Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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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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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Lotte founder likely to lose board seat at key unit this week
The founder of South Korea retail giant Lotte Group is expected to lose his seat in the boardroom of a crucial affiliate in the group's governance structure, industry sources said Friday.Lotte Holdings Co., the holding firm for the group's Japanese affiliates, is known to have decided to approve the resignation of Shin Kyuk-ho as a board member during its shareholders meeting at its headquarters in Tokyo on Saturday, according to the sources. The firm's board of directors did not propose an exte
June 23, 2017
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Samsung launches high-end QLED TVs in Brazil
Samsung Electronics Co. said Friday it has showcased its premium QLED TVs in Brazil in line with its ongoing efforts to tap deeper into the Latin American market.The South Korean tech giant first introduced the QLED TV in Mexico earlier in April, with its presence being gradually expanded to other countries, such as Panama and Colombia. Brazil takes up around 40 percent of the region's TV market.Brazil saw its TV market grow 13 percent on-year over the January-April period, with the market for U
June 23, 2017
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Ice sales rise in recent years due to ever-rising summer temps
South Korea's ice market has risen dramatically in recent years, industry sources said Friday, amid ever-rising temperatures during the summer months.The market size will likely surge to 40 billion won ($35 million) this year, up from 30 billion won last year, the sources said.GS25, the second-largest convenience store chain in the country, said sales of ice jumped 30 percent in recent weeks from a year earlier. Ice sales were four times higher than those for bottled water in June, a GS25 offici
June 23, 2017
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LG Uplus to provide home IoT solutions to families of fallen soldiers
LG Uplus Corp. said Friday it plans to provide home Internet of Things solutions for families of soldiers that died in an inter-Korean naval clash in 2002.South Korea's No. 3 mobile carrier said the move is designed to pay respects to the fallen soldiers and to add convenience to the everyday lives of the victims' families.The exchange of fire between the two Koreas took place on June 29, 2002, near Yeonpyeong island, just 120 kilometers west of Seoul, killing six soldiers and wounding 19 others
June 23, 2017
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Samsung speeds up VR biz in US
Samsung Electronics Co., South Korea's top tech firm, is accelerating its move to boost its virtual reality business in the United States by recruiting experts and joining ties with new partners, industry sources said Friday.According to the sources, Silicon Valley-based Samsung Research America recently hired five experts of VR technology in line with its new business strategy.Earlier this week, Samsung also clinched ties with U.S. Major League Baseball to provide fans with various VR content,
June 23, 2017
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Air Seoul expects to turn profits starting 2018
Low-cost carrier Air Seoul expects to start making profits from next year, according to the airline’s CEO on Thursday.“We have completed putting in place the basic infrastructure for operations, so the cost of adding new routes will go down,” said Air Seoul’s President and CEO Ryu Kwang-hee at a press conference aboard an Air Seoul airplane at the Asiana Airlines hangar at Incheon Airport.“We began operations eight years later than other low-cost carriers, and the airline industry has changed si
June 22, 2017
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SPC Group to open third flagship store in Seoul
The third flagship store of SPC Group, South Korea’s leading food manufacturer and distributor, will open next month with added characteristics of varied menus and entertainment services, the company said Thursday.The importer of Korea’s latest eatery hit, Shake Shack Burger, will open the store in Cheongdam-dong, just above the second location of the premium burger chain in the city.Moving to maximize the attractions for throngs of visitors coming to the posh southern Seoul area, Italian restau
June 22, 2017
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Korea likely to raise electricity bill as it retires nuclear reactors: sources
South Korea is poised to follow Germany and Japan in raising power rates as it retires old nuclear power reactors and makes a switch to eco-friendly renewable energy, industry sources said Thursday.South Korea shut down its oldest Gori-1 nuclear power plant in the southeastern port city of Busan Monday as the newly launched liberal Moon Jae-in administration has pledged to close aged nuclear reactors and coal-fired power plants. The move is popular with many people and environmentalists but has
June 22, 2017
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[Herald Interview] Samsung BioLogics to start drug development service
SAN DIEGO -- Samsung BioLogics, the contract drug manufacturing arm of South Korea’s Samsung Group, is planning to provide development support services to small-sized pharmaceutical firms, as it looks to expand the scope of its business.Samsung BioLogics CEO Kim Tae-han said Tuesday local time that the company would “extend its business scope into the field of (drug) development services” to widen its portfolio beyond producing biologic drugs on behalf of clients.“Now that we’ve secured global c
June 21, 2017
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Korean airports hurt by China's package tour ban over missile row
South Korea's provincial airports are still coping with the drop in passenger traffic due to China's ban on package tours over a diplomatic row linked to the deployment of an advanced anti-missile system, industry sources said Wednesday. China has for the past months also restricted imports of a number of South Korean-made goods, and forced most of the 99 stores of Lotte Mart, the discount outlet chain of Lotte Group, operating in China to close, citing violations of safety regulations. (Yonhap)
June 21, 2017
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SK Planet rumored to be splitting off 11st
SK Planet is rumored to be pursuing a split of its online open market platform 11st to create a new joint company with one of Korea’s major retailers as profits continue to fall, according to industry sources Wednesday.The rumors come as the e-commerce market in general struggles to keep up with intensifying competition. Despite growing transactions online, e-commerce players are finding it difficult to stay profitable as they battle for advantages in delivery services and price competitiveness.
June 21, 2017
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Opening of Incheon Airport’s 2nd terminal likely to be delayed
Incheon Airport’s second terminal, which was originally slated to open this year, may push back its opening to after the PyeongChang Winter Olympics next February.According to a spokesperson at the airport corporation Wednesday, the airport is weighing the pros and cons of opening the terminal within the year or after the PyeongChang Games. A mockup of Incheon International Airport's second terminal currently under construction (Incheon International Airport)“It is technically possible to operat
June 21, 2017
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Cigarette tax revenues to reach W57tr over next 5 years
A sharp increase in cigarette excise taxes that went into effect during the previous administration is expected to bring in over 57.2 trillion won ($50 billion) in taxes during the Moon Jae-in administration, according to data from a non-governmental organization Wednesday. The Korea Taxpayers’ Association said that based on cigarette sales data through to April, it estimated that 3.52 billion packs of cigarettes would be sold this year in Korea, with taxes applicable to 3.45 billion packs to
June 21, 2017
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Korea's tallest skyscraper receives eco-friendly certification
South Korea's tallest skyscraper built by retail giant Lotte Group received a green building certificate from a U.S.-based environment organization, Lotte Corp. said Wednesday.The 123-story Lotte World Tower received a Gold rating in the US Green Building Council's Leadership in Energy and Environmental Design system, the conglomerate said. LEED is a green building rating system that gives certifications based on various criteria from energy efficiency to indoor environmental quality, the USGBC
June 21, 2017
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Lineage M tops grossing app in Korea
NCsoft Corp., a South Korean online gamemaker, said Wednesday the mobile version of its mega-hit game "Lineage," "Lineage M," ranked as the No. 1 mobile application in terms of sales."Lineage M" became the most popular app both in the Google Play Store and Apple's App Store in South Korea, within seven hours of its launch, the company said. (Photo courtesy of NCsoft Corp.) (Yonhap)The new "Lineage M" features a very high degree of visual resolution, yet brings back the classic "Lineage" game by
June 21, 2017
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Hyundai E&C wins W270b orders from Singapore
Hyundai Engineering & Construction Co., a major construction company here, said Wednesday it has won two reclamation projects worth a combined 270 billion won ($236 million) from Singapore.In a 184 billion won deal placed by Juron Town Corp., Hyundai E&C will build a dock in the western sea of Tuas after working on the reclamation process for 57 months starting in July, the company said in a statement. In the other 84 billion won project by the Housing and Development Board, the South Korean bui
June 21, 2017
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Samsung BioLogics turns to development service: CEO
SAN DIEGO — Samsung BioLogics, the contract drug manufacturing arm of South Korea’s Samsung Group, is planning to provide development support services to small pharmaceutical firms.Samsung BioLogics CEO Kim Tae-han said Tuesday that the company would “extend its business scope to into the field of (drug) development services” to widen its business portfolio beyond contract manufacturing.Samsung BioLogics CEO Kim Tae-han speaks at a press conference held in San Diego on Tuesday. (Samsung BioLogic
June 21, 2017
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Demand for ICs for handsets set to beat PCs
The combined demand for integrated circuits used in handsets is expected to surpass that of personal computers this year, industry watchers said Wednesday.The IC sales for hand-held mobile devices are projected to reach US$84.4 billion in 2017, up 16 percent on-year, the report released by industry tracker IC Insights showed. In contrast, that of PCs is anticipated to move up 9 percent to reach $80.1 billion, it added. (Yonhap)"The ongoing slump in shipments of standard personal computers, along
June 21, 2017
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Korean companies eye opportunities as US biotech conference begins
SAN DIEGO — The 2017 Bio International Convention officially kicked off in San Diego, California, on Monday, bringing together thousands of biotech professionals from around the world to exchange knowledge and engage in dialogue over new industry trends and issues.In its 24th year, the four-day conference hosted annually by the Biotechnology Innovation Organization is considered one of the world’s biggest biotech and pharmaceutical industry events. This year’s edition, themed “Breakthrough,” is
June 20, 2017
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Korea to abolish FTC's exclusive rights to prosecute fair trade violations
South Korea's presidential policy advisory panel said Tuesday that within the next five years it will abolish the country's antitrust watchdog's exclusive rights to file a complaint with the state prosecution for any fair trade violations."We will remove the Fair Trade Commission of its exclusive authority to file complaints during the Moon Jae-in government's five-year term," said Park Kwang-on, the spokesman for the State Affairs Planning Advisory Committee. "We will set up a task force team t
June 20, 2017