Most Popular
-
1
Contentious grain bill put directly to plenary meeting for vote
-
2
Yoon's approval rating plunges to all-time low
-
3
Will tug-of-war between doctors, government end soon?
-
4
Climate impacts set to cut 2050 global GDP by nearly a fifth
-
5
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
6
[Graphic News] More Koreans say they plan long-distance trips this year
-
7
[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
-
8
North Korea removes streetlights along cross-border roads with South
-
9
Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
-
10
Farming households dip below 1m for first time in 2023
-
UPS to acquire Logen to expand in Korean market
US-based logistics company UPS will acquire local logistics firm Logen to expand its presence in the Korean market, according to news reports Wednesday.UPS is said to have agreed to a 270 billion won ($240.2 million) deal with Baring Private Equity Asia to acquire 100 percent of Logen’s shares. Employees sort packages at UPS Korea’s Docksan Center. (UPS)A spokesperson for UPS declined to comment on the deal when reached by The Korea Herald.This will be UPS’ second foray into the Korean logistic
IndustryApril 26, 2017
-
Hyundai Motor disputes recall order for 1st time
Hyundai Motor, the nation’s largest carmaker, has objected to a request by the Ministry of Transport to recall tens of thousands of vehicles with defects found after an expose by a former worker of the company, officials said Wednesday. The ministry had conducted probes on 32 cases claimed by the whistleblower surnamed Kim last year, and found defects in five cases. Officials had asked the carmaker to carry out a voluntary recall procedure for the cases -- four last month and one this week -- ci
IndustryApril 26, 2017
-
Standard Chartered Bank Korea to hold fintech forum
Standard Chartered Bank Korea announced Wednesday it plans to hold a forum dedicated to financial technology at its main branch in Korea on May 17.Michael Gorriz, group chief information officer at the London-based Standard Chartered Bank and Lim Jung-wook, managing director of Startup Alliance in Korea, will deliver keynote speeches at the forum.Under the theme of “Digital Technology Reshaping the Banking Industry,” the forum will involve sessions on the innovation of financial serv
MarketApril 26, 2017
-
Hyundai ordered to recall Sonata sedans
The transport ministry said Wednesday it had notified Hyundai Motor Co. of its decision to have the carmaker recall tens of thousands of its Sonata sedans for parking brake light problems.The Ministry of Land, Infrastructure and Transport made the decision after reviewing five cases of suspected faulty parts in the Sonata midsize sedan, the i30 hatchback and the Avante compact, a ministry official said. Hyundai's Sonata sedan (Yonhap)A former Hyundai employee tipped off the ministry about possib
MobilityApril 26, 2017
-
BOK chief calls for efforts to better reflect economic reality in GDP
The head of South Korea's central bank called Wednesday for efforts to better reflect the rapidly changing economic reality in the gross domestic product.GDP -- the broadest measure of an economy's performance -- is the total value of goods and services produced within the economy in a given period. It has been used as one of the major indicators in economic policy-making. Still, some critics say GDP does not properly reflect new activities such as digital or economic sharing. They also say GDP
MarketApril 26, 2017
-
Korea launches alliance to nurture "smart home" industry
South Korea launched an alliance of leading information and communication technology and construction firms on Wednesday to nurture the "smart home" industry that connects artificial intelligence and Internet of Things to home appliances."We can make the world's leading smart home industry with the combination of our home electronics industry, information technology, infrastructure and semiconductors," Trade Minister Joo Hyung-hwan said at a event to mark the launch at the Korea Electronics Tech
TechnologyApril 26, 2017
-
Corporate watchdog fines 54 firms for disclosure violations
South Korea's corporate watchdog said Wednesday that it has slapped a combined 218.9 million won ($194,300) in fines on 54 affiliates of large business groups for regulatory filing violations last year.SK Group, the country's third-biggest conglomerate by assets, were fined 33.3 million won due to 17 offending cases, while affiliates of OCI Co., the top solar power panel maker, were booked(Yonhap)46.7 million won for not properly reporting to authorities about their intra-affiliate business deal
IndustryApril 26, 2017
-
Rates for household loans inch up in March
Bank lending rates on new household loans inched up in March and interest rates paid by banks on new deposits remained unchanged, central bank data showed Wednesday.The average interest rates on fresh household loans extended by local banks came to 3.43 percent in March, up 0.05 percentage point from the previous month, according to the Bank of Korea. The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's outstanding household credit -- which is composed of h
MarketApril 26, 2017
-
Korea's passenger car exports dip 2.7% in Q1
Exports of South Korea-made passenger cars dropped 2.7 percent in the first quarter of this year due mainly to increased production in overseas factories, customs data showed Wednesday.The total value of passenger car exports reached $8.7 billion over the January-March period, down from $8.9 billion tallied a year earlier, according to the data by the Korea Customs Service. (Yonhap)Those of imports also sank 16.3 percent on-year to $1.8 billion from $2.1 billion over the cited period.From three
MobilityApril 26, 2017
-
Korean stocks trade at 6-yr high in late morning
South Korean stocks traded at a six-year high early Wednesday morning, led by gains in tech companies, chemicals firms and automakers.The benchmark Korea Composite Stock Price Index rose 10.01 points, or 0.46 percent, to 2,206.86 as of 11:15 a.m.Market kingpin Samsung Electronics was 0.09 percent down and SK hynix, a major chipmaker, surged 2.19 percent.Hyundai Motor, the No. 1 automaker, moved up 0.69 percent, and AmorePacific, the country's top cosmetics maker, remained unchanged.SK Innovation
MarketApril 26, 2017
-
Korean refiners' exports hit record high in Q1
Exports of oil and related goods by South Korean refiners reached an all-time high in the first three months of the year on firm demand and higher oil prices, industry data showed on Wednesday.According to the data compiled by the Korea Petroleum Association, oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 117 million barrels in the first quarter of the year, rising 6.5 percent from a year earlier. (Yonhap)In terms of
IndustryApril 26, 2017
-
More listed firms seek to use shadow voting this year
A total of 642 listed firms in South Korea have sought the practice of shadow voting this year to meet quorum requirements for approval at their annual meetings of shareholders, sharply up 40 percent from a year ago, data showed Wednesday. Shadow voting, or mirror voting, is a practice under which companies can ask stocks registered with the Korea Securities Depository to vote in the same proportion as voters who participate in an annual shareholder meeting.Introduced in 1991, the practice is se
MarketApril 26, 2017
-
Korea's food exports hit record high in Q1
South Korea's exports of food and agricultural products reached a fresh record high in the first three months of the year on rising demand in the United States and China, government data showed Wednesday.Outbound shipments of foodstuffs and farm products rose 11.3 percent on-year to $1.64 billion in the January-March period according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. (Yonhap)It marked the largest exports tallied in the first quarter since the government
IndustryApril 26, 2017
-
Uber Korea fined W10m for illegal taxi service
A lower court on Wednesday fined the local unit of app-based ride service provider Uber 10 million won ($8,900) for running an illegal taxi business.Travis Kalanick, founder and CEO of the US-based ride-sharing service Uber Technologies Inc., and its local unit were indicted in December 2014 for offering taxi services in collaboration with a rental-car service operator in violation of the Passenger Transport Service Act. (Yonhap)Uber, designed to connect customers with private drivers without t
IndustryApril 26, 2017
-
Annual salaries at big firm move up in 2016, petrochemicals on top
The average annual paycheck at the country's largest 500 local companies rose 2 percent from the previous year to 74 million won ($65,457) in 2016, with petrochemical companies dominating the upper rankings, analysis showed Wednesday.Corporate tracker CEO Score looked into salaries of 334 of the 500 top firms that submitted financial statements last year. The top payer was Yeochun NCC, a naphtha cracking center company, whose yearly average salary was 119.9 million won. Hanwha total, another pet
IndustryApril 26, 2017
-
Study says being underweight also raises depression risk
Not only being overweight but also being underweight causes depression for both men and women, a finding that highlights the importance of maintaining the right weight for psychological health, a study said Wednesday.Published in the recent issue of the British Journal of Psychiatry, the study showed that the risk of depression is 16 percent higher for people underweight than for those in the norm range. The risk was 21 percent for men, much higher than 12 percent among women.Obesity also brough
TechnologyApril 26, 2017
-
Kospi tops 2,200 for first time in 6 years
South Korea’s benchmark Korea Composite Stock Price Index topped 2,200 points, for the first time in six years when it opened Wednesday.The main bourse soared 5.52 points, or 0.25 percent, to reach 2,202.37 at 9 a.m. After 36 minutes of trading, it reached 2,206.22, up 9.37 points, or 0.43 percent. The Kospi closed at 2,196.85 Tuesday. This is the first time in six years that Kospi has surpassed the 2,200 mark. On May 4, 2011, the market closed at 2,201.69. The first-tier stock market has
MarketApril 26, 2017
-
SK Telecom's net profit up 1.95% in Q1
South Korea's No. 1 mobile carrier SK Telecom Co. said Wednesday its first-quarter net profit increased nearly 2 percent from a year earlier.Net profit came to 583.48 billion won ($517.2 million) in the January-March period, the mobile carrier said in a regulatory filing. This represents an on-year gain of 1.95 percent.(Yonhap)Operating profit came to 410 million won, also up 2.08 percent over the cited period. Sales inched up 0.14 percent to reach 4.2 trillion won.Net profit hovered above the e
IndustryApril 26, 2017
-
Consumer sentiment for under-40 still frosty
Consumer sentiment had generally improved in April, but it worsened for those under 40, a detailed index from the central bank indicated Wednesday. The Bank of Korea said overall the consumer sentiment index for the month rose to 101.2 from 96.7 in the previous month. A reading above 100 means there are more optimists than pessimists. However, a separate index for the under-40 age group measuring their sentiment on current economic conditions fell 1 percentage point from 94 in March. This contra
EconomyApril 26, 2017
-
Daewoo Shipbuilding's order backlog still ranks first
South Korea's three major shipyards -- Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and Hyundai Heavy Industries Co. -- stayed at the top of the list in terms of order backlog, industry data showed on Wednesday.According to the data compiled by industry tracker Clarkson Research, Daewoo Shipbuilding's Okpo shipyard stood at 88 ships representing 6.24 million compensated gross tons (CGTs) in early April, followed by Hyundai Heavy's Ulsan shipyard with 65 vessels or 3
IndustryApril 26, 2017