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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Seoul to provide housing subsidy to married couples with newborns
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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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[Weekender] How DDP emerged as an icon of Seoul
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Med schools expect 1,500+ new admission slots next year
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Fate of STX remains uncertain despite self-rescue plan
The fate of STX Offshore & Shipbuilding remained dim Tuesday, even though a self-rescue plan was delivered to creditors after its labor and the management reached an agreement on a restructuring plan.A self-help plan and a letter of confirmation both by the labor and the management was delivered to its creditor, the Korea Development Bank, in the evening, nearly a day after the deadline of 12 a.m.The details of the plan were not revealed. But the final version of the proposal was “not so much di
April 10, 2018
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‘Irreversible’ change expected in Samsung when uncertainty is cleared: FTC chief
South Korea’s top conglomerate Samsung Group is likely to make an “irreversible” change after uncertainty over the fate of its de facto head is cleared, the head of the nation’s antitrust watchdog said Tuesday, referring to an upper court’s ruling on Samsung Electronics Vice Chairman Lee Jae-yong.FTC Chairman Kim Sang-jo (Yonhap)The Supreme Court has been reviewing Lee’s case since last month. It is expected to take up to about six months to hand down the final ruling on Lee, who was freed on a
April 10, 2018
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Samsung BioLogics shares hit record-high, making it Kospi’s 3rd most valuable firm
Shares of Samsung BioLogics, a contract drug manufacturer under South Korea’s Samsung Group, hit an all-time high of 600,000 won ($564) on Tuesday morning, following news reports suggesting that the electronics giant is increasing direct stakes in its biopharma subsidiaries. It marks a 341 percent jump from the firm’s initial offering price of 136,000 won set at the time of its initial public offering in November 2016.With the recent share price hike, Samsung BioLogics has become the third-large
April 10, 2018
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LS invests W14b to produce optical cables in Poland
LS Cable & System said Tuesday it would invest around 14 billion won ($13 million) in its plant in Poland to build a new production line for optical cables. The company has two optical cable production facilities in Korea and Vietnam. The one planned for Poland will be its third.LS Cable & System CEO Myung Roe-hyun (right)Upon its completion, the South Korean cable maker will be able to produce optical cables of around 3 million fiber kilometers a year, which would account for 7 percent of the E
April 10, 2018
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Lotte Duty Free releases promotional music video featuring BTS
Lotte Duty Free, South Korea's top duty-free operator, released a promotional music video featuring K-pop boy band BTS on Tuesday, the company said, as it aims to attract more foreign customers amid growing hopes for the return of Chinese tourists.The song, titled "You're so Beautiful," is now available at the company's official website as well as on its YouTube and Facebook accounts, with subtitles provided in English, Chinese and Japanese, the company said.The K-pop sensation BTS has been serv
April 10, 2018
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Creditors to put STX Offshore under court receivership
CHANGWON -- Creditors of STX Offshore & Shipbuilding Co. said Tuesday they will place the debt-ridden shipbuilder under court receivership as its union failed to accept the company's self-rescue plans.Creditors led by the state-run Korea Development Bank had said before the deadline that expired at midnight Monday that they can issue refund guarantees for new ships and keep the company afloat if STX Offshore and its union agree on a package of self-help programs that includes a 75 percent job re
April 10, 2018
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SKT’s compensation plan stokes criticisms
SK Telecom has begun dispersing information on refunds for subscribers who experienced network outage problems Friday, but some have demanded higher compensation, according to industry sources Monday.The telecom operator announced Sunday it would provide refunds ranging from 600 won to 7,300 won (60 cents to $6.90), depending on individual subscribers’ mobile plans, for the network problems that occurred roughly between 3 p.m. and 6 p.m. Friday.According to SKT, the operator planned to send text
April 9, 2018
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Korea Yakult achieves sales of W1tr in 2017
Korea Yakult, a household name in the yogurt and fermented dairy product market in Korea, said it achieved sales of 1 trillion won ($940 million) in 2017, five years after it spun off its instant noodle division Paldo. Korea Yakult’s fermented milk products (Korea Yakult)In 2012, Korea Yakult spun off Paldo following the release of its hit chicken-based instant noodles Kkokkomyeon in 2011. Korea Yakult’s sales after the spin-off dwindled to around 900 billion won. According to data from the Fin
April 9, 2018
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GS E&C’s operating profit surge 544 percent in Q1
GS Engineering & Construction said Monday that its first-quarter operating profit jumped more than fivefold compared to its profit on-year.From January 1 to March 31, the company made a total of 380 billion won ($356 million) of operating profit, a 554.75 percent jump from the previous year, according to GS E&C. Its operating profit has been showing a positive figure for 16 consecutive quarters, it added. The company said a sharp increase in operating profit is attributable to constant gain from
April 9, 2018
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Panel to review Samsung Electronics' workplace report
Samsung Electronics Co. has asked the government to judge whether its environmental assessment report on semiconductor factories contain trade secrets that need protection from public disclosure, the commerce ministry said Monday.The South Korean tech giant made yet another attempt to withhold disclosure of its workplace monitoring report, against the wishes of its former workers and their families, claiming health hazards caused by toxic chemicals at its production lines.Ex-Samsung workers suff
April 9, 2018
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SK Group affiliates sweep list of top salary payers
SK Group affiliates dominated the list of top-paying companies last year, especially its chemical units, which occupied the top four spots, corporate data showed Monday.Corporate tracker CEO Score reviewed the annual salary of 324 firms among the top 500 companies by sales who had submitted business reports in 2017. Results showed the biggest payer was SK Energy, whose average yearly salary was 152.2 million won ($142,376). It was followed by SK Global Chemical (147.1 million won), SK Incheon Pe
April 9, 2018
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Korea remains 2nd largest market for US beef in 2017: data
South Korea remained the second largest export market for US beef for the second consecutive year last year, industry data showed Monday, amid the growing popularity of American meat.South Korea imported $1.22 billion worth of US beef last year, the second only to Japan's $1.89 billion, according to figures by the US Meat Export Federation.The amount accounts for about 17 percent of the $7.26 billion total US beef exports in 2017.In terms of volume, South Korea ranked third with 184,152 metric t
April 9, 2018
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Annual trade convention for SMEs, overseas business leaders closes
JEJU ISLAND -- An annual trade convention for Korean entrepreneurs based overseas and heads of small local firms ended its three-day run on Sunday, producing fresh deals between participants seeking to expand business opportunities, its organizing body said. The World Federation for Overseas Korean Traders Association kicked off its 20th session in Jeju Island on Friday. The event was co-hosted by Yonhap News Agency, South Korea's key newswire service. The aim of the conference was to boost loca
April 8, 2018
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[Monitor] LG Electronics‘ operating profit jumps 20 percent
LG Electronics posted an operating profit of 1.1 trillion won ($1.03 billion) in the first quarter, a 20 percent increase from last year, the company said Friday. Its sales also grew 3.2 percent to 15.1 trillion won, driven by solid performance in the television and home appliances businesses despite weak sales from the smartphone unit.
April 8, 2018
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[Herald Interview] ‘Despite challenges, steel key for sustainable future’
After years of prosperity, the steel industry is facing slower demand due to market saturation and the increasing reuse of steel amid rising concerns over its impact on the environment. Director general of World Steel Association Edwin Basson (World Steel Association)Steelmakers around the world, however, should face these challenges and join efforts to convince customers that the metal product still remains the foundation of a sustainable future, said the head of World Steel, an organization re
April 8, 2018
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[IP in Korea] ‘Granting weak protection to AI-created contents will protect humans from monopoly’
The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the tenth installment. -- Ed.Google’s artificial intelligence art program Vincent transforms a rough sketch into an impeccable Van Gogh painting. Composing module Iamus creates a full-scale symphony for the London Symphony Orchestra in just eight minutes. Who, then, is to hold the copyright for these AI-led creative works? Son Seung-woo, professor at Dankook University College of Law and
April 8, 2018
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Global chip industry boom to continue for another year: BOK
The global chip industry is anticipated to enjoy another year of strong demand, the central bank said Sunday, claiming local chipmakers should still focus on building capabilities for non-memory products to prepare for future developments."The industrywide boom, which started in the second half of 2016 for DRAM products will continue throughout the first half of 2019 and gradually fade out afterwards," the Bank of Korea said in a report. The bank, however, said the rising demand from the self-dr
April 8, 2018
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[Newsmaker] Samsung heir likely to officially return this week
Samsung Electronics Vice Chairman Lee Jae-yong is expected to return to the management of the world’s top provider of chips, smartphones and electronics this week, after coming back from a 16-day overseas business trip and after being released from jail in February. According to the industry on Sunday, the Samsung heir seems to be making a comeback for putting Samsung back on track for new growth after about a year0long absence due to his involvement in the former president’s bribery scandal. Le
April 8, 2018
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Korean firms behind foreign rivals in workplace flexibility
South Korean businesses trail rivals in other advanced countries in terms of utilizing workplace flexibility, a local think tank said Sunday, a development that can hurt their performance over the long haul.The adoption rate for flexible working hours for local small and medium-sized enterprises and large businesses stood at 21.9 percent, much lower than the 69 percent tallied for many European countries and 52.8 percent for Japanese firms, the IBK Economic Research Institute said.It said simila
April 8, 2018
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Apple likely to face sanctions over unfair practice in Korea
Apple is likely to face sanctions from the Korean antitrust watchdog over dumping its advertising and repair costs to local telecom operators, according to industry sources, Sunday. (Yonhap)The Fair Trade Commission’s secretariat recently agreed to impose penalties on Apple Korea over the unfair practice and sent an examination report to Apple Korea to seek an explanation, according to the sources. The FTC will confirm whether to impose sanctions and the range within a few days after hearing fro
April 8, 2018