Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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[Global Finance Awards] Lotte Card makes inroads into Vietnamese market
CREDIT CARDLOTTE CARDCredit card company Lotte Card made a foray into the Vietnamese market, in a first for a Korean credit card company, with the full acquisition of Hanoi-based Techcom Finance approved in March. In March, the firm received approval from Vietnam’s central bank for the acquisition. It earned licenses to operate credit cards and related businesses, becoming the first Korean credit card company to enter the Southeast Asian country’s consumer finance market. Telecom Finance is a su
Nov. 28, 2018
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Samsung BioLogics files administrative suit against Korea's financial regulator
Samsung BioLogics said Wednesday that it has filed an administrative suit against South Korea’s financial regulator over its ruling earlier this month that the company had violated accounting regulations by intentionally inflating its profits ahead of its market listing in 2016. The biopharmaceuticals manufacturer under Samsung Group said that it was also seeking a court injunction to nullify the penalties imposed by the Financial Services Commission, including recommendations to dismiss its chi
Nov. 28, 2018
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Kolon Group chairman announces resignation
South Korean chemical-to-textile company Kolon Group said Wednesday that Chairman and CEO Lee Woong-yeol is resigning from his post. According to the group, the chairman announced that he would step down next year, after 23 years of overseeing the company’s management. Kolon Group Chairman Lee Woong-yeol (Kolon Group)The company said in a press release that the group will be operated without a chairman. Instead, the group’s major business plans will be handled by a holding company and president
Nov. 28, 2018
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Homeplus to grant 600 contract workers permanent status
South Korean discount chain operator Homeplus will grant full-time and permanent employment status to some 600 contract workers at its stores, starting from Saturday. The move comes five months after the company converted the status of some 430 contract workers to regular positions. Homeplus cashiers (Homeplus)This year, a total of 1,200 Homeplus workers would have been converted to full-time and permanent positions, including 600 contract workers and security guards whose contracts end this yea
Nov. 28, 2018
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Homeplus to convert 1,200 temps into permanent staff this year
South Korean hypermarket chain operator Homeplus Co. said Wednesday it will upgrade some 1,200 contract and outsourced workers to its permanent payroll this year.A total of 600 contract workers, who have no set limits to their contracts and have worked for the company for 12 years and longer, will become full-timers starting in December. (Yonhap)Female workers account for 98.9 percent of the total contract workers, with those in their 50s or older taking up 68.4 percent.In addition, an unspecifi
Nov. 28, 2018
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Samsung unveils new SSD lineup with up to 4TB capacity
Samsung Electronics Co. unveiled a new lineup of consumer-oriented solid state drives on Wednesday boasting storage capacity of up to 4 terabytes with improved speed and reasonable price tags.The South Korean tech giant said it will release the Samsung 860 QVO built on the high-density 4-bit multilevel cell NAND flash architecture next month in some 50 markets including South Korea and the United States.Compared to 3-bit products, the 4-bit solution can increase the amount of data stored in a ch
Nov. 28, 2018
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Big firms changing pay system on higher minimum wage: poll
More than 7 in 10 large South Korean firms have changed or are considering overhauling their pay systems due to the country's higher minimum wage, a poll showed Wednesday.According to the survey of 108 big businesses, about 30 percent of respondents said they have reformed their pay structures concerning the minimum wage, with 43 percent reviewing an overhaul.The remaining companies replied they have no plans to reform their wage systems due to either administrative difficulties or exemptions fr
Nov. 28, 2018
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Samsung BioLogics files administrative lawsuit against FSC ruling
Samsung BioLogics said Wednesday it has filed an administrative lawsuit against a recent ruling by the country‘s financial regulator that the company violated accounting rules. Samsung BioLogics, the biotechnology unit of Samsung Group, also asked the Seoul Administrative Court to nullify penalties that were imposed by the Financial Services Commission (FSC) over the ruling. (Yonhap) After months of regulatory review, the Securities and Futures Commission under the FSC ruled earlier this month
Nov. 28, 2018
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SK Holdings becomes No. 2 shareholder of China’s Lingbao Wason Copper Foil
SK Holdings said Tuesday that it had acquired a 270 billion won ($239 million) stake in Lingbao Wason Copper Foil, a Chinese manufacturer of copper foil, an integral metal component used to build batteries that power electric vehicles. With the acquisition, the parent company of South Korea’s third-largest conglomerate, SK Group, is now the second-largest shareholder of China’s top copper foil manufacturer. (Yonhap)Copper foil is extremely thin and its production is a delicate process. Only six
Nov. 27, 2018
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European firms call for more deregulation in Korea
European companies doing business in South Korea called on the Korean government to bring the nation’s business regulations in line with international standards, a step they said would benefit both foreign firms doing business here and domestic exporters in the global market, during a press conference in Seoul on Tuesday. Since the Korea-European Union free trade deal was implemented in 2011, the trade volume between the two regions has gradually risen. The EU is currently the largest source of
Nov. 27, 2018
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SK chief leaves for US to oversee businesses
SK Group Chairman Chey Tae-won has left for the United States to oversee the conglomerate’s businesses in North America and to meet political and business leaders there, the group said Tuesday. The chairman will be briefed in Washington DC about SK’s energy, bio and petrochemical businesses and their plans next year. Chey will also hold meetings with US Sen. Johnny Isakson from Georgia, Kurt Campbell, chairman and CEO of The Asia Group and Edwin Feulner, president of the Heritage Foundation, the
Nov. 27, 2018
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Steelmaker expands CSR activities, new jobs under vision ‘With Posco’
Posco, the nation’s largest steelmaker, plans to hire 5,500 additional workers over the next five years and expand corporate social responsibility programs under its new vision “With Posco” announced by its new chief in July.The company signed an agreement on Oct. 10 with the Korea Commission for Corporate Partnership, along with eight businesses including Samsung Electronics and Hyundai Motor, to reduce the income gap between large and smaller companies, the company said in a statement. Under t
Nov. 27, 2018
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Renault’s Twizy takes 80% of ultra-mini car market
Amid growing interest in personal mobility, a total of 1,283 units of the Twizy, an ultracompact electric vehicle manufactured by French carmaker Renault, have been sold in South Korea as of October, making it No. 1 in the new segment with market share of 80 percent, Renault Samsung Motors said Tuesday.After the Twizy was presented on a home-shopping program, around 3,700 customers signed up for consulting services in just an hour, three times more than expected. Renault’s ultracompact electric
Nov. 27, 2018
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Mobile shoppers used Coupang most in October: data
South Korean mobile shoppers used e-commerce platform Coupang the most in October, which saw about a 23 percent increase in the number of its monthly active users, industry data showed Tuesday.According to mobile application analysis company Wise App’s survey conducted on 23 million Android phone users here, at least 8.18 million of them had used Coupang for mobile shopping last month.It was followed by 11st with some 5.95 million monthly active users (MAUs) and WeMakePrice with 4.36 million use
Nov. 27, 2018
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Lotte Group to sell 2 financial units, quicken transition to holding company structure
South Korea's retail-to-chemical conglomerate, Lotte Group, will sell its two financial units, the group's holding company said Tuesday, in a move that speeds up its transition into a holding company structure.Lotte Corp., the group's holding firm, said it has decided to sell the two financial units -- Lotte Insurance Co. and Lotte Card Co. (Yonhap)Under a South Korean law, an industrial holding company is banned from holding a majority stake in a financial unit to prevent owners of family-run b
Nov. 27, 2018
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Samsung Display carries out CSR for youths, underprivileged
Samsung Display has been engaged in social acitivities designed for teenagers and the underprivileged throughout this year as part of the firm’s corporate social responsibility program, the company said Tuesday.For teenagers, the firm has supported students in promoting the importance of reading with a project called “BOM (Bread of Mind) Dream” since 2014. Participants attend the 2018 BOM Dream Awards ceremony. (Samsung Display)The program involved remodeling school libraries and providing othe
Nov. 27, 2018
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[Herald Interview] WeWork Korea scales to meet soaring demand
When New York-based coworking space operator WeWork set foot in Seoul in August 2016 with its first office in the affluent Gangnam-gu district, the staff’s main task was to overcome uncertainties in the Korean market, where the concept of coworking spaces was new. Two years later, WeWork Korea is on a roll, tasked instead with meeting soaring demand for easier and trouble-free leases. Masterminding the leap forward in Asia’s fourth-largest economy is Kang Dong-jin, senior director of real estate
Nov. 27, 2018
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Manufacturing, mining sector shipments up in 2017: report
South Korea's manufacturing and mining industry shipments rose in 2017 mainly due to growth in the electronics, refined petroleum and machinery sectors, a government report showed Tuesday.Combined shipments by companies with more than 10 employees reached 1,516 trillion won (US$1.34 trillion), up 7 percent, or 99.7 trillion won, from the year before. (Yonhap)The increase is attributable to a 14.6 percent on-year rise in electronics and a 26.6 percent gain in shipments from local refined petroleu
Nov. 27, 2018
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Korea to continue to go nuclear-free despite Taiwan’s pro-nuclear move
Korea will maintain its stance on its anti-nuclear policy in the wake of heated debate over Taiwan’s latest referendum that voted in favor of repealing the nuclear phase-out, according to a senior government official of the Energy Ministry on Monday. “Taiwanese seemed to decide to abandon its anti-nuclear policy in the wake of a massive blackout in August last year. Although our policy direction is somewhat similar to Taiwan, there are also differences,” a senior official of the Ministry of Trad
Nov. 26, 2018
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GS E&C shows world-class tech with Noryang Bridge construction
South Korean builder GS Engineering and Construction said the construction of Noryang Bridge has proven the company’s world-class construction technology.Noryang Bridge, which connects Namhae County and Hadong County in South Gyeongsang Province, opened to public on Sept. 13 after nine years of construction. Noryang Bridge (GS E&C)It is the world’s first suspension bridge with an inclined main tower built by a domestic company. The 890-meter-long Noryang Bridge is the third-longest bridge in the
Nov. 26, 2018