Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Industrial output declines amid increased downward risks
Korea’s Industrial output fell for the second consecutive month in October, falling 0.4 percent from the previous month, data released by Statistics Korea showed Wednesday. Sluggish demand and exports for mobile phones and automobiles dragged down the production index, according to the statistics agency. Finance Minister Yoo Il-ho, who is also deputy prime minister, warned of the increased downward risks of Korea’s economy during a meeting of economic policymakers Wednesday. &ldqu
Nov. 30, 2016
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Conglomerates begin executive reshuffle
South Korean conglomerates have started to carry out their annual reshuffles of executives this week, while they try to remain low-profile amid the ongoing prosecutors’ investigation into alleged corporate lobbying involving the South Korean president.The reshuffles started with GS Group on Tuesday, and LG Group is likely to implement changes in executive positions later this week. Samsung Group, meanwhile, has postponed their announcement to mid-December, breaking its tradition of delivering th
Nov. 30, 2016
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[HERALD INTERVIEW] ‘Investors hold key to sustainable real estate’
Amid tightening energy efficiency regulations for buildings around the globe, it is essential for institutional investors to consider the level of sustainability of their real estate portfolios, said the Asia-Pacific head of a global real estate assessment agency.“More and more countries are strengthening the sustainability rules for real estate. And it is impossible to ignore the sustainability aspect of the buildings when thinking of the future value of the buildings,” Ruben Langbroek, head of
Nov. 30, 2016
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Flower vending machine installed in southern Seoul
A state-run agricultural agency said Wednesday that it has installed an automatic flower vending machine in Seoul in an effort to boost the local floral industry.The machine, which sells preserved flowers, is installed at the head office of the Korea Agro-Fisheries and Food Trade Corporation (aT) in southern Seoul, officials said.Flowers are kept cold to preserve freshness and to guarantee the best quality, they said, noting that the flowers can keep for up to three years."Customers can easily p
Nov. 30, 2016
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Prosecutors demand 20 year imprisonment for ex-Oxy CEO
South Korean prosecutors on Tuesday sought 20 years in prison for former Oxy Reckitt Benckiser Korea CEO Shin Hyun-woo, and 10 years for John Lee, another former CEO of the company, for failing to confirm toxic materials in Oxy humidifier disinfectants responsible for at least 73 deaths.Shin and Lee are on trial for manufacturing and selling toxic humidifier sterilizers, on sale from 2000, that contain a toxic chemical called polyhexamethylene guanidine, without conducting safety tests. “They de
Nov. 30, 2016
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Foreign shippers gain market shares after bankruptcy of Hanjin Shipping
Foreign shippers have increased their market shares in major global shipping routes following the bankruptcy of Hanjin Shipping Co., defying expectations that its Korean peer Hyundai Merchant Marine Co. would secure a chunk of Hanjin's share, data showed Wednesday. Hanjin accounted for 7.78 percent of the Asia-US shipping route in October last year, but its share plunged to 1.1 percent in October this year, according to the data by the Busan Port Authority. The data showed the vacuum created fro
Nov. 30, 2016
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SM may ask Hyundai Merchant to jointly acquire Hanjin's US terminal
SM Group is looking for a partner in its plan to buy Hanjin Shipping Co.'s 54-percent stake in a port terminal on the US West Coast, an acquisition estimated at more than 400 billion won ($342.5 million), according to industry sources Wednesday.SM Group, which owns South Korea's No. 2 bulk carrier Korea Line Corp., has been seeking to buy a partial stake in the port terminal in Long Beach, California, after acquiring the troubled shipper's US-Asia route and other assets for 37 billion won last w
Nov. 30, 2016
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Elliott describes Samsung's overhaul plan as 'constructive'
US hedge fund Elliott Management said Wednesday that Samsung Electronics Co.'s decision to consider shifting to a holding company structure and boost dividend payouts was "a constructive initial step" but hinted it wants "more meaningful changes."Shares of Samsung climbed a day after its announcement of governance overhaul decisions, which include a review of the possibility of creating a holding company structure, a 30 percent increase in dividends and an appointment of an independent director
Nov. 30, 2016
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Coffee companies tie cultural promotions to their business
Coffee companies are engaging in cultural promotions as a way of improving their brand image with customers through hosting mini concerts and art exhibitions.Dongsuh Food, famous for its instant coffee mix brand Maxim, recently hosted its latest classical music concert in the southwestern city of Jeonju on Nov. 2. The company began the "Dongsuh Coffee Classic" series in 2008 as a cultural sharing event and to help promote the music genre in the country. The concert has toured throughout the nati
Nov. 30, 2016
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Drug companies make changes to hangover remedies to gain customers
Pharmaceutical companies are diversifying hangover remedies to cater better to customers, especially foreigners, creating new products in different packaging, industry officials said Wednesday.Handok succeeded in grabbing Chinese customers with its Ready Q Chew, the only jelly-type hangover remedy in the local market, where most of the products are bottled drinks. "Ready Q Chew spread through the word of mouth among Chinese tourists, and its sales this year leaped about 970 percent this year fr
Nov. 30, 2016
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Convenience stores become biggest seller of alcohol drinks
Convenience stores have become the largest market for selling alcohol drinks, a market report showed Wednesday, apparently due to more people choosing to drink alone or with their families.The retail index provided by information analysis firm Nielsen Korea said convenience stores ousted discount chains to become the biggest seller of alcohol for the first time in the first half of this year.Sales increased across the board at convenience stores compared with previous years. For low alcohol cont
Nov. 30, 2016
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KFS strives to boost export of forest products
The Korea Forest Service is striving to boost exports of forest products through various support programs amid the sluggish global economy As of August this year, exports of forest products reached $260 million, showing little on-year improvement. Exports of wood and stone products rose by 4.5 percent and 32.4 percent, respectively, while short-term forest products such as mushrooms and potted plants dropped by nearly 20 percent. The drought during summer had led to a drop of production and a ri
Nov. 29, 2016
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[FROM THE SCENE] East Asia gears up for next industrial revolution
The Korea Herald is publishing a series of articles on the moves made by the companies and governments of South Korea, China and Japan in entering the new industry 4.0 era. This is the first installment. -- Ed. Beijing’s InnoWay, Osaka’s Knowledge Capital and Pangyo’s Gyeonggi Center for Creative Economy and Innovation are hotbeds of innovation in East Asia. These sites are where Korea, China and Japan are pinning their hopes for the fourth major upheaval in manufacturin
Nov. 29, 2016
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Samsung to announce probe results of fire-prone Galaxy Note 7 within the year
[THE INVESTOR] Samsung Electronics is expected to announce the final results of its probe into the fire-prone Galaxy Note 7 within the year, industry sources said on Nov. 29.On Nov. 11, the Korean tech giant launched a new round of investigation to find out the cause of several fires and explosions related to the bigger-screen phone together with product safety authorities and experts both in Korea and the US. Right after the first recall issued in September, the company pinpointed faulty batter
Nov. 29, 2016
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S. Korea to ban sales of Nissan, BMW, Porsche vehicles over fabricated reports
The South Korean government said Tuesday it will ban sales of six models by three foreign automakers, accusing them of fabricating reports to win sales approval from the local government.The Ministry of Environment said it detected defects in the certification documents of 10 vehicle models from the local units of Nissan, BMW and Porsche.Among them, six models -- the Infinity Q50 and Qashqai from Nissan, the X5M from BMW and the Macan S Diesel, Cayenne S E-Hybrid and Cayenne Turbo from Porsche -
Nov. 29, 2016
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Google releases latest translation, image services in Korea
Google Korea on Tuesday unveiled its latest services -- Google Translate and Google PhotoScan -- using highly advanced operations in artificial intelligence. “The main breakthrough (of the Neural Machine Translation) is that translations are made in one sentence, rather than bits, so it’s more accurate and natural,” Barak Turovsky, a group product manager for Google Translate, told reporters through a video call from California. As for the aim of Google Translate, Turovsky said Google hopes to
Nov. 29, 2016
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Samsung puts transition process on fast-track
In a widely anticipated move, Samsung Electronics said Tuesday that it would review creating a holding company, increase cash returns to shareholders and have at least one outside director as part of efforts to enhance shareholders’ value. The announcement comes nearly two months after a proposal by US activist hedge fund Elliott Management to reshape its corporate structure. On Oct. 6, Elliott, through its affiliates -- Blake Capital and Potter Capital -- sent a letter to Samsung Electronics’ b
Nov. 29, 2016
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Korea Forestry Service awards examplary exporters
The Korea Forestry Service and the Korea Forestry Promotion Institute held its flagship awarding ceremonies recently for companies that have excelled in exporting forest-related products and paving way for the industry’s wider overseas advances, officials said Tuesday.The 2016 Forestry Products Pioneering Contest was held for the first time in August in a bid to foster overseas market entries of fresh, quality forestry goods. First Prize -- Kyungsan Hanbang Daechu by Kyungsane Farming Associati
Nov. 29, 2016
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Korea Industrial Complex Corp. backs auto exporters in Vietnam
Korea Industrial Complex Corp. aims to increase its support for auto parts exporters looking to increase sales to Vietnam, the state-run corporation said Tuesday. KICOX is a government agency set up in 1997 to support companies in industrial complexes here. Since 2010, the corporation has carried out diverse programs to support auto parts companies in Changwon, South Gyeongsang Province. It has built a network with Vietnamese regional governments, the automobile manufacturers’ association and au
Nov. 29, 2016
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S-Oil offers research funding for promising scientists
Korea’s oil refiner S-Oil has provided research grants totaling 275 million won ($235,000) for promising scientists as part of its annual programs to support basic science, the company said Tuesday. S-Oil CEO Othman Al-Ghamdi (left) awards prizes to the recipients at the 6th Dissertation of the Year Awards held in Seoul, Tuesday. (S-Oil)S-Oil Science Prodigy and Culture Foundation, a non-profit organization established by the refiner, offered the scholarships to 10 young scientists in its 6th D
Nov. 29, 2016