Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Korea’s automobile exports plunge in August
South Korea’s auto exports dropped sharply from a year earlier in August as output equally fell, the trade ministry said Thursday.Outbound shipments of cars fell 18.8 percent on-year to 182,795 units last month, according to the Ministry of Trade, Industry and Energy.“Exports plunged on-year due to a drop in supplies caused by a cut in the number of working days, as well as labor strikes in August,” it said in a press release.The ministry earlier said that automobile exports, in terms of value,
Industry Sept. 4, 2014
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Korean economy grows 0.5% in Q2: BOK
South Korea’s economy expanded 0.5 percent in the second quarter from three months earlier but at the slowest pace in over a year, central bank data showed Thursday.Korea’s gross domestic product, the broadest measure of economic performance, slowed from a 0.9 percent growth logged in the previous quarter, according to the revised data by the Bank of Korea.The seasonally adjusted figure also slipped from an earlier estimate of a 0.6 percent growth made in late July.Asia’s fourth-largest economy
Industry Sept. 4, 2014
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Korean households earn less from interest profit
South Korean households saw their income from interest-paying financial products drop by 13 trillion won ($13 billion) over the last nine years, data showed Thursday, reflecting the country’s low interest rate and ballooning household debt.Households’ net interest income, the excess earned from the spread between their interest income and interest payments, came in at 4.3 trillion won in 2012, shrinking from 17.4 trillion won in 2003, according to the data compiled by the Bank of Korea.The sharp
Industry Sept. 4, 2014
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Agriculture, forestry output inches up in 2013
Overall output by the country’s agriculture and forestry industries moved up slightly from a year earlier in 2013, with a rise in agriculture production more than offsetting a drop in the production of forestry goods, the government said Thursday.The combined output by the agriculture and forestry industry came to about 46.65 trillion won ($45.79 billion) in 2013, up 0.6 percent from that of 2012, according to the Ministry of Agriculture, Food and Rural Affairs.Such growth marks a significant sl
Industry Sept. 4, 2014
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Industry, green groups slam emissions policies
Both industry and environmental groups have criticized the government’s latest road map for emissions reduction.The government said Tuesday that it would begin its carbon emissions trading scheme from next year as planned, but would delay the incentive system for low-emission cars by a few years. Under the government’s emissions reduction scheme, the low-carbon vehicle incentive system, which had initially been slated to go into effect in January 2015, will be put on hold until 2020, apparently
Industry Sept. 3, 2014
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Korea to delay low-carbon car incentive plan
South Korea will delay implementing its low-carbon vehicle incentive system until 2020 to minimize the fallout for customers and the automobile industry, government policymakers said Tuesday.The announcement, reached at a meeting of economic ministers, indicated that while the government would avoid burdening carmakers and consumers, it would encourage people to buy green cars by offering various incentives.The move will help improve the average greenhouse gas emission mileage standard for the c
Industry Sept. 2, 2014
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[Graphic News] Korea’s household debt continues to rise
South Korea’s household debt is increasing on account of the government’s latest push to boost the housing market and due to a rate cut, according to industry watchers. The total mortgage loans issued by the nation’s seven major banks rose to 301 trillion won ($296 billion) last month, marking a 4 trillion won increase from 297 trillion won in July, according to data from the banking sector. This was more than a twofold increase, compared to an average monthly increase of 1.6 trillion won since
Industry Sept. 1, 2014
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Former Shindongbang Group chairman dies of caner
Shin Myung-soo. (Yonhap)Former Shindongbang Group chairman Shin Myung-soo, 73, died last Saturday from colorectal cancer. Shin was a well-known entrepreneur who contributed to the growth of South Korea’s food processing industry. He started his career at Shindongbang Corp. in 1967 and served as a chief executive of the company until 1999. Hit by the Asian currency crisis, the company faced financial difficulties and units of the company were merged into Sajo Haepyo in 1999 and CJ Group in 2002.B
Industry Aug. 31, 2014
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[Herald Interview] ‘Security concerns should not delay mobile messenger payment’
The Korean government is advised to push for the growth of the mobile payment market, not to hold back on security concerns. “Too many concerns over security online may hamper the mobile massenger payment market in an infant stage of growth,” Kim Yeong-rin, president of the Financial Security Agency, told The Korea Herald in a recent interview.His remark came amid growing security concerns over the financial services to be offered by the nation’s most-used mobile messenger, Kakao Talk.Kim Yeong-
Industry Aug. 31, 2014
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KDB helps finance high-tech start-ups
The state-run Korea Development Bank is actively promoting technology financing in a bid to keep up with the government’s latest efforts to boost high-tech start-ups that have trouble securing funds. Technology financing involves loans secured on a borrower’s technology. Despite South Korea’s reputation as an IT powerhouse, start-ups still find it difficult to raise capital. To provide better support, the Financial Services Commission, the local financial watchdog, announced a plan in April to s
Industry Aug. 28, 2014
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Korea’s duty-free allowance raised to $600
The duty-free allowance for travelers entering South Korea will be raised to $600 from the current $400 on Sept. 5, the Ministry of Strategy and Finance said Wednesday. This is the first time that the ceiling has been raised since 1988. The government also plans to reduce taxes on travelers who voluntarily report items they are bringing in. They are expected to have a 30 percent tax deduction of up to 150,000 won ($147). However, those who report untruthfully will have to pay additional tax. The
Industry Aug. 27, 2014
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[Herald Interview] Korea’s agricultural community revival movement goes global
South Korea’s iconic community development movement ― Saemaul Undong ― is to be expanded to developing countries in a joint effort with the International Fund for Agricultural Development, according to a top banker on Tuesday. “The global spread of the Saemaul Movement in partnership with the IFAD is very meaningful for South Korea, the only nation to have transformed into an aid donor from a recipient,” Seop Shim, senior executive director of Korea Eximbank, told The Korea Herald at the bank’s
Industry Aug. 26, 2014
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Pro football governing body approves conglomerate Eland's proposal
The nation's governing body of professional football on Friday approved a proposal by a local business conglomerate to found a new club for next season.In its board meeting, the K League gave the green light to Eland to launch a new team to be based in Seoul. Eland, which operates about 250 affiliates in retail, apparels and food service, had first declared its intention to get into professional football in April.Eland will use the Jamsil Olympic Stadium in southern Seoul as its home base, a
Soccer Aug. 22, 2014
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KEPCO to lay Korea-Japan undersea power grid
South Korea’s state-run utility giant Korea Electric Power Corp. is pushing ahead with an undersea power grid project between South Korea and Japan in an effort to export electricity to the neighboring country, according to a local media report on Friday. The project aims to connect South Korea’s second-largest metropolis of Busan via Tsushima (Daemado Island), a Japanese island situated between Korea and Japan, to Japan’s Kyushu Island, with a 200-kilometer undersea cable. A KEPCO official said
Industry Aug. 22, 2014
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Defense ministry finds hacking attempts against its reporters
Unidentified hackers, suspected to be based in China, have been caught trying to steal data from media reporters covering South Korea's Ministry of National Defense, ministry officials said Friday."We've confirmed that a handful of reporters covering the ministry have received an e-mail which carries the malicious code this week," a ministry official said, explaining that once the email is opened, it automatically imbeds the virus code into the computer."The code embedded into the computer is me
Defense Aug. 22, 2014
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