The Korea Herald

Exports to China recover in December

Korea’s shipments to China grew for a second consecutive month in December last year, data showed Tuesday, with short-term recovery expected. Exports to China account for more than 25 percent of the country’s total exports. They had declined for 16 consecutive months since July 2015, until inching up 0.4 percent in November last year. The pace of recovery picked up in December last year, with a 9.6 percent increase on-year, according to data from the Ministry of Trade, Indus

Jan. 3, 2017

Hanwha to focus on core competency

Hanwha Group Chairman Kim Seung-youn asked each affiliate to focus on developing their core competency to lead future growth. “The advent of the fourth industrial revolution is a big challenge and opportunity for us,” Kim said Monday. “Based on the long-term trend, such as a decrease in the production population, we should beef up our future competency with new technology, new business and new markets.” The defense unit should aggressively expand in overseas markets w

Companies Jan. 2, 2017

Hyundai chief urges company to overcome uncertainty

Hyundai Motor Group Chairman Chung Mong-koo on Monday urged the company to strive to overcome the uncertain business environment and achieve the group’s sales target of 8.25 million cars in the new year. “Trade protectionism is spreading and competition in the auto industry is intensifying, raising business uncertainty” Chung warned Monday during a New Year’s meeting. “We will have agile and flexible responses to changes in the external environment by ensuring in

Companies Jan. 2, 2017

Hyundai chief urges company to overcome uncertainty

[From the scene] Korea's innovation drive meets hurdle, but startups remain determined

The Korea Herald is publishing a series of articles on the moves made by the companies and governments of South Korea, China and Japan in entering the new industry 4.0 era. This is the last installment. -- Ed. PANGYO, Gyeonggi Province -- The Gyeonggi Center for Creative Economy and Innovation in Pangyo is one of South Korea’s innovation hotbeds with a unique blending of government and big companies. In mid-November, a group of nine reporters from three countries visited the center and

Industry Dec. 30, 2016

[From the scene] Korea's innovation drive meets hurdle, but startups remain determined

Overseas units of Korean firms lost money in 2015

Overseas units of South Korean companies were in the red in 2015 for the first time since the global financial crisis, as the business environment in foreign countries has deteriorated, a report said Wednesday. A total of 6,045 overseas subsidiaries with more than $1 million in foreign direct investment logged a net loss of $4 billion in 2015, or $700,000 per company on average, declining 2.3 percent from a year ago, showed a report by the Overseas Economic Research Institute under the state-r

Industry Dec. 28, 2016

[HERALD INTERVIEW] Globalization, new economic drives keys to EXCO growth: CEO

In coping with the difficult business environment in the competitive meeting, incentive, travel, convention and exhibition industry, globalization cannot be emphasized more, said Kim Sang-wook, president and CEO of the Exhibition and Convention Center, also known as EXCO, the country’s first regional exhibition center located in Daegu, North Gyeongsang Province.“Starting from 2017, we will cooperate more with global event organizers to attract international events, while promoting the global adv

Companies Dec. 26, 2016

[From the scene] Japan’s race to revolutionary future in 2020

The Korea Herald is publishing a series of articles on the moves made by the companies and governments of South Korea, China and Japan in entering the new industry 4.0 era. This is the fourth installment. -- Ed. TOKYO -- For the Tokyo Olympics in 1964, Japan unveiled the Shinkansen bullet train, broadcast live TV images via satellite and used computers to record statistics, the first such attempt for the global games. Now, over five decades later and four years away from another Olym

Industry Dec. 25, 2016

[From the scene] Japan’s race to revolutionary future in 2020

3 in 10 cars sold by Hyundai, Kia are RVs

More than three out of every 10 vehicles sold by Hyundai Motor Group this year in South Korea were recreational vehicles, auto sales figures showed Sunday. Hyundai Motor and Kia Motors sold 1.07 million cars here in the first 11 months of the year, among which 343,273 units, or 32 percent of total sales, were RVs. In 2011, less than 20 percent of vehicles sold by the two automakers were RVs. In Korea, the RV category includes sport utility vehicles and multipurpose vehicles. The growth has

Companies Dec. 25, 2016

Dairy Queen to open 50 hamburger restaurants in S. Korea

The US fast food chain Dairy Queen has signed on to expand into South Korea, industry officials said Thursday. M2G USA Investment said it has signed an agreement with International Dairy Queen Inc., which owns the franchise, to open 50 DQ Grill & Chill stores here over the next five years.International Dairy Queen is a subsidiary of Berkshire Hathaway led by famous investor Warren Buffet. Dairy Queen, commonly known as DQ, is a chain of fast food restaurants serving hamburgers, ice cream and oth

Companies Dec. 22, 2016

Diplomatic tensions slow growth of Chinese tourists to S. Korea

Diplomatic tensions have slowed the growth of Chinese tourists to South Korea, the national tourism promotion agency here said Thursday.According to the Korea Tourism Organization (KTO), the number of Chinese tourists to South Korea increased 1.8 percent year-on-year in November.The KTO explained tensions stemming from Seoul's decision in July to set up the Terminal High Altitude Area Defense (THAAD) missile system, much to the chagrin of Beijing, have had adverse effects on tourism.South Korea

Dec. 22, 2016

N. Korea threatens war over U.N. sanctions

North Korea on Thursday threatened war in response to the latest sanctions by the U.N. Security Council (UNSC). "The latest UNSC 'resolution on sanctions' has created the danger of imminent war on the Korean Peninsula, as there are no judicial and institutional mechanisms to avert a war and armed conflicts and the 'resolution' is as good as a declaration of war," the North's foreign ministry said in an English-language statement released on the state-run Korean Central News Agency (KCNA)."The U.

Politics Dec. 22, 2016

S. Korean football ends 2016 ranked 37th

South Korean football has ended the year ranked No. 37 in the world. South Korea remained at the same spot as the previous month in the latest FIFA rankings announced Thursday.Iran topped all Asian Football Confederation (AFC) members at No. 29, followed by South Korea, Japan (No. 45), Australia (No. 47) and Saudi Arabia (No. 54).South Korea will resume their 2018 FIFA World Cup qualifying campaign on March 23 against China. South Korea are currently ranked second behind Iran in Group A of the f

Soccer Dec. 22, 2016

S. Korea's sea level rise faster than world average

South Korea's sea level rose at a faster pace than the world's average this year due mainly to the ground subsidence, a report said Thursday. The sea level rose 2.68mm on average this year, up 8 percent from the previous year's 2.48mm, according to the report by the Ministry of Oceans and Fisheries.It is 34 percent faster than the world average of 2.0mm surveyed by the Intergovernmental Panel on Climate Change (IPCC) under the United Nations.The ministry said that South Korea's faster sea level

Technology Dec. 22, 2016

S. Korea's sea level rise faster than world average

Seoul to confiscate passport from daughter of key figure in presidential scandal

South Korea's foreign ministry said Thursday it will soon initiate the process of confiscating the passport of the daughter of Choi Soon-sil, the long-time friend of President Park Geun-hye who faces charges for meddling in state affairs. "The Ministry of Foreign Affairs plans to swiftly issue an order for the return of Chung Yoo-ra's passport, and if it is not returned before a deadline, it will take steps to annul it," ministry spokesman Cho June-hyuck said in a press briefing.According to the

National Dec. 22, 2016

Hwang decries sexual harassment case involving diplomat, calls for tighter discipline

Acting President and Prime Minister Hwang Kyo-ahn on Thursday called for tightened discipline among officials in the wake of a sexual harassment case involving a South Korean diplomat in Chile.The diplomat has been accused of sexually harassing two teenage girls in the Latin American country. The case, which sparked public fury in both countries, came to light as a Chilean broadcaster recently aired its hidden camera coverage of him making improper physical contact with a teen."I call on each mi

Politics Dec. 22, 2016

Hwang decries sexual harassment case involving diplomat, calls for tighter discipline

Articles by Park Ga-young