The Korea Herald

Hanjin Group sheds biggest in market cap from shipping affiliate's downfall

Hanjin Group, whose shipping affiliate filed for court receivership this week, fell five notches in market capitalization rankings this year among the top 30 listed conglomerates, according to the Korea Exchange on Thursday.The group, whose businesses range from hotel operations to flag carrier, had 4.39 trillion won ($3.98 billion) in market cap as of Wednesday, shedding 274.2 billion won. The loss put the group at No. 28 in the rankings, down from No. 23 at the end of last year.The conglomerat

Industry Sept. 1, 2016

Hanjin Group sheds biggest in market cap from shipping affiliate's downfall

Korea's current account surplus narrows to $8.71 bln in July

South Korea's current account surplus hit the lowest in three months in July due to slowing exports, central bank data showed Thursday.The current account surplus reached $8.71 billion in July, compared with $12.06 billion in June, according to the preliminary data from the Bank of Korea.The July figure also represents a drop from a $9.71 billion surplus from a year earlier. It also marked the lowest in three months. The current account is the biggest measure of cross-border trade.In July, the s

Sept. 1, 2016

Korea's consumer price growth hits 16-month low in Aug.

South Korea's consumer prices increased at the slowest pace in 16 months, rekindling concerns of possible deflation in Asia's fourth-largest economy saddled with a protracted slump in domestic demand and falling exports, government data showed Thursday.The country's consumer price index rose 0.4 percent last month from a year earlier, staying below the 1 percent level for four straight months, according to the data compiled by Statistics Korea.The August figure also marked the lowest on-year gai

Sept. 1, 2016

Korea's consumer price growth hits 16-month low in Aug.

Opposition to THAAD shows China's belief neighbors must give priority to Chinese interests: US expert

China's opposition to South Korea's decision to host the US THAAD missile defense system shows Beijing believes neighboring countries must put China's national interests ahead of their own, a US expert said Wednesday.Mark Tokola, vice president of the Korea Economic Institute of America in Washington, made the point in an article posted at KEI's blog website, stressing that it is North Korea's nuclear and missile development that led to the decision to place THAAD in the South."China continues t

International Sept. 1, 2016

Korea to introduce new license plate for electric cars in Oct.

South Korea will introduce a new license plate for electric vehicles before the end of next month, the government said Thursday, in an apparent effort to further promote environmentally friendly cars.The new license plate will be picked from four designs in a public vote that will last 10 days until next Thursday, according to the Ministry of Land, Infrastructure and Transport."The government will decide which design will be used as a new license plate for electric cars in the popularity vote to

Industry Sept. 1, 2016

Korea to introduce new license plate for electric cars in Oct.

Rival parties reach agreement on extra budget plan

South Korea's ruling and opposition parties reached agreement on an extra budget plan Wednesday in a breakthrough compromise after marathon negotiations to resolve differences over where to spend the additional money.The ruling Saenuri Party, the main opposition Minjoo Party of Korea and the minor People's Party reached the deal on the 11 trillion won ($9.82 billion) supplementary budget proposal late Wednesday night after a series of budget committee and subcommittee meetings since earlier in t

Sept. 1, 2016

Seoul to focus on inclusiveness, innovation in achieving UN development goals

South Korea will focus on seeking inclusive growth of fragile countries and innovative partnerships with the private sector as Seoul joins the international community's implementation of the United Nations' Sustainable Development Goals, a vice foreign minister said Wednesday."The ratio of people living in extreme poverty on less than $1.25 per day vis-a-vis the overall population of the globe fell from 36 percent in 1990 to 12 percent in 2015," Vice Foreign Minister Cho Tae-yul said during the

International Aug. 31, 2016

N. Korea building railway long-range missile launchers on railroad: report

North Korea is building a mobile long-range missile launcher system that can move along the country's railroad tracks, the U.S.-based Radio Free Asia reported Wednesday, citing sources in the communist country.A North Korean resident in Kangwon Province told RFA that North Korean engineers have been working on the mobile missile system since May at a state-run motor vehicle factory. The plant is under the supervision of the North's Second Economic Commission that is in charge of the ammunition i

North Korea Aug. 31, 2016

Court again rejects Korean A-bomb victims' suit against gov't

A Seoul court on Wednesday ruled in favor of the government and dismissed a compensation suit filed by South Koreans who survived the 1945 US atomic bombings in Japan.The Seoul Northern District Court turned down the suit filed by 141 victims of the Hiroshima and Nagasaki atomic bombings, seeking 10 million won ($9,000) in compensation for each victim.They said the government neglected its duty to take active measures against Japan to settle the issue by referring the matter to an arbitration c

Social Affairs Aug. 31, 2016

Court again rejects Korean A-bomb victims' suit against gov't

Senior judge summoned over alleged bribery

Prosecutors on Wednesday summoned an incumbent judge over allegations he received kickbacks from a local businessman who is at the center of a lobbying scandal that is rocking the country's legal sector.The Seoul Central District Prosecutors' Office said it called in the judge, identified only by his surname Kim, to ask questions over suspicions that he bought a used car owned by Jung Woon-ho, former chief of local cosmetics brand Nature Republic, at a below market price, and even got back some

Social Affairs Aug. 31, 2016

Senior judge summoned over alleged bribery

Gov't to open financial information portal

South Korea's state financial watchdog said Wednesday it will open a portal this week to offer "all necessary information" for financial transactions in the country.The Financial Information Network, http://fine.fss.or.kr, will start operations at 9 a.m. Thursday after months of preparations, the Financial Supervisory Service said.It's part of efforts to bridge the information divide under the broader goal of reforming the nation's financial sector, added the FSS."The FINE is a portal to provide

Aug. 31, 2016

Lottery sales rise 6.9% on-year in H1

Sales of lottery tickets in South Korea rose 6.9 percent in the first six months of 2016 from a year earlier, on rising demand for chance games amid a prolonged economic slump, government data showed Wednesday.Lottery sales stood at 1.89 trillion won ($1.69 billion) in the January-June period, up from the previous year's 1.77 trillion won, according to data compiled by the Ministry of Strategy and Finance.The first-half amount accounted for 50.3 percent of the 2016 sales target of 3.76 trillion

Aug. 31, 2016

Another mass infection of hepatitis C reported in Sunchang

About 200 people have been infected with hepatitis C in southern South Korea, an official said Wednesday, prompting health authorities to conduct an epidemiological investigation.Some of the people had received dental treatment from unlicensed dentists in Sunchang, some 360 kilometers south of Seoul. The local official said this could be to blame for the outbreak.Repeated calls to South Korea's Centers for Disease Control and Prevention seeking comment went unanswered.The latest outbreak came si

Social Affairs Aug. 31, 2016

Another mass infection of hepatitis C reported in Sunchang

Gov't vows to limit impact from Hanjin Shipping crisis

South Korea's financial authorities on Wednesday assured the market that they will take timely measures against potential fallout from the crisis surrounding the nation's largest shipping line."(We) will cope comprehensively with the situation to prevent turmoil in the financial market," Jeong Eun-bo, vice chairman of the Financial Services Commission, said as he presided over an emergency meeting of related government agencies.The remark came after Hanjin Shipping Co., the world's seventh-large

Aug. 31, 2016

DSME head visits Europe to calm shipowners' concerns

Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. on Wednesday said its president is visiting Europe in a bid to help dispel shipowning firms' concerns over its financial health.Daewoo Shipbuilding said CEO Jung Sung-leep left Seoul for northern Europe on Monday to hold meetings with major shipowners, during which he will brief them on the company's current state and assure them that vessels and offshore platforms will be delivered without delay."Concern is growing among shipowners on n

Industry Aug. 31, 2016

Articles by 임정요