Service sector's sales up 5.6% in 2018

South Korea's service sector logged a 5.6-percent rise in sales last year from a year earlier, thanks to robust sales at convenience stores and coffee shops, data showed Tuesday. The combined sales of local service firms totaled 2,155 trillion won ($1.85 trillion) last year, compared with 2,042 trillion won in 2017, according to the data compiled by Statistics Korea.The data showed that 12.18 million people worked in the service sector in 2018, up 4 percent from a year ago.  According to th

EconomyDec. 24, 2019

Business leaders of Korea, Japan, China call for free trade, economic integration

Entrepreneurs in South Korea, Japan and China called for free trade and economic cooperation at a business meeting held in Chengdu, China, according to a local business association Tuesday. The business summit, jointly organized by the Korea Chamber of Commerce and Industry and its Japanese and Chinese counterparts, was held on the sidelines of the summit between leaders of the three nations. The event was attended by President Moon Jae-in, Japanese Prime Minister Shinzo Abe, Chinese Premier Li

IndustryDec. 24, 2019

Economic conditions expected to improve early next year: vice finance minister

Economic conditions at home and abroad are expected to improve early next year, supported by a trade truce between the United States and China and an easing of Brexit worries, South Korea's vice finance minister said Tuesday. Vice Finance Minister Kim Yong-beom made the remarks at a regular meeting with senior financial officials on macroeconomic factors earlier in the day. "Recently, financial markets at home and abroad showed an improvement, thanks to a 'phase one' trade deal between the

EconomyDec. 24, 2019

Hanjin KAL sinks as family-risk scares investors

Hanjin KAL, the holding company of South Korea's largest carrier Korean Air Lines Co., closed sharply lower Tuesday, paring earlier gains on a simmering family feud that investors apparently saw more as a risk than an opportunity.Hanjin KAL plunged 7.14 percent to close at 42,900 won ($36.86), one day after it spiked 20 percent.The shares had gained more than 5 percent earlier in the day amid speculations that the family feud may erupt. Investors, however, apparently saw the possible feud as mor

IndustryDec. 24, 2019

S. Korea to cut tariff rates on 77 products in 2020

South Korea's Cabinet on Tuesday approved a plan to lower tariff rates on 77 products next year to bolster the country's industrial competitiveness and stabilize prices of domestic goods. The products covered by a tariff quota include crude oil, liquefied natural gas and cobalt sulfate, a key ingredient in making batteries for electric vehicles, according to the Ministry of Economy and Finance. Under the tariff quota, which is set to take effect between Jan. 1 and Dec. 31 next year, tariff rates

EconomyDec. 24, 2019

Brokerages' net profit down 28.5% in Q3

South Korean and foreign securities firms saw their combined net profit fall 28.5 percent in the third quarter from a quarter earlier due in part to declines in commission fees, data showed Tuesday.The combined net profit of 56 local and foreign brokerages in South Korea stood at 988.9 billion won ($850.5 million) in the July-September period, down from 1.38 trillion won in the April-June period, according to the preliminary data from the Financial Supervisory Service.Brokerage commission fees f

EconomyDec. 24, 2019

LG to unveil dual-screen 5G smartphone at MWC

LG Electronics Inc. will showcase its new flagship smartphone with a dual screen and 5G connectivity at the upcoming Mobile World Congress in February, industry sources said Tuesday.The Korean electronics giant is scheduled to unveil the new 5G phone, V60 ThinQ, at MWC Barcelona 2020, under the ultra-fast wireless network, according to the sources."LG Electronics is planning to showcase V60 ThinQ as next year's first smartphone to expand its presence in the 5G market," said an industry

IndustryDec. 24, 2019

[팟캐스트] (332) 화성연쇄살인사건 재심 / 광주에서 유골 무더기 발견

 진행자: 손지형, Paul Kerry1. Forensic report falsified in Hwaseong murder case: prosecution아이튠즈(아이폰): https://itunes.apple.com/kr/podcast/koliaheleoldeu-paskaeseuteu/id686406253?mt=2팟빵 (안드로이드): http://www.podbbang.com/ch/6638기사요약: 화성연쇄살인사건 당시 경찰의 증거조작 의혹에 대해 검찰이 직접 수사할 것이라고 밝혀.[1] A retrial should be held for a man who may have been wrongly convicted of the rape and murder of a 13-year-old girl in 1988, in light of new evidence and a series of flaws in the original investigation, the prosecution

PodcastDec. 24, 2019

New construction seen at missile-related site in North Korea

SEOUL (AP) -- A new satellite image of a factory where North Korea makes military equipment used to launch long-range missiles shows the construction of a new structure.The release of several images from Planet Labs comes amid concern that North Korea could launch a rocket or missile as it seeks concessions in stalled nuclear negotiations with the United States.North Korea has warned that what "Christmas gift" it gives the US depends on what action Washington takes. One of the sat

North KoreaDec. 24, 2019

Rudiger racism row takes new twist amid reports of Son abuse

LONDON (AFP) -- The latest racism row engulfing English football took a fresh turn Monday amid reports Tottenham Hotspur's Son Heung-min as well as Chelsea's Antonio Rudiger had been abused by spectators during Sunday's fractious London derby.Chelsea's 2-0 Premier League win at the Tottenham Hotspur stadium saw referee Anthony Taylor halt play during the second half when Rudiger complained of hearing monkey noises from spectators.Moments earlier, the Chelsea defender had been involved in a clash

SoccerDec. 24, 2019

Moon, Abe to hold summit on disputes over trade, shared history

CHENGDU -- South Korean President Moon Jae-in will have his first summit talks with Japanese Prime Minister Shinzo Abe in more than a year Tuesday over trade and historical affairs that have impaired relations between the neighboring countries.They are on a visit to Chengdu, a southwestern Chinese city, for a tripartite meeting to be hosted by Chinese Premier Li Keqiang on the same day. Moon and Abe plan to attend a "business summit," along with Li, and have an official group summit in

Foreign AffairsDec. 24, 2019

Bolton says Trump's NK policy 'failing'

WASHINGTON -- US President Donald Trump's policy on North Korea is "failing" and the communist nation poses an imminent threat to American troops and allies, one of his former national security advisers said Monday.John Bolton, who worked for Trump until September, made the remark in a tweet as tensions have risen over North Korea's threat to send an unwelcome "Christmas gift" to the United States in protest of their stalled denuclearization talks. "We say that it's unac

North KoreaDec. 24, 2019

Assembly convenes to deal with election, prosecution bills

The National Assembly convened a plenary session late Monday to deal with pending bills including contentious proposals on new electoral rules and a prosecution overhaul amid fierce protests from the main opposition Liberty Korea Party (LKP).  Earlier in the day, the ruling Democratic Party (DP), three minor parties and one splinter group reached a final agreement on the details of fast-tracked bills, moving a step closer to putting them to votes.Before the session began, the LKP filed for

PoliticsDec. 23, 2019

Moon, Li agree to facilitate follow-up FTA talks on service, investment sectors

CHENGDU -- The leaders of South Korea and China agreed Monday to expedite talks on supplementing a bilateral free trade agreement, Cheong Wa Dae said.In a meeting with Chinese Premier Li Keqiang in Chengdu, Sichuan Province, President Moon Jae-in proposed the further strengthening of a systemic foundation for enhancing the level of economic cooperation via ongoing negotiations on the service and investment fields to expand the scope of the FTA that took effect in late 2015, according to Cheong W

IndustryDec. 23, 2019

Moon, Xi stress importance of maintaining Pyongyang-Washington dialogue momentum

CHENGDU/ BEIJING -- South Korean President Moon Jae-in and Chinese President Xi Jinping sent a unified message to North Korea and the United States on Monday that they should maintain the momentum of nuclear talks.Moon and Xi had their summit talks in Beijing as Moon made an stopover of several hours there en route to Chengdu, Sichuan Province, for an annual group meeting with the leaders of China and Japan.It came amid indications of possible preparations by Pyongyang for resuming high-profile

Foreign AffairsDec. 23, 2019

[Diplomatic circuit] Omani envoy awarded honorary Seoul citizenship

Omani Ambassador Mohamed Al Harthy received an honorary Seoul citizenship in recognition of his efforts to foster relations between the two countries, the Oman Embassy said Monday.Al Harthy started his term here in 2010 and currently serves key roles as the dean of the diplomatic corps and the president of the Korea-Arab Society. “Ambassador Al Harthy is known to have strong interest in Korean culture. He has made efforts in public diplomacy through a series of cultural, artistic events an

Diplomatic CircuitDec. 23, 2019

[Diplomatic circuit] Bangladesh beams with strong economic growth prospects

DHAKA, Bangladesh -- The hustle and bustle of Bangladesh, one of the fastest-growing economies worldwide, can be seen throughout the capital of Dhaka, where multiple infrastructure projects are underway, including highway construction projects.Having risen from one of the world’s least developed countries to a developing country in less than 50 years since its liberation from Pakistan, Bangladesh is well on its way to achieving its goal of becoming a middle-income country by 2021.“Th

Diplomatic CircuitDec. 23, 2019

[Diplomatic circuit] [From the Scene] Sundarbans, the undiscovered jewel of Bangladesh

KHULNA, Bangladesh -- Bombarded with mobile messages, emails and social media posts, an adventure in Mother Nature is a popular choice for many travelers seeking to escape.The Sundarbans, the largest mangrove forest in the world, is a destination where people can disconnect from technology.The Korea Herald had a chance to visit the Sundarbans between Dec. 19 and 21 as part of the Visit Bangladesh Program.The unique paradise lies on the delta of the Ganges, Brahmaputra and Meghna rivers on the Ba

Diplomatic CircuitDec. 23, 2019

Naver's Japanese affiliate Line, Yahoo Japan ink formal merger deal

South Korea's No. 1 internet portal Naver Corp. said Monday that its Japanese messaging app provider Line Corp. signed a formal contract to merge with internet portal Yahoo Japan Corp.Under the deal, SoftBank Group Corp. -- a holding firm of Z Holdings Corp. that operates Yahoo Japan -- and Naver will buy stocks held by retail investors in Line, Naver said in a regulatory filing.Naver currently holds a 73 percent stake in Line, and SoftBank owns 45 percent of Yahoo's parent company, Z Holdings.F

IndustryDec. 23, 2019

[Graphic News] Number of multiple homeowners reaches record high in 2018

　The number of people who own more than 10 homes in South Korea climbed to a new high last year, marking a turnaround from a slight drop the previous year, data showed.　As of end-2018, the number of people with 10 or more homes here came to 37,487, up 2.1 percent from 36,731 a year earlier, according to the data from Statistics Korea. (Yonhap)

Social AffairsDec. 23, 2019