Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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Medical reform committee kicks off despite boycott from doctors
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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POSCO settles legal dispute with Nippon Steel
POSCO has reached an agreement with Nippon Steel & Sumitomo Metal Corp. to end their prolonged legal dispute, the Korean steelmaker said Wednesday. Under the agreement, the Korean steelmaker will pay its Japanese rival about 300 billion yen ($2.5 billion) in compensation for its alleged corporate espionage activity. “The company has sought the settlement so as not to breach the long-term partnership with NSSMC over the past three years,” a POSCO official said. The two steelmakers have waged lega
Sept. 30, 2015
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Urban duty-free bidding heats up
Business conglomerates have reignited their competition to win a license to run three urban duty-free stores in Seoul and another in Busan. Having witnessed the jaw-dropping success of duty-free stores thanks to the recent Chinese tourists’ influx, business tycoons are vowing to win the license allowing the semi-exclusive operation for the next five years. The application process wrapped up on Sept. 25, and the result is due to be announced in November. “Because of the expensive rent inside airp
Sept. 30, 2015
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Artistry zooms in on Korea’s beauty industry
Local and international cosmetics experts gathered in Seoul on Wednesday to discuss South Korea’s burgeoning beauty industry and culture, dubbed “K-beauty,” at the “K-Beauty Close-up” event hosted by global skin care brand Artistry. “Korean women are highly interested in skin care and hold strict standards in regards to choosing their skin care products,” said Kim Malewitz, Artistry’s global beauty marketing director.Sulli of K-pop girl group f(x) speaks during Artistry’s “K-Beauty Close-up” ev
Sept. 30, 2015
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Hyundai Mobis ranks fourth in global auto parts sales
Hyundai Mobis, the auto parts maker of Hyundai Motor Group, has ranked fourth among top 100 global parts manufacturers in terms of sales, according to data on Wednesday.Hyundai Mobis posted $33.35 billion in sales last year, following Germany’s Bosch, Japan’s Denso and Canada’s Magna International, according to the latest monthly report by FOURIN, Japanese automobile research firm.The auto parts maker climbed one notch from last year. This also marks the first time a Korean auto parts company ha
Sept. 30, 2015
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S. Korean EV battery makers set to bask in Volkswagen scam
Volkswagen's diesel emission scandal is showing no signs of a letup, even whacking other automakers, but there is one bright point: electric vehicle battery makers.South Korean EV battery makers led by LG Chem Ltd. are poised to benefit from the diesel emission fiasco as demand for vehicles powered by non-fossil fuels is expected to rise down the road, according to analysts Wednesday."It is highly likely that the Volkswagen case is prodding authorities to take a look at other diesel vehicles," s
Sept. 30, 2015
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Naver's messenger downloads hit 50 mln
Band, a group-based mobile messenger run by South Korea's top portal operator, Naver Corp., has surpassed the 50 million-hit milestone in its cumulative global downloads on the back of robust demand in Asian markets, the company said Wednesday. Launched in August 2012, the social networking mobile application is designed to offer private chatting services for users to talk in groups, unlike other popular open-ended instant messengers. Its downloads reached the record level as of last Tuesday, Ca
Sept. 30, 2015
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S. Korea's state food agency launches app for halal eateries
SSouth Korea's state-run food agency said Wednesday it has launched a mobile application that provides details of local halal restaurants, in line with its efforts to attract more Muslim tourists.The app, "HALAL Korea," provides various information related to halal foodstuffs in South Korea, including locations of restaurants and supermarkets, the Korea Food Foundation said.Halal food refers to food products that are prepared in a specific way according to Islamic Sharia law, which covers not on
Sept. 30, 2015
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Two S. Korean drivers sue Volkswagen over emissions scam
Two Volkswagen car owners in South Korea sued the German carmaker for deceiving them about emission results in what is the first legal action in the country following the ever-deepening emission cheating scandal, their legal representatives said Wednesday.The two, one of whom owns a 2014 Audi Q5 2.0 TDI and the other a 2009 Volkswagen Tiguan 2.0 TDI, filed a lawsuit against Volkswagen Group, Audi Volkswagen Korea and local dealers with a district court in Seoul, according to Barun, the law firm
Sept. 30, 2015
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Showbox inks deal with Hollywood studios
South Korea's leading movie distributor, Showbox/Media Inc., has signed a five-year deal to produce up to six films with two U.S. film companies, the local company said Wednesday.Showbox, under the partnership deal signed Monday, will produce up to six Korean-language feature films in the thriller and horror genres with Blumhouse Productions, a Hollywood studio, while the films will be fully financed by Ivanhoe Pictures, a Hollywood production and financing company.Showbox will also be in charge
Sept. 30, 2015
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LG receives preorders for Nexus 5X
South Korean tech giant LG Electronics Inc. said Wednesday it has started to receive preorders for the Nexus 5X, the newest flagship smartphone jointly launched with Google Inc., which will come with the latest Marshmallow operating system.The 5.2-inch Nexus 5X is their third edition after the Nexus 4 launched in 2012 and Nexus 5 in 2013.The smartphone will come with the Android 6.0 Marshmallow operating system that boasts improved features, including App Standby, which allows users to save powe
Sept. 30, 2015
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Public firms to do more in infrastructure building
Public companies will play a greater role in building South Korea's social overhead capital as state tax earnings are diverted to other sectors, the government said Wednesday.The government's fiscal management plan for the 2015-2019 period showed state spending in SOC decreasing over the next four years, with public companies such as Korea Airport Corp. and Korea Expressway Corp. expected to pick up the slack.The budget for infrastructure building will fall from 24.8 trillion won ($20.7 billion)
Sept. 30, 2015
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Korea’s expansive FTA network creates new investment opportunities
An Italian company that supplies cosmetics to global beauty brands such as L’Oreal and Estee Lauder has recently decided to build a $1.3 million innovation center in South Korea, and plans to expand such investments to make inroads into the Chinese market. A Chinese distribution giant has also decided to invest $40 million in a local animation production company to expand its business and reenter the Chinese market. Lee Kwan-sup, South Korea`s first vice minister of trade, industry and energy
Sept. 29, 2015
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Budget airlines watch Jeju Air IPO
South Korea’s low-cost carriers are seeking new growth avenues ― going public ― led by industry leader Jeju Air on the back of its growing market share in the domestic and international routes that threaten full-service carriers. Last week, the country’s No. 1 budget carrier Jeju Air said it expects to raise around 154 billion won ($128.4 million) by issuing 5.5 million shares at a price range of 23,000-28,000 won per share.The carrier owned by Aekyung Industrial is expected to list in November
Sept. 29, 2015
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Pulmuone mulls suing striking truckers
The feud between management and truck drivers at Pulmuone, South Korea’s mid-weight food maker, has worsened over the Chuseok holiday as the four-week strike has turned into a legal battle. According to Pulmuone, the company is seeking damage compensation from about 40 truckers who have allegedly inflicted about 1 billion won ($835,000) worth of damage in the course of protests in front of the company’s logistics center in Eumseong, North Chungcheong Province, since Sept. 4. The company also cla
Sept. 29, 2015
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Starbucks Korea to give out coffees to 560,000 soldiers
Starbucks Coffee Korea employees attend a promotional campaign to provide free coffees to soldiers. Starbucks Coffee KoreaStarbucks Coffee Korea on Tuesday said it will reward all military soldiers with free coffee as a token of appreciation for their patriotism. “Anyone who identifies themselves as military soldiers along with a coupon distributed at the military camp will be given a cup of tall-size ‘Today’s Coffee’ at any Starbucks outlet in the country,” the company said. The coupon is valid
Sept. 29, 2015
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Hyundai Heavy sells stocks for cash
Hyundai Heavy Industries is actively selling off stakes in companies to secure more cash and offset losses from poor sales and ailing offshore plant business.Hyundai Samho Heavy Industries, HHI’s affiliate, reportedly sold 1.3 million shares in steelmaker POSCO for more than 226 billion won ($189.2 million). The figure is not even half the price it purchased initially -- 730 billion won. With the sell-off, HHI has sold its entire stake in POSCO. Hyundai Mipo Dockyard, another HHI affiliate, sold
Sept. 29, 2015
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[Herald Interview] Korea seeks more roles in wild-land fire control
The Korea Forest Service and Gangwon Province will jointly host the sixth International Wildland Fire Conference at Pyeongchang from Oct. 12 to 16.The international conference was established when old ways of fire prevention became insufficient to deal with the frequent and intense fires happening worldwide due to climate change, and awareness increased on the need to exchange academic information through international assistance.“It is the first time that this conference is held in Asia, and it
Sept. 29, 2015
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S. Korean firms' business sentiment in China sinks in Q3
Business confidence of South Korean firms in China dropped in the third quarter of this year, hit by sluggish sales as the Chinese economy is cooling down. The quarterly business survey index of about 230 South Korean firms, an indicator of their outlook for the coming quarter, was 90 in the third quarter, compared with 116 in the second quarter, said data released by the Beijing unit of the Korean Chamber of Commerce and Industry on Tuesday. A reading above 100 means the number of companies for
Sept. 29, 2015
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October biz outlook turns bullish: poll
A majority of companies in South Korea are upbeat about business conditions for next month due to a U.S. interest rate freeze and other favorable factors, a poll showed Tuesday. According to the survey conducted on the country's top 600 companies by the Federation of Korean Industries, the business survey index for October stood at 101.2A reading above 100 means companies that are optimistic about business conditions down the road outnumber pessimists.After peaking at 103.7 in March, the figure
Sept. 29, 2015
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Foreign ownership of Samsung Electronics falls below 51 pct
Foreign ownership of Samsung Electronics Co. has dropped below the 51 percent level for the first time in 14 months, market data showed Tuesday, as offshore investors continue to sell its shares due to a bleak earnings outlook.Foreign holdings of Samsung Electronics shares came to 50.76 percent as of Friday, marking the first time since July 18 last year that the figure has fallen below the 51 percent level, according to data by the Korea Exchange.Foreign ownership of Samsung, the top-cap compan
Sept. 29, 2015