Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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Korea to punish online malls for deceptive displays
Korea’s Fair Trade Commission will penalize the country’s four leading online shopping malls for deceptive display of products, the antitrust watchdog said Monday. The firms ― Gmarket, Auction, Interpark and 11st ― have been under investigation for allegedly labeling products as “best goods” or placing them at the top of their respective websites in exchange for advertising fees. “The FTC is in the final stage of completing an investigation into the unfair practices of online marketplaces. We ar
Nov. 16, 2015
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Lotte founder sues CEOs of 7 subsidiaries
Lotte Group founder and general chairman Shin Kyuk-ho filed a lawsuit against the CEOs of seven Lotte subsidiaries on charges of obstructing business, according to a law firm representing Shin on Monday. The law firm DW Partners said it lodged a complaint against Lotte Shopping CEO Lee Won-joon and Lotte Corporation’s Noh Byung-yon for underreporting capital losses for their business in China, which disrupted the founder’s ability to make operational decisions. In the complaint filed with the Se
Nov. 16, 2015
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‘Forum to spread start-up spirit across Korean society’
Global Entrepreneurship Week Korea 2015, the Korean counterpart of Global Entrepreneurship Week, kicked off Monday at The-K Hotel in Seocho-gu, Seoul.The Korea Herald interviewed Nam Min-woo, president of the Korea Entrepreneurship Foundation, which organized the program with the Kauffman Foundation.Following is the text of a written interview with president Nam. Korea Herald: What is Global Entrepreneurship Week?Nam Min-woo: The event is a week for bringing in and celebrating start-up founders
Nov. 16, 2015
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Korea to punish open market firms over deceptive displays
Korea’s Fair Trade Commission will punish the country’s four leading open market firms over alleged deceptive displays of products, the antitrust watchdog said Monday. The firms -- Gmarket, Auction, Interpark and 11st -- have been under investigation for allegedly labeling products as “best goods” or placing them at the top of their respective websites in exchange for advertising fees. “The FTC is in the final stage to complete an examination report on the open market firms’ unfair practices. We
Nov. 16, 2015
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Future of creative economy hinges on global entrepreneurship
Entrepreneurship refers to capacity and willingness to develop, organize and manage a business in spite of any risks or uncertainties ahead. Entering an era of low growth and high unemployment, many countries across the world are in competition to boost entrepreneurship to drive growth and create jobs. To nurture entrepreneurs, they have streamlined or created related rules and policies. Looking back the nation’s corporate history, entrepreneurship is not a new concept. Entrepreneurial activit
Nov. 15, 2015
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Retailers count on foreign shoppers for K-Sale event
Encouraged by the record-breaking success of Korean manufacturers and retailers in China’s Singles Day event on Nov. 11, Korea is once again reviving its Korea’s Black Friday event in its efforts to boost domestic consumption. This time, retailers are striving to lure global shoppers hopping around sales promotions around the world ranging from Singles’ Day to the U.S.’ Black Friday Event and then to the K-Sale Day, which is slated for Nov. 20-Dec. 15 in Korea. The logo of the K-Sale event, sch
Nov. 15, 2015
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[Photo News] Samsung donates kimchi for the underprivileged
CARING WITH KIMCHI – Samsung Electronics employees and residents in Gyeonggi Province together make kimchi at the company’s headquarters in Suwon on Saturday. The Korean tech giant plans to donate 120 tons of kimchi to underprivileged people in the area. (Samsung Electronics)
Nov. 15, 2015
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Seoul duty-free market set for major shift
The landscape of Seoul’s lucrative duty-free market, dominated by Lotte and Shilla as of now, is set for a major change following the bid for the expiring business licenses of three duty-free stores in the capital city. According to market data from the Korea Duty Free Association, sales at the nation’s duty free shops reached 8.3 trillion won ($8 billion) last year, with urban tax-free outlets taking 70 percent of the total revenue. Three sites have been chosen to run duty-free shops in Seoul
Nov. 15, 2015
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Shinsegae, Doosan win duty-free shop race
South Korean retail giant Shinsegae and Doosan Group, a leading industrial conglomerate, were the biggest winners in a highly contested bid for three expiring business licenses for duty-free stores in Seoul. Four conglomerates -- Shinsegae, Doosan, Lotte and SK -- had been engaged in a fierce competition over the rights to run the capital city’s duty-free outlets. Four sites have been chosen to run duty-free shops in Seoul and Busan over the next five years. Clockwise from From left: Lotte Depar
Nov. 15, 2015
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Samsung's monthly N. American TV sales top $1 bln
Samsung Electronics Co. saw its monthly shipment of TVs reach $1 billion for the first time in the North American market in October.It marked a giant leap from the monthly sales of $100 million in September 2004 and $500 million in October 2007, the South Korean tech giant said.Samsung added it became the No. 1 player in the U.S. flat TV market, currently taking up 35.1 percent. Its share in the Canadian market comes in at 38.4 percent. Citing the data compiled by market tracker NPD, Samsung sai
Nov. 15, 2015
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Top court orders retrial for Lone Star
South Korea's top court Sunday ruled in favor of a U.S. buyout fund in a lawsuit involving the expenses for the liquidation of a joint firm between Lone Star and the state-run Korea Deposit Insurance Corporation. The order came after LSF-KDIC, an investment firm jointly established by Lone Star and KR&C, an affiliate under the KDIC, demanded KR&C pay around 40 billion won ($34.3 million) to LSF-KDIC after a dispute over a piece of property.The issue occurred when LSF-KDIC tried to sell a logisti
Nov. 15, 2015
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Lotte loses one duty-free store in Seoul; Doosan, Shinsegae win bid
Lotte Group renewed the operating license for one of its two duty-free stores in downtown Seoul, while retail giant Shinsegae and heavy industries-focused conglomerate Doosan won the rights to open new stores in the capital, the Korea Customs Service said Saturday. Lotte, the nation‘s top duty-free operator and the world’s third-largest, was able to keep one store in Myeongdong, a major shopping district in the capital, while losing the other at Lotte World Tower in the affluent Gangnam region
Nov. 14, 2015
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Hyundai Heavy eyes leap in Saudi Arabia
Hyundai Heavy Industries is set to consolidate its footing in Saudi Arabia after forging a partnership with oil giant Saudi Aramco this week, sources said Friday. HHI senior vice president Chung Ki-sunThe world’s top shipbuilder concluded a memorandum of understanding with the Saudi oil firm to cooperate on business development opportunities in the Middle East country on Wednesday.The comprehensive cooperation framework covers areas such as engineering, procurement and construction, downstream a
Nov. 13, 2015
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LS Group chairman, executives donate W2.5b for youth jobs
LS Group chairman Koo Ja-yeol and executives donated a total of 2.5 billion won ($2.15 million) to the Youth Hope Fund, company officials said Friday.“I hope I can provide just a little assistance in creating good jobs for youths,” Koo said.Company officials said that Koo has called for increasing hiring for its energy business, which includes submarine cables and extra high voltage direct current transmission work, in order to foster global-level employees and help develop Korea’s economy. Koo
Nov. 13, 2015
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Doosan Heavy to set up global water engineering course
Doosan Heavy Industries & Construction signed an agreement with the Gyeongnam Center for Creative Economy and Innovation and Changwon National University to set up a “Water Campus” course, company officials said Thursday.The “global water engineering” class is a joint program meant to foster talent for the water industry.The class will be established as a regular course for Changwon National University engineering and mechatronics students for three credits. Gyeongnam Center for Creative Economy
Nov. 13, 2015
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Steel imports down for 2nd straight month in Oct.
South Korea's steel imports dropped for the second straight month in October as demand for Japanese products declined, industry data showed Friday.According to the data provided by the Korea Iron and Steel Association, South Korea's steel imports shrank 1.4 percent on-year to 1.98 million tons in October. This followed a 9.9 percent on-year fall tallied in the previous month.Imports from Japan dropped 3.3 percent to about 640,000 tons, which accounted for 32.1 percent of the total. Those from Ch
Nov. 13, 2015
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Hanjin chair, executives donate W3b to youth job fund
Hanjin Group chairman Cho Yang-ho and company executives donated 3 billion won ($2.6 million) to the Youth Hope Fund on Thursday, company officials said. Cho donated 2.2 billion won while the eight executives collectively donated 800 million won.The Youth Hope Fund, proposed by President Park Geun-hye in September, is a fund intended to create jobs and training programs for youths. Hanjin Group chairman Cho Yang-hoCompany officials said they decided to donate so that young people would not lose
Nov. 13, 2015
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Spurned Lotte’s eldest son sues exec
Shin Dong-joo, the spurned eldest son of Lotte Group founder Shin Kyuk-ho on Thursday said he has sued an executive of Lotte Japan.Shin Dong-joo, currently the head of SDC Corp., held a press conference at Peninsula Hotel in Tokyo to announce that he has filed a damage suit against Takayaki Sukuda. SDJ chairman Shin Dong-joo Dong-joo said the executive had fed his father false or exaggerated facts about him to sully his reputation and ultimately cost him his job. “I cannot say the exact amount
Nov. 12, 2015
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Adidas launches ClimaHeat down jackets
Leading sportswear brand Adidas has launched its ClimaHeat collection, an array of performance down jackets designed to trap heat and withstand the cold and wind.The ClimatHeat down jacket, Adidas’ latest ClimaHeat project, is made with high-quality goose down and manufactured in a way that minimizes the loss of heat. The Terrex ClimaHeat Techrock Jacket is also made with a special, stretchy material to enhance the jacket’s warmth and endurance. A number of similar jackets are now available in t
Nov. 12, 2015
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WeMakePrice begins major cosmetics sale
WeMakePrice, one of South Korea’s biggest social commerce platforms, is holding its “9th Beauty Fair” until Monday, offering discounts of up to 84 percent on a range of cosmetics.A limited number of a select products will go on sale at a significantly low price at 10 a.m. every day. The e-commerce giant is also offering a buy one, get one free event on a number of skincare items.Meanwhile, “Got Box,” beauty boxes featuring a selection of popular cosmetics from brands including Maybelline, L’Orea
Nov. 12, 2015