Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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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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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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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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Hopes rise for possible Gaza truce deal
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[Photo News] Shinsegae Dept. Store launches jewelry brand
Shinsegae Department Store said Wednesday it has created a new jewelry brand called Addir that focuses on diamonds. Its products will be designed, sourced, manufactured and sold through Shinsegae Department Store. Addir opens at the department store’s Daegu branch Thursday and its Gangnam branch Friday. Addir at Shinsegae Daegu is shown in the picture. (Shinsegae Department Store)
IndustryFeb. 15, 2017
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6 in 10 startups fail within 3 years: report
Six in 10 Korean venture businesses fail within the first three years, according to a report Wednesday.In a report titled “2nd-round Startup Ecosystem in Numbers,” the Korean Chamber of Commerce and Industry said the number of venture companies in Korea had risen to over 30,000 due to continuous deregulation over the past decade. For example, the process for creating a startup business was reduced from 12 steps to two steps, speeding up the process from 22 to four days. However, a lack of an inv
IndustryFeb. 15, 2017
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Finance minister vows full support for more offshore contracts
South Korea's finance minister promised Wednesday to bolster efforts to help local companies obtain more overseas deals in a bid to prop up their growth."The ministry will make utmost efforts for a turnaround in local firms' overseas contracts over the next three years as a way of bringing new momentum to our economy," Finance Minister Yoo Il-ho said during a visit to a Hyundai Elevator plant in Icheon, south of Seoul. Finance Minister Yoo Il-ho talks with an official while paying a visit to Hy
IndustryFeb. 15, 2017
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Doosan Bobcat 2016 net rises 22% on high-priced products
Doosan Bobcat Inc., a construction equipment unit of Doosan Group, said Wednesday that its earnings spiked 22 percent last year from a year earlier, largely due to an increase in sales of high-priced products.Net profit reached 180 billion won ($158 million) last year, up 21.7 percent from a profit of 148 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income surged 7.4 percent on-year to 414 billion won last year, while sales fell 2.2 percent to reach 3.95
IndustryFeb. 15, 2017
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Chinese SUV starts off sales with a bang in Korea
All 120 units of the Chinese SUV Kenbo 600 -- which began sales here last month as the first Chinese automobiles to be introduced in the Korean market -- have sold out, the distributor of the Chinese vehicle said Wednesday. According to China-Korea Motor Co., the model’s exclusive local importer and distributor, contracts for the first round of the Kenbo 600 will be completed by this week. The company has placed orders for another 200 units.The SUV was officially launched on Jan. 18 and deliveri
MobilityFeb. 15, 2017
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Apple seen gauging Apple Pay service in Korea
Apple’s executives recently held a meeting with South Korean financial authorities, a move that can be viewed as the company testing the waters before fully reviewing a potential launch here, sources said Wednesday. “Apple’s legal director and senior counselor came to Korea in November to have a meeting with financial authorities. They explained Apple Pay’s technical operation and security method -- tokenization,” a source familiar with the matter told The Korea Herald. Tokenization, which Samsu
TechnologyFeb. 15, 2017
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Kumho Tire reaps two awards at iF Design Award
Kumho Tire, South Korea’s No. 2 tire maker, received two awards in the transport device category at this year’s iF Design Award taking place in Germany, the firm said Wednesday. The ECSTA PS71, a high performance tire for sports sedans, and a futuristic concept tire dubbed the Smasher were recognized at the 64th iF Design Award. The ECSTA PS71 (right) and Smasher (Kumho Tire)The event is organized by the International Forum Design of Germany and considered one of the world’s top three design awa
MobilityFeb. 15, 2017
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VR cafe opens in Seoul under hardware-content partnership
A virtual reality cafe opened Wednesday in western Seoul in partnership between a PC manufacturer and VR content provider who are collaborating on a joint project for business expansion.The cafe, named VRIZ, opened near Hongik University campus that has one of the highest foot traffic in the capital. It will be operated by PC maker Jooyon Tech Co. with YJM Games supplying VR games and other related contents. (Yonhap)While there are other VR-focused businesses in major cities that set up shop fro
TechnologyFeb. 15, 2017
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Institute develops anti-counterfeit technology using laser-induced patterns
A state-funded research institute said Wednesday that it has developed new anti-counterfeit technology to create unforgeable laser-induced patterns that can be applied to various products such as watches and checks.The Korea Institute of Machinery and Materials said it has successfully engraved the micro-sized patterns with a hole that is smaller than 10 micrometers by using two laser beams. (Ministry of Science, ICT and Future Planning)So far, it was virtually impossible to create such micro-si
TechnologyFeb. 15, 2017
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Household debt up 12% last year
South Korea's household loans jumped 12 percent last year from a year earlier as people borrowed more from financial institutions to buy homes and invest in businesses, the central bank said Wednesday.The outstanding loans extended to households came to 1,154.6 trillion won ($1.01 trillion) as of the end of December last year, compared with 1,030.6 trillion won from a year earlier, the Bank of Korea said in a report submitted to the parliament. (Yonhap)South Korean officials view an increase in
Feb. 15, 2017
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Will Lee Boo-jin fill in Samsung’s leadership vacuum?
Expectations rose Wednesday that Lee Boo-jin, the eldest daughter of the Samsung family, could fill a possible power vacuum to be created if the special counsel team’s second request to arrest Samsung heir apparent Lee Jae-yong is accepted by the court.As market watchers saw the possibility of Lee Boo-jin’s role being reinforced across the No. 1 family-run conglomerate in South Korea, shares of her Hotel Shilla continued rallying for a fourth trading day in a row, from around 42,000 won ($36.80)
IndustryFeb. 15, 2017
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Acting president cautions against negligence in investing for the future
Acting President and Prime Minister Hwang Kyo-ahn on Wednesday cautioned against any negligence in investing for the future, underscoring the need for South Korea to capitalize on its technological edge to nurture new growth engines.During a joint session held by the Presidential Advisory Council on Science and Technology, and the state science and technology strategy panel, Hwang also reiterated that the government has to further strengthen support for startups through a policy initiative that
TechnologyFeb. 15, 2017
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Korea to recall 2,721 foreign vehicles
South Korea's transport ministry said Wednesday it has ordered seven companies to recall a total of 2,721 units of 33 models of foreign vehicles for certain defects.The recall affects 1,357 units of the 320i and 16 other BMW models built between June 8, 2000 and January 30, 2003 as they could be equipped with Japan's Takata air bag inflators during repair work. (Yonhap)Takata Corporation said on its website last year that certain inflator ruptures are caused by a combination of long-term exposur
MobilityFeb. 15, 2017
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Korea to utilize ICT to revitalize economy
South Korea announced a package of measures Wednesday to utilize information and communications technology and science technology to revitalize the country's economy suffering from weak exports and flagging manufacturing sector.Under the measures discussed in a meeting presided over by Acting President and Prime Minister Hwang Kyo-ahn, and announced by the Ministry of Science, ICT and Future Planning, the government will make use of the latest ICT to secure new growth engines. Acting President
TechnologyFeb. 15, 2017
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Korea's ICT exports increase for 3rd straight month in Jan.
South Korea's exports of information and communications technology products rose for the third consecutive month in January on the back of brisk overseas sales of semiconductors and displays, government data showed Wednesday.ICT exports reached $13.83 billion last month, rising by a nearly four-year high of 16.7 percent from the $11.85 billion tallied a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. (Yonhap)The outbound shipment of such products had decli
Feb. 15, 2017
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Daewoo Shipbuilding mulls slew of options to avert 'April crisis'
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, is looking at a slew of options to deal with massive debt due in April, its chief said Wednesday, brushing off concerns that the cash-strapped shipbuilder may fail to pay off the maturing debt.The shipyard should pay off or refinance up to 1 trillion won ($869 million) worth of debts that mature this year, but the shipbuilder's financial status is not good enough to deal with the situation amid the dearth of new order
IndustryFeb. 15, 2017
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Korea posts 60th straight month of trade surplus in Jan.
South Korea logged a trade surplus for 60 months in a row in January, but the amount more than halved from the previous month, customs data showed Wednesday.The country's trade surplus came to $2.81 billion last month, down sharply from a surplus of $6.76 billion tallied a month earlier, according to the data from the Korea Customs Service. (Yonhap)The steep decline came as a rise in imports outpaced that of exports last month on rising oil prices.Exports rose 11.2 percent on-year to $40.3 billi
Feb. 15, 2017
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Hankook Tire to raise tire prices by 4%
Hankook Tire Co., South Korea's largest tiremaker, said Wednesday it will raise the price of its tires by up to 4 percent starting later this week amid higher rubber prices. The company said the price hike will be applied to the tires for its outlets and wholesalers, and the tires for 1-ton trucks, taxis, and the eco-friendly and fuel-efficient series will be excluded. Hankook Tire Co., South Korea's largest tiremaker, said on Feb. 15, 2017, that it will raise the price of its tires by up to 4 p
IndustryFeb. 15, 2017
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1 out of 4 employees in financial sector earn more than W100m
One out of four employees in South Korea's financial sector earned more than 100 million won ($87,000) last year, a report showed Wednesday.The report submitted to the Financial Services Commission by the Korea Institute of Finance said 24.8 percent of employees at 1,389 financial firms earned more than 100 million won last year. (Yonhap)In comparison, the ratio came to 9.9 percent in 2012 before jumping to 16.5 percent in 2013 and 19.2 percent in 2014.The report said 32.9 percent of those who w
Feb. 15, 2017
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Korean lawyers face widening pay gap
Lawyers in South Korea are facing a widening gap in income due to fiercer competition and large law firms' growing dominance in the local market for legal services, government data showed Wednesday.According to the data by the National Tax Service, about a quarter of private attorneys in the country earn less than 4 million won ($3,510) per month, with the top 10 accounting for roughly 70 percent of their total sales. This combined file photo shows the logo of a lawyer's office (Yonhap)In 2015,
Feb. 15, 2017