Most Popular
-
1
Yoon, Lee end first talks with differences, agree to meet more
-
2
What is Hybe’s next move?
-
3
Medical profs at top hospitals suspend surgeries, clinics
-
4
Samsung chip business back on track, logs W1.9tr operating profit in Q1
-
5
[News Focus] Lee tells Yoon that he has governed without political dialogue
-
6
Hopes rise for possible Gaza truce deal
-
7
Shinsegae faces showdown with investors over SSG.com's delayed IPO
-
8
Ex-pro baseball player who killed debtor appeals sentence
-
9
S. Korea to issue travel ban on Haiti amid intensifying gang violence
-
10
Seventeen shows who is the ‘Maestro’ of K-pop in greatest hits album
-
Korea, GM agree principles for GM Korea support
The South Korean government and General Motors agreed on the key principles Thursday to be applied in deciding whether to support struggling GM Korea, with GM expressing willingness to speed up due diligence of its local arm. “GM’s decision to make the $2.8 billion investment is highly rated but the request for the Korea Development Bank to participate in the capital increase is likely to be turned down because the government has no reason to take responsibility for GM Korea’s poor management,”
Feb. 22, 2018
-
Starbucks Korea to support restoration of Korean Empire heritage
As part of its efforts to honor the nation’s modern history and cultural heritage, Starbucks Coffee Korea has donated 100 million won ($92,217) in preservation funds for the Korean Empire legation headquarters in the United States, officials said Thursday.The company also unveiled a limited edition tumbler with pokerwork describing the legation building located in Washington DC, a third product of the cultural heritage project.During the ceremony which took place at the coffee franchise’s signat
Feb. 22, 2018
-
SK Innovation discovers crude oil in South China Sea
South Korean petroleum refining company SK Innovation has successfully discovered crude oil at a Chinese block in the South China Sea, the company said Thursday. SK Innovation’s discovery of crude oil in Block 17/03 in the South China Sea (SK Innovation)According to the company, it found a 34.8-meter-thick effective oil pool at Block 17/03 located at a depth of some 2,000 meters down the Pearl River Mouth Basin in December last year. This marks SK Innovation’s first discovery in the area since
Feb. 22, 2018
-
Samsung BioLogics’ 3rd plant secures $16.6m order from US drugmaker
Korean drugmaker Samsung BioLogics’ third plant has secured a manufacturing order worth at least 17.9 billion won ($16.6 million) from an undisclosed US pharmaceutical firm, according to the firm’s regulatory filing on Thursday. The contract is equal to roughly 6 percent of the Korean firm’s net revenue as of 2016, according to the disclosure. The order could increase in size to $148.2 million, depending on whether the US firm succeeds in bringing the drug to market. The US firm also may extend
Feb. 22, 2018
-
[Advertorial] LG Chem aims to become global top 5 chemical company
South Korea’s major chemical firm and battery maker LG Chem said it will continue to brace for the “fourth industrial revolution” and pioneer the market, focusing on business growth in its units of basic material, chemical, electronic information material, battery and life science businesses in South Korea and internationally. LG Chem researchers conduct battery test for electric vehicles. (LG Chem)LG Chem said it plans to invest 3.8 trillion won ($3.4 billion) in capital expenditure, a 52 perc
Feb. 22, 2018
-
E-mart Traders outnumbers Costco, aims W1.9tr in sales
Warehouse-style discount chain store E-mart Traders said Thursday that it aims to achieve sales of 1.9 trillion won ($1.7 billion) this year, in an effort to bolster its offline shopping base amid fierce competition on e-commerce market. E-mart Traders (E-mart)E-mart Traders, a retail arm of Shinsegae Group, plans to open one or two more outlets this year. Since its launch in 2010, it opened a total of 14 stores across the country, with new branches in Gunsan and Gimpo opening in December last y
Feb. 22, 2018
-
S. Korean firms to participate in New Zealand's infrastructure projects
South Korean companies will actively participate in New Zealand's massive projects to build homes, roads and railroads as part of efforts to further deepen bilateral economic ties, Seoul's finance ministry said Wednesday. In a meeting with Deputy Finance Minister Koh Hyeong-kwon, New Zealand's chief economic policymaker Grant Robertson urged South Korean companies to join his country's efforts to expand infrastructure. South Korea's Deputy Finance Minister Koh Hyeong-kwon on Wednewday meets with
Feb. 21, 2018
-
Lotte chief steps down as CEO from Japan-based holding firm
Lotte Chairman Shin Dong-bin’s voluntary offer to quit as chief executive officer at its Japan-based holding firm has been approved through a board meeting, the group said Wednesday. Lotte Chairman Shin Dong-bin (Yonhap)“Lotte Holdings decided in a board meeting to accept Shin’s suggestion to resign from the chief post with a heavy heart, considering his situation,” the company said in an official statement. Shin will maintain his post as vice chairman and board member.The finalization comes am
Feb. 21, 2018
-
IBK takes issue with KT&G CEO appointment
What had seemingly been a smooth process at South Korea’s leading cigarette maker KT&G to reinstate its chief has been met with unusual interference from the state-run Industrial Bank of Korea, which is making increasing moves to get involved in the firm’s management.The bank holds 6.9 percent stake in KT&G and receives estimated dividends of 35 billion won ($32.5 million) annually. KT&G CEO Baek Bok-in (KT&G)Citing its voting right as a stockholder, IBK said it would simply be exercising its vo
Feb. 21, 2018
-
Korea signs free trade deal with Central America as first in Asia
Korea signed a free trade agreement with Central America -- Costa Rica, El Salvador, Honduras, Nicaragua and Panama -- on Wednesday, becoming the first Asian nation to do so, with hopes of increasing exports of cars, steels and cosmetics. “The agreement between Korea and Central America will be an opportunity to build a comprehensive, strategic partnership among the nations,” Trade Minister Kim Hyun-chong said at a signing ceremony attended by trade ministers from the five nations on Wednesday m
Feb. 21, 2018
-
LED firm wins patent suit against Taiwanese rival
Seoul Semiconductor, a light-emitting diode manufacturer, has won a $1 million patent lawsuit against Taiwan’s Everlight Electronics, which used a flawed patent against industry rivals.The UK Patents Court declared on Feb. 14 that Everlight’s LED heat protection patent was invalid, ordering the defending Taiwanese company to pay all legal expenses, officials said Tuesday,The court’s decision was based on Everlight’s written statement in which it admitted that the patent in question was invalid.A
Feb. 20, 2018
-
Posco transforming towards smart, green manufacturing
When thinking of a steel mill the typical image that comes to mind is molten metal pouring out from a blast furnace and workers sweating while maneuvering a large-scale operation inside a factory.Taking steps beyond the conventional industry, South Korean steel giant Posco is seeking a transformation itself by integrating information and communication technology, artificial intelligence and big data to its manufacturing sites. A worker stands next to a blast furnace releasing molten iron at Posc
Feb. 20, 2018
-
[What’s Happening -- at Samsung] Bosses penalized for subordinates' overtime
The Korea Herald runs a series of articles titled ‘What‘s Happening,’ which looks into the culture and trends of companies operating in South Korea. -- Ed.A marketing official at a Samsung affiliate, surnamed Shin, recently received a warning via email from his team leader. The email read, “Your workhours surpassed 52 hours last week. Please clarify reasons for the overtime.”Shin had to reply right away, retracing his work in the past week, as excessive work hours would not only affect him, but
Feb. 20, 2018
-
GM chief visits Assembly as government faces dilemma
The General Motors debacle over the shutting down of a plant in South Korea officially turned political Tuesday, with GM International President Barry Engle’s visit to the National Assembly urging for the government’s support. Engle’s visit came as tension escalated in the labor sector, with the hard-line Korean Confederation of Trade Unions announcing it would hold a rally near Cheong Wa Dae next week in protest of the shutdown of the plant in Gunsan, North Jeolla Province.Engle started the vis
Feb. 20, 2018
-
Orion ranked 14th in global top 100 confectionery companies
Orion has been ranked as the 14th-biggest confectionery company in the world by sales by global confectionery industry magazine Candy Industry. Orion snacks (Orion)Orion placed highest among Korean confectionery companies, and has ranked above 15th for six consecutive years.The South Korean industry leader posted sales of 1.94 trillion won ($1.81 billion) last year, taking 14th place after General Meals of America.According to the company, newly launched snacks such as Kkobuk Chip led to a rise
Feb. 20, 2018
-
New car allocation seen as key to survival of GM Korea
Securing meaningful production volume of a new vehicle model will be a critical factor in GM Korea Co.'s continuing presence in South Korea, industry sources said Tuesday.Last week, the local carmaker's parent, General Motors Co., announced it will shut down its underutilized plant in Gunsan, one of the automobile giant's four car assembly plants in South Korea. The closure of the plant by May is part of its global business restructuring effort, but the news sparked strong resistance from union
Feb. 20, 2018
-
Korean airlines sharply cut greenhouse gas emissions last year
South Korean airlines reduced greenhouse gas emissions by 450,000 tons last year by adding more fuel-efficient planes to their fleets, the transport ministry said Tuesday.Korean passenger and cargo carriers have voluntarily participated in a campaign to cut greenhouse gas emissions since 2010. They have made efforts to cut emissions by replacing older passenger jets with more environmental friendly ones and by making cabin service carts and other equipment onboard lighter, the Ministry of Land,
Feb. 20, 2018
-
Seoul warns of taking US’ steel tariff move to WTO
Anticipating a major blow to the country’s steel pipe industry, the South Korean government on Monday vowed to take all necessary measures against the US‘ moves to impose a selective raise in tariffs, warning it could take the case to the World Trade Organization.“When the US government makes a final decision to impose 53 percent tariffs on 12 countries, the Korean government will actively review complaining to the WTO,” said Kang Sung-cheon, deputy minister for trade during a press briefing. On
Feb. 19, 2018
-
[Video] Athletes are lovin’ it: McDonald’s store becomes popular hangout at PyeongChang Olympics
When the 17 day-long 2018 PyeongChang Winter Olympics kicked off on Feb. 9, every detail regarding the athletes -- from what medals they are expected to win to what food they are eating -- has received worldwide attention.While Gangwon Province, the Olympic host region, has been crowded with a variety of global food restaurants, the US fast food chain has been at the center of attention, which again, carried on its tradition of serving athletes free meals at the Olympics.(Shot and Edited by Park
Feb. 19, 2018
-
Seoul opposes Washington's plan to slap extra tax on steel imports
Anxiety built up among South Korea’s steel manufacturers over the weekend, following the latest signals from the United States to drastically increase the tariff rate for steel imports as part of President Donald Trump’s trade protectionist policy.While figuring out a countermeasure, companies complained that the suggested action plan was not only excessive but also unfair as it unaccountably excluded some of the top steel exporting nations to the US.The Ministry of Trade, Industry and Energy on
Feb. 19, 2018