Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Seoul’s bus union prepares for strike
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[DECODED] Naver, the new king of journalism
[THE INVESTOR] In the years since its foundation, Naver has become far more than a search engine. It has grown into a giant that dominates Korea’s online services. Naver portal’s news service -- which displays news articles from most online and traditional media outlets in one place -- has become the main source of news for many.As Naver’s clout grew, so did its influence over local news outlets. Naver NewsstandSince March, Naver and Daum introduced the Committee for Evaluation of News Partnersh
June 29, 2016
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Uber CEO declines again to stand trial in Seoul
[THE INVESTOR] Uber’s cofounder and CEO Travis Kalanick has declined again to stand trial in Seoul for the company‘s illegal taxi-hailing service that was suspended here in 2014. At a planned hearing held on June 29, his lawyer is expected to attend instead of him. Uber CEO Travis KalanickEstablished in 2009, Uber entered the Korean market in 2013 but was forced to stop its service, except its luxury limousine service, due to fierce resistance from taxi drivers and the local authorities. In Dec
June 29, 2016
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Shinsegae’s Starfield Hanam to introduce exclusive mall experience to Koreans
SARASOTA, Florida -- At a glance, the Mall at University Town Center, the largest shopping mall in Sarasota, Florida, embodies the typical features of a traditional U.S. shopping mall. Stepping inside, shoppers are greeted with a spacious layout, with rows of shops. The Mall at University Town Center in Sarasota, Florida (Shinsegae Group)Taking a closer look, however, reveals several unique design elements. A 20-meter ceiling and a continuum of glass sunroofs naturally light up the building, cre
June 29, 2016
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CJ jumps into McDonald‘s Korea bid
South Korean food and entertainment giant CJ Group said Wednesday it has submitted a letter of intent last week to buy McDonald’s Korean unit, without providing details.In a regulatory filing, the conglomerate said it has not decided yet on which affiliate would be dealing with the bid. But insiders say that the group’s food services unit CJ Foodville is likely to take the charge, as the group expects to secure a “stable source of income” for its affiliate if it buys the local unit of the U.S. f
June 29, 2016
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Korean pharma exports hit 5-year high
[THE INVESTOR] Exports by Korean pharmaceutical companies grew by 22 percent in 2015 from 2014, the highest on-year increase in five years. The export of pharma products in 2015 logged US$ 2.94 billion, as against the previous year’s US$ 2.41 billion, according to the data by the Ministry of Food and Drug Safety released on June 29. Medicine exports have increased at an annual rate of 14 percent since 2011 when it posted US$ 1.77 billion. Broken down by countries, South Korea exported the most m
June 29, 2016
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KOSPO expands in overseas market
Korea Southern Power, one of Korea’s public energy companies, is gradually breaking into the overseas market with its innovative technology and know-how.Late last month, KOSPO successfully made the first trial ignition in the Kelar gas power plant in Chile, where construction is still underway. The trial ignition, the first step after installing a gas turbine, is considered crucial as it indicates how a plant is well-connected. Korea gas power plant in Chile (KOSPO)Since 2013, KOSPO has been b
June 29, 2016
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[Photo News] LG Global Challenger
LG Group chairman Koo Bon-moo (left) delivers the emblem of LG Global Challenger, a fully funded overseas study and exploration program, to student representatives at the group’s headquarters in Yeouido in central Seoul on Wednesday. The group has selected six teams annually for the program. (LG)
June 29, 2016
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Samsung SDS partners with SAP on enterprise cloud
Samsung SDS, a key information and technology arm of Samsung Group, has partnered with German software firm SAP to jointly work on enterprise cloud business, the company said Wednesday. The two tech firms signed a memorandum of understanding for the future partnership at Samsung SDS’ head office in Seoul. Samsung SDS CEO Chung Yoo-sung (left) and SAP’s executive board member Bernd Leukert attend a signing ceremony in Seoul on Tuesday. (Samsung SDS)Samsung SDS said it plans to provide its client
June 29, 2016
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[DECODED] Is Naver a news medium?
[THE INVESTOR] When Choi Sun-kyung, a 29-year-old office worker, hops on the subway to go to work, she immediately starts scrolling her smartphone. After responding to all the KakaoTalk messages she received overnight, she clicks the bright green app of Naver, Korea’s largest portal site. First, she skims the five headlines on the front page to see if any story catches her attention. Today, she reads a story on high youth unemployment rate and ongoing threats from North Korea. She then clicks on
June 29, 2016
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Budget carrier Air Seoul likely to win gov't approval next week
Air Seoul, a new low-cost carrier of Asiana Airlines Inc., could get government approval for operations early next month if it successfully passes two simulated emergency tests.The two tests are meant to train crew members on how to evacuate a plane in case of an emergency landing.The Ministry of Land, Infrastructure and Transport could issue an Air Operator Certificate to Air Seoul as early as July 7 if the carrier passes the two simulated tests, said Kang Seung-ho, an official handling the iss
June 29, 2016
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Naver Pay outguns rivals in mobile payment race
[THE INVESTOR] Internet giant Naver’s online payment solution Naver Pay has been outpacing its competitors, such as Kakao Pay and Samsung Pay, in the digital payment sector with its transaction volumes and number of subscribers growing at a faster pace.The Internet giant said that the number of cumulative transactions of Naver Pay has exceeded 180 million since the launch of the mobile payment solution a year ago while the total amount of payments stood at 2.5 trillion won ($2.2 billion). The co
June 29, 2016
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Asiana Airlines’ 2nd budget carrier ready for take-off
[THE INVESTOR] Asiana Airlines ’ second budget carrier, Air Seoul, could receive the green light for take-off as early as next month. The Korean flag carrier also operates budget airline Air Busan. According to industry sources, Air Seoul will receive the final assessment in the air operator’s certification process on June 30, and become certified early next month if all goes according to plan.Air Seoul has completed test flights on domestic routes between June 15 and 28, and will now be tested
June 29, 2016
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Organica juices hit all Starbucks stores
Organica Day, the food and juice arm of the premium natural food brand Organica, will be featuring its juices in all 890 Starbucks stores in Korea, the company said Wednesday.The Organica products available at Starbucks include Just Juice Cleanse juices, the Bistro Box and Cleanse Salads. Organica’s Just Juice Cleanse juices, available at Starbucks (Organica)The three types of Just Juice Cleanse juices were first offered through a limited release at 100 Starbucks stores last October. Starbucks
June 29, 2016
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China’s Neusoft chair seeks partnership with Korean EV battery makers
[THE INVESTOR] Neusoft Corp. chairman Liu Jiren is seeking partnerships with Korean battery makers as it renews commitment to the futuristic electric vehicle battery business as its growth engine. “We are looking at the EV battery business as one of our new growth engine businesses,” he said in a recent interview with local paper on June 28. Neusoft Corp. chairman Liu Jiren.He hinted the company could seek partnership with Korean battery makers such as Samsung SDI and LG Chem, the leading player
June 29, 2016
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Pernod Ricard Korea seeks major workforce reshuffle
[THE INVESTOR] Pernod Ricard Korea is conducting a voluntary redundancy program that could reshuffle its workforce by up to 15 percent, industry sources said on June 29. The company is offering voluntary redundancy program for all employees in mid-level management and higher positions, as it seeks to streamline itself in the face of deteriorating performance. Pernod Ricard Korea has been suffering from slipping market share for some years. The company’s share of the Korean whisky market dropped
June 29, 2016
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China Unicom to invest in Korean start-ups
[THE INVESTOR] Network operator SK Telecom said June 29 that a leading Chinese telecommunications firm has decided to invest in two Korean start-ups, which had participated in a start-up program run by the Korean telecom firm.SKT said the two start-ups -- Wisejet and Ezbelle -- have secured 900 million won ($769,500) of funding, respectively, from China Unicom, the second largest telecom firm in China. Jang Dong-hyun(second from left), the chief executive of SK Telecom, looks at products made by
June 29, 2016
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Ex-chairwoman of Hanjin Shipping summoned again over illegal stock trading
A former head of Hanjin Shipping Co. was summoned by prosecutors for the second time Thursday over suspicions she illegally sold company stocks after obtaining insider information to avoid losses, legal sources said.The Seoul Southern District Prosecutors' Office summoned Choi Eun-young as a suspect on charges of violating the Financial Investment Services and Capital Markets Act.The 54-year-old and her two daughters are suspected of selling stocks of the financially troubled Hanjin Shipping in
June 29, 2016
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Kakao Driver service fees slashed after user complaints
[THE INVESTOR] Internet giant Kakao plans to lower the service fees for its brand new chauffer service app called Kakao Driver next month amid user complaints about the expensive pricing. In a statement on June 27, the company said it will lower the current 15,000 won (US$13) basic fee to 12,000 won in major cities and to 10,000 won in other provincial areas. The service fee in the metropolitan area will remain the same. The fee cuts come as Kakao struggles to increase profits in its fast-expand
June 29, 2016
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South Korean businesses see gloomy July
[THE INVESTOR] South Korean businesses project difficult economic conditions in July, a survey showed on June 29. The business survey index or BSI for July outlook compiled by the Federation of Korean Industries came in at 90.5, down from 94.8 for June. BSI measures businesses’ assessment of economic conditions, and figures below 100 show negative assessment. For the latest figures, the FKI surveyed Korea’s top 600 companies by revenue. The FKI cited international uncertainties brought on by UK’
June 29, 2016
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CJ joins bid for Korean unit of McDonald's
The CJ Group, a Korean food and entertainment conglomerate, said Wednesday it has joined the race to buy the Korean unit of U.S. fast food chain McDonald's. McDonald's, which directly manages about 400 stores in Korea, has been looking for local partners to run them as franchise stores that pay annual commissions instead. (Yonhap)In a regulatory briefing, the CJ Group said it has submitted a letter of intent to the American headquarters of McDonald's, but "hasn't decided which affiliate will ta
June 29, 2016