Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Lotte inks W600b sponsorship for 2018 Winter Olympics
Lotte Group is sponsoring 600 billion won for the 2018 Winter Olympics scheduled to take place in Pyeongchang, Gangwon Province in South Korea. Lotte struck a partnership agreement with the PyeongChang Olympics Organizing committee, in a ceremony held Wednesday at the Lakai Sandpine Resort in Gangneung, to become the biggest domestic official sponsor for the event.Under the deal, the retail conglomerate plans to sell various official Olympics merchandise, such as clothing, accessories and jewelr
March 16, 2016
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KT&G brands make inroads in U.S., Africa, Latin America
Nearly 40 percent of tobacco manufacturer KT&G’s sales abroad last year were in relatively new markets such as the U.S., Africa, South America and Asia-Pacific, according to the company Wednesday.KT&G said that of the 46.5 billion cigarettes sold abroad in 2015, 39.6 percent (18.4 billion cigarettes) were sold in these markets. A customer buys a pack of KT&G’s TIME cigarettes at a store in the U.S. (KT&G)These markets’ share of sales has increased 2.5 times since 2010.The most notable surge was
March 16, 2016
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KT&G‘s sales rise in U.S., Africa
South Korea’s largest tobacco maker KT&G has been ringing up bigger sales in the U.S. and Africa, according to data released Wednesday.In 2015, nearly 40 percent of KT&G’s exports were to these and other markets it has been expanding into, including Latin American and Asia-Pacific nations. The ratio reflects an increase from 2010 when KT&G exports to such markets had accounted for just 15.4 percent of its total overseas sales. In total, the company shipped out 46.5 billion cigarettes last year.B
March 16, 2016
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Hyundai Heavy issued 120 billion won tax bill
Hyundai Heavy Industries has been levied 120 billion won ($100 million) in taxes, according to industry sources on Wednesday. The country’s tax authorities reportedly informed Hyundai Heavy of the additional tax imposition. Hyundai Heavy is considering filing a request of review over the matter.The move comes as the South Korean shipyard struggles to extricate itself from debt after suffering massive losses for a second consecutive year on increased costs and an industry-wide slump. For the past
March 16, 2016
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[Newsmaker] Bumpy road to boardroom for SK chairman Chey
SK Group chairman Chey Tae-won faces a bumpy road for his return to the boardroom of the holding company SK Holdings, with some shareholders and civic groups strongly opposing the move.According to local news reports, the fund management division of the National Pension Service, the nation’s largest investor, will convene an investment committee meeting Wednesday to discuss a voting decision on the SK chief’s return to the board of directors. The public pension fund is the second biggest shareho
March 15, 2016
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Korean firms hurt by rigid workplace culture: survey
A rigid corporate culture marked by authoritative leadership and unproductive work hours are some of the key factors that undermine the global competitiveness of many Korean companies, according to a survey on Tuesday. In a joint study on 100 firms and their 40,000 employees, conducted by the Korean Chamber of Commerce and Industry and McKinsey Korea, the majority were found to be suffering from chronic management problems. Only 10 firms were found to have commendable practices.The KCCI and McKi
March 15, 2016
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The rich relatives of chaebol owners
Making it on this year’s exclusive 2016 Forbes billionaire list, 31 out of 1,810 billionaires are Korean. Of the 31 selected billionaires, 17 are the largest shareholders or owners of listed chaebol -- Korean family-controlled conglomerates -- who will in total receive at least 538.6 billion won ($452.7 million) in company cash dividends this year, averaging some 31.7 billion won per person. Although Korean companies are known to be stingy when it comes to distributing company earnings to shar
March 15, 2016
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Korea ranks No. 5 for billionaires who inherited wealth
Korea ranked fifth in the world in terms of superrich business tycoons who inherited their wealth instead of making their own fortune, a think tank report showed. According to the Peterson Institute for International Economics, 74.1 percent of the 30 Korean billionaires inherited their fortune -- more than double the global average of 30.4 percent.The report said the proportion of Korean billionaires who amassed their fortune through inheritance stayed unchanged over the past two decades. Meanwh
March 15, 2016
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Neofect to expand into B2C rehabilitative training solutions
On March 2, the research team of Dr. Shin Joon-ho of the National Rehabilitation Center announced its publication of an article in the most recent issue of the Journal of Neuro Engineering and Rehabilitation . The article presents research conducted by the team supporting the statistical significance of utilizing virtual reality-based rehabilitative treatment in a clinical setting. The rehabilitative treatment studied by Dr. Shin’s team was based on the “Rapael Smart Glove,” a wearable device ma
March 15, 2016
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Incheon Airport named best duty-free shopping site
Incheon International Airport was named the world’s best duty-free shopping site for the sixth consecutive year by an American travel magazine, the airport said Tuesday.The American edition of the travel magazine Business Traveler chose Incheon airport as the “Airport With Best Duty-Free Shopping” in December, as part of its annual Best in Business Travel Awards.The airport has won the same title from the Asia-Pacific edition and Chinese edition of the magazine for five and three consecutive yea
March 15, 2016
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HanAll, Daewoong to develop new drug for dry eyes
HanAll Biopharma and Daewoong Pharmaceutical have agreed to jointly develop a new drug to treat dry eye syndrome — a common eye condition in which insufficient tears are made to lubricate the eye. Under the agreement signed Monday, the two firms are set to develop HL036, a promising dry eye syndrome drug candidate developed by HanAll. HL036 is a biobetter — an improved version of an existing biopharmaceutical treatment — which consists of anti-TNF antibodies that have been reformulated for an
March 15, 2016
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KOTRA opens marketing class for halal food
Korea’s trade promotion agency KOTRA will open a two-day class for local firms wanting to enter the halal food market around the world, officials said Tuesday.Starting March 22, the agency will provide marketing strategy and information on halal certification systems in the Middle East, Indonesia and Malaysia.The global market for halal food, which is produced or processed under Islamic dietary guidelines, is expected to grow to $1.62 trillion in 2018 from $1.08 trillion in 2012, according to of
March 15, 2016
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Asiana Airlines approved for cabin crew training
Asiana Airlines received approval from the Transport Ministry to oversee flight training for cabin crew, according to the carrier Tuesday.The certification, attained on March 8, allows Asiana to provide safety training for cabin crew for other airlines, both from Korea and abroad. Cabin crew receive instructions in emergency care at Asiana Airlines’ training facilities in Gangseo-gu, Seoul. (Asiana Airlines)“We hope for this to be an opportunity for Asiana to spread its specialized know-how in
March 15, 2016
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Korea lags behind rivals for AI patents
The number of patents held by Korean companies in the artificial intelligence (AI) segment hovered far below other major countries around the globe, underscoring a need to roll out more corporate-friendly policies for the sector.According to the data compiled by the Hyundai Research Institute, Korea held 306 AI-related patents, which account for only 3 percent of the total number around the globe. The figure is only a 5 percent of the United States' number. The global market for the AI industr
March 15, 2016
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Seoul to allow overseas money transfer via mobile
Koreans will be able to use overseas money transfer services through mobile phones as the country is ratcheting up its deregulation drive in the financial technology sector, the finance ministry said Tuesday.The revised foreign exchange law, set to take effect next week, allows non-bank players, including mobile payment service providers, to engage in oversea money transfers, according to the ministry. So far, only banks have been allowed to be engaged in overseas money transfer services. Mobile
March 15, 2016
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Samsung, LG competing fiercely in VR market
Korean tech giants are engaging in an intense battle to take the lead in the virtual reality (VR) market, with each claiming to reign supreme in different areas of VR devices.Samsung Electronics had been the sole player in the VR segment, beginning full-fledged businesses through smartphone platforms and the Gear VR, introduced last year under ties with U.S.-based Oculus VR. Samsung Gear VR (Yonhap)But the atmosphere changed when LG Electronics, Samsung's smaller tech rival, unveiled its own VR
March 15, 2016
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Premium instant noodles dominate local ramyeon sales
Premium instant noodles that cost more than 1,000 won per individual packet are emerging as the dominant product category in South Korea’s competitive ramyeon market. E-mart, the nation’s leading discount supermarket chain, on Monday said that premium instant noodles accounted for 61 percent of its total ramyeon sales last month, a significant increase from a mere 22 percent over the same period in 2015. The sharp sales hike was presumably led by the continued success of Nongshim’s Chinese blac
March 14, 2016
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SK’s epilepsy drug to skip efficacy trials in U.S.
SK Biopharmaceuticals, the new drug developing unit of South Korea’s SK Group, on Monday said that its self-developed epilepsy treatment YKP3089 has become the first of its kind to skip the efficacy testing stage in its forthcoming phase III clinical trials in the United States.The U.S. Food and Drug Administration made the rare decision given SK’s new epilepsy treatment has sufficiently proven its effectiveness in the phase II clinical stage held across the U.S., Europe and Asia over the past f
March 14, 2016
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China’s M&A spree in Korea hits record high
As China’s merger and acquisition deals in South Korea are hitting a record high, concerns are growing over possible technology leaks and China’s increasing M&A debt, which may hurt local industries. According to a report released Monday by the Korea International Trade Association, the number of Korean firms purchased by Chinese companies stood at 33 in 2015, a threefold increase from the previous year. The volume rose 128 percent to $1.9 billion during the same period, the report said.Over the
March 14, 2016
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Incheon Airport aims to become world’s fifth-largest airport
Incheon Airport aims to become the fifth-largest airport in the world, able to handle 66 million international passengers a year by 2020, the airport’s new CEO said Monday.To reach that goal, Incheon International Airport Corp. CEO Chung Il-young vowed to upgrade its infrastructure, service facilities, human resources and airline network. Incheon International Airport Corp. CEO Chung Il-young (Won Ho-jung/The Korea Herald)“Our facilities have grown old, and must be restored and maintained. The
March 14, 2016