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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Naver Q1 net income soars 1,171.9% on growth of major businesses
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Asiana Airlines to upgrade flight operation quality assurance system
South Korean full-service carrier Asiana Airlines has completed the first phase of advancement for its system for Flight Operational Quality Assurance, the company said Sunday.FOQA refers to a process of collecting and analyzing data from flights to improve safety and efficiency of flight operations. Akiyoshi Yamamura (right), Asiana Airlines’ senior executive vice president, and Carlos Ricarte, director at CEFA Aviation, checks the Flight Operational Quality Assurance operation system on a comp
Dec. 2, 2018
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LG chairman pays first installment of inheritance tax
LG Group Chairman Koo Kwang-mo, who inherited an 8.8 percent stake in LG Group's holding firm from his late father earlier this month, paid his first installment of the inheritance tax, the company said Friday.(Yonhap)According to the holding firm, Koo and his sisters are set to pay taxes totaling 921.5 billion won (US$821.5 million) to authorities.Under South Korean law, Koo is allowed to make the payment through installments for upwards of five years.Koo's father -- the late chairman Koo Bon-m
Nov. 30, 2018
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[Newsmaker] Samsung BioLogics CEO apologizes, pledges to minimize fallout from accounting fraud ruling
Samsung BioLogics CEO Kim Tae-han on Friday apologized to the shareholders for inconveniences caused by the recent accounting fraud ruling issued by South Korea’s Securities and Futures Commission, pledging to do his best to minimize damage to the firm’s valuation and business activities. “We apologize for any inconvenience that you have suffered in exercising property rights as a result of the suspension of trading of shares due to the SFC’s unwillingness to recognize the Company’s transparency
Nov. 30, 2018
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Korea's industrial output rebounds in October
South Korea's industrial output rebounded in October from a month earlier, due to a rise in metal processing and logistics production, government data showed Friday. Production in the mining, manufacturing, gas and electricity industries gained 1 percent on-month in October, following a revised 2.7 percent on-month fall in the previous month. (Yonhap)From a year earlier, industrial output also jumped 10.7 percent, following a revised 8.4 percent on-year drop in the previous month.Production in t
Nov. 30, 2018
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Court acknowledges correlation between leukemia, working environment
A South Korean court on Thursday ruled that an employee suffering from leukemia after working at Samsung Electronics Co.'s chip production line should be recognized as a victim of an industrial accident. The verdict is the latest chapter in a controversy centered on the safety of the work environment at the tech giant. (Yonhap)Seoul Administrative Court ruled that the Korea Workers' Compensation & Welfare Service should provide medical benefit to a 33-year-old employee who began working at Samsu
Nov. 29, 2018
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Asiana supports Vietnamese women
South Korean air carrier Asiana Airlines said Thursday it held its fourth graduation ceremony for beneficiaries of its “Beautiful Classroom” project.The airline’s head of business management Kim Yi-bae presented certificates to Vietnamese students who have completed the education program during a ceremony at its job training center in Hai Duong, Vietnam. Since 2015, Asiana Airlines has been running the “Beautiful Classroom” project, a corporate outreach campaign, to help improve the educational
Nov. 29, 2018
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Air Premia secures W125b investment from PEFs
Air Premia, a new budget air carrier applying for a business license here, said Thursday that it has received investment proposals worth 125 billion won ($111 million) from domestic private equity funds for its Series B financing. According to the company, private equity funds including IMM Investment, JKL Partners and Skylake Investment submitted plans to each invest 30 billion won in the company. Including other private equity funds such as Mirae Asset Venture Investment and Daishin Private Eq
Nov. 29, 2018
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SK Group chairman vows commitment to US society
WASHINGTON -- The chairman of South Korea's SK Group was in Washington on Wednesday, vowing to make a commitment not only to the US market but also its people and society. This photo shows SK Group Chairman Chey Tae-won speaking at the opening of SK hynix`s office in Washington on Nov. 28, 2018. (Yonhap)Chey Tae-won, who heads South Korea's third-largest conglomerate by assets, formally opened the Washington office of chipmaker SK hynix Inc. in the presence of dozens of American dignitaries, inc
Nov. 29, 2018
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US FDA approves Celltrion’s Truxima as first-ever Rituxan biosimilar
South Korean biopharmaceutical company Celltrion announced Thursday that the US Food and Drug Administration had approved Truxima, a biosimilar referencing Rituxan, for the treatment of non-Hodgkin’s lymphoma.Truxima is the first-ever Rituxan biosimilar to be approved in the US and is therefore expected to reap gains from being an exclusive product in the drug segment. It was developed by Celltrion and will be marketed in the US by Teva Pharmaceutical Industries.Celltrion`s headquarters in Songd
Nov. 29, 2018
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Samsung Electronics world's 4th-largest R&D spender
Samsung Electronics Co. has ranked No. 4 among 1,000 major global companies in terms of spending on research and development over the past one-year period, a report showed Thursday.The South Korean tech juggernaut spent $15.3 billion on R&D projects over the period beginning in the second half of last year, retaining the No. 4 spot for two years running, according to a report from global accounting and consulting firm PricewaterhouseCoopers. (Yonhap)The amount was up 6.8 percent from the same pe
Nov. 29, 2018
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2019 growth outlook for global chip market cut sharply
The world semiconductor market is expected to grow at a much slower-than-expected pace in 2019, industry sources said Thursday, amid a heated debate over an oversupply.According to the sources, a recent report from the World Semiconductor Trade Statistics has forecast global chip sales to rise 2.6 percent on-year to US$490.1 billion next year. (Yonhap)The projection is much lower than a 5.2 percent estimate presented by the WSTS, an organization of 42 chip suppliers that pools sales data in Augu
Nov. 29, 2018
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‘Roles of government, businesses critical for well-being of citizens’
Governments and companies both play important roles in improving the well-being of citizens, said renowned academics on Wednesday, the second day of the sixth OECD World Forum that kicked off under the theme of the future of well-being. Jeffrey D. Sachs, a professor of economics at Columbia University, said that to improve the well-being of people, trust between the government and society should be rebuilt. “As the world is facing many challenges, such as environmental harms, risks of wars and n
Nov. 28, 2018
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[Photo News] The Investor’s Choice Award 2018 highlights innovative startups
The Investor’s Choice Award 2018 was held to honor Korean startups at the Shilla Hotel in Seoul on Wednesday.(Park Hyun-koo/The Korea Herald)Hosted by The Investor, the event aimed to acknowledge innovative key players in the industry and stimulate discussion about Korea’s startup environment. Fleur Pellerin, co-founder and managing partner of Korelya Capital. (Park Hyun-koo/The Korea Herald)(Park Hyun-koo/The Korea Herald)Fleur Pellerin, co-founder and managing partner of Paris-based Korelya Ca
Nov. 28, 2018
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SsangYong Motor launches Rexton Sports SUV in Latin America
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday it has launched the Rexton Sports sport-utility vehicle in Latin American markets to boost sales. SsangYong Motor launched the Rexton Sports SUV in Chile in September, Ecuador in October and Paraguay in November, following its launch in Europe in the second and third quarters, the company said in a statement. In this photo taken on Sept. 25, 2018, SsangYong Motor`s Rexton Sports SUVs are displ
Nov. 28, 2018
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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