Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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Speaker floats dual citizenship as solution to falling births
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US trade commission finds Korean washers hurt domestic industry
The US International Trade Commission determined Thursday that two South Korean companies' washing machines manufactured in foreign countries were harming the US industry. The trade body announced the result of its four-month investigation prompted by a safeguard petition Whirlpool Corp. filed May 31 against Samsung Electronics Co. and LG Electronics Inc. The appliance giant accused the Korea rivals of moving manufacturing operations to Vietnam and Thailand, respectively, to circumvent US anti-d
IndustryOct. 6, 2017
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New cars increasingly crammed with distracting technology
The infotainment technology that automakers are cramming into the dashboard of new vehicles is making drivers take their eyes off the road and hands off the wheel for dangerously long periods of time, an AAA study says. The study released Thursday is the latest by University of Utah professor David Strayer, who has been examining the impact of infotainment systems on safety for AAA's Foundation for Traffic Safety since 2013. Past studies also identified problems, but Strayer said the ``explosio
MobilityOct. 5, 2017
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Credit card 'Dutch treat' system draws mixed responses
The gesture of paying for others’ meal has always been a common practice in Korean culture, most often placing the burden upon the eldest in the group or anyone who has reason to celebrate.The development of fintech may be bringing a change to such customs, allowing easier ways to go Dutch, but this may not necessarily be an improvement for the eateries that have to accept the split payment.Boosting the disputes was the Financial Services Commission’s latest plan to launch the credit card Dutch
IndustryOct. 5, 2017
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S. Korea, US agree to begin process to amend FTA
South Korea and the United States agreed Wednesday to begin a process to amend their free trade agreement at Washington's request, Seoul's trade ministry said.The agreement was reached during talks in Washington led by South Korean Trade Minister Kim Hyun-chong and US Trade Representative Robert Lighthizer, the ministry said in a statement. "The two sides shared an understanding of the need to amend the free trade agreement to further strengthen the mutual benefits of the Korea-US FTA,"
EconomyOct. 5, 2017
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‘Anti-graft law makes little difference to small-sized markets’
The nation’s two most celebrated national holidays -- the Lunar New Year in the winter and Chuseok in the fall -- have always been the peak season for the retail and distribution industry.Traditional markets, however, largely seem to have missed such vigor this year, with a visible decrease in the number of visitors compared to previous years. Labor Minister Kim Young-joo visit a traditional market in her constituency Yeongdeungpo-gu on Friday. (Yonhap)Some blame the Improper Solicitation and G
IndustryOct. 4, 2017
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Prices of imported food soar over Chuseok
Driven by high demand for overseas products during the long Chuseok holiday, the import prices of certain food items soared, according to data compiled by the Korea Customs Service. According to KCS’ data, import prices of seafood and livestock products, such as US beef, saw a significant spike compared to last year, with the prices of some food items increasing by more than 100 percent. In particular, the import prices of king crab and croaker fish more than doubled in a year, the data sh
EconomyOct. 3, 2017
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Incheon Airport sees record number of travelers ahead of Chuseok
The record for the largest number of travelers leaving Korea through the country’s main gateway airport was broken twice on the first two days of the extended Chuseok holiday, according to Incheon Airport Monday. The departure hall at Incheon International Airport is packed on Friday. (Yonhap)On Saturday, a total of 114,746 people left Korea through Incheon Airport, setting a new daily record. That record was broken again on Sunday with 116,112 passengers leaving the country.The figures exceed I
IndustryOct. 2, 2017
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Subsidies for budget phones start to rise
Following the lifting of an upper cap on smartphone subsidies provided by mobile carriers effective as of Monday, the amount of grants offered by the firms and handset makers have started to rise, although just gradually, according to the telecom industry. The South Korean government has decided to remove the upper limit of 330,000 won ($289) for the subsidies as part of the efforts to lessen the telecommunication cost burden on consumers and to make subsidies’ packages more transparent. The lim
TechnologyOct. 2, 2017
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Growth policy refocused as economy weakens
Data released last week pointed to the deepening sluggishness of the Korean economy, strengthening the case for readjusting the new administration’s policy focused on expanding welfare benefits and guaranteeing higher wages and a more secure job status for employees.Retail sales and facility investment fell 1 percent and 0.3 percent, respectively, from a month earlier in August, according to the data from Statistics Korea.Accomplished construction work also recorded an on-month drop of 2 p
EconomyOct. 2, 2017
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South Korea’s economy faces multiple challenges after Chuseok
South Korea’s hope upon this year’s 10-day Chuseok holiday was that the long break would boost consumption and revive the domestic market momentum, but external risks mean that the nation’s economic prospects for the last quarter of the year remain murky.The foreseeable challenges include the ongoing dissent between Korea and the US over their bilateral trade deal, the imminent expiration of the Korea-China currency swap agreement, and impact on the markets from escalating mili
EconomyOct. 2, 2017
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Audi Volkswagen Korea closer to resuming sales
Audi Volkswagen Korea, the domestic distributor of the two German brands, is in the final stage of resuming sales here after a year-long sales ban, mapping out a new online sales plan and ordering recalls of models affected by the diesel emissions scandal, the company said Monday.Volkswagen Korea said it is currently in talks with Korea’s largest mobile messenger service Kakao Talk to review the possibility of selling its vehicles through the Kakao Mobility application by as early as the end of
MobilityOct. 2, 2017
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More than 10 mln S. Koreans swipe credit cards overseas
More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday.A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a year ago, according to the report by Rep. Park Kwang-on from the ruling Democratic Party. The number of overseas credit card users has been on a steady rise for years: 5.55 million in 2012, 6.36 million in 201
EconomyOct. 2, 2017
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Energy firms to increase investment in renewable energy
South Korean energy firms are pushing to increase their investment in renewable energy to overhaul the country's energy mix, which is currently dominated by nuclear and coal power, an opposition party lawmaker said Monday.The Korea Electric Corp. is considering pouring 54 trillion won (US$47 billion) into generating 13.5 gigawatts of electricity through renewable means by 2030, according to Lee Che-ik, of the conservative Liberty Korea Party.South Korea is seeking to increase the ratio of renewa
TechnologyOct. 2, 2017
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Rate hike possible, regardless of inflation: BOK chief
South Korea’s central bank suggested that a key interest rate hike is plausible in the near future in step with economic recovery, even if the inflation rate continues to remain slow.“We may consider some adjustment (in the interest rate) without being restrained by (slow) inflation, as long as economic recovery holds out in the midterm flow,” Bank of Korea Gov. Lee Ju-yeol said Friday during a workshop with the press.The central bank’s stance has remained unchanged from
EconomyOct. 1, 2017
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Line hosts Developer Day to highlight Clova, Line API
Line Corp. on Thursday hosted Line Developer Day 2017 in Tokyo for engineers to discuss the company’s technology-related advances, strategies and future plans, the company said Sunday.The annual tech conference consisted of 39 sessions on topics including the Line messenger app, the Clova cloud artificial intelligence platform, the LINE Messaging application programming interface, LINE API Expert accreditation system, and the new Line Kyoto “developer base” expected to be launched in spring next
TechnologyOct. 1, 2017
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[Ask a Lawyer] Strengthening punishment on corporate bribery, embezzlement
Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed.Q1. Does it constitute criminal receipt of commercial bribery if a person who administers another person’s business causes a “third party,” rather than “himself,” to receive valuables in response to an improper solicitation?If a person who administers another person
IndustryOct. 1, 2017
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[Photo News] Adorning Seoul's skies
ADORNING SEOUL'S SKIES -- Fireworks are displayed at the annual Seoul International Fireworks Festival on Saturday at Yeouido Hangang Park, presented by Hanwha Corp., which has been in the fireworks business since 1964. (Yonhap)
IndustryOct. 1, 2017
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Korea's exports soar 35% in Sept. reach all-time high
South Korea's exports soared 35 percent to reach an all-time high in September thanks to strong demand for semiconductors and displays, government data showed Sunday.Outbound shipments came to $55.1 billion for the month, up from $40.8 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy, and the Korea Customs Service.The September figure marks the largest monthly total in South Korean history, eclipsing the earlier record of $51.6 billion set
EconomyOct. 1, 2017
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[Herald Interview] China’s Ecovacs vows to provide Koreans with smaller, quieter robots
Like other fast-growing tech companies in China rapidly chasing and surpassing global leaders, Ecovacs of China is confident that it can provide robot vacuum cleaners that better suit households here than those by strong Korean competitors Samsung and LG.“According to our study, Samsung and LG products are bigger and louder than ours, which are more perfect for European and US households than Asian,” said David Qian, president of the international business unit at Ecovacs, expressing his confide
TechnologyOct. 1, 2017
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[Newsmaker] Lotte begins new governance under holding company
Retail giant Lotte officially launched its new holding company Sunday, changing its governance system to strengthen Chairman Shin Dong-bin‘s control of the group and simplify its web of complex cross-holdings. The plan to create Lotte Corporation, the holding company, was announced in April by the group and approved by shareholders in late August. Touted as a part of Chairman Shin’s moves to increase management transparency at the group, the holding company merged the investment entities of four
IndustryOct. 1, 2017