An executive of South Korea's major conglomerate SK Group was questioned by prosecutors Monday over allegations the group was unlawfully pressured to donate to two nonprofit foundations, linked to a controversial figure with close ties to President Park Geun-hye. The prosecution said it called in the executive, identified only by his surname Park, to question him over the Mir Foundation and the K-Sports Foundation. South Korea's big businesses, such as Samsung and Hyundai, are said to have don

South Korea’s industrial output and consumption shrank in September, government data showed Monday, reflecting the nation’s dire economics situation. The impact from sluggish exports, the Galaxy Note 7 recall, Hyundai Motor strike and Hanjin Shipping bankruptcy were felt on the indexes of industrial output and consumption in September, according to data released by Statistics Korea. The index of all industry production in September decreased by 0.8 percent from the previous month

South Korea needs to ramp up its efforts to protect intellectual property rights in its combat against illicit trade, two experts who came to Seoul to attend the 2016 Korea-EU Intellectual Property Rights Conference, hosted by the European Chamber of Commerce in Korea, told the Korea Herald earlier this month. A team led by Chris Clague, senior editor of the Economist Intelligence Unit (EIU), had published the Illicit Trade Environment Index prior to the event hosted by the European Chamber of

SK Telecom and Hana Financial Group launched a joint venture focusing on mobile financial services, the companies said in a press release Sunday. The joint venture, Finnq, was established with a starting capital of 50 billion won ($43 million) with SK Telecom holding a 49 percent stake while Hana owns the remaining 51 percent.  The new venture will be backed by SK Telecom’s advance mobile platform technology and big data analysis capability, as well as Hana’s vario

The top 10 percent of South Korea’s highest income earners account for 44.9 percent of the country’s total income as of 2012, according to data from the International Monetary Fund and The World Wealth and Income Database. This makes South Korea the No. 2 country among major economies in terms of income inequality, only after the US, where the top 10 percent of income earners make up 47.8 percent of the country’s total income. South Korea’s income equality is worsening rapidly. It jumped 15.6 pe

By Yong-Joo ParkMarketing general manager at CowayCoway wants to go beyond being a water care company to become a “life care” company. As such a company, Coway helps foster a clean environment by nurturing healthy habits through customized care of the air, the body and sleep to improve the quality of customers’ lives and maximize their happiness. That is why Coway has established a company vision: Coway equals a life care company.Park Yong-jooTo share our new vision with customers, Coway has bee

Despite a gloomy export outlook, the head of the Korea Trade-Investment Promotion Agency vowed his agency would devote itself to help revive declining exports in the last quarter of the year. “We will put forward our best efforts to help revive exports,” Kim said during a press conference held in Seoul.  But he remained skeptical about the outlook for the rest of the year. “It is unlikely that exports in the rest of the year will buck the prolonged losing trend,”

South Korea’s leading companies such as Samsung and Hyundai have more than 60 years of history under their belt and these family-run enterprises now face leadership transitions as the third generation begins to take over. These conglomerates face the daunting task of balancing their multinational status with family control over management that now spans multiple generations. Their challenges are further complicated by the slowing economy, low growth and spreading protectionism in major

South Korea’s largest carmaker Hyundai Motor on Tuesday unveiled the much-awaited sixth generation of the Grandeur. During a media preview event in Seoul, Hyundai designer Koo Min-chul said the new Grandeur will “spearhead a new era” for the company’s designs.  “It features a cascading grill inspired by molten metal flowing from a furnace and the curves of Korean ceramics,” Koo told the media. Hyundai’s cascading grill, which was first introdu

South Korea’s trade surplus with China halved in three years, with the nation’s shipments to the neighboring country also falling for the 15th consecutive month in September, data showed Friday. Raising the alarm in Asia’s fourth-largest economy that heavily depends on exports for its growth, the trade surplus with China plummeted to $9.29 billion in the third quarter of this year from a record-high $17.29 billion in the fourth quarter of 2013.  Exports to the country&rs

Experts of intellectual property rights gathered for the fourth annual Korea-EU Intellectual Property Rights Conference on Thursday, highlighting the rising exchange of intellectual property rights and sharing recent legal developments in the field. The conference, organized by the European Chamber of Commerce in Korea, drew 200 participants and 25 speakers from both public and private sectors to share information on the current status and recent developments in Korea and Europe as well as tech

Chinese farm equipment-maker Cayman Golden Century Wheel, the fourth Chinese company to be listed on the secondary Korean bourse, closed weaker than expected on its first trading on Thursday. The company’s stock closed at 3,815 won ($3.40), 4.74 percent lower than the market price set at 4,005 won, while Kosdaq inched up 0.15 percent to 661.26 points. It was higher than the initial public offering price of 3,500 won, but lower than expected, experts said. The price of 3,500 won is 6.

The fourth Korea-EU Conference on intellectual property rights is scheduled to be held Thursday here, according to the European Chamber of Commerce in Korea. During the conference, experts from both the public and private sector will present on pertinent developments in the field of IPR in Korea and Europe. The Korea-EU Intellectual Property Rights conference invitation. (European Chamber of Commerce in Korea)The conference will begin with a keynote speech titled “Patent protection to secure fut

DAEJEON -- Hankook Tire on Tuesday unveiled its new research and development facility in Daejoen, signaling the launch of the company’s drive to boost technological leadership in the industry. “Hankook Tire plans to focus on securing original technology, delivering products optimized for various consumers’ needs in this rapidly-changing business environment,” Suh Seung-hwa, vice chairman and CEO of Hankook Tire said during the opening ceremony of its new R&D center, Hankook Technodome.At Technod

Samdasoo, a mineral water brand that hails from Jejudo, has been the undisputed No. 1 in Korea’s bottled water market for almost 20 years. It rides on the reputation of South Korea’s biggest island, which over the years has transformed into a resort area attracting more than 16 million tourists each year. Its pristine environment and scenic views has also turned it into a destination where throngs of tired urbanites relocate in search of peace. As Jejudo’s popularity grew,

South Korea and Singapore have signed an agreement on the automatic exchange of financial information of persons with tax liabilities to improve international tax compliance, according to the Ministry of Strategy and Finance on Friday. Starting from 2018, the financial authorities of the two countries will annually collect and exchange financial information of residents with tax payment duties to the other’s country. For instance, one who does not reside in Korea but has financial activi

Smartphone accessory manufacturer LG Innotek has unveiled a 15-watt wireless charging pad for commercial use, the company said Wednesday. The 15-watt wireless charging transmitter pad can charge a completely depleted battery to the level of 50 percent within 30 minutes, as fast as a wired one, according to the company. It is also three times faster than most wireless charging modules in the market with 5-watt charging capability. An employee of LG Innotek displays the firm’s 15-watt wireless cha

For more than 40 years, humanity’s demands have exceeded what our planet can regenerate. This year, people are using natural resources equivalent to 1.6 times that found on Earth. And for Koreans, the amount is 3.3 times that found on the planet. This is according to the ecological balance sheet, known as the Global Ecological Footprint Report, released by the World Wild Fund for Nature, Korea (WWF-Korea) and the Global Footprint Network.  The report shows that there is a signific

Rep. Moon Jae-in, a former leader of the main opposition Minjoo Party of Korea and presidential aspirant, called on the government Sunday to temporarily suspend ongoing procedures to deploy a US anti-missile system to the Korean Peninsula, demanding diplomatic efforts resume to denuclearize North Korea. In his Facebook post, Moon also pointed out that the agreement between Seoul and Washington to deploy a Terminal High-Altitude Area Defense (THAAD) system to the peninsula by end-2017 needs parli

South Korean Jang Ha-na earned her third LPGA victory of the season in Taiwan on Sunday, holding off a charging rival from China in the rainy final round. Jang captured the Fubon LPGA Taiwan Championship at 17-under 271 to beat Feng Shanshan of China by one stroke.Jang Ha-na of South Korea reacts after winning the Fubon LPGA Taiwan Championship in New Taipei city, Taiwan, 09 October 2016. (Yonhap/EPA) Jang shot a final round of 71 at par-72 Miramar Golf Country Club in Taipei with three birdies