Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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Government to build new highway by 2025
The South Korean government said Thursday that it will build a new highway linking Seoul and the country's administrative capital by 2025 in a bid to reduce traffic congestion on existing roads.At a meeting of economy and finance-related ministries, the government decided to inject 6.7 trillion won ($5.74 billion) to build the 129-kilometer highway between the capital city and Sejong City, home to 36 government agencies.The government will finance 1.4 trillion won and raise 5.3 trillion won from
Nov. 19, 2015
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Design events flourish in Korea
Korea has shared much talk about design and its utilities during a series of major global design events in and around Seoul over the past month.The first function took place last month in Daegu, the nation‘s third-largest city, with the theme of design as a means of improving the quality of life.On the sidelines of Design Week in Daegu, local industries showcased products in public, medical and renewal design.Experts said the Daegu design event served as a platform where local design companies,
Nov. 18, 2015
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Science Ministry to inject W80b for biotech growth
South Korea’s Ministry of Science, ICT and Future Planning on Tuesday announced plans to inject a total of 80 billion won ($68.3 million) into nurturing 10 prospective companies in the country’s up-and-coming biotechnology health care sector.Over three years, the ministry, in conjunction with the Health Ministry, plans to hand out 40 billion won to four local biopharmaceutical firms focused on developing cell and gene therapeutics ― Kolon Life Science, Genexine, Medipost and SillaJen. First Vice
Nov. 18, 2015
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Samsung, SK hynix post record-high inventory assets
As South Korea’s exports continue to plunge, the country’s leading electronics firms posted record-high inventories as of the end of the third quarter.Though it does not entirely reflect the volume of its finished products, higher inventory signals fewer goods sold. (Yonhap)Samsung Electronics, the nation’s leading smartphone manufacturer, posted roughly 22.84 trillion won ($19.4 billion) in inventory assets, the largest amount to date, according to the company’s regulatory filings.“Samsung Ele
Nov. 18, 2015
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STX Offshore seeks 800 layoffs by 2016
Cash-strapped STX Offshore & Shipbuilding has proposed drastic restructuring measures to its labor union in order to avoid court receivership, sources said Wednesday.They noted that STX chief executive Lee Byung-mo plans to ensure the company’s survival by slashing 800 jobs, or 30 percent of its workforce of around 2,600, and cutting salaries by 10 percent. He also seeks to drastically streamline the organizational structure. In a recent email to employees, Lee said that restructuring is “the on
Nov. 18, 2015
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Korean PC sales dip below 1 mn mark in Q3
South Korea's domestic sales of PCs fell below 1 million units in the third quarter, marking the first time for the quarterly figure to fall below that mark in 10 years, industry data showed on Wednesday.According to data compiled by IDC Korea, South Korea's sales of PCs came to 990,000 units in the July-September period, down 4.6 percent from a year earlier. Of that amount, laptops accounted for 460,000 units.The July-September figure marked the lowest since the 920,000 units posted in the seco
Nov. 18, 2015
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New duty-free stores raise hope for sluggish traditional markets
As Shinsegae and Doosan won the golden tickets to open their first duty-free stores in Seoul with big investment pledges, eyes are now on how they will deliver on their promises to draw foreign tourists and revitalize the slump in traditional markets.Retail giant Shinsegae and Doosan, a heavy industries conglomerate, have won the tightly contested race to take over two licenses from Hotel Lotte and SK Networks, while Lotte managed to keep its main store in the downtown capital.While the new cont
Nov. 18, 2015
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Samsung smartphones top emerging markets in Q3
South Korea's tech behemoth Samsung Electronics Co. topped major emerging smartphone markets in shipments, data showed Wednesday, in line with its latest efforts to tap deeper into Southeast Asia.According to the data compiled by Strategy Analytics, the South Korean handset maker ranked No. 1 in 14 of what it calls the "next fifteen" countries over the July-September period.Samsung Electronics far outpaced other rivals in Egypt and Turkey, where it accounted for 53.6 percent and 45.2 percent of
Nov. 18, 2015
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Koreans' overseas card spending inches down in Q3
Overseas credit card spending by South Koreans dipped slightly from three months earlier in the third quarter despite a slight increase in the number of people going overseas, central bank data showed Wednesday.In the three months ended Sept. 30, overseas credit card spending totaled $3.3 billion, down 0.5 percent from $3.32 billion in the second quarter, according to the data compiled by the Bank of Korea.The Q3 tally marks a 3.1 percent on-year gain from $3.2 billion in the third quarter of 20
Nov. 18, 2015
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[SUPER RICH] Aekyung Group gains big as Jeju Air goes public
Aekyung Group’s low-cost carrier Jeju Air went public on Nov. 6, 10 years after its establishment, increasing the assets of the the midsize retailer and household goods conglomerate’s controlling family.Jeju Air debuted on the nation’s main bourse KOSPI at 48,100 won ($41.16) per share.Affiliates of Aekyung Group own a combined stake of 67.5 percent in Jeju Air -- with AK Holdings having 57.2 percent and Aekyung Co. 10.26 percent.As regards AK Holdings, group family members and its affiliates co
Nov. 17, 2015
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Lotte, SK Networks face tough road after losing duty-free licenses
The failure of duty-free operators to get their licenses renewed for operating stores in Seoul is taking its toll on their staff and location management, sources said Tuesday. People walk past the Lotte Duty Free store at Lotte World Tower in Gangnam, Seoul. (Yonhap)Korea’s top duty-free operator Lotte and SK Group subsidiary SK Networks have to close their lucrative duty-free stores ― one each ― after the government chose to give the license to rival bidders Shinsegae and Doosan last week. To m
Nov. 17, 2015
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[SUPER RICH] Pharma king shakes up superrich rankings
There is a new entrant in the ranks of Korean superrich.Hanmi Pharmaceutical founder and chairman Lim Sung-ki became a prominent superrich as the company signed licensing agreements with several global pharmaceutical companies this year, including Belgium-based Janssen Pharmaceutica and France-based Sanofi.The multibillion-dollar licensing agreements caused the shares of Hanmi Pharmaceutical and its parent company Hanmi Science to skyrocket. Stocks of Hanmi Pharmaceutical closed at 755,000 won (
Nov. 17, 2015
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Entrepreneurship key to growth in ‘platform’ economy
The start-up fever may be spreading fast across the globe, but is yet to fully blossom in Korea and needs to be encouraged, according to a leading expert. “According to the 2016 Global Entrepreneurship Index, which was released last week, Korea needs to encourage competition and provide more opportunities (to spread entrepreneurship among young people),” Timo Nyberg, a senior fellow of Aalto University in Finland, said in a recent interview with The Korea Herald. The index, compiled by U.S.-base
Nov. 17, 2015
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[Photo News] Philips enhances partnership with Korean hospitals
Philips enhances partnership with Korean hospitals -- Willem Rozenberg (second from left, front row), senior director of Philips, poses with Jung Dae-soo, president of Pusan National University Hospital, and other staff, after signing on for a partnership for the development of the Korean medical industry. (Philips Korea)
Nov. 17, 2015
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POSCO ICT seeks to export baggage handling system
POSCO ICT, a subsidiary of South Korea’s leading steelmaker POSCO, said Tuesday it will begin efforts to export its baggage handling system to countries like China, Iran and Saudi Arabia, where many new airports are being built. The company’s self-developed system enables the automatic transfer of travelers’ luggage from the airport terminal to planes using readable tags attached to the bags. POSCO ICT`s baggage handling system at work inside Incheon International Airport in South Korea (POSCO I
Nov. 17, 2015
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Philips Korea names new general manager for consumer lifestyle
Philips Korea, the local branch of leading Dutch health care and lighting company Philips, has appointed Peter Kwak, former country manager of Nike Korea, as general manager of its personal health division. Kwak, who worked at the footwear firm for 12 years and as CEO of its Korea arm since 2009, is a seasoned businessman in the fast-moving consumer goods industry, having led Nike Korea to double its revenue under his leadership, Philips noted. He previously worked at McKinsey & Company in Chic
Nov. 17, 2015
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K-Sale Day to kick off ahead of U.S. Black Friday
Korean retailers will kick off the second annual K-Sale Day event offering major discounts on goods starting Friday, ahead of the U.S. Black Friday sales scheduled for Nov. 27. Aiming to record a sharp increase in sales, retail giants including Lotte, Hyundai and Shinsegae department stores as well as large supermarkets, convenience stores, restaurants, electronics stores and clothing brands will hold various sales events as part of K-Sale Day, which will run through Dec. 15. Shoppers shift thro
Nov. 17, 2015
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Global entrepreneurship initiative inspires start-ups
Han Jung-wha (center, front row), chief of the Small and Medium Business Administration, poses with domestic and international VIP guests in the opening of the 2015 Global Entrepreneurship Week at The-K Hotel Seoul in southern Seoul on Monday. SMBAThe Korean version of Global Entrepreneurship Week, an international initiative aimed at introducing entrepreneurship to young people, kicked off Monday in Seoul, giving hundreds of Korean young entrepreneurs a chance to meet global mentors and learn h
Nov. 16, 2015
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‘Less favoritism will enhance entrepreneurship’
There should be less favoritism toward incumbent firms in order to enhance entrepreneurship, according to an industry expert. Philip Auerswald, founding executive director of the Global Entrepreneurship Research Network, speaks at the Startup Istanbul 2015 Conference.“Giving less favor to incumbent companies is the most critical element to support entrepreneurship so that new firms will have more room to grow, said Philip Auerswald, founding executive director and the cochair of the Global Entre
Nov. 16, 2015
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Samsung eyes biopharma lead
SONGDO, Incheon -- At the Samsung BioLogics headquarters based in Songdo, Incheon, a set of conference rooms have taken on a rather unconventional naming scheme. The first room begins with Songdo, continuing on to South Korea and Asia, and out to the world’s five oceans and six continents. What follows? The highest peaks located on each continent such as Mount Everest in Asia and North America’s Mount McKinley. “It reflects the company’s aim to expand globally and to leave a noteworthy footprint
Nov. 16, 2015