Hyundai’s sales in Europe race ahead of Toyota, Honda

Hyundai Motor Group said Monday that sales of its cars in Western Europe have surpassed that of Japanese rivals Toyota Motor and Honda Motor over the last 7 1/2 years. Its auto affiliates -- Hyundai Motor and Kia Motors -- sold 552,701 cars in the January to June period, about 70,000 more than those sold by Toyota and Honda. The two carmakers together make up roughly 6 percent of all automobiles sold in Western Europe.In the first half of this year, the combined sales of Hyundai and Ki

MobilitySept. 2, 2019

Internet-only banks’ financial soundness level falters in Q2

K bank and Kakao Bank, South Korea’s two internet-only banks, saw their financial soundness index decline in the second quarter this year due to reinforced credit risk regulations, data showed Monday.According to regulatory data by the Financial Supervisory Service, the average capital adequacy ratio of 19 commercial and state-run banks here stood at 15.34 percent as of end-June, down 0.07 percentage point from the previous quarter.The given barometer refers to the BIS ratio, established b

MarketSept. 2, 2019

China's top diplomat departs for N. Korea

Chinese Foreign Minister Wang Yi departed for Pyongyang on Monday for talks with his North Korean counterpart, amid speculation that the two sides could discuss a possible visit to China by North Korean leader Kim Jong-un.Wang left the Beijing international airport in the afternoon, accompanied by ministry officials, including spokesperson Hua Chunying. On Friday, Beijing's foreign ministry said Wang will leave China on Monday for a three-day visit to North Korea, without giving further details

North KoreaSept. 2, 2019

Hyundai's Aug. sales fall 6.2% on low emerging market demand

Hyundai Motor Co., South Korea's largest carmaker, said Monday its sales fell 6.2 percent last month from a year earlier due to lower demand in emerging markets. Hyundai Motor sold 363,045 vehicles in August, down from 386,885 units a year earlier, the company said in a statement. Domestic sales declined 9.7 percent to 52,897 units last month from 58,582 a year ago, while overseas sales were down 5.5 percent to 310,148 from 328,303 over the cited period, the statement said."Lower demand in

MobilitySept. 2, 2019

[Herald Interview] Seoul’s efforts to root out sexual violence in conflict zones compelling: OECD DAC chair

With its own painful history of wartime sexual assault during the Japanese colonial era, South Korea’s efforts to protect women in armed conflicts is more compelling in the eyes of the world, the chair of the OECD’s Development Assistance Committee said. “When we look at many conflicts across the world, women are being weaponized and gender-based violence is not declining,” committee Chair Susanna Moorehead said in a recent interview with The Korea Herald at the Foreign M

Foreign AffairsSept. 2, 2019

Typhoon Lingling likely to hit S. Korea

Typhoon Lingling is highly likely to hit the Korean Peninsula this weekend, possibly causing much damage, South Korea's weather agency said Monday. The typhoon developed on seas some 560 kilometers south of Manila as of 9 a.m. Monday, and was moving north-northwest at a speed of 33 kilometers per hour as of 3 p.m., the Korea Meteorological Administration (KMA) said.  Its central pressure was 1,000 hectopascals, and the maximum wind speed near its center was 18 meters per second, with a wind

Social AffairsSept. 2, 2019

Seoul officials visit Malaysia, Indonesia to boost exchanges in health sector

South Korean health authorities visited the four Southeast Asian countries of Vietnam, Cambodia, Malaysia and Indonesia from Aug. 26 to Friday to expand regional exchanges in the health sector.During his visit to Hanoi and Ho Chi Minh City from Wednesday to Thursday, Vice Health and Welfare Minister Kim Gang-lip met with Vietnam’s Social Affairs Minister Le Tan Dung and Health Minister Nguyen Truong Son to enforce projects in establishing health systems and enter into a bilateral agreement

Social AffairsSept. 2, 2019

LG to expand sales of AI-powered washers in EU

LG Electronics said Monday it will expand sales of its artificial intelligence-powered washers in 30 European countries this year. The South Korean tech giant has applied AI tech to the core component of its washing machines for smarter, more convenient management of clothes. LG said it will launch front-loading washing machines equipped with the firm’s flagship Direct Drive motor in 30 European countries, including the Netherlands, Switzerland and Finland, by the end of the year. The DD m

TechnologySept. 2, 2019

Samsung’s household purification solutions to take center stage at IFA 2019

Samsung Electronics will bet on its home purification solutions at Europe’s biggest consumer electronics fair, which kicks off this Friday. The company said Monday that it will showcase its clothing purification wardrobe “Air Dresser,” cordless vacuum cleaner “Jet” and windless air purifier “Cube” at the upcoming Internationale Funkausstellung, better known as IFA 2019, slated for Sept. 6 to 11 in Berlin.  Samsung referenced a survey of European con

IndustrySept. 2, 2019

SK Holdings to launch consolidated CMO body in the US

SK Holdings will launch SK Pharmteco in January in California, consolidating its contract manufacturing organizations in Korea, the US and Europe with a long-term aim of a market debut in the US, the company said Monday.“With the future US IPO (initial public offering) of SK Pharmteco and with additional mergers and acquisitions, we will grow to become a global top 10 CMO,” said an SK Holdings representative. A contract manufacturing organization refers to a company that provides con

IndustrySept. 2, 2019

Financial regulator seeks W3.1tr in 2020 budget

South Korea's financial regulator said Monday it has requested 3.1 trillion won ($2.5 billion) in budget for next year, in order to focus on providing funds for small- and medium-sized firms and underprivileged people. The budget proposal by the Financial Services Commission is part of a budget bill of 513.5 trillion won for next year, which was drafted by the finance ministry last week. The lion's share of the FSC budget proposal, or 2.1 trillion won, will be set aside for the retrieval of

EconomySept. 2, 2019

S. Korea confirms Hambak Island as N. Korean territory

The border island of Hambak in the Yellow Sea belongs to North Korea, the defense ministry said Monday, following revelations that some government maps and data erroneously mark it as South Korean territory.A controversy has erupted recently over the ownership of the small, uninhabited island near the Northern Limit Line (NLL), the de facto maritime border, after some news reports said that government data and maps show it belongs to the South.But the defense ministry said such data and maps are

North KoreaSept. 2, 2019

Coupang picked as favorite e-commerce firm: survey

South Korean e-commerce firm Coupang was selected as the most preferred online shopping platform among Korean consumers for its speedy and accurate delivery, a survey showed Monday. According to the survey from the Korea Consumer Agency, Coupang scored the highest point total in overall consumer satisfaction, beating out its competitors. Some 1,200 consumers nationwide participated in the survey on the country’s six highest-earning e-commerce companies.In terms of consumer assessment about

TechnologySept. 2, 2019

Lotte sells Burger King Japan for W10b

South Korean retail giant Lotte Group said Monday it has sold its entire stake in Burger King Japan Holdings, nine years after it acquired the fast-food franchise. According to the Financial Supervisory Service, Lotte Group has sold its stake to Hong Kong-based private equity firm Affinity Equity Partners, the largest shareholder of Burger King Korea.  While the exact price of the sell-off has not been revealed, industry sources said the deal could be worth around 10 billion won ($8.26 mill

IndustrySept. 2, 2019

Daily credit card spending continues to rise in H1

Daily credit card spending in South Korea continued to climb in the first half on increased online purchases, central bank data showed Monday. Credit card holders spent an average 1.9 trillion won ($1.57 billion) a day in the January-June period, up 5.7 percent from a year earlier, according to the data by the Bank of Korea.An average 41,492 won was spent per credit card transaction purchase in the first half, down 3.7 percent from a year earlier. Daily debit card spending, meanwhile, rose 6.2 p

MarketSept. 2, 2019

Koreas in discussion on World Cup qualifier in Pyongyang through AFC

Discussions are under way between South and North Korea through the Asian Football Confederation (AFC) about a World Cup qualifier set to be held in Pyongyang in October, the unification ministry said Monday.Last month, North Korea notified the AFC of its intent to host the rare match between the two Koreas on Oct. 15. The two Koreas were placed in the same group for the second round of the 2022 FIFA World Cup qualification. "South Korea's football foundation is discussing details with its

SoccerSept. 2, 2019

S. Korea, Thailand agree on high-tech industry cooperation, closer defense ties

South Korea and Thailand agreed Monday to team up to cope with the fourth industrial revolution, expanding their time-honored ties to high-tech sectors.They also signed an accord on exchanging and protecting military intelligence, as President Moon Jae-in and Prime Minister Prayut Chan-o-cha had summit talks at the Government House of Thailand, also known as Thai Ku Fa, in Bangkok. "In today's talks, Prime Minister Prayut and I agreed to further deepen the 'strategic partnership' (between t

Foreign AffairsSept. 2, 2019

N. Korea denies it amassed $2b through cyberattacks on banks

North Korea denied on Sundayallegations that it had obtained $2 billion through cyber attacks on banks and cryptocurrency exchanges, and accused the United States for spreading rumours.A United Nations report seen by Reuters last month said North Korea had used "widespread and increasingly sophisticated" cyber attacks to steal from banks and cryptocurrency exchanges, amassing $2 billion which it used to fund weapons of mass destruction programmes. "The United States and other host

North KoreaSept. 2, 2019

Germany asks Polish forgiveness 80 years after WWII outbreak

WARSAW (AFP) -- German President Frank-Walter Steinmeier on Sunday asked Poland's forgiveness 80 years after Germany's attack triggered World War II while his Polish counterpart denounced Russia's recent "imperialist" aggression against its neighbours.Poland suffered some of the worst horrors of World War II: nearly six million Poles died in the conflict that killed more than 50 million people overall. That figure includes the six million Jews who died in the Holocaust, half of them Po

World NewsSept. 2, 2019

CJ Group scion under drug probe

The eldest son of CJ Group Chairman Lee Jae-hyun is under investigation on drug charges, prosecutors said Monday.According to the Incheon District Prosecutors Office, Lee Sun-ho, the heir apparent of CJ Group, a leading food and entertainment conglomerate, was caught attempting to smuggle liquid marijuana in cartridges into the country via Incheon International Airport, west of Seoul, on Sunday. The 28-year-old Lee is accused of concealing several dozen marijuana cartridges in his luggage that a

Social AffairsSept. 2, 2019