South Korea’s first-generation e-commerce platform Interpark, which gained popularity as an online book store and a ticket sales platform, is now up for sale. The company has confirmed reports that it had tapped security firm NH Investment & Securities to oversee the sale though no final decisions have been made. Multiple reports have said the firm is seeking to sell 28.41 percent of its shares, currently owned by CEO Lee Ki-hyung and affiliated persons. With its market capitalizati

E-commerce platform 11st will begin selling an entire line of BTS tumblers and bottles produced by New York-based design company Built New York in collaboration with the South Korean pop group, in Korea on Monday. Though a bottle and a tumbler inspired by BTS’ video for “Idol” were released in June, a total of 16 items will be sold for the first time in the country through a live show known as “Live 11,” the platform said. With each design representing a member of

Sales and net income for small businesses in South Korea dropped nearly 20 percent during the first half of this year, with a majority of business owners expecting worse later this year, a new survey has revealed. Nearly 8 in 10 owners of small businesses, including restaurants, cafes and supermarkets, said their revenue had taken a hit so far this year, the survey released by the Korea Economic Research Institute on Monday showed. It was down by an average of 21.8 percent. Clothing, flower an

Korean Air’s plan to launch an integrated airline after acquiring its long-term rival Asiana Airlines will cost an additional 600 billion won ($524 million), new data revealed on Sunday. According to data obtained by lawmaker Park Sang-hyuk, the airline will have to foot a total bill of around 2.4 trillion won for the acquisition and the post-merger integration process, which will take place over a period of two years. The plan will see Korean Air integrate its booking and ticketing sys

Foreign pilots have accused Korean Air of mistreating them ever since the pandemic began early last year and forcing them to leave their belongings behind in South Korea. A former B777 captain at the airline, who wished to stay anonymous, told The Korea Herald he had been placed on unpaid leave for the last 16 months and kept in the dark about his future, while his Korean colleagues had been given the choice to go on paid leave. “They obliged us, in the real sense of the word, to sign th

South Korean supermarket chain Homeplus has appointed former CEO of McDonald’s Korea Cho Ju-yeon as its new chief marketing officer, in an executive reshuffle announced on Thursday. Cho made headlines in 2016 when she became the first female CEO at the South Korean unit of the fast food restaurant. Hwang Jeong-wook, who formerly served as the chief financial officer at the Korean unit of AstraZeneca, will become the new chief financial officer at Homeplus. The move comes as the company

Carbon neutrality is likely to act as a virtual trade barrier for South Korean companies to approach global markets and the government should act more proactively to help local firms not to fall behind the global trend toward cleaner energy, a POSCO executive said Wednesday. Speaking at a forum held by the Federation of Korean Industries in Seoul, Kim Hak-dong, the head of POSCO’s steel business unit called for governmental support to help Korean companies to catch up with global competi

BAT Korea unveiled a new study on Monday that showed its tobacco heating product Glo was able to “significantly” reduce harmful exposure to toxic substances. The recent study published in the Journal of Internal and Emergency Medicine offers the “first real-world evidence” that switching from cigarettes to exclusive use of Glo, the company’s flagship product, has a similar impact on indicators of potential harm as quitting smoking, BAT said. The findings, which we

The number of design patent applications for pet and houseplant related products soared last year amid the coronavirus pandemic, new data from the Korean Intellectual Property Office revealed on Monday. While the figure has risen by an annual average of 21 percent over the last six years, pet product design patent applications saw a 34 percent year-on-year jump last year, from 712 to 953. The figure for houseplant related products also rose 30 percent over the same period, from 288 to 374. As

South Korea’s antitrust watchdog has launched a probe into e-commerce giant Coupang over the accusation that the company has meddled with algorithms to prioritize its own products, according to multiple reports on Sunday. According to the reports, the Korea Fair Trade Commission conducted an on-the-spot inspection at Coupang’s headquarters office in Seoul late last month following accusations that it had violated the Fair Trade Act. One of the accusations claims that Coupang had me

As the coronavirus pandemic swept across Korea, courier services enjoyed a surge in popularity, a new study has revealed. The average number of times people used a courier service rose from 6.22 per month to 9.74 after the pandemic began, according to the recent study, the Korea Transport Institute said Sunday. The study was conducted by researchers at the institute with a sample of 1,153 respondents during November last year to highlight the differences in how people use delivery services in

Korean Air said on Thursday its aerospace division plans to bid to be the main contractor on South Korea’s new spy plane development project. The move comes as the country’s Defense Acquisition Program Administration has decided to launch a second project to replace four older Baekdu reconnaissance aircrafts with the newly configured Baekdu aircraft. The project, set to run from 2022 to 2026, is expected to cost around 870 billion won ($768.1 million). The Baekdu aircraft is a key

South Korea’s leading shipbuilder Samsung Heavy Industries on Thursday claimed to have built the world’s first solid oxide fuel cell-powered LNG carrier. It will now begin work on commercializing the ship, the firm said. The company also said it has received an approval in principle from Norwegian and German classification society DNV for the design of the SOFC-powered ship, which has been developed in collaboration with Bloom Energy. An approval in principle, also known as AIP, i

South Korea will sign its first travel bubble agreement with Saipan on Wednesday, paving the way for quarantine-free international travel amid the pandemic. The deal will allow people from both places and their family members who have received vaccinations approved by the local health authorities -- Pfizer, Moderna, Johnson and Johnson and AstraZeneca -- to go on a package tour without quarantine, starting sometime between late July and early August. Travelers are required to wait for two week

South Korea’s national flag carrier Korean Air has been named the airline of the year by aviation publication Air Transport World, the company said Tuesday. The Seoul-based airline was chosen by an independent board of ATW and Aviation Week Networks editors and analysts for its leadership and ability to stay profitable throughout last year despite the industry’s unprecedented crisis during the pandemic, it said. A “remarkable” relationship with employees that allowed

The United States will not accept the Comprehensive and Progressive Agreement for Trans-Pacific Partnership as it is and will try to renegotiate the terms of the trade pact if it decides to rejoin, an international trade expert told a forum in Seoul on Thursday. Simon Lester, associate director of the Center for Trade Policy Studies at the Washington-based CATO Institute, said traditional supporters of the Democratic Party in the US are “generally opposed to trade liberalization,”

Global leisure platform Yanolja said Monday it will hire some 300 personnel for research and development during the second half of this year. Under the “Tech All-In” vision, the company, which offers various holiday bookings including for hotels and trains, plans to increase its R&D staff by a total of 1,000. The move comes as Yanolja seeks to solidify its position as a leading global tech company. It currently offers business-to-business solutions to hotels in over 170 countri

French designer brand Ami has tapped K-pop group Enhypen as its first global ambassadors. The septet, with previous hit singles including “Fever” and “Drunk-Dazed,” will help the brand expand its presence at home and abroad, Samsung C&T said Monday. Founder and creative director Alexandre Mattiussi said the energy, authenticity and message of inclusivity from the group resembles that of Ami, as he welcomed the decision. Famous for its signature logo featuring the l

Coway, a South Korean home appliance rental firm, has been named one of the “Best Korea Brands 2021” by global management consulting firm Interbrand. This year’s recognition marks the seventh year running that the company has been named among the 50 best brands that represent South Korea. Coming in the 27th place, Coway’s brand value enjoyed a 8.1 percent year-on-year increase and was estimated at 1.12 trillion won. Leading the global environmental home appliances with

Craft beers are enjoying a surge in popularity as more beer drinkers in South Korea seek to broaden their choices, bucking the years-long trend of sticking to major mass-produced beers which have dominated the country. According to data from convenience store chain CU, sales of craft beer are growing exponentially, up nearly 500 percent in 2020 compared to the previous year. The upward trend appears to be continuing this year as sales have risen by 239.2 percent as of June 21, compared to the