The Korea Herald

UK will have 'control over borders' after Brexit: PM

UK will have 'control over borders' after Brexit: PMPrime Minister Theresa May on Sunday insisted that Britain will have "control over our borders" after Brexit, suggesting she would be prepared to quit Europe's trading zone to achieve it."The referendum vote was a vote for us to... bring control into our immigration system. I'm clear that is part of what we need to deliver," she told Sky News in an interview."We will be able to have control over our borders, of our laws."German leader Angela Me

World News Jan. 8, 2017

Pope tells women to feel free to breastfeed in church

Pope Francis encouraged women attending a ceremony in the Sistine Chapel on Sunday to feel free to breastfeed their children in the church."The ceremony is a little long, someone's crying because he's hungry. That's the way it is," the pontiff said."You mothers, go ahead and breastfeed, without fear. Just like the Virgin Mary nursed Jesus," he told worshippers attending an annual ceremony commemorating the baptism of Jesus.The Argentine pope on Sunday baptised 28 children -- 15 boys and 13 girls

Jan. 8, 2017

IS suicide bombing kills at least 12 at Baghdad market

A suicide bomber targeted Baghdad's main vegetable market Sunday, killing at least 12 people in the latest attack claimed by the Islamic State group as Iraqi forces battle the jihadists for Mosul.Iraqi forces have pushed IS out of much of the territory it once held, but this bombing and the many others that have preceded it highlight the danger the jihadists can pose to civilians even as they lose ground."A soldier at the gate of Jamila market opened fire on a suicide car bomb after noticing a s

World Jan. 8, 2017

Seoul palaces visited by record number of 16.1 mln in 2016

The year 2016 saw a record number of people visit the four major palaces in the capital city of Seoul, the Cultural Heritage Administration (CHA) said Sunday. The CHA said the number of domestic and foreign visitors last year to the four palaces -- Gyeongbok, Changdeok, Changgyeong and Deoksu -- and Jongmyo Shrine amounted to 16.1 million, up by 17.8 percent from a year ago. Foreign visitors reached 3.83 million, passing the 3 million mark for the first time and up by a whopping 60.3 percent com

Travel Jan. 8, 2017

Eyes on interest rate, growth target

As the monetary policy committee of the country’s central bank is set to have its first meeting of the year on Friday, eyes are fixed on their decisions on benchmark interest rates and economic growth projection. At the meeting, the committee will unveil its revised growth target and decide on the interest rate. The meeting is likely to cut the forecast for economic growth. In the previous projection in October, the Bank of Korea had set its gross domestic product forecast at a 2.8

Jan. 8, 2017

Impact of Korea-Japan swap deal halt limited

Japan’s decision to suspend talks on a currency swap last Friday will have limited impact while caution is still advised, according to economists and experts. Song In-chang, deputy finance minister, played down a possible repercussion of the suspension of the bilateral currency swap deal, saying that “It wouldn’t have much impact as it is not like an existing program ended.” Sung Tae-yun, economics professor at Yonsei University said, “It is very unlikely that th

Jan. 8, 2017

Impact of Korea-Japan swap deal halt limited

Samsung Heavy wins $1.27b deal

Samsung Heavy Industries, one of South Korea’s three biggest shipbuilders, won a 1.5 trillion won ($1.27 billion) order to build an offshore facility, the company said Thursday. It is the first mega offshore facility deal in the new year for the country’s shipbuilders, which suffered a sharp decline in orders last year. The combined annual new orders clinched by the country’s big three shipbuilders -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and

Companies Jan. 5, 2017

‘US could name Korea currency manipulator alongside China’

A plan to label China a currency manipulator, a pledge by US President-elect Donald Trump, might drag South Korea onto the manipulation list, according to analysis by a government-backed research center Thursday. In order to officially designate China a currency manipulator, the US needs to relax its existing standards or make new ones, the report by the Korea Institute for International Economic Policy said. “In such a case, it is likely that South Korea will be also subject to f

Jan. 5, 2017

‘US could name Korea currency manipulator alongside China’

Japan to surpass Korea in shipbuilding

South Korea’s shipyards are poised to be overtaken by Japanese competitors in order backlogs for the first time in 17 years, preliminary data from a global shipping information firm showed on Wednesday. According to tentative data from UK-based Clarkson Research Service, South Korea’s backlogged orders stood at 19.91 million compensated gross tonnages, a measurement to gauge the amount of work that goes in the construction of a vessel, as of the end of December 2016. It compares with Japan’s pro

Industry Jan. 4, 2017

Exports to China recover in December

Korea’s shipments to China grew for a second consecutive month in December last year, data showed Tuesday, with short-term recovery expected. Exports to China account for more than 25 percent of the country’s total exports. They had declined for 16 consecutive months since July 2015, until inching up 0.4 percent in November last year. The pace of recovery picked up in December last year, with a 9.6 percent increase on-year, according to data from the Ministry of Trade, Indus

Jan. 3, 2017

Hanwha to focus on core competency

Hanwha Group Chairman Kim Seung-youn asked each affiliate to focus on developing their core competency to lead future growth. “The advent of the fourth industrial revolution is a big challenge and opportunity for us,” Kim said Monday. “Based on the long-term trend, such as a decrease in the production population, we should beef up our future competency with new technology, new business and new markets.” The defense unit should aggressively expand in overseas markets w

Companies Jan. 2, 2017

Hyundai chief urges company to overcome uncertainty

Hyundai Motor Group Chairman Chung Mong-koo on Monday urged the company to strive to overcome the uncertain business environment and achieve the group’s sales target of 8.25 million cars in the new year. “Trade protectionism is spreading and competition in the auto industry is intensifying, raising business uncertainty” Chung warned Monday during a New Year’s meeting. “We will have agile and flexible responses to changes in the external environment by ensuring in

Companies Jan. 2, 2017

Hyundai chief urges company to overcome uncertainty

[From the scene] Korea's innovation drive meets hurdle, but startups remain determined

The Korea Herald is publishing a series of articles on the moves made by the companies and governments of South Korea, China and Japan in entering the new industry 4.0 era. This is the last installment. -- Ed. PANGYO, Gyeonggi Province -- The Gyeonggi Center for Creative Economy and Innovation in Pangyo is one of South Korea’s innovation hotbeds with a unique blending of government and big companies. In mid-November, a group of nine reporters from three countries visited the center and

Industry Dec. 30, 2016

[From the scene] Korea's innovation drive meets hurdle, but startups remain determined

Overseas units of Korean firms lost money in 2015

Overseas units of South Korean companies were in the red in 2015 for the first time since the global financial crisis, as the business environment in foreign countries has deteriorated, a report said Wednesday. A total of 6,045 overseas subsidiaries with more than $1 million in foreign direct investment logged a net loss of $4 billion in 2015, or $700,000 per company on average, declining 2.3 percent from a year ago, showed a report by the Overseas Economic Research Institute under the state-r

Industry Dec. 28, 2016

[HERALD INTERVIEW] Globalization, new economic drives keys to EXCO growth: CEO

In coping with the difficult business environment in the competitive meeting, incentive, travel, convention and exhibition industry, globalization cannot be emphasized more, said Kim Sang-wook, president and CEO of the Exhibition and Convention Center, also known as EXCO, the country’s first regional exhibition center located in Daegu, North Gyeongsang Province.“Starting from 2017, we will cooperate more with global event organizers to attract international events, while promoting the global adv

Companies Dec. 26, 2016

Articles by Park Ga-young