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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Army takes group action against Hybe for neglecting BTS
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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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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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
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Incheon Airport signs MOU for Manila’s new airport
Incheon International Airport signed a memorandum of understanding with San Miguel Holdings to push ahead with a project to develop a new airport in Manila in the Philippines, the firm said Monday. Chung Il-young (right), president of Incheon International Airport, and Ramon See Ang, CEO of the San Miguel Holdings Corporation pose for cooperative partnership‘s signing ceremony of new Manila Airport project at the Imperial Hotel in Tokyo, Japan. (IIAC)The new project of Manila aims to set up an
Nov. 26, 2018
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SK Biopharmaceuticals submits epilepsy drug candidate for approval to US FDA
SK Biopharmaceuticals, the new drug development unit of South Korea’s telecom-to-energy conglomerate SK Group, said Monday that it had submitted a new epilepsy drug candidate to the US Food and Drug Administration seeking marketing approval.SK Biopharm said it had submitted a new drug application for Cenobamate, which is intended to treat epilepsy, a neurological disorder characterized by recurrent seizures. If approved on schedule, the drug is expected to hit the market within the first half of
Nov. 26, 2018
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[Video] KT&G unveils liquid cartridge-type HNB tobacco Lil Hybrid
South Korean tobacco manufacturer KT&G on Monday unveiled its new heat-not-burn tobacco device Lil Hybrid, the first HNB device that works by heating a liquid cartridge. “Our previous HNB tobacco devices -- Lil Mini and Lil Plus -- had received consumer feedback that the taste needs to be improved. That’s why we came up with our exclusive and new platform called Lil Hybrid,” said Lim Wang-seob, chief of the company’s product innovation division. According to KT&G, Lil Hybrid works by hea
Nov. 26, 2018
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[Newsmaker] Starbucks Korea starts using paper straws nationwide
Starbucks Korea said Monday that its stores are now using paper straws after a test run.In September, Starbucks began a two-month trial period to test the feasibility of using paper straws at some 100 stores in Seoul, Busan and Jeju in an effort to reduce waste and protect the environment. (Yonhap)During the test run, the paper straws were available in both green and white. Starbucks has decided to use white straws in consideration of customer feedback suggesting that white straws appeared more
Nov. 26, 2018
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Govt. to inspect all telecommunication facilities
The ICT ministry said Monday that it plans to inspect all telecommunication facilities in light of a fire at a KT Corp. building in western Seoul that led to major Internet and phone disruptions around the area.According to the plan announced by the Ministry of Science and ICT, in addition to 80 major telecommunication facilities across the country with ratings from A to C, 835 others with D-level ratings are to be checked as well. (Yonhap)Facilities with a D classification are mostly small and
Nov. 26, 2018
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Small merchants to save W520b as govt. cuts credit card processing fees
Small merchants are expected to save upward of 520 billion won ($459.6 million) annually as the government announced a plan to cut credit card processing fees, officials said Monday. The move is part of the government's efforts to support self-employed business owners at a time when the nation's economy shows signs of sluggish growth in the face of weakening private consumption. Credit card processing fees for small merchants with an annual revenue of between 500 million won and 1 billion won wi
Nov. 26, 2018