Daewoo Shipbuilding to unveil new rescue plan

Daewoo Shipbuilding & Marine Engineering is planning more intensive self-rescue measures to restructure its debt by the end of this month as the shipyard is struggling to stay afloat with weaker-than-expected orders this year, according to the company on Sunday. Jung Sung-Leep, chief executive of Daewoo Shipbuilding, told the firm’s employees that additional proposals will have to include massive job cuts, pay freeze and closing down some of its docks.“To convince the government, our creditors a

May 15, 2016

Hyundai to open theme-park style brand center in 2017

Hyundai Motor, the nation’s largest automaker, has revealed the artistic rendering for its third “Hyundai Motorstudio’’ to open next year. “The company will open its largest brand experience center in Goyang, Gyeonggi Province, in early 2017,’’ a company spokesperson said.  An artistic rendering of the 3rd Hyundai Motorstudio to be open in Goyang, Gyeonggi Province, in 2017 (Hyundai Motor)“In an effort to raise brand value, Hyundai has built its own brand studios at home and abroad under the lea

MobilityMay 15, 2016

Government, central bank divided over bank recapitalization

Various scenarios have emerged as to how the government and the central bank will recapitalize policy banks for the restructuring of shipping and shipbuilding companies.However, the Finance Ministry, the Bank of Korea and the Financial Services Commission have not yet devised their unified action plan, although they have confirmed their differences over the issue.Despite the goal of reaching a compromise in bank recapitalization by next month, the central bank’s stance remains unchanged. It sugg

May 15, 2016

Korea starts transition to 'demographic onus' from 2017: KCCI

Korea, which faces a demographic crisis due to dwindling birth rate, will enter into a ‘demographic onus’ era from next year, with the number of people available for economic production activities falling, according to a report by the Korea Chamber of Commerce & Industry on Sunday. The number of people aged between 15 and 64 -- categorized as population available for production activities -- is expected to drop to 37.02 million next year from 37.04 million this year, the nation’s biggest busines

IndustryMay 15, 2016

Is imported car market losing steam?

Alarm bells are ringing in the imported foreign car market that has enjoyed double-digit on-year growth over the past six years, as sales have declined by 4 percent in January-April from the same period last year.Industry watchers said the downward trend has resulted from weaker sales of the three German car brands which dominate the market, growing distrust of inconsistent vehicle pricing and a stricter law on taxation of company vehicles. Among them, the slowdown of diesel-powered German car s

BusinessMay 15, 2016

‘Creation of high-quality jobs essential for small businesses’

Job creation is at the center of the government’s policy to promote the creative economy. However, the government has made little progress in expanding the job market partly due to the prolonged global economic slowdown. Hence, it is striving to address the issue from a corporate perspective and it is against this backdrop that the government has appointed Joo Young-sup who has a 30-year background in business to head the Small and Medium Business Administration, a government agency that support

May 15, 2016

R&D chiefs of automakers share insight on future cars in Busan

The top research and development executives from Hyundai Motor Group and Mercedes-Benz will share their views and insights on future cars, the current hot topic in the global auto industry, at a gala dinner to be held at the BEXCO in Busan on June 1.The presentations will be made a day before the 2016 Busan International Motor show to be held from June 2 to 10. The co-organizers include the Korea Automobile Manufacturers Association, the Korea Automobile Importers and Distributors Association an

MobilityMay 15, 2016

OLED iPhone renews competition among display makers

Apple’s adoption of an organic-light emitting diode screen is renewing competition among display makers. According to recent news reports, Samsung has signed a deal with Apple to supply an annual 100 million OLED panels from the second quarter of next year for three years. “For now, Samsung is the only company that meets Apple’s strict product criteria. But considering its strategy of having multiple suppliers, LG and other display makers could share a fraction of the orders,” said Yi Choong-hoo

TechnologyMay 15, 2016

[Herald Interview] How Greenpeace was born

According to documentary filmmaker Jerry Rothwell, the now global environmental organization Greenpeace originally started out with “a few hippies on a boat.” 　“It began with a small group of Canadian activists who set out on a fishing boat in 1971,” the British filmmaker told The Korea Herald in an interview last Tuesday in Seoul.  　The activists were trying to stop then American president Richard Nixon from conducting a nuclear test in Alaska. Though their attempts were seen as foolhardy, the

FilmMay 15, 2016

‘Descendants of the Sun’ star takes China

BEIJING (Yonhap) -- Song Joong-ki, the male lead of the megahit TV series “Descendants of the Sun,” has arrived in Beijing to kick off a tour through eight cities in China and other neighboring countries.　The Chinese media reported Saturday that Song landed in the Chinese capital a day earlier and held a press conference, where he reflected on the hit drama and discussed his future plans.　“I didn't think ‘Descendants of the Sun’ would become so popular,” Song was quoted as saying. Song Joong-ki

TelevisionMay 15, 2016

Platform Changdong 61 looks to be Seoul’s new ‘hot spot’ cultural hub

The newly opened Platform Changdong 61 complex -- Seoul’s newest comprehensive cultural hub in Chang-dong, Dobong-gu -- is paving the way for northern Seoul to become the capital’s newest up-and-coming “it” district.   　Located in a revamped parking lot, Platform Changdong 61, a three-story container complex next to Changdong Station, is Seoul’s newest “container” complex, mirroring Seoul’s Common Ground container mall in Gwangjin-gu.  The newly opened Platform Changdong 61 cultural arts and per

CultureMay 15, 2016

Ukraine’s Jamala wins 2016 Eurovision Song Contest

STOCKHOLM (AP)—Ukraine’s Jamala was crowned the winner of the 2016 Eurovision Song Contest early Sunday for a melancholic tune about the 1944 deportation of Crimean Tatars by Soviet authorities.　Susana Jamaladinova, who uses the stage name Jamala, received the highest score of 534 points for her song “1944,” after votes from juries and TV viewers across Europe were tallied following performances Saturday night by the 26 finalists at Stockholm’s Globe Arena.　Australia’s Dami Im was second with 51

PerformanceMay 15, 2016

New York spring art auctions wrap with over $1b in sales

NEW YORK (AFP) -- New York’s spring art auction season saw the market slow somewhat but not collapse, held up by buying from savvier collectors.　Since the fireworks of the $2.6 billion spring 2015 season, the market has played it by ear, destabilized by China’s economic slowdown.　Total sales this season were in excess of $1 billion -- in line with expectations.　“There has been a change. There’s a smarter population of people buying,” said Christopher D’Amelio, a partner at the David Zwirner gall

PerformanceMay 15, 2016