Most Popular
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Korea added to key bond index
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Taking away phones during school hours not a human rights violation: watchdog
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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Jay Park returns with quintessential R&B album after 8 years
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More deaths in ICU following doctors' mass walkout: lawmaker
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Security issues to take center stage at ASEAN summit
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Netflix's latest runaway hit is a Korean reality cooking show
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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NPS works to stop expats paying for no benefit
When working abroad, some people find themselves paying two lots of pension payments, even though they will only receive one set of benefits.To address this, Korea has concluded social security agreements with 24 countries to prevent workers from being forced to make pension payments both overseas and in Korea. The agreements are designed to help non-Koreans who have worked in Korea but are not eligible for pension benefits because they failed to fulfill the minimum contribution period of 10 to
Oct. 29, 2012
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POSCO says talks to buy Arrium still under way
SYDNEY (Yonhap News) ― The Australian unit of South Korea’s top steelmaker POSCO is still in talks to buy Australian miner and steelmaker Arrium Ltd., which recently rejected a takeover offer, its head said.In early October, Arrium rebuffed a takeover bid by a consortium including POSCO Australia Pty and Noble Group Ltd. valued at A$1.01 billion ($1.04 billion).“The consortium continues to have talks with Arrium,” Shin Soo-cheol, managing-director of POSCO Australia, told reporters on Friday.“We
Oct. 28, 2012
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Makgeolli exports to Japan plunge amid chilled relations
Exports of South Korea’s traditional alcoholic beverage “makgeolli” to Japan dropped sharply during the first nine months of this year, apparently affected by chilled relations between the two countries, customs data showed Sunday.South Korea exported a total of 21,743 tons of makgeolli during the January-September period, down 28.6 percent from the same time a year earlier, showed the data by the Korea Customs Service. The exports were estimated at $27.36 million, which also marked a 28 percent
Oct. 28, 2012
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Nongshim ordered to recall imported noodles in China
The Chinese government ordered a recall of six types of South Korean instant noodles Friday that were found to contain benzopyrene, a substance classified as a carcinogen.China’s General Administration of Quality Supervision, Inspection and Quarantine announced on its website that it had ordered importers to immediately recall the noodles. It also directed its affiliated agencies to strengthen inspections to keep the products out. “The KFDA confirmed the detection of benzopyrene in the six (type
Oct. 28, 2012
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U.S. auto industry buys into fuel economy rules
The U.S. government has set tough fuel economy standards for cars and trucks, and Detroit’s automakers couldn’t be happier.What mad world is this? The famously balky industry that once swore people could never afford cars with crazy technology like air bags has taken a leap of faith in its ability to invent and innovate.“They’re aggressive standards, but the industry wouldn’t have bought in if they weren’t achievable,” said Chris Theodore, engineering consultant and former Ford and Chrysler prod
Oct. 28, 2012
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POSCO says talks to buy Arrium still under way
The Australian unit of South Korea's top steelmaker POSCO is still in talks to buy Australian miner and steelmaker Arrium Ltd., which recently rejected a takeover offer, its head said.In early October, Arrium rebuffed a takeover bid by a consortium including POSCO Australia Pty and Noble Group Ltd. valued at A$1.01 billion ($1.04 billion)."The consortium continues to have talks with Arrium," Shin Soo-cheol, managing-director of POSCO Australia, told reporters on Friday."We are discussing the iss
Oct. 27, 2012
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China's health authorities order recall of Korean instant noodles
China's health authorities have ordered a recall of Nongshim Co.'s instant noodle products that were found to have been tainted in its home country South Korea, officials said Saturday.China's General Administration of Quality Supervision, Inspection and Quarantine made the announcement on its Web site against six types of instant noodles products made by South Korea's largest instant noodle maker.The affected noodles include popular Neoguri, bowl-type Neoguri and Saeng Saeng Noodle. They were f
Oct. 27, 2012
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Korea falls in love with horses
Equestrian sports seem to be all the rage, punctuated by international singer Psy’s enticingly addictive “horse dance,” and industry watchers expect the trend to stay. “It all goes back to maybe a decade ago that Koreans, mostly from the wealthier class, started to take an interest in riding,” said Park Kyung-won, manager of the Korea Racing Authority’s equestrian sports promotion team. “More people are now slowly but steadily catching on, and I believe in another 10 years, horseback riding will
Oct. 26, 2012
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Helping children by horsing around
INCHEON ― Seeing kids change is the most incredible feeling, says Yoon Ga-eun, one of the three instructors and professional riding therapists at Riding Healing Center in Incheon Metropolitan City. “I’ve seen many of these kids brighten up after just a few classes. They used to have no idea why they were sent here, but these days they come running to me to tell me how happy and more adjusted they feel,” Yoon told The Korea Herald. “Kids gain confidence simply by sitting tall on horseback. I tell
Oct. 26, 2012
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Riding helps heal strained teens
INCHEON ― Looking nervous, five middle school girls stepped timidly into the riding ring on Wednesday afternoon at the Riding Healing Center in Incheon. They whispered among themselves while awkwardly putting on their riding gear in the corner, refusing to set their eyes on any other object or person there. But at the sight of their instructor and horses, they seemed to instantly relax. There was also a tinge of delight and excitement in their eyes as they bowed deeply to one another. Following
Oct. 26, 2012
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SK Innovation profit tumbles
SK Innovation Co., South Korea’s top refiner, said Friday that its third-quarter net profit nosedived 72 percent from a year earlier due to decreased refining margins.Net income came to 509.7 billion won ($465 million) in the July-September period compared with 1.82 trillion won a year ago, the company said in a regulatory filing.Sales, however, rose 7.5 percent to 18.5 trillion won on-year in the period, while operating profit fell 24.7 percent to 648.7 billion won.Compared with the previous qu
Oct. 26, 2012
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Hyundai Steel swings to black in Q3
Hyundai Steel Co., South Korea’s second-largest steelmaker, said Friday that it swung to a profit in the third quarter thanks to cost-cutting efforts.Net profit reached 232.9 billion won ($212.5 million) in the three months ended Sept. 30, compared with a net loss of 136.9 billion won a year ago, Hyundai Steel said in a regulatory filing.Sales, however, fell 9.06 percent on-year to 3.4 trillion won in the period and operating profit fell 19.4 percent to 230 billion won.Hyundai Steel said decreas
Oct. 26, 2012
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LIG Group chairman pledges to compensate for fraud victims
Koo Cha-won, chairman of embattled LIG Group on Friday vowed to compensate for the victims of the latest fraud committed by LIG affiliates, indicating he may dip into his own pockets if necessary. “I deeply apologize to all the victims of the commercial paper fraud, and regardless of exactly who or what was the cause of this issue, I will take full responsibility,” said a teary Koo at a press conference held at the LIG Group headquarters in Seoul. He said he would establish detailed compensatio
Oct. 26, 2012
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LG Display logs first operating profit in 2 years
South Korean display giant LG Display Co. on Thursday reported its first operating profit in two years in the third quarter, driven by increasing sales of specialty products and seasonal demand growth.Net profit came to 158.2 billion won ($144.5 million) in the July-September period, reversing from a 687.5 billion won loss the previous year, the company said in a regulatory filing.Revenue rose 21.1 percent on-year to 7.6 trillion won, while operating profit came to 253.4 billion won, shifting fr
Oct. 26, 2012
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Retail giant chiefs edgy ahead of hearing
Korea’s major retail chaebol chiefs, or rather, their staff, are on pins and needles ahead of a parliamentary hearing early next month to which they were summoned to answer questions on retail giants’ “unfair trade practices.”The National Policy Committee said it will call on Lotte Group chairman Shin Dong-bin, Hyundai Department Store Group chairman Chung Ji-sun, Shinsegae Group vice chairman Chung Yong-jin and Shinsegae Co. vice president Chung Yu-kyung, who did not show up at the parliamentar
Oct. 25, 2012
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Hyundai Motor’s Q3 earnings up 3.1 percent on-year to W2tr
Hyundai Motor pledged to enhance management ― focused more on profitability than business expansion ― as its earnings for the July-September period slightly dropped compared to the previous quarter.Though the carmaker’s third-quarter operating profit came to 2.05 trillion won ($1.83 billion), up 3.1 percent from a year earlier, the figure is lower by 17.8 percent from the previous quarter, Hyundai Motor said in a regulatory filing on Thursday. In the same vein, Hyundai’s sales and net profit inc
Oct. 25, 2012
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GM to buy back stake held by KDB
General Motors Co. plans to regain complete control of its Korean unit by buying back a 17.02 percent stake owned by the second-largest shareholder Korea Development Bank, GM Korea chief said Thursday. GM Korea president and CEO Sergio Rocha confirmed in a press conference that he held a meeting with KDB chairman Kang Man-soo together with Tim Lee, head of international operations at GM, last Friday. “We have agreed to progress with this discussion on a confidential basis. We have interests in e
Oct. 25, 2012
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Hyundai Group seeks to resume Geumgang tours after election
Hyundai Group is seeking to resume tours to North Korea’s Mount Geumgang, which have been suspended for more than four years, after the Dec. 19 presidential election in South Korea. Hyundai Asan, the sole operator of the inter-Korean business as tourism unit of Hyundai Group, expects that there will be mounting calls from various walks of life in the South to reopen the tour program. The Mount Geumgang tours have been suspended since July 2008 after a South Korean tourist was killed by a North K
Oct. 25, 2012
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Oil products top semiconductors to become Korea’s biggest export
ULSAN ― Many might assume that the product Korea exports most would be smartphones or cars, thanks to leading global brands such as Samsung and Hyundai. But the nation’s best selling export item this year is oil products like gasoline and diesel. When it comes to exports by product for the first nine months of this year, the Ministry of Knowledge Economy said oil products topped the list, overtaking semiconductor goods. Exports of oil products reached $41.5 billion between January and September,
Oct. 25, 2012
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Top 10 conglomerates' unlisted firms pay hefty dividends
South Korea's top 10 conglomerates' unlisted companies pay about half of their net profit as dividends to their shareholders, mostly owners' family members, an analysis showed Thursday.The dividend payout ratio of 499 unlisted companies affiliated with the conglomerates, known as chaebol here, stood at 41.2 percent over the past two years, according to the analysis by Yonhap News Agency and conglomerate tracker Chaebul.com. The ratio refers to the percentage of income a company spends on its div
Oct. 25, 2012