The Korea Herald

Finance minister urges Assembly to pass economic stimulus bills

Choi Kyung-hwan, the deputy prime minister for economic affairs and finance minister, urged economic ministers Friday to step up their efforts to help pass economic stimulus bills pending in the National Assembly. “Legislative support is needed from the National Assembly in order to revive the economy. However, many of the economic stimulus bills are still pending, dragging down the government’s push to jumpstart the slowing economy,” Choi said in an emergency meeting with economy-related minist

Industry Aug. 8, 2014

Korea to hold international irrigation, drainage congress

Global agricultural leaders and professionals are to gather next month at the International Commission on Irrigation and Drainage Congress hosted by South Korea’s Ministry of Agriculture, Food and Rural Affairs, and the Korea Rural Community Corporation. The ICID Congress ― the largest international conference on irrigation and drainage ― will bring together up to 1,200 government officials and specialists from 60 countries who will share their knowledge and research in Gwangju from Sept. 14-20.

Industry Aug. 7, 2014

Korea to hold international irrigation, drainage congress

KB Financial bets big on diversification

KB Financial Group, the nation’s largest financial group, expects its persistent efforts toward business diversification to help it overcome a recent crisis involving extensive data leaks. The diversification scheme is mainly focused on weaning the group off its traditional banking businesses to branch out into non-banking sectors, such as insurance and loan brokering.One example is its launch of KB Capital in March, following its acquisition of Woori Financial.Only five months in, KB Capital ha

Industry Aug. 7, 2014

KB Financial bets big on diversification

Korea EXIM Bank issues bonds worth $1 billion

The Export-Import Bank of Korea said it has issued foreign currency bonds worth $1 billion to investors in the global market on Wednesday. The bank issued 5-year and 12-year bonds to raise $500 million with each, and their interest rates were 72.5 bps and 85 bps higher than U.S. government bonds, respectively. In particular, the 5-year bond’s interest rate is the lowest since the global financial crisis in 2008, the bank’s official said. Their interest rates are around 17.5 to 45 bps lower than

Industry Aug. 6, 2014

Low female employment rate weakens Korea’s productivity

Analysts warned Tuesday that Korea’s productivity will suffer if Asia’s fourth-largest economy fails to address its low rate of female workforce participation. South Korea continues to struggle with low female economic activity due to socioeconomic factors including a lack of financial support for child care and education, and discrimination.The analysts suggested government intervention and policy revisions that could benefit both private companies and female workers.Easing the taxes on working

Industry Aug. 5, 2014

Low female employment rate weakens Korea’s productivity

‘Live your today,’ Hanwha Life ad tells viewers

Hanwha Life Insurance, the nation’s second-largest insurer, is reaching out to customers with heartfelt a advertising campaign. Its latest television commercial, called “Live your today,” is part of a series of marketing initiatives encouraging people to lead happier lives. The new commercial questions the traditional way of thinking that calls for the younger generation to sacrifice the present for a better future, emphasizing that the more important values in life involve pursuing true happine

Industry Aug. 4, 2014

‘Live your today,’ Hanwha Life ad tells viewers

Death toll from quake in south China rises to 398

Rescuers dug through shattered homes Monday looking for survivors of a strong earthquake in southern China's Yunnan province as the death toll rose to at least 398 people, with more than 1,800 injured. About 12,000 homes collapsed when the quake struck Sunday afternoon in impoverished Ludian county, around 370 kilometers (230 miles) northeast of Yunnan's capital, Kunming, China's official Xinhua News Agency reported.Ma Yaoqi, an 18-year-old volunteer in the quake zone, said by phone that at leas

World News Aug. 4, 2014

N. Korea's trade with China falls 2.1 pct in H1

North Korea's trade with its economic lifeline China fell 2.1 percent on year to US$2.89 billion in the first six months of this year, data compiled by South Korea's government trade agency showed Monday, in another sign that strained political ties between the two nations have affected their economic relations.During the six-month period, North Korea's exports to China declined 3.9 percent to $1.31 billion and imports slipped 0.6 percent to $1.58 billion, according to the data provided by the B

North Korea Aug. 4, 2014

KB’s LIG takeover bid faces hurdles

Speculation is rife that KB Financial Group’s attempt to buy LIG Insurance may fail as the banking group’s top executive may face severe sanctions from financial authorities.KB Financial Group is scheduled to submit the application to financial authorities this week to take over the country’s fourth-largest nonlife insurer, according to market watchers. The banking group promised to apply within 45 days of signing a deal with LIG Insurance on June 27. The deadline is Aug. 11. KB Financial Group

Industry Aug. 3, 2014

Naver profit rises 38% on robust overseas sales

Naver, South Korea’s largest search engine, on Thursday said its operating profits rose 38 percent in the second quarter, driven by its strong overseas performance. The company posted 191.1 billion won ($186 million) in business profits to record a 38 percent rise from the 189.1 billion won a year ago. Sales were at 697.8 billion won, representing a 22 percent increase compared to the same period in 2013. “The growth in sales was driven by a solid performance from overseas businesses including L

Industry July 31, 2014

[Weekender] ‘Joint efforts needed for data protection’

Social media is an important digital platform to build social networks and share activities. According to the Korea Internet & Security Agency, around 55 percent of South Koreans used social media in 2013, and the number is expected to rise this year. With more personal information being exposed online, however, experts are voicing concerns about privacy issues. They say digitalized personal information can be a target for hackers or criminals, who attempt to take advantage of such data. “South

Technology July 25, 2014

[Weekender] ‘Joint efforts needed for data protection’

Kakao to launch mobile news service

Kakao Corp., the operator of Korea’s most-used mobile messenger Kakao Talk, is scheduled to launch a news content service later this year.“We plan to start offering news content that collects and shows information from news, blogs and social networking services. For this, the company is in talks with media outlets to open the new mobile service in the second half of this year,” Kakao’s spokesperson said Friday. The service will reportedly be launched in September. Kakao’s move to launch a news s

Industry July 25, 2014

Windshield navigation may become a reality

Displaying navigation information on car windshields may become reality in about a decade, according to a local display expert. “If thin, transparent and curved display panels could be attached to a windscreen, drivers would be able to see navigation information displayed there,” Chu Hye-yong, head of the Electronics and Telecommunications Research Institute’s display research department, said in an interview with The Korea Herald. The related technology is expected to become commercialized by n

Industry July 23, 2014

Windshield navigation may become a reality

Foreign handset makers eye Korea

Foreign smartphone makers are eyeing the domestic market, which has so far been nearly impenetrable due to strong local brands. Experts say that although the foreign brands may not perform impressively in the short term, they may gain more popularity down the road as more users become attracted to the lower prices and unique designs. Sony, Acer and Asus already launched smartphones in the domestic market over the last couple of months, with prices ranging between 160,000 won and 350,000 won ($15

Industry July 21, 2014

Foreign companies eye local mobile game market

Foreign game companies are eyeing South Korea’s 1.3 trillion won ($1.2 billion) mobile game market, which is the second largest globally, behind only Japan. The London-based King Digital Entertainment and Helsinki-based Supercell in may began promoting their marquee mobile games “Candy Crush Saga” and “Clash of Clans” in the domestic market. Supercell spent around 10 billion won advertising “Clash of Clans” on television, subway platforms and billboards over the last couple of months. The commer

Industry July 20, 2014

Foreign companies eye local mobile game market

Articles by Shin Ji-hye