Most Popular
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Who's lying? Hybe vs. Min conflict continues to intensify
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Seoul should engage Kim Jong-un’s elites for change, ex-North Korean diplomat says
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Thousands rally in Seoul to call for Yoon resignation
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Most teen sex offenders get away with slap on wrist
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Ex-Trump official calls for S. Korea to raise defense spending to 3 or 3.5% of GDP
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Man sentenced to 1 year, 8 months for stealing from elementary school classrooms
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FM champions multilateralism, stresses S. Korea's vision as 'global pivotal state'
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Same-sex couple denied insurance clearance despite landmark ruling
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Panmunjom tours for select Korean nationals may resume in October
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Young Poong says no better offer for Korea Zinc
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BOK slashes growth outlook, freezes key rate
The Bank of Korea on Tuesday kept the key interest rate unchanged at an all-time low for a 10th consecutive month, while presenting a slower growth of 2.8 percent for the domestic economy this year. BOK Gov. Lee Ju-yeol and six other members of the monetary policy board decided to freeze the seven-day repurchase rate at 1.5 percent, unchanged since June last year, until next review. BOK Governor Lee Ju-yeol (Yonhap)The central bank also slashed its forecast for gross domestic product growth in 2
April 19, 2016
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Seoul stocks edge up on bargain hunting
Korean shares closed marginally higher Tuesday as institutional investors opted for bargain hunting, with other Asian stocks mostly higher on Wall Street gains. The local currency sharply rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.11 percent, or 2.26 points, to 2,011.36. Trade volume stood at a moderate 397.41 million shares worth 4.39 trillion won ($3.8 billion), with gainers outnumbering losers 511 to 292.Institutions bought a net 139 billion
April 19, 2016
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Hyundai, Cisco team up on connected cars
South Korea’s largest automaker Hyundai Motor and American tech giant Cisco Systems have agreed to cooperate on connected car technologies, the automaker said Tuesday. The announcement came as Hyundai Motor vice chairman Chung Eui-sun and Cisco Systems CEO Chuck Robbins met in Seoul to discuss the two firms’ future smart car business. Hyundai Motor vice chairman Chung Eui-sun (third from left) and Cisco Systems CEO Chuck Robbins (fourth from left) pose after a meeting at the carmaker’s headqua
MobilityApril 19, 2016
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Capital market think tank appoints Ahn Dong-hyun as new president
Ahn Dong-hyun has been named new president of the Korea Capital Market Institute, the economic think tank said Tuesday. Ahn who currently serves an economics professor at Seoul National University, will head the institution for the next three years after taking office on Thursday. He will replace former president Shin In-seok who left his post in March when the Bank of Korea tapped him as a member of monetary policy board. The new president also serves as a member of National Economic Advisory C
April 19, 2016
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Roche Korea appoints new general manager
Roche Korea, the local branch of Switzerland-based global biopharmaceutical giant Roche, on Tuesday appointed former chief of Roche Pharma Peru Matt Sause as its new general manger. “Korea is considered as a key market within Roche Group, and I am very pleased to assume this important role,” Sause said in a statement. “I will devote myself to improving the quality of the lives of Korean patients by strengthening access to innovative medicines by collaborating with various health care profession
IndustryApril 19, 2016
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[Herald Interview] Crystal accessories in digital age
Earlier this month, the crystal brand Swarovski launched a wearable activity-tracking device that women might actually consider wearing. The device had a sparkling faceted crystal the size of a coin, which can be inserted into a crystal-studded bracelet, sport band or necklace. Embedded within the crystal is software that monitors your activities during the day and tracks your sleep pattern at night. “Our mission has been to beautify smart devices,” said Robert Buchbauer, CEO of Consumer Goods
Arts & DesignApril 19, 2016
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Conde Nast International Luxury Conference to kick off in Seoul
The second annual Conde Nast International Luxury Conference will kick off in South Korea on Wednesday, bringing together hundreds of officials from the world’s major luxury and high-end fashion industries to examine the present and future of the Korean and global luxury market. The two-day conference, organized by Conde Nast International, a U.S. multimedia company which publishes major fashion and lifestyle magazines like Vogue, GQ and Vanity Fair, will take place at the Hotel Shilla in Seoul.
IndustryApril 19, 2016
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A bazaar of last resort in Los Angeles
LOS ANGELES –– Claudia Flores and her husband were months past due on $60 phone and $80 electricity bills. So they packed their minivans with strollers, car seats, used T-shirts and assorted other things and drove to a stretch of Figueroa Street just blocks from Imperial Highway in South Los Angeles. There, they spread their wares on the sidewalk and opened for business. This part of Figueroa Street has become a shopping bazaar of last resort for people living on the margins. Every weekend, doze
TravelApril 19, 2016
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Samsung SDI aims to speed up global expansion
Samsung SDI, one of South Korea’s leading battery firms, said Tuesday that it has teamed up with Korea Electric Power Corp. to tap into the global energy storage system markets.The state-run utility firm signed a memorandum of understanding with the Samsung Group affiliate to lead a consortium bidding for global energy projects. As a part of the consortium, SDI will supply its ESS technology for future energy projects. KEPCO chief executive Cho Hwan-eik (left) poses with Samsung SDI chief execu
TechnologyApril 19, 2016
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Telecom spectrum auction to begin this month
South Korea’s big three network operators -- SK Telecom, KT, and LG Uplus --on Monday completed their applications to participate in an upcoming spectrum auction, according to the Ministry of Science, ICT and Future Planning Tuesday.A total of five blocks in the 700-megahertz, 1.8-gigahertz, 2.1GHz and 2.6GHz frequencies will be up for sale during the spectrum auction, which is expected to raise at least 2.6 trillion won ($2.3 billion) in total. Executives and officials from network operator LG
TechnologyApril 19, 2016
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IFA seeks to expand presence in China
HONG KONG -- Europe’s largest electronics trade show IFA is seeking to expand its presence in China, by launching a local edition -- CE China -- this week. IFA, which is held every September in Berlin, attracted almost 250,000 visitors last year for the weeklong event. Christian Goke, CEO of Messe Berlin, speaks at IFA’s global press conference in Hong Kong on Monday. Lee Ji-yoon/The Korea HeraldWhile Korean and Japanese companies are still one of the biggest exhibitors, the presence of Chinese
TechnologyApril 19, 2016
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KEB Hana Bank to raise ATM fees in May
KEB Hana Bank will raise fees on its automated banking machine networks from May, the local lender said Tuesday. The country’s fourth-largest bank by assets said it will increase surcharges for customers who transfer money to other banks’ accounts from 800 won (70 cents) to 1,000 won. The new fees will be applied at ATMs nationwide from May 13. Customers using other banks’ ATMs to withdraw money from KEB Hana Bank accounts will also have to pay the increased fee of 1,000 won. “It’s the first rai
April 19, 2016
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BOK trims 2016 growth outlook to 2.8%
South Korea's central bank cut its growth outlook for the economy on Tuesday, mainly blaming a slowdown in the global economy and trade.In its quarterly revision to the growth outlook, the Bank of Korea said Asia's fourth-largest economy is expected to expand 2.8 percent this year, compared with a 3 percent growth forecast three months earlier.The BOK joined a series of organizations that cut their own growth estimates for the local economy, including the International Monetary Fund, which has s
April 19, 2016
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FSC refutes reports on additional industry restructuring
The Korean government said Tuesday that it has reviewed whether to add another industrial sector for restructuring as part of efforts to drive out heavily indebted companies in ailing sectors that might drag down the Korean economy.The Financial Services Commission said, however, it has yet to find any specific industry in need of further restructuring. FSC chairman Yim Jong-yong (Yonhap)“As of now, there is no industry that needs further discussion for restructuring, besides the five sectors,”
April 19, 2016
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Selling Louis Vuitton fried chicken? Not a good idea
A fried chicken restaurant owner in Korea was fined 14.5 million won ($12,500) on Sunday for refusing to stop taking advantage of luxury designer brand Louis Vuitton’s name. The restaurant owner, identified by his surname Kim, had named his restaurant in Seoul, “Louis Vuitton Dak.” The word “dak” means chicken in Korean. In addition to the restaurant name, he created a logo similar to that of the French fashion house and put it on the restaurant’s napkins as well as on its take-out boxes.Louis V
Social AffairsApril 19, 2016
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[Photo News] Samsung signs MOU for European expansion
SAMSUNG-EDMOND DE ROTHSCHILD PARTNERSHIP--Samsung Asset Management CEO Koo Sung-hoon (left) poses with Ariane de Rothschild, chairwoman of private bank and asset management group Edmond de Rothschild at a hotel in Seoul on Tuesday after signing an MOU on inter-sales and cooperation in the Korean and European capital market. Samsung Asset Management
April 19, 2016
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‘Simple Song #3’ performed by soprano Sumi Jo wins Italian film award
A song from movie “Youth,” which was performed by Korean soprano Sumi Jo, won an Italian film award, PR company PRM said Tuesday. The song “Simple Song #3” from Paolo Sorrentino’s movie “Youth” won the Best Original Song at the 60th David di Donatello Awards on Monday. The Italian comedy-drama film was nominated in 14 fields of the Italian award, including Best Film, Best Director and Best Screenplay. Soprano Sumi Jo holds the award for Best Original Song at the David Di Donatello Awards at Rome
PerformanceApril 19, 2016
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‘Hunger Games’ memorabilia to go under the hammer
LOS ANGELES (AFP) -- Collectors with a good arm and a few thousand dollars to burn are being invited to bid for Jennifer Lawrence’s iconic hunting bow in an auction of memorabilia from blockbuster film franchise “The Hunger Games.” The weapon -- expected to fetch up to $12,000 -- is among almost 500 costumes, props and other items up for grabs from the original film and its sequels “Catching Fire” and the two-part “Mockingjay.” “Everyone will have a chance to acquire items from their favorite c
FilmApril 19, 2016
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Korean artist files copyright suit against designer
Artist Lee Myung-ho has sued London-based Greek fashion designer Mary Katrantzou for copying one of his iconic tree series, calling it “intentional plagiarism.” The artist claims the celebrated fashion designer, known for her use of bold prints on clothes and accessories, took part of Lee’s 2013 work for her T-shirts and handbag designs without his permission. “The designer took the image and altered it a little, such as expanding the width of the image, editing a few details. The pixels in th
Arts & DesignApril 19, 2016
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[Photo News] Nissan rolls-out new mid-size sedan
NISSAN UNVEILS NEW MIDSIZE SEDAN -- Nissan Korea unveiled its new midsize sedan All-New Altima, which has a combined fuel efficiency of 13.3 kilometers per liter, in Seoul on Tuesday. The price of the new sedan starts from 29.9 million won ($26,270). (Nissan Korea)
MobilityApril 19, 2016