The Korea Herald

Korea starts fruit exports to China

South Korea shipped 5 tons of “geobong” -- a species of grapes -- to China, marking its first-ever export of fresh fruit to the country, said the Ministry of Agriculture, Food and Rural Affairs on Tuesday. 　Agriculture Minister Lee Dong-phil and representatives of 13 local vineyards in Cheonan, South Chungcheong Province, saw the premium quality geobong grapes, also dubbed the kyoho grapes in Far East Asia, set sail for Chinese shores.　The exported brand is “Haneul Green,” a signature geobong br

Industry Sept. 22, 2015

State institutions under fire for fabricated spending reports

The Finance Ministry on Monday vowed to strengthen its crackdown on state-run institutions that provide fabricated spending reports. 　Starting next year, the ministry decided to implement “microscopic investigations” to root out the inaccurate spending reports on a variety of areas, including investment, income statements and balance sheets. According to the ministry, a total of 124 public institutions, or 4 out of 10 public institutions, have cooked their financial reports. 　The Finance Ministr

Industry Sept. 21, 2015

KFS eyes China’s growing premium forest product market

Visitors flock to the Korean forest product section at a global food convention in Indonesia in April. (KFS)The Korea Forest Service is seeking to expand the nation’s export of premium-quality forest products to China, catching on the growing demand for food safety in the world’s No. 2 economy.　The KFS on Monday said it is in the last stage of meeting this year’s export goal of $500 million for forest products, thanks to the stable construction of export-intensive frameworks, including the Korea

Industry Sept. 21, 2015

KFS eyes China’s growing premium forest product market

Federal Reserve holds rate at zero; cites China worries

The Federal Reserve held its key interest rate locked at zero Thursday, citing worries about how the slowdown in China will hit the US economy. Fed Chair Janet Yellen said the economy continues to grow moderately and that a rate increase could still take place before the end of the year. However, policy makers were still focused on the spillover from China's troubles and those in other major emerging market economies. "A lot of our focus has been on risks around China, but not just China,

World Business Sept. 18, 2015

Federal Reserve holds rate at zero; cites China worries

Global stock markets waver as Fed decision nears

Europe was off to a tepid start with Britain's FTSE 100 down 0.4 percent to 6,205.60. France's CAC 40 dipped 0.2 percent to 4,631.50. Germany's DAX was nearly unchanged at 10,222.81. Futures showed that Wall Street was set to lose ground. Dow futures fell 0.2 percent. S&P 500 futures dropped 0.3 percent. HIKE OR NO HIKE: Two months ago, it seemed almost certain that the Fed was going to raise rates in September. Now, after the turmoil in financial markets and concerns about China's economy, t

World Business Sept. 17, 2015

IRC boss slams anti-migrant tactics in Hungary

Events on the Serbia-Hungarian border where police tear-gassed crowds of migrants including women and children reveal “a dark side of the European character,” the chief of the International Rescue Committee said Wednesday. “Anyone with an ounce of morality feels appalled by what's happening in parts of Europe,” David Miliband told The Associated Press in an interview Wednesday. While lauding German leadership in tackling Europe's migrant crisis, the former British foreign secretary said that

World News Sept. 17, 2015

KAI inks $110m deal to deliver trainer jets to Thai gov't

South Korea's sole aircraft manufacturer, Korea Aerospace Industries Ltd., said Thursday that it signed a deal to export trainer jets to the Thai government for around $110 million. The deal inked in Seoul between leaders of the two sides called for KAI to deliver four units of the T-50TH to the Thai government within 30 months of the contract, the company said in an emailed press release. The T-50TH will likely replace the outdated L-39 model that the Thai air force has been using for train

Industry Sept. 17, 2015

DMZ film festival opens in Camp Greaves

An annual documentary film festival themed on "peace, life and communication" opened in Camp Greaves, the former U.S. military camp near the Demilitarized Zone, Thursday. The seventh edition of the DMZ International Documentary Film Festival will run until next Thursday, featuring 102 documentary films from 43 countries around the world, including 43 from South Korea. It will open with "I am Sun Mu," an 87-minute film by American photographer and filmmaker Adam Sjoberg, which follows the def

North Korea Sept. 17, 2015

Nepal at crossroads after new constitution is adopted

After a decade of political infighting and violent protests, the long-awaited passage of Nepal's constitution should be a reason to celebrate. But there are also signs that the Himalayan nation's first complete political framework since monarchy was abolished in 2006, could set the stage for prolonged conflict as some ethnic groups are protesting the charter. The government sees the new constitution as a much-needed success for the nation of 28 million, still recovering from a devastating A

World News Sept. 17, 2015

Hyundai's carmaking secrets allegedly leaked to Chinese firm

Prosecutors said Thursday they have indicted 10 people on charges of leaking component blueprints of Hyundai Motor Co., the country's top carmaker, for the development of a Chinese automobile.The Seoul Central District Prosecutor's Office said a 30-year-old man, identified only by his surname Cho, is suspected of siphoning 71 component designs of Hyundai's car bumpers from its business partner, known by its initial D, while working there. Cho was on dispatched duty from another company to pa

Industry Sept. 17, 2015

Anthropologist reveals new insight on Korea

“Way Back into Korea” By Choong Soon Kim(Ilchokak) Cover of “Way Back into Korea” (Ilchokak)　There is always the danger, with introductory books into Asian culture, of stereotyping and the spraying of names, dates and footnotes that seem almost impossible to remember. 　Some of the earlier descriptions of Korea, such as the “hermit nation” and “land of morning calm,” fall short of portraying Korea’s fast-changing here-and-now. On top of that, the love-hate relationship between the flow and inform

Books Sept. 17, 2015

Anthropologist reveals new insight on Korea

KDB vows more support for SMEs

Korea Development Bank chairman Hong Ky-ttak takes a guided tour of Celltrion, a KOSDAQ-listed biopharmaceutical company supported by KDB’s program, in Incheon on Thursday. (KDB)Korea Development Bank chairman Hong Ky-ttak on Thursday pledged to carry out stronger support for small and medium-sized enterprises, asking them to reinforce creativity and innovation in entrepreneurship. 　“The Korean economy is facing challenges with low growth, which makes stronger support for the promising SMEs more

Sept. 17, 2015

[Newsmaker] Makers of Budweiser, Miller eye global merger

Bottles of Budweiser (right) and Miller beer. (Bloomberg)The makers of Budweiser aren't satisfied with being the kings of beer. They want an empire.Anheuser-Busch InBev, the world's biggest brewing company and the owner of Budweiser, announced Wednesday it wants to buy SABMiller, the second-largest brewer — and the maker of long-time rival brand Miller Genuine Draft.The deal would create a multinational behemoth valued at around $275 billion with annual sales of $73.3 billion, more than three ti

World Business Sept. 17, 2015

[Newsmaker] Makers of Budweiser, Miller eye global merger

KT&G’s cigarette exports surpass 500b sticks

KT&G staffers consult buyers at InterTabac, the world’s leading trade fair for tobacco products and smoking accessories, in Dortmund, Germany. (KT&G)KT&G said Wednesday that its outbound sales of cigarettes broke the 500-billion-unit mark, fanning expectations that the cigarette-maker’s export sales will outperform its domestic sales within the year. 　According to KT&G’s cigarette sales data, its outbound sales volume reached 500.2 billion cigarettes as of Sept. 15. Counting in the cigarettes pr

Industry Sept. 16, 2015

KT&G’s cigarette exports surpass 500b sticks

Hana Financial Investment sets sail under new name

Hana Financial Investment vowed Wednesday to help develop the Korean financial service industry under a new corporate name while announcing a promotional event for customers. 　The company, formerly called Hana Daetoo Securities, adopted its new corporate name on Sept. 1 to mark its increased market competiveness in the financial service sector. 　The financial investment affiliate of Hana Financial Group has accumulated a decade of experience in asset management and investment banking. 　“We are p

Sept. 16, 2015

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