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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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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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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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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Posco chairman seeks another term
Posco Chairman Kwon Oh-joon will seek another three-year term as the head of the nation’s largest steelmaker, officials said Friday.At a board meeting held in the afternoon, Kwon has told Dongwon Industries Chairman Lee Myung-woo that he would seek another term. Kwon’s term ends in March. Posco Chairman Kwon Oh-joon (Yonhap)“To complete policies that I have been pushing for the last three years, I express my will to serve another term as a chairman,” he was quoted as saying by officials. By Cho
Dec. 9, 2016
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Lotte World Tower completed
(Seoul Metropolitan Government)The 123-story Lotte World Tower has completed construction, and Lotte has applied to the Seoul Metropolitan Government for a permit to open the “2nd Lotte World,” including the tower, to the public. The inspection by city officials, specialists and citizen panels is expected to take over a month. If the permit goes through, the 555-meter-high building will be the tallest in Korea. (hjwon@heraldcorp.com)
Dec. 9, 2016
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Impeachment brings uncertainty for foreign companies
Foreign companies are cautiously watching the economic climate in Korea as the impeachment of President Park Geun-hye by the National Assembly brings uncertainty over policy direction in the future.With no way to ascertain how the change in leadership will affect economic policies, foreign companies operating in Korea remained wary about making definite plans or decisions affecting their operations here. National Assembly Speaker Chung Sye-kyun declares the motion to impeach President Park Geun-
Dec. 9, 2016
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Korea's imports of US beef soar 48% this year
South Korea's imports of US beef jumped 47.6 percent on year in the first 10 months of this year, data showed Friday, partly because of a falling demand for pricey Korean beef amid the implementation of an anti-graft law. Imports of foreign beef are expected to further rise after the anti-graft law took effect in September this year, which limits spending on gifts. Boxed sets of domestic beef, known as "hanwoo" have been popular gifts for the traditional holiday seasons, but their high prices ma
Dec. 9, 2016
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Drug firms benefit big from lucrative units
Some pharmaceutical companies in South Korea chalked up strong sales in the first nine months of this year on the back of their moneymaking subsidiaries, industry sources said Friday.Consolidated sales of Kwangdong Pharmaceutical Co. are expected to exceed the 1 trillion-won mark this year for the first time in its history, bolstered by the rapid growth of its maintenance, repair and overhaul (MRO) unit Korea e-Platform.Kwangdong Pharmaceutical's consolidated top line reached 791.2 billion won (
Dec. 9, 2016
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Railroad employees return to work after 74-day walkout
South Korea's unionized railway workers will end their 74-day-long strike and return to work Friday, while vowing to continue their protest against the implementation of a performance-based pay system.The Korean Railway Workers' Union said it will end the walkout as of 2 p.m., concluding its longest-ever railway strike that began with subway services unions on Sept. 27. The strike was the first joint effort by railway-related workers in 22 years, though the subway workers ended their strike with
Dec. 9, 2016
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[Reporter's column] Lee Jae-yong’s bitter debut
In the eyes of South Koreans, Samsung Electronics Vice Chairman Lee Jae-yong has it all. Born to a father who turned Samsung into a global company and a mother from the nation’s bureaucratic elite, Lee was raised and educated entirely to inherit the electronics empire along with the task of keeping the family legacy. For years since his succession started in the mid-1990s, he has been widely perceived as the heir apparent to the nation’s largest conglomerate. But not many knew much about the man
Dec. 8, 2016
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Candlelight vigils spark increase in card use in central Seoul
Card usage at Gwanghwamun Plaza and the surrounding area rose 24 percent on-year, flagging 1.08 million transactions on the back of the six Saturday rallies against President Park Geun-hye, data by KB Kookmin Card showed Thursday. (Yonhap)In the latest protest on Dec. 3, a record high of over 2.32 million people took to the streets nationwide, calling on President Park to immediately resign over her involvement in the influence-peddling scandal.Card usage at fast food stores in Seoul’s Jung-gu a
Dec. 8, 2016
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KT&G shares winter goods
KT&G CEO Baek Bok-in (right) delivers briquettes to poor households in Gaepo-dong in Gangnam, Seoul, Wednesday. (KT&G)Baek Bok-in, CEO of KT&G, joined company staff to deliver coal briquettes, winter tents and other winter supplies for low-income households in Gaepo-dong in Gangnam, Seoul, the company said Thursday. Korea’s largest cigarette maker KT&G plans to share 962 million won ($830,000) worth of winter supplies, including 2,000 sets of indoor winter tents, it added.“Many people are having
Dec. 8, 2016
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Samsung BioLogics' Kospi debut boosts owner family’s assets
Making a sensation as a contract manufacturing organization (CMO) in the biopharmaceutical industry, Samsung BioLogics has become one of the nation’s most promising biopharma giants, thereby helping boost the assets of Samsung’s owner family.The 5-year-old biopharma subsidiary that was launched with strong backing of Samsung affiliates, the company debuted on Kospi on Nov. 10 and gained 10 trillion won ($8.6 billion) market cap three days later.Following the listing, the Lee family’s share value
Dec. 8, 2016
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Choi scandal won’t affect duty-free licensing plans
Korea‘s customs service finalized plans Thursday to grant the next round of duty-free licenses next week, despite growing pressure to change the schedule amid a political scandal that has also spilled over to the duty-free project.The Korean Customs Service alerted bidders for new licenses that the evaluation of their presentations would take place over three days, from Thursday to Saturday next week. Lotte World Tower in souther Seoul, where Lotte would re-open a duty-free store if granted a l
Dec. 8, 2016
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Breakdown of Hyundai Motor chief’s sons-in-law
Gil Sung-jin, son of Korea’s veteran TV personality Gil Yong-woo, officially joined the family of one of South Korea’s top business tycoons Chung Mong-koo, chairman of Hyundai Motor Group, on Oct. 11. He married Chung’s 29-year-old granddaughter Sun A-young at Myeongdong Cathedral in central Seoul under the media’s spotlight.A marriage in the chaebol family has always been a subject of interest for the public, partly for the glamour and more so for the anticipated development in the succession o
Dec. 8, 2016
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Johnson & Johnson affirms ‘strong partnership’ with Hanmi over new diabetes drug
Johnson & Johnson said Thursday its partnership with Hanmi Pharmaceutical over a novel diabetes drug licensed out by the South Korean drugmaker “remains strong,” seeking to ease concerns over the drug’s halted clinical trials in the US.According to the US National Institutes of Health’s ClinicalTrials.gov, J&J’s subsidiary Janssen Pharmaceutical had “suspended participant recruitment” for phase 1 clinical trials of JNJ-64565111.The Hanmi Pharmaceutical headquarters in southeastern Seoul(The Kore
Dec. 8, 2016
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Gov't plans additional aid for companies forced out of Kaesong complex
South Korea will provide 6.6 billion won ($5.7 million) in financial assistance to companies struggling with losses from their investments in the shuttered industrial complex in North Korea, the unification ministry said Thursday.The government plans to deliver 5.1 billion won to companies that withdrew their businesses from the Kaesong Industrial Complex to help offset their investment losses and 1.5 billion won to the workers in compensation, according to the Ministry of Unification. The addit
Dec. 8, 2016
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Korea wins bid to host World Forestry Congress 2021
South Korea won the bid to host the 15th World Forestry Congress to be held in 2021, the Ministry of Foreign Affairs and Korea Forest Service said Wednesday.This will be the first time in over 40 years for the congress to take place in the Asia-Pacific region in 1978. The WFC aims to share knowledge and experience, and discuss social, economic and institutional issues in the forestry sector. It is held every six years under the auspices of the Food and Agriculture Organization of the United Nati
Dec. 8, 2016
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Samsung Lee Jae-yong ends up promoting US lip balm
The shrewd eyes of the watchful public caught Samsung Electronics Vice Chairman Lee Jae-yong applying coats of lip balm in between his answers at the parliamentary hearing held Tuesday. Although Lee discreetly covered his mouth every time, the online public quickly identified the lip balm stick to be the US brand Softlips, priced at $1.99. Samsung Electronics Vice Chairman Lee Jae-yong was seen applying lip balm multiple times, at the first round of parliamentary hearings, held Tuesday. (Yonhap)
Dec. 8, 2016
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Subcontractors see improvement in business with big firms: survey
About 70 percent of subcontractors say that their business environment with big companies is improving, as their clients expand cash payments to help protect their profitability, a survey showed Thursday. Under the so-called "shared growth" policy, South Korea has urged big firms not to hand over their losses to their suppliers with unfair transactions.The survey of 317 subcontractors, conducted by the Federation of Korean Industries (FKI), the country's largest business lobby, showed that 71.6
Dec. 8, 2016
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Egg prices set to soar on AI outbreak
Egg prices in South Korea are showing signs of jumping as a large number of chickens have been culled due to the recent outbreak of avian influenza, industry sources said Thursday.The country has seen highly pathogenic bird flu cases spread at a rapid pace since mid-November when the first outbreak was reported at a chicken farm on the southwest coast. A woman passes by stacks of eggs at a large discount store in Seoul on Dec. 7, 2016. (Yonhap)According to the sources, the wholesale price of a l
Dec. 8, 2016
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Samsung set to bag offshore facility deal
Samsung Heavy Industries Co., a major shipyard here, is in final talks to secure an offshore facility deal from a Norwegian firm, industry sources said Thursday, with the final contract to be sealed next month.According to the sources, Samsung Heavy has signed a letter of intent with Hoegh LNG Holdings to build a floating storage regasification unit. Samsung Heavy has an option to build three more FSRUs.If the deal is officially signed, the ordered vessels are scheduled for delivery in 2019 and
Dec. 8, 2016
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Health care exports to reach $10 bln this year
Annual exports from South Korea's health care businesses are forecast to reach $10 billion in 2016, the Ministry of Health and Welfare said Thursday.Outbound shipments of locally manufactured medicines, medical equipment and cosmetics products are expected to total $9.8 billion by the end of this year, up 19.1 percent from the previous year, the ministry said.Exports of cosmetics products surged 37.1 percent on-year, followed by medicine with 15.2 percent and medical equipment with 5.9 percent,
Dec. 8, 2016