Most Popular
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Inflation eases in April, continues bumpy ride
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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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Seoul alerts overseas missions to NK terror threats
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Public backlash against division of Gyeonggi Province under 'corny' name
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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Dongbu Daewoo sued for discrimination in UK office
Dongbu Daewoo Electronics on Friday was mired in an alleged gender and racial discrimination controversy at its UK branch after a female manger claimed that she was demoted for failing to bow to her boss. Dongbu Daewoo Electronics headquarters in KoreaMisook McDonald, a 43-year-old in Reading, Berkshire, sued the electronics sales company for discriminating her based on age, race and gender, the UK news outlets reported Thursday. The company’s head office in Seoul said Friday that it was aware o
Dec. 2, 2016
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S. Koreans, Italians discuss biz cooperation in Milan
Businesspeople from South Korea and Italy on Thursday discussed ways to enhance exchanges and cooperation at a one-day forum in Milan, an industrial hub in northern Italy, the South Korean Embassy in Rome said.The third South Korea-Italy Business Forum, organized by the embassy, brought 170 businesspeople from 40 large and small South Korean companies, including travel agencies and logistics firms operating in the European country, and 60 Italian companies. Also present at the forum, held at a M
Dec. 2, 2016
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Food, liquor are best-selling items at discount stores
Food and liquor products have been among the best-selling items at South Korean discount stores in2016 as major chains have released a variety of home replacement meals and ready-to-eat products, industry data showed Friday. E-Mart, the nation's largest chain operated by Shinsegae, said liquor was the most popular item in the first 11 months of this year, illustrating the rise of stay-at-home drinking. Sales of liquor, snacks, deli foods and pork showed strong growth, while cosmetics, dairy prod
Dec. 2, 2016
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S. Korean card firms to pay for Visa's fee hike
South Korea's credit card issuers will cover the increase in fees for local customers' overseas purchases using Visa's networks, industry officials said Friday.Visa Inc., a global payment chain based in California, plans to jack up the fee for Koreans' settlements abroad from the current 1 percent to 1.1 percent starting next month, despite strong opposition from card companies and customers here.But local card firms have not formally informed their customers yet of any plan to apply the hike. T
Dec. 2, 2016
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Higher oil prices stoke hope for Korean shipbuilders
Global oil prices have rallied this week, and may settle above the $50 level in the near future, a boon for Korean shipbuilders still struggling with falling new orders, industry sources said Friday.Oil prices continued to rise on Thursday extending their rally to a second consecutive day after the Organization of the Petroleum Exporting Countries clinched an agreement to cut production for the first time since 2008.The West Texas Intermediate for January delivery rose $1.62, or 3.3 percent, to
Dec. 2, 2016
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HMM denies reports on 2M partnership failure
Hyundai Merchant Marine on Thursday denied reports that it had failed to join the 2M Alliance.“The concrete negotiation for the 2M partnership is still in progress and will be finalized after the meeting slated next week in Europe,” said HMM officials. The Wall Street Journal reported Wednesday that the 2M Alliance decided not to allow HMM to join it, amid backlash from customers. It said the alliance was looking for other “looser forms of cooperation” with the Korean shipping company. In July,
Dec. 1, 2016
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SK Innovation to withdraw chemical joint project with Sinopec
Korea’s top oil refiner SK Innovation will scrap its plan to enter into a joint venture with China’s state-run Sinopec Group, citing the slump in the global market, officials said Thursday.In 2013, the company said it would establish a venture with SSVW, a subsidiary of Sinopec Group, to build a butanediol plant in Chongqing, Sichuan province in China. The two parties had agreed to open a plant with an annual capacity of 200,000 tons through a 680 billion won ($580 million) joint venture. The pl
Dec. 1, 2016
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More coffee shops, less pubs registered this year
The number of coffee shop licensees rose 20.1 percent, while the figure for pubs dropped 5.8 percent on-year, between January and August, government data showed Thursday.During the same period, the total number of registered businesspeople in the country stood at 6.89 million people, up 4.4 percent on-year, according to data from the National Tax Service.(Yonhap)By sector, registered coffee shop owners surged the most, by 20.1 percent, totaling 36,106 people. Licensees for skin care-related busi
Dec. 1, 2016
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Samsung CSR Awards recognize employees for volunteer works
From a special class for the visually impaired on how to use a smartphone to papering the walls for low-income households, some 35 Samsung employees who shared their talents with people in need received the annual Samsung Corporate Social Responsibility Award on Thursday.The Samsung CSR Award was established in 1995 to honor the group’s employees and its partner organizations for contributing to community development. The award is given for the best volunteer teams, best volunteers, best CSR pro
Dec. 1, 2016
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Hyosung heir meets Vietnamese PM for cooperation
Hyosung Group President Cho Hyun-joon met Vietnamese Prime Minister Nguyen Xuan Phuc last week to seek business opportunities in the Southeast Asian country’s infrastructure projects, the company said Monday. Hyosung Group President Cho Hyun-joon (left) poses with Vietnamese Prime Minister Nguyen Xuan Phuc after a meeting in Hanoi. (Hyosung Group)The South Korean textile giant has been eyeing construction and financial projects overseas as part of its efforts to diversify its business portfolio.
Dec. 1, 2016
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Hanwha chief meets Virginia governor
Hanwha Group Chairman Kim Seung-youn met Virginia Gov. Terry McAuliffe on Wednesday to strengthen business cooperation between the company and the US state, the group said in a statement.Hanwha Group Chairman Kim Seung-youn shakes hands with Virginia Gov. Terry McAuliffe after a meeting in Seoul, Wednesday. (Hanwha Group)At a meeting held at Hanwha’s Seoul office, the two exchanged their views on the company’s ongoing business operation in Virginia and also the prospects of the diplomatic and ec
Dec. 1, 2016
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KITA chief urges end to cozy corporate-state ties
Kim In-ho, chairman and CEO of the Korea International Trade Association, on Monday urged the government to end its cozy ties with businesses, amid intensifying allegations that President Park Geun-hye lobbied chaebol leaders.Asked of his view on the scandal involving Park and her longtime friend Choi Soon-sil, Kim said he believes that the time is ripe to end such practices, taking this as an opportunity to shift to a completely free market economy. “The current government is not the only one.
Dec. 1, 2016
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3 shipyards face 2.2 tln-won corporate debt due next year
South Korea's major shipyards have to pay off or refinance a combined 2.22 trillion won ($1.89 billion) worth of corporate bonds due next year amid concerns over their worsening financial status, industry sources said Thursday.According to the sources, Daewoo Shipbuilding & Marine Engineering Co., one of the country's big three shipyards, faces a total of 940 billion won worth of corporate debts due next year.The shipyard holds cash and cash equivalent assets totaling 749 billion won, stoking wo
Dec. 1, 2016
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Fewer firms subject to strict antitrust laws in Nov.
The number of South Korean business groups' affiliates subjected to restrictions on mutual investments and loan guarantees fell slightly last month from a year earlier, the antitrust watchdog said Thursday.The Fair Trade Commission (FTC) said the number of firms on its monthly watch list stood at 1,127 as of end-November, down one from the previous month.The affiliates are owned by the country's 27 largest business groups, including Samsung Group and Hyundai Motor Group.Seven business groups, in
Dec. 1, 2016
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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