Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US military commander in S. Korea during Gwangju uprising dies
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[KH Explains] Why Korea's so tough on short selling
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[Photo News] Seoul seeks 'best sleeper'
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US expert says N. Korea might ignore Trump if he returns to White House
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LG Group celebrates 70th anniv., aims to overhaul core businesses
LG Group Chairman Koo Bon-moo told the group's top executives that overhauling core businesses and finding next-generation drivers of growth are the top priority for the nation's second-largest conglomerate. Koo made the remarks at a meeting with LG's top executives on Thursday as the group marks its 70th anniversary this year, group officials said. LG Group Chairman Koo Bon-moo (Yonhap file photo)Koo did not specify about how he will overhaul the group's core businesses, but the remarks came a
Jan. 20, 2017
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[Weekender] Exports boost Korean confectionary growth
In South Korean’s confectionary industry, Orion’s Choco Pie, Lotte Confectionery’s Xylitol and Pepero as well as Nongshim’s shrimp crackers are all superstars. They are members of the so-called “1 trillion won club” of confectionary brands with accumulated sales of more than 1 trillion won ($848 million) each. These snacks also enjoy overseas popularity, marking a new growth engine for the manufacturers that have been struggling with weakening demand from health-conscious consumers in their home
Jan. 20, 2017
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[Weekender] Nostalgic snacks that still tantalize the Korean palate
Remember the honey butter chip craze? Potato chips flavored with honey and butter were inarguably the greatest hit in South Korea’s confectionary market in 2015. People had lined up in supermarkets in the hope of buying just one pack and some even paid double or triple online just to have the latest snack product delivered home. The honey butter chips phase, however, soon cooled off, as it made way for newcomers that tasted even more interesting and unconventional.Despite these fads, there have
Jan. 20, 2017
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New head of Korean Air vows stability
The new chief of South Korea's largest flag carrier Korean Air said Friday that he will focus on continuing what has been working for his company rather than initiating changes."I have no plan to overturn what we have now just because I newly came into office. Instead, I plan to continue what we have been doing and continue to carry on what my predecessors have been doing," Cho Won-tae told reporters. Cho Won-tae, CEO of Korean Air (Hanjin Group)The 42-year-old took the top post at Korean Air la
Jan. 20, 2017
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Korea to impose anti-dumping duties on Chinese offset printing plates
South Korea is set to impose anti-dumping duties on Chinese-made aluminum plates for offset printing, the trade commission here said Friday, amid rising trade tensions between the two countries.After a preliminary examination, the Korea Trade Commission said it will recommend the finance ministry levy punitive duties of 5.73-10 percent on the Chinese products for underselling Korean products and causing damage to the South Korean market.The finance ministry is to determine whether to actually im
Jan. 20, 2017
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Korea introduces 24-hour capsule hotel at Incheon airport
Small but fully equipped and furnished rooms will begin accommodating passengers at South Korea's Incheon International Airport, providing a private and comfortable place to rest at the bustling airport, the transportation ministry said Friday.The new capsule hotel opened Friday with 30 container-size rooms on each side of the arch-shaped main terminal of the airport, west of Seoul, according to the Ministry of Land, Infrastructure and Transport. The interior of a new capsule hotel introduced at
Jan. 20, 2017
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KT CEO to make keynote speech at annual tech show in Spain
KT Corp.'s chief executive, Hwang Chang-gyu, is expected to address challenges and opportunities facing the mobile industry when he speaks at next month's annual industry fair in Spain.Hwang, head of South Korea's biggest telecom services firm, will make a keynote speech at the Mobile World Congress show, which will begin its five-day run on Feb. 27. KT CEO Hwang Chang-gyu (Yonhap file photo)Details of Hwang's speech were not known, but he is expected to lay out the company's plans for ultra-fas
Jan. 20, 2017
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Lotte set to approve exchange of land for THAAD deployment
South Korean conglomerate Lotte will likely relinquish its golf club in the rural town of Seongju so the land can be used for the deployment of a US air missile defense system, informed sources said Friday, despite possible repercussions for its business in China.According to officials from Lotte Group, Lotte International -- the owner of the Seongju golf club -- is expected to approve an exchange of the club for a piece of land in Namyangju, Gyeonggi Province, currently owned by the military.Th
Jan. 20, 2017
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New orders raise hopes of recovery in shipbuilding sector
A series of new shipbuilding orders in recent weeks have raised hopes of recovery in South Korea's troubled shipbuilding industry, boosted by rising oil prices and a global supply shortage of new ships. Samsung Heavy Industries Co. said this week that it had won a $230 million deal to build a floating storage and regasification ship.This photo shows a floating production unit (Samsung Heavy Industries Co.)Under the deal with Norway-based Hoegh LNG Holdings Ltd., the shipyard will build the vesse
Jan. 20, 2017
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[Weekender] The snack evolution
Snacks, once produced and marketed mostly for children, have become a major consumption item for Koreans of all ages, seeking to munch away their stress with more diverse and healthier options. (Lotte Confectionery)Confectionery companies are driving trends with snacks infused with fruit and tea flavors and made with whole premium ingredients to appeal to health-conscious adults.As these new creations receive positive responses both at home and abroad, manufacturers and distributors are intensi
Jan. 19, 2017
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Samsung avoids the worst, but faces major business delays over probe
Samsung Group heaved a sigh of relief Thursday, as a Seoul court rejected a request by a special counsel to arrest the group’s heir apparent Lee Jae-yong. However, the company expressed concerns over its business prospects, citing the possibility of the ongoing probe continuing to create a leadership vacuum. “The group has avoided the worst-case scenario, but is still facing an ongoing probe and a series of trials afterward. It will take quite a considerable amount of time, possibly suspending n
Jan. 19, 2017
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US FDA lays out expectations on biosimilar interchangeability
The US Food and Drug Administration has released a draft guideline detailing what drug companies must do to obtain “interchangeability” designation for their lower-cost biosimilars referencing biologic drugs. The draft guidance, announced on Jan. 17, presents a clearer, albeit stringent, roadmap for drugmakers seeking to challenge sales of the world’s topselling biologics whose patents have expired, with cheaper alternative biosimilar drugs. For a biosimilar to be judged “interchangeable” with i
Jan. 19, 2017
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Food firms to use imported powdered eggs
Major South Korean baking and confectionery companies will begin using powdered eggs instead of fresh eggs for their products starting next month, industry officials said Thursday.According to the officials, they plan to import a combined 400 tons of powdered eggs from China and the United States in February.The companies include food conglomerate SPC Group which operates bakery brand Paris Baguette, Lotte Confectionery Co., Haitai Confectionery Co. and CJ Group.So far, the local companies have
Jan. 19, 2017
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Lotte founder's daughter gets 3 years for embezzlement, breach of trust
The daughter of Lotte Group's founder was sentenced to three years in prison Thursday on a string of charges, including embezzlement and breach of trust, in the first court ruling made against a family member of the retail giant.The Seoul Central District Court convicted Shin Young-ja, the head of the Lotte Foundation, of receiving bribes from various companies in return for business favors related to Lotte's duty-free shops and department stores for over eight years. In this file photo taken on
Jan. 19, 2017
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More consumers turn to red ginseng to battle fine dust
Cheong Kwan Jang’s various red ginseng products (Korea Ginseng Corp.)Red ginseng products made by Cheong Kwan Jang, a brand of Korea Ginseng Corp., have been recording higher sales on growing demand from a wider range of consumers, including Chinese tourists and children seeking to battle the health effects of fine dust, the firm said Thursday. “Recently, Chinese tourists drop by and purchase a lot of red ginseng products based on information that they are good (for countering the health effects
Jan. 19, 2017
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Department store sales limp on, reminiscent of Japan
Sales at major department stores have been stagnant for the past five years and lack promising elements for a pickup, retail industry data indicated Thursday, leading some analysts to draw comparisons with Japan where the slump continued for 16 years.Industry estimates for last year show 2 percent or less sales growth at leading department stores, a number seen since 2012. Department store sales limp on, reminiscent of JapanLotte is expecting an approximate 2 percent sales increase from the pr
Jan. 19, 2017
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Korea targets Central America's infrastructure projects
South Korea's transportation and construction ministry said Thursday that it is seeking to sign a memorandum of understanding with a development bank in Central America to widen cooperation in building infrastructure in the region.Under the deal, the Ministry of Land, Infrastructure and Transport will share know-how on infrastructure construction, roads and housing with the Central American Bank for Economic Integration. South Korean Finance Minister Yoo Il-ho (L) and Nick Rischbieth, the presid
Jan. 19, 2017
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Court rejects arrest warrant sought for Samsung heir
A Seoul court on Thursday rejected an arrest warrant sought for Lee Jae-yong, Samsung Group's de facto leader, dealing a blow to investigators who have been accelerating the probe into an influence-peddling scandal centered on President Park Geun-hye and her friend. On Monday, an independent counsel team looking into the scandal announced that it sought the warrant against Lee, the vice chairman of Samsung Electronics Co., on charges of bribery, embezzlement and perjury.Lee Jae-yong, vice chairm
Jan. 19, 2017
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Trump factor pushes Korean manufacturers to contemplate factories in US
With the upcoming inauguration of the Donald Trump administration Friday, there are signs among South Korea’s leading manufacturers that they might speed up plans to establish new production facilities in the US.Companies with flagship products that have significant shares in the American market, particularly home appliances, have been facing increased pressure from the incoming US president, who has openly vowed protectionism. (Yonhap)Most recently, Hyundai Motor, the country’s top automaker, o
Jan. 18, 2017
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HHI and SHI win patent lawsuit against DSME
Hyundai Heavy Industries and Samsung Heavy Industries have won a lawsuit filed against their competitor Daewoo Shipbuilding & Marine Engineering, overturning the first ruling, according to industry sources Tuesday. The Patent Court of Korea on Friday concluded that DSME’s two patents involving liquefied natural gas cargo boil off gas (BOG) re-liquefaction technology are indistinguishable from the existing technology and therefore the patents registration by DSME was annulled.
Jan. 18, 2017