Sep 21, 2017

Indian minister listens to difficulties facing Korean businesses on the subcontinent

India's commerce minister met with South Korean company leaders Thursday to listen to the difficulties they experience while doing business in the rapidly growing Indian market, an industry group said. At the meeting -- which is being held separately from the seventh ASEM Economic Ministers' Meeting that runs for three days through Saturday in Seoul -- Commerce and Industry Minister Suresh Prabhu met Korean business leaders from Samsung Electronics Co., Kia Motors Corp. and POSCO. In this photo

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Peacock begins sales in Hong Kong, US

E-mart's home meal replacement brand Peacock is entering the overseas market beginning with Hong Kong and the United States this month, the discount retailer chain said Thursday.Although Peacock products have been sold overseas in the past through limited-time promotions, this is the first time that it has been officially delivered as a brand to overseas retail chains.Peacock products are on display at a Market Place by Jasons outlet at the K11 mall in the Tsim Sha Tsui district, Hong Kong. (E-m

Sep 21, 2017

Standard Chartered teams with Samsung for new cards

Standard Chartered Bank Korea, a subsidiary of British banking service Standard Chartered PLC, has launched two new banking cards in partnership with Samsung Card, the company said. 　Earlier this month, the two companies unveiled the “Standard Chartered Daily Samsung Card” and the “Standard Chartered Life Samsung Card,” their first collaborative products since signing a comprehensive partnership agreement last year. The two companies have come up with the new lineup by jointly making consistent

Sep 21, 2017

SK hynix says negotiations still necessary for Toshiba deal

South Korean chipmaker SK hynix Inc. said Thursday that Japan's Toshiba Corp. has agreed to sell stakes in its memory business to a consortium that includes South Korea's No. 2 chipmaker and US investment firm Bain Capital, although details of the deal are still subject to further negotiations."As details of the approval made by Toshiba's board of directors still need to be negotiated, SK hynix will continue with discussions to best reflect our interests," the company said in a regulatory filing

Sep 21, 2017

Samsung Heavy develops own regasification system

Samsung Heavy Industries Co., a major shipyard in South Korea, said Thursday that it has developed its own liquid natural gas regasification system for its LNG floating storage and regasification unit.The new LNG regasification system, called S-Regas, uses glycol and reduces the risk of corrosion caused by traditional methods of heating LNG directly with seawater, according to Samsung Heavy. This photo, provided by Samsung Heavy Industries Co., shows its floating storage and regasification unit.

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Posco Daewoo holds conference to boost global business

Posco Daewoo, the trading arm of Korean steel giant Posco, hosted a two-day Global Staff Conference at Shanghai, China, to search for ways to bolster its steel and grain business globally, the company said Thursday.“The company’s staff working overseas are valuable assets directly linked with our sales capacity, expanding local networks and spotting new business opportunities,” said Posco Daewoo CEO Kim Young-sang.Kim and some 50 employees from 34 overseas branches shared thoughts on ways to exp

Sep 21, 2017

Top court finds ex-KDB chief guilty of slandering Lotte chairman

The top court on Thursday found a former head of the state-run Korea Development Bank guilty of slandering Lotte Group Chairman Shin Dong-bin. The Supreme Court upheld the lower court's defamation conviction of Min Euoo-sung and a 5 million won ($4,412) fine. Min was sued by Shin and Lotte for telling reporters in October 2015 that Shin Kyuk-ho, the chairman's father and the group founder, was "caged up" in his office at Lotte Hotel in central Seoul and that he was being "surveilled" by his son.

Sep 20, 2017

Samsung Bioepis wins approval to sell biosimilar in South Korea

Samsung Biologics Co. said Wednesday its affiliate Samsung Bioepis Co. won a nod from South Korea‘s drug agency to sell its biosimilar dubbed SB5.Through the approval granted by the Ministry of Food and Drug Safety, Samsung Biologics said in a regulatory filing that the biosimilar is ready for sale in the country. Ko Han-sung, CEO of Samsung BioepisThe SB5 is a biosimilar of Humira released by U.S.-based AbbVie Inc., used for the treatment of various diseases including Crohn’s disease and rheuma

Sep 21, 2017

Seoul start-up fair seeks to encourage expat entrepreneurs

Seoul Global Center will host the 2017 International Start-ups Business Fair at Seoul Business Agency in Mapo, Seoul, Thursday.At the fair, 12 start-up companies ran by expat entrepreneurs who come from 11 different countries, will present their business in front of investors, city officials and fellow entrepreneurs.The fair’s organizer Seoul Global Center offers incubation support for expats who seek to start a business in Korea. International Start-ups Business Fair 2016 (Seoul Global Center)“

Sep 21, 2017

[News Focus] Will HNB tobacco tax hike pass in September?

As general political mood shifts toward hike, government puts forward 80 percent compromise

Sep 21, 2017

Lotte chairman calls for shared future at Asia Society gala

Lotte Group Chairman Shin Dong-bin urged members of Asia Society Korea to contribute to a peaceful and shared future at an event held by the organization to mark its 10th anniversary on Tuesday.“Now is the perfect opportunity to foster educated global conversations around the world. We have built the bridge and we want to motivate people to cross that bridge together,” said Shin, who serves as the chairman of Asia Society Korea. Lotte Group’s leader and Chairman of Asia Society Korea Shin Dong-b

Sep 21, 2017

[Herald Interview] Suprema seeks opportunity in mobile fingerprint scanner

These days, the key is to go mobile, meaning integrating technologies and solutions onto mobile devices often become the make or break factor in the fast-changing industries. The same goes for a Korean biometric tech firm, Suprema, which is the nation’s largest biometric access solution provider by sales specializing in fingerprint and facial recognition readers for home and businesses. Moving to capitalize on the growth potential of mobile biometrics by expanding its business in fingerprint sca

Sep 21, 2017

S-Oil CEO delivers Chuseok holiday gifts to neighbors

S-Oil CEO Othman Al-Ghamdi on Wednesday held the company‘s annual charity event to support the underprivileged on the occasion of Chuseok, the company said Wednesday.The CEO and some 100 S-Oil employees made Songpyeon, Korea’s traditional half moon-shaped rice cake served during Chuseok holiday season, and offered them along with groceries and daily necessities to 800 low-income households in the Mapo area, the company said. The country celebrates Chuseok on Oct. 4 this year.  S-Oil CEO Othman A

Sep 20, 2017

Corporate watchdog lunches probe into Hite Jinro for investigation obstruction

South Korea's corporate watchdog has launched an investigation into Hite Jinro Co., one of the country's largest distillers, for obstructing an investigation, industry sources said Wednesday.Officials from the Fair Trade Commission had previously conducted an on-site inspection into Hite Jinro's alleged violations of local fair trade law in April this year, according to the sources.At the time, some company employees disrupted the FTC's enforcement, they noted. (Yonhap)The FTC has been looking i