Hyundai, Kia top J.D. Power's annual quality survey

South Korean carmakers Hyundai Motor and Kia Motors said Thursday they have garnered the three highest marks in J.D. Power’s annual automotive quality survey. The companies said they expected the achievements to help boost sales in the United States as J.D. Power’s closely followed Initial Quality Study is widely accepted as a barometer of automotive quality.  In the 2019 IQS report released Wednesday, Hyundai Motor, its independent brand Genesis and Kia Motors, long regarded as

EconomyJune 20, 2019

Hyundai Glovis establishes transport subsidiary in US

Hyundai Glovis, a supply chain management and logistics arm of Hyundai Motor Group, said Thursday it has established a subsidiary company for cargo transportation business in the United States.The company, Global Expedited Transportation, has been set up as a subsidiary of Hyundai Glovis America. It will directly operate cargo transportation between the West Coast and East Coast. The operations were managed on a consignment basis until now.  Hyundai Glovis said GET will find new partners an

IndustryJune 20, 2019

[Photo News] Chinese tourists share N. Korea travel photos ahead of Xi visit

The number of Chinese people visiting North Korea has seen a huge surge recently, especially since Chinese President Xi Jinping announced Tuesday his first official visit to Pyongyang.Several images and videos of Chinese tourists taken in North Korea were revealed through social media Thursday, coinciding with Xi’s arrival.  By Choi Ji-won (jwc@heraldcorp.com)

North KoreaJune 20, 2019

Daesung hosts microbes forum to promote bio-economy

South Korean energy conglomerate Daesung Group hosted its third annual forum on microbes Thursday in Seoul, with the theme “Lab to Industry for Bioeconomy.” Attended by around 150 participants, the 2019 Daesung Haegang Microbes Forum offered a venue for academia and the private sector to discuss the latest trends in clean energy and environment technologies using microorganisms, as well as to seek ways to bring them into the market. The highlight of the forum was the utilization and

IndustryJune 20, 2019

Koreans drinking more Chinese beer

South Korean consumer preference for imported beer is changing, with Chinese beer gaining popularity, industry data showed Thursday.An analysis of sales of imported beer in Korea over five years, by CU, South Korea’s largest convenience store chain under BGF Retail, indicated a shift in consumer preference for beer from different nations.Data showed that sales of Chinese beer have increased twofold since 2014, taking up 10.2 percent of total sales of imported beer and ranking third in term

IndustryJune 20, 2019

BOK chief signals rate cut on US Fed meeting results

Mere hours after the US Federal Reserve hinted at an interest rate cut, Bank of Korea Gov. Lee Ju-yeol said Thursday that South Korea would take apt measures to deal with economic shifts, hinting at mirroring the Fed’s move. The policy-setting Federal Open Market Committee on Wednesday left the key rate on hold in the 2.25-2.5 percent range, but added it “will act as appropriate to sustain the expansion,” since uncertainties of the rate outlook have increased. The Fed’s s

MarketJune 20, 2019

BTS' 2016 music video 'Save ME' tops 400 mln YouTube views

The music video of K-pop boy band BTS' 2016 song "Save ME" has topped the milestone of 400 million YouTube views.The "Save ME" music video, off the septet's 2016 compilation album "Young Forever," surpassed the YouTube record Thursday morning, according to the group's agency, Big Hit Entertainment. It is BTS' eighth music video that has surpassed the 400 million mark, including "DNA," which topped 700 million, and "Fire," "Fake Love&quo

PerformanceJune 20, 2019

US imposes sanctions on Russian financial for helping North Korea

The US Treasury Department slapped sanctions on a Russian financial company Wednesday for allegedly assisting North Korea evade sanctions, while Washington’s top nuclear negotiator called for dialogue with Pyongyang with no conditions attached. The Russian Financial Society is accused of opening multiple bank accounts since at least 2017 on behalf of Dandong Zhongsheng Industry & Trade, a company owned and controlled by the North Korean Foreign Trade Bank, Pyongyang’s primary for

North KoreaJune 20, 2019

[News Focus] Korea’s 2019 growth may fall to 10-year low

SEJONG -- Two major economic indices under the Moon Jae-in administration have plumbed to new lows since the nation was hit by the 2008-09 global financial crisis.Those are the growth of gross domestic product in the first quarter and the current account balance in April 2019.South Korea suffered a contraction of 0.4 percent in GDP during the January-March period on a quarter-to-quarter basis.This was the worst quarter-on-quarter GDP performance since the first year of the Lee Myung-bak governme

EconomyJune 20, 2019

Pyongyang drawing up new plan for 3rd summit with US: former NK diplomat

North Korea is drawing up a new plan for its third summit with the United States, a Korean newspaper quoted a former NK diplomat as saying on Thursday. The two-day summit between Chinese President Xi Jinping and North Korean leader Kim Jong-un that begins Thursday signals that Pyongyang has chosen China over South Korea as a mediator for denuclearization talks with the US, Thae Yong-ho, a former deputy North Korean ambassador to the UK, said in an interview with Dong-A Ilbo, a South Korean daily

North KoreaJune 20, 2019

[Newsmaker] Liberty Korea Party chairman’s comment favoring lower wages for foreign workers ignites controversy

Main opposition Liberty Korea Party Chairman Hwang Kyo-ahn on Thursday sought to put the brakes on snowballing controversy over his speech targeting foreign laborers here, where he said that they “should not be given the same wage.”“It was meant to optimize the minimum wage standard,” Hwang said, regarding his comments made Wednesday.Hwang said it is “unfair” to ensure foreign workers receive the same level of wage as locals, citing the payment of taxes as jus

PoliticsJune 20, 2019

China's Xi arrives in Pyongyang: state media

PYONGYANG (AFP) -- Xi Jinping arrived in Pyongyang Thursday for a two-day state visit, the first by a Chinese president in 14 years, according to Chinese state media.Xi, who is accompanied by his wife Peng Liyuan, Foreign Minister Wang Yi and other officials, landed at 11:40 am local time (0240 GMT), according to China's CCTV broadcaster. (AFP)

North KoreaJune 20, 2019

Hyosung chairman meets Vietnam’s deputy prime minister

Hyosung Group Chairman Cho Hyun-joon met with Vietnam’s Deputy Prime Minister Vuong Dinh Hue on Wednesday during the latter’s visit to Seoul to discuss collaborative growth measures, Hyosung said Thursday.According to Hyosung, the chairman had asked for the Vietnamese government’s support for Hyosung’s polypropylene plant in the southeast region of Ba Ria Vung Tau and the tire cord plant in Quang Nam province in central Vietnam, which are currently under construction.&nbs

IndustryJune 20, 2019

Defense minister apologizes over NK boat's undetected crossing

Defense Minister Jeong Kyeong-doo apologized Thursday amid mounting public criticism that the military failed to detect a North Korean boat crossing the maritime border and tried to cover up the failure.The military has come under fire following revelations that the small North Korean wooden boat crossed the inter-Korean maritime border and sailed undeterred in the South's territorial waters in the East Sea for about three days before arriving at the port of Samcheok, Gangwon Province, on Saturd

DefenseJune 20, 2019

Kumho Tire aims for turnaround in China with Majesty9

Kumho Tire has introduced its premium brand Majesty9 in Nanjing, China, for local dealers, the company said Thursday. With the launch of the latest premium products, the company said it anticipates to improve sales performance in mainland China and be profitable in the second quarter. Kumho Tire’s Chinese unit had recorded an operating profit on its own accord for the first time in 30 months in May, its fifth consecutive month of being in the black.  The tire company said that if this

IndustryJune 20, 2019

7-Eleven signs MOU for EV charging stations

Convenience store chain 7-Eleven said Thursday it has has signed a memorandum of understanding with Korea Electric Vehicle Charging Service. Under the MOU, 7-Eleven will collaborate in installing EV charging stations at its stores. The company plans to build four charging stations in the capital region and two in provincial cities by September. Jung Seung-in, CEO of Korea Seven, the local operator of 7-Eleven chain, explained that the MOU was triggered by the change in consumers’ choice of

IndustryJune 20, 2019

Leading biotech academic donates W10b to IVI

Professor Sung Young-chul of Pohang University of Science and Technology, who is recognized as an expert in the biotech industry, has donated 10 billion won ($8.5 million) to the International Vaccine Institute, the organization said Wednesday.Sung’s donation is the biggest single donation made to the IVI by an individual donor. It will be delivered via the Korea Support Committee.The contribution will go toward funding various vaccination projects for children in developing countries acro

Social AffairsJune 20, 2019

Xi leaves for N. Korea amid trade tensions with US

Chinese President Xi Jinping left for North Korea on Thursday, in a high-profile trip likely to highlight the countries' traditional alliance amid escalating Sino-US competition on trade and other tricky geopolitical fronts.It marks the first trip to the North by a Chinese head of state in 14 years and the fifth since Beijing and Pyongyang established diplomatic relations in 1949. Then Chinese President Hu Jintao visited Pyongyang in October 2005.Xi's two-day state visit to the communist ally ha

North KoreaJune 20, 2019

Saudi Arabia's crown price to visit S. Korea next week

Crown prince of Saudi Arabia Mohammad bin Salman bin Abdulaziz Al Saud will visit Seoul next week for a meeting with South Korean President Moon Jae-in, the presidential office Cheong Wa Dae said Wednesday.It will be the first South Korean visit by a Saudi Arabian crown prince since 1998, when then-crown prince Abdullah bin Abdulaziz Al Saud made a visit.During the two-day visit, Moon and Prince Mohammad, who also serves as deputy prime minister and minister of defense, will hold a meeting on Ju

NationalJune 19, 2019

[Feature] Asylum seekers decry falsehoods, abuse in refugee screening

Recalling his refugee application interview, Mohamad Sabry, who was formerly a member of the Muslim Brotherhood and is now in Korea on a humanitarian stay visa, said it was the beginning of “another part of a miserable life.”The 38-year-old Egyptian, who came to Korea in 2016 to flee persecution by the military regime that seized power in a coup, said records documenting his refugee application interview had been falsified.“I was verbally assaulted during my formal interview at

Social AffairsJune 19, 2019