Combined net loss of savings banks widens in H1

Savings banks in South Korea saw their combined net loss widen in the first half from a year earlier, due largely to a sharp increase in loan-loss reserves set aside for real estate project financing (PF) loans, data showed Friday. The banks posted a combined net loss of 380.4 billion ($284.5 million) in the January-June period, sharply up from a net loss of 96.5 billion won over the same period last year, according to the data from the Financial Supervisory Service. Their interest income came t

EconomyAug. 30, 2024

[Around the Hotels] Promotions and packages

Grand Hyatt Seoul collaborates with Valrhona Grand Hyatt Seoul, located in Yongsan-gu, central Seoul, is scheduled to offer a new afternoon tea promotion featuring various chocolates at Gallery, its lobby lounge cafe, from Sept. 2 to Nov. 30. The collaboration with French premium chocolate brand Valrhona offers desserts created from recipes by pastry chef Guillaume Lopvet, allowing hotel’s guests to enjoy a gastronomic journey featuring seasonal fruits and Valrhona chocolate. The main afte

TravelAug. 30, 2024

[Well-curated] French butter cake, gugak festival and Pachinko pop-up

The kouign-amann go-to Kouign-amann, a delicacy of Brittany in France meaning “butter cake,” is something like a caramelized croissant. This opulent pastry balances caramelized crust with light, moist layers with salted butter baked between, which crumble into sweet flakes upon a bite. One of the best places to try a slice is b. Patisserie at the mall complex Shinsegae Central City in Seocho-gu -- one of the three branches in South Korea operated by the San Francisco-based pastry sho

Arts & DesignAug. 30, 2024

[Box office] Movies in theaters this week

“Alien: Romulus” (US) Opened Aug. 14 Horror/Sci-fi Directed by Fede Alvarez Set in 2142, a group of young space colonizers go out for an adventure and land in a derelict space station, only to face the most terrifying life-form in the universe while scavenging the deep ends of a closed-down space. “Twisters” (US) Opened Aug. 14 Action/Adventure Directed by Lee Isaac Chung Retired tornado chaser and meteorologist Kate (Daisy Edgar-Jones) is persuaded to return to Oklah

FilmAug. 30, 2024

[Travel Bits] Festivals, sights across Korea

DongGang photo festival The longest-running annual festival of photography in Korea since 2002, the DongGang International Photo Festival is the go-to for photography enthusiasts and hobbyists. The festival -- held at the DongGang Museum of Photography in Yeongwol-gun, Gangwon Province, and around the museum -- looks at the history of photography and photos by artists from Korea and overseas. The event will end Sept. 29. Admission costs 3,000 won. Go to dgphotofestival.com for more informati

TravelAug. 30, 2024

[Lee Byung-jong] Gen Z’s growing gender gap

The upcoming US presidential election in November has a surprising degree of similarities with the South Korean presidential election in 2022. For starters, both elections feature candidates who are being tried for various criminal charges, facing prosecutors-turned-candidates on the other side. But more importantly, both elections highlight a remarkably sharp gender divide among young people, particularly Generation Z. In both countries, young men predominantly support conservative candidates,

ViewpointsAug. 30, 2024

Le Sserafim looks to bounce back from Coachella incident with new album

K-pop girl group Le Sserafim of Souce Music returns with its 4th mini-album “Crazy” on Friday, six months after the release of the mini-album “Easy” in February. “Crazy” delivers a message to “go wild just once with Le Sserafim,” and features a variety of genres, including electronic dance music (EDM)-based house music and techno. The album includes five tracks: the title track "Crazy," "Chasing Lightning," "Pierrot,"

K-popAug. 30, 2024

Top court ruling dismisses Seoul education chief

South Korea’s Supreme Court has upheld an 18-month suspended prison sentence for Cho Hee-yeon, the superintendent of the Seoul Metropolitan Office of Education, for abuse of power in reinstating five dismissed teachers six years ago. The ruling effectively removes Cho from his position as the longest-serving education chief in the country. The court delivered its verdict on Thursday, confirming the suspended sentence, which means Cho will not serve prison time unless he commits another o

Social AffairsAug. 29, 2024

Sam Smith releases new edition of 'I'm Not The Only One' featuring K-pop diva Taeyeon

Sam Smith released a new version of his smash-hit title "I'm Not The Only One" featuring K-pop star Taeyeon as a project for the 10th anniversary of his debut album, his label said Thursday. "I'm Not The Only One" is a track on the British pop star's debut album, In The Lonely Hour, released in 2014. Taeyeon, a member of K-pop girl group Girls' Generation, participated in the 10th anniversary edition of the song, singing parts of the song in Korean, acco

K-popAug. 29, 2024

LG to buy 500 billion won worth of shares in 2 affiliates

LG said Thursday it will buy a combined 500 billion won ($375.9 million) worth of stake in its home appliances and chemical units from November as part of efforts to increase their corporate value. LG plans to purchase 200 billion won worth of shares in LG Electronics and 300 billion won worth of shares in LG Chem on two occasions, the company said in a regulatory filing. If the purchase is completed, LG's stake in LG Electronics will increase to 31.59 percent from 30.47 percent, and inte

CompaniesAug. 29, 2024

Samsung, labor union likely to resume wage talks in early October

Samsung Electronics and its labor union are likely to resume their talks over a wage increase and others in early October at the earliest, industry sources said Thursday. Early this month, members of the National Samsung Electronics Union, the largest labor union of the South Korean tech giant, returned to work as they have held several rounds of talks since January but have been unable to narrow their differences over the wage increase rate, vacation system and bonuses. The NSEU, representing

CompaniesAug. 29, 2024

Doosan scraps controversial Robotics-Bobcat merger plan

Doosan Group has officially scrapped its merger plan between Doosan Robotics and Doosan Bobcat, following shareholder opposition and regulatory pressure. However, the group still intends to move forward with its broader strategy to integrate Bobcat under Robotics in a bid to achieve synergy across its business operations. On Thursday, the boards of Doosan Bobcat and Doosan Robotics each convened and decided to cancel the comprehensive share exchange agreement initially designed to streamline the

CompaniesAug. 29, 2024

[Herald Review] Tori Kelly thrills fans, hints her love for Korean artists

American singer-songwriter Tori Kelly thrilled fans with her unrivaled charisma and voice. The 31-year-old singer held her first concert in Korea, titled "Tori Kelly Live in Seoul," at the Myunghwa Live Hall in Yeongdeungpo-gu, Seoul, on Tuesday, as part of her world tour "Purple Skies." Initially scheduled for April 2020, the concert was canceled due to the COVID-19 pandemic, making Tuesday's gig her first performance in the country. In a written interview with The Kore

PerformanceAug. 29, 2024

Yoon approves labor minister's appointment

President Yoon Suk Yeol approved the appointment of Kim Moon-soo as new labor minister Thursday, his office said, as the opposition bloc strongly denounced Kim's view about the Japanese colonial rule. Kim, former head of the presidential Economic, Social and Labor Council, was nominated by Yoon for new labor minister late last month. During Monday's parliamentary confirmation hearing, Kim said Koreans during Japan's 1910-45 colonial rule were regarded as Japanese nationals, stic

PoliticsAug. 29, 2024

Listeners encouraged to go wild with Le Sserafim's 4th EP

Girl group Le Sserafim returned Thursday with its fourth EP, titled "Crazy," urging listeners to pour their passion into whatever makes their hearts race. "Crazy" marks the K-pop quintet's new release six months after its third EP, "Easy," which was released in February. The band made its debut on the coveted Billboard Hot 100 with the album's main track. "The new album's message is simple and clear: Let's go crazy with Le Sserafim,"

K-popAug. 29, 2024

Families of S. Korean detainees in NK appeal to embassies for support

South Korea's Unification Ministry on Thursday organized a first-ever event where families of South Koreans abducted and held captive by North Korea made a direct appeal to foreign missions in Seoul, urging global support in bringing these decades-old unresolved cases to the UN stage for resolution. The event, titled "Families' Call for International Solidarity: Issues of Abduction, Arbitrary Detention and Forced Disappearance," aimed to garner support for highlighting North

North KoreaAug. 29, 2024

Carbon neutrality law violates basic rights: Constitutional Court

South Korea's carbon neutrality law does not conform with the Constitution because the absence of post-2030 targets violates the basic rights of the people, the Constitutional Court ruled Thursday. In a unanimous decision on Thursday, the court ruled that first paragraph of Article 8 of the country's Framework Act on Carbon Neutrality and Green Growth for Coping with Climate Crisis is unconstitutional. This marks the first court decision in Asia to recognize an inadequate climate respo

Social AffairsAug. 29, 2024

Foreign, multicultural students rise amid declining school population

The number of Korean students in kindergarten, elementary, middle and high school nationwide fell by nearly 100,000 in a year to 5.68 million while the foreign national or multicultural student populations increased, showing a stark contrast to the country's low birthrate crisis. According to the Ministry of Education's "2024 Basic Education Statistics Survey" results Thursday, as of April 1, there were 5.684 million elementary, middle and high school students in Korea. This

Social AffairsAug. 29, 2024

Former Ador CEO Min Hee-jin to weigh ‘multiple options’ with NewJeans

Former Ador CEO Min Hee-jin is uncertain about her continued work with NewJeans under Hybe following the dismissal from her position at Ador on Tuesday. “Min is considering various options (regarding her continued involvement in producing NewJeans). It is difficult to provide further details at this time,” an official from Macoll Consulting Group, Min’s public relations agency, told The Korea Herald on Thursday. On Tuesday, Hybe announced the appointment of Kim Ju-young, an i

K-popAug. 29, 2024