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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Korea calls for China's fair anti-dumping probes
South Korea called on China on Tuesday to carry out its ongoing anti-dumping investigations into South Korean chemical products in a fair manner.The commerce ministry said it made the request at a bilateral free trade meeting here, which was attended by senior trade officials from both countries. A bilateral free trade agreement took effect in December 2015.In June, China launched an anti-dumping probe into South Korean exports of styrene monomer used to make polystyrene, which in turn is used t
Dec. 19, 2017
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Most ICT firms rosy about 2018 outlook
A majority of South Korean ICT companies are sanguine about the country's economic and their business conditions in 2018, a poll showed Tuesday.According to the survey of 300 domestic ICT firms, 35 percent of the respondents expect Asia's fourth-largest economy to turn for the better next year.Another 50 percent predict the country's economic conditions to remain similar to those of this year, with the remainder anticipating worsening conditions.Optimists are far more this year than 2016 in the
Dec. 19, 2017
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Korea aims to attract more tourists from Southeast Asia
The South Korean government said Monday it will focus on attracting more visitors from Southeast Asia as part of its efforts to diversify its tourist portfolio after it suffered a sharp drop in inbound foreigners in the face of a diplomatic row between Seoul and Beijing.The government will concentrate its policy efforts on promoting the country's tourism to people from Indonesia, Vietnam and India, as well as those from Taiwan and Hong Kong, and seek ways to simplify their entry into the country
Dec. 18, 2017
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KT&G exports to break W1tr in 2017
Cigarette maker KT&G is expected to see record high exports in 2017 as it pushes ahead in foreign markets in pursuit of becoming one of the top four global tobacco companies by 2025.As of the end of the third quarter, KT&G had seen 802.5 billion won ($737.2 million) in cigarette sales abroad, with overseas sales making up 36 percent of the company‘s total earnings. Industry analysts are expecting overseas sales to break 1 trillion won for the first time this year. A consumer buys Esse cigarettes
Dec. 18, 2017
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Coupang opens Christmas promotion
E-commerce platform Coupang has opened special Christmas promotion running until Dec. 25, the company said Monday. (Yonhap)Special discounts up to 20 percent for some 56,000 toys for children from brands such as Lego, Yong Toys, Bandai and Mimi World. Under the special gift category, the company has also listed products for adults such as digital and home appliances, kidult toys, food, books and CDs/ DVDs. All purchases under the category are subject to Rocket Delivery to be competed the next da
Dec. 18, 2017
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Exports of traditional Korean rice wine plunge
South Korea’s exports of traditional rice wine, or makgeolli, plunged by more than 75 percent last year compared to five years ago, according to a market report Monday. Last year, outbound shipments of Korean rice wine fell to $12.87 million, down by 75.6 percent from 2011, when combined shipments reached their highest level of $52.74 million, according to data compiled by Korea Agro-Fisheries and Food Trade. (Yonhap)The figure for this year is expected to go down further, as exports of Korean
Dec. 18, 2017
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SK completes acquisition of Dow Chemical packaging business
SK Global Chemical on Friday completed its acquisition of Dow Chemical’s packaging product business, the company said in a statement Monday. SK Global Chemical, the chemical unit of SK Innovation, signed a deal with Dow Chemical to acquire the US chemical firm’s polyvinylidene chloride (PVDC) unit in October. PVDC is used for clear film packaging including plastic food wrap. (Yonhap)With the deal completed, SK Global Chemical now has full control of properties previously owned by Dow Chemical. T
Dec. 18, 2017
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Samsung, Hyundai confronted major challenges throughout 2017
South Korea's top two family-controlled conglomerates, Samsung and Hyundai, faced never-before-seen challenges throughout 2017, casting a cloud over the nation's long-term economic outlook.On the surface, Samsung Group enjoyed one of its best years in 2017 due to the boom in the chip industry. Samsung Electronics Co.'s operating profit came to 14.53 trillion won ($13.3 billion) in the July-September period, rising sharply from 5.2 trillion won posted last year.The Samsung companies, however, suf
Dec. 18, 2017
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Koreans to spend less on gift buying amid weak employment conditions: poll
South Koreans plan to spend less on year-end and new year holiday gifts in the coming few weeks compared to the year before amid rising unemployment and unstable job security, a poll showed Monday.The average South Korean plans to spend about 203,000 won ($183) buying gifts toward the end of the year, down 58,000 won from 2016, according to the survey of 240 people done between Nov. 21-24 by market researcher DMC Media.The survey attributed the fall to growing joblessness, decreasing job securit
Dec. 18, 2017
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One in 10 units of top groups listed as foreign-invested firms
Slightly over 1 in 10 subsidiaries of South Korea's top 10 business groups are listed as foreign-invested companies eligible for tax and other benefits, a market tracker said Monday.As of end-November, 91 of the groups' 665 units, or about 14 percent of the total, were registered with the government as foreign-invested corporations, according to Chaebul.com.Those companies include Hotel Lotte Co., Lotte Chemical Corp., Hotel Shilla Co. and Hyundai Glovis Co. The number is up 34 from 2017.Under S
Dec. 18, 2017
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Korea's ratio of domestic demand to GDP ranks low: report
South Korea's ratio of domestic demand to its gross domestic product ranks low among major advanced and emerging markets, which could come as a hurdle to its sustainable growth, a report showed Monday.South Korea's domestic demand accounted for an average 61.9 percent of its GDP between 1996 and 2015, according to the report from the National Assembly Budget Office.The figure ranks 27th among the 35 member nations of the Organization for Economic Cooperation and Development, and six major emergi
Dec. 18, 2017
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KITA holds forum to support Korea-China business cooperation
South Korean and Chinese government leaders and business representatives on Saturday gathered to discuss future cooperation at a business forum organized by Korea International Trade Association on the occasion of President Moon Jae-in’s China visit, the association said Sunday.Along with Moon, a total of some 300 participants joined talks held in Chongqing, to share ideas on potential partnerships in various industries as well as in jointly advancing into other markets. President Moon Jae-in (f
Dec. 17, 2017
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Samsung’s new chip leader likely to put SoC, foundry businesses first
Kim Ki-nam, chief executive officer of Samsung Electronics’ devices solutions business, is expected to discuss measures to find new profit sources, pivoting on non-memory and foundry businesses, for the company’s most lucrative unit at an upcoming strategy meeting, according to the industry on Sunday. Kim is scheduled to hold the “Global Strategy Meeting” on Tuesday, a twice-yearly meeting held in June and December at the company to set new strategies and plans for the upcoming year. Kim was app
Dec. 17, 2017
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China approves construction of 3 Korea-China industrial parks
BEIJING -- China has approved the construction of three industrial parks to be jointly operated by South Korean and Chinese firms, its website said Sunday, amid growing signs of improvement in bilateral relations.In a circular released by the Chinese State Council on Friday, the government gave the green light to the separate projects to build industrial parks in three cities -- Yancheong in Jiangsu Province, Yantai in Shandong Province and Huizhou in Guangdong Province.The construction projects
Dec. 17, 2017
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[Herald Interview] Alice Martha pursues new markets with no-frills fast fashion
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 shopping malls. This is the third installment. -- Ed.Kwak Chang-hun is a force of energy, the type of man that seems to speak with his whole body.“You want an Americano? Let me make you an Americano. I just bought this machine,” he said as he bustled towards an espresso machine sitting behind the counter at bag brand Alice Martha‘s off
Dec. 17, 2017
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[Weekender] How do skyscrapers work?
Skyscrapers are not just buildings that are tall, but are the outcome of a complex combination of evolving technologies. From highly sophisticated engineering techniques to futuristic elements, today’s skyscrapers have absorbed the latest technology to realize a luxurious human dream.The challenge when building a skyscraper is how to overcome the forces of nature -- wind, heat from above and below and natural disasters that can happen without warning.The key to overcoming these challenges is in
Dec. 15, 2017
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[Weekender] Skyscrapers altering skyline of Korea
With an unprecedented boom in construction of skyscrapers in South Korea, today’s tallest building in the country can never sit comfortably as candidates queue up to replace it. The 305-meter, 68-story Posco Tower-Songdo was opened in 2011 in Songdo International City, as the world’ most expensive private real estate project. Located in the Incheon Free Economic Zone, the skyscraper was the nation’s tallest building, flaunting its imposing height. With an investment of 516 billion won ($413 mill
Dec. 15, 2017
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Google suspected of underreporting income in Korea
Google Korea reported less than 20 percent of its actual sales generated in Korea, according to local media reports Friday, prompting calls for the US search giant to properly disclose its sales and pay taxes here. According to local broadcaster SBS, the Korean arm of Google reported sales of 267.1 billion won ($245 million) to tax authorities last year, much less than its estimated sales of 1.8 trillion won calculated by app analysis firm IGAWorks. Such a low sales figure may be reported becaus
Dec. 15, 2017
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[Weekender] South Korea’s skyscraper dream
Cloud-piercing skyscrapers filling the skylines are often held up as a symbol of a country’s economic power and technological development.Korea’s first high-rise 63 Building located in Yeouido, western Seoul, opened doors to the public in July 1985 during the country’s rapid economic growth.The 274 meter high, 63-floor building is no longer the tallest building here. But it stands as a landmark and a symbol of the so-called Miracle on the Han River. After the 1997 Asian financial crisis the Kore
Dec. 15, 2017
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Phillip Morris to hike e-cigarette price by 4.7%
The South Korean unit of Philip Morris International Inc. said Friday it will jack up the price of its heat-and-burn electronic cigarette by nearly 4.7 percent next week.The per-pack price of HEETS, the tobacco units used with its electronic tobacco heating device IQOS, will go up to 4,500 won ($4.13) starting Wednesday, a 4.65 percent increase from the current 4,300 won.The envisioned price raise is to reflect a recent jump in the individual consumption tax imposed on heat-and-burn products and
Dec. 15, 2017