of Conduct went into effect on April 17, 2018.Likewise, other codes of conduct for employees and executives of public institutions and government-related organizations have already been revised or ar
Dec. 9, 2018
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US casino resort complex to open near Incheon Airport in 2022
A US casino resort complex equipped with a Paramount theme park will be built near Incheon Airport by 2022, airport officials said Sunday.Incheon International Airport Corp. will develop the Inspire Integrated Entertainment Resort at its international business zone, under an agreement signed Thursday with US casino resort operator Mohegan Gaming and Entertainment Partners and film producer and distributer Paramount Pictures Corp. From left: Kevin Brown, chairman of the Mohegan Tribe and the Mohe
Dec. 9, 2018
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Posco Daewoo to construct free solar plant in Myanmar
Posco Daewoo, the trading unit of Posco, held a groundbreaking ceremony for a solar plant that it will build for free of charge on an island in Myanmar in hopes of boosting ties with the country, the company said SundayThe latest project, put together at the request of Myanmar’s Ministry of Electricity and Energy, will offer electricity to some 1,000 households on Manaung Island, the company said.“We are delighted to be able to provide practical help to Myanmar. We also hope to forge a cooperati
Dec. 9, 2018
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Samsung becomes world's No. 1 advertiser last year
Samsung Electronics Co., the South Korean tech giant, was the world's largest advertiser last year, a global consulting firm has said.According to "The World's 100 Largest Advertisers" filed by Ad Age, Samsung pumped US$11.2 billion into its advertising and sales promotion in 2017, up 13 percent from the previous year. (Yonhap)The increased spending was to improve its image after the highly publicized recall in 2016 of its Galaxy Note 7 phones due to battery explosions, according to industry wat
Dec. 9, 2018
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Top biz group operating profits down if Samsung Elec, SK hynix are excluded
The operating profits of South Korea's listed companies belonging to the largest conglomerates contracted in the January-September period of this year if the numbers for Samsung Electronics Co. and SK hynix are excluded, a local business tracker said Sunday.The total for the 94 companies, not counting the two semiconductor manufacturers, declined by 3.3 trillion won ($2.94 billion) to 25.54 trillion won in the three quarters from 28.84 trillion won last year, Chaebul.com said. (Yonhap)The combin
Dec. 9, 2018
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Maker of radon-emitting mattresse refuses state arbitration decision
Daijin Bed Co., a South Korean mattress maker, has refused to accept the local consumer agency's call for it to compensate victims of products that contained a harmful radioactive substance, officials of the agency said Sunday.Late last month, the company told the Korea Consumer Agency that it could not follow the KCA's order to replace each victim's radon-containing mattress with a new one and offer 300,000 won ($265.7) in extra compensation for their emotional distress. (Yonhap)A total of 6,38
Dec. 9, 2018
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S. Korean shipbuilders fare well on surge of LNG carrier orders
South Korea's major shipyards have shown decent performances this year on the back of a surge in orders to build LNG carriers, industry data showed Sunday.For the year up to Thursday, 52 orders for LNG carriers were received by local entities, with Hyundai Heavy Industries Co. bagging the largest figure, or 25 orders, followed by 14 orders for Daewoo Shipbuilding and Marine Engineering Co. and 13 for Samsung Heavy Industries Co. (Yonhap)This is nearly five times larger than the figure for last y
Dec. 9, 2018
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Hyundai, Kia eco-friendly car sales jump 2.1-fold this year
Sales of eco-friendly cars made by Hyundai Motor Co. and its sister company Kia Motors Corp. jumped 2.1-fold in the first 11 months of this year, on strong domestic and overseas demand, industry data showed Sunday.The two flagship companies of Hyundai Motor Group, the world's fifth largest automotive conglomerate in terms of sales, reported selling 257,861 conventional hybrid electric vehicles, plug-in hybrid electric vehicles, pure electric vehicles and fuel cell electric vehicles. The Hyundai
Dec. 9, 2018
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Korean coffee imports expected to contract this year
South Korea is expected to import less coffee for the first time in six years in 2018 as demand for the beverage has been hit by sluggish economic growth, market watchers here said Sunday.In the January-October period, total imports of coffee stood at 121,019 tons, down 1,103 tons from a year earlier. This is the first on-year decrease since 2012. (Yonhap)Asia's fourth largest economy imported 82,446 tons of coffee in 2012, with this number rising to 115,837 tons in 2016.Observers said that tank
Dec. 9, 2018
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E-mart to acquire US food retailer Good Food Holdings for $270m
South Korean retail giant Shinsegae’s discount store chain E-mart said Friday that it is acquiring US food retailer Good Food Holdings for $270 million, the company’s first acquisition of an overseas company. E-mart said the acquisition is aimed at stabilizing its business operation in the US and expanding its presence in the country. Good Food Holdings runs three fresh food and beverage brands: Bristol Farms, Lazy Acres and Metropolitan Market. It has 24 stores across the western region of the
Dec. 7, 2018
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Samsung Electronics wins KITA’s top exporter award
Top exporters including Samsung Electronics, Pubg, L&F and Intellian Technologies on Friday received awards out of 1,264 exporters that have contributed to the nation’s achievement of $600 billion in exports this year. They received awards at an annual ceremony held by the Korea International Trade Association to mark the 55th Day of Trade. KITA CEO Kim Young-ju (Yonhap)The event was attended by President Moon Jae-in, Minister of Trade, Industry and Energy Sung Yun-mo, KITA CEO Kim Young-ju and
Dec. 7, 2018
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P&G Korea to pull out of South Korea’s sanitary pad market
The Korean unit of Proctor and Gamble, a household and personal care goods company, is pulling out from the domestic sanitary pad market, amid dwindling sales after the company was hit by a scandal involving potentially toxic pads. P&G Korea has decided to withdraw its sanitary pad brand Whisper, citing changing market trends, the characteristics of Korean consumers and its business portfolio. (P&G Korea)However, the company said it would not be leaving the diaper market, adding that it would s
Dec. 7, 2018
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Jeju's for-profit hospital protests ban on domestic patients: officials
The Greenland International Medical Center, conditionally approved earlier this week as South Korea's first for-profit hospital, has expressed an intent to take legal action over the Jeju provincial government's decision to ban South Korean patients from using the hospital, officials said Friday.Gov. Won Hee-ryong of the Jeju Special Self-Governing Province on Wednesday announced the approval of the Chinese-owned medical center as a for-profit hospital on condition that it caters only to foreign
Dec. 7, 2018
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Daewoo Shipbuilding wins W444b contract for submarine rescue vessel
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it has won a 444 billion-won ($397 million) deal to build a submarine rescue vessel.Under the deal with the country's Defense Acquisition Program Administration, Daewoo Shipbuilding will deliver the vessel by the end of 2022.(Yonhap)It will be equipped with a deep-submergence rescue vehicle, which can operate at depths of up to 500 meters.The ship is designed to rescue sailors trapped in submarines, provide nav
Dec. 7, 2018
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More hospitality businesses depending on loans from non-banks: data
Close to 30 percent of accommodations and restaurants taking out loans received them from non-banking institutions in the third quarter this year, data from the Bank of Korea showed Friday, raising concerns about their risks from interest rate fluctuations.The loans by the hospitality industry totaled 54.55 trillion won ($48.64 billion) in the quarter ended in September, up 10.5 percent from a year ago. Among the lending, 16.33 trillion won was borrowed from non-banking institutions, a gain of 2
Dec. 7, 2018
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FM Global approves LG Hausys’ phenolic foam insulation as fire-protective
Construction material supplier LG Hausys’ phenolic foam, a high-functioning semi-noncombustible insulation, has been certified as fire-protective by global standards, the company said Thursday.The firm said its PF insulation received Factory Mutual Approval certified by FM Global on criteria testing fire-resistance for ceiling boards and wall panels. FM Global is an international property insurance and loss prevention engineering company based in the United States. LG Hausys engineers check phe
Dec. 7, 2018