Most Popular
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Sales of US beef on rise: data
Sales of US beef increased in South Korea this year on the back of relatively cheap prices, while Australian beef suffered a setback in sales, industry data showed Tuesday.The sales of US beef at E-Mart, the leading retailer in the country, jumped 1.8 times on-year in the first 11 days of December.By comparison, sales of Australian beef shrank 10.1 percent on-year during the same period, it said.The reversal came as the US beef output increased and led to the price stabilization, while Australia
Dec. 13, 2016
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Capital injection into Daewoo Shipbuilding to be completed this month
Embattled Daewoo Shipbuilding & Marine Engineering Co. is expected to receive 2.8 trillion won ($2.39 billion) from its creditors this month, averting a delisting from the local stock market, industry sources said Tuesday.Last month, the creditors, led by the state-run Korea Development Bank (KDB), decided to provide the financial aid, in the form of a debt-for-equity swap, to the ailing shipyard whose debts exceed assets amid mounting losses.According to the sources, Daewoo Shipbuilding will ho
Dec. 13, 2016
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Calls for shareholder activism rise after Samsung merger
Controversy over a merger between two Samsung affiliates last year has been rekindled due to the influence-peddling scandal involving President Park Geun-hye, sparking serious discussion on ways to strengthen shareholder rights and signaling a possible change in the corporate governance of Korean companies, experts said Monday.A set of principles that target institutional investors to help them better engage in corporate governance for shareholders’ benefits is likely to be adopted within this y
Dec. 12, 2016
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Ultraluxury Lotte World Tower lures superrich investors
Some 220 apartment units in the newly built Lotte World Tower in southern Seoul are likely to become the most expensive residential spaces in South Korea, being offered for a record-breaking 80 million won ($68,500) per 3.3 square meters. The construction arm of Lotte Group plans to hold a meeting Tuesday with potential investors for the residential and office units located in the 123-story skyscraper. Sales of the properties target the “VVIPs” and top-class businessmen in and out of the country
Dec. 12, 2016
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Korea’s exports of cultural products plunge amid THAAD row
South Korea’s exports of cultural products have dropped for two straight months, central bank data showed Monday, possibly due to the aftermath of a clampdown by main importer China. South Korea’s exports of cultural products such as TV programs, music, movies and performance guarantees in October declined 21.7 percent from September to reach $51.5 million. It marked a second consecutive monthly fall and the smallest monthly total in 13 months. The recent decline compares with the u
Dec. 12, 2016
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HMM targets 5% market share by 2021
Hyundai Merchant Marine has vowed to take 5 percent of global market share by 2021 through various measures including its latest deal to join 2M, the company said Monday. The Korean shipping company said it would concentrate on boosting cost competitiveness by focusing on the Asia-US route and raising wet bulk carriers rather than dry bulk carriers.The company currently controls 2.2 percent of global container capacity. HMM CEO Yoo Chang-keun heads to his seat after delivering remarks at a pres
Dec. 12, 2016
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[DUTY FREE] Shinsegae DF pledges W350b for Gangnam tourism
This is the first installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed. Shinsegae’s duty-free operator announced Monday that it would invest 350 billion won ($300 million) over the next five years to develop and promote tourism in southern Seoul as part of its bid for a new duty-free license. Shinsegae DF is set to deliver a presentation Saturday to win a license to operate a new 13,350-square-meter outlet in Central City, a shoppi
Dec. 12, 2016
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BioCND to begin clinical trials of Lucentis biosimilar in Korea
South Korean biopharmaceutical company BioCND said Monday that it has secured domestic approval to begin phase 1 clinical trials of a biosimilar referencing Roche’s eye treatment Lucentis. The Korean Ministry of Food and Drug Safety has approved its plans to start phase 1 clinical trials of BCD300, which references Novartis’ Lucentis (ranibizumab), used primarily to treat eye illnesses such as age-related macular degeneration and diabetic retinopathy. BioCND said it will begin the first-phase cl
Dec. 12, 2016
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Global hotel brands eye Mapo in western Seoul
Paris-based Accor Hotels Group and London-based InterContinental Hotels Group are considering opening a new hotel in Mapo, northwestern Seoul, according to sources. The two international hotel groups have recently visited a five-story Geunpung Building located at the northern end of Mapo Bridge stretching to Yeouido as a candidate spot for one of their hotels. Officials of the two hotel groups recently had contacts with Pungnong Corp., the owner of the building and manufacturer of fertilizers, t
Dec. 12, 2016
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Corporate investments shrink 0.8 percent this year: report
South Korea’s corporate investments are estimated to have declined 0.8 percent this year mainly due to a drop among small businesses amid slower growth, sluggish exports and oversupply in some industries, a report showed Monday.The state-run policy lender Korea Development Bank’s survey on 3,550 companies showed that the combined volume of their investments fell to 179.4 trillion won ($153.5 billion) this year. (123rf)Investments by conglomerates rose 2.1 percent, but that by small and medium-si
Dec. 12, 2016
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Absolut Korea gets into hot water with new ad
Vodka brand Absolut has sparked ire among Koreans with a new advertisement image posted Saturday via social media that depicted a recent candlelight vigil.The image shows a time-lapse photo of Gwanghwamun Square during a massive candlelight vigil, with the shape of the crowd slightly altered to look like an Absolut Vodka bottle.The copy reads “Absolut Korea: The future is yours to create.” Absolut Korea‘s ad image posted to Facebook (Absolut Korea official Facebook)The online response to the ad
Dec. 12, 2016
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S. Korean pharmaceutical goods draw popularity in NK farmers' markets
South Korean-made pharmaceutical products remain widely popular in "Jangmadang," or North Korea's unofficial provincial markets, even though the distribution of goods from the South is under strict control in the communist state, a U.S.-based broadcaster said Monday.A source in the North's North Hamkyong Province told Radio Free Asia (RFA) that sales in Jangmadang of medical supplies, including digestives, medicine for colds and anti-diarrheal medicine, and vitamin pills have risen sharply with
Dec. 12, 2016
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[Herald Interview] Seegene to launch single-platform disease detection in 2017, CEO says
South Korean biotech company Seegene plans to make an aggressive push into the US and European markets by launching hundreds of molecular diagnostic assays enabling early detection of various diseases from flu to cancer on a single platform from next year.Seegene, a developer of multiplex molecular technologies, is set to implement a breakthrough technology -- an automation of reagent development system to reduce development time significantly from a year to weeks. “Molecular tests allow timely
Dec. 11, 2016
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Korea’s auto exports set to shrink for 2nd year
South Korea’s outbound shipments of automobiles, one of the country’s top exports, are set to decline for two consecutive years this year, handing over the world’s third-largest auto exporter title to Mexico, government data showed Sunday. A total of $36.07 billion in vehicles was shipped overseas in the first 11 months of this year, declining 13 percent from the previous year’s $41.43 billion, according to data by the Ministry of Trade, Industry and Energy. A
Dec. 11, 2016
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Chaebol in contingency mode amid state power vacuum
South Korea’s leading conglomerates over the weekend prepared to go into contingency mode after the country’s parliament passed a bill to impeach its president Friday. Major businesses are planning to postpone or execute in a conservative manner important investment and restructuring plans for next year until the nation’s Constitutional Court announces its ruling on the impeachment bill, which is expected to take six months at the longest. December is usually a crucial month for most companies t
Dec. 11, 2016
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US beef imports soar 47% on cheaper price
(Yonhap)The volume of imported beef from the US hiked 47 percent on-year, between January and October this year, poised to take over the Korean market due to its cheaper selling price, government data showed Sunday.According to data by Korea Customs Service and the US Meat Export Federation, the total volume of import beef rose 28.4 percent year-on-year, totaling 320,219 tons, in the cited period.Among imported beef, that from the US made up 131,466 tons, up 47.6 percent on-year, while imports f
Dec. 11, 2016
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[Monitor] Housing costs keep employed youths at home
South Korea’s rising house prices discourage millennials from setting out on their own even after they land jobs, a survey showed Sunday.According to a survey by Job Korea, 52 percent said they lived with parents due to expensive house prices. Another 20 percent said they would rather save up a lump sum by saving on housing costs and daily expenditure. The survey was conducted on 1,061 people in their 20s and 30s. House prices in Seoul averaged 606.5 million won ($518,000) this year, according t
Dec. 11, 2016
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Hyundai Heavy inks $700 million deal with Iranian firm
Hyundai Heavy Industries Co., a major shipyard in South Korea, said Sunday it has sealed a $700 million deal to build 10 vessels for an Iranian firm.Under deal with Islamic Republic of Iran Shipping Lines, Hyundai Heavy will build four container ships and six petrochemical carriers. The ships will start being delivered in 2018, the company said. A US$700 million contract-signing ceremony is held at Hyundai Heavy Industries Co.'s headquarters in downtown Seoul on Dec. 9, 2016. (Courtesy of Hyunda
Dec. 11, 2016
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Samsung head's stock value jumps 29% this year
The head of Samsung Electronics Co. saw the value of his stock holdings surpass 14 trillion won ($12 billion), rising by 29 percent this year, as the flagship unit of the country's top conglomerate Samsung has continued to rally, industry sources said Sunday.According to the data compiled by industry tracker Chaebul.com., the combined value of stocks held by Chairman Lee Kun-hee was tallied at 14.44 trillion won as of Friday, up 28.9 percent, or 3.23 trillion won, since Jan. 4.Lee owns 3.52 perc
Dec. 11, 2016
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Conglomerates linked to alleged bribery on alert
Korean conglomerates embroiled in bribery allegations are on alert after the embattled President Park Geun-hye was impeached in a parliamentary vote Friday.Seven business moguls were included in the impeachment motion proposed by three opposition parties, on claims they donated money to the Mir Foundation run by Park’s close friend, Choi Soon-sil, after meeting with the president. The motion also mentions Samsung C&T Corporation and its controversial merger with Cheil Industries, as well as SK a
Dec. 9, 2016