South Korea’s Transportation Ministry confirmed Monday the cause of BMW engine fires that sent jitters across the country this summer was the faulty exhaust gas recirculation cooler, and slapped an 11.2 billion won ($9.9 million) fine on the German carmaker for concealing and downplaying the defect. The investigation team consisting of government officials and auto professionals released the final result, including plans to file criminal charges against the German luxury automaker and for the ad

South Korean shipbuilders showed better-than-expected performances this year on a rise in new orders, especially those for liquefied natural gas ships, industry sources said Monday.The country’s shipbuilding sector, once a cornerstone of the country’s economic growth and job creation, has been reeling from mounting losses in the past few years, caused by an industrywide slump and increased costs.  (Yonhap)Since late 2016, however, their restructuring efforts have started to pay off and new order

Franchisees on average shuttered their businesses in just over four years, government data showed Monday, in the latest sign of the challenges faced by entrepreneurs.The 2015 data compiled by Statistics Korea showed that franchisees ran their stores for 52 months before closing them. (Yonhap)By sector, franchisees of pharmaceutical businesses shuttered their shops after operating them for 133.6 months on average, the longest of businesses checked. In comparison, coffee franchisees stayed open ju

Lotte Duty Free’s flagship store in Sogong-dong is expected to report 4 trillion won ($3.5 billion) in annual sales, the largest amount among other duty-free stores around the world.Korea Customs Service data requested by Rep. Choo Kyung-ho showed Sunday that Lotte Duty Free’s Sogong-dong store earned 3.9 trillion won in sales from January to November this year. Considering that average monthly sales were around 350 billion won, Lotte Duty Free said this year’s total sales would hit the 4 trilli

Despite experiencing delays and setbacks in the approval process this year, a number of South Korean biopharmaceutical companies will make another attempt to bring their new drugs to the US market in 2019.　Investors had been pinning hopes that SK Biopharmaceutical’s solriamfetol, an investigational drug to treat narcolepsy, would be approved by the US Food and Drug Administration by the year’s end. The US FDA was scheduled to make a decision on Dec. 20. However, the regulator recently decided to

South Korean liquor maker Hite Jinro said Monday that it has launched its signature soju brand Chamisul in Russian liquor store chain Vin Lab, in a move to penetrate the local drink market there. Hite Jinro said Chamisul, which has an alcoholic content of 19 percent, will hit the shelves of some 400 Vin Lab stores across Russia, where not only local consumers but tourists visit to purchase a variety of liquor products. Since establishing the Russia office of its overseas corporation, Hite Jinro

Samsung Electronics Co. is expected to post a weaker performance for the fourth quarter compared with a year earlier, analysts said Monday, apparently due to the slowed growth of its chip business. Local analysts said the South Korean tech giant is forecast to report an operating profit of 13.9 trillion won ($12.3 billion) for the October-December period, down 7.6 percent from the 15.1 trillion won reached a year earlier. (Yonhap)Sales are estimated at 63.8 trillion won, down 3.2 percent over th

Caris Guardrail acknowledged as world’s 1st PVC guardrail maker

South Korea's domestic car market moved in two different directions this year with the rise in popularity of large sedans and sport utility vehicles standing in contrast to weaker demand for smaller vehicles, industry data showed Sunday.In the January-November period, Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. sold a combined 698,326 units, up 0.3 percent from 696,403 cars sold a year earlier, the data showed. (Yonhap)It said demand fo

The supply of artificial intelligence speakers in South Korea is expected to reach the 8-million unit mark in the new year as the devices gain popularity, a report by a local digital media lab said Sunday.According to the findings by KT Group affiliate Nasmedia Co., some 40 percent of the country's 20 million households will likely have an AI speaker in 2019. The numbers represent a sharp increase from just 1 million units supplied in 2017 and around 3 million that have reached the market this y

Samsung Electronics Co. said Sunday that it is actively expanding partnerships with global contents providers to promote the growth of its high dynamic range 10+ technology.The world's leading producer of high-end TVs said U.S. and European content providers have started providing services using HDR10+.  (Yonhap)The latest HDR technology allows screens to deliver vivid and wide depth of field images combined with the best possible brightness and color renditions, depending on the content being w

South Korean prosecutors will speed up their probe into the alleged accounting fraud of Samsung Biologics, focusing on securing evidence as to whether Samsung’s now-defunct control tower was involved. Investigators plan to summon former and incumbent employees of the biotechnology firm within the week, according to sources Sunday. The prosecution raided the main office of Samsung BioLogics in Songdo, Incheon, over the allegation that the company had illegally inflated the company’s value. Separa

The average total costs of generating solar energy in South Korea will go down below 100 won ($0.1) per 1 kilowatt hour five years later, a parliamentary report said Sunday.According to the report, the levelized cost of energy of solar power will decline to below 100 won per 1 kWh in 2023 and 84 won in 2030. (Yonhap)LCOE refers to an average total cost to build and operate a power generator over its lifetime.It was 1,144 won per 1 kWh in 2005 and dropped to 171 won in 2014. In 2018, the LCOE of

The South Korean unit of Proctor and Gamble, a household and personal care goods company, has expanded its corporate social responsibility programs for environmental sustainability, the company said Sunday.The company has worked to reduce the use of plastic in its products. For instance, its toothbrush brand Oral-B has been promoting recycling. To raise environmental awareness, it held classes on oral care and a sustainable future for 15,353 students at 60 elementary schools from January to Augu

The Korea Herald is publishing a series of articles highlighting South Korea’s promising startups in the emerging sectors of digital health care and next-generation medical devices. This is the 23rd installment. -- Ed.To find out if you’re carrying extra fat -- whether you’re trying to lose weight or manage a serious health challenge like diabetes -- there isn’t much you can do other than step on a scale. Granted, there are ways to get more detailed information. You could calculate your body mas