Number of foreign cruise tourists switches to upturn in 2019: data

The number of foreign cruise tourists visiting South Korea switched to an upturn this year for the first time in three years, mainly on the back of more arrivals from Japan and Taiwan, industry data showed Monday.Some 249,000 foreigners arrived in the country on cruise ships over the January-October period, compared with 202,000 tallied for the whole year of 2018, according to the Ministry of Oceans and Fisheries. After peaking at 1.05 million in 2014, the number sank to 394,000 in 2017 followin

IndustryDec. 23, 2019

Korea's exports down 2% in first 20 days of December

South Korea's exports fell 2 percent in the first 20 days of December mainly due to decreased shipments of semiconductors and ships, customs data showed Monday. The country's exports stood at $30.4 billion in the Dec. 1-20 period, compared with $31.06 billion in the same period last year, according to the Korea Customs Service.By product, exports of semiconductors and ships fell 16.7 percent and 51.2 percent, respectively.  In contrast, outbound shipments of passenger cars and wireless equi

EconomyDec. 23, 2019

No. of workers underemployed on steady rise: BOK

The number of South Koreans overqualified for their current jobs has reached a record high of over 30 percent this year, a central bank report showed Monday, suggesting overeducation may be adding to the country's overall costs and that the nation may also be running out of quality jobs.According to the report from the Bank of Korea (BOK), the number of people underemployed has breached the 30 percent mark for the very first time this year. "Underemployment occurs when a worker has higher a

EconomyDec. 23, 2019

Seoul, Beijing, Tokyo agree to accelerate trilateral FTA talks

Top trade officials from South Korea, China and Japan agreed Sunday to accelerate their trilateral free trade talks and ramp up efforts to conclude a mega Asia-Pacific trade deal, Seoul's trade ministry said.South Korea's Trade, Industry and Energy Minister Sung Yun-mo met China's Commerce Minister Zhong Shan and Japan's Economy and Trade Minister Hiroshi Kajiyama for talks in Beijing on how to accelerate regional free trade negotiations, according to the Ministry of Trade, Industry and Energy.T

Dec. 22, 2019

[News Focus] Korea clings to record-low rate despite unfavorable indices

SEJONG -- South Korea’s benchmark interest rate ranged between 3 percent and 5.25 percent per annum from 2000 to 2008.Though the monetary policy committee of the Bank of Korea cut the key rate to 2 percent in 2009 in the wake of the 2008-09 global financial crisis, the figure went into normalization in the early 2010s to reach 3.25 percent during the 2011-2012 period.Most analysts shared the view that the Korean economy had been resilient to negative external factors on the back of its rob

MarketDec. 22, 2019

[Feature] Should men be vaccinated to prevent cervical cancer in women?

Although not many realize it, men should also be vaccinated to prevent female cervical cancer as the virus can be easily transmitted, according to health experts.“By changing of sexual partners, men can transfer the HPV virus from other women. If the governmental budget allows, it’s ideal for the national immunization program to include males in the human papillomavirus (HPV) vaccination before they experience sex to reduce the risk of female cervical cancer,” said Lee Jae-kwan

IndustryDec. 22, 2019

Nexon touts V4 as watershed in MMORPG market

Nexon said Sunday its latest mobile role-playing game V4 will be a turning point in the market with increasing fans of the seamless combating experience enjoying duets on its unique server system. Standing for “Victory For,” V4 is a classic MMORPG with characters whose looks can be customized. Since its launch in November, the game has topped game rankings by revenue. On Nov. 9, it rose to become the bestselling app on Apple’s App Store, and as of Sunday, it was in third place

TechnologyDec. 22, 2019

Korean tech giants to showcase advanced AI for life at CES 2020

South Korean tech companies said Sunday they are gearing up for the Consumer Electronics Show 2020 in Las Vegas slated for January, making all-out efforts to showcase how far their artificial intelligence technologies have advanced with the ability to make life much easier. LG Electronics is putting its AI platform ThinQ at the forefront of its exhibition at the event with a plan to introduce a seamless lifestyle with the help of advanced solutions making users feel homey anywhere. Under the mai

TechnologyDec. 22, 2019

[Monitor] BTS Seoul concerts generate W1tr of economic effects: study

Large-scale concerts held by Korean boy band BTS held in October has generated nearly 1 trillion won of economic impact, a study by Korea University Business School showed.The three concerts held at the Seoul Olympic Stadium appear to have created around 922.9 billion won of both direct and indirect economic effects, equivalent to the annual revenue generated by six typical medium-sized companies in Korea. Direct economic effect was calculated with ticket sales, costs for the venue and live broa

EconomyDec. 22, 2019

Daishin Securities head to lead Kofia

Na Jae-chul, CEO of medium-sized brokerage Daishin Securities, was elected as new chairman of the Korea Financial Investment Association on Friday.Starting from Jan. 1, the 60-year-old will serve his three-year term as the fifth chairman of the leading nonprofit, self-regulatory financial organization in South Korea.According to Kofia, Na earned 221 of 295 votes, beating out KTB Asset Management Vice Chairman Jung Ki-seung and former IBK Securities CEO Shin Seong-ho.Na has been the head of Daish

MarketDec. 22, 2019

Shinhan Financial to set up W2.1tr fund to support 2,000 startups, 10 unicorns

Shinhan Financial Group said Sunday it plans to launch a 2.1 trillion won ($1.8 billion) fund to support 2,000 startups and foster 10 unicorns in the next three years.Unicorns refer to privately held startups valued at over $1 billion -- eight South Korean firms have made it to the list so far, according to US market research firm CB Insight. Through its Triple-K Project, the Korean financial giant will support overseas forays of budding enterprises in collaboration with institutions and compani

MarketDec. 22, 2019

Mahindra chief set to retire amid talks on fate of SsangYong Motor

Following the massive executive reshuffle at Mahindra & Mahindra, an Indian auto giant that acquired SsangYong Motor in 2010, market insiders are speculating whether it will hamper investments in its ailing South Korean subsidiary. According to the Indian company, current Chairman Anand Mahindra will complete his term and take over a non-executive role as a chairman of the board of M&M from April 1. The group said that he will serve as a mentor and the board’s managing director to

MobilityDec. 22, 2019

Recovery of chip industry to boost Korean stock market in 2020: global IBs

South Korea’s semiconductor industry is projected to walk the road to recovery next year, which will propel the local stock market in turn, recent reports by global investment banks said.Most financial institutions upgraded their ratings of the stock market by one or two notches, and said the benchmark Kospi will trade at an average 2,300 points, higher than the corresponding figure of 2,100 points this year. France-based financial institution BNP Paribas adjusted its rating on the South K

MarketDec. 22, 2019

Hyundai Glovis strives for quantum jump as global logistics firm

Hyundai Glovis, a logistics arm of Hyundai Motor Group, will strive to expand its logistics business via global network it has established this year, as well as make a “quantum jump” by penetrating into new markets in 2020, according to the firm. Under the 2020 vision, Hyundai Glovis said it will expand its non-subsidiary logistics business in the next year to step up as a global logistics firm. This year alone, Hyundai Glovis has clinched three partnerships with Chinese fi

IndustryDec. 22, 2019

[Herald Interview] ‘Transformation’ to be keyword for 2020s leadership

Different forms of leadership have shaped nations and companies for centuries.And for the coming decade, “transformation” would be the keyword for leadership, Eugene Kim, the managing partner of leadership advisory firm Egon Zehnder’s Seoul office told The Korea Herald in an interview earlier this month.“The ability to generate profit is no longer the key skill that companies expect from their leaders -- it’s the ability to define and bring about transformation,&rdq

IndustryDec. 22, 2019

S. Korea's ICT exports down for 13th consecutive month in Nov.

South Korean exports of information and communication technology products dropped for the 13th straight month in November on sluggish demand for chips, displays and mobile phones, trade data showed Sunday.The value of outbound shipments totaled $14.31 billion last month, plunging 21.8 percent from a year ago, according to findings compiled by the Ministry of Science and ICT.South Korea's ICT exports have been on the decline since November last year, with overseas shipments consistently falling b

EconomyDec. 22, 2019

Foreigners set to snap 4-month selling streak of Korean stocks in Dec.

Foreign investors have purchased more South Korean stocks than they have sold so far this month, possibly on the way to ending their four-month selling streak, data showed Sunday.As of Friday, foreign investors have purchased a net 113.9 billion won ($98 million) worth of local shares since Dec. 2, according to the data from Seoul bourse operator Korea Exchange. Their shift toward a buying mode apparently comes amid a heightened hope for a long awaited deal between the US and China that, if sign

MarketDec. 22, 2019

Govt. loses ruling over Daewoo Electronics takeover compensation

A British court ruled against Seoul's request to nullify an international ruling over a failed takeover of Daewoo Electronics in a decision that reaffirmed a hefty 73 billion-won ($63 million) compensation payout by the government.The High Court of Justice in England did not accept the South Korean government's request to cancel an arbitral tribunal case involving Iran's Dayyani family and the Republic of Korea, the Financial Services Commission said in a written statement.The legal dispute date

IndustryDec. 21, 2019

Korea Shipbuilding to set up engine joint venture with Saudi Aramco

Korea Shipbuilding & Offshore Engineering Co. said Saturday it plans to set up a joint venture to build engines with Saudi Aramco in March next year in the latest move to strengthen their cooperation.The JV will break ground for the plant in the King Salman International Complex for Maritime Industries and Services in the kingdom's eastern coast in September 2020, and the project is set to be completed in May 2022, according to the sub-holding company that governs shipbuilding units of Hyund

IndustryDec. 21, 2019

Japan lifts chip material export curbs against S. Korea ahead of trilateral summit

Japan on Friday partially lifted curbs on exports to South Korea of a chip material, one of three products subject to recent restrictions, in an apparent goodwill gesture ahead of a trilateral summit with Seoul and Beijing next week. But Seoul said that while it represents partial progress, it falls short of being a fundamental solution to the neighboring country's export curbs. Under the move, Japan will ease regulations on exports of photoresist to South Korea with limited regulations, Japan's

IndustryDec. 20, 2019