Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Role of conglomerates' outside directors minimal: report
Outside directors at South Korea's major conglomerates play an insignificant role in corporate decisions, with their agenda disapproval rate remaining very low, a government report showed Wednesday.Of the 4,361 motions forwarded for approval by the board of 169 listed companies in the one-year period from April 2016, only 17 were rejected, altered or pigeonholed, according to the report from the Fair Trade Commission.The number accounts for a mere 0.39 percent of the total, and only four agenda
Dec. 27, 2017
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Korea GDP to lose big from high corporate taxes
The South Korean economy will likely take a hit from a reversal of top corporate tax rates in Asia's fourth-largest economy and the United States, a local think tank said Wednesday.South Korea has decided to raise the maximum corporate tax rate to 25 percent from the current 22 percent, while the comparable rate for America will go down to 21 percent from the existing 35 percent.In a related report, the Korea Economic Research Institute estimated the reversal would cause South Korea's gross dome
Dec. 27, 2017
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[Newsmaker] SK Chairman Chey seeks sharing economy
The sharing economy can simply refer to well-known platforms like Uber and Airbnb, or in the broader sense of all democratized marketplaces. Unlike its vibrant use in North America, though, the term remains relatively unfamiliar to the public here. Now a Korean chaebol is seeking to bring this economic concept to life in the South Korean market.Chey Tae-won, the chairman of telecom and energy giant SK Group and the nation‘s fifth-richest man, according to The Investor, has been pursuing ways to
Dec. 26, 2017
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Foreigners' duty-free shopping record-high in Nov.
Foreigners' local duty-free shopping hit a monthly record-high last month, data showed Tuesday.Statistics provided by the Korean Duty Free Association said foreign shoppers purchased a combined $983 million worth of goods at duty-free stores in November.(Yonhap)A total of 1.31 million foreigners visited the local duty free shops in November, up 7.9 percent from a month earlier, the data showed.Sales at South Korean duty-free stores reached $1.22 billion in November, a 9.7 percent jump from the p
Dec. 26, 2017
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Hyundai Heavy seeks to raise 1.3 tln won in rights issue
South Korea's top shipbuilder Hyundai Heavy Industries Co. said Tuesday that it plans to issue shares worth 1.3 trillion won (US$1.21 billion) to improve its financial health as its holding company is pushing for an initial public offering (IPO) of Hyundai Oilbank Co.Hyundai Heavy said in a regulatory filing that it is seeking to complete the sale of 12.5 million shares by March. It said some 869 billion won among the planned share sale will be used for operating funds. (Yonhap)It said that its
Dec. 26, 2017
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[K-Style Trailblazers] Haesoo.L soars on celebrity marketing
The Korea Herald is publishing a series of interviews with the CEOs of small but aspiring brands that are taking Korean fashion and beauty overseas through online retailers. This is the fourth and final installment. -- Ed.In Korea, there‘s no marketing quite like star marketing.That was the idea that Lee Ju-min, CEO of silver jewelry brand Haesoo.L, seized upon when he launched his brand.“I can say with some confidence that we provide most of the earrings worn by actresses on Korean dramas,” Lee
Dec. 26, 2017
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LG upgrades V30 OS to Android 8.0 Oreo
LG Electronics said Tuesday that it is updating the operating system on its premium smartphone V30 to the Android 8.0 Oreo system, becoming the first Korean manufacturer to upgrade to Oreo.Since Nov. 27, LG has been running a LG OS Preview program allowing V30 users to try the Oreo OS on their devices and provide feedback on how existing apps could be optimized for the new system. LG V30 upgrades to Android 8.0 Oreo (LG Electronics)The latest OS from Android includes features that boost speed an
Dec. 26, 2017
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LG Chem to invest W300b in petrochemical facilities
LG Chem will invest a total of 300 billion won ($278.6 million) to expand its petrochemical facilities in Yeosu, South Jeolla Province, the company said Tuesday.With the investment, the company plans to increase the annual production capacities of crude acrylic acid and super absorbent polymer by 180,000 tons and 100,000 tons, respectively. (LG Chem)CAA is used to produce acrylates and other derivatives used in paint, paper, textile, adhesives, specialty coatings. SAP is mainly used in disposab
Dec. 26, 2017
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Korea to invest W3.1tr to support next-generation industries
The South Korean government said Tuesday that it will inject 3.2 trillion won ($2.9 billion) into research and development in the next year to boost growth of next-generation industries.Despite the ambitious cause, the size of the Ministry of Trade, Industry and Energy’s R&D investment has been decreasing over the past several years, falling to 3.158 trillion won for 2018, down 1.3 percent from 3.338 trillion won this year. (Yonhap)But by category, the ministry‘s investments in five next-genera
Dec. 26, 2017
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LG Display’s OLED plant in China approved by government
LG Display’s plan to build an organic light-emitting diode plant in China was conditionally approved by the South Korean government after a five-month-long review, giving the green light to the firm amid growing demand for OLED TVs in the global market.The Ministry of Trade, Industry and Energy said Tuesday it approved LG Display’s OLED plant for televisions in Guangzhou, considering its positive ramifications, including market expansion and job creation at LG Display’s partner companies. The ap
Dec. 26, 2017
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[Photo News] Massive Move-in
Final-stage works are being done at Raemian brand apartments in Seocho district, Seoul, Tuesday. Residents will start to move in from January next year. According to local market research company Real Estate 114, a total of 43,066 households will move in, a record high for the month of January. Throughout next year, some 440,000 households are expected to settle into new apartments, surpassing a record-high figure marked in 1990s when five new metropolitan towns opened, the report added. (Yonhap
Dec. 26, 2017
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Korean biopharma firms see mixed results in drug licensing
South Korea’s biopharmaceutical companies have had a mixed licensing record this year, with some striking major license-out deals and others losing their contracts over reporting issues related to clinical trials. Last week, HanAll BioPharma — an affiliate of Seoul-based Daewoong Pharmaceutical — and Genexine both sealed licensing deals for their drug candidates with foreign pharma firms, raising market expectations for the two Korean drugmakers.HanAll Biopharma has licensed out the development
Dec. 26, 2017
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Korea panel approves LG Display's factory plan in China
A government panel on Tuesday greenlighted LG Display Co.'s 5 trillion-won ($4.4 billion) project to build its first large organic light-emitting diode plant in China.The panel under the Ministry of Trade, Industry and Energy had been reviewing the plan since July when LG Display asked the government to approve its investment in the southern Chinese city of Guangzhou.The panel gave the condition that LG Display must increase the localization of its equipment and its investment at home. A model s
Dec. 26, 2017
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[From the scene] At T2, speed and efficiency are key
Tile floors gleam and sunlight streams in overhead through the glass-paneled ceiling at the second passenger terminal of Incheon Airport, which is in the last stages of preparation to open to the public on Jan. 18.The terminal represents the culmination of a nine-year project worth 5 trillion won ($4.63 billion).The first thing that catches the eye is the ceiling, about 5 meters taller than that of the first terminal. The high ceiling is one of the ways in which the second terminal has tried to
Dec. 25, 2017
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Bad weather affects 1,400 flights at Incheon Airport over Christmas holiday
Heavy fog in the west coast of Gyeonggi Province and other inland parts of Korea on Saturday and Sunday led to a massive volume of flight cancellations and delays at Incheon Airport, causing a three-day chain effect lasting to Christmas Day. The fog is now gone, but the impact is still reverberating at the country’s biggest airport. According to airport authorities, on Monday, 280 flights were delayed due to rescheduling and two were canceled due to a lack of reservations, as of 1 p.m. Incheon A
Dec. 25, 2017
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Hyundai Engineering to start sales of Hillstate apartments in Gumi
Hyundai Engineering will start sales of its new Hillstate brand apartments in Songjeong, Gumi, the company said Monday. Lot sales will start in January next year, and residents will be able to move in around May 2020, according to the company’s officials. The complex consists of seven apartment buildings as high as 20 stories. It will hold 526 households, mostly small or medium-sized, the company added An artist’s drawing of the Hillstate apartment complex in Songjeong, Gumi, North Gyeongsang Pr
Dec. 25, 2017
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Homeplus holds charity events for those in need
Korean discount chain Homeplus is stepping up efforts to replace its year-end parties with charity events for those in need. “We decided to focus more on making social contributions to return the love we have received and to look after our neighbors in need. We will also make this social work last throughout next year,” said Lim Il-soon, chief executive of Homeplus. Lim Il-soon (first from left), chief executive of Homeplus, poses with Rep. Han Jung-ae of the Democratic Party of Korea and Choi D
Dec. 25, 2017
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Jeju Air to operate more international flights in winter
Jeju Air will temporarily increase international flights for routes that tend to see a spike in demand during winter, the low-cost carrier said Monday. The flights will operate in and out of Jeju Airport and Cheongju Airport. There will be flights between Jeju and Manila in the Philippines between Friday and Jan. 1. (Yonhap)Three round trips between Jeju and Chiang Mai, Thailand, are scheduled in January. Five round trips between Jeju and Danang, Vietnam, are also planned in February.A total of
Dec. 25, 2017
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Samsung C&T wins 455 bln won reclamation order in Hong Kong
Samsung C&T Corp., the construction unit of Samsung Group, said Monday it secured a 455 billion won ($420 million) land reclamation project in Hong Kong.In a joint venture with local company Build King, Samsung C&T received the order from Hong Kong's Civil Engineering & Development Department to reclaim land from the sea for a new town on northern Lantau Island, the company said in a statement. Mainland Chinese tourists pose for photos in front of Victoria Harbour and the skyline in Hong Kong on
Dec. 25, 2017
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Total assets held by private insurers top 1,000 trillion won in 2016
Total assets held by South Korea's private insurers surpassed the 1,000 trillion won ($926 billion) mark in 2016, 94 years after the first firm started operations, industry data showed Monday.The 2016 insurance statistical yearbook released by Korea Insurance Development Institute, showed combined assets held by local insurance agencies reached 1,034.1 trillion won. The total includes 782.1 trillion won controlled by life insurers and over 252 trillion won in assets owned by non-life insurance c
Dec. 25, 2017