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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Actors involved in past controversies return first via streaming service originals
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GM Korea chief says will reach double-digit market share in 2017
GM Korea Co., the South Korean unit of US automaker General Motors Co., will again see domestic sales grow this year, its CEO James Kim said Tuesday, adding he was confident the company's market share will breach the 10-percent mark for the first time in a decade."I believe we will do better in 2017 than we did last year," Kim said at a media event held here to introduce the all new Cruze compact car. James Kim, CEO of GM Korea, poses for a picture at a media event held in Seoul, South Korea on
Jan. 17, 2017
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BMW, Mercedes Benz compete for bestseller car title in Korea
The Korean units of BMW and Mercedes Benz are expected to compete for this year's bestseller title, with the former hoping to reclaim the crown, industry officials said Tuesday.BMW has gotten off to a good start, receiving more than 1,000 pre-orders in a week for the 7th generation 5 series due out in South Korea in mid-February. The latest model is semi-autonomous, is about 100 kilograms lighter and has better stated fuel efficiency, the company has said. The local unit is offering a promotiona
Jan. 17, 2017
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Daewoo Shipbuilding CEO grilled over accounting fraud
The head of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. was questioned by prosecutors Tuesday over allegations the company cooked the books to cover up its losses. Jung Sung-leep, 66, appeared before the Seoul Central District Prosecutors' Office as a suspect on charges of violating the Act on External Audit of Stock Companies. Jung, who took office in May 2015, is suspected of ordering the company to underreport some 120 billion won ($101 million) in business losses that year, de
Jan. 17, 2017
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Govt. to spend additional W170b to support bird flu-hit farms
The South Korean government on Tuesday endorsed a plan to spend an additional 168.7 billion won ($142.2 million) to support local farmers who have been suffering from massive losses stemming from the worst outbreak of avian influenza in the country, the finance ministry here said.The government earlier came up with a program to give 237.3 billion won in subsidies to poultry farms since the first avian influenza case was reported in the country on Nov. 17, 2016. So far, more than 30 million chick
Jan. 17, 2017
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GM Korea unveils all new Chevrolet Cruze
GM Korea Co., the South Korean unit of US automaker General Motors Co., introduced the all new Chevrolet Cruze here Tuesday, calling it the first of its kind in what it said will be a brand new segment of semi-mid size cars.The new Chevrolet Cruze has the longest body among all compact cars, while its design and performance will make it a premium sedan that will upgrade the entire segment of compact cars to the next level, the company said in a press release."The all new Cruze is built and desig
Jan. 17, 2017
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Samsung's Lee faces arrest on suspicion of bribery
After days of review, a special investigation team sought an arrest warrant for Samsung heir apparent Lee Jae-yong on Monday, initiating a long and high profile legal battle over his alleged shady business exchanges with President Park Geun-hye and her longtime friend Choi Soon-sil.The team, led by Special Counsel Park Young-soo, said it has requested a local court issue the warrant for Lee, the de facto leader of the nation’s largest conglomerate, on suspicion of providing financial assistance
Jan. 16, 2017
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Post, Severance Hospital mark higher customer satisfaction
Korean companies showed higher customer satisfaction last year, according to the Korea Productivity Center, with Korea Post and Severance Hospital topping the list for their respective industries.The overall National Consumer Satisfaction Index for 2016 rose 0.6 point from the previous year to reach 74.4 points, the highest since the index was first compiled in 1998. (NCSI)Sponsored by the Ministry of Commerce, Industry and Energy, the annual report surveyed 73 industries and 314 companies using
Jan. 16, 2017
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Hyosung heir officially takes helm
Hyosung Group Chairman Cho Hyun-joon, the eldest son of former Chairman and current CEO S. R. Cho, has officially taken the helm of the Korean textile giant as of Monday. The 49-year-old chairman, who was promoted to the top post on Dec. 29, had an inauguration ceremony at the company’s head office in Mapo, Seoul, after paying respects to the late Hyosung founder Cho Hong-jai at his grave in Goyang, Gyeonggi Province, the company said. Cho Hyun-joon, chairman of Hyosung GroupThe handover of pow
Jan. 16, 2017
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Online open markets repositioning as shopping hubs
Online open markets in Korea are positioning themselves as shopping hubs. Through extensive partnerships with conventional offline retailers such as department stores and grocery retailers, major open markets including eBay Korea‘s Gmarket and Auction platforms as well as SK Planet’s 11st are giving consumers access to low-priced, unique products offered by individual sellers as well as branded products that would normally be available only offline.“Partnering with major distributors and brands
Jan. 16, 2017
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Arrest warrant sought for Samsung heir over bribery charges
After days of review, a special investigation team sought an arrest warrant for Samsung heir apparent Lee Jae-yong on Monday, initiating a long and high profile legal battle over his alleged shady business exchanges with President Park Geun-hye and her longtime friend Choi Soon-sil.The team, led by Special Counsel Park Young-soo, said it has requested a local court issue the warrant for Lee, the de facto leader of the nation’s largest conglomerate, on suspicion of providing financial assistance
Jan. 16, 2017
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Exports of industrial parts, materials shrink in 2016
South Korea's exports of industrial parts and materials slipped last year from a year earlier due to weak global demand, government data showed Monday.Outbound shipments of industrial parts and materials fell 4.8 percent on-year to $251.9 billion, accounting for a record 50.8 percent of the country's overall exports last year, according to the data collected by the Ministry of Trade, Industry and Energy.Exports of industrial parts dropped 5.5 percent on-year to $177.2 billion, with shipments of
Jan. 16, 2017
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Korean flag carriers set to introduce new aircraft
South Korea's two largest commercial airlines plan to introduce new aircraft this year, market sources said Monday, providing a chance to fly in the latest and most advanced aircraft, as well as enhanced overall flight safety by replacing aged aircraft.Local industry leader Korean Air Lines Co. is set to introduce Boeing's latest B787-9 Dreamliner in March, along with the CS300 in June.The B787 is a midsize jet airliner with up to 290 seats, and will likely be operated on routes to and from Los
Jan. 16, 2017
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Samsung to release results of Galaxy Note 7 probe Jan. 23
Samsung Electronics Co. plans to announce the results of its investigation next Monday into what caused the Galaxy Note 7 smartphones to overheat and catch fire, company officials said Monday. Details of the results were not known. However, a failure in the inspection and measurement of the batteries used in the Note 7 is believed to be blamed for the problem, despite the Note 7's ambitious design with advanced features such as an iris scanner and curved display.An industry observer said Samsung
Jan. 16, 2017
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[HERALD INTERVIEW] ‘Time to tap China’s explosive carbon market’
With global pressure mounting on South Korea to reduce greenhouse gas emissions, it is now time for Korean companies to tap China’s emissions trading market, which will be 20 times bigger than the Korean one, a climate change expert said.Kim Sung-woo, regional head of KPMG’s climate change and sustainability in Asia Pacific, predicted Beijing would launch a nationwide emissions trading scheme in the second half of the year.“China’s seven provinces have already launched pilot markets and they wil
Jan. 15, 2017
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Counsel delays decision on warrant for Samsung heir
Special investigators Sunday delayed a decision to seek an arrest warrant for Samsung Electronics Vice Chairman Lee Jae-yong by one more day in its probe over alleged shady business exchanges between the company’s heir apparent and President Park Geun-hye.“We are not going to decide today whether to seek the warrant,” said an official from the special investigation team looking into the corruption allegations involving Park and her longtime friend Choi Soon-sil.The team said the decision will be
Jan. 15, 2017
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Samsung Bioepis-AbbVie Humira patent trial in UK to start Monday
The UK High Court of Justice will commence Monday its trial on Samsung Bioepis and Biogen’s lawsuit against AbbVie and its patents for its top-selling rheumatoid arthritis drug Humira, according to official court documents obtained by The Korea Herald. Japanese drugmaker Fujifilm Kyowa Kirin Biologics (FKB) will also be taking on AbbVie in the same trial, as a claimant siding with Samsung Bioepis and Biogen. According to a ruling by Justice Henry Carr last month, which was made available on the
Jan. 15, 2017
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Korea’s R&D workforce at carmakers falls far behind Germany
The number of research and development workers at South Korean carmakers fell far behind that of Germany last year, industry data showed Saturday, casting doubts on the sustainability of the local car industry.The number of workers engaged in the R&D sector at automakers hovered below 20,000 in South Korea last year, accounting for only one fifth of the number of their counterparts in Germany, showed data from the Korea Institute for Industrial Economics & Trade. R&D workers at Germany’s carmake
Jan. 14, 2017
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Yuhan-Kimberly wet wipes recalled for excessive methanol
The South Korean Ministry of Food and Drug Safety said Friday that it will recall 10 wet wipe products manufactured by Yuhan-Kimberly, as they contain excessive methanol. “We have confirmed that some of Yuhan-Kimberly’s wet wipes were unintentionally manufactured to contain between 0.003 to 0.004 percent methanol, which exceeds the permitted 0.002 percent,” the ministry said.“As a result, we are ordering a sales freeze and recall of 10 of Yuhan-Kimberly’s wet wipe products.”Of the 10 affected pr
Jan. 13, 2017
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Small beauty brands lead change in cosmetics market: report
Small but customized cosmetics brands are gaining competitiveness against bigger multinational brands, changing competition trends in the global cosmetics market, a report said Friday. According to a report by LG Economic Research Institute, small cosmetics brands with unique concepts and customized solutions for particular segments of customers are gaining popularity globally as they spread across online platforms. “Digitalization and customization are major factors that are leading the cosmeti
Jan. 13, 2017
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Hyundai Motor Group seeks to freeze salary of senior office workers
Hyundai Motor Group, South Korea's largest automotive group, plans to freeze the wages of its officials in managerial posts, company officials said Friday.The wage freeze, if taken, will be the first of its kind since 2009."The company is already taking emergency measures to overcome many difficulties, such as an economic downturn, slowing sales and a drop in operating profit, while company executives have voluntarily cut their own wages by 10 percent," the group said in a recent e-mail sent to
Jan. 13, 2017