Hyundai Merchant Marine Co., South Korea's top shipping firm, said Thursday that it expanded its route linking China, South Korea and Russia as part of an effort to capitalize on a surge in shipping demand. (Yonhap)The shipper has been providing its shipping services on the route along with Russian shipping firm FESCO and French firm CMA-CGM.Under the expanded service, Hyundai Merchant will mobilize one container ship for the route every week, with FESCO to put two container vessels into operati

Industry March 30, 2017

Former FIFA Vice President Chung Mong-joon has decided to take his appeal against a five-year ban from football to the world's top sports tribunal, his camp said Thursday.Chung, who was a FIFA vice president from 1994 to 2011, will file an appeal with the Court of Arbitration for Sport over FIFA's decision to kick him out of the football community for five years, according to officials working with the 65-year-old South Korean. Chung will further discuss his decision at a press conference next T

Soccer March 30, 2017

A Japanese scholar on Thursday proposed the establishment of a memorial engraved with Prime Minister Shinzo Abe's latest apology over Japan's wartime sexual enslavement of Korean women. Haruki Wada, an emeritus professor at Tokyo University and expert in Korean history, made the proposal during a forum in Seoul as a follow-up on a 2015 bilateral agreement to settle the long-standing dispute between the two neighbors. (Yonhap)"I think installing a memorial monument will be meaningful given the pu

Foreign Affairs March 30, 2017

Oaxaca, a state in Mexico, hopes to learn from South Korea‘s economic miracle and is eager to boost economic ties with the country, its economic secretary told The Korea Herald Thursday. Mario Jesus Rodriguez, the secretary of economy of Oaxaca, and his team, are on a four-day visit to Korea where they hope to learn from the country’s economic development model, he said. “South Korea is important because we know the success of South Korea,” Rodriguez said. “The

March 30, 2017

The head of the ailing shipbuilder Daewoo Shipbuilding and Marine Engineering on Wednesday urged employees to take part in a pay cut, warning that it is their last chance to save the company. Jung Sung-leep, the president of DSME, asked workers to undergo a pay cut of 10 percent saying it is for the sake of the company’s survival.  Jung Sung-leep, CEO of DSME, explains the company`s restructuring plans to the media on Friday. (DSME)“Before I ask you to join the pay cut move, I will return 100 pe

Industry March 29, 2017

Daewoo Shipbuilding and Marine Engineering, a South Korean ailing shipbuilder, is facing looming uncertainties over the company’s future, with bondholders raising skeptical voices over a fresh rescue plan which might have an impact on securing deals, experts said Tuesday. It is expected that the shipyard, which has the world’s largest backlog orders, will sign two deals by the end of April. DSME is scheduled to sign a $250 million deal this month at the earliest to build three very large crude c

Industry March 28, 2017

Korea Development Bank, South Korea’s policy bank, has made its eighth donation aimed at helping underprivileged students with their education, the bank said Monday. The bank donated 10 million won ($8,990) to “Daddy-Long-Legs Classroom,” an after school program that provides one-on-one sessions for students who come from a low-income household. Korea Development Bank’s Lee Dong-geol (right) delivers a donation of 10 million won to Kang Myeong-hee, the head of the “Daddy-long-legs Classroom” pro

Industry March 27, 2017

Korean builder Hyundai Engineering and Construction will focus on expanding and diversifying overseas businesses to maintain financial stability, the company said Monday. By focusing on foreign markets and quality construction projects, the company saw an operating profit exceeding 1 trillion won ($898 million) last year, a first among South Korean builders, bucking the trend in the sluggish overseas and domestic construction markets, the company said.Hyundai Engineering and Construction’s power

Companies March 27, 2017

Amid questions being raised over its political neutrality, the National Pension Service is again standing at a crossroads that could determine a company’s fate – this time troubled shipbuilder Daewoo Shipbuilding & Marine Engineering. In the coming weeks, the state pension fund will have to decide on a debt restructuring plan for DSME proposed Thursday by the Financial Services Commission and the firm’s main creditors -- Korea Development Bank and The Export-Import Bank of Korea. The main credit

Industry March 26, 2017

South Korea’s finance regulator and state-owned creditors of the troubled Daewoo Shipbuilding & Marine Engineering unveiled Thursday an additional 2.9 trillion won ($2.6 billion) rescue plan that depends on whether all stakeholders agree to share the burden of a debt-to-equity swap. The main creditors Korean Development Bank and Export-Import Bank of Korea suggested the additional rescue plan less than two years after a 4.2 trillion won package was decided on in October 2015, reversing an earlie

Industry March 23, 2017

South Korea’s latest marriage and divorce figures showed a continuing trend of late marriages or avoidance of wedlock, according to data from Statistics Korea Wednesday. The number of marriages hit its lowest mark since 1977.South Korea saw fewer marriages and fewer divorces in 2016 from the previous year. In 2016, there were 281,600 marriages, down 7 percent, or 21,200, from 2015 due to a decline in population of those in their 20s and 30s, unstable job conditions, high rent and a wide-spreadin

March 22, 2017

The South Korean government announced Wednesday its latest unemployment support measures for youth in an attempt to help the frustrated young unemployed. The new measures aim to relieve the financial burden for young job seekers, change unfair employment practices and encourage those who start their own businesses, the Ministry of Strategy and Finance said. Young job seekers search through booths at a job fair for youth in Seoul (Yonhap)The measures include eased conditions for mandatory militar

March 22, 2017

Cho Hwan-Eik, CEO of the state-owned Korea Electric Power Corp. (Kepco), said Tuesday the company is considering a stake in a Toshiba-led nuclear plant project in the UK. “Once (NuGen’s) sales plan, such as debt and equity structure, is set, we will jump into the race,” Cho told reporters Tuesday evening. He also said that the company has had informal meetings with Toshiba but nothing has been fixed since negotiations between the Japanese and British governments are still ongoing. KEPCO CEO Cho

Industry March 22, 2017

The Coca-Cola Co. and the World Wildlife Fund teamed up with South Korea’s government organizations to protect water resources in PyeongChang on Tuesday, one day ahead of World Water Day. A memorandum of understanding for a comprehensive water conservation program was signed, with six parties from the public and private sectors deciding to collaborate to conserve water resources to achieve an eco-friendly PyeongChang Olympic Winter Games next year. The six-body partnership consists of Coca-Cola,

Industry March 21, 2017

South Korea’s main stock index hit a high not seen in nearly six years Tuesday, hoisted by gains in most large-cap stocks. The benchmark Korea Composite Stock Price Index closed up 21.37 points, or 0.99 percent, to 2,178.38 points Tuesday. It was the highest closing since July 8, 2011 with 2,180.35 points.  South Korea‘s main bourse Kospi rose 0.99 percent to close at 2,178.38 points Tuesday, a record high closing since July 8, 2011. (KRX)During intraday trading, the Kospi touched as high as 2,1

March 21, 2017