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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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Shipbuilders continue to suffer drop in new orders: report
South Korean shipbuilders, led by Hyundai Heavy Industries Co., are expected to face a protracted slump down the road with their new orders likely to plunge 27 percent this year, a report showed Tuesday.According to the report compiled by the KEXIM Overseas Economic Research Institute, local shipbuilders received a combined $19.05 billion in the first nine months of the year, down 19.4 percent from a year earlier.In terms of volume, their new orders also declined 2.5 percent on-year to reach 8.7
Nov. 10, 2015
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GE opens collaboration office in Korea
The U.S. industrial giant General Electric opened a collaboration office in the South Korean border city of Paju Monday as part of efforts to expand business in preparation of the unification of the two Koreas.GE held an opening ceremony to celebrate the opening of its office at Paju City Hall near the western border with North Korea.The ceremony drew some 80 people, including GE Korea head Kang Sung-wook, Paju Mayor Lee Jae-hong, Unification Minister Hong Yong-pyo, and Kim Moo-sung, chairman of
Nov. 10, 2015
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[Newsmaker] Shipping merger rumors resurface
Market rumors are rampant that the government is seeking to force the merger of Korea’s two largest shipping companies as part of its push for corporate restructuring to overcome the deteriorating market conditions.Container ships sit under construction at the Hanjin Heavy Industry shipyard in Busan. (Bloomberg)A local news agency reported Monday that the government will officially discuss a possible merger of the country’s No. 1 shipping line Hanjin Shipping and its rival Hyundai Merchant Marin
Nov. 9, 2015
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Two Shin-Wolsong nuclear power plants dedicated
The Shin-Wolsong Nuclear Power Plant No.1 (right) and No. 2 in Gyeongju, North Gyeongsang Province.The construction of Shin-Wolsong Nuclear Power Plant No. 1 and No. 2 in Gyeongju, North Gyeongsang Province, was completed Monday, making them the nation’s 23rd and 24th nuclear reactors.The two plants will generate a combined 15.8 billion kilowatt-hours of electricity a year, which would currently account for 3 percent of the country’s power generation. “We believe that the plants will drive the l
Nov. 9, 2015
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Hanwha gives W4b to youth employment fund
Hanwha Group chairman Kim Seung-youn (Hanwha)Hanwha Group said Sunday it will contribute 4 billion won ($3.47 million) toward a public trust fund created by the South Korean government to ease youth unemployment.Hanwha chairman Kim Seung-youn will donate 3 billion won while group employees will give 1 billion won toward the so-called Youth Hope Fund, proposed by President Park Geun-hye in September to develop job creation and training programs for young people.“The group chairman decided to supp
Nov. 9, 2015
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Hanmi seals W1tr licensing deal with Janssen
Leading South Korean drugmaker Hanmi Pharmaceutical said Monday it has sealed a 1-trillion won ($863 million) licensing agreement with Janssen on a new experimental diabetes and obesity drug. The deal marks the latest among Hanmi’s string of mega licensing agreements with global pharmaceutical companies, including a 5 trillion won deal with France-based Sanofi concluded just last Thursday and two similar deals with Boehringer Ingelheim and Eli Lilly signed earlier this year. The Hanmi Pharmaceut
Nov. 9, 2015
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[Herald Interview] Korea needs control tower to nurture global biotech giants: KBIO chief
Faced with aging populations coupled with longer life expectancies, major countries around the world have set health care as their foremost priority in policies as related costs and spending are expected to surge dramatically in the years to come.Driven by such needs, the world’s biotechnology market is geared for significant growth in the coming years. Meanwhile, South Korea must work swiftly to better nurture its own biotech sector, which holds immense potential to become an early leader in th
Nov. 9, 2015
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Hanmi Pharmaceutical bags $915 mln license deal with Janssen
South Korean pharmaceutical company Hanmi Pharmaceutical Co. said Monday that it has reached a license agreement with global drugmaker Janssen to develop a new diabetes-obesity drug, valued at $915 million.Under the agreement, Hanmi will receive an upfront payment of $105 million and is also eligible for $810 million in development, registration and sales milestones, as well as double-digit royalties on sales.Beligium-based Janssen will have an exclusive right to develop and commercialize the ne
Nov. 9, 2015
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KEPCO's credit rating top among global power generators
State-run Korea Electric Power Corp. said Monday that its credit rating is the highest among its global peers, on the back of a strong bottom line and government backup.KEPCO is rated "AA-" by Standard & Poor's and Fitch Ratings and "Aa3" by Moody's Investors Service, which are on par with those for South Korea, the utility firm said.KEPCO said earlier it posted strong results for the nine months ended on Sept. 30, with its consolidated operating profit reaching 8.7 trillion won ($7.53 billion),
Nov. 9, 2015
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[Newsmaker] Shipping merger rumors resurface
Market rumors are rampant that the government is seeking to force the merger of Korea’s two largest shipping companies as part of its push for corporate restructuring to overcome the deteriorating market conditions.A local news agency reported Monday that the government will officially discuss a possible merger of the country’s No. 1 shipping line Hanjin Shipping and its rival Hyundai Merchant Marine that suffered a setback due to ongoing liquidity issues.State bodies involved in the shipping in
Nov. 9, 2015
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Korea posts record share in DRAM market in Q3
South Korea's top two tech brands posted record-high shares in the global dynamic random access memory chip market in the third quarter of the year, data showed Monday, expanding their lead over the No. 3 U.S. player Micron Technology Inc.Samsung Electronics Co. and SK hynix Inc. accounted for 46.7 percent and 28 percent of the global DRAM market in the July-September period, respectively, the data compiled by industry tracker DRAMeXchange showed.The combined share held by the two South Korean f
Nov. 9, 2015
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Samsung's governance structure simplified after mergers
South Korean tech behemoth Samsung Group's governance structure has been simplified by a series of mergers and asset sales, industry watchers said Monday, with the owner family solidifying its grip over the country's No. 1 conglomerate.Samsung C&T Corp. was created in September as the group's holding firm, which came out of the merger between then-Samsung C&T and fashion arm Cheil Industries. With the merger, the group's cross-shareholding linkages were reduced to seven from the previous 10, acc
Nov. 9, 2015
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SK Telecom sets sights on non-mobile business
South Korean mobile giant SK Telecom Co. is moving to expand its presence into the media business through a merger, industry watchers said Monday, with its mainstay telecom business reaching a point of saturation amid severe competition from smaller rivals.SK Telecom, the country's No. 1 mobile carrier, said last week it will buy the country's biggest operator of cable channels and Internet TV contents in a bid to tap into the media platform business. Under the deal, SK Telecom will purchase a 3
Nov. 9, 2015
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Lotte emerges as biggest M&A spender
Lotte Group was the top spender for mergers and acquisitions among the country’s business groups over the past six years, industry data showed Sunday. South Korea’s fifth-largest conglomerate has signed 21 buyout deals worth some 7.6 trillion won ($6.6 billion) since January 2010, according to the data by corporate researcher CEO Score.The amount accounts for 20.2 percent of the 37.78 trillion won for 239 acquisition deals signed by the nation’s top 30 firms.Lotte’s decision to take over Samsung
Nov. 8, 2015
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Fortune hails new LG OLED TV
Fortune Magazine published an article praising the new 65-inch LG EF9500 TV.In its Oct. 30 edition, writer Don Reisinger hailed the new LG TV, saying that it “makes every other TV set I’ve ever watched look, well, ugly.”He also added that “the TV delivers visual quality beyond anything I’ve ever experienced”, and said the high dynamic range technology “topped the list” against other 4K TVs.HDR is a technology that increases the contrast between dark and light on a screen to deliver colors in bet
Nov. 8, 2015
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Pressure grows on Volkswagen as bad news piles up
The fallout from Volkswagen’s emissions-cheating scandal intensified Wednesday, as investors bailed out and European regulators pressured VW to quickly disclose the findings of an internal investigation. In the U.S., the company halted sales of seven models that allegedly were part of the cheating.On Tuesday, VW admitted that it had understated the carbon dioxide emissions for 800,000 cars, widening the scope of a scandal that has forced the ouster of a CEO and prompted investigations and lawsui
Nov. 8, 2015
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Hanmi licensing deal creates millionaire children
Hanmi Pharmaceuticals chairman Lim Sung-ki’s seven grandchildren have become millionaire stockholders following the company’s mega licensing deal, news reports said Sunday.Hanmi Pharmaceuticals had announced a license agreement of 3.9 billion euros ($4.2 billion) with French drug company Sanofi to develop diabetes drugs on Thursday.According to market researcher chaebul.com on Friday, the seven grandchildren held stocks worth 109.4 billion won ($94.9 million).One of the stockowners is Lim’s 12-y
Nov. 8, 2015
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Korea's auto exports up 7.5 percent on-year in Oct.
Korea's automobile exports rose solidly in October from a year earlier on growing demand for popular new models, the government said Sunday.Outbound shipments of vehicles came to 259,306 units in October, up 7.5 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.Shipments by Kia Motors Corp., the No. 2 car manufacturer and one of the flagships of Hyundai Motor Group, the world's fifth-largest automotive conglomerate, soared 40.1 percent on-year on strong demand
Nov. 8, 2015
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Hyundai Motor set to unveil autonomous car next month
Korea's top automaker Hyundai Motor Co. is poised to showcase its first self-driving vehicle in December, industry sources said Sunday, heralding the full-fledged commercialization of the novel technology in the country.Hyundai plans to roll out the latest version of its Genesis luxury sedan equipped with the so-called highway driving assist (HDA) system, according to the sources.The HDA system is designed to keep a car within the lane, maintain a safe distance from the car ahead and provide a n
Nov. 8, 2015
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Internet of Things users in Korea top 4 million
The number of Korean subscribers to Internet of Things (IoT) networks has exceeded the 4 million mark, buoyed by a jump in wearable device users, government data showed Sunday.As of end-September, the number of IoT subscribers reached 4.08 million, compared with 3.96 million two months earlier, according to the data by the Ministry of Science, ICT and Future Planning.IoT is a concept in which all tangible objects are connected to the Internet and can identify themselves to other devices in order
Nov. 8, 2015