Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Samsung Biologics' market cap crashes over problematic accounting
South Korea's major biopharmaceutical firm, Samsung BioLogics Co., saw its market capitalization plunge this week over alleged accounting violations, market data showed Saturday.The share price of the firm nosedived 26.3 percent over the previous three trade sessions, losing a whopping 8.5 trillion won ($7.8 billion) in terms of market cap.The drop came after South Korea's financial watchdog on Tuesday tentatively concluded that Samsung BioLogics committed accounting fraud while assessing the va
May 5, 2018
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Korean Air employees to hold candlelight vigil against chief's family
Hundreds of former and current employees at Korean Air Lines Co. will stage a candlelight vigil on Friday in protest at the abusive treatment by the controlling Cho family, amid rising public outcry over an alleged assault by one of the chief's daughters. Former and current employees at the country's flag carrier, as well as their families and acquaintances, are expected to attend the rally from 7 p.m., police officials said. It is highly unusual for employees of a large conglomerate in South Ko
May 4, 2018
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Congratulatory messages from business leaders and diplomats on The Korea Herald's 20,000th edition
From top left, clockwise: LS Chairman Christopher Koo; Samsung Electronics CEO Kim Ki-nam; SK President Kim Jun; KCCI Chairman Park Yong-maan; Hyundai Motor Vice Chairman Yang Woong-chul; AmCham Chairman James Kim; Korea Exchange Chairman Jung Ji-won; ECCK Chairman Dimitris PsillakisChairman Park Yong-maan Korea Chamber of Commerce and IndustryCongratulations on issuing the 20,000th edition of The Korea Herald.I hope The Korea Herald continues its mission of providing accurate and balanced journ
May 3, 2018
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Korea and Germany host ‘Energy Day’ in Songdo
A bilateral event called the “Korean-German Energy Day” took place in Songdo on Wednesday with the theme of cooperation in energy efficiency and energy transformation between the two nations, according to its organizer, the Korean German Chamber of Commerce and Industry.Participants including Thorsten Herdan (fifth from right), director-general of the Federal Ministry for Economic Affairs and Energy, and Barbara Zollmann (fourth from left), president of the Korean-German Chamber of Commerce and
May 3, 2018
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L'Oreal acquires 100% of fashion retailer Style Nanda
French cosmetics giant L’Oreal has acquired a 100 percent stake in Style Nanda, marking its first acquisition of a Korean company, according to the fashion and makeup manufacturer Thursday.The exact transaction price for the deal was not disclosed. Last month, Style Nanda’s CEO and founder Kim So-hee had initially planned to sell off 70 percent of the company’s shares for 400 billion won ($37 billion) and to keep a 30 percent stake. However, she had changed her mind. Kim started Style Nanda as a
May 3, 2018
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Posco attends global offshore tech conference
(Posco)South Korea’s leading steelmaker Posco is attending the Offshore Technology Conference held in Houston, US, this week to showcase leading rolling and processing technology solutions, the company said Wednesday.The conference is a representative marine technology exhibition participated by some 2,500 companies worldwide.Posco set up an exhibition booth with a local oceanic equipment manufacturer to promote its techniques in collaboration with client firms to help win new orders, and to exp
May 2, 2018
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Korean Air heiress denies assault allegation
Cho Hyun-min, a former senior vice president of Korean Air, returned home after 15 hours of police questioning during which she reportedly denied allegations of assaulting an employee of an advertisement agency in March. Korean Air heiress Cho Hyun-min walks out of the Seoul Gangseo Police Station on Wednesday after being questioned. (Yonhap)Cho was called in on Tuesday on charges including business obstruction and assault.Cho reportedly told police that she threw an empty glass cup toward a wal
May 2, 2018
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Elliott confirms action against government over Samsung merger
US private equity firm Elliott confirmed Wednesday it was taking legal action against the former South Korean administration over its illegal intervention in the merger between Samsung C&T and Cheil Industries in 2015. “Elliott is seeking to negotiate with the Republic of Korea regarding compensation for Elliott’s damages arising from the former administration’s unlawful intervention in the merger of Samsung C&T and Cheil Industries,” said a statement released by the US fund. Elliott mentioned i
May 2, 2018
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Samsung BioLogics butts heads with FSS over accounting fraud decision
Samsung BioLogics on Wednesday went full force to rebut the Financial Supervisory Service’s tentative decision that the biologics drugmaker had engaged in accounting fraud, which immediately led to a plunge in the firm’s stock price throughout the day. In an emergency press conference in Seoul in the afternoon, Samsung BioLogics contended that it had received approval from the FSS along with three major accounting firms on changing its accounting method to International Financial Reporting Stand
May 2, 2018
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CJ vice chairwoman selected as one of 16 leader groups
CJ Group Vice Chairwoman Lee Mie-kyung has been selected as one of the 16 leaders of the Women Entrepreneurs Finance Initiative housed at the World Bank, the company said Tuesday.The Women Entrepreneurs Finance Initiative, better known as We-Fi, helps empower female entrepreneurs in developing countries by providing various support programs. CJ Group Vice Chairwoman Lee Mie-kyung (CJ Group)The international fund participated by 14 countries worldwide, including Korea, the US, and China was laun
May 2, 2018
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Financial watchdog finds accounting violation at Samsung BioLogics
South Korea’s financial watchdog said Tuesday that Samsung Group‘s bio unit has violated accounting rules, and corrective measures and punishment may be taken depending on the final outcome. Since March last year, the Financial Supervisory Service (FSS) has been conducting a special audit on Samsung BioLogics Co., a biopharmaceutical unit of Samsung Group, over alleged accounting irregularities. The bio firm’s accounting flaw boils down to whether there were any irregularities over a dramatic b
May 1, 2018
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[Photo News] Package deliveries continue on Labor Day
DELIVERIES ON LABOR DAY -- A deliveryman unloads packages from a truck at an apartment complex in Seoul on Tuesday, Korea’s official Labor Day. Under Korean labor laws, deliverymen are categorized as “special employment workers” and therefore are not legally obligated to refrain from working on Labor Day. (Yonhap)DELIVERIES ON LABOR DAY -- A deliveryman unloads packages from a truck at an apartment complex in Seoul on Tuesday, Korea’s official Labor Day. Under Korean labor laws, deliverymen are
May 1, 2018
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Antitrust watchdog designates Lee Jae-yong as Samsung head
The Korea Fair Trade Commission designated Lee Jae-yong as head of Samsung Group as his father and bedridden Chairman Lee Kun-hee is judged as being incapable of doing business management independently. The designation does not force Samsung to make any formal changes to its management, but means that the FTC will now treat Lee Jae-yong as the head of the group when applying regulations. That means Lee can be held responsible for FTC rule violations Samsung commits in cases where his father prev
May 1, 2018
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Arrest warrants sought for Samsung executives for sabotaging labor union
Prosecutors on Tuesday sought arrest warrants for three officials from Samsung Electronics Co.'s after-services affiliate and its partner companies over its suspected attempts to sabotage labor union activities.The Seoul Central District Prosecutors' Office sought the writs on suspicions that the trio pushed for an organized scheme from 2013 through 2015 aimed at hampering the establishment and operations of labor unions. ReutersOne of them is an executive of Samsung Electronics Service, identif
May 1, 2018
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[Newsmaker] Police grill Korean Air chief's daughter over alleged assault
Police on Tuesday questioned a daughter of Korean Air's Chairman Cho Yang-ho over suspicion that she assaulted an advertisement agency's employee during a business meeting last month.The Seoul Gangseo Police Station brought in Cho Hyun-min, a former Korean Air senior executive, for questioning over the allegations of assault and obstruction of business in a case that has tarnished the image of the country's flag carrier."I am sincerely sorry for having caused concerns," Cho said repeatedly as sh
May 1, 2018
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Korea's April exports post first decline in 18 months
South Korea's exports retreated in April from a year earlier, marking the first dip in 18 months, largely due to a base effect, government data showed Tuesday.Outbound shipments reached $50.06 billion last month, down from $50.84 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports surged 14.5 percent on-year to $43.45 billion.South Korea's trade surplus came to $6.61 billion, marking 75 straight months in which the country's exports have excee
May 1, 2018
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SK Innovation to buy back shares worth 1 tln won
SK Innovation Co., South Korea's leading refiner, said Monday it will buy back 1 trillion won ($934.5 million) worth of its own shares to enhance shareholder value. The firm's shareholders approved the plan to buy 5.2 million shares, or 5.6 percent of the total, in the main KOSPI market within the next three months. (Yonhap)"The decision is part of SK Innovation's efforts to increase the shareholder value," the company said in a release. Last week, SK Innovation said it will nix the initial publ
April 30, 2018
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Live video of Inter-Korean summit attracts 2.5 million viewers on Twitter
The inter-Korean summit livestreamed Friday on Twitter attracted around 2.5 million viewers, according to the social networking service firm on Monday. Around 1.6 million tweets related to the summit were also posted globally on Friday. The most tweeted moment based on tweets per minute was around 6:30 p.m. when the two sides announced a “common goal of realizing a nuclear-free Korean Peninsula,” generating around 3,100 tweets per minute, Twitter Korea said. The second-most tweeted moment took p
April 30, 2018
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Daewoong, Medytox divided on US court’s partial dismissal of BTX theft case
A US court on Friday has partially accepted and partially denied South Korea’s Daewoong Pharmaceutical’s motion to dismiss the claims brought against them by domestic rival Medytox over the origins of the bacterial strain used to produce botulinum toxin products. The two Korean drugmakers involved in the case responded Monday with contradicting interpretations of the court decision, continuing a long-running dispute over the source of their anti-wrinkle drugs.The Superior Court of California in
April 30, 2018
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Korean Air employees plan candlelight protest for chairman’s resignation
Some employees of South Korean national carrier Korean Air are planning to stage a candlelight protest to call for the resignation of Hanjin Group Chairman Cho Yang-ho, who has come under intense scrutiny after the allegedly unruly behavior of his daughter and wife prompted police questioning and a customs probe. Korean Air employees hold placards during a protest in front of the Korean Air headquarters in Gangseo-gu, Seoul, Friday. (Yonhap)Some 960 Korean Air employees had joined an anonymous c
April 30, 2018