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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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NewJeans to terminate contract with Ador
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Seoul snowfall now third heaviest on record
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Samsung shakes up management, commits to reviving chip business
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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How $70 funeral wreaths became symbol of protest in S. Korea
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NewJeans terminates contract with Ador, embarks on new journey
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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Effect of Korea-EU FTA misses expectations
Korea’s Free Trade Agreement with the European Union, which is to celebrate its second anniversary on Monday, was the country’s seventh trade pact, and the one of largest scale.Upon its effectuation in July 2011, the government assured that the pact would bring tangible benefits to the economy by lowering the tariffs on Korea’s key strategic export items, such as cars, electric devices and textile goods.After two years of implementation, however, the economic leverage of the Korea-EU FTA still s
June 30, 2013
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Seoul shares likely to move upwards next week
South Korean stocks are expected to gather ground next week after a steep decline, as fear of a sudden liquidity squeeze from an unwinding of the U.S. easy-money policy has waned, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,863.32 on Friday, up 2.22 percent from the previous week. The main index underwent a roller coaster trading, dipping more than 2 percent on the first two days before reverting back upon a strong rebound of 4.64 percent over the r
June 29, 2013
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Korea considering buying ailing sectors' corporate bonds
South Korea is mulling buying corporate bonds to be sold by troubled local industries including construction firms and shipbuilders in a bid to help ease their cash crunch, sources said Saturday.The Financial Services Commission (FSC), the financial regulator, is weighing measures to support the ailing corporate bond market as low-credit companies are facing difficulty in securing funds, sources said, adding that detailed plans are to be announced next week.The government is considering supporti
June 29, 2013
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Korea to bolster global cooperation in forestation
Korea’s top forestry policymaker said the nation would expand its partnership to Latin America, China and Mongolia to help prevent forest degradation and desertification. Speaking in an interview with The Korea Herald this week, Shin Won-sop, minister of the Korea Forest Service, vowed to strengthen the nation’s status with its know-how for forestation. He also urged people to pay more attention to global efforts to fight desertification, saying Koreans were insensitive on that issue because the
June 28, 2013
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UNCCD expert meeting calls for targets on land to stimulate action
Land and soil experts from around the world Thursday called on the international community to set national, regional and international targets to address desertification, land degradation and drought at all levels. The call was issued following a consultative meeting held on June 26-27 in Seoul, Republic of Korea.At the two-day event hosted by the government of the Republic of Korea and facilitated by the Secretariat of the U.N. Convention to Combat Desertification, or UNCCD, government represen
June 28, 2013
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‘Cooperation essential in anti-desertification efforts’
The Consultative Meeting of Experts on a Sustainable Development Goal on Land Degradation Neutral World was held in Seoul this week, organized by the United Nations Convention to Combat Desertification and the Korea Forest Service.Two days of marathon discussions on desertification and land degradation produced several positive results, said Jia Xiaoxia, the chairwoman of the conference.“The UNCCD’s annual conferences bring such an incredible mix of people together, each bringing his or her own
June 28, 2013
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UNCCD chief calls for more action against desertification
The head of the world’s only legally binding convention fighting desertification urged Koreans to join the international movement to stop land degradation and revive the land for human survival. “Enhance soil and enhance human life. Korean people should also participate in efforts to stem desertification of land,” said Luc Gnacadja, executive secretary of the United Nations Convention to Combat Desertification. “This desertification issue will affect every citizen of the world, whether you are a
June 28, 2013
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S. Korea's industrial output shrinks 0.4 % in May
South Korea's industrial output shrank in May from a month earlier amid heightened global economic uncertainty, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries shrank 0.4 percent last month from a month earlier. From a year earlier, it also fell 1.4 percent. The drop came a month after the output turned around from four previous months of contractions. The output in the service sector still edg
June 28, 2013
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First tenured Asian woman at Harvard Law honored
The Pony Chung Foundation conferred on Thursday its Pony Chung Innovation Award on Korean-American Harvard law professor Jeannie Suk.“Suk provided a new milestone in legal education with her innovative ideas and teaching methods,” said foundation chairman Kim Jin-hyun.Suk became the first Korean-American to be named a professor at Harvard Law in 2006 as well as the first-ever Asian woman to win the position of tenured professor there in 2010.The Pony Chung Innovation award, named after the nickn
June 27, 2013
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Korea ups growth forecast to 2.7%
The government said on Thursday that it revised its annual growth projection to 2.7 percent this year, and is able to hit the mark through a “policy mix” of fiscal and monetary stimulus. Deputy Prime Minister and Finance Minister Hyun Oh-seok said that it would make sure to put its set of stimulus measures, including extra spending, into action “with great speed” to break free from the low growth trap.The Finance Ministry changed its growth forecast from its initial “baseline” estimate of 2.3 pe
June 27, 2013
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S. Korea's current account surplus hits record high in May
South Korea's current account surplus hit a record high in May as exports of tech products remained solid amid the local currency's weakness to the U.S. dollar, the central bank said Thursday.The current account surplus reached US$8.64 billion in May, up from a revised surplus of $3.93 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The May reading marked the 16th straight month of a surplus run and the country's
June 27, 2013
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IFEZ takes shape as international business city
The Incheon Free Economic Zone has emerged as one of the most popular investment destinations over the last decade, and is still seeing continued development. The IFEZ, covering 209 square kilometers, is located within Incheon Metropolitan City and consists of the three regions of Songdo, Cheongna and Yeongjong Island where Incheon International Airport is located. It is the nation’s first FEZ, designated in 2003. There are currently eight FEZs nationwide.In 2003, with the vision of transforming
June 26, 2013
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IBK introduces smart savings account
Bank, IBKThe Industrial Bank of Korea has come up with a new and smart savings account product that offers lucrative deposit rates for any consumer seeking to further save and manage earnings.The state-run commercial bank said that the product, named “IBK Shaking Savings” in Korean, allows consumers to create an account through their smartphones by downloading an app.They can also do so through social networking or messenger platforms such as Facebook or Kakao Talk, and join a group created by o
June 26, 2013
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Corporate direct financing drops 30 pct in May
Direct financing by South Korean companies sank 29.3 percent in May as firms refrained from raising money in sluggish stock and bond markets, the financial regulator said Wednesday.Local companies raised a total of 8.85 trillion won (US$7.60 billion) last month by selling stocks and bonds, compared with the 12.5 trillion won the previous month, according to the Financial Supervisory Service (FSS).In the first five months of this year, corporate direct financing dropped to 49.5 trillion won from
June 26, 2013
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Korea lends hand to global anti-desertification efforts
Desertification, accelerated by global warming and environmental disruption, has risen to be one of the heaviest burdens for humanity over the past few decades.According to the United Nations Convention to Combat Desertification, an area 1.2 times the size of South Korea is turning into desert every year, causing some $42 billion in damage.The impact is especially conspicuous in developing countries, which are heavily reliant on primary industries such as agriculture and fisheries.Korea is one o
June 25, 2013
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‘Preventing deserts is more effective than restoring them’
Ryu Kwang-su, director general of the international affairs bureau at the Korea Forest Service, talked about the global community’s efforts for anti-desertification and Korea’s related activities during an interview with The Korea Herald this week. The government official stressed the importance of global efforts to prevent deserts, saying it is more effective than restoring them ex post facto.The following are questions and answers from the interview.Q: The 10th U.N. Convention to Combat Desert
June 25, 2013
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UNCCD selects anti-desertification champions
The United Nations Convention to Combat Desertification has recently announced the winners of the 2013 Land for Life Awards to promote anti-desertification campaigns and organizations.The announcement was made on June 17, the 19th anniversary of the World Day to Combat Desertification which was created in 1994 to celebrate the adoption of the UNCCD.A total cash prize of $100,000 was distributed to development organizations from India, Mexico and Australia, for their contribution to sustainable
June 25, 2013
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Finance minister calls for biz community to expand investment and employment
South Korea's finance minister Tuesday called for businesses to expand investment and employment in order to help break the cycle of a prolonged low growth trend confronting the country's economy."I expect today's meeting will serve as a chance to have sincere and productive discussions that could lead to preemptive investment and expanded employment, eventually cutting the low growth trend," Finance Minister Hyun Oh-seok told heads of the country's major business lobby groups. The meeting held
June 25, 2013
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S. Korea's manufacturers downbeat on Q3 business
Most South Korean manufacturers forecast their business to get bearish in the third quarter of this year due to the global economic slowdown, a survey showed Tuesday. The survey of 2,500 companies conducted between late May and early June by the Korea Chamber of Commerce and Industry (KCCI) showed the Business Survey Index (BSI) at 97 for the July-September period, slightly down from 99 for the second quarter. The index gauges the manufacturers' outlook on business conditions, and a reading bel
June 25, 2013
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S. Korea's consumer sentiment hits 13-month high in June
South Korean consumers' confidence rose to the highest level in 13 months in June as the government's fiscal stimulus and the central bank's latest rate cut raised hopes for economic recovery, the Bank of Korea (BOK) said Tuesday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 105 for June, up from 104 tallied for the previous month, according to the BOK.It marked the highest level since the index hit 106 i
June 25, 2013
