Most Popular
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‘Korea crossed the line too far’ disgraced singer’s lawyer cries foul after 3rd visa denial
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Opposition mulls delay of financial investment income tax
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Immigration policy must go beyond labor supply: experts
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Psy's touch or new trend in music? P Nation’s solo stars lose their shine
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S. Korea to showcase Hyunmoo-5 ballistic missile on Armed Forces Day ceremony for 1st time
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Park Zi-a, the actor who played 'The Glory' heroine's mother, dies
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Nasrallah's killing reveals depth of Israel's Hezbollah penetration
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Seoul to hold grand military parade on Tuesday, disrupting major city routes
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Korean American documentary ‘Free Chol Soo Lee' wins Emmy
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KMA chief under pressure after surveyed doctors refuse to back him
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Korea ranks world's 27th in economic freedom: U.S. survey
Korea ranks 27th in the world in terms of economic freedom while North Korea ranks at the bottom of the 178-nation list, a U.S. survey showed Monday.Korea's ranking, which is up two notches from a year earlier, represented seventh place among Asian nations, according to the 2016 Index of Economic Freedom conducted by the Heritage Foundation in partnership with the Wall Street Journal. Container ships at Busan Port (Yonhap)Japan ranked 22nd in the world and sixth in Asia, while the North remain
BusinessFeb. 2, 2016
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Korea's consumer prices gain 0.8% in January
Korea's consumer prices grew less than 1 percent for the first time in three months, a government report showed Tuesday, rekindling concerns about deflation.The country's consumer price index rose 0.8 percent last month from a year earlier, a 0.5 percentage point fall from December's 1.3 percent gain, according to the report by Statistics Korea. (Yonhap)The figure had remained below the 1 percent level for 11 straight months until October last year but hit 1 percent in November and 1.3 percent i
BusinessFeb. 2, 2016
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Starkey Korea CEO leads Seoul Economic Committee
Starkey Korea CEO Shim Sang-don was named as the fourth chair of the Seoul District Economic Committee, the Korea Chamber of Commerce and Industry said on Monday. The SDEC, a key unit of the Seoul Chamber of Commerce and Industry, is composed of business leaders from 25 business associations representing each Seoul City district. Starkey Korea CEO Shim Sang-donThe new chair has been devoted himself to the development of the business community for the Seongdong district in Seoul. The Committee ha
BusinessFeb. 2, 2016
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Korea's diesel autos rise 8.6% in 2015
Sales of diesel cars in Korea jumped 8.6 percent last year on the rising popularity of both domestic and overseas brands among local motorists amid falling oil prices, industry data showed Tuesday.The number of diesel-powered vehicles in the country reached 8.62 million last year, up 684,000 from the previous year, according to the data. Cars in Pyeongtaek-Dangjin port (Yonhap)Last year, the number of registered vehicles in the country totaled 20.12 million, up 4.3 percent or 872,000 over the ci
BusinessFeb. 2, 2016
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Korea's game firms tumble amid tougher regulations
The number of Korea's gaming companies more than halved in 2014 from five years earlier due to a series of intensified governmental regulations, including a ban on minors' access to online games late at night, data showed Tuesday.According to the data compiled by the Korea Economic Research Institute, game-related firms numbered 14,000 in 2014, compared with 30,000 in 2009, with their combined workforce shedding 5.6 percent to 87,281. Online gaming (Yonhap)"Korea is the world's No. 4 player in t
BusinessFeb. 2, 2016
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Seoul shares open lower on China woes
Korean shares started lower Tuesday as weak Chinese economic data added concerns about a global slowdown amid slumping oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) lost 10.3 points, or 0.54 percent, to 1,914.52 in the first 15 minutes of trading.Market heavyweights traded bearish across the board after China's manufacturing sector shrank in January at the fastest pace since 2012.Market bellwether Samsung Electronics declined 0.86 percent, and top automaker Hyundai Motor re
BusinessFeb. 2, 2016
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Korean shipyards' new orders come to nil in January
Korean shipbuilders failed to clinch any new orders in January, underscoring the protracted slump in the global shipbuilding segment, industry sources said Tuesday.It marks a sharp turnaround from a year earlier, when the country's big three shipyards -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- clinched orders worth US$1.8 billion. Daewoo Shipbuilding (Yonhap)"January is usually an off-season for shipbuilders, but it is the fi
BusinessFeb. 2, 2016
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'Concept Korea' fashion show held in New York
The "Concept Korea" fashion show, a biannual event organized by South Korea's government to promote Korean culture, was held in New York on Monday, featuring menswear collections by two Korean designers.The show, which was held at Pier 59 Studios, marked the 13th such event since South Korea's Culture Ministry launched the program in 2010 in tandem with New York Fashion Week in an effort to help promote collections of local fashion designers. About 400 fashion industry leaders in New York attend
Arts & DesignFeb. 2, 2016
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K.J. Choi falls short of ending PGA Tour drought
South Korean veteran Choi Kyoung-ju fell short of ending his PGA Tour title drought on Monday in California.Choi, better known by his initials K.J., finished alone in second at the weather-interrupted Farmers Insurance Open at Torrey Pines Golf Course in La Jolla, California, on Monday. The South Korean stumbled to a four-over 76 in the final round played over two days, with five bogeys and one birdie, to end at five-under 283 for the tournament, one stroke behind the champion Brandt Snedeker.Ch
GolfFeb. 2, 2016
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Korea ranks world's 27th in economic freedom
South Korea ranks 27th in the world in terms of economic freedom while North Korea ranks at the bottom of the 178-nation list, a U.S. survey showed Monday.South Korea's ranking, which is up two notches from a year earlier, represented seventh place among Asian nations, according to the 2016 Index of Economic Freedom conducted by the Heritage Foundation in partnership with the Wall Street Journal. Japan ranked 22nd in the world and sixth in Asia, while the North remain 178th, it showed. Hong Kong
Foreign AffairsFeb. 2, 2016
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N.K. rocket launch could involve booster jointly developed with Iran or KN-08 ICBM
North Korea could test a rocket booster developed jointly with Iran or the road-mobile KN-08 intercontinental ballistic missile in its next long-range rocket launch, feared to take place in coming weeks, U.S. experts said.Satellite imagery has shown increased activities at the North's Sohae, also known as Dongchang-ri, rocket launch site, raising concern that the communist nation may be preparing for a long-range missile or rocket launch just a few weeks after its fourth nuclear test.A new launc
North KoreaFeb. 2, 2016
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[Herald Interview] Hard landing unlikely for China: SC Bank economist
It would be an understatement to say China is off to a rocky start this year. The stock market in the world’s second-largest economy has been suffering weeks of volatility and downbeat sentiment as fears continue to grow over its overall stability. China’s economic growth rate slowed to a 25-year low of 6.9 percent in 2015. Many economists believe the actual growth rate -- something the Chinese authorities may be shielding from the international community -- was probably even lower.In the words
Feb. 1, 2016
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Builders gain on stong earnings, overseas opportunities
The Korea Herald is publishing a series of articles looking at the performance of various sectors on Korea’s main bourse KOSPI. The following is the second installment. -- Ed.Visitors look at a small-scale model of Xi Apartment built by GS E&C, during a promotion event held in Seoul. (Yonhap)Shares in South Korean builders are on an upward trajectory on the back of improved 2015 earnings and market expectations for more overseas projects with the reopening of the Iranian market and the launch of
Feb. 1, 2016
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POSCO cuts number of executives by 30 percent
POSCO has cut its number of executives by 30 percent as part of restructuring efforts to tackle the prolonged slump in its core steel business, the group said in a statement Monday.The steelmaker has reduced the number of senior staff from 369 last year to 259 and cut down the number of offices within the group by 22 percent to improve efficiency.The decision was released less than a week after the steelmaker logged its first-ever net loss of 96 billion won in 2015, due to weak global demand for
IndustryFeb. 1, 2016
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Lotte founder Shin may face probe over false reporting on ownership
Lotte Group founder Shin Kyuk-ho may face a prosecution probe over suspicions of false information reporting over his ownership of the retail giant, the Fair Trade Commission indicated Monday. “We found differences between data in regulatory filings submitted by Lotte last year, regarding general chairman Shin’s shareholdings in Lotte affiliates, and our investigation results,” an FTC official said. The antitrust watchdog said it would consider bringing Shin to the prosecution if the suspicio
BusinessFeb. 1, 2016
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Expectation of rate cut grows as economic mood darkens
Expectations that the Bank of Korea may soon lower the country’ key interest rate from the current record-low level are growing after Japan last week surprised global markets by adopting negative interest rates and weaker-than-expected export data strengthened the case for new stimulus. “Foreigners are buying futures on Korean government bonds, betting on a rate cut,” said Seo Hyang-mi, fixed-income analyst at Hi Investment & Securities. Bank of Korea Gov. Lee Ju-yeol (Yonhap)On Monday, yields
Feb. 1, 2016
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[Graphic News] Caracas named as the world‘s most violent city
The list of the world’s 50 deadliest cities, published by the Mexico Citizens Council for Public Security, features 41 in South America, including 21 in Brazil, which is scheduled to host the Summer Olympics this year.The ranking, based on the number of homicides per 100,000 inhabitants, places Venezuela’s capital city of Caracas as the world’s most dangerous city after toppling the Honduran city of San Pedro Sula, which had taken the top spot for four consecutive years. El Salvador’s capital ci
World NewsFeb. 1, 2016
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IVECA promotes cross-cultural education
Recognizing education as a powerful tool to achieve international prosperity, 21st century learning should address the linkages between education and its contributions on the global level, an expert said at a forum in Seoul last week. “As the world is closely connected due to technological development, it is important to develop skills to effectively communicate and collaborate with people from different cultural backgrounds,” said Jung Eun-hee, the founder and executive director of IVECA Intern
Social AffairsFeb. 1, 2016
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Chadwick to host meeting of overseas schools
Chadwick International will host the Korea Council of Overseas Schools on March 11, officials said Monday. The KORCOS is a nonprofit, nonsectarian organization of educators from overseas currently located in Korea. This year’s conference, under the theme “Start with Why,” will bring together educators to share their practices while joining efforts on educational topics, according to school officials. The conference will also invite prominent educators, including Bambi Betts, Richard Cash and Die
Social AffairsFeb. 1, 2016
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Online-only banks eye credit card industry
Embattled credit card companies may face stiff competition from online-only banks that are fast seeking ways to infiltrate the market, according to industry sources. One such entity is Kakao Bank, a consortium of three firms Kakao, Korea Investment & Securities and Kookmin Bank. “Our plan is to launch credit cards linked to our services and win the approval (from the government) within this year,” a Kakao Bank official told a local paper, although it has not revealed the details. If Kakao Ba
Feb. 1, 2016