Downside risks looming larger: finance minister

South Korea's economy is increasingly facing downside risks amid the trade tussle between the United States and China, the country's chief economic policymaker said Friday, stressing the need to take quick and bold actions to buttress the economy."There are growing calls to take bolder actions as the economy is faced with increased downside risks," Finance Minister Hong Nam-ki said in a meeting with heads of private economic think tanks.Exports have been on a constant decline, and dome

EconomyJune 14, 2019

US state department aims for one-time solution to denuclearize North Korea

The United States pursues a one-time solution to get North Korea to eliminate its nuclear arsenal, Christopher Ashley Ford, assistant secretary of state for international security and non-proliferation, said Tuesday, in a stark contrast to the incremental approach that Pyongyang has been pushing for. “It may be that a one-time solution set can sometimes be generated within the nonproliferation enterprise itself. This is, after all, exactly what the United States aims to achieve with North

North KoreaJune 14, 2019

US sharply cuts tariffs on Korean-made hot-rolled steel: sources

The US Department of Commerce has decided to slash its tariffs on hot-rolled steel products from South Korean steelmakers, industry sources said Friday.According to the sources, the US government recently decided to cut the countervailing duty  on hot-rolled steel sheets produced by POSCO from 41.57 percent to 0.55 percent after its annual review.  The US commerce department originally imposed a 58.86 percent CVD on POSCO's hot-rolled steel in 2016. But the US Court of International Tr

IndustryJune 14, 2019

Busan buzzing with excitement over BTS concerts

The second-largest South Korean city of Busan is bustling with excitement and preparations Friday as tens of thousands of fans are set to visit the city to see K-pop world stars BTS over the weekend.The septet will arrive in Busan on Saturday to throw the Busan leg of the band's "5th Muster [Magic Shop]" fan meeting/concert events at Busan Asiad Auxiliary Stadium on Saturday and Sunday.City officials expect the concerts will bring in about 45,000 ticket holders or more to the southern

PerformanceJune 14, 2019

[Weekender] Perfect your summer look

Summer is here, which means it is time to update your wardrobe to match the warmer weather. From neon colors to tie-dye, summer 2019 is going to be a season of bright colors and playful fun. Here are some style tips, from runways, concept stores and local brands’ catalogs, for you to perfect your look this summer. Tie-dye The retro megatrend has brought the hippie era’s tie-dye prints back to life this season. From Prada to R13 and Stella McCartney, 2019 spring-summer runways ma

Arts & DesignJune 14, 2019

Govt. ministries request 6.2% budget increase for 2020

South Korea's government ministries and state agencies have requested a 6.2 percent hike in their budgets for next year as they want to spend more on welfare, research and development, and defense, the finance ministry said Friday.Ministries and state agencies have asked the government to set aside a combined 498.7 trillion won ($422 billion) for the budget for next year, up 29.1 trillion won from this year's 469.6 trillion won, according to the Ministry of Economy and Finance.The government req

EconomyJune 14, 2019

Homeplus net plummets in 2018 on slump, increased costs

South Korean hypermarket chain operator Homeplus Co. said Friday its net income nose-dived 96 percent on-year last year due to a slump in the offline retail business and increased costs. Net profit reached 3 billion won ($2.6 million) during the fiscal 2018 that ends March 31 on a consolidated basis, compared with 234 billion won during the same period a year earlier, the company said in a regulatory filing. Homeplus said its operating income shrank 57.59 percent on-year to 109 billion won, with

IndustryJune 14, 2019

Kia Motors to shut down plant in China on low demand

Kia Motors Corp., South Korea's second-biggest carmaker by sales, said Friday it will shut down one of its three plants in China this month due to a slump in sales in the world's top auto market. The assembly line in Yancheng, Jiangsu Province, will be used by Kia's local business partner Dongfeng Yueda in a long-term lease contract, a company spokesman said. The carmaker plans to produce vehicles such as the Sportage sport utility vehicle and the localized KX7 SUV at the plant until the end of

IndustryJune 14, 2019

S. Koreans bid farewell to ex-first lady Lee Hee-ho

South Koreans bid their last farewell to late former first lady Lee Hee-ho on Friday, in honor of her contribution to inter-Korean reconciliation efforts and the enhancement of women's rights.Lee died at the age of 96 late Monday while suffering from liver cancer. She was the widow of former liberal President Kim Dae-jung, the architect of the "sunshine policy" of engaging North Korea and the Nobel Peace Prize winner.A funeral service was held at Seoul National Cemetery in southern Seo

Social AffairsJune 14, 2019

[Eye plus] Cry for democracy still rings out in torture rooms

Right next to the railroad of Namyeong Station in Seoul stands a tall, dark gray building with peculiar-looking windows -- so narrow only a single beam of light passes through. While one would never know from its exterior view, it carries a portion of the turbulent history of South Korea’s democracy that was earned through sacrifice. Constructed in 1976, the seven-story building was the office for the anti-communism investigation division under the National Police Agency, disguised as

PoliticsJune 14, 2019

[Herald interview] Behind making of Baek Hee-na’s latest picture book

“I am a dog. Humans call me ‘Guseul.’” That is the opening line in the latest picture book of beloved children’s book writer and illustrator Baek Hee-na, released in mid-April. A tale of a not-so-special, stay-at-home dog whose life is pretty much all about waiting for the two-legged housemates to return and take it for a walk, “I Am a Dog” is a typical Baek book: witty, fun-to-read and visually enthralling. And as in her previous books, it does not fail

BooksJune 14, 2019

[Weekender] Beat the heat with cool apparel

In the world of menswear, mesh, seersucker and linen have long been traditional summer fabrics. But the latest trends show innovative, new cooling fabrics and technologies at the forefront of men’s fashion, from performance wear all the way to formal business attire.With the summer heat swooshing in earlier than expected, outdoor brand K2 is seeing an early pickup in sales of its Ossak line of cool apparel, the company said. “Sales of cooling shirts have increased since May, and our

Arts & DesignJune 14, 2019

S. Korea, Hungary officials discuss search plans for 3 missing in boat sinking

Officials of South Korea and Hungary discussed ways to continue the search for three Korean passengers missing from last month's sinking of a tour boat that left 28 people dead or missing, the foreign ministry in Seoul said Friday.South Korean Ambassador to Hungary Choe Kyoo-sik and defense attache at the embassy Song Shun-keun met with Janos Balogh, head of the Hungarian police, on Thursday (Budapest time) and agreed to cooperate in searching for the missing people, the ministry said in a relea

Social AffairsJune 14, 2019

[Around the Hotels] Packages and promotions

Going vegan at Grand Hyatt Seoul Grand Hyatt Seoul introduces the how, new vegan burger at its poolside barbecue station.The Beyond Burger vegan patty that is nearly indistinguishable from meat comes with vegan cheddar cheese, vegan mayo and a variety of fresh vegetables. It is made from 100 percent plant-based ingredients.Listed on the Grab & Go menu offered at the poolside barbecue station, the burger can be ordered alongside other salads, sandwiches and low-calorie options. There are also

FoodJune 14, 2019

Sanuki udon by way of Osaka at Hyun Udon

Hyun Udon owner-chef Park Sang-hyun takes noodle making very seriously. To ensure their freshness, Park and his team make the noodles twice a day, once in the morning and once in the evening. His udon noodles are crafted with flour, sun-dried salt, vinegar and water. The acidic nature of vinegar, according to Park, interacts with the gluten in the dough in a manner that helps him achieve the noodles he wants -- which are incredibly chewy and smooth. After resting the dough twice, once for t

FoodJune 14, 2019

US Senate confirms top diplomat for East Asia

The United States Senate on Thursday confirmed a former Air Force brigadier general as the top American diplomat for East Asia.David Stilwell was confirmed to be assistant secretary of state for East Asian and Pacific affairs by a 94-3 vote, becoming the first person to take the role under the Donald Trump administration.President Trump tapped Stilwell in October amid increasing challenges in East Asia caused by North Korea's nuclear weapons program and escalating trade and security tensions bet

World NewsJune 14, 2019

Boris Johnson wins first round of UK leadership vote

Boris Johnson overwhelmingly won the first round of voting Thursday in the race to replace outgoing British Prime Minister Theresa May, with the field of candidates narrowed to seven from 10.The Brexit-backing former foreign minister picked up 114 of the 313 votes cast in a secret ballot of Conservative Party lawmakers in the lower House of Commons.(AFP)

World NewsJune 13, 2019

S. Korean cargo ship rescues all crew members of Norwegian tanker in Gulf of Oman

A cargo ship owned by South Korean shipping firm Hyundai Merchant Marine Co. rescued all 23 crew members of the Norwegian tanker Front Altair, which was on fire in the Gulf of Oman, the Korean company said Thursday. The Hyundai Merchant cargo ship, the Hyundai Dubai, received a distress call from the Norwegian tanker around 6:40 a.m. earlier in the day (local time) and approached the Front Altair. All crew members of the Front Altair safely abandoned the tanker and were picked up by the 30,

Foreign AffairsJune 13, 2019

[Graphic News] Rihanna declared world’s richest female musician

　Singer, makeup entrepreneur, lingerie designer and now the first black woman to head a top luxury fashion house - Rihanna has racked up a $600 million fortune to become the world’s richest female musician, Forbes said.　The 31-year-old - born Robyn Rihanna Fenty in Barbados - has amassed wealth exceeding that of Madonna ($570 million), Celine Dion ($450 million) and Beyonce ($400 million), whose husband Jay-Z was just named the world’s first billionaire rap star. (AFP)　

PerformanceJune 13, 2019

Korea, Norway to cooperate on hydrogen, shipbuilding

South Korea and Norway have agreed to strengthen ties in hydrogen energy and shipbuilding areas with the summit between the two countries’ heads of state serving as an opportunity to pursue future partnerships. During President Moon Jae-in’s visit to Norway on Thursday, the two nations signed a memorandum of understanding to cooperate in hydrogen energy to make the most of Korea’s strength in hydrogen-powered vehicles and Norway’s in production and supply capabilities.Wit

IndustryJune 13, 2019