Most Popular
-
1
Seoul vows action over Naver's Line, Yahoo dispute
-
2
[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
-
3
Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
-
4
Samsung doubles down on Vietnam
-
5
[Grace Kao] American racism against Stray Kids
-
6
In Beijing, S. Korean top diplomat aims to jumpstart ties with China
-
7
NewJeans' members' parents complained to Hybe, email shows
-
8
Suspect behind murder of Korean tourist in Pattaya arrested
-
9
Prosecutors summon pastor involved in Dior bag scandal
-
10
[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
-
S. Korea to inject 26 tln won in H2 for economic recovery: minister
The government will inject about 26 trillion won (US$25.3 billion) in the forms of fiscal measures and policy financing during the remainder of this year to help the slowing economic recovery, the finance minister said Wednesday."In order to carry out diverse policy measures in a speedy manner, we plan to inject about 26 trillion won by strengthening fiscal measures and policy financing," Choi Kyung-hwan told a meeting with other policymakers. This is a follow-up on the government's economy mana
July 30, 2014
-
S. Korea's industrial output grows 2.9 pct on-month in June
South Korea's industrial output grew at the fastest pace in four years and nine months in June, raising expectations that the economic recovery might be gaining some momentum, a government report showed Wednesday. According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries expanded 2.9 percent last month from May following a revised 2.8 percent fall tallied a month earlier. This marked the fastest on-month output growth since September 200
July 30, 2014
-
Overseas travel spending hits new high in June
Overseas travel spending soared to a record high in June as South Koreans continued to flock to foreign destinations despite a prolonged slump in domestic demand, central bank data showed Wednesday.Overseas travel spending totaled US$1.7 billion in June, growing 23.3 percent from the previous month, according to the Bank of Korea. The figure does not cover traveling for study purposes.The latest data, which is part of the current account, comes only two months after overseas travel spending set
July 30, 2014
-
Samsung's smartphone market share plunges in Q2
South Korea's tech giant Samsung Electronics Co. saw its market share in the smartphone industry plunge in the second quarter from a year earlier, data showed Wednesday, dented by the rise of Chinese players vying with low-end models.Samsung took up 25.2 percent of the global smartphone market in the April-June period, down 7.1 percentage points from the 32.3 percent posted last year, the data compiled by market researcher IDC Corp. showed. It shipped a combined 74.3 million units of smartphones
TechnologyJuly 30, 2014
-
S. Korea mulling easing daily limit in stock market
South Korea is pushing to ease or lift the current daily limit imposed on stock price movements as part of efforts to stimulate the country's stock market, a local media report said Wednesday.According to the daily JoongAng Ilbo, who cited sources from financial authorities, the government is pushing to phase out the 15 percent daily limit in stock price fluctuations. It said the government could announce its position later this month or in August in a meeting chaired by President Park Geun-hye.
July 30, 2014
-
Stocks up on stimulus
Korean stocks closed higher Tuesday to pass the 2,060 mark for the first time in three years on improved economic data from China, with Seoul’s latest stimulus package also lending support, analysts said. The South Korean won gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 13.16 points, or 0.64 percent, to 2,061.97. Trading volume was high at 400.3 million shares worth 5.88 trillion won ($5.73 billion), with losers outpacing gainers 536 to 277.Trading number
July 29, 2014
-
[Graphic News] Korea’s Big Mac index rises 15.3%
The Big Mac index for South Korea rose to 4.0, up from 3.47 early this year, according to data released by The Economist on Tuesday. The index for South Korea was the 28th highest among 57 countries, based on the July 23 exchange rate of 1,023 won against the U.S. greenback. The Big Mac index, introduced by The Economist in 1986, evaluates exchange rates by comparing the prices of Big Macs in different countries. The higher the index for a country, the less undervalued its currency is against th
July 29, 2014
-
IFC may blacklist Korean builders over collusion
The International Finance Corporation, a private lending arm of the World Bank Group, may blacklist a number of Korean construction companies for fixing prices in bids for pork-barrel projects after reviewing builders defenses. “The IFC has asked the Korean builders to offer explanations on the recent announcement by the Korean government that they were found guilty of collusion,” said an official at the Construction Association of Korea.The IFC is one of the largest funding sources for major Ko
IndustryJuly 29, 2014
-
Jaguar Land Rover offers long-term rentals for expats
Jaguar Land Rover Korea said Tuesday that it will be offering long-term rentals for foreign nationals as part of efforts to make it easier for them to enjoy luxury vehicles during their stay in South Korea. Offered in connection with local capital firm KB Capital, the new rental program was created as a tailor-made service exclusively for expats ― the first of its kind in Korea ― that allows customers to rent cars on minimum conditions, Jaguar Land Rover Korea said. The Jaguar F-Type (left) and
MobilityJuly 29, 2014
-
Local business sentiment drops to 6-month low
South Korea’s major companies are disappointed by the long-deferred economic recovery stemming from unfavorable exchange rates and sluggish consumer demand due to the ferry disaster, a poll showed Tuesday.The Business Survey Index came to a six-month low of 91.6 for August, down from 94 for the previous month, according to the poll of the country’s 600 largest companies by sales, conducted by the Federation of Korean Industries.A BSI reading below the benchmark 100 means pessimists outnumber opt
July 29, 2014
-
Choi to sell record debt to fund stimulus
South Korea is forecast to sell an unprecedented amount of debt to fund stimulus as policymakers liken the economy’s current situation to that faced by neighboring Japan at the start of a two-decade slump.Finance Minister Choi Kyung-hwan unveiled a plan last week to boost spending by 11.7 trillion won ($11 billion) in the second half by freeing up cash from state-run programs and said the 2015 budget will be “as expansionary as possible.” That means next year’s government borrowing, proposals fo
July 29, 2014
-
Korean Air introduces 10th A380 jumbo jet
Korean Air, the nation’s largest flag carrier, said Tuesday that its 10th A380 jumbo jet has arrived at Incheon International Airport.It will be adopted into the Incheon-Houston route starting Aug. 3. Since the introduction of the luxury double-decker aircraft in 2011, the company has enhanced its competitiveness in long-haul services to U.S. cities like Los Angeles and New York and Paris.Among all global A380 operators, Korean Air said its planes have the lowest seating capacity at 407 passenge
IndustryJuly 29, 2014
-
Daewoo Shipbuilding inks consulting deal with British firm
Daewoo Shipbuilding & Marine Engineering, South Korea’s second-largest shipbuilder, said Tuesday it had signed a deal with a British defense company to provide production and management consulting services on naval vessels.Daewoo Shipbuilding will provide BAE Systems Surface Ships with a report by November on proposals for improving its productivity, the South Korean company said in an emailed statement.BAE is an arm of BAE System Group, the world’s third-largest defense company. It has been try
IndustryJuly 29, 2014
-
Korea’s current account surplus slips in June
South Korea extended its current account surplus to a 28th consecutive month in June but saw the figure slip from the previous month as the surplus for goods narrowed, central bank data showed Tuesday.The current surplus reached $7.92 billion last month, compared with a revised $9.08 billion in May, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.With the June data out, South Korea’s current account surplus for the first s
IndustryJuly 29, 2014
-
KT turns to net loss on falling returns
KT Corp. said Tuesday that it swung to a net loss in the second quarter from a year earlier, apparently due to falling returns from its traditional fixed-line business and expenditures from its restructuring program in April.The net loss came to 757.2 billion won ($738 million) in the April-June period, compared to a net profit of 133.3 billion won a year ago, the country’s No. 2 mobile carrier said in a regulatory filing. The company also posted a net loss of 40.9 billion won in the first quart
IndustryJuly 29, 2014
-
Hyundai Heavy swings to net loss in Q2
Hyundai Heavy Industries, the world’s largest shipbuilder, said Tuesday it swung to a net loss in the second quarter from a year ago mainly due to a reserve for expected loss from large-scale projects and the stronger home currency.Net loss came to 616.6 billion won ($601.7 million) in the April-June period, compared with a net profit of 66.8 billion won a year ago, the shipbuilder said in a regulatory filing. Sales fell 2.1 percent to 12.81 trillion won in the period. The company also posted 1.
IndustryJuly 29, 2014
-
Future unclear for Samsung bio business
Kim Byoung-jooPresident Park Geun-hye has reiterated that Korea’s future lies in building a creative economy, and the biopharmaceutical industry is often cited as a key pillar in such an economy. Out of the local conglomerates, Samsung Group has been showing the most conspicuous progress in the area, but whether it can replicate the legacy of its success in semiconductors and smartphones remains a big question. This is mostly due to the way chaebol operate. Their rigid, top-to-bottom structure o
IndustryJuly 29, 2014
-
Restylane seeks steady growth in Korea
Restylane, a hyaluronic acid-based dermal filler that helps reduce facial wrinkles and folds, has been rapidly expanding its customer base in South Korea. In 2013, sales reached 25 billion won ($24.3 million) here to account for almost 40 percent of the 64 billion won domestic cosmetic filler market. Korea is currently the third-largest market for the fillers, following China and Brazil.Galderma Asia-Pacific director Scott Mclennan (second from left) poses with Korean actress Uhm Ji-won (second
BusinessJuly 29, 2014
-
SABMiller presents Grolsch beer in can
SABMiller Korea has released the canned version of its Dutch premium beer “Grolsch” priced at 3,800 won ($3.70) for a 500-milliliter can. Grolsch rapidly gained popularity for using two kinds of hops that helps it achieve a better aroma, according to SABMiller. Ingredients including molt and hops are all natural, and have been aged in a natural environment for eight weeks. Grolsch first gained recognition here for the bottled version that comes with its signature swing-top cap that eliminates th
BusinessJuly 29, 2014
-
Tous Les Jours releases Cool Bread for summer
CJ Foodville’s flagship bakery Tous Les Jours has released cream-filled Cool Bread as a summer item. Cool Bread comes in several flavors, including Cool Mango Bread, filled with mango cream. Cranberry Bread contains cranberry chunks while Blueberry Bread has blueberry, dried figs and walnuts. “We recommend customers first store the bread in a refrigerator for a short period of time,” a CJ spokesman said. Cool Breads will be offered at Tous Les Jours throughout the summer. (baejisook@heraldcorp.c
BusinessJuly 29, 2014