Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Moody's revises Posco’s rating outlook to positive
Global credit rating firm Moody‘s upgraded its outlook on steel company Posco’s Baa2 rating from stable to positive, according to the firm Friday.“The rating actions mainly reflect our expectation that Posco‘s financial profile will continue to improve over the next 1-2 years, underpinned by an increase in earnings and debt reductions,” Gloria Tsuen, a Moody’s vice president and senior analyst, said through a statement.The ratings firm said that profits from Posco‘s construction business was exp
Oct. 27, 2017
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Once-hotshot Pantech sold for $9,000
Telecom equipment provider Solid that had acquired Pantech in 2015 said Friday it signed an agreement with special purpose company K&A Holdings to sell Pantech for 10 million won ($8,841), ending the history of the once-hotshot Korean mobile maker.Solid had a 100 percent stake of Pantech, which is around 110 billion won in debt as of June. Under the deal, Solid is set to ditch Pantech’s business after suspending its smartphone business in May and selling its Internet of Things business earlier t
Oct. 27, 2017
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Air Busan to add bigger planes, build hangar in long-term strategy
Air Busan Co., a South Korean budget carrier, said Friday it will add bigger planes to its fleet and build its own hangar in the next 10 years to meet growing demand for low-cost flights. In its mid-term strategy, Air Busan plans to introduce midsize passenger jets with 300 to 400 seats after 2020 to serve on long-haul routes to destinations that include Hawaii, Australia and Europe, the company said in a statement.Air Busan, the budget carrier unit of Asiana Airlines Inc., currently operates 15
Oct. 27, 2017
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Cost to make kimchi to fall 11% this year
The cost to make kimchi, the traditional Korean side dish made from cabbage, radishes and hot peppers, is expected to fall this year thanks to stable supplies of major vegetables and ingredients, the agriculture ministry said Friday. The Ministry of Agriculture, Food and Rural Affairs said the cost to make kimchi, called "kimjang," for a four-member household was estimated at 244,070 won ($215.9) as of Oct. 20, down 10.8 percent from a year earlier. Many Koreans make large quantities of kimchi
Oct. 27, 2017
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KAI names ex-audit official new CEO
Korea Aerospace Industries, the country's sole aircraft manufacturer, has named a former audit and inspection official its new chief executive after its former head stepped down in July over a corruption scandal.KAI held a board meeting on Wednesday to appoint Kim Jo-won, who worked at the Board of Audit and Inspection of Korea for 20 years, the new chief of the aircraft company, a company spokesman said. Kim, 61, began his three-year term as CEO on Thursday and vowed to make utmost efforts to k
Oct. 26, 2017
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[Exclusive] Tesla may tap Samsung, LG for EV batteries
The US electric car maker Tesla recently met with Korean battery makers Samsung SDI and LG Chem, in an apparent move to gauge their electric car batteries, stoking speculation that Tesla’s Model 3 manufacturing bottleneck may be caused by an immediate supply shortage from its sole battery supplier Panasonic. “Tesla officials from the US headquarters visited Korea early this month to separately meet Samsung SDI and LG Chem’s executives,” a source familiar with the matter told The Korea Herald. “T
Oct. 26, 2017
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Family Ministry designates heat-not-burn tobacco as harmful to minors
The Ministry of Gender Equality and Family on Thursday announced that it would be designating heat-not-burn tobacco products as harmful substances that cannot be sold to minors. IQOS from Philip Morris (Philip Morris International)Under current regulations, restrictions on sales to minors apply only to e-cigarettes that are used to inhale nicotine-laced liquid. There are no restrictions on heat-not-burn systems that use electronic devices to heat tobacco sticks and produce vapor.Once the new rul
Oct. 26, 2017
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LG H&H acquires Iksan facility from RB Korea
An affiliate of LG Household & Health Care has acquired a production facility in Iksan, North Jeolla Province, from RB Korea, the two companies confirmed Thursday.The facility, which was previously used by RB Korea to produce household products such as detergents and dehumidifiers, was shut down on Sept. 30 after RB Korea’s market share fell drastically due to the fallout from the humidifier sanitizer incident that has been linked to over 100 deaths.The facility has been acquired by Haitai HTB,
Oct. 26, 2017
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Asiana Airlines supports women's employment in Vietnam
Asiana Airlines held a commencement ceremony Wednesday for its 2017 program helping underprivileged women in Vietnam find employment, according to the company Thursday.Together with the Korea International Cooperation Agency and nonprofit organization Good People, Asiana Airlines has been running the “Vietnam -- Beautiful Classroom” program since 2015. To date, the program has produced roughly 350 graduates.This year, 110 women completed the course.Asiana Airlines Executive Vice President of Cor
Oct. 26, 2017
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Korea intent on joining bid for Saudi nuclear reactors: ministry
The South Korean government on Thursday expressed its intention to join a bid to build nuclear power plants in Saudi Arabia, the world’s top oil exporter, which is seeking to adopt its first such commercial reactors. The country is reportedly reaching out to potential bidders in France, China, Russia, Japan and Korea.Paik Un-gyu, Korea’s minister of trade, industry and energy, expressed the intent to bid in the tender to Adel bin Muhammad Fakeih, the Saudi Arabian minister of economy and plannin
Oct. 26, 2017
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China's travel agency mulls resumption of Seoul-bound tours
China’s leading online travel agency is reviewing the resumption of sales of Korea-bound tour programs, industry sources said Thursday, in a sign that the ongoing diplomatic row over Seoul‘s deployment of a US anti-missile system here may be calming.Ctrip.com International has recently told Lotte Hotel & Resorts, the hotel arm of South Korea’s fifth-largest conglomerate, Lotte, that it is reviewing the resumption of Seoul-bound tours, according to the sources.“Until now, finding travel packages
Oct. 26, 2017
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[News Focus] Medytox-Daewoong fight over BTX escalates
South Korea’s biggest botulinum toxin maker Medytox and its smaller rival Daewoong Pharmaceutical are stepping up their accusations against each other as the two are set to soon begin a legal fight in South Korea over the source of their BTX strain. Since last year, Medytox has claimed that Daewoong stole its BTX bacterial strain and related manufacturing secrets to develop its Type BTX Nabota. The issue was taken to court in the US in July this year, as Medytox filed a civil lawsuit in Califor
Oct. 26, 2017
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Coupang launches exclusive Gaspard and Lisa pet products in Korea
Korean E-commerce firm Coupang has become an exclusive carrier of pet products that feature French cartoon characters Gaspard and Lisa, the company said Thursday. Gaspard and Lisa are globally renowned fictional characters from a series of picture books created by a French couple, story writer Anne Gutman and illustrator Georg Hallensleben. The characters are introduced through books and a television show. A promotional image for Coupang’s pet products featuring French cartoon characters Gaspard
Oct. 26, 2017
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Korea expresses intent to bid for Saudi Arabian nuclear project
South Korea expressed its intention to bid in the upcoming nuclear reactor project in Saudi Arabia and discussed ways to expand cooperation in the energy sector in a bilateral business meeting, Seoul's energy ministry said Thursday.Paik Un-gyu, South Korean minister of trade, industry and energy met with Adel bin Muhammad Fakeih, Saudi Arabian minister of economy and planning, to discuss ways to cooperate on the commercial nuclear program being pursued by Riyadh.The kingdom officially launched a
Oct. 26, 2017
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SK hynix reports record-breaking profits in Q3
SK hynix Inc., a major chipmaker, said Thursday its third-quarter net profit reached an all-time high, apparently helped by strong global prices of chips.Net profit came to a record high of 3.05 trillion won ($2.7 billion), rising sharply from 597 billion won posted a year earlier, the company said in a regulatory filing.Operating profit also reached a historic high of 3.7 trillion won in the July-September period, rising sharply from 725 billion won posted in the previous year. Sales increased
Oct. 26, 2017
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Samsung's brand value doubles in 5 yrs: research
Samsung Electronics Co. stood as South Korea's most valuable brand, with its brand value almost doubling in five years to $51.4 billion, according to industry data Thursday.The brand value of Samsung Electronics posted a whopping 12 percent on-year climb this year, marking twofold growth from $28.5 billion in 2012, according to the data compiled by Britain-based industry tracker Brand Finance. (Yonhap)Hyundai Motor Group followed with $8.7 billion, trailed by top mobile carrier SK Telecom Co. wi
Oct. 26, 2017
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Korea’s semiconductor boom may hit slump in 2018
While the semiconductor industry is chugging along the otherwise gloomy South Korean economy, concerns are being raised that the global demand surge may hit a wall next year.The local memory market has been heavily influenced by supply shortages driving the surge in global demand. However, experts are now forecasting that new capital injections by semiconductor companies such as Samsung Electronics and SK hynix will lead to a reversal of supply and demand. On the back on increased supply numbers
Oct. 25, 2017
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SK Innovation donates $50,000 to Rice University in US
SK Innovation has donated $50,000 to Rice University in Houston, Texas, to support its Korean programs in the Center for Languages and Intercultural Communication, the company said Wednesday. The donation will also support scholarships for the Rice in Korea study-abroad program as well as Korean cultural programs at Rice University.SK Innovation’s management philosophy of “growing together with the local community” was behind the company’s decision to make a donation to the program, company offi
Oct. 25, 2017
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[New Samsung] Competition heats up to take lead in AI initiative at Samsung
This is the first installment of a series of articles delving into new technologies Samsung Electronics is betting on for its new source of growth. -- Ed. Artificial intelligence is an immediate challenge for South Korean electronics behemoth Samsung Electronics, which is still lacking AI specialists and relevant technologies in its transition from a hardware-oriented technological focus to software. Vice Chairman Kwon Oh-hyun’s departure from the company next year sends Samsung the serious mess
Oct. 25, 2017
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Amorepacific chief named among best-performing CEOs in world
The chief executive of South Korea’s cosmetics powerhouse Amorepacific was named the 20th best-performing CEO in the world, the company said Wednesday.Amorepacific Chairman Suh Kyung-bae ranked 20th globally and second in Asia on a list of 100 best-performing CEOs released annually by Harvard Business Review and INSEAD. Amorepacific Chairman Suh Kyung-bae (Amorepacific)The evaluations were based on Amorepacific’s performance from June 29, 2006, when Amorepacific was set up as a separate entity
Oct. 25, 2017