Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US military commander in S. Korea during Gwangju uprising dies
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[Photo News] Seoul seeks 'best sleeper'
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US expert says N. Korea might ignore Trump if he returns to White House
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[KH Explains] Why Korea's so tough on short selling
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Korea plans W15tr stimulus injection
The Finance Ministry on Thursday announced a fiscal stimulus of 15 trillion won ($13.6 billion) through a supplementary budget and state funds this year to boost the economy hit by the Middle East respiratory syndrome outbreak.In addition, the government revised its 2015 GDP growth outlook down to 3.1 percent from its earlier forecast of 3.8 percent, citing sagging exports and weaker-than-expected recovery in domestic demand.At a news briefing, Deputy Prime Minister and Finance Minister Choi Kyu
June 25, 2015
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KT wins LTE award
South Korea’s leading mobile carrier KT won an award at the 11th LTE World Summit, an annual conference for the Long-Term Evolution technology, Wednesday in Amsterdam, Netherlands.The mobile carrier earned the LTE Award for “Most Significant Development of a Commercial LTE Network,” which recognizes innovative LTE technologies of network operators.captionPark Jae-yoon (center), senior vice president of KT’s network technology unit, and KT officials celebrate winning the LTE Award during the 11th
TechnologyJune 25, 2015
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[Graphic News] Population movement lowest in 40 years
The number of people who moved in May was the lowest in 40 years, data showed Wednesday.According to Statistic Korea, 606,000 people moved last month, a 1.2 percent decrease from the same time period last year.Data showed that this is the lowest number of people moving in May since 1975 (480,000 people).Experts suggest that the decrease in population movement is due to decreased domestic migration for school and work.A spokesperson from Statistics Korea said that different regions in Korea have
IndustryJune 25, 2015
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S-Oil supports children of fallen officers
S-Oil senior vice president Lee Chang-jae (center) presents a scholarship of 40 million won to 20 children of fallen maritime police officers who died in the line of duty during a ceremony on Thursday. S-Oil has been running “The Hero Maritime Police Officers Support Program” since 2013. Photo credit: S-Oil
June 25, 2015
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Seoul shares edge down amid Greek debt woes
South Korean stocks closed a tad lower Thursday as investor sentiment was dented by the stalled talks on a Greek bailout, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 0.47 points, or 0.02 percent to 2,085.06. Trading volume was moderate at 565.3 million shares worth 5.83 trillion won ($5.25 billion), with losers outpacing gainers 406 to 402.The KOSPI had gained ground for the sixth consecutive trading session through W
June 25, 2015
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KCCI to hold 40th Jeju Forum
The Korea Chamber of Commerce and Industry will hold its annual summer forum on Jejudo Island from July 22-25, inviting the CEOs of its member companies and their families to gain new insights from guest speakers from diverse industries.The four-day event will take place at The Shilla Jeju hotel and offer a diverse range of not just academic seminars, but also recreational programs, in line with this year’s theme of “Encounter between Insight and Healing”.A number of renowned figures from Korea
IndustryJune 25, 2015
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Government to pour more than W15tr to secure 3% growth
The Finance Ministry on Thursday announced a fiscal stimulus of 15 trillion won ($13.6 billion) through a supplementary budget and state funds this year to boost the economy hit by the Middle East respiratory syndrome outbreak.In addition, the government revised its 2015 GDP growth outlook down to 3.1 percent from its earlier forecast of 3.8 percent, citing sagging exports and weaker-than-expected recovery in domestic demand.At a news briefing, Deputy Prime Minister and Finance Minister Choi Kyu
June 25, 2015
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S. Korea cuts 2015 growth outlook to 3.1 pct
South Korea lowered its 2015 economic growth outlook to 3.1 percent Thursday, citing slumping exports and the negative impact of the Middle East Respiratory Syndrome outbreak on Asia's fourth-largest economy.The revised estimate represents a drop from the 3.8 percent gain predicted late last year and is lower than the 3.3 percent growth reached in 2014. For 2016, the finance ministry predicted the economy will grow 3.5 percent.The latest prediction is on par with a forecast made by the Bank of K
June 25, 2015
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S. Korea to ease rules to allow 4th mobile carrier
South Korea will unveil a package of deregulation measures for the country's mobile network market to facilitate the entry of a new player and give existing carriers more leeway, the government said Thursday.The local mobile market has long been dominated by three carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. The government turned down applications for a fourth player six times between 2010 and 2014."If a new business enters the market, it will spark competition, which will lead to a c
IndustryJune 25, 2015
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Finance minister vows supplementary spending to fight MERS fallout
Finance Minister Choi Kyung-hwan vowed Thursday to increase the supplementary budget to help overcome the economic fallout from the spread of the MERS virus and drought."Through sufficient reinforcement of finance, (the government) will overcome current issues like the Middle East Respiratory Syndrome and drought," Choi said in a policy coordination meeting with the ruling Saenuri Party. The remarks came as the spread of MERS continues to cripple the economy.South Korea reported two more deaths
June 25, 2015
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Over 60 pct of S. Korean firms back joining in U.S.-led trade
More than three out of five companies in South Korea have expressed support for the country's participation in a U.S.-led regional free trade deal, known as the Trans-Pacific Partnership, citing a possible hike in exports, a survey showed Thursday.The TPP is a multilateral free trade pact over which negotiation currently involves 12 countries including the U.S., Japan, Australia and Canada, which accounted for about 40 percent of the global economy.South Korea expressed interest in participating
June 25, 2015
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Naver launches mobile payment tool
Naver Corp., South Korea's top Internet portal operator, said Thursday it has started a mobile payment service as part of a push into the fast-growing online platform business for e-commerce. Naver Pay, available starting Thursday, allows users to pay for an item online only with their Naver IDs, a stark contrast to existing mobile payment tools offered by other financial and IT firms here that usually require multiple procedures for ID verification, the company said. This is possible once users
TechnologyJune 25, 2015
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S. Korean biz groups have 237 firms in tax havens
More than half of big business groups in South Korea have set up companies in overseas tax havens, with SK Group, the nation's third-largest conglomerate, having the most, data showed Thursday. Out of 61 business groups with combined assets of more than 5 trillion won ($4.5 billion), 33 owned a combined 237 subsidiaries in countries on the European Union's tax haven blacklist as of end-2014, according to the data compiled by corporate tracker Chaebul.com. The figure accounts for 7.5 percent of t
IndustryJune 25, 2015
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Over 24,000 cars recalled in S. Korea for use of Takata air bag
Four different automakers have been ordered to recall over 24,000 cars sold in South Korea to replace front air bags that may spray metal shards in case of a crash that could cause serious damage to drivers and passengers, the transportation ministry said Thursday.According to the Ministry of Land, Infrastructure and Transport, the air bag's inflator may ignite with excessive force, in some cases, causing a metal cartridge of the inflator to crack.The resulting outcome could be fatal to occupant
MobilityJune 25, 2015
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Apple Watch set to hit S. Korean market, challenge Samsung
U.S. tech giant Apple Inc. is set to release its first smartwatch in the South Korean market later this week, facing off with its archrival Samsung Electronics Co. in the wearable device segment, industry sources said Thursday.Released in the United States in April, the Apple Watch has been gathering popularity abroad, with industry tracker Slice Intelligence claiming the sales reached 2.79 million units through June, emerging as a threat for Samsung who tapped the smartwatch market in 2013.Indu
TechnologyJune 25, 2015
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S. Korean consumer sentiment hits over 2-year low on MERS scare
Consumer sentiment in South Korea took a hard blow from Middle East Respiratory Syndrome in June, plunging to its lowest level in more than two years, amid growing concerns the outbreak will put a dent in Asia's fourth-largest economy, data showed Thursday.South Korea is struggling to contain the outbreak of the acute respiratory illness that is the second-largest infection outside of Saudi Arabia. Since the first case was reported here on May 20, the death toll has climbed to 27.The overall con
June 25, 2015
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Online fashion brand Bariedition lures K-pop fans
Bariedition, a local online fashion brand (http://en.bagazimuri.com/) is luring K-pop fans around the world with chic Korean fashion style. CEO Son Suk-ho started the business in 2005 and there were only five employees at the beginning. Now the number of employees has surged to 50 and its monthly revenue has exceeded 1 billion won ($890,000). Its offline store, located on the trendy fashion district of Garosu-gil, southern Seoul, has also become a popular tourist spot especially among visitors f
IndustryJune 25, 2015
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Elliott aims to exert votes by proxy to fight Samsung's merger bid
U.S. hedge fund Elliott Management said Wednesday it hopes minority shareholders will give their proxy votes to the fund for its fight against Samsung Group‘s move to merge two key units.Samsung C&T Corp., the construction arm of South Korea’s top conglomerate, Samsung Group, has been embroiled in a legal battle with Elliott since early this month as the fund voiced its opposition to an 8.9 trillion won ($8.09 billion) takeover offer by Cheil Industries Inc., the de facto holding firm of the con
IndustryJune 24, 2015
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A de facto setback for innovation
In recent years, South Korea has emerged as one of the most innovative economies in the world, topping the Bloomberg Innovation Index in 2014, which ranks countries based on six tangible metrics of innovation. One of the key metrics defined by Bloomberg as fundamental to innovativeness is the country’s ability to earn patents. Korea topped this list, with Samsung claiming the second biggest patent portfolio of any company in the world. Lee Gyoo-hoPatents do have a critical role to play in prote
TechnologyJune 24, 2015
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[Herald Interview] Korea urged to set ambitious climate target
The international community is concerned about Korea’s possible retreat from its emissions reduction drive based on the four options proposed by the government for the post-2020 target.The government announced four options on June 10 to finalize Korea’s emission target by the end of this month. It plans to submit one target -- after a public consultation process -- to the U.N. before the Paris Climate Change Conference from Nov. 30-Dec. 11. “(Regarding the expectation for Korea’s post-2020 emiss
IndustryJune 24, 2015