Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Samsung BioLogics earns first manufacturing approval from Health Canada
South Korean contract drug manufacturer Samsung BioLogics said Thursday that it has obtained its first-ever manufacturing approval from Canada’s drug regulators for a biologic product produced at its first plant in Songdo, Incheon.With the addition, the company has now earned 14 manufacturing approvals from the world’s top drug regulators -- the US Food and Drug Administration, the European Medicines Agency, Japan’s Pharmaceuticals and Medical Devices Agency and now Health Canada.Eleven of the a
IndustryJune 21, 2018
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Corporate watchdog chief vows to step up self-reform efforts
The chief of South Korea's corporate watchdog said Thursday that his agency will redouble its efforts to regain the trust of citizens amid the prosecution's probe into alleged job irregularities involving former senior officials.On Wednesday, investigators raided the offices of the Fair Trade Commission as part of an investigation into allegations that former senior officials of the anti-trust watchdog landed jobs they were not supposed to after retirement.Investigators from the Seoul Central Pr
MarketJune 21, 2018
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Geopolitical risks persist on Korean Peninsula: Moody‘s
Global credit rating agency Moody‘s Investors Service said Wednesday that uncertainty related to the geopolitical risks on the Korean Peninsula persists even after the recent series of summits and peace mood concerning North Korea.“The key constraining factor restriction to South Korea’s credit rating is its geopolitical risk,” Christian de Guzman, vice president and senior credit officer at Moody’s, said in a press conference held in Seoul.“The fact that the
MarketJune 20, 2018
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Hyundai Motor partners with Audi to boost fuel cell electric vehicles
South Korea’s leading automaker Hyundai Motor Group said Wednesday it has formed a strategic partnership with Germany’s Audi of Volkswagen Group, in a bid to boost an emerging market for fuel cell electric vehicles worldwide. The two announced a multiyear patent cross-licensing agreement, covering a broad range of FCEVs components and technologies, with an ultimate goal of developing FCEVs together, according to the announcement. The partnership between the first producer of hydrogen-powered veh
TechnologyJune 20, 2018
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S. Korea’s macroeconomic policy had effect on growth: OECD report
South Korea’s notable economic advancement over recent years was largely attributable to its conglomerate-led and export-oriented growth model, backed by sound fiscal and monetary policies and intense investment into physical and human capital, according to an international report.Asia’s fourth-largest economy, however, has also exposed some chronic structural weaknesses such as market monopolization by conglomerates, discrimination in the job market, and elderly poverty. In a b
EconomyJune 20, 2018
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Asiana Airlines runs outreach program targeting women in Vietnam
Asiana Airlines said Tuesday it has opened a fourth employment training course targeting women in Vietnam, which will take place over the next six months. Asiana Airlines Managing Director Cho Young-suk (sixth from left) and the Embassy of Korea in Vietnam’s Consul General Lee Mi-yeon (seventh from left) pose for a photo in Hanoi, Vietnam, Wednesday. Asiana AirlinesSince 2015, the South Korean airline has been providing job training sessions for Vietnamese women in the low-income bracket. The p
IndustryJune 20, 2018
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P&G Korea inks MOU to improve medical environment for young patients
Proctor and Gamble Korea said Wednesday that it has signed a memorandum of understanding with Seoul Child Hospital and Kids & Future Foundation to improve Korea’s medical services for children. P&G Korea’s public affairs leader Park Lincoln (left), Seoul Child Hospital Director Kim Jae-bok (center) and Kids & Future Foundation Director Park Doo-joon pose for a photo after signing a memorandum Wednesday. P&G Korea“Through the memorandum, P&G will continue to put in effort to improve treatment an
IndustryJune 20, 2018
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Korean market grows for online, mobile games
South Korea was the world’s third-largest market for online video games and the fourth-largest for mobile games last year, according to data provided by market research firm Euromonitor International on Wednesday.Korea’s online video game market was valued at $1.69 billion in 2017, marking an on-year growth of 23.2 percent. The country’s mobile game market was valued at $2.34 billion in the same year, up 36 percent from the previous year.China ($11.9 billion) and the US ($2.24 billion) were the
TechnologyJune 20, 2018
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KAIST to host forum in Seoul discussing AI ethics, policymaking
KAIST, South Korea’s leading science and technology research university, will host a forum in Seoul on Thursday to discuss the ethics of artificial intelligence technology development as well as policymaking around the world. Titled “Taming Artificial Intelligence: Engineering, Ethics and Policy,” the forum will invite some of the world’s leading AI researchers, including those who recently made headlines for announcing a boycott of KAIST over its alleged contribution to developing autonomous “k
TechnologyJune 20, 2018
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Concerns rising over industrial hollowing-out
Concerns are growing over the possible hollowing-out of Korea’s key manufacturing industries as local companies rush to move factories to countries with better conditions to detour anti-business policies at home and global trade friction.According to industrial sources, 97.1 percent of TV sets made by Korean electronics firms in 2017 were manufactured at overseas plants. The corresponding figures reached 93.2 percent for mobile phones, 86.9 percent for washing machines and 80.3 percent for
EconomyJune 20, 2018
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Bithumb freezes accounts after W35b of cryptocurrencies stolen
Bithumb, South Korea’s second-largest cryptocurrency exchange in trade volume, said Wednesday it would suspend transactions in user accounts after some 35 billion won ($31.6 million) worth of assets were stolen.The financial loss stemmed from “abnormal outside access” that occurred from Tuesday night until Wednesday morning, its spokesperson said. “(Bithumb) will suspend all money deposits or withdrawals, until we secure the stability of the service,” read the
MarketJune 20, 2018
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Govt., carmakers to jointly respond to US auto tariff probe
South Korea's trade ministry said Wednesday it will work with local carmakers to respond to potential import restrictions by the United States, which has launched a probe into auto imports.Last month, the US Department of Commerce launched an investigation into possible tariffs on imported vehicles and auto parts, on national security grounds, under Section 232 of its trade law.The Ministry of Trade, Industry and Energy held a meeting with major automakers, including Hyundai Motor Co. and Kia Mo
IndustryJune 20, 2018
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SMEs association proposes tech training as priority for inter-Korean economic cooperation
South Korean small businesses on Wednesday proposed operating an inter-Korean technology training center and inviting global companies to a joint industrial complex with North Korea to expedite cross-border economic cooperation.The Korea Federation of SMEs recommended nine South-North businesses, explained in detail in its report to the government in April, which emphasizes technological education as the first priority in pursuing cooperation with the North. While North Korean workers have
EconomyJune 20, 2018
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Public institutions cutting back on hiring of high school graduates
Public institutions are hiring more people, but not those without college degrees, government statistics showed Wednesday.According to state portal All Public Information in One, 361 state-run institutions employed 22,560 people in permanent positions last year. The proportion of hires for whom high school was their highest educational attainment was 1,858, or 8.2 percent.The latest figure marks a 30.6 percent increase in overall hiring from 2013 but a drop of 7.9 percent for employment of peopl
EconomyJune 20, 2018
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Finance minister vows to overhaul assessment system for state firms
The government will push to overhaul the evaluation process for state-invested firms so as to help improve their trustworthiness, which has been tarnished by job-related irregularities, and boost job creation, the country's chief economic policymaker said Tuesday."State firms are urged to raise their productivity and effectiveness as well and play a key role in creating and spearheading a system for innovative growth," Finance Minister Kim Dong-yeon said in a meeting to review state fi
EconomyJune 20, 2018
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SK Telecom separates 11Street from SK Planet to catch up with Amazon
SK Telecom’s board of directors decided to split money-losing subsidiary SK Planet into an e-commerce and a data tech firm as part of strategies to boost the online shopping business, it said Tuesday. The parent company also said it has helped finance 500 billion won ($448 million) for SK Planet’s e-commerce platform 11Street with a goal of developing the platform as the Korean version of Amazon. The mobile carrier attracted the investment from various investors including private equity H&Q Kore
TechnologyJune 19, 2018
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[Herald Interview] Diversifying channels for foreign worker remittances
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 17th installment. -- Ed.Foreign workers in South Korea from Southeast Asia or South Asia have faced various hurdles when remitting their income here to a home country.There are language barriers in financial services offered by banks, hefty commission charges and differences in banking service environments, to name a few.Using schemes such as collateral cash pooling, cros
MarketJune 19, 2018
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[News Focus] Mobile operators speed up 5G commercialization after allocation
South Korea’s three mobile operators are speeding up their plans to commercialize fifth-generation network services after the completion of the auction for 5G frequency bands. According to the plans, the mobile carriers are preparing to select equipment vendors in the third quarter and start building 5G stations in the fourth quarter. “Some are expecting the vendor selection to be completed by early July,” said an industry official. “Now with the frequency auction being completed, each company w
TechnologyJune 19, 2018
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Samsung SDS investors blame FTC head for shares plunge
Samsung SDS’ small shareholders have voiced their anger at the nation’s antitrust watchdog head, claiming his remarks Thursday drove the firm’s shares to plunge. On Thursday, the Fair Trade Commission Chairman Kim Sang-jo had urged the owner families of conglomerates to sell off stocks of non-key affiliates, referring to the businesses of system integration, real estate, logistics and advertising. “Following Kim’s remark, shares of Samsung SDS -- whose main business is system integration -- plun
IndustryJune 19, 2018
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BOK chief vows to focus on growth, inflation in rate policy
The Bank of Korea Gov. Lee Ju-yeol on Tuesday underlined that the key factors in the nation’s upcoming policy rate decisions should be growth and inflation indexes, dismissing concerns that Washington’s recent signals to accelerate its monetary tightening cycle will press Seoul to follow suit.While sidestepping direct remarks, his defensive tone regarding the nation’s economic capacity empowered speculations that Seoul will freeze its policy rate next month and delay
EconomyJune 19, 2018