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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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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Woman dangling from power lines rescued by residents holding blanket
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Naver Q1 net income soars 1,171.9% on growth of major businesses
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KITA hosts trade fair with global retail buyers
The Korea International Trade Association is hosting a two-day trade fair from Tuesday to match global retail buyers and local exporters in Seoul. The 11th Korea Grand Sourcing Fair 2018, sponsored by the Ministry of Trade, Industry and Energy, the Ministry of Oceans and Fisheries and KB Kookmin Bank, is taking place at the Coex Convention and Exhibition Center with 118 buyers from 24 nations and around 600 Korean companies. KITA CEO Kim Young-ju (front left) talks with buyers at the 11th Korea
Dec. 4, 2018
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Lotte to open 20 movie theaters in Indonesia by 2020
Lotte Cultureworks, the retail giant Lotte Group's cinema affiliate, has made inroads into Indonesia, with a goal to open 20 movie theaters in the Southeast Asian country by 2020, the company said Tuesday.As the initial step, the operator of Lotte Cinema, one of the biggest South Korea movie theater chains, recently opened a theater inside Lotte Mart Fatmawati in southern Jakarta.The new outlet has five screens that can accommodate 759 moviegoers. One of them is fitted with recliner seats as a "
Dec. 4, 2018
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FTC approves convenience stores’ voluntary rules to curb excessive competition
South Korea’s Fair Trade Commission on Tuesday greenlighted a set of voluntary rules agreed to by convenience store operators including the minimum distance between each store to quell excessive competition.Five members of the Korea Association of Convenience Store Industry, CU, GS25, 7-Eleven, Mini Stop and C-Space, along with nonmember E-Mart 24, came up with the voluntary agreement on rules to curb excessive competition in the course of opening, operating or closing stores. Under the deal, fr
Dec. 4, 2018
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[Herald Interview] Korea is attractive market despite regulations: AmCham CEO
The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the twelfth installment. -- Ed.Regulation is a topic that frequently comes up among foreign companies doing business in Korea. And that makes sense, as Korea ranks 51st among 67 countries on the FDI Regulatory Restrictiveness Index compiled by the Organization for Economic Cooperation and Development. However, James Kim, chairman of the American Ch
Dec. 3, 2018
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Korea vows to foster nuclear decommissioning industry
South Korea will unveil a comprehensive plan to foster the nuclear decommissioning industry next year to target a growing market for such work and satisfy the local supply chain under the nuclear phase-out plan, the energy ministry said Monday. Sung Yun-mo, minister of trade, industry and energy, made the pledge during his visit to the Kori-1 reactor in the southeastern port city of Busan, which was shut down in June 2017 following 40 years of commercial use. (Yonhap)"We need to build up the nuc
Dec. 3, 2018
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Nature Republic taps into Italian market
South Korean cosmetics company Nature Republic said Tuesday that it has opened four pop-up stores inside Italy’s Coin Department Stores located in Rome, Milan, Torino and Bari.The Coin Department Store is Italy’s largest department store in terms of the number of outlets. It first opened in 1916, and now has over 50 stores selling clothing, beauty and home decoration products across the country.The company said its entry into Italy would help the firm expand its presence in the European market,
Dec. 3, 2018
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Lotte chairman Shin visits Vietnam, Indonesia
The head of South Korean retail giant Lotte Group left for Vietnam and Indonesia on Monday as the conglomerate moves to expand its presence in emerging Asian markets.The trip is Chairman Shin Dong-bin's second foreign outing, following a visit to Japan, after being released from jail in October. The tycoon was imprisoned for his involvement in a corruption scandal that led to the ousting of former President Park Geun-hye. (Yonhap)Shin is first scheduled to visit the Lotte Center Hanoi -- a buil
Dec. 3, 2018
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Celltrion seeks Europe drug regulator’s approval of Remsima SC
South Korean biopharmaceutical company Celltrion said Monday that the European Medicines Agency has accepted for review its Remsima SC -- a subcutaneous version of Remsima, a Celltrion-developed biosimilar referencing Johnson & Johnson’s autoimmune disease treatment Remicade. Celltrion expects to receive an opinion from the EMA’s new drug approval committee on approving Remsima SC by the second half of 2019 at the earliest.After launching Remsima, a biosimilar copy of Remicade (infliximab), Cell
Dec. 3, 2018
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Local petrochemical firms pledge W14.5tr, 1,685 new jobs by 2023
South Korea’s petrochemical companies promised Monday to invest a combined 14.5 trillion won ($13 billion) and hire 1,685 new workers through 2023 as industry players continue to seek growth in the face of tougher policies.Minister of Trade, Industry and Energy Sung Yun-mo and related government officials attended a conference joined by representatives of eight local petrochemical companies -- LG Chem, Hyundai Chemical, Kumho Petrochemical, Hanwha Total, Hanwha Chemical, GS Caltex, Yeochun NCC a
Dec. 3, 2018
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GM Korea's Nov. sales drop 9.2% on lower demand
GM Korea Co., the South Korean unit of General Motors Co., said Monday its November sales fell 9.2 percent from a year earlier due to weak demand for its models. GM Korea, which sells it cars under the Chevrolet badge here, sold a total of 38,621 vehicles last month, down from 42,543 units a year earlier, the company said in a statement. The Chevrolet logo used on cars made by GM Korea (Yonhap)Domestic sales declined 20 percent to 8,294 units last month from 10,349 a year ago. Exports were down
Dec. 3, 2018
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Korean mobile game Battlegrounds hits 200 million downloads
The Korean-developed mobile game application Player Unknown’s Battlegrounds, also known as PUBG, has surpassed 200 million downloads since its global release on March 19 in North America, Southeast Asia and elsewhere. In Korea, the mobile game launched on May 16.The widely played battle royal game surpassed 100 million downloads in August. The app’s popularity continued apace, crossing 200 million downloads as of Monday and drawing 30 million daily active users. (PlayerUnknown`s Battlegrounds=Y
Dec. 3, 2018
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CJ ENM invest $1m in American musical
South Korean media and entertainment company CJ ENM has invested about $1 million in the production of "Moulin Rouge," a Broadway musical set to open in June, the company said Monday.It became the company's third participation in the production of overseas musicals after "Kinky Boots" and "The Bodyguard."(Yonhap)"We have put our name early on the list of producers with a 1-million-dollar investment," CJ ENM said in a release. "This will help strengthen our capability to produce musicals in overs
Dec. 3, 2018
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Korea to overhaul law on consumer protection in e-commerce
South Korea's antitrust chief pledged Monday to overhaul related rules on consumer protection in e-commerce as part of its effort to improve the rights of consumers.The latest move comes as a growing number of South Koreans use smartphones to buy things ranging from clothes to electronic goods. (Yonhap)The Fair Trade Commission "will sternly deal with deceptive acts ... and will create market conditions friendly to consumers," Kim Sang-jo, the head of the regulatory watchdog, said in a speech ce
Dec. 3, 2018
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Shinsegae Starfield opens 2 ‘dog lounges’ for customers
South Korean shopping complex Shinsegae Starfield announced Monday that it has opened special lounge areas for customers with furry friends at its malls in Hanam and Goyang, Gyeonggi Province.Each “dog lounge” includes a sofa, a potty patch made of real grass, and dog hooks in case an owner needs to leave for the bathroom. (Shinsegae Property-Yonhap)Shinsegae Starfield allowed shopping with pets in 2017, becoming the first retail store in Korea to do so. The mega shopping mall has also previousl
Dec. 3, 2018
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Akaria Hanmi aims to lead Saudi Arabia’s project management market
Akaria Hanmi, a joint venture between South Korean construction management company HanmiGlobal and Saudi Arabian property developer Al Akaria, will continue to solidify its position as a leading construction management company in the Saudi Arabian market, the head of the joint venture said last week.In an interview with a group of reporters, Khalid Al Arfaj, chairperson of Akaria Hanmi’s board of directors, said the company will expand its business, with the target of achieving 30 billion won ($
Dec. 3, 2018
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LG installs digital signage in Thai skyscraper elevator
LG Electronics Inc. said Monday it has finished the installation of digital signage in the observatory elevator of Thailand's tallest skyscraper, MahaNakhon Tower, showcasing its OLED display technology.The South Korean tech giant said the new elevator, which utilizes 56 units of 55-inch OLED displays, will make visitors feel as if they are inside a virtual reality. Models pose inside a high-speed elevator in Thailand`s tallest building, MahaNakhon Tower, located in Bangkok, in this photo releas
Dec. 3, 2018
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Kia adds more safety features to upgraded K7
Kia Motors Corp., South Korea's second-biggest carmaker by sales, said Monday it has added more safety features to its upgraded K7 sedan to boost sales. Additional safety features include highway driving assist, forward and blind-spot collision-avoidance assists and driver attention warning, Kia said in a statement. Kia`s upgraded K7 sedan (Yonhap)The car also includes a wireless phone charging system, it said. The upgraded K7 comes in 2.4-liter gasoline, 3.0-liter gasoline, 3.3-liter gasoline
Dec. 3, 2018
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[Feature] When ‘too many cooks’ create successful startups
This past June, Kim Tae-hyung finally achieved his long-held dream of running his own food business but with minimal risk.The one-man restaurant, Seoul Poke, specializes in Hawaiian food and runs 100 percent on takeout. There’s no dining area. What’s unusual about this new startup is that Kim saved massively on his initial investment by forgoing not just an eat-in venue but also the purchase of kitchen appliances, which together often account for a huge proportion of a new restaurateur’s outlay.
Dec. 2, 2018
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[Herald Interview] ‘Regulators should refrain from excessive market intervention’
Contrary to widespread belief, accounting is subjective and involves judgments that are sensitive to the context. And excessive interference by financial regulators could lead to unintended side effects, as can be seen in the case involving Samsung BioLogics’ accounting irregularities, according to accounting experts.Furthermore, to keep a balance between regulatory monitoring and market autonomy, it is crucial that corporate audit committees play an expansive role in the regulator-management-au
Dec. 2, 2018
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Trade experts urge Korean Inc. to diversify markets, products
South Korean exporters should diversify their markets and products, as uncertainties in world trade due to conflicts between the US and China could continue, and slow growth in emerging nations could weigh down markets, according to trade experts at a seminar in Seoul on Friday. “A slow growth rate in China and emerging nations, alongside the US, Europe and Japan, could increase the external risks” of the export-led nation that constitutes the world’s fifth-largest export economy, said An Sung-b
Dec. 2, 2018