Most Popular
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[H.eco Forum] H.eco Forum calls for transition to clean, carbon-free energy
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[Exclusive] LACMA admits it needs further research on donated Korean paintings
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Russia likely offering N. Korea technology aid to expand threats to US, others: Pentagon official
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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[Herald Interview] Korean adoptees embark on journeys to find roots
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[Bridge to Africa] Africa-Korea partnership: Why it matters for future
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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S. Korea's gender pay gap worst in OECD
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South Korea unveils W26tr support program for chip industry
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Revote on Marine probe bill to be held next week
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All-new 2017 Lincoln Continental launched in Korea
Ford’s luxury car division Lincoln Motor launched the all-new 2017 Lincoln Continental in Korea on Wednesday. The premium sedan is the 10th generation of the Lincoln Continental, reintroduced at a motor show in 2015 after a 13-year hiatus. The first generation was made as a holiday car for then-Ford president Edsel Ford in 1939. “Ford grew more than 150 percent in the five years in Korea. With the launch of the Lincoln Continental, we plan to accelerate the growth,” Kumar Galhotra, president of
CompaniesNov. 30, 2016
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Conglomerates begin executive reshuffle
South Korean conglomerates have started to carry out their annual reshuffles of executives this week, while they try to remain low-profile amid the ongoing prosecutors’ investigation into alleged corporate lobbying involving the South Korean president.The reshuffles started with GS Group on Tuesday, and LG Group is likely to implement changes in executive positions later this week. Samsung Group, meanwhile, has postponed their announcement to mid-December, breaking its tradition of delivering th
IndustryNov. 30, 2016
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[HERALD INTERVIEW] ‘Investors hold key to sustainable real estate’
Amid tightening energy efficiency regulations for buildings around the globe, it is essential for institutional investors to consider the level of sustainability of their real estate portfolios, said the Asia-Pacific head of a global real estate assessment agency.“More and more countries are strengthening the sustainability rules for real estate. And it is impossible to ignore the sustainability aspect of the buildings when thinking of the future value of the buildings,” Ruben Langbroek, head of
IndustryNov. 30, 2016
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Flower vending machine installed in southern Seoul
A state-run agricultural agency said Wednesday that it has installed an automatic flower vending machine in Seoul in an effort to boost the local floral industry.The machine, which sells preserved flowers, is installed at the head office of the Korea Agro-Fisheries and Food Trade Corporation (aT) in southern Seoul, officials said.Flowers are kept cold to preserve freshness and to guarantee the best quality, they said, noting that the flowers can keep for up to three years."Customers can easily p
IndustryNov. 30, 2016
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Samsung faces patent suits from KAIST in Texas
Samsung Electronics is facing a patent lawsuit from the Korea Advanced Institute of Science & Technology in the US, the institute confirmed Wednesday. KAIST IP, the institute’s intellectual property management arm, said it sued Samsung Electronics, Qualcomm and Global Foundries in a Texas court, claiming they used KAIST’s chip technology without permission. Texas is where Samsung’s Austin chip plant is located. KAIST is a state-run research institute set up in 1971 with the aim of improving rese
TechnologyNov. 30, 2016
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Korean investors turn to overseas funds
South Korean investors are making aggressive investments in overseas funds in diverse forms of stocks, bonds and derivatives while avoiding local securities, figures showed Wednesday. According to data from Korea Financial Investment Association, the accumulated amount of money invested in foreign funds stood at 78.9 trillion won ($67.5 billion), as of Wednesday. The figure hit 88.2 trillion won last Friday, the largest since 2007. At the same time, the balance of cash management accounts hit a
Nov. 30, 2016
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Seoul to up incentives for youths at SMEs
The South Korean government will give cash incentives to more youths hired by small and medium-sized enterprises next year, the nation’s top economic policymaker said Wednesday.The plan comes as youth unemployment among those aged between 15 and 29 has continued to rise, from 8 percent in 2013 to 9.2 percent in 2015. In the first 10 months of this year, it hit 10.1 percent, government data showed.Yoo Il-ho, minister of strategy and finance, said the government would raise the target number for i
Nov. 30, 2016
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FSS to crack down on rumors surrounding political stocks
South Korea’s financial watchdog will enhance its monitoring of changes in stocks linked to political figures over the next three months, amid growing uncertainty about President Park Geun-hye’s term in office.The Financial Supervisory Service said Wednesday it would more closely monitor online postings, messages via mobile messengers and other social networking sites for rumors concerning about 60 publicly traded stocks. “For the particular stocks, uncertainties have been spiking regardless of
Nov. 30, 2016
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Prosecutors demand 20 year imprisonment for ex-Oxy CEO
South Korean prosecutors on Tuesday sought 20 years in prison for former Oxy Reckitt Benckiser Korea CEO Shin Hyun-woo, and 10 years for John Lee, another former CEO of the company, for failing to confirm toxic materials in Oxy humidifier disinfectants responsible for at least 73 deaths.Shin and Lee are on trial for manufacturing and selling toxic humidifier sterilizers, on sale from 2000, that contain a toxic chemical called polyhexamethylene guanidine, without conducting safety tests. “They de
IndustryNov. 30, 2016
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Net asset of Korea's overseas funds hits record high
The net asset of South Korea's overseas investment funds last week hit a record high of 88.2 trillion won ($75.4 billion) in nearly nine years, government data showed Wednesday.It marked the highest since Dec. 6, 2007, when the corresponding figure came to 87.8 trillion won, according to data compiled by the Korea Financial Investment Association. This photo, taken on Aug. 4, 2016, shows a group of self-employed people holding a press conference in front of the National Assembly in Seoul to call
Nov. 30, 2016
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Foreign shippers gain market shares after bankruptcy of Hanjin Shipping
Foreign shippers have increased their market shares in major global shipping routes following the bankruptcy of Hanjin Shipping Co., defying expectations that its Korean peer Hyundai Merchant Marine Co. would secure a chunk of Hanjin's share, data showed Wednesday. Hanjin accounted for 7.78 percent of the Asia-US shipping route in October last year, but its share plunged to 1.1 percent in October this year, according to the data by the Busan Port Authority. The data showed the vacuum created fro
IndustryNov. 30, 2016
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SM may ask Hyundai Merchant to jointly acquire Hanjin's US terminal
SM Group is looking for a partner in its plan to buy Hanjin Shipping Co.'s 54-percent stake in a port terminal on the US West Coast, an acquisition estimated at more than 400 billion won ($342.5 million), according to industry sources Wednesday.SM Group, which owns South Korea's No. 2 bulk carrier Korea Line Corp., has been seeking to buy a partial stake in the port terminal in Long Beach, California, after acquiring the troubled shipper's US-Asia route and other assets for 37 billion won last w
IndustryNov. 30, 2016
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Financial watchdog to tighten monitoring of financial cooperatives
South Korea's state financial watchdog said Wednesday it has established a consolidated monitoring system for the nation's credit unions and other financial cooperatives.There have been difficulties in regulating the industry vulnerable to financial accidents and breaches, with 2,263 firms, mostly small, operating nationwide, according to the Financial Supervisory Service (FSS). A file photo of the National Federation of Fisheries Cooperatives' building. (Yonhap)The FSS launched the Advanced Det
Nov. 30, 2016
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Korea's net external assets hit record high in Q3
South Korea's net external assets in debt instruments hit a record high of $383.5 billion in the third quarter, data showed Wednesday.The figure represents an increase of $25.7 billion from the previous quarter, according to the data by the Bank of Korea.The nation's total external liability reached $400.4 billion in the third quarter, up $8.6 billion from a quarter earlier.Among them, the country's short-term external debt, with a maturity of one year or less, totaled $111.8 billion as of the e
Nov. 30, 2016
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Eased bank loans lead to recent construction boom: think tank
South Korea's recent local real estate market boom has been largely driven by a government policy to ease bank loan regulations, a report by a state-run think tank said Wednesday.Housing construction in the country has been accelerating for more than a year since the government lowered a set of financial regulations on home-backed household debts -- the debt-to-income (DTI) and loan-to-value (LTV) ratios -- in August 2014.As a result, new construction permits had grown for 16 months in a row unt
Nov. 30, 2016
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Elliott describes Samsung's overhaul plan as 'constructive'
US hedge fund Elliott Management said Wednesday that Samsung Electronics Co.'s decision to consider shifting to a holding company structure and boost dividend payouts was "a constructive initial step" but hinted it wants "more meaningful changes."Shares of Samsung climbed a day after its announcement of governance overhaul decisions, which include a review of the possibility of creating a holding company structure, a 30 percent increase in dividends and an appointment of an independent director
IndustryNov. 30, 2016
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Elliott says Samsung taking ‘constructive step’
Elliott Management, a US activist hedge fund, said Wednesday that it views the restructuring plan announced by Samsung Electronics as the tech giant taking “a constructrive initial step,” but urged it to make more changes. “We view the plan outlined by Samsung to be a constructive initial step,” Blake Capital and Potter Capital, two affiliates of Elliott Management, said in an emailed statement. “We anticipate more meaningful changes following the company’s corporate structure review. We look fo
BusinessNov. 30, 2016
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LuDuS501 makes major update to its mobile game “Dangerous Outside the Blanket”
LuDuS501 (CEO: Serky Jeong) on Nov 28 announced that it had made a significant update to its game “Dangerous Outside the Blanket,” which was released in September. “Dangerous Outside the Blanket” is a mobile simulation game that puts players in everyday situations and is based on a survival and cultivation system. The game prompts players to choose specific actions in response to situations that arise in various aspects of everyday life (e.g., going to work, office duties, routine after getting
TechnologyNov. 30, 2016
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Earing to launch voice-based social media platform by December
Earing announced Friday that it would officially launch its independently developed social briefing app “Earing” by the end of the year. Earing is a social media platform that enables users to convey and share the latest news and information via audio. The product is currently being beta tested, with final improvements being made.What differentiates Earing from its competitors is its voice-based communication. Screenshots of the Earing app in use. (Earing)The firm’s CEO Hyuck Jae Lee said, “Fac
TechnologyNov. 30, 2016
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Asset-boosting program for youth to benefit 50,000 people
The South Korean government said Wednesday that it will expand a program to help young job seekers find jobs at small and mid-sized enterprises (SMEs) and create assets in a way to tackle the country's high youth unemployment rate.Under the program, which was initiated in April, an SME employee will be given a total of 12 million won after saving 3 million won for two years, with the employer and the government additionally paying 3 million won and 6 million won, respectively. South Korea's Fina
Nov. 30, 2016