Today

Hyundai Rotem develops new train system

Hyundai Rotem, the train-making affiliate of Hyundai Motor Group, has developed the world’s first train system that can pass through sharp curves with a radius of 15 meters, the company said Tuesday.Capable of making turns in round areas with a 15-meter radius, compared to the previous 25-meter radius, the latest system is expected to enable train tracks to be built in populous regions and curvy locales.　It was developed as part of a government-led project to develop trains that can run 5-7 seve

Today

Sales of Orion’s corn chips record W50b in 15 months

South Korean confectionery company Orion said Tuesday that accumulated sales of Kkobuk Chip had surpassed 50 billion won ($45 million) since its launch in March last year. Orion’s Kkobuk Chip (Orion)Approximately 46 million packs of the corn chips had been sold as of this month, according to the company. This translates to some 100 million won worth of chips sold daily. Driven by the popularity of the corn soup-flavored snack, Orion began producing Kkobuk Chip in Shanghai, China, last month unde

Jun 19, 2018

Retailers add evening classes at culture centers to match shorter working hours

Retailers are adding evening programs at their culture centers to accommodate office workers who will have extra time due to shortened legal working hours starting next month, industry officials said Tuesday.More customers are registering in evening classes at some retailers, including Hyundai Department Store, which increased after-work programs by 10 to 20 percent for this year's June-August period at its chain. Registrants in the 20s-30s age group accounted for 25.7 percent of the total, near

Jun 18, 2018

Prosecutors seek warrant to arrest wife of Korean Air chief over allegations of illegal hiring

Prosecutors on Monday sought an arrest warrant against Lee Myung-hee, wife of Korean Air Lines Co.'s chief, over allegations that she hired housekeepers from the Philippines without due visas.The move came two weeks after a Seoul court denied the prosecution's request for a warrant to arrest Lee over multiple assault charges.In addition to the assault charges, the 69-year-old Lee is accused of hiring some two dozen maids from the Southeast Asian country for at least the past decade by sponsoring

Jun 19, 2018

Philip Morris claims IQOS could reduce health risk

Tobacco maker Philip Morris International said Monday that its clinical study proved that switching to its heat-not-burn cigarette device could reduce health risks compared to conventional cigarettes, reigniting controversy over the harmfulness of HNB products.  Manuel Peitsch, chief scientific officer at Philip Morris International, speaks during a press conference Monday in Seoul. PMIPMI’s study result comes two weeks after South Korean health authorities released a safety result that found HN

Jun 19, 2018

KT again embroiled in ‘CEO risk’

South Korea’s leading telecom operator KT once again faces an escalating “CEO risk” as police sought an arrest warrant on Monday for its CEO Hwang Chang-gyu for alleged involvement in the firm’s illegal donations to lawmakers. Hwang was suspected of creating 1.1 billion won ($1 million) in slush funds from May 2014 to October 2017 and of spending 442 million won of the money for illegal donations to 99 lawmakers. Hwang Chang-gyu arrives for questioning at a police station in Seoul on April 17. (

Jun 19, 2018

LS Cable & System advances into Indonesia with AG Group

LS Cable & System is slated to advance into the Indonesian cable market by setting up a joint corporation with local company Artha Graha Network. AG Group, one of Indonesia’s top 10 companies, runs businesses in the areas of banks, hotels, construction and resorts. LS Cable & System CEO Myung Roh-hyun (third from right) poses for a photo with AG Group Chairman Panji Winata (fourth from right) after signing an agreement in Seoul on Monday. (LS Cable & System)LS signed an agreement with AG Group i

Jun 19, 2018

LS faces fines, prosecution over inter-subsidiary dealings

LS Corp. to take legal action, saying FTC sanctions are excessive

Jun 19, 2018

Daewoong Pharma strengthens R&D units for new drug development

South Korea’s Daewoong Pharmaceutical said Monday that it has restructured its research and development units to lend a boost to its new drug development efforts.The Korean pharma company said that its R&D workforce will now work in different project-oriented groups called “extreme teams” designed to achieve specific goals of a particular project. Each team will focus on a different project, and be disbanded once the project ends.As a result, Daewoong’s R&D workforce will be divided into a new d

Jun 18, 2018

US FDA resumes review of Celltrion's biosimilar Herzuma

Celltrion Inc., a South Korean biopharmaceutical firm, said Monday that the US Food and Drug Administration has resumed the review process for its biosimilar to treat breast cancer.In May, Celltrion made a resubmission to the FDA to obtain marketing approval for Herzuma, a drug that was originally developed by Swiss pharmaceutical giant Roche Holding.In accordance with FDA regulations, the approval procedure is forecast to be finalized within six months from the resubmission.Global sales of the

Jun 18, 2018

US-China trade war may ripple through Korea

The Korean economy is likely to be hit hard as its two biggest trading partners are on the brink of a trade war following threats to slap each other with hefty tariffs over the weekend. (Yonhap)On Friday, the Trump administration announced it would impose 25 percent tariffs on the Chinese goods worth $50 billion in an effort to protect the US intellectual property and technology. A day later, China responded to the US by announcing 25 percent tariffs on a $34 billion list of the US goods in the

Jun 18, 2018

[IP in Korea] 'Rise of e-sports, YouTube calls for new approach to copyright'

The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 17th installment. -- Ed. In an age of technology convergence and interactive communication, it is inevitable that major content platforms such as YouTube should attempt to deviate from the conventional concept of copyright so as to encourage individual creative activities.Such a flexible approach, however, should never mean lesser recognition or compensation for content creators, e

Jun 18, 2018

Shin Dong-joo to give fifth try to seize Lotte Group, overthrow his brother

Family feud over control of Lotte Group to reignite with Lotte Holdings shareholders’ meeting slated for June 29

Jun 18, 2018

Over half of Koreans agree on tax hike for HNB cigarettes: survey

The majority of South Koreans agreed to levying various taxes on recently popular heat-not-burn e-cigarettes, a survey showed Sunday. According to a survey conducted on some 1,000 adults here by market research institute Trend Monitor, 55.6 percent of the respondents agreed to the government’s move to raise taxes on HNB cigarettes.  Various heat-not-burn e-cigarette products from Philip Morris International. (Yonhap)Last December, the National Assembly passed a bill for a tax hike on HNB cigaret