South Korea’s major chemical firm and battery maker LG Chem said it will continue to brace for the “fourth industrial revolution” and pioneer the market, focusing on business growth in its units of basic material, chemical, electronic information material, battery and life science businesses in South Korea and internationally.  LG Chem researchers conduct battery test for electric vehicles. (LG Chem)LG Chem said it plans to invest 3.8 trillion won ($3.4 billion) in capital expenditure, a 52 perc

Warehouse-style discount chain store E-mart Traders said Thursday that it aims to achieve sales of 1.9 trillion won ($1.7 billion) this year, in an effort to bolster its offline shopping base amid fierce competition on e-commerce market. E-mart Traders (E-mart)E-mart Traders, a retail arm of Shinsegae Group, plans to open one or two more outlets this year. Since its launch in 2010, it opened a total of 14 stores across the country, with new branches in Gunsan and Gimpo opening in December last y

Lotte Chairman Shin Dong-bin’s voluntary offer to quit as chief executive officer at its Japan-based holding firm has been approved through a board meeting, the group said Wednesday.  Lotte Chairman Shin Dong-bin (Yonhap)“Lotte Holdings decided in a board meeting to accept Shin’s suggestion to resign from the chief post with a heavy heart, considering his situation,” the company said in an official statement. Shin will maintain his post as vice chairman and board member.The finalization comes am

What had seemingly been a smooth process at South Korea’s leading cigarette maker KT&G to reinstate its chief has been met with unusual interference from the state-run Industrial Bank of Korea, which is making increasing moves to get involved in the firm’s management.The bank holds 6.9 percent stake in KT&G and receives estimated dividends of 35 billion won ($32.5 million) annually. KT&G CEO Baek Bok-in (KT&G)Citing its voting right as a stockholder, IBK said it would simply be exercising its vo

Orion has been ranked as the 14th-biggest confectionery company in the world by sales by global confectionery industry magazine Candy Industry. Orion snacks (Orion)Orion placed highest among Korean confectionery companies, and has ranked above 15th for six consecutive years.The South Korean industry leader posted sales of 1.94 trillion won ($1.81 billion) last year, taking 14th place after General Meals of America.According to the company, newly launched snacks such as Kkobuk Chip led to a rise

When the 17 day-long 2018 PyeongChang Winter Olympics kicked off on Feb. 9, every detail regarding the athletes -- from what medals they are expected to win to what food they are eating -- has received worldwide attention.While Gangwon Province, the Olympic host region, has been crowded with a variety of global food restaurants, the US fast food chain has been at the center of attention, which again, carried on its tradition of serving athletes free meals at the Olympics.(Shot and Edited by Park

While South Korea has a highly active baby care market with a range of high-quality products, it also suffers from one of the world’s lowest birthrates.South Korea was ranked 219th among 224 countries, with an average woman’s total fertility rate at 1.26 in 2017, the lowest figure among OECD countries, according to CIA’s the World Factbook.The falling birthrate, one of the gravest challenges the government faces, has been visibly hurting baby care businesses here in recent years.After struggling

A Seoul court’s verdict that put Lotte Chairman Shin Dong-bin behind bars has put the retail giant in disarray, reigniting a succession battle between Shin and his older brother, Shin Dong-joo. The elder Shin demanded his younger brother, who heads Lotte’s operations in Korea and Japan, resign his post as the chairman of Lotte Holdings. The unlisted company holds 99 percent shares in Hotel Lotte, the de facto holding company of the retail giant’s South Korea operation.Dong-joo was the former chi

Following a Seoul Court’s guilty verdict and simultaneous sentencing of 2 1/2 years in jail to Lotte Chairman Shin Dong-bin for bribery on Tuesday, Lotte Group voiced concerns over its future business plans.  Lotte Group Chairman Shin Dong-bin (Yonhap)In an official statement, Lotte Group said the outcome was “unexpected” and it was “regretful” about the jail term, and insisted that Shin was innocent.“As soon as we receive the written judgement, the group will discuss with its attorneys for furt

South Korea’s major duty-free operator Lotte Duty Free has increased the commission for Chinese shuttle traders when they bring in group travelers, in a move to more aggressively entice group travelers from China amid sluggish sales continued from last year’s THAAD row. Lotte Duty Free Worldtower (Lotte Duty Free)According to Lotte Duty Free, the company has raised the commissions doled out to “daigongs” -- individual merchants from China who purchase cosmetics to take them back -- from December

With lines amongst industries blurring, an increasing number of supermarkets have transformed themselves into “grocerants” -- a term coined combining grocery and restaurants -- stocking shelves with ready-to-cook foods and offering in-store dining. “It’s beyond just a food stand where people cook for you. Including the quality and freshness of the food, it feels more like a full-service type of restaurant,” said a 31-year-old Hwang Young-ju, who said she enjoys the eateries after a round of groc

Cass has long been a household name in Korea -- even to those who do not imbibe. Korea’s No. 1 beer maker Oriental Brewery has been around for over 80 years, but it has only recently been making moves into overseas markets like China.Even for a well-established brand with sales of 1.5 trillion won ($1.4 billion) in 2016, the reason is clear and simple -- local beers aren’t selling so well in Korea. Korea’s beer market had long been dominated by two local power brands: Cass by OB and Hite by Hite

Until recently, the only cosmetic products customers could find at convenience stores were miniature skin care products -- typically packaged in travel kits. Major convenience store chains, however, are venturing into what is viewed as drugstore territory, with the launch of affordable and fashion-forward lines of makeup, looking to appeal to millennial consumers.In Korea, beauty products constitute a 300 billion won ($276 million) industry, which increased 20 percent on-year in 2016.And more co

LG Electronics’ cordless vacuum cleaner saw boosted sales on an online price comparison website last month, beating its UK rival home appliance maker Dyson. LG Electronics’ Cordzero A9 (LG)According to local e-commerce platform Enuri.com, LG Electronics’ cordless vacuum cleaners accounted for 45 percent of sales in the sector in January, about 18 percentage points above Dyson’s 27 percent. Until the second quarter of 2017, Dyson topped the list on the price comparison website, accounting for 40

GS Group Chairman Heo Chang-soo encouraged its new executive members to become innovative leaders with competitive power for the new business year.During a seven-day program held for new members of the board at Elysian Resort on Jeju Island, Heo participated in a dinner to encourage and communicate with the new executives. GS Group Chairman Heo Chang-soo (GS Group)“As fluctuation issues are expected to persist this year with international oil prices, interest rates and exchange rates, protection

It’s hard to settle on a restaurant in the bustling Seoul neighborhood of Itaewon, where the dining scene seems to change by the month. The constantly shifting topography of eateries is currently all about mixing and matching different cuisines or being authentically foreign, with eating out becoming more of an exuberant repast rather than a simple meal.In a back alley in Itaewon is Yoo Ji-young’s Korean barbecue restaurant Tongue & Groove Joint. But don’t expect to walk into a typical Korean ba

South Korean tobacco maker KT&G said Thursday that it saw a record high of 1.48 trillion won ($1.3 billion) of overseas sales last year. KT>he company said it broke its previous record of 941.4 billion won of overseas sales in 2016, measured by sales from exports and overseas corporation. This translates to a record high of 55.4 billion cigarettes sold overseas, an about 13.8 percent increase from 48.7 billion cigarettes in 2016. 　KT&G first tapped the overseas market in 1988. It took about th

With increasing air traffic, passengers continue to demand spacious and cozy flights, while airlines seek profitable planes. The newest member of Airbus’ leading jetliner, the A350-1000, meets all those requirements and is the “perfect fit” for mega cities like Seoul, according to Airbus. Airbus Marketing Director Francois Obe (Airbus)“Forecasts show about 40 percent of the world’s air traffic will come from Asia in the next 20 years. In that sense, our latest A350 model is the product with the

Airbus will make the first delivery of A330neo jetliner -- the latest version of the planemaker’s fuel-efficient version of the A330 -- from its headquarters in Toulouse no later than in July. An official from a Toulouse-based civil aircraft manufacturer told The Korea Herald that the aircraft, a revamped version of the A330 with new Rolls-Royce Trent 7000 engines, is due to enter service in July, after achieving its EASA and FAA Type Certification by the end of June. A330neo (Airbus)It successf

에어버스가 신형 A330기 ‘A330네오’에 대한 최종점검 등 인증 절차를 상반기 내에 완료하고 오는 7월 구매 항공사들에 공급한다. 사양을 대폭 개선한 이 기종은 경쟁사 보잉 드림라이너의 대항마로 관심을 모으고 있다. 　　에어버스 관계자에 따르면 지난 10월 시험운항을 성공적으로 마친 A330네오는 현재 막바지 어셈블링 단계에 있다. 이 관계자는 "인증 절차가 6월 말께 마무리될 예정"이라며 "(그로부터) 짧게는 한 달, 길게는 두 달 안에 첫 구매자 TAP포르투갈항공에 배달될 것"이라고 코리아헤럴드에 밝혔다.   에어버스 A330네오 (사진=에어버스 제공)아시아 고객 중에는, 떠오르는 '사통팔달' 말레이시아를 거점으로 하는 에어아시아(AirAsia)가 이 모델 66대를 구입한 것으로 전해졌다. A330네오는 사이즈별로 판매가격이 2억5천500만달러(한화 2천900억원)에서 2억9천100만달러에 달한다. 에어아시아가 무려 17조원가량을 지불했다는 추산이 나온다.　　지난 2014년