Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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Medical profs at top hospitals suspend surgeries, clinics
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Korea's coal-fired power generation hits record high levels in 2017
South Korea's coal-fired power generation reached new highs in 2017, despite government efforts to switch to clean renewable sources, such as solar and wind power, official data showed Sunday.Statistics by the state-run Korea Electric Power Corp. said the country's coal-based power generation totaled 217,037 gigawatt hour from January through November 2017, exceeding the previous record of 213,803 GWh reached in the first 11 months of 2016.Besides the higher numbers, the percentage of coal-fired
Feb. 18, 2018
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S. Korea's wine imports gain 9.7% in 2017
South Korea's wine imports increased at the fastest pace in four years in 2017 on the back of strong demand for white and sparkling wines and mini wines targeting a rising number of single-person households, government data showed Saturday.South Korea imported $210 million worth of wines in 2017, up 9.7 percent from a year earlier, according to the data compiled by the Korea Customs Office. It was the first time the amount surpassed $200 million. (Emart)Imported wine was one of the fastest grow
Feb. 17, 2018
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Overseas direct purchases of electronics surges 44.3% in 2017
South Koreans' direct purchases of electronic goods and home appliances from overseas online sellers jumped more than 40 percent last year, government data showed Saturday. (Samsung Electronics)They bought 277.3 billion won ($256.9 million) worth of home appliances, electronics and communications devices via foreign Internet shopping malls in 2017, according to the Statistics Korea's online shopping report. It marked a 44.3 percent increase from 192.1 billion won in 2016 as more local consumers
Feb. 17, 2018
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Hyundai Tucson, Kia Rio recognized as most dependable vehicles by J.D. Power
Hyundai Motor Co.'s compact crossover Tucson and the Rio subcompact by sister brand Kia Motors Corp. received recognition as the most dependable cars in their classes by J.D. Power and Associates, industry watchers here said Friday.The two vehicles received high marks from the US-based marketing information service company earlier in the week for the low number of problems experienced by their buyers. (Yonhap)The Vehicle Dependability Study is an industry-wide review that checks problems with 3-
Feb. 16, 2018
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Ex-head of Samsung's Bixby technology joins Google: reports
A former executive vice president of Samsung Electronics, who led the development of Bixby voice assistant technology, has recently joined Google to lead the US technology giant's Internet of Thing business, according to foreign media reports Friday. (Yonhap)Rhee In-jong, former chief technology officer of Samsung's mobile division, left the South Korean firm last December. Rhee served as a professor of computer science at North Carolina State University, before joining Samsung in 2011. At Sams
Feb. 16, 2018
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Former Samsung vice chairman questioned in graft probe linked to ex-leader Lee Myung-bak
A former Samsung Group vice chairman appeared at a Seoul prosecution office Thursday for questioning over alleged bribery involving former President Lee Myung-bak. Lee Hak-soo, 72, is under investigation over his involvement in Samsung‘s alleged payment of fees to a U.S. law firm for DAS, a local auto parts maker linked to the former leader.SAMSUNG BRIBERY INVESTGIATION – Former Samsung Electronics Vice Chairman Lee Hak-su steps into the Seoul Central District Prosecutor’s Office on Thursday to
Feb. 15, 2018
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Lotte chief’s jail term reignites succession battle
A Seoul court’s verdict that put Lotte Chairman Shin Dong-bin behind bars has put the retail giant in disarray, reigniting a succession battle between Shin and his older brother, Shin Dong-joo. The elder Shin demanded his younger brother, who heads Lotte’s operations in Korea and Japan, resign his post as the chairman of Lotte Holdings. The unlisted company holds 99 percent shares in Hotel Lotte, the de facto holding company of the retail giant’s South Korea operation.Dong-joo was the former chi
Feb. 14, 2018
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[Monitor] GM Korea‘s performance
General Motors sent market jitters in South Korea by announcing the shutdown of its Gunsan plant in North Jeolla Province, citing needs for business restructuring.The decision, widely considered a prelude to a complete withdrawal from Korea despite the automaker’s official denial, is based on the firm‘s lagging business performance.According to GM Korea, the size of accumulated net losses for three years between 2014 and 2016 was some 2 trillion won ($1.84 billion). The company also saw a defici
Feb. 14, 2018
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Top listed firms’ total profit jumps nearly 50%: data
South Korea’s top 100 listed firms in terms of market capitalization saw their net and operating profits surge nearly 50 percent in 2017, on the back of a global tech super cycle that buoyed local manufacturers, data showed Wednesday. The firms on either the top-tier Kospi and second-tier Kosdaq recorded a total of 121.7 trillion won ($112.4 billion) in net profit and 155.6 trillion won in operating profit, up 48.5 percent and up 45.8 percent on-year, according to data compiled by local market t
Feb. 14, 2018
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[Weekender] Seollal as much a time for business as family
The holidays are a time for cheer and spending quality time with family, but it is also an important time of year in South Korea for solidifying business relationships -- with boxes filled with seaweed, Spam or shampoo.On the largest traditional holiday of the year, the Lunar New Year, or “Seollal” in Korean, retailers and logistics companies are flooded with bulk orders for gift sets to be sent to business acquaintances.An employee at Hanaro Mart in Yangjae-dong, Seoul, adjusts a displayed gift
Feb. 14, 2018
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[Weekender] Whose family first? Seollal depicts gender inequality at its rawest
Lunar New Year, or Seollal, like Christmas season in the West, is supposed to be a fun and relaxing family time. But for some -- especially married women in Korea -- the holiday is more regarded as a time of endurance with long hours of domestic labor. Stemming from the Confucian tradition in which making the home is the sole “virtue” of wives, visiting the home of the husband’s parents is prioritized during the holidays. While at their in-laws, it is mostly the women’s’ responsibility to cook t
Feb. 14, 2018
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GM plant shutdown faces backlash, causes of losses questioned
Workers blasted General Motors on Wednesday, saying the US carmaker and its management were responsible for its losses in South Korea, a day after the company decided to permanently shutter one of its four Korean plants.Unionized workers at the carmaker vowed to stage a sit-in protest, accusing the company of trying to shift the blame onto them for years of losses. Amid aggravating confrontations, some raised suspicions the US carmaker has intentionally inflated the losses of its operations here
Feb. 14, 2018
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Big conglomerates post 46% jump in 2017 operating profit
Korea's 81 business groups posted a 46 percent on-year jump in their combined operating profit last year, helped by strong results on the part of leading players, a local corporate monitoring website said Wednesday.As of Friday, businesses that have released their preliminary earnings reports and are among the country's 100 largest conglomerates posted 155.06 trillion won ($143 billion) in operating profit on sales of 1,525.25 trillion won, CEO Score said in a statement. (Yonhap)Operating profit
Feb. 14, 2018
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Court’s judgment unexpected: Lotte Group
Following a Seoul Court’s guilty verdict and simultaneous sentencing of 2 1/2 years in jail to Lotte Chairman Shin Dong-bin for bribery on Tuesday, Lotte Group voiced concerns over its future business plans. Lotte Group Chairman Shin Dong-bin (Yonhap)In an official statement, Lotte Group said the outcome was “unexpected” and it was “regretful” about the jail term, and insisted that Shin was innocent.“As soon as we receive the written judgement, the group will discuss with its attorneys for furt
Feb. 13, 2018
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[Management in Korea] Reforming chaebol boards is a big job. Here’s how it can happen
Management in Korea is a regular column written by the members of Egon Zehnder Seoul touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.The role of the board of directors is rapidly evolving in Western countries. No longer rubber stamps hand-picked by CEOs, Western boards are now expected to provide true oversight of management, not just in terms of maximizing shareholder value, but in grappling with broader issues like innovation and globa
Feb. 13, 2018
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[Monitor] Air traffic during Lunar New Year holiday
This week, as South Korea celebrates the Lunar New Year holiday, the number of air passengers is also expected to increase between the day before the holiday starts on Wednesday and Sunday. Incheon International Airport Corporation said that the number of passengers will reach some 940,000 including 462,453 outbound and 477,354 inbound travelers. (khnews@heraldcorp.com)
Feb. 13, 2018
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Korea tense upon Trump’s move to impose ‘reciprocal tax’
US President Donald Trump’s remarks Monday to push for a “reciprocal tax” on Korea has been met with a chilly reaction from lawmakers and trade experts here, with criticism of it being a “nonexisting” concept that takes another step toward trade protectionism and may violate international trade norms.At a White House event on infrastructure Monday, Trump said his administration plans to soon unveil a “reciprocal tax” to charge countries that take advantage of the US. He specifically named Korea,
Feb. 13, 2018
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World impressed by KT’s 5G technologies in PyeongChang
On Feb. 9 the world was impressed by a giant peace dove that lit up the night sky with around 1,200 LED candles held by performers at the opening ceremony of the 2018 Olympic Winter Games. The performance marked the very first in the Olympics’ history to use the fifth-generation wireless telecommunications network established by South Korean mobile carrier KT exclusively for the international sports event being held in a country ardently promoting ICT. As an official telecom partner of the Pyeon
Feb. 13, 2018
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Lotte Duty Free raises commission to attract more Chinese travelers
South Korea’s major duty-free operator Lotte Duty Free has increased the commission for Chinese shuttle traders when they bring in group travelers, in a move to more aggressively entice group travelers from China amid sluggish sales continued from last year’s THAAD row. Lotte Duty Free Worldtower (Lotte Duty Free)According to Lotte Duty Free, the company has raised the commissions doled out to “daigongs” -- individual merchants from China who purchase cosmetics to take them back -- from December
Feb. 13, 2018
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Posco Daewoo shares gift boxes for Seollal
Posco Daewoo, a trading company and a subsidiary of steel giant Posco, conducted a volunteer event on Tuesday to support the underprivileged children, the company said. Posco Daewoo CEO Kim Young-Sang (center) and members of the firms pose after preparing gift boxes to be donated to households in need on the occasion of Seollal. (Posco Daewoo)Some 300 employees and executives of Posco Daewoo packed boxes of gifts at a community child center in Incheon, ahead of the Seollal holiday, which will be
Feb. 13, 2018