Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Official campaigning kicks off for April 10 elections
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Seoul to toughen requirements for LCC airlines
South Korea’s Ministry of Land, Infrastructure and Transport said Monday that it would revise the current law to strengthen entry criteria and management requirements to put the brakes on expanding low-cost carriers.“We came up with the revision to make LCC-related regulations more realistic, aiming to improve the overall quality of the airline industry with fair competition,” said a ministry official. Jeju Air (Jeju Air)If the revision is passed by related organizations, legislative authoritie
March 12, 2018
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Chunho Food rebranded as Chunho N Care
South Korean health food company Chunho Food has been rebranded as Chunho N Care, the company said Monday. The “N” in the name stands for the company’s vision of “nature, nutrition and next,” the firm said. Chunho N Care employees hold up the new brand logo with CEO Lee Seung-woo (right). (Chunho N Care)The new name and logo will be used for all products from April, following a shareholders meeting slated for later this month. The company has been using its original name for 35 years since it wa
March 12, 2018
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KDB kicks off due diligence on GM Korea to determine financial support
The state-run Korea Development Bank on Monday kicked off due diligence on GM Korea Co. as it prepares to make a decision on whether or not to extend fresh loans to the loss-making carmaker.KDB Chairman and Chief Executive Lee Dong-gull told reporters, "There were differences between the KDB and GM over the conditions involving due diligence, but they reached an overall agreement on various aspects."The carmaker is the Korean unit of US auto giant General Motors Co. GM holds a 77 percent stake i
March 12, 2018
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Tax office launches investigation into Kia: sources
The national tax office has launched a probe into Kia Motors Corp., South Korea's second-largest carmaker by sales, industry sources said Sunday. The National Tax Service (NTS) recently sent inspectors to the company's headquarters in southern Seoul, about six years after it was last reviewed in 2012, according to the sources. Headquarters of Kia Motors and Hyundai Motor Company in Yeomgok-dong, southern Seoul(Yonhap) The inspection is likely to be a regular one, though some speculate that it co
March 11, 2018
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[IP in Korea] ‘Technological progress will reduce IP gap among industries’
The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the sixth installment. -- Ed.For several years, especially when the patent battle was heating up between Samsung Electronics and Apple, intellectual property was largely considered an issue exclusive to global tech companies.But the unprecedented technological advancement amid the “fourth industrial revolution” trend has drastically narrowed the conventional gap between market champions
March 11, 2018
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Korea to file WTO complaint against US washer safeguard amid tension over steel tariffs
South Korea is preparing to file a complaint with the World Trade Organization after the rejection by the US government of a request to withdraw its safeguard measures on Korean washers, amid intensifying tension over President Donald Trump’s decision to impose tariffs on imported steel products.The US had previously said it would revise the measure by March 4, if necessary. But the measure remained unchanged despite South Korea’s request to cancel the decision on imposing hefty tariffs on Korea
March 11, 2018
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Anti-pollution cosmetics emerge as rising trend
Amid deteriorating air quality caused by fine dust, beauty industry retailers are releasing anti-pollution cosmetics designed to prevent or filter out fine dust particles from one’s skin. (From left) Issilin Finish Cover Pact from Pulmuone Lohas, Lavida Sun Solution Daily Moist Protection IRF20 SPF36 PA+++ from Koreana and PM2.5 Block Cleanser from Celltrion SkincareAccording to cosmetics manufacturers, the consumer need for functional skin care products is growing beyond the traditional sunscr
March 11, 2018
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Cho Yang-ho receives appreciation plaque from defense industry
Hanjin Group Chairman Cho Yang-ho was awarded a plaque of appreciation for leading both quantitative and qualitative growth in South Korea’s defense industry, the company said Sunday. Hanjin Group Chairman Cho Yang-ho (right).(Hanjin Group)Cho recently stepped down from the chairman post of the Korea Defense Industry Association. He served the position for 14 years since June 2004. The plaque thanked Cho for leading a stellar growth and transparent management in the defense industry. The newly
March 11, 2018
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SK Innovation breaks ground for Hungary’s battery plant
South Korea‘s leading energy and chemicals firm SK Innovation said Friday that it has held a ground breaking ceremony for an 40 billion-won ($784 million) electric vehicle battery plant in Hungary as part of its expansion of production capacity on growing demand. The plant is SK Innovation’s first exclusive factory to be built in Europe, in the hopes of playing an important role in the company’s advancements into the European market where most major global automakers are based.The plant will be
March 9, 2018
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Local steelmakers unnerved by US tariff
The heads of local steelmakers held emergency meetings with the government, expressing grave concerns over the impact of the US‘ decision to slap a 25 percent tariff on steel products, though the degree of the anxiety differed slightly by the size of their businesses.Heads of South Korea‘s steel companies held a joint meeting with the government representatives headed by Trade Minister Paik Un-gyu in Seoul, soon after US President Donald Trump signed on Thursday a 25 percent tariff on steel impo
March 9, 2018
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Govt. decides on court receivership, self-help for medium shipbuilders
South Korea's government decided on Thursday to place one midsize shipbuilder under court receivership and told another to implement a self-help program as part of its broader effort to streamline the ailing shipbuilding industry.In the latest financial assessment of Sungdong Shipbuilding & Marine Engineering Co. and STX Offshore & Shipbuilding Co. (STX O&S), creditors such as the state-run Korea Development Bank (KDB) and the Export-Import Bank of Korea (Korea Eximbank) reached the conclusion t
March 8, 2018
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LG outruns Samsung in EU patents
LG Group acquired the highest number of patents at the European Patent Office last year, outrunning Samsung Group and other European rivals, a report from the European Patent Office showed Thursday.In global ranking, the South Korean conglomerate stood at No. 3, next to Chinese IT giant Huawei and German engineering group Siemens. (from EPO report for 2017)Seoul’s patent application volume in Europe declined 8.2 percent from a year earlier, taking a sudden dip from the 6.5 percent on-year growth
March 8, 2018
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City dwellers’ skin suffers: Amorepacific
South Korea’s leading cosmetics manufacturer Amorepacific found that the level of urbanization can influence the formation of skin microbiomes, which causes skin problems, according to its study released in an international science journal.Amorepacific Co. R&D Center (Amorepacific)According to Amorepacific on Thursday, its in-house research institute Amorepacific Co. R&D Center partnered with Chung-Ang University’s College of Biotechnology and Natural Resources to conduct an experiment on skin m
March 8, 2018
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Sungdong Shipbuilding to file for court receivership
South Korean midsized shipbuilder Sungdong Shipbuilding and Marine Engineering will file for court receivership, while bigger STX Offshore & Shipbuilding reeling from years of heavy losses was given a monthlong grace period, the government said Thursday.“STX needs high-intensity self-efforts for survival. But, if it fails to make a firm commitment to have major restructuring and a business reshuffle from the management and the union within one month (April 9), it should also go into receivership
March 8, 2018
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KB Financial moves to enhance social responsibility
KB Financial Group has set out to enhance its social responsibilities along with its 12 affiliates as a leading financial group in South Korea that posted around 3 trillion won ($2.8 billion) in net profit last year.According to the group, its affiliates, including KB Kookmin Bank and KB Savings Bank, will continue to launch financial products with low interest rates to help the working class, startups and SMEs. Participants attend KB Financial Group’s fair “KB Good Job Fair” in June, 2017, at K
March 8, 2018
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[PyeongChang 2018] Number of Airbnb guests in Gangwon soars 500% during Olympics
Airbnb Inc. said Thursday about 15,000 tourists visited PyeongChang and its adjacent cities via the global room-sharing platform during the 2018 Winter Olympics, which wrapped up last week.The number of travelers who made reservations in Gangwon Province, including the Olympic host town of PyeongChang, some 180 kilometers east of Seoul, during the 17-day international sports event jumped 500 percent on-year, according to Airbnb. (Airbnb)The company said the figure is equivalent to 7,500 hotel ro
March 8, 2018
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[News Analysis] End of a chaebol era? Unlikely
For Scott Park, a 42-year-old businessman in Seoul, seeing Samsung’s de facto chief paraded in handcuffs at the height of the presidential bribery scandal last year was not something that he thought he could expect just a few months earlier. To him, Samsung has always been a prime representation of the South Korean economy, more so in recent decades, as the conglomerate has pulled far ahead of its rivals, led by Lee Jae-yong with a global reputation to claim for.“It was because of how we grew up
March 7, 2018
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Asan, 500 Startups launch global startup content sharing website offered in Korean
South Korea’s Asan Nanum Foundation in partnership with US-based venture capital 500 Startups on Wednesday launched a new website offering helpful startup-related news, information and content in the Korean language.The website, called The Bridge, will offer translated texts of startup-related blog posts, information and news from entrepreneurs and investors overseas, to give Korean founders better access to relevant startup knowledge and resources available in English. The site will also genera
March 7, 2018
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Korea to adopt AI, big data, blockchain for customs service
The Korea Customs Service will adopt advanced technologies, including artificial intelligence, big data and blockchain, for its customs administration in response to growing trade and ecommerce volume, according to the agency on Wednesday. “Adopting new technologies to respond to the ‘fourth industrial revolution’ is an overriding agenda for us as trade form is becoming more complicated,” said Kim Yung-moon, commissioner of the Korea Customs Service, during a meeting attended by Finance Minister
March 7, 2018
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Global advisory firm takes side with KT&G for its CEO reappointment
While debate lingers between shareholders over whether the South Korean tobacco maker KT&G’s current chief Baek Bok-in should be reappointed, a global proxy advisory firm Institutional Shareholder Services spoke in favor of Baek’s reappointment, industry sources said Wednesday. KT&G CEO Baek Bok-in (KT&G)Prior to the shareholders meeting slated for March 16, the state-run Industrial Bank of Korea -- the second-largest single shareholder of KT&G with a 6.9 percent stake -- has proposed for a conf
March 7, 2018