Most Popular
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[H.eco Forum] H.eco Forum calls for transition to clean, carbon-free energy
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[Exclusive] LACMA admits it needs further research on donated Korean paintings
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Russia likely offering N. Korea technology aid to expand threats to US, others: Pentagon official
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[Bridge to Africa] Africa-Korea partnership: Why it matters for future
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[Herald Interview] Korean adoptees embark on journeys to find roots
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[Graphic News] Medical tourists visiting Korea reach record high
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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Revote on Marine probe bill to be held next week
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Illit’s agency sues Ador CEO Min Hee-jin for defamation
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Chaebol in contingency mode amid state power vacuum
South Korea’s leading conglomerates over the weekend prepared to go into contingency mode after the country’s parliament passed a bill to impeach its president Friday. Major businesses are planning to postpone or execute in a conservative manner important investment and restructuring plans for next year until the nation’s Constitutional Court announces its ruling on the impeachment bill, which is expected to take six months at the longest. December is usually a crucial month for most companies t
Dec. 11, 2016
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US beef imports soar 47% on cheaper price
(Yonhap)The volume of imported beef from the US hiked 47 percent on-year, between January and October this year, poised to take over the Korean market due to its cheaper selling price, government data showed Sunday.According to data by Korea Customs Service and the US Meat Export Federation, the total volume of import beef rose 28.4 percent year-on-year, totaling 320,219 tons, in the cited period.Among imported beef, that from the US made up 131,466 tons, up 47.6 percent on-year, while imports f
Dec. 11, 2016
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[Monitor] Housing costs keep employed youths at home
South Korea’s rising house prices discourage millennials from setting out on their own even after they land jobs, a survey showed Sunday.According to a survey by Job Korea, 52 percent said they lived with parents due to expensive house prices. Another 20 percent said they would rather save up a lump sum by saving on housing costs and daily expenditure. The survey was conducted on 1,061 people in their 20s and 30s. House prices in Seoul averaged 606.5 million won ($518,000) this year, according t
Dec. 11, 2016
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Hyundai Heavy inks $700 million deal with Iranian firm
Hyundai Heavy Industries Co., a major shipyard in South Korea, said Sunday it has sealed a $700 million deal to build 10 vessels for an Iranian firm.Under deal with Islamic Republic of Iran Shipping Lines, Hyundai Heavy will build four container ships and six petrochemical carriers. The ships will start being delivered in 2018, the company said. A US$700 million contract-signing ceremony is held at Hyundai Heavy Industries Co.'s headquarters in downtown Seoul on Dec. 9, 2016. (Courtesy of Hyunda
Dec. 11, 2016
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Samsung head's stock value jumps 29% this year
The head of Samsung Electronics Co. saw the value of his stock holdings surpass 14 trillion won ($12 billion), rising by 29 percent this year, as the flagship unit of the country's top conglomerate Samsung has continued to rally, industry sources said Sunday.According to the data compiled by industry tracker Chaebul.com., the combined value of stocks held by Chairman Lee Kun-hee was tallied at 14.44 trillion won as of Friday, up 28.9 percent, or 3.23 trillion won, since Jan. 4.Lee owns 3.52 perc
Dec. 11, 2016
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Conglomerates linked to alleged bribery on alert
Korean conglomerates embroiled in bribery allegations are on alert after the embattled President Park Geun-hye was impeached in a parliamentary vote Friday.Seven business moguls were included in the impeachment motion proposed by three opposition parties, on claims they donated money to the Mir Foundation run by Park’s close friend, Choi Soon-sil, after meeting with the president. The motion also mentions Samsung C&T Corporation and its controversial merger with Cheil Industries, as well as SK a
Dec. 9, 2016
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Posco chairman seeks another term
Posco Chairman Kwon Oh-joon will seek another three-year term as the head of the nation’s largest steelmaker, officials said Friday.At a board meeting held in the afternoon, Kwon has told Dongwon Industries Chairman Lee Myung-woo that he would seek another term. Kwon’s term ends in March. Posco Chairman Kwon Oh-joon (Yonhap)“To complete policies that I have been pushing for the last three years, I express my will to serve another term as a chairman,” he was quoted as saying by officials. By Cho
Dec. 9, 2016
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Lotte World Tower completed
(Seoul Metropolitan Government)The 123-story Lotte World Tower has completed construction, and Lotte has applied to the Seoul Metropolitan Government for a permit to open the “2nd Lotte World,” including the tower, to the public. The inspection by city officials, specialists and citizen panels is expected to take over a month. If the permit goes through, the 555-meter-high building will be the tallest in Korea. (hjwon@heraldcorp.com)
Dec. 9, 2016
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Impeachment brings uncertainty for foreign companies
Foreign companies are cautiously watching the economic climate in Korea as the impeachment of President Park Geun-hye by the National Assembly brings uncertainty over policy direction in the future.With no way to ascertain how the change in leadership will affect economic policies, foreign companies operating in Korea remained wary about making definite plans or decisions affecting their operations here. National Assembly Speaker Chung Sye-kyun declares the motion to impeach President Park Geun-
Dec. 9, 2016
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Korea's imports of US beef soar 48% this year
South Korea's imports of US beef jumped 47.6 percent on year in the first 10 months of this year, data showed Friday, partly because of a falling demand for pricey Korean beef amid the implementation of an anti-graft law. Imports of foreign beef are expected to further rise after the anti-graft law took effect in September this year, which limits spending on gifts. Boxed sets of domestic beef, known as "hanwoo" have been popular gifts for the traditional holiday seasons, but their high prices ma
Dec. 9, 2016
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Drug firms benefit big from lucrative units
Some pharmaceutical companies in South Korea chalked up strong sales in the first nine months of this year on the back of their moneymaking subsidiaries, industry sources said Friday.Consolidated sales of Kwangdong Pharmaceutical Co. are expected to exceed the 1 trillion-won mark this year for the first time in its history, bolstered by the rapid growth of its maintenance, repair and overhaul (MRO) unit Korea e-Platform.Kwangdong Pharmaceutical's consolidated top line reached 791.2 billion won (
Dec. 9, 2016
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Railroad employees return to work after 74-day walkout
South Korea's unionized railway workers will end their 74-day-long strike and return to work Friday, while vowing to continue their protest against the implementation of a performance-based pay system.The Korean Railway Workers' Union said it will end the walkout as of 2 p.m., concluding its longest-ever railway strike that began with subway services unions on Sept. 27. The strike was the first joint effort by railway-related workers in 22 years, though the subway workers ended their strike with
Dec. 9, 2016
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[Reporter's column] Lee Jae-yong’s bitter debut
In the eyes of South Koreans, Samsung Electronics Vice Chairman Lee Jae-yong has it all. Born to a father who turned Samsung into a global company and a mother from the nation’s bureaucratic elite, Lee was raised and educated entirely to inherit the electronics empire along with the task of keeping the family legacy. For years since his succession started in the mid-1990s, he has been widely perceived as the heir apparent to the nation’s largest conglomerate. But not many knew much about the man
Dec. 8, 2016
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Candlelight vigils spark increase in card use in central Seoul
Card usage at Gwanghwamun Plaza and the surrounding area rose 24 percent on-year, flagging 1.08 million transactions on the back of the six Saturday rallies against President Park Geun-hye, data by KB Kookmin Card showed Thursday. (Yonhap)In the latest protest on Dec. 3, a record high of over 2.32 million people took to the streets nationwide, calling on President Park to immediately resign over her involvement in the influence-peddling scandal.Card usage at fast food stores in Seoul’s Jung-gu a
Dec. 8, 2016
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KT&G shares winter goods
KT&G CEO Baek Bok-in (right) delivers briquettes to poor households in Gaepo-dong in Gangnam, Seoul, Wednesday. (KT&G)Baek Bok-in, CEO of KT&G, joined company staff to deliver coal briquettes, winter tents and other winter supplies for low-income households in Gaepo-dong in Gangnam, Seoul, the company said Thursday. Korea’s largest cigarette maker KT&G plans to share 962 million won ($830,000) worth of winter supplies, including 2,000 sets of indoor winter tents, it added.“Many people are having
Dec. 8, 2016
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Samsung BioLogics' Kospi debut boosts owner family’s assets
Making a sensation as a contract manufacturing organization (CMO) in the biopharmaceutical industry, Samsung BioLogics has become one of the nation’s most promising biopharma giants, thereby helping boost the assets of Samsung’s owner family.The 5-year-old biopharma subsidiary that was launched with strong backing of Samsung affiliates, the company debuted on Kospi on Nov. 10 and gained 10 trillion won ($8.6 billion) market cap three days later.Following the listing, the Lee family’s share value
Dec. 8, 2016
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Choi scandal won’t affect duty-free licensing plans
Korea‘s customs service finalized plans Thursday to grant the next round of duty-free licenses next week, despite growing pressure to change the schedule amid a political scandal that has also spilled over to the duty-free project.The Korean Customs Service alerted bidders for new licenses that the evaluation of their presentations would take place over three days, from Thursday to Saturday next week. Lotte World Tower in souther Seoul, where Lotte would re-open a duty-free store if granted a l
Dec. 8, 2016
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Breakdown of Hyundai Motor chief’s sons-in-law
Gil Sung-jin, son of Korea’s veteran TV personality Gil Yong-woo, officially joined the family of one of South Korea’s top business tycoons Chung Mong-koo, chairman of Hyundai Motor Group, on Oct. 11. He married Chung’s 29-year-old granddaughter Sun A-young at Myeongdong Cathedral in central Seoul under the media’s spotlight.A marriage in the chaebol family has always been a subject of interest for the public, partly for the glamour and more so for the anticipated development in the succession o
Dec. 8, 2016
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Johnson & Johnson affirms ‘strong partnership’ with Hanmi over new diabetes drug
Johnson & Johnson said Thursday its partnership with Hanmi Pharmaceutical over a novel diabetes drug licensed out by the South Korean drugmaker “remains strong,” seeking to ease concerns over the drug’s halted clinical trials in the US.According to the US National Institutes of Health’s ClinicalTrials.gov, J&J’s subsidiary Janssen Pharmaceutical had “suspended participant recruitment” for phase 1 clinical trials of JNJ-64565111.The Hanmi Pharmaceutical headquarters in southeastern Seoul(The Kore
Dec. 8, 2016
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Gov't plans additional aid for companies forced out of Kaesong complex
South Korea will provide 6.6 billion won ($5.7 million) in financial assistance to companies struggling with losses from their investments in the shuttered industrial complex in North Korea, the unification ministry said Thursday.The government plans to deliver 5.1 billion won to companies that withdrew their businesses from the Kaesong Industrial Complex to help offset their investment losses and 1.5 billion won to the workers in compensation, according to the Ministry of Unification. The addit
Dec. 8, 2016