Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Woman gets suspended term for injuring boyfriend with knife
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Med schools expect 1,500+ new admission slots next year
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[Weekender] How DDP emerged as an icon of Seoul
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Korean Air chief apologizes, fires daughters over 'water rage'
The head of the nation’s flag carrier Korean Air on Sunday apologized for causing public concerns over the escalating “water rage” scandal involving his youngest daughter, and vowed to dismiss his two children from their executive posts, effective immediately.“I would have Korean Air Senior Vice President Cho Hyun-min step down from all of her posts within Hanjin Group, as well as Cho Hyun-ah, president of KAL Hotel Network, resign as well,” said Chairman Cho in a written statement, released by
April 22, 2018
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[IP in Korea] Korea’s patent court aspires for pivotal role in IP litigations
The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the twelfth installment. -- Ed.Having kicked off 20 years ago as Asia’s first court specializing in intellectual property issues, South Korea’s Patent Court is now aspiring to rise as a regional hub for multinational patent litigations, according to its recently appointed chief.“South Korea is noted for its unrivalled speed and procedural efficiency in resolving (IP-related) disputes,” C
April 22, 2018
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[pre-IFA] Korean tech firms to lead niche market of AR, VR
ROME -- South Korean companies will take the lead in the development of augmented and virtual reality technology although it may still be a niche market, an executive at a German consumer market research institute said during a preview of IFA, held in Rome, Saturday. “While Korea has emerged as a digitally mature country, we see Koreans willing to spend money for premium devices, like gadgets for VR contents. If you look at AR, VR and also artificial intelligence, I think these are the technolog
April 22, 2018
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[pre-IFA] IFA 2018 to showcase smart appliances, AI solutions and mobility
ROME -- This year’s IFA, Europe’s biggest exhibition of consumer electronics, will see smart and connected devices for home appliances as well as artificial intelligence-incorporated consumer electronics take center stage, including those from South Korean tech giants Samsung and LG.“While AI is a key for the connected world, I see Samsung and LG leading the market. Korean companies are building huge research centers overseas and from what I see so far, I think they are doing it in an excellent
April 22, 2018
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SMEs seeking overseas expansion amid difficulties at home: poll
South Korea's small and medium enterprises into overseas markets as they face mounting challenges at home, a poll by a local think tank showed Sunday.According to the Center for Large and Small Business Cooperation, 85.5 percent of all SMEs in the country said they are interested in setting up operations abroad.The findings were based on responses from 482 companies to questions on the latest market developments, with 412 saying they are considering diversifying within two years. (Yonhap)Of the
April 22, 2018
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South Korea's antitrust chief says expects change in Samsung governance 'in near future'
SEOUL -- South Korea’s antitrust chief on Friday said he expects Samsung Group to unravel its governance structure in the near future, as the government and investors call for reform of the country’s powerful family-controlled conglomerates, or chaebols. Chaebol families have come under increased scrutiny since the arrest last year of Samsung Group heir Jay Y. Lee, who denies wrongdoing, on charges of bribery and embezzlement. Employees walks in the building of Samsung Electronics in Seoul, Sou
April 20, 2018
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GM Korea to hold board meeting court protection after talks breakdown with union
GM Korea Co., the South Korean unit of General Motors Co., said it will hold a board meeting on Friday to make a decision on whether to file for court receivership, as talks with labor union made no headway.In their latest negotiations held earlier in the day, the company conceded that no agreement was reached with its union on GM's self-rescue package for its cash strapped local operations. (Yonhap)The union confirmed talks have "gone nowhere," as workers cannot accept the self-rescue plan, whi
April 20, 2018
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‘Water rage’ scandal escalates into customs probe
The “water rage” scandal of Cho Hyun-min, youngest daughter of Hanjin Group Chairman Cho Yang-ho, is escalating into an extensive customs evasion investigation involving the entire family, following claims that the high-profile members often abused the group’s signature company Korean Air to “smuggle” personal goods. Calls are also mounting on the need to reinforce the customs examination process for flight attendants and airport employees, who go through a simpler process at departure and arriv
April 20, 2018
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Korea partners with Central and South America for energy infrastructure
The Ministry of Trade, Industry and Energy said Friday it had signed a partnership agreement with the Inter-American Development Bank for establishing new energy infrastructure in Central and South America. The Minister Paik Un-gyu met with Luis Alberto Moreno, President of IADB, in Washington DC on Thursday and they agreed to cooperate on the areas of smart buildings, energy storage systems and energy efficiency in the region. Industry Minister Paik Un-gyu (right) shakes hands with Luis Alberto
April 20, 2018
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BMW Korea chief to head Korean-German Chamber of Commerce
BMW Korea chief Kim Hyo-joon was elected as the new chairman of the Korean-German Chamber of Commerce and Industry, according to the organization on Thursday. Kim Hyo-joon, new chairman of the Korean-German Chamber of Commerce and Industry (KGCCI)He is succeeding Kim Jong-kap, former CEO of Siemens, who was recently elected as President of Korea Electric Power Corporation.The KGCCI is now run by two co-chairmen, Ingrid Drechsel, president of Bayer Korea, for the German side and newly elected Kim
April 20, 2018
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Celltrion’s Rituxan biosimilar approved for sale in Australia
South Korean biopharma company Celltrion announced Friday that Truxima, its biosimilar drug referencing Roche’s Rituxan, has been granted marketing approval by Australia’s drug regulator. Australia’s Therapeutic Goods Administration accepted Celltrion’s biologics license application to sell Truxima, approved for the treatment of conditions including rheumatoid arthritis and non-Hodgkin’s lymphoma, a rare form of cancer, according to Celltrion. Truxima (Celltrion)Biosimilars refer to cheaper, nea
April 20, 2018
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State-run lender pledges W800b to shipping industry
The Export-Import Bank of Korea (Korea Eximbank) on Friday promised 800 billion won ($753.29 million) in loans and guarantees to the local shipping industry this year as the government acts on a five-year restructuring plan.Eun Sang-soo, chairman of the state-run lender, met with the heads of shipping companies and shipowners over details of the revamp plan announced April 5, in which the government would place orders for 200 vessels over the next three years to help the industry survive the slu
April 20, 2018
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S. Korea's Hadong named FAO agricultural heritage system for tea-growing method
The UN Food and Agriculture Organization on Thursday designated a site in Hadong, a town in South Korea's South Gyeongsang Province, as one of its world agricultural heritage systems in recognition of the site's traditional tea-growing method that maintains biodiversity. At a ceremony to mark the designation of Globally Important Agricultural Heritage Systems at the FAO headquarters in Rome, the FAO also added 13 other regions in China, Egypt, Japan, Mexico, Portugal, Spain and Sri Lanka to its
April 20, 2018
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Govt. to reform construction industry
The land ministry said Friday it will set a road map by September to overhaul the country's construction industry whose structure is outdated and slow to adjust to market trends.A reform committee for the industry was set to hold its first full meeting later in the day to start discussions on what needs to be changed. The Ministry of Land, Infrastructure and Transport said the goal is to announce competition-boosting measures next month and have a specific reform road map by September.The constr
April 20, 2018
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GM Korea, union fail to narrow gaps as deadline nears
General Motor Co.'s South Korean unit and its labor union on Thursday failed to narrow their differences in negotiations over a turnaround plan, a day before the deadline that would see GM Korea file for bankruptcy. In a statement posted on the union's website, the union called for GM Korea to give a "sincere answer" to its demands. The two sides are expected to resume negotiations over cost-cutting measures and the fate of workers at the plant in Gunsan the following day.The Detroit automaker,
April 20, 2018
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Amorepacific holds three-day event to boost morale
South Korean cosmetics giant Amorepacific has kick-started a lavish company event under the lead of Chairman Suh Kyung-bae from Thursday, with the participation of some 600 employees, according to industry sources.AmorepacificExecutives and rank-and-file members of the company are participating in the three-day event that includes hiking in Pyeongchang, Gangwon Province, with a budget of some 1 billion won ($940,000), according to one source.The five-hour hiking program was Suh’s idea to help aw
April 19, 2018
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[Doing Biz in Korea] Multinational firms accused of ‘gapjil’
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 fifth installment. -- Ed.While operating in the volatile market of South Korea comes with many challenges, the trendsetting consumer base highly responsive and loyal to global brands have also created a different kind of phenomenon – “gapjil” of multinational firms.Gapjil is a Korean term which refers to the abuse of power by someone against a
April 19, 2018
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[Feature] Competition heats up in growth of health, beauty stores
When South Korean versions of drugstores were first introduced here in the 2000s, it took time for people locally to grasp what they actually were.They sold makeup, over-the-counter medicine and even snacks, a product lineup that at first seemed random, with items people were used to buying separately in specialty stores -- pharmacies, department stores and convenience stores.It took little time for the concept of health and beauty stores, or H&B, to become common among consumers here, boosted b
April 19, 2018
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POSCO chief denies political pressure behind resignation offer
The outgoing chairman of South Korean steelmaker POSCO on Thursday denied allegations that political pressure was behind his decision to resign.Kwon Oh-joon told reporters that "there was no such thing" when asked whether he had been under pressure to quit.The comments came a day after Kwon said he wanted to lay the groundwork for growth at POSCO for the next 50 years.The world's fifth-biggest steelmaker by output recently marked the 50th anniversary of its foundation. Kwon Oh-joon (Yonhap)For t
April 19, 2018
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Demand for larger TVs growing in S. Korea
The demand for larger television sets has been growing over the past few years in South Korea, industry data showed Thursday, alongside lower average prices.Industry data showed the average size of Samsung Electronics Co.'s TVs sold in the country came to 54 inches last year, up sharply from 44.5 inches in 2010. The numbers indicate the favored size of TVs grew more than an inch each year.In contrast to the growing size of TVs, their prices eased over the same period. In 2010, 55-inch TVs were p
April 19, 2018