Most Popular
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Torrential rainfall forces 1,500 to evacuate, causes widespread damage to homes, roads
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[KH Explains] Can smart chargers ease tensions over EV fires?
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1 in 5 households to have breadwinner over 80 in 30 years
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[Online Predators] Online reviews of sex tourism in Southeast Asia proliferate
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Assembly to review disputed appointment of national soccer team coach
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New Fifty Fifty off to strong start
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Arrival of fall calls for more outdoor festivals
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Evicted guest burns down inn; 3 killed
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[Herald Interview] US election may unleash growth for Korea: Laffer
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Yoon's Prague visit sets stage for W24tr nuclear power plant deal
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Korean Air may help raise liquidity for Hanjin Shipping
[THE INVESTOR] Korean Air, a Hanjin Group affiliate, is likely to help raise liquidity of up to 700 billion won (US$615.22 million) for ailing Hanjin Shipping, according to industry sources on July 25.Hanjiin Shipping -- the world’s seventh-largest shipping line -- is required to hand in plans for raising up to 1.1 trillion won to its main creditor bank, the state-run Korea Development Bank, by the end of this month. A large part will have to come from Korean Air, which had initially offered to
IndustryJuly 25, 2016
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Constitutional Court to rule on new antigraft act
[THE INVESTOR] The constitutionality of the new antigraft law is to be decided on July 28, the Constitutional Court of Korea said on July 25. The so called “Kim Young-ran Act” is set to go into effect in September, and will impose penalties for receiving gifts or entertainment on a wide range of professions. As the act currently stands, staff of news organizations and private schools are subjected to the act. The inclusion of journalists and private school staff has been met with criticism and r
IndustryJuly 25, 2016
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Unidentified gas odor plague Busan, Ulsan
Over 200 reports of natural gas odors plagued Busan and neighboring Ulsan over the weekend, but the source of the odor has not yet been identified, authorities said Monday.According to the Busan Metropolitan Government, the first report of a smell from a suspected gas leak came in at around 5:30 p.m. on Thursday from an area near Haeundae beach. More than 160 similar reports of a gas odor were received within two hours on the same day, mainly from Jung-dong in Haeundae-gu and Yongho-dong and Dae
Social AffairsJuly 25, 2016
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Former Saenuri whip repeats nuclear arms call
A former floor leader of the ruling Saenuri party said Monday that South Korea should declare nuclear armament if North Korea conducts more nuclear tests. Rep. Won Yoo-chul urged the government to shift its long-held denuclearization initiative and to pledge that it would develop nuclear weapons if Pyongyang runs a fifth nuclear test. “We can no longer rely on the international community’s sanction to prompt changes in North Korea,” the fifth-term lawmaker said in a statement. “The Korean govern
PoliticsJuly 25, 2016
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Prequel to ‘Train to Busan’ set for August release
The prequel to the summer blockbuster film “Train to Busan” is scheduled for release in August, according to distribution company Next Entertainment World on Monday. Directed by the man behind the apocalyptic thriller “Train to Busan” Yeon Sang-ho, “Seoul Station” is a 93-minute-long animation film that details what happens at Seoul Station, the epicenter of the virus outbreak portrayed in “Train to Busan” that transforms humans into flesh-hungry zombies. Voiced by actors Ryu Seung-ryong, Shim E
FilmJuly 25, 2016
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Korean jobless men have hard time getting married: study
Unemployment affects Korean men’s marriage prospects much more so than women’s, with a vast majority of jobless Korean men in their late 20s and early 30s staying single, a study showed Monday.The report, released by the Korea Women’s Development Institute, discovered that only 4.1 percent of unemployed men aged 25-29 were married as of last year, while 48.8 percent of unemployed Korean women in the same age group were married. The difference was even larger for jobless men and women aged 30-34.
Social AffairsJuly 25, 2016
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Increased calls for overhaul of taxation scheme
A draft tax code revision for next year, which is to be announced by the government this week, is expected to leave the existing taxation scheme largely intact.Opposition lawmakers have recently submitted bills calling for a rise in the maximum rate of corporate tax from the current 22 percent to 25 percent. But the government and the ruling Saenuri Party have persistently opposed increasing levies on corporate profits.Participants at a seminar arranged by the ruling party last week raised their
July 25, 2016
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S-Oil Q2 net rises 3.8% on refining, petrochemicals
S-Oil Corp., the No. 3 oil refiner in South Korea, said Monday that its second-quarter net profit gained 3.8 percent from a year earlier, largely thanks to an improvement in its refining business and other areas.Net profit reached 445 billion won ($391 million) on a consolidated basis in the April-June period, compared with a profit of 429 billion won a year earlier, the company said in a regulatory filing.Sales dropped 18.4 percent on-year to reach 4.19 trillion won in the second quarter, while
July 25, 2016
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Seoul says THAAD decision is due to Pyongyang's nuke ambitions
Seoul's recent decision to deploy an advanced U.S. anti-missile system in South Korea was triggered by North Korea's increasing nuclear ambitions, the unification ministry said Monday, amid the North's continued bashing of the deployment plan. North Korea has stepped up its criticisms against the South after July 8 when the plan was announced to allow the Terminal High-Altitude Area Defense system in the country by 2017.The move is aimed at better defending South Korea from evolving nuclear and
DefenseJuly 25, 2016
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LG to spend more for R&D on appliance parts
[THE INVESTOR] LG Electronics said it would spend 30-50 percent more on-year for research and development into key components of washing machines and air conditioners to maintain its competitiveness in the home appliance market. “The motor and compressor plays a vital role in our home appliance business, so we will invest accordingly,” said Park Jung-hyun, vice president of LG’s compressor and motor business unit at a press meeting in South Gyeongsang Province last week. LG Electronics employee
TechnologyJuly 25, 2016
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Banks required to set aside more foreign exchange reserves
South Korea's top financial regulator said Monday that it would mandate local banks to set aside more foreign exchange reserves starting next year to better deal with any possible massive foreign capital outflows.The local banks are required to raise the foreign exchange liquidity coverage ratio to 80 percent in 2019 from 60 percent in 2017, the Financial Services Commission said.The liquidity coverage ratio is measured as high-quality liquid foreign assets to projected net cash outflows over 30
July 25, 2016
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OLED shipments for smartphones to double by 2017: research firm
[THE INVESOTR] Shipments of organic light-emitting diode displays for smartphones are expected to almost double from last year’s 250 million units to 450 million units in 2017, market research firm IHS predicted. Currently, about 97 percent of the market is dominated by Samsung Display, the display-making unit of Samsung Electronics. Samsung Galaxy S7IHS said this year’s shipments could surge 42.7 percent to 366.9 million panels compared to a year ago. Samsung has extended the OLED adoption for
TechnologyJuly 25, 2016
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Foreign ministers of N.K., China meet at ARF
Breaking a drawn-out cooling-off period after Pyongyang’s nuclear and missile tests, the top diplomats of North Korea and China held talks Monday at a regional security conference in Vientiane, Laos. The session between Chinese Foreign Minister Wang Yi and his North Korean counterpart Ri Yong-ho took place on the sidelines of the ASEAN Regional Forum for the first time since Ri took office last May. His predecessor Ri Su-yong and Wang did not meet face-to-face during last year’s event.“The meeti
Foreign AffairsJuly 25, 2016