Most Popular
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Korea to face another massive shortfall in tax revenue
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Global drama stars gather for 2024 Seoul International Drama Awards
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SK hynix outpaces Samsung, Micron with more powerful AI chips
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[Contribution] Turkmenistan celebrates the 33rd anniversary of its Independence
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Power of nostalgia brings K-pop legends back together
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North Korea unveiling uranium enrichment site a US election-conscious move: NIS
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[Photo news] Faker Mercedes
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Boy's emergency medical treatment delayed 2 hours due to staff shortage
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[Ram Garikipati] Amending retail price maintenance rules
The Korea Fair Trade Commission is all set to take a decision on amending the “Guidelines for Review of Resale Price Maintenance” as the public comment period has just concluded.Resale price maintenance, or RPM, is a system in which the manufacturing firm determines and enforces the price at which distributors resell its products. Hence, it is also known as vertical price-fixing, price protection, or the practice of imposed prices.Until now, RPM has been deemed illegal in Korea, and companies th
ViewpointsJune 12, 2016
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[Barry Ritholtz] Fintech is revolutionizing money management
Financial Technology Partners is a San Francisco-based investment-banking firm focused, appropriately enough, on the financial-technology industry. I managed to get my hands on its new report of how fintech is altering the landscape for money management. The report looks at industry trends, interviews numerous fintech executives and sizes up all of the usual big picture Silicon Valley stuff.For those of you who may not have thought much about how technology might affect Wall Street, the work you
ViewpointsJune 12, 2016
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[David Ignatius] The next president‘s Asian menace
Sometime over the next several years, the next U.S. president could confront a genuinely dangerous threat from a faraway place -- a North Korean missile that can hit U.S. territory with a nuclear warhead. Led by an impulsive and brutal young man, North Korea may pose the most direct nuclear risk to the United States. Kim Jon-un is a weak leader in every respect but one -- he pushes ahead relentlessly on a program to build missiles that can reach Guam and other American targets carrying miniaturi
ViewpointsJune 12, 2016
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Export rises 5.7 % in first 10 days of June
South Korea‘s exports are showing signs of a rebound after a lengthy slide, as the Korea Customs Service (KCS) said Sunday that the nation’s overseas shipments in the first 10 days of June rose 5.7 percent on-year to US$13.88 billion.The export volume has fallen for 17 months in a row since January 2015, marking the longest streak of decline since the government began compiling monthly export statistics in 1970.But the first 10 days of exports have risen for the second consecutive month this mon
IndustryJune 12, 2016
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Lotte in crisis as probe widens
[THE INVESTOR] South Korean retail giant Lotte Group is facing its worst management crisis to date as the prosecution expands its probe on the group and its seven affiliates over allegations of embezzlement and the creation of a multibillion won slush fund.More than 200 investigators from the Seoul Central Prosecutor’s office raided 17 Lotte offices Friday morning, including the group headquarters in central Seoul and the residence of Lotte Group chairman Shin Dong-bin and key executives.Lee San
IndustryJune 12, 2016
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[HERALD INTERVIEW] ‘Long-term engagement key to investing in Iran’
Following the lifting of international sanctions on Iran’s nuclear program, fresh opportunities have dawned across the country’s vast, rising economy, opening doors to long-term investments, according to the top Iranian envoy to Korea. In an interview with The Korea Herald, Iranian Ambassador Hassan Taherian stressed that in order to make the most out of the second-largest market in the Middle East and North Africa region, Korean companies should have a long-term vision for business engagement.
Foreign AffairsJune 12, 2016
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[Herald Interview] Mobile app brings change in used-car market
Mobile app-based start-ups offering a business platform are changing the used car market, attracting car buyers seeking a better deal.Mobile trading is a new growth area for the used-car market in Korea, which has long been dominated by the traditional offline dealer-based transactions. Hey Dealer is one such newly created mobile application offering O2O services to used-car buyers. “Hey Dealer seeks to match offline used-car dealers with customers who want to sell their cars with minimal effort
MobilityJune 12, 2016
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Dongkuk Steel Mill starts operation of steel plant in Brazil
Dongkuk Steel Mill, the nation’s third-largest steelmaker, said Sunday it stared the operation of CSP Steel Mill, its long-awaited first blast furnace steelwork, located in Pecem City of Ceara State, Brazil.Dongkuk Steel vice chairman Chang Sae-wook fired up the blast furnace with other participating VIPs in the ceremony held at the site on Saturday, the company said in a press release. Dongkuk Steel Mill vice chairman Chang Sae-wook fires up the blast furnace to start the operation of CSP Stee
IndustryJune 12, 2016
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Nobel laureate makes grim assessment of post-Soviet life
HAY-ON-WYE, Wales (AP) -- In the view of Nobel literature laureate Svetlana Alexievich, Russia is taking refuge in ideas from its Soviet past, but this nostalgia collides with newer, darker forces.In an interview with the Associated Press at the Hay Festival of literature, the 68-year-old Alexievich assessed what she has learned from decades of talking with the ordinary people of the Soviet Union and the countries that emerged after its 1991 collapse. Alexievich books are full of compelling voic
BooksJune 12, 2016
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Summer exhibitions highlight 20th century masters
Seoul abounds each summer in exhibitions of work by Western art masters, which often become crowded with not only the usual art lovers but families with children visiting museums and galleries as part of school assignments. This year, key figures of 20th century are highlights of the city’s art calendar. Starting with the ongoing show of Frida Kahlo and Diego Rivera at the Seoul Arts Center, big names that represent major 20th art movements such as Salvador Dali, Marc Chagall, Bernard Buffet and
PerformanceJune 12, 2016
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Healthcare sector export tops 10 tln won for first time last year
Annual exports from South Korea's healthcare businesses surpassed 10 trillion won for the first time last year, the Ministry of Health and Welfare said Sunday.Overseas shipment of Korean medicines, medical equipment and cosmetics products totaled $8.83 billion, or 10.2 trillion won, in 2015, up 21 percent from the previous year, the ministry said.The corresponding volume stood at $4.3 billion in 2011, meaning the sector has registered an annual growth rate of 19 percent over the past four years.
IndustryJune 12, 2016
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‘Fiscal stimulus needed to tackle low growth’
The market was caught by surprise from the central bank’s earlier-than expected rate cut last week, providing support to the government’s policy on corporate restructuring amid a gloomy economic outlook.With the Bank of Korea lowering its base rate to record low of 1.25 percent in addition to committing to offering 10 trillion won ($8.5 billion) for policy bank recapitalization, analysts say it is now the Finance Ministry’s move to further cushion the economy from the negative outlook with expan
June 12, 2016
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South Korean FM leaves for Russia over North Korea issues
South Korean Foreign Minister Yun Byung-se left for Moscow on Sunday for talks with his Russian counterpart on North Korea's nuclear weapons program and other issues.It will be Yun's first official visit to Russia since he took office in early 2013 and the first such visit by a South Korean foreign minister in five years. During his two-day visit to Russia, Yun will meet with Russian Foreign Minister Sergey Lavrov in Moscow on Monday (local time). He will attend a Korea-Russia conference on poli
North KoreaJune 12, 2016
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Accumulative global EV sales exceed 1 million units in 2015
The accumulated global sales of electric cars surpassed 1 million units for the first time last year, proving the eco-cars can take root as a segment of the global auto market, according to an annual research report released by the International Energy Agency, a leading global energy think tank, on June 6. IEA’s global EV outlook for 2016 showed the accumulated sales of electric cars across the world reached 1.26 million units last year. Kia Motors’ Soul EVs are lined up for charging in Seoul.
MobilityJune 12, 2016
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China reported to have detained North Korean for smuggling charges
Chinese authorities detained a suspected North Korean spy earlier this month for smuggling charges, a Japanese newspaper reported on Sunday. According to the Yomiuri Shimbun, Chinese authorities arrested an unidentified North Korean citizen in Dandong, a border city in Liaoning Province next to North Korea. They reportedly arrested the North Korean in the middle of the night and seized 30 million Chinese yuan (about $4.5 million) and gold bars that were in his house. The authorities have yet to
North KoreaJune 12, 2016
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Chinese fishing boats leave neutral waters after crackdown
South Korea's military police and Coast Guard are considering extending the crackdown on illegal Chinese fishing in neutral waters around the mouth of the Han River for the third consecutive day on Sunday, officials said, as additional Chinese fishing boats are exiting the sensitive area near the inter-Korean maritime border.The Coast Guard said it seized a 50-ton Chinese boat that allegedly caught 45 kilograms of crabs in waters off Yeonpyeong Island, a South Korean territory near the inter-Kor
InternationalJune 12, 2016
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Food giant Pulmuone faces crisis
Korea’s top tofu-maker Pulmuone Health & Living is in crisis mode as its brand image is being marred by a franchise worker’s death and its aggravating business performance.On Wednesday, two Pulmuone headquarters officials were arrested on charges of beating a 29-year-old franchise worker to death earlier this month. Three employees alleged had a quarrel over the way the headquarters treated the franchise while drinking together, the police said. The victim was pronounced dead Wednesday after fou
IndustryJune 12, 2016
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Korea backpedals in green car push: experts
The government is backpedaling in its push to boost the nation’s electric vehicle market as it reduces benefits to EV buyers, including in state subsidies, experts claimed. The nation’s green vehicles -- electric, hybrid and plug-in hybrid cars -- registered from January to April this year stood at 15,000 units, about a 3 percent share of the total new cars of 480,000 units. This indicates that the government’s goal of replacing 30 percent of new cars with green vehicles by 2020 will be hard to
MobilityJune 12, 2016
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BAT expands factory to increase exports
SACHEON, South Gyeongsang Province -- British American Tobacco Korea has forecast that its export of cigarettes will double after its second factory is completed in January.BAT officials unveiled the outlook during a groundbreaking ceremony Friday at its factory in Sacheon, South Gyeongsang Province, for its second building. Officials from BAT and a construction crew break ground for the second building of BAT Korea’s Sacheon factory. (BAT)They said the second factory, set to open in January ne
IndustryJune 12, 2016
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JYJ's Junsu vows uncompromising album
Junsu of Korean pop trio JYJ said Saturday he is not afraid of going against the seasonal trends of the K-pop market, since making a unique album is the only way he can match his fans’ support.“Every time I release an album, I try to differentiate it from my previous albums, and stay away from putting up similar work with slightly different songs,” he said during a news conference for his fourth and latest full-length album “XIGNATURE.”“Showing different performances in different work is my way
PerformanceJune 12, 2016