The Korea Herald

Korea's big 3 shipyards clinch no orders in May

South Korea's top three shipbuilders failed to clinch any new orders last month, mirroring a protracted slump in the global shipbuilding sector, industry data showed on Thursday.According to the data compiled by global research firm Clarkson Research Services, the nation's top three shipyards -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- won no new orders last month.But Hyundai Mipo Dockyard Co., an affiliate of Hyundai Heavy In

Industry June 2, 2016

Korea's big 3 shipyards clinch no orders in May

Hanjin Shipping faces hurdles in charter rate cut negotiations

Financially troubled Hanjin Shipping Co. has not made any progress in its negotiations with the owners of its chartered ships to cut leasing rates, one of the key preconditions set by its creditors to avert court receivership, industry sources said Thursday.According to the sources, the country's No. 1 container shipping line had contacted the owners of its charter fleet to slash the rates, but failed to receive any "positive" responses from them.The shipper's struggle for the charter rate cut i

Industry June 2, 2016

Hanjin Shipping faces hurdles in charter rate cut negotiations

China 'can't make breakthrough' in curbing N. Korea's nuclear ambition

China "cannot make a breakthrough" in reining in North Korea's nuclear weapons ambition, a state-run newspaper published by China's ruling Communist Party said Thursday, a day after Chinese President Xi Jinping held talks with a visiting high-level North Korean delegation.The Global Times newspaper said in an editorial that the Wednesday talks between Xi and the North Korean delegation showed willingness by the two nations "to maintain their traditional friendship and ease the tense relationship

North Korea June 2, 2016

Busan Int'l Motor Show opens highlighting eco-friendly cars

Participating carmakers in this year's Busan International Motor Show have something in common amid the lingering impact of Volkswagen AG's diesel emissions scandal: environmentally friendly vehicles.In the biennial motor show, which opened Thursday and will continue through June 12 at the BEXCO exhibition hall in Busan, 453 kilometers south of Seoul, most of the 25 domestic and imported carmakers came up with a reinforced lineup with hybrid or pure-electric models or with a plan to add such mod

Mobility June 2, 2016

Busan Int'l Motor Show opens highlighting eco-friendly cars

Korea welcomes U.S. move to designate N.K. as 'primary money laundering concern'

South Korea on Thursday welcomed the U.S.' move to designate North Korea as a "primary money laundering concern," saying that it indicates Washington's strong commitment to faithfully carry out the toughened sanctions on the communist country for its nuclear weapons program.The foreign ministry vowed to keep working closely with the United States and the international community to seek sanctions and put pressure on the North to prod it to take a "genuine" step toward denuclearization."Our govern

North Korea June 2, 2016

KCON France to kick off amid diplomatic anticipation

The world's largest K-pop festival will kick off in Paris, its first European destination, on Thursday with South Korean President Park Geun-hye attending.The line-up for KCON France includes the likes of Bangtan Boys, Block B, SHINee, F.T. Island, f(x) and I.O.I, CJ E&M, a South Korean entertainment company, said. I.O.I is a girl group created from cult reality series "Produce 101," which narrowed 101 candidates down to 11 finalists who now comprise the act.Park, who is in France to celebrate t

Culture June 2, 2016

U.N. chief tops poll among presidential hopefuls

U.N. Secretary-General Ban Ki-moon emerged as the most favored potential presidential candidate for next year's election, a poll showed Thursday, bypassing long-established hopefuls in the opposition parties.According to the survey conducted by Realmeter on 2,018 South Koreans earlier this week, Ban held an approval rate of 25.3 percent, outpacing other potential candidates. It marked the first time for Ban to be included in the Realmeter survey, which is one of the key barometers to gauge publi

Politics June 2, 2016

Former senior prosecutor arrested for lobbying scandal

State prosecutors on Thursday formally arrested a prosecutor-turned-lawyer accused of peddling influence for his client and evading taxes, as part of a probe into the snowballing corruption scandal that is rocking the country's legal establishment. The Seoul Central District Court issued an arrest warrant for Hong Man-pyo over suspicions he received some 300 million won ($251,000) from the chief of local cosmetics brand Nature Republic, Jung Woon-ho, to cover up his overseas gambling charges in

Social Affairs June 2, 2016

Subscribers to state pension to start falling in 2017: report

The number of subscribers to South Korea's state pension fund is expected to start to drop from 2017 in the wake of the country's falling birthrate, a report said Thursday.The National Pension Service is likely to see the number of subscribers reach 21.67 million next year, down 100,000 from this year, according to the report by the National Pension Research Institute.The figure is forecast to reach 21.77 million people at the end of this year, up from 21.56 million a year earlier. The number of

June 2, 2016

Subscribers to state pension to start falling in 2017: report

Exports of fruits, vegetables jump 23% in 5 yrs

Exports of fruits and vegetables have grown 22.9 percent over the past five years on rising demand from Asian countries and the United States, customs data showed Thursday.A combined $304 million worth of fruit and greenstuffs were shipped overseas last year, up from $248 million in 2011, according to the data compiled by the Korea Customs Service. (Yonhap)Shipments of fruit including pears and strawberries rose 29.8 percent to $127 million over the five-year period, while exports of vegetables

Industry June 2, 2016

Exports of fruits, vegetables jump 23% in 5 yrs

Banks' bad loans hit 15-year high on corporate revamp

South Korean banks' non-performing loans have soared to a 15-year high amid an extensive revamp of troubled shipbuilding and shipping companies, government data showed Thursday.As of end-March, the total amount of bad loans held by local banks reached 31.3 trillion won ($26.3 billion), up 1.3 trillion won from the end of last year, according to data from the Financial Supervisory Service.The figure was also up 6.6 trillion won from a year earlier and marks the highest level since 38.1 trillion w

June 2, 2016

Banks' bad loans hit 15-year high on corporate revamp

N.K. official defends nuclear development during talks with China's leader

A top North Korean official has said his country will stick to the simultaneous pursuit of nuclear and economic development during his talks with Chinese President Xi Jinping, the North's state media said Thursday.Ri Su-yong, vice chairman of the North Korean ruling party's central committee, paid a courtesy call on China's leader on Wednesday, the second day of his three-day trip to China.The Korean Central News Agency said that Ri delivered a verbal message of North Korean leader Kim Jong-un t

North Korea June 2, 2016

Korea's economic growth slows in Q1: BOK

South Korea's economic growth slowed in the first quarter from three months earlier due to still sluggish demand at home and abroad, central bank data showed Thursday.In the January-March period, the country's gross domestic product expanded 0.5 percent from the previous quarter, slowing from a 0.7 percent on-quarter expansion three months earlier, according to preliminary data from the Bank of Korea. (Yonhap)The latest reading marks a slight increase from an earlier estimate of 0.4 percent on-q

June 2, 2016

Korea's economic growth slows in Q1: BOK

U.N. Security Council condemns N.K. missile tests

The U.N. Security Council on Wednesday condemned North Korea's recent ballistic missile tests, saying they contribute to Pyongyang's development of nuclear weapons delivery systems.The Security Council unanimously adopted the press statement, a day after the North attempted unsuccessfully to launch a Musudan intermediate-range ballistic missile believed to be capable of reaching the U.S. territory of Guam. The missile is believed to have exploded on a mobile launcher as soon as the fire button w

North Korea June 2, 2016

Benz to recall 1,135 E-Class sedans for powertrain control defect

Mercedes-Benz Korea, the local unit of the German luxury car brand, will recall 1,135 units of E-class sedans for problems with their powertrain control system, the transportation ministry here said Thursday.An error in the model's powertrain software may fail to transmit engine power to the automatic transmission, causing a possible accident while driving, according to the Ministry of Land, Infrastructure and Transport.The problem has been detected in 1,135 E-Class sedans produced between Dec.

Mobility June 2, 2016

Benz to recall 1,135 E-Class sedans for powertrain control defect

Articles by 임정요