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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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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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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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Liberal bloc moves to rewrite student rights ordinance
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[Weekender] Korea moves to improve transit convenience for independent travelers
With the proportion of visitors in South Korea traveling individually continuing to rise -- reaching some 75 percent last year -- catering to their needs has become crucial in recent years, all the more so with the hosting of the 2018 PyeongChang Winter Olympic Games next month.The country’s state-run railway operator and the tourism agency have been stepping up their moves to improve convenience to foreign tourists who are traveling independently.In March, in anticipation of the hosting the gam
Jan. 26, 2018
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Posco Daewoo to focus on steel, gas and grains
Bolstered by record-high profit last year, Posco Daewoo is on track to start new businesses eyeing on higher profitability, vowing to grow as a general operating company beyond trading. At an investors relations meeting held in Yeouido on Friday, Posco Daewoo CEO Kim Young-sang unveiled plans for structural changes in existing businesses and ways to create new values for the company. “We need some structural changes in accordance with changing external conditions for sustainable growth,” Kim sai
Jan. 26, 2018
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[Newsmaker] Shinsegae attracts W1tr funding to expand e-commerce
South Korea’s retail giant Shinsegae, led by the group’s Vice Chairman Chung Yong-jin, said Friday it has attracted more than 1 trillion won ($940 million) from a foreign investment firm and a private equity firm in an aim to strengthen its e-commerce business.The company said it has signed a memorandum of understanding with BRV Capital Management, a consumer focused investment firm, and private equity firm Affinity Equity Partners for its new e-commerce unit. Shinsegae Vice chairman Chung Yong
Jan. 26, 2018
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Budweiser to start brewing with 100% renewable electricity
An American-style lager Budweiser will start attaching a 100 percent renewable electricity symbol on all Budweiser beers that are brewed with renewable electricity, making a show of commitment to its renewable energy targets. Budweiser (OB)According to ABInBev, Budweiser’s parent company, the symbol will appear on the label of every Budweiser brewed in the United States beginning in spring, the first country where the beer will be brewed using 100 percent renewable electricity. The company said
Jan. 26, 2018
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Papa John’s opens pop-up store in PyeongChang
US pizza chain Papa John’s has opened a temporary store in PyeongChang, Gangwon Province, host city of the 2018 Winter Olympics.Located on the first floor of AM Hotel, the pop-up location is set to run until March 18.The hotel is one of the official accommodation sites for the Winter Games. It stands across from the PyeongChang Olympic Plaza, where the opening and closing ceremonies will take place. The pop-up store of Papa John's at PyeongChang (Photo courtesy of Papa John's-Yonhap)An official
Jan. 26, 2018
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LG Electronics marks record high profit since 2009
LG Electronics said Thursday it earned the greatest operating profit since 2009, owing to high sales of its premium home appliances. The company posted 61.4 trillion won ($57.8 billion) in consolidated sales for fiscal year 2017, while recording 2.47 trillion won in operating profits. It is the first time for the tech firm to exceed 60 trillion won in annual sales. (LG Electronics)Compared to the previous year, sales rose 10.9 percent, while the operating profit surged 84.5 percent, the figures
Jan. 25, 2018
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South Korea launches WTO dispute over US tariffs
(Yonhap)GENEVA (Reuters) -- South Korea has launched a tradedispute at the World Trade Organization to challenge US safeguard tariffs on washing machines, a filing published by the WTO showed on Thursday.“Korea considers these measures to be inconsistent with the United States’ obligations under the relevant provisions of the GATT 1994 and Agreement on Safeguards,” South Korea’s complaint said.
Jan. 25, 2018
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Antitrust watchdog vows to curb chaebol intragroup deals
The Fair Trade Commission said it will impose stronger sanctions against conglomerates that funnel contracts and business orders to their affiliates, while stepping up investigations into appropriation of technologies and abuse of intellectual properties that they said hinder fair competition of innovation.“In order to prevent abusing economic power of large companies, we will strictly impose sanctions on chaebol’s unfair intersubsidiary dealings that can lead to expedient corporate succession a
Jan. 25, 2018
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SK hynix to invest W10tr in memory business
Bolstered by its record-high net profit in 2017, South Korean memory chip maker SK hynix unveiled Thursday an investment plan worth over 10 trillion won ($9.4 billion) for this year, which will be mostly used for completing its new 3-D NAND plant. During a conference call held for its 2017 earnings, Lee Myung-young, vice president of SK hynix, said this year’s investment will be larger than the previous year’s 10.3 trillion won, with the completion of the M15 fabrication facility under construct
Jan. 25, 2018
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[Video] With expanding market, HMR gift sets released
Buoyed by explosive growth and continuing popularity of home meal replacements, or ready-to-eat meals, in South Korea, more retailers are releasing a variety of HMR products.According to data from Korea Agro-Fisheries and Food Trade Corp., the local HMR market expanded 35 percent from 1.7 trillion won ($1.5 billion) in 2013 to 2.3 trillion won in 2016, marking double digit growth each year. As of last year, the market had continued its momentum to 3 trillion won. Shinsegae Department Store’s hom
Jan. 25, 2018
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SK hynix reports record high net in Q4 on strong chip prices
SK hynix Inc., a major South Korean chipmaker, said Thursday its net profit jumped 97.7 percent to reach an all-time high in the fourth quarter from a year earlier largely due to strong chip prices on continued favorable market conditions.Net profit came to 3.22 trillion won ($3 billion) in the October-December period, up sharply from 1.62 trillion won posted a year earlier, the company said in a regulatory filing.Operating profit reached 4.47 trillion won, up 190.7 percent on-year from 1.54 tri
Jan. 25, 2018
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IBK to launch self-service shops later this year: IBK CEO
Industrial Bank of Korea said Thursday it will launch self-service shops during the latter half of the year amid growing non-face-to-face transactions."We are sending some employees to Japan next month so they can look into self-service stores there to catch up with the growing proportion of non-face-to-face transactions," IBK CEO Kim Do-jin said in an interview with Yonhap News Agency.Kim envisages establishing shops where more than 90 percent of transactions, including deposits and withdrawals
Jan. 25, 2018
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US’ next trade targets steel, automobiles: report
The Donald Trump administration’s next target of trade restrictions will be steel products and automobiles, after its recent decision to slap tariffs on imported washing machines and solar panels produced by Korean manufacturers, according to a state-funded trade and investment promotion organization on Wednesday. “Following the safeguard measure on Korean washers and solar panels, the US will target automakers and steelmakers to regulate imports,” said the Korea Trade-Investment Promotion Agenc
Jan. 24, 2018
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Young shoppers’ big, luxurious spending emerges as new trend: data
Shoppers in South Korea in their 20s have become more prone to spending big on luxury items and services, emerging as a new consumption trend, according to industry data.Mobile commerce company Tmon says the sales pattern over the past three months showed that purchases among young shoppers of luxurious products and high-end services in fashion, food and travel categories have significantly surged. Young consumers enjoy a strawberry dessert buffet at a hotel in Seoul. TmonFrom Oct. 21 last year
Jan. 24, 2018
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The future of entrepreneurship education
It is now well-accepted that entrepreneurship contributes substantially to the world economy. Entrepreneurs bring new products and services to society, advance the state of knowledge with their innovations, and create jobs for themselves and others. As such, entrepreneurs play an integral role in the economic growth and advancement of their nations.Iconic college dropout entrepreneurs like Steve Jobs, Bill Gates and Mark Zuckerberg have become so popular as to promote the idea that entrepreneurs
Jan. 24, 2018
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[Monitor] Exports of Korean ramen surpass $300 million
Exports of South Korean-made instant noodles, or ramen, have surpassed $300 million for the first time, mainly driven by their popularity in China, the United States and Southeast Asian nations, data from the Korea Customs Service showed.Some $380 million worth of ramen were exported last year, up 31.2 percent from 2016. Meanwhile, Korea imported $3.86 million worth of instant noodles. (YouTube)(khnews@herarldcorp.com)
Jan. 24, 2018
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SK chief meets business leaders at Davos
SK Group Chairman Chey Tae-won is meeting with business leaders and government representatives around the world at the annual economic forum in Davos, Switzerland, the group said Wednesday.The chairman is set for a series of meetings with government officials from China, Vietnam and Saudi Arabia to strengthen cooperation over the group’s petrochemical business and business leaders in the energy, chemicals and information and communications technology sectors.On the first day of the forum that ki
Jan. 24, 2018
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Posco posts biggest operating profit in 6 years
Annual sales by South Korean steel giant Posco have hit the 60 trillion won ($56.4 billion) mark for the first time in three years, with 4.62 trillion won in operating profit, the biggest gain in the last six years, the company said Wednesday.With numbers improving in both the steel and nonsteel sectors, the company saw the biggest operating profit since 2011, the company said. Increased sales of premium steel products as well as improved profits from the steelmaker’s overseas unit contributed t
Jan. 24, 2018
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[PyeongChang 2018] Meningococcal vaccines recommended for Olympics attendees
From athletes and support staff to reporters and spectators, millions of people from around the world are set to gather at the 2018 Winter Olympics, which will kick off in South Korea’s eastern county of PyeongChang on Feb. 9.At large-scale events like the Olympic Games, the risks of an infectious disease outbreak are expected to be higher. Though germs will always be in the air, event participants are advised to protect themselves against a particularly deadly infection called meningococcal dis
Jan. 24, 2018
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Cigarette sales down 3.8% in 2017 on campaign, higher prices
Sales of cigarettes in South Korea dipped almost 4 percent in 2017 from a year earlier, due to the government-led anti-smoking campaign, and higher prices, data showed Wednesday.South Korean smokers purchased 3.45 billion 20-cigarette packs last year, compared with the previous year's 3.66 billion packs, according to data compiled by the finance ministry.Starting in January 2015, South Korea increased the price of cigarettes by 80 percent, from 2,500 won ($2.25) per pack to 4,500 won, in an effo
Jan. 24, 2018