Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Why Korean crime stories typically feature nameless, faceless perpetrators
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation
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Pureunbam enters Mongolian market
Shinsegae‘s private soju brand Pureunbam has entered the Mongolian market, according to the company Monday.On Sunday, the first shipment of Pureunbam soju was sent from Incheon to Ulaanbaatar, Mongolia. The products are expected to hit shelves at E-mart’s two branches in Ulaanbaatar in mid-November. Poster for Pureunbam soju (Shinsegae)The first shipment includes 19,200 bottles of the low-alcohol “Short Night” and 4,800 bottles of the stronger “Long Night.”According to Shinsegae, the decision to
Oct. 23, 2017
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Jeju Air, T’way Air expand into in-house ground handling
Budget carriers Jeju Air and T’way Air have made moves toward creating affiliate companies tasked with the airlines’ ground handling operations, according to the two airlines Monday.Jeju Air announced that it had signed a deal to buy Dongbo Airport, a company specializing in airline operations and ground handling services. Dongbo had been providing ground handling operations for T’way Air.Dongbo will begin servicing Jeju Air as early as this year.“As Jeju Air’s fleet and flights continue to expa
Oct. 23, 2017
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AmCham elects new leaders
The American Chamber of Commerce in Korea has appointed a new vice chair and seven new board of governors, it said Monday. Myung Chan Lee, country chief executive of Lockheed Martin Global, Inc. Korea, has been elected as vice chair. AmCham’s new board of governors include Steven Barnett, president and CEO of AIG Korea Inc., Brad Buckwalter, president and general manager of Johnson Controls Korea, and Colm Flanagan, head of the Seoul Foreign School. (American Chamber of Commerce in Korea) Jae
Oct. 23, 2017
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Samsung set to continue sharing record profits with shareholders
Samsung Electronics Co. is expected to implement a massive share buy-back drive after announcing its third-quarter profit report next week, which is presumed to set another record amid strong returns from the chip business, industry watchers said Monday.The company is also expected to announce detailed plans on buy-backs and dividends for 2018-2020 as well, they added. The outlook came as the South Korean tech giant said last year it plans to allocate around 50 percent of its free-cash flow gene
Oct. 23, 2017
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[Ask a Lawyer] Korea’s unique regulations of gab-eul relationship
Q. What is the regulation of the gab-eul relationship?The regulation of the gab-eul relationship refers to the regulation of unfair trade practices performed by a more powerful party against the other party in a transaction between enterprises. For example, if a manufacturer commissions the manufacture and supply of parts to a part supplier and pays the price six months after receiving the supply of parts (case one), a seller unilaterally increases the sales price set forth in the contract with
Oct. 22, 2017
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[Herald Interview] LOT Polish Airlines aims to bridge Korea, central Europe
Poland‘s flagship carrier celebrated the one-year anniversary of its Incheon-Warsaw direct route Thursday, with hopes to further increase the frequency of the flight and promote Central European destinations in the Korean market.“It is a very important route, not only from the tourist perspective but also because it provides business connectivity,” said LOT’s chief executive Rafal Milczarski during an interview with The Korea Herald. The Incheon-Warsaw flights serviced by LOT began on Oct. 18 la
Oct. 22, 2017
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Cosmetics experts to discuss convergence, creativity at IFSCC forum
Cosmetics researchers from all over the world will gather in Seoul to discuss convergence and creativity in cosmetic science starting Monday.The 24th Conference of the International Federation of Societies of Cosmetic Chemists is set to take place from Monday to Wednesday at the Grand InterContinental Seoul Parnas under the theme of “Cosmetic Science: Beauty, Convergence and Creativity.”This is the second time that the conference, which began in 1960, will take place in Seoul.Researchers study c
Oct. 22, 2017
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Solar energy can better create jobs than atomic, coal-fired thermal power: KIET
Solar power can create more jobs than atomic and coal-fired energy generation, a state-run think tank said Sunday.In a report on solar power job creation in the fourth industrial revolution era, the Korea Institute for Industrial Economics and Trade said that while nuclear and conventional thermal power plants do not necessary lead to a meaningful rise in hiring, just $1 million invested in solar energy may lead to the creation of 15.7 new positions.It said the difference is due to the relativel
Oct. 22, 2017
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Culture-related exports log double-digit growth this year
South Korea's exports of culture content and leisure service-related goods posted double-digit growth in the first seven months of the year on the back of the popularity of K-pop, government data showed Sunday.According to the data compiled by the Ministry of Culture, Sports and Tourism, exports of the country's key 11 culture-related goods reached $1.55 billion in the January-July period, up 23.5 percent from a year earlier. (Yonhap)In contrast, the country's imports of culture content, such as
Oct. 22, 2017
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Consumer orientation highest in cosmetics, lowest in auto repairs: data
The cosmetic sector turned out to be the most consumer-oriented in the goods and services market, while the automobile repairs sector was the most detached from customer feedback, data showed Friday.According to a survey conducted by the Korea Consumer Agency, the cosmetic sector scored 80.3 in the consumer market evaluation index, while the car repairs sector stood at 75.9. The market average for 47 individual sectors was 78.1, up 1.3 points from 2015.Also, the average for products sectors was
Oct. 20, 2017
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FTC to control chaebol's brand commission fees
Stepping up measures to reform corporate governance and alleviate market monopoly, the Fair Trade Commission is moving to tighten its grip over the brand commission which conglomerates collect from their affiliates.Such a gesture was largely seen as an initiative of the FTC Chairman Kim Sang-jo, dubbed the “chaebol sniper” for his longtime activist stance against the country’s conglomerate-centered economy. Fair Trade Commission Chairman Kim Sang-jo speaks during a parliamentary audit at the Nat
Oct. 20, 2017
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P&G signs on with PyeongChang Olympics
Procter & Gamble Korea has signed an agreement with the PyeongChang Organizing Committee to join efforts to promote the Winter Games such as by holding a nationwide cheering campaign, the company said Friday. P&G Korea General Manager Kim Joo-youn (left) and PyeongChang Organizing Committee President and CEO Lee Hee-beom (right) pose for a photo with models to mark their joint campaign launch. (P&G)Under the name “Reply 50 million,” referring to the South Korean population, the company will work
Oct. 20, 2017
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Kepco's deal to run UAE reactors contains toxic clauses: lawmaker
Lawmakers of the ruling Democratic Party of Korea said Friday that South Korea’s state-run Korea Electric Power Corp. omitted key clauses in its contract last year to operate nuclear reactors in the United Arab Emirates.Rep. Kim Byung-kwan said that based on the board of directors’ meeting minutes he received from Kepco, the company conceded many of its previous positions in sealing a deal with its UAE counterpart Emirates Nuclear Energy Corp. last year.The electricity provider has coalesced wit
Oct. 20, 2017
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US governor, congressman oppose safeguard on Samsung, LG
Amid growing concerns over possible safeguard restrictions on Samsung and LG’s washer sales in the US market, the US state governor and congressman openly expressed their opposition to the move claiming it will only increase consumer prices, reduce consumer choice and constrict foreign investment in the nation. “Although I advocate fair trade, (Samsung and LG’s) case doesn’t seem to be the subject to safeguard restrictions. I stand here to oppose the trade restriction on Samsung in any kind,” So
Oct. 20, 2017
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Market for local foods growing fast on cost, quality benefits
The market for locally grown foods is growing fast, giving benefits to both consumers and farmers by lowering distribution costs, retailers said Friday.E-mart, a leading supermarket chain, said its sales of local foods last year recorded 51.6 billion won ($45.54 million), up from 300 million won in 2008, when they were first introduced on shelves. Sales this year to September already reached 50.5 billion won and are headed to a 30 percent increase from last year in total. (Yonhap)Local foods ar
Oct. 20, 2017
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Samsung heir's imprisonment could affect company in long term: CEO
The imprisonment of Samsung Electronics Vice Chairman Lee Jae-yong could affect the company's operations in the long term, although business is "going well today," an outgoing executive said Thursday.Kwon Oh-hyun, vice chairman and chief executive officer of the South Korean tech giant, met with business leaders in Washington days after announcing his resignation at the end of his term in March 2018."It's a kind of tragedy," he said at the gathering, referring to Lee's imprisonment in connection
Oct. 20, 2017
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[Newsmaker] Seniors growing as main customers for department stores
A department store chain in South Korea said its customers aged 70 and over led a significant growth in sales, indicating a rising trend of older generations picking up the offline retail business.According to department store AK Plaza on Thursday, senior citizens in their 70s showed an average of 15 percent annual growth in sales over the past three years, the largest in any age group.(123rf)“Department stores attract senior citizens in their 70s looking for a place to socialize, and many of th
Oct. 19, 2017
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Incheon Airport named best for 12th consecutive year
Incheon Airport has been named the best airport in the world for the 12th consecutive year by an international airport council, the airport announced Thursday.It is the first airport to win for best airport worldwide at the Airport Service Quality Awards hosted by Airports Council International for 12 straight years. The annual awards are based on interviews with airport visitors who rank the services of each airport. Incheon International Airport Corp. CEO Chung Il-young (right) receives the a
Oct. 19, 2017
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Coupang launches men's grooming store
E-commerce firm Coupang said Thursday it has opened a new store focused on grooming products for men.The store offers over 77,000 products, including shaving, skin care and hair products as well as supplements for weight loss and protein.“As more men care about their appearance, demands of male customers are steadily growing for grooming and workout products,” said a Coupang representative.Promotional image for Coupang's men's grooming store (Coupang)The brands offered include popular brands alr
Oct. 19, 2017
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[Monitor] Cashable assets of conglomerates surge
Cash and cashable assets kept by conglomerates have expanded over the years, by as much as 13 times for Samsung Electronics and five times for Hyundai Motor over the past eight years, data unveiled by Rep. Park Kwang-on of the Democratic Party of Korea showed during a parliamentary audit, Thursday.Between 2008 and 2016, the cashable assets held by the top 100 firms listed on the Kospi market surged 350.8 percent to reach 127.78 trillion won ($112.73 billion).Park contended that accumulating cash
Oct. 19, 2017