The Korea Herald

National debt to hit 600 trillion won

South Korea’s national debt is expected to exceed 600 trillion won ($496 billion) for the first time ever this week, drawing concerns over the nation’s fiscal health amid a slowing economy and rapid population aging, the National Assembly said Sunday.According to the national debt clock released by National Assembly Budget Office, the national debt could reach 644.9 trillion won by the end of the year, a 49.8 trillion won increase from the 595.1 trillion won estimated in late 2015. The total cou

Jan. 31, 2016

Korea losing Chinese tourists to Japan

The number of Chinese visitors coming to South Korea declined last year in contrast to a growing number of travelers heading to Japan, sparking concerns that Korea is losing its place as a population destination for the Chinese. A Chinese tourist enjoys sledding at High1 Resort, Jeongsun in Gangwon Province. (Yonhap)A total of 4.99 million Chinese travelers visited Japan last year, setting a new record, according to reports based on data released by the Japan National Tourism Organization on Wed

Industry Jan. 27, 2016

Airport, airlines blasted over blizzard

SEOUL/JEJUDO ISLAND -- A nearly three-day airport shutdown on the southern resort island of Jejudo due to heavy snowfall and strong winds ended Monday afternoon, with mounting questions over a lackadaisical response by the airport authorities and air carriers that failed to minimize customer inconvenience at times of natural disasters. Travelers wait on the floor at Jeju International Airport`s passenger terminal early Monday. (Yonhap)As of 2:48 p.m., air carriers had started to transport passe

Industry Jan. 25, 2016

Antitrust watchdog probes VW over clean diesel ads

(AP-Yonhap)The nation’s antitrust watchdog has launched a full-scale investigation upon suspicions that Volkswagen Korea ran false advertisements about vehicles for which it had rigged emissions tests, officials said Friday. The probe is expected to strike a blow to the Korean unit of the German carmaker, which is already facing a separate criminal probe and a series of class action suits both in local and U.S. courts.The Fair Trade Commission is zeroing in on speculation that the carmaker claim

Industry Jan. 22, 2016

Antitrust watchdog probes VW over clean diesel ads

Ministry denies rumored inflow of Muslim workers for halal food

The Ministry of Agriculture and Food on Thursday denied rumors of the government’s reported plans to launch a halal food-processing complex in the southwestern part of the country in the face of opposition by Protestant groups here.According to rumors that spread quickly, the government plans to spend 550 billion won ($453 million) to build the food-processing complex in Iksan, North Jeolla Province, by the end of this year. It will include a meat butchery to carry out religious slaughter of ani

Industry Jan. 21, 2016

Ministry denies rumored inflow of Muslim workers for halal food

VW Korea faces new lawsuit, criminal probe

Volkswagen Group and its dealers are facing another class-action suit by the Korean owners of its 3-liter diesel models involved in an emissions-cheating scandal both in local and U.S. courts, a Seoul-based law firm said Wednesday. (AP-Yonhap)The move follows the admission by the embattled carmaker to the U.S. Environmental Protection Agency late last year that emissions were rigged not only on its 2-liter diesel models but also on its 3-liter vehicles. The law firm, Barun Law LLC, told The Kor

Industry Jan. 20, 2016

VW Korea faces new lawsuit, criminal probe

W80tr fund to support new industries

The government said Monday it would inject 80 trillion won ($66 billion) of public funds this year to nurture new growth engines, including smart cars, surgical robots and software content, in the latest attempt to realize its creative economy drive.In a joint policy report to President Park Geun-hye, relevant ministries said they would build Asian versions of California’s Silicon Valley at Sangam, in Seoul, and Pangyo, in Gyeonggi Province, to embrace more innovative entrepreneurs not only from

Jan. 18, 2016

After H-bomb test, N. Korea wants to focus on economy

After ringing in the new year with claims of its first successful hydrogen bomb test, North Korea is now calling on the United States and the world community to accept it as a nuclear power, jettison the pursuit of punitive sanctions and allow it to focus on what it really wants: build up the nation's troubled economy.While waiting to see what kind of new sanctions might be imposed by the United States, the United Nations and others, North Korean officials say that with the test now out of the w

North Korea Jan. 16, 2016

China paper opposes tougher sanctions over N. Korea's nuke test

A newspaper published by China's ruling Communist Party has expressed its opposition to tougher sanctions against North Korea following its fourth nuclear test, despite calls by South Korea to put enough pressure on Pyongyang to rein in the wayward neighbor. In an editorial published on Friday, the state-run Global Times newspaper also indicated that China put its top priority on maintaining stability in North Korea, rather than its denuclearizion.All eyes are on the role of China, which keeps N

World News Jan. 16, 2016

China's Xi inaugurates AIIB

Chinese President Xi Jinping officially inaugurated the Chinese-led Asian Infrastructure Investment Bank (AIIB) on Saturday, pledging to make the AIIB a "truly rules-based" regional lender.The inauguration of the AIIB is "historic" event and the new regional lender will become a "truly international, rules-based, high-standard" regional lender, Xi said in his speech at the opening ceremony of the AIIB in Beijing. Xi said the AIIB will become a "professional and efficient platform to promote infr

Foreign Affairs Jan. 16, 2016

S. Korea, U.S. vow concerted efforts against N.K. nuke

South Korea and the United States agreed Saturday to push for "strong and comprehensive" sanctions against North Korea against its latest nuclear test, Seoul's Foreign Ministry said.The discussion was made during a bilateral meeting between South Korean Vice Foreign Minister Lim Sung-nam and U.S. Deputy Secretary of State Tony Blinken in Tokyo ahead of their trilateral talks involving Japanese Vice Foreign Minister Akitaka Saiki due later in the day.Earlier this month, North Korea carried out an

North Korea Jan. 16, 2016

North Korea demands peace treaty for stopping nuke tests

North Korea says it could stop its nuclear tests in exchange for signing a peace treaty with the U.S. and a stop to annual military exercises between the U.S. and South Korea. The North's statement is a repeat of past offers that have been rejected by the U.S., which wants Pyongyang to commit to a complete abandonment of nuclear weapons.The state media late Friday carried the statement by an unnamed spokesman of the North's Foreign Ministry, who called the purported hydrogen bomb test on Jan. 6

North Korea Jan. 16, 2016

Dozen found accountable for lapses in mistaken anthrax shipment

A dozen people have been found accountable for lapses that contributed to the massive mistaken shipment of live anthrax samples from a U.S. Army laboratory in Utah, an investigation report said Friday.They include Brig. Gen. William E. King, who then as a colonel commanded the Dugway Proving Ground laboratory between 2009 and 2011. The Army investigation report accused him of actions that "perpetuated a complacent atmosphere" among lab workers.Those oversight and laboratory deficiencies may have

Foreign Affairs Jan. 16, 2016

Kerry to visit China for talks on N. Korea

U.S. Secretary of State John Kerry will visit China later this month for talks on North Korea, the State Department announced Friday, as Washington steps up efforts to win Beijing's cooperation for its push to punish Pyongyang for its fourth nuclear test.Kerry will visit Beijing on Jan. 27 for "meetings with senior leaders of the Chinese government to discuss a range of global, regional, and bilateral issues, including North Korea," the department said in a release without elaborating.Ahead of K

Foreign Affairs Jan. 16, 2016

[Weekender] Korea’s urban regeneration projects

Instead of tearing down buildings and starting anew, regions across Korea have given neglected areas a new purpose for public use. Here are eight urban renewal projects that aim to transform rural, run-down or deserted areas into praised landmarks.　Seoul Station overpass SeoulThe Seoul city government plans to transform Seoul Station overpass, a 1-kilometer-long section of a flyover near Seoul Station, into a pedestrian walkway as part of its urban renewal projects. Dubbed Korea’s version of New

Travel Jan. 15, 2016

[Weekender] Korea’s urban regeneration projects

Articles by Cho Chung-un