Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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Medical profs at top hospitals suspend surgeries, clinics
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Liberal bloc moves to rewrite student rights ordinance
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Hopes rise for possible Gaza truce deal
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KT&G sees record high of W1.48tr in overseas sales
South Korean tobacco maker KT&G said Thursday that it saw a record high of 1.48 trillion won ($1.3 billion) of overseas sales last year. KT>he company said it broke its previous record of 941.4 billion won of overseas sales in 2016, measured by sales from exports and overseas corporation. This translates to a record high of 55.4 billion cigarettes sold overseas, an about 13.8 percent increase from 48.7 billion cigarettes in 2016. KT&G first tapped the overseas market in 1988. It took about th
Feb. 1, 2018
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Antitrust watchdog chief to promote conglomerate policies in Philippines
The head of Korea’s top antitrust watchdog will introduce policies toward conglomerates to high-ranking officials in the Philippines at a competition forum held in Manila that began on Thursday. The two-day Forum on Competition is being hosted by the Philippine Competition Commission with the aim of discussing competition policies involving conglomerates and SMEs. It is attended by high-ranking officials from Japan, Australia, Singapore, Hong Kong, the Organization for Economic Cooperation and D
Feb. 1, 2018
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Department stores bolsters delivery service for Lunar New Year holiday
Major department stores have put a large number of delivery workers on standby for the Lunar New Year holiday later this month, expecting better business after adjustments to an anti-corruption law, retail industry sources said Thursday.The Lunar New Year falls on Feb. 16 this year, and department stores, retail outlets and supermarkets are all selling special gifts for the holiday, when millions of people travel to their hometowns. (Yonhap)They are expecting improved sales after the government
Feb. 1, 2018
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[Monitor] Conglomerates collect nearly W1tr in trademark fees: FTC
Based on a survey of 57 conglomerates, 20 holding or representative firms received a total of 931.4 billion won ($866.2 million) in brand commission fees in 2016, the Fair Trade Commission said.The FTC, which has been moving to tighten its grip over the brand commission fees, said Tuesday that it has prepared a revision to regulations that would require the holding companies to detail and publicize the collection status of their trademarks.Brand commission payments, though not prohibited by the
Jan. 31, 2018
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‘Naver V Vietnam’ users surge tenfold in 2 years
Naver’s live broadcasting service ‘V Vietnam’ saw the number of monthly users reach 3.3 million in January, the Korean portal operator said Wednesday.This means that the Vietnamese version of video streaming app ‘V’ has seen a tenfold growth in the number of users who used the service at least once a month since its launch in January 2016.Launched in September 2015, V is a real-time broadcasting service that allows users worldwide to stream videos of K-pop stars or celebrities. Personal videos t
Jan. 31, 2018
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With record-high earnings, Samsung fixated on AI chips, foldable phones
Bolstered by an all-time high operating profit of 53 trillion won ($49.6 billion) in 2017, Samsung Electronics’ top management displayed an upbeat mood for the launches of new innovative products, including chips that support artificial intelligence and foldable organic light-emitting display smartphones, this year during a conference call on Wednesday. After announcing that it posted 239 trillion won in consolidated sales and 53 trillion won in operating profit last year, the South Korean tech
Jan. 31, 2018
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KORUS FTA talks resume amid growing trade tensions
Korea and the US resumed the second round of talks to review the bilateral free trade agreement in Seoul on Wednesday in the wake of growing tension following the US safeguard measures on Korean washers and solar panels. The two-day talks, led by Yoo Myung-hee, director general for FTA negotiations at Korea’s trade ministry and Michael Beeman, assistant US trade representative, follow the first round of talks on Jan. 5 in Washington. In the first round, the US had primarily raised the issue of t
Jan. 31, 2018
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[Newsmaker] What’s behind Samsung’s massive share split plan?
On the same day of announcing a record operating profit of 53 trillion won ($49.6 billion) for last year, South Korean tech giant Samsung Electronics surprised the market on Wednesday by unveiling the first-ever share split plan aimed at “enhancing shareholder value.”The landmark decision by the company’s board was widely welcomed by the market, causing the share price to surge as high as 8 percent in the morning.The plan will make Samsung Electronics “more accessible” for investors and provide
Jan. 31, 2018
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[Herald Interview] Airbus promotes brand new A350-1000 as perfect fit for Seoul
With increasing air traffic, passengers continue to demand spacious and cozy flights, while airlines seek profitable planes. The newest member of Airbus’ leading jetliner, the A350-1000, meets all those requirements and is the “perfect fit” for mega cities like Seoul, according to Airbus. Airbus Marketing Director Francois Obe (Airbus)“Forecasts show about 40 percent of the world’s air traffic will come from Asia in the next 20 years. In that sense, our latest A350 model is the product with the
Jan. 31, 2018
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[Monitor] Air passenger traffic reaches all-time high in 2017
Boosted by diversified air routes and expansion of low-cost carrier market, the number of air passengers for international and domestic flights reached 109.36 million in 2017, up 5.2 percent from the previous year, the Ministry of Land, Infrastructure and Transport said.“Airlines increased flights to Japan, Europe and Southeast Asia last year to offset sharp declines in travel demand to and from China due to bilateral diplomatic tensions,” the ministry said in a statement.The ministry also cited
Jan. 31, 2018
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SSK Project Unit to export Korean model of science and technology
The SSK Project Unit of Chungnam National University of Economics and Management is gearing up to expand a project at a macro level.The R&D project, led by SSK chief of research Cho Dae-woo, aims to put together systematic knowledge based on Korea’s experience of science and technology development since the 1960s. It aims to spread the knowledge to developing countries, seeking cooperation with those nations.Until now, the project unit has passed on Korea’s creative development model to countrie
Jan. 31, 2018
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Korean airlines to recruit 3,500 new workers this year: sources
South Korea's airlines will hire more than 3,500 workers this year as they move to serve ever rising numbers of air passengers, industry sources said Wednesday.Korean Air Lines Co. said it will recruit more than 1,000 new workers, noting that it will fly 17 new flights this year.The country's largest national flag carrier said it accepted 1,050 new workers last year, including 600 cabin crew members, 200 pilots and 250 technicians and office workers.Korean Air plans to add 17 new planes -- nine
Jan. 31, 2018
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Korea's industrial output falls 0.2% in December
South Korea's industrial output declined in December from a month earlier on a slump in the automaking and machinery sectors, government data showed Wednesday.Production in the mining, manufacturing, gas and electricity industries fell 0.2 percent on-month in December, following an adjusted 0.2 percent on-month rise in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output also sank 6 percent last month, following a 1.7 percent on-year decline in Nov
Jan. 31, 2018
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Samsung Electronics splits stocks as Q4 net jumps 72.9% on rising chip demand
Samsung Electronics Co. said Wednesday that it has decided to dramatically lower the face value of it stocks, as it posted record highs in sales and operating profits in the fourth quarter on rising chip demand.Net profit came to 12.25 trillion won ($11.4 billion) in the October-December period, compared with 7.08 trillion won a year earlier, the company said in a regulatory filing.For the whole of 2017, net profit came to 42.18 trillion won, up 85.6 percent from a year earlier. Samsung Town Hea
Jan. 31, 2018
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AI robot debuts at Seoul forum
Sophia, the world's first artificial intelligence robot with citizenship, debuted in South Korea on Tuesday, showcasing the latest technological breakthroughs.Wearing the traditional Korean dress of hanbok, Sophia participated in a panel at a forum hosted by the Artificial Intelligence Industry Association in downtown Seoul.The human-like robot was developed by AI developer David Hanson of Hong Kong-based Hanson Robotics and has been made a full citizen of Saudi Arabia. This makes Sophia the fir
Jan. 30, 2018
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Korea should consider restricting imports of US LNG: scholar
A law professor said Tuesday that South Korea should consider restricting imports of US liquefied natural gas in response to US safeguard measures.Choi Won-mok, a law professor at Ewha Womans University, also said South Korea could move to impose higher tariffs on US liquefied natural gas.Currently, South Korea puts no tariff on US LNG under their bilateral free trade deal, except for a 2 percent tariff during the October-March period every year, according to the Korea Customs Service.Choi made
Jan. 30, 2018
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SKT joins moves to introduce shorter work hours
South Korean mobile carrier SK Telecom said Tuesday it will introduce a flexible work-hour system from the second quarter, joining moves by major conglomerates to shorten the workweek. The telecom firm will adopt a flexible system that allows employees to set their work hours based on a rule that limits maximum work hours to 80 hours per two weeks. For instance, during the last week of a month that usually requires more work to meet monthly deadlines, an employee could reflect his or her schedul
Jan. 30, 2018
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[Exclusive] Airbus to start delivering A330neo in July: sources
Airbus will make the first delivery of A330neo jetliner -- the latest version of the planemaker’s fuel-efficient version of the A330 -- from its headquarters in Toulouse no later than in July. An official from a Toulouse-based civil aircraft manufacturer told The Korea Herald that the aircraft, a revamped version of the A330 with new Rolls-Royce Trent 7000 engines, is due to enter service in July, after achieving its EASA and FAA Type Certification by the end of June. A330neo (Airbus)It successf
Jan. 30, 2018
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Lotte Liquor’s Kloud beer taps Cambodian market
Lotte Liquor, a unit of Lotte Chilsung Beverage, will start selling Kloud beers in Phnom Penh, Cambodia, from February, expanding its sales to Southeast Asia. A Cambodian consumer looks at Kloud beer. (Lotte Liquor)Lotte Liquor said it has delivered over 90,000 cans and bottles of Kloud beer to Phnom Penh’s major retail chains and convenience stores.With its launch in Cambodia, the company said its initial goal is to increase brand awareness with aggressive marketing via television and social m
Jan. 30, 2018
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Louis Vuitton launches online store in Korea
Fashion powerhouse Louis Vuitton has launched its official online store in Korea, 28 years after it first opened a brick-and-mortar store in Seoul. Louis VuittonShoppers in Korea -- including those living on Jeju Island -- can purchase and have their products delivered by shopping at www.louisvuitton.kr, which offers a full range of luxury products: leather goods, watches, luggage, gifting collection, handbags, perfumes, accessories and jewelry. The brand said it will add shoes and ready-to-wear
Jan. 30, 2018