Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Korean firms face protectionism in major markets: KITA
South Korean companies are increasingly facing protectionist measures in major export markets such as the United States and China, the state trade promotion agency said Monday.A total of 30 countries have taken import restrictive measures against South Korean-made products, largely steel and metal goods, or have engaged in anti-dumping and safeguard investigations against local companies, the Korea International Trade Association said in a statement. (KITA)The number of trade actions rose to 193
June 12, 2017
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Korean firms urge support to cover fallout of inter-Korean complex shutdown
South Korean firms that operated factories at the now-shuttered joint industrial park in the North on Monday demanded the government compensate the unretrieved tens of billions of won in financial losses stemming from the shutdown.During a debate session held at the National Assembly, Shin Han-yong, chief of the companies' association, said the Seoul government should provide 225 billion won ($199 million) in assistance to cover losses it failed to make up. This photo, taken on May 15, 2017, fr
June 12, 2017
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Daewoo Shipbuilding delivers $2.7b offshore facility
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Monday that it has delivered a fixed offshore platform worth $2.7 billion to a multinational oil firm.In December 2012, Daewoo Shipbuilding won a $1.8 billion deal to build the offshore facility from Norwegian Statoil ASA, but the project's value has swollen due to changes in its design and options, according to the company. (Yonhap)The offshore platform is capable of producing 2.5 million barrels of oil per month, which i
June 12, 2017
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‘Food companies raised prices despite falling costs’
Eight out of 10 food and beverage companies that raised consumer prices since last November did so despite falling manufacturing costs, according to an analysis released by a business tracker Monday.Business tracker CEO Score said Monday that manufacturers of consumer food products such as instant noodles and soft drinks raised their prices although their proportions of manufacturing costs to sales declined. An employee stocks instant noodles at a supermarket in Seoul. (Yonhap)Nongshim and Samy
June 12, 2017
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SRT attracts 8.9 million passengers
Super Rapid Train, a high-speed rail service, has carried 8.9 million passengers in the first six months of operations, the company said Monday.The bullet train entered into service on Dec. 9 last year, and through June 8, the average number of daily users marked 49,000.SRT, operated by Supreme Railways, is a high-speed train that moves at up to 300 kilometers per hour. A passenger walks past a train at Suseo Station on Monday. (Yonhap)Supreme Railways was launched to add competition to Korea’s
June 12, 2017
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Shipbuilders keep global lead in May
South Korean shipbuilders won the largest amount of new orders for the second straight month in May, according to data from a global shipping information company Monday. According to the UK-based Clarkson Research Service, Korean shipbuilding companies in May secured orders to build a total of 21 units worth a combined 790,000 compensated gross tons, a measurement to gauge the amount of work that goes into constructing a vessel.New orders placed with Korean shipbuilders last month accounted for
June 12, 2017
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Medytox to begin production at 3rd plant
Medytox, South Korea’s largest maker of botulinum toxin, said it has obtained regulatory approval for its new production plant in Osong, North Chungcheong Province.The Korean Ministry of Food and Drug Safety granted production and sales approval on Friday to Medytox’s third plant in Osong, able to produce 600 billion won ($533 million) worth of botulinum toxin products annually.With the approval, the new plant is set to begin commercial production this month, raising the firm’s production capaci
June 12, 2017
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Jeju Air launches Value Alliance
Aekyung Group’s air carrier Jeju Air has launched a new alliance for low-cost carriers with seven airlines in the Asia-Pacific region, according to the airliner Monday.Under the alliance, customers will be able to buy connecting flight tickets from Jeju Air and Cebu Pacific Air via the Jeju Air website. (Yonhap)The alliance includes Jeju Air, Cebu Pacific Air, Nok Airlines, NokScoot, Scoot, Tigerair Singapore, Tigerair Australia and Vanilla Air. Once additional code-shared routes are added, Jej
June 12, 2017
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[Herald Interview] KISA to unveil bio authentication for mobile banking in 2018
The state-run Korea Internet & Security Agency is developing bio authentication for mobile banking to commercialize it by late 2018, KISA’s chief researcher said. “We are developing an algorithm for authenticating mobile banking with a combination of a fingerprint, heart rate and (an) electrocardiogram. The technology is expected to be much safer than existing biometrics including iris sensors, fingerprint scanners and facial recognition,” Jason Kim, chief of KISA’s security technology dissemina
June 12, 2017
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Air Busan services 30m passengers since launch
Air Busan, a South Korea budget carrier, said Monday the number of passengers it served has exceeded the 30 million mark nearly nine years after it started operations. Air Busan, launched in October 2008, became the third low-cost carrier to reach the milestone after Jeju Air Co. and Jin Air Co., which reported the achievement in January 2016 and May 2017, respectively. Air Busan A321 passenger jet approaching an airport. (Yonhap)The number shows that the airline has served an increasing number
June 12, 2017
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LG Chem wins contract to provide RO filters for Egyptian desalination plants
LG Chem, one of South Korea top chemical companies, said Sunday it has secured an exclusive contract to provide reverse osmosis filters for desalination plants in Egypt.The agreement with plants being built by water treatment company Metito will allow fresh water to be used by 1 million people daily, the company said. The new plants capable of processing 300,000 tons of seawater will be the largest of its kind in the North African country and are being built in El Galalah and Port Said. (Yonhap)
June 11, 2017
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BAT begins heated tobacco production in Korea
SACHEON, South Gyeongsang Province -- Machines hum as they churn wheels of paper, rolling them into long tubes that are then packed with tobacco leaves and cut into noncombustible sticks of tobacco. This is the first production facility in Korea capable of making Neostiks, Dunhill maker British American Tobacco’s entry into the heated tobacco products market that is slated to go into full swing in the second half of this year.For now, the plant, built as part of a 200-billion-won ($177.8) expans
June 11, 2017
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[News Focus] Energy industry in wait-and-see mode upon Moon’s anti-nuclear policy
The energy industry has been showing mixed reactions to the anti-nuclear energy policy touted by President Moon Jae-in, taking a wait-and-see approach for now, as proponents and opponents alike weigh in on the efficacy, importance and reality of realizing no-coal, no-nuclear initiatives.Upon taking office last month, the Moon administration vowed to scrap all new constructions of new nuclear power plants, suspend building of the Shin-Kori No. 5 and 6 plants in Ulsan, close down the Wolsung No. 1
June 11, 2017
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LG Chem to supply water filters to Egypt’s seawater desalination plants
South Korea’s leading chemical company LG Chem has landed a large-scale contract to supply seawater filters to water treatment company Metito’s desalination plants in Egypt, the company said Sunday. LG Chem’s latest supply agreement is expected to be worth some 10 to 15 billion won ($9 million to $13 million), similar to the contract signed to provide its filters for the Sohar plant in Oman last year, which was worth at around 10 billion won. Under the contract, LG Chem will begin providing its
June 11, 2017
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Hyundai Mobis opens proving ground to test new parts, technology
Hyundai Mobis Co., one of South Korea's largest auto component manufacturers, said Sunday that it has opened its first domestic proving ground that will allow it to better test parts and related technologies. The company, an affiliate of Hyundai Motor Group, said it invested about 300 billion won ($266 million) to build the vast facility in Seosan, 151 kilometers south of Seoul. Work on the 1.12-million-square-meter facility began in the first half of 2014, it said, adding the proving ground has
June 11, 2017
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Korea's import of camping products jumps nearly 20%
South Korea's import of camping gear increased nearly 20 percent on-year during the first four months of 2017 thanks to increasing interest in outdoor activities, government data showed Sunday.South Korea imported $27.73 million worth of camping gear during the January-April period, up 19 percent from a year earlier, according to the data by the Ministry of Culture, Sports and Tourism. Beachgoers crowd Haeundae Beach in the southeastern port city of Busan with some pitching tents to avoid the h
June 11, 2017
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SK chief to receive James A. Van Fleet Award
Chey Tae-won, the head of South Korea's No. 3 conglomerate SK, will receive the Korea Society's James A. Van Fleet Award next month, the company said Sunday.Chey has been selected as this year's winner of the award in recognition of his contributions to business ties and industrial cooperation between South Korea and the United States, the society said. (Yonhap)An awards ceremony will be held in Seoul on July 18 to celebrate the 60th anniversary of the nonprofit organization.Named after Gen. Jam
June 11, 2017
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LG Uplus launches spam-blocking app
LG Uplus Corp., the country's smallest mobile carrier, said Sunday it has launched a spam-blocking application with its rival KT Corp."Whowho-Uplus" was co-developed by LG Uplus and Whowho&company Corp., the biggest spam blocker, with over 10 million downloads, which is operated by KT, the country's No. 2 mobile carrier. (Yonhap)The app provides users with detailed information on suspicious incoming calls and messages based on a database of 600 million numbers. The app can identify callers to bl
June 11, 2017
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Samsung Electronics operating profit forecast at over W12tr
Samsung Electronics Co.'s second quarter operating profit is forecast to reach record high levels, with most estimates around the "low" 12 trillion won ($10.6 billion) to upwards of over 13 trillion won, local brokerages said Sunday.Reports coming out of securities firms showed market consensus for a very strong performance for the world's No. 1 smartphone and memory chip manufacturer, with keen interest even being shown on operating profits surpassing the 13 trillion-won mark. (Yonhap)The South
June 11, 2017
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Shutdown of coal-fired plants causes no power shortage
South Korea's power supply hovered above its demand for the past seven days after a temporary shutdown of eight old coal-fired power plants, government data showed Sunday, shaking off concerns over a possible shortage.Starting June 1, the aged thermal power plants, including four in central Chungcheong Province, went offline for a month in line with the government's efforts to cut the country's air pollution.Despite the shutdown, the country's electricity supply remained higher than its consumpt
June 11, 2017