The Korea Herald

Pop sensation Psy rocks Gangnam, fuels holiday night frenzy

South Korean pop singer Psy once again proved himself a hallyu star, an accolade for South Korean celebrities followed globally, as he rocked Gangnam in southern Seoul on Sunday. The K-pop icon, widely known for "Gangnam Style" and the horse-riding dance move, closed the four-day golden holiday as the last singer to perform at "C-Festival 2016." The cultural event was organized by Gangnam District to dub the area as a cradle of hallyu culture and popular venue for global conventions and executiv

PerformanceMay 9, 2016

U.S. urges N. Korea to honor denuclearization commitments

The United States urged North Korea on Sunday to honor commitments and obligations to give up its nuclear program after the North's leader said he will continue to pursue his trademark policy of simultaneously seeking nuclear and economic development."We are aware of the comments and continue to call on North Korea to focus on taking concrete steps toward fulfilling its commitments and international obligations," a senior U.S. administration official told Yonhap News Agency on background.Earlier

North KoreaMay 9, 2016

U.S. won't 'stand unmoved' in face of N. Korean threats: senior U.S. diplomat

The United States and its allies "will not stand unmoved" in the face of North Korea's nuclear and missile provocations, a senior American diplomat said, calling for the communist nation to forswear its weapons programs.Frank Rose, assistant secretary of state for arms control, verification and compliance, made the remark last week as he talked about U.S. efforts to strengthen missile defense, including the potential deployment of the THAAD system in South Korea."The Obama administration is comm

InternationalMay 9, 2016

N. Korea's party adopts decision on nukes at key congress

North Korea said Monday it has adopted a decision by the ruling party's central committee to simultaneously pursue nuclear and economic development, and to reaffirm its leader's complete control.The North's state media said the decision was unanimously adopted by party delegates on Sunday after North Korean leader Kim Jong-un reported works by the Workers' Party of Korea (WPK) at the party congress, a venue aimed at bolstering his monolithic power."We will consistently take hold on the strategic

North KoreaMay 9, 2016

Korean Wang Jeung-hun wins on European Tour

South Korean golfer Wang Jeung-hun captured his first European Tour win in Morocco on Sunday (local time) in a sudden-death playoff.Wang defeated Nacho Elvira on the second playoff hole to claim the Trophee Hassan II at Royal Golf Dar Es Salam in Rabat, Morocco, and take home 250,000 euros ($284,890). He also earned a two-year exemption on the European Tour.Wang, 20, is the second South Korean to win on the European Tour in three weeks, after Lee Soo-min, who won the Shenzhen International last

GolfMay 9, 2016

Driven by practical young consumers, car-sharing market growing fast

South Korea’s car-sharing market is fast expanding with a growing number of young consumers wanting to experiment with a wide range of vehicles rather than own a car. To cash in on the subtle change in the car market, the nation’s industrial giants are responding to such consumer preferences. Retail giant Lotte Group and the nation’s third-largest conglomerate SK Group are already involved in businesses that cater to such demand and the nation’s largest automaker Hyundai Motor is also considerin

MobilityMay 9, 2016

Driven by practical young consumers, car-sharing market growing fast

[Newsmaker] Saudi Aramco chief named oil minister

Saudi Arabia replaced its veteran oil minister with a close ally of the king’s increasingly influential son, Deputy Crown Prince Mohammed bin Salman, as the world’s largest crude exporter embarks on an economic overhaul designed to make it less reliant on energy.After more than two decades in the post, Ali Al-Naimi, who’s been the central player in scores of OPEC meetings and steered global crude markets through several boom-and-bust cycles, will be succeeded by Khalid Al-Falih, currently chairm

World NewsMay 8, 2016

[Newsmaker] Saudi Aramco chief named oil minister

Ministry, BOK divided on how to recapitalize banks

Korea’s government and central bank, after an open spat, agreed last week to recapitalize policy banks to finance corporate restructuring, but the devil really is in the detail. The Finance Ministry and the Bank of Korea agree on the need for “a policy mix” to boost the capital bases of two state-run lenders Korea Development Bank and Export-Import Bank of Korea. But they still appear divided on what that mix should comprise.Bank of Korea Gov. Lee Ju-yeol made this clear when he said Thursday th

May 8, 2016

Ministry, BOK divided on how to recapitalize banks

[Graphic News] Koreans prefer adopting girls

A total of 1,057 South Korean children were adopted last year, with domestic adoption continuing to show the tendency of preferring girls over boys.The Ministry of Health and Welfare said that the number of adopted children declined slightly from 1,172 in 2014. Last year, Korean parents adopted 683 children, up from the 637 in 2014. Fewer South Korean children, however, were adopted overseas in 2015 -- 374 compared to 535 the previous year. Of those adopted in Korea, 67.5 percent were girls whil

Social AffairsMay 8, 2016

[Graphic News] Koreans prefer adopting girls

No foul play in Codes Combine rally: KRX

Korea Exchange has found no evidence of foul play in the rally of Codes Combine on the Kosdaq exchange in March, the sudden and erratic nature of which led the bourse operator to take measures against stocks with similarly small free floats. “The Market Oversight Committee could not find any reason to believe that manipulative forces were behind the stock’s gains,” a source at the KRX said Sunday. The committee, which monitors irregularities in stock trading, had probed transactions related to t

May 8, 2016

No foul play in Codes Combine rally: KRX

Korean overseas spending double what foreigners spend in Korea

Last year, Koreans spent nearly double overseas compared to the amount foreign consumers spent here in Korea, data showed Sunday.According to data from Statistics Korea, Korean consumers spent nearly 26.1 trillion won ($22.6 billion) overseas, roughly two times the 13.1 trillion won spent by foreign consumers in Korea.The figures include both consumer spending overseas and direct purchases from foreign websites. Tourists shop at a duty-free store in Seoul. (Yonhap)The disparity indicates a sever

IndustryMay 8, 2016

Korean overseas spending double what foreigners spend in Korea

Fewer Koreans feel responsible for aging parents

Fewer Koreans believe that grown-up children should be responsible emotionally and financially to care for their aging parents, a study showed Sunday. 　According to the report released by the Korean Women’s Development Institute, 16.6 percent of Koreans said in a survey conducted in 2014 that an individual is responsible to finance their own post-retirement years. It showed a 1.7-fold increase from 9.6 percent in 2002. 　At the same time, the number of those who think family members, including gr

Social AffairsMay 8, 2016

Fewer Koreans feel responsible for aging parents

[Behind the Wheel] Sharp but stable: All-new Malibu ready to challenge mid-sedan segment

In a dramatic change from previous models, GM Korea’s new Chevrolet Malibu 2016 is sleeker than before in design and has more power.The new Malibu, presented during a media test drive on a rainy day last week, offered a stable driving experience at speeds of around 120 kilometers per hour, proving that it was ready to challenge its rivals in Korea’s mid-sized sedan segment.The new Chevrolet Malibu (GM Korea)At first, the new Malibu gave the impression of a sharp, progressive sedan. But inside, i

MobilityMay 8, 2016

[Behind the Wheel] Sharp but stable: All-new Malibu ready to challenge mid-sedan segment

[Editorial] Unwarranted appointments

On May 2, Choi Gye-woon stepped down as CEO of the Korea Water Resources Corp. His resignation drew attention as there was no particular reason for him to step down six months before the expiration of his term.　A former university professor, Choi is recognized as one of Korea’s top experts in water management. Until recently, he had been passionate about his work. In March, he was elected the first president of the Asia Water Council.　Choi’s abrupt resignation spawned speculation that he had bee

EditorialMay 8, 2016

[Editorial] Gripped by illusion

North Korea has officially kicked off the era of Kim Jong-un by reaffirming his unchallenged one-man rule at a rare congress of its ruling Workers’ Party.　The party congress is being held for the first time in 36 years. The young leader’s father, Kim Jong-il, had never convened it during his reign for 17 years because his father, Kim Il-sung, the founder of the communist country, told him not to hold a congress until “everyone lived in tile-roofed houses with a hot bowl of rice and beef soup eve

EditorialMay 8, 2016

[Photo News] First Avante Sport

Hyundai Motor said Sunday it held a delivery ceremony at Songdo Street Circuit located in Incheon and delivered its first Avante Sport to a customer who will participate in Korea Speed Festival. The new sport version of Avante is powered by a 1.6-liter T-GDi four-cylinder engine that produces 201 horsepower. (Hyundai Motor)

MobilityMay 8, 2016

Traditional Algerian fashion enthralls foreign eyes

Models dressed in colorful traditional clothes walked down the aisle, riveting audiences with their dazzling drapery. The glittery show was a collaboration between Algerian and Korean designers, showcasing the unique identities of both countries’ fashion. Part of a joint cultural program, the event at Coex in Seoul on Thursday featured clothing by Algerian designer Samir Kerzabi and Korean designers Park Hyo-hee and Ham Eun-jeong. A model showcases a newly interpreted traditional dress by Algeri

Foreign AffairsMay 8, 2016

Traditional Algerian fashion enthralls foreign eyes

[Noah Smith] Want economic growth? Empty the suburbs

Here’s a big economic and political thesis: The U.S. has run out of frontiers, both literal and figurative. 　At first, growth was fueled by expansion into the West, use of natural resources and the build-out of national infrastructure. In the early- and mid-20th century, an unprecedented explosion of new technologies -- electricity, automobiles, airplanes and others -- opened up the suburbs, which acted like a new frontier. More recently, the Internet and globalization, especially China, were fr

ViewpointsMay 8, 2016

[Photo News] Car-Park Promotion

GM Korea said Sunday it held a sports marketing event featuring Manchester United Ambassador Park Ji-sung in Seoul on Saturday. At the event, Park, a former Manchester United player, met with young soccer players from high schools and Chevrolet customers. Chevrolet is the official automotive partner of Manchester United. (GM Korea)

MobilityMay 8, 2016

Arab film festival to woo movie lovers

To mark its fifth anniversary, the Arab film festival will showcase movies this month that will unravel the intricate tapestry of culture and humanity in the Middle East and North Africa. The event will run from May 25-June 1 at the Arthouse Momo in Ewha Women’s University in Seoul and Busan Cinema Center. Tickets are free and first come, first served. Fifteen films encompassing a broad range of genres and subjects will be presented. Most of them premiered last year, and they include: “A Mile in

Foreign AffairsMay 8, 2016