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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[Graphic News] 77% of young Koreans still financially dependent
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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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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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Consumers in 50s, 60s spending more on e-commerce: survey
While millennials in their late 20s and early 30s have been the key purchasers on e-commerce, an industry survey found Thursday that consumers in their 50s and 60s are rising as a new major consumer group, as they have become more familiar with shopping online. (Yonhap)According to e-commerce platform Auction, consumers in their 50s and 60s recorded a 135 percent increase in their purchase amounts in the past five years. They made up 27 percent of consumers ranging from teenagers to those in the
July 12, 2018
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Korea Gas Corp. steps up as global LNG provider
Korea Gas Corp. is expanding its dominance as a global liquefied natural gas provider, with increased overseas business volume as well as active participation in building natural gas infrastructure in emerging countries. Workers are seen at Mexico’s Manzanillo LNG terminal. (KGC)Since its establishment in 1983 under the South Korean government, KGC has been operating a total of 72 11.4 million-kilometer-long storage facilities around the world. It has built and is operating over 4,790-kilometer
July 12, 2018
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Asiana Airlines shareholders move to sue embattled chairman
Following Asiana Airlines’ latest inflight meal fiasco, a group of shareholders of Asiana Airlines are moving to file a lawsuit against the Kumho Asiana board including Chairman Park Sam-koo, industry sources said Wednesday. (Yonhap)According to the sources, an unconfirmed number of shareholders are reviewing ways to submit class action to hold company board members and Chairman Park responsible for damages from causing inconvenience to passengers and hurting the brand image.Last week, the air
July 11, 2018
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Starbucks Coffee Korea slapped with W10m fine
Korea's communications regulator has slapped a 10 million won ($9,000) fine on Starbucks Coffee Korea Co. for breaching personal information of hundreds of its customers, an official said Wednesday.The Korea Communications Commission said IDs, nicknames and mobile phone numbers of 537 people were disclosed due to a technical glitch in an upgraded version of Starbucks Coffee Korea's mobile app.(Yonhap)The upgraded version was meant to strengthen security, the official said.He said the commission
July 11, 2018
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Korea’s antitrust watchdog investigates Audi, Mercedes-Benz over diesel ads
The nation’s antitrust watchdog launched an on-site investigation Wednesday into two local units of German automakers, Audi Korea and Mercedes-Benz Korea, in relation to their alleged manipulation of emissions-related software.According to an industry source, the Fair Trade Commission sent its investigators to the local headquarters of the two firms, with the aim of looking into whether Audi and Mercedes-Benz’s Euro-6 diesel models violated the advertising act of the nation’s fair trade law. The
July 11, 2018
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Posco chief-nominee asks stakeholders for reform ideas
The soon-to-be chairman of South Korean steel giant Posco said Wednesday that he wants to hear not only from stakeholders but also from anyone interested in the company’s business about their ideas on its future.For the first time in the group’s history, the company’s chairman-designate Choi Jung-woo will seek suggestions from its employees, shareholders, clients and suppliers as well as the general public, the company said in a statement. A pop-up window shows Posco`s Love Letter campaign. (Pos
July 11, 2018
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Hyundai Motor hires ex-FTA negotiator amid concerns over Trump's tariff push
Hyundai Motor has hired Kim Jong-hoon, a former chief negotiator who led a free trade agreement between South Korea and the US a decade ago as its special adviser, the company said Wednesday. The move appears to be part of preparations against growing fears over Trump’s car tariff push.US President Donald Trump last month reaffirmed his push to slap a 25 percent tariff on imported vehicles to the US. Kim is a trade expert who led a series of bilateral free trade negotiations between Korea and th
July 11, 2018
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Hyundai Motor Co.'s labor union to stage partial strike this week
(Yonhap)The labor union of Hyundai Motor Co. will stage a partial strike this week amid a deadlock over wage negotiations with its management, union officials said Tuesday.The unionized workers will down their tools on Thursday, some for two hours and others for four hours. It would be the seventh consecutive year they have gone on strike over wage issues if they press ahead with the walkout plan.Separately, the company's union members plan to stage another partial strike on Friday in line with
July 10, 2018
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[Doing biz in Korea] Trickiness in managing risks in Korea
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 ninth installment. -- Ed.Managing risks has been a tricky task for foreign companies operating in South Korea, where personal relations largely overpower official ones and the culture is relatively secluded as well as cautious toward the unfamiliar. On top of it, disparity between the reality here and formal procedures upheld by headquarters ba
July 10, 2018
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Samsung keeps low-key on Moon's request on job creation
South Korea’s biggest family-run conglomerate Samsung appeared to be remaining low-key Tuesday after the first encounter between its heir apparent Lee Jae-yong and President Moon Jae-in, while seeking measures to join the government’s drive for economic revitalization, according to the business community on Tuesday. During a five-minute impromptu meeting which is said to have been suggested by Moon, the president requested Samsung to create more jobs, core agenda to realize its income-driven eco
July 10, 2018
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Starbucks Korea vows to go greener, plastic-free
Acting in tandem with the global coffee giant’s headquarters, Starbucks Korea announced Tuesday that it will kick off the “Greener Starbucks” campaign to go plastic-free at all of its stores nationwide.Starbucks Korea employees pose for an announcement made Tuesday to go greener by reducing the use of plastic at stores nationwide. (Starbucks Korea)According to the company, it will gradually introduce paper straws at all of its 1,180 stores across the country. It will also adopt specially designe
July 10, 2018
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Kolon TissueGene to seek US FDA approval for new drug Invossa in 2021
Kolon TissueGene, the US-based biopharma unit of South Korea’s Kolon Group, said Tuesday that it will initiate phase 3 trials of its new osteoarthritis drug Invossa around September, with plans to submit a biologics license application to the US drug regulator by end-2021. The firm is hoping to get the drug approved in the US as a “disease-modifying osteoarthritis drug,” or DMOAD, by proving through clinical trials that it not only alleviates pain and improves joint function, but also improves j
July 10, 2018
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CGV aims to secure 10,000 screens in 11 countries by 2020
CJ CGV, South Korea's largest cinema chain, said Tuesday it aims to increase the number of its screens around the world to 10,000 in 11 countries by 2020."Based on the company's capabilities that have been built for the past 20 years, we'll lead the future-oriented cinema market and expand the notion of the cultureplex around the world," Seo Jung, CEO of the CJ CGV, said during a regular media forum on the local film industry at a theater in eastern Seoul. (Yonhap)"Cultureplex" refers to an all-
July 10, 2018
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Starbucks pledges to replace plastic straws with sippy cups by 2020
Starbucks announced on Monday it would get rid of plastic straws at all stores by 2020 to help tackle plastic pollution.Plastic straws will disappear from over 28,000 Starbucks stores worldwide over the next two years, and drinks will instead be served with a new strawless lid that has a “teardrop-shaped opening” the size of a thumbprint.The company says the move could eliminate more than a billion straws a year.The new cold-cup lids will be introduced worldwide by 2020. (Starbucks)The moves com
July 10, 2018
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Moon touts Samsung's cooperation with Indian firms
On his state visit to India, one of the highlights of South Korean President Moon Jae-in’s schedule was his visit to Samsung Electronics’ newest smartphone plant in Noida. Joined by Indian Prime Minister Narendra Modi, Moon touted the Korean tech titan’s cooperation with local businesses.Samsung’s heir apparent Lee Jae-yong greeted the two leaders ahead of a ceremony held to mark the completion of the new production line. Around 300 government officials of both countries and top brass of Samsung
July 9, 2018
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Posco strongly refutes accusations against chairman-nominee
Posco said Monday that it will take legal actions against a former employee who has been at the center of a group accusing its chief nominee over alleged embezzlement and dereliction of duty. The steelmaker, in a rare statement, said the former worker who identifies himself as a whistleblower, was spreading false information, defaming not only the chairman-designate but also everyone at Posco. The company will file both a civil and criminal suit to the prosecution against him, saying the former
July 9, 2018
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Hyundai Glovis director for shareholder rights to attend NDR
Hyundai Glovis’ outside director for shareholder rights protection will be present at the company’s non-deal road show held for major institutional investors overseas in Singapore and Hong Kong this week, the company said Monday.The latest move comes amid Hyundai Motor’s groupwide efforts to improve communication with the market, and as Glovis struggles to see its stock value rebound. Hyundai Glovis, the logistics unit of Hyundai Motor Group, had been at the center of the group’s spinoff merger
July 9, 2018
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[Management in Korea] Executive coaching: A powerful tool for raising performance
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.In a time of continuous disruption and successive waves of new business models, it not uncommon for senior executives to discover that leadership approaches that worked in the past are no longer as effective as they once were. But when a Korean CEO or other top leader needs to adopt a different mindset or
July 9, 2018
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NK’s trade volume fell 15% due to sanctions: report
North Korea’s trade volume fell 15 percent last year on-year to reach $5.5 billion due mainly to stronger sanctions imposed by the United Nations Security Council, according to state-run Korea Trade-Investment Promotion Agency on Monday. According to the KOTRA report, North Korea’s export volume stood at $1.7 billion last year, a 37.2 percent fall from the previous year, and imports came to $3.7 billion, a 1.8 percent rise, during the same period. Its trade deficit rose 125.5 percent to $2 billi
July 9, 2018
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Ministry lauds LX in appraisal of public bodies
South Korea‘s state-owned Land and Geospatial Informatrix Corporation (LX) said Monday it won high ratings in a performance evaluation on Korean state-owned enterprises and quasi-public institutions for its “public-friendly” policies in 2017. LX headquarters in Jeonju, North Jeolla Province (LX)Of 123 institutions assessed by the Ministry of Strategy and Finance, the LX was one of the three in Korea that earned grade A in evaluation both on a curve and by absolute values, according to the state-
July 9, 2018