The Korea Herald

Investigation against LNG bidding collusion to wrap up next month

The Seoul Central District Prosecutor’s Office announced Tuesday it is speeding up its investigation into alleged large-scale collusion among Korea’s major construction companies, which are suspected of bid rigging a project to build liquefied natural gas storage tanks. 　Last year 13 construction companies, including Hyundai E&C, Daewoo E&C and Daelim E&C, were slapped with 351.6 billion won ($309.2 million) in fines by the Fair Trade Commission after the governmental watchdog accused the builde

Industry June 27, 2017

Investigation against LNG bidding collusion to wrap up next month

Importance of FTA to be highlighted at Korea-US summit

　President Moon Jae-in is embarking on his first overseas trip as Korea’s leader, attending a critical two-day Korea-US Summit with President Donald Trump on Thursday and Friday. 　During the summit, Moon is slated to spearhead delegations that are to highlight the importance of the five-year Korea-US Free Trade Agreement as well as address looming uncertainties regarding the US’ attempts to renegotiate it -- a crucial economic issue here since Trump took office in January. 　With his

Economy June 27, 2017

Importance of FTA to be highlighted at Korea-US summit

Bain & Company appoints two new partners

Bain & Company, a global management consulting firm, announced on Thursday that it has appointed Kang Ji-chul, 42, and Yoon Sung-won, 38, as the newest partners to its Seoul office. 　Kang is a graduate of Yonsei University’s Department of Economics with an MBA from Duke University’s Fuqua School of Business in the United States. He joined Bain & Company in 2009.　At Bain’s Seoul Office, Kang has worked as a specialist in consumer goods distribution and has conducted a variety of consulting servic

Industry June 23, 2017

Korea’s top 52 business leaders to join Moon in US summit

CEOs and business leaders from some of the country’s top conglomerates are heading to the United States alongside President Moon Jae-in for a two-day Korea-US Business Summit with President Donald Trump next week, the Korea Chamber of Commerce and Industry announced Thursday. 　In Moon’s first international trip as the new president, he will be joined by a 52-person Korean business delegation, which includes Hyundai Motor Company Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae

Economy June 23, 2017

Korea’s top 52 business leaders to join Moon in US summit

KDB’s ‘Next Round’ program targets start-ups

To help startups prepare for the future, Korea Development Bank has been running the “KDB Next Round” program that helps link companies with new investors.　First launched in August last year, KDB’s Next Round was introduced in an effort to minimize market friction and promote market expansion in order to further develop startup investments in the wake of the “fourth industrial revolution.”　The KDB’s investment platform does not involve a funding model or direc

Market June 22, 2017

KDB’s ‘Next Round’ program targets start-ups

Most Koreans who live alone are married: survey

The number of single households is continuing to spike as more Koreans live away from their families, while the country’s marriage rate continues to nose-dive. 　According to a survey released by Statistics Korea on Wednesday, the number of single-person households in the second half of 2016 reached roughly 5.27 million as of October last year, up 3.3 percent from the previous year. 　The data showed that the number of married people living alone hit 3.12 million or 59.1 percent of all singl

Economy June 21, 2017

Most Koreans who live alone are married: survey

[Herald Interview] ‘Stronger, flexible IP protection system needed'

A forum of the world’s five largest intellectual property offices, known as IP5, emphasized its new vision for a stronger and more flexible intellectual property system that can adapt to the fourth industrial revolution at an event marking 10 years of global cooperation.The heads of IP5, including Lee Young-dae, acting commissioner of the Korean Intellectual Property Office, gathered together in Valletta, Malta on May 31 and June 1 to take stock of all the achievements made by the offices

Economy June 20, 2017

[Herald Interview] ‘Stronger, flexible IP protection system needed'

Korea tightens lending rules to curb property speculation

The government said Monday it would apply stricter lending regulations on homes in Seoul and parts of Busan to curb real estate speculation and reduce household debt.　The announcement was made jointly by the Ministry of Strategy and Finance, the Financial Services Commission and the Ministry of Construction and Transportation. 　The new regulations, which are set to take effect on July 3, stipulates that the loan-to-value ratio in Seoul, Gyeonggi Province, Sejong and selected areas in Busan are t

Economy June 19, 2017

Korea tightens lending rules to curb property speculation

Moon condemns terror attack in London

President Moon Jae-in on Monday condemned the apparent terrorist attack in London, calling it a "cruel" and "inhumane" crime. "The series of terrorist attacks that took place in London was an act of crime committed against innocent civilians and children," Moon wrote on his Facebook account. "War and terrorism, especially attacks targeting civilians like the latest incident, cannot be justified under any cause." "I and the people of South Korea are outraged about this inhumane crime," he sa

Politics June 5, 2017

NK rejects S. Korean civilian offers to resume exchanges

North Korea has rejected South Korean civic and religious groups' offers to resume exchanges in protest of Seoul's support of U.N. sanctions, the organizations said Monday, casting a cloud over fledgling efforts by the new liberal government to improve ties. The Korean Sharing Movement, a South Korean civic group, said Monday that it will delay plans to ship aid supplies and visit North Korea, as Pyongyang took issue with the latest U.N. sanctions and South Korea's attitude toward its adoptio

North Korea June 5, 2017

Parliament to hold confirmation hearings for minister nominees next week

The National Assembly will hold confirmation hearings next week for President Moon Jae-in's four minister nominees from the ruling party, officials said Monday. The parliamentary committees will soon adopt plans to hold respective hearings for Interior Minister-nominee Kim Boo-kyum, Maritime Minister-nominee Kim Young-choon and Culture Minister-nominee Do Jong-hwan on June 14, according to the officials of the Democratic Party. The hearing for Transport Minister-nominee Kim Hyun-mee will be he

Politics June 5, 2017

S. Korean man stabbed by strangers in Indonesia

A South Korean man has been stabbed by two unidentified assailants in Jakarta, local police said Monday. The assailants, presumed to be Indonesians, attacked the 28-year-old victim in the northern neighborhood of Kelapa Gading at 1 a.m. Sunday, they said. The Korean man, whose identity was withheld, is known to have entered Indonesia on Saturday night and was out to buy something after checking in at a hotel in the neighborhood. "The victim was robbed of his cell phone and returned to th

Social Affairs June 5, 2017

8 killed in east China chemical plant explosion, fire

Eight people were killed and nine injured in an explosion and fire Monday at a chemical plant in eastern China's Shandong province, local authorities and media reports said. The accident was triggered by an explosion of a liquefied gas tanker in a loading area at the Linyi Jinyu Petrochemical Co. plant at about 1 a.m., the official Xinhua News Agency reported. The blast set ablaze several fuel storage tanks at the site in the Lingang Economic Zone in the city of Linyi. Nearby areas we

World News June 5, 2017

S. Korea to raise bird flu alert status to highest

South Korea plans to raise the avian influenza alert status to the highest level, government officials said Monday, as it confirmed a case of highly pathogenic avian flu on the country's southern resort island of Jeju. Officials said they will issue the warning Tuesday and ban all poultry farmers across the country from moving poultry for 24 hours starting Wednesday. The move came hours after the Ministry of Agriculture, Food and Rural Affairs said tests showed the virus that hit a poultry f

Social Affairs June 5, 2017

Despite strong exports, current account surplus slips

Despite strong exports, South Korea’s current account balance slid to $4 billion in April this year, recording the smallest surplus in the past year, according to the Bank of Korea on Monday. 　Bank of Korea announced the current account balance had continued a surplus for 62 consecutive months, but the growth in exports was offset by higher dividend payouts to foreigner investors, surging oil prices and other factors, which contributed to the current account surplus decreasing dramatically

Economy June 5, 2017

Despite strong exports, current account surplus slips

Articles by Julie Kim Jackson