The Korea Herald

안녕하세요 Korea Herald 기자입니다.

Articles by Korea Herald

Foreign ownership of Korean state bonds hits a record 16%

Dec 7, 2011

Foreign investors have been raising their holdings in Korean government bonds, data showed on Wednesday, amid mixed reactions about its impact on the Korean economy. According to data from the Financial Supervisory Service and the Korea Financial Investment Association, the amount of listed government bonds owned by foreign investors reached 63.06 trillion won ($55.9 billion) at the end of November, accounting for 16 percent of total government bond ownership. The record-high foreign bond owners
Shares close higher on eased Europe woes

Dec 7, 2011

South Korean stocks rose 0.87 percent on hopes that European leaders will take strong actions to deal with the lingering debt problems at a summit later this week, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI gained 16.6 points to 1,919.42. Trading volume was moderate at 396.5 million shares worth 5.7 trillion won ($5.06 billion) with gainers leading losers 577 to 256.“Hopes are high that European leaders will move to change rules to force eurozone countr
Korea to cut housing transfer taxes, ease regulations

Dec 7, 2011

The government plans to lower capital gains taxes on home transactions for multiple homeowners and ease regulations on apartment redevelopment in affluent southern Seoul as it strives to prevent a sluggish real estate market from dragging down the economy.Officials on Wednesday rolled out a package of measures to rejuvenate housing transactions which also include more support for cash-strapped construction firms and low-income earners.The government will submit related bills to the National Asse
Korean economy to grow 3.5% in 2012, Goldman Sachs says

Dec 7, 2011

The Korean economy should grow 3.5 percent next year, slowing from an earlier estimate of 3.7 percent due to the eurozone debt crisis, and expand 4.1 percent in 2013, Goldman Sachs said on Wednesday. “There are many factors at work, and it’s true that people read confusion out of the current situation, but there won’t be a repeat of the 2008 turmoil,” said Kwon Goo-hoon, chief economist at Goldman Sachs, at a press briefing in Seoul.In the short term, a bearish mood will prevail in the first hal
Workforce to shrink to half of population by 2060: report

Dec 7, 2011

The proportion of the country aged 15-64 will shrink to 49.7 percent by 2060, a government report said Wednesday.Statistics Korea said the shrinkage of the “economically active” population will be gradual as the working population began shrinking in the past five years for the first time in history.The number of working age people, standing at 35.98 million, or 72.8 percent of the population now, will increase to 37.04 million until 2016, and decline to 21.87 million, or 49.7 percent of the coun
U.S. officials visit Seoul to discuss N. Korea, Myanmar

North KoreaDec 7, 2011

U.S. special envoys dealing with North Korea and Myanmar policy arrived in South Korea Wednesday for separate visits to discuss the next steps in dealing with the traditionally repressive regimes, officials here said.Glyn Davies, the U.S. special representative for North Korea policy, arrived in Seoul as part of his first East Asia tour since being appointed in October.During his five-day stay in South Korea, Davies is scheduled to meet Thursday with Lim Sung-nam, Seoul’s chief envoy to the stal
SK vice chairman summoned again over embezzlement charges

Social affairsDec 7, 2011

SK Group‘s vice chairman was called back for questioning by prosecutors Wednesday on suspicions he embezzled nearly 100 billion won ($88.7 million) of the group’s funds in collusion with his elder brother.Chey Jae-won reappeared at the central prosecutors‘ office in southern Seoul at around 10 a.m., for his second interrogation over the embezzlement charges. It came less than a week after he underwent 16 hours of intensive interrogation on Friday.“I came here to sincerely answer questions (that
Second women‘s university launches ROTC unit

Social affairsDec 7, 2011

A Seoul women’s university will launch a unit of female cadets for an officer-training program this week, becoming only the second local women-only college to do so, the Army said Wednesday.The Army said Sungshin Women‘s University will have the launching ceremony for its Reserved Officer Training Corps (ROTC) program Thursday. The Army has picked 30 cadets from the school.Sungshin joins Sookmyung Women’s University, also based in Seoul, as the only female-only schools to run the ROTC program. S
NO2 pollution in Seoul above national limits

Social affairsDec 7, 2011

Seoul has consistently exceeded the national limits on toxic air pollutants for a decade, according to research released Wednesday.The report by the Seoul Development Institute said that the amount of nitrogen dioxide in Seoul exceeded the national limit from 2000 to 2009.Nitrogen dioxide is a toxic pollutant which can cause respiratory problems and other health problems including bronchitis, pneumonia and asthma.The institute found that air near high-traffic areas, mainly roads, was between 49
U.S. visa quota not in sight despite FTA

Foreign affairsDec 7, 2011

Seoul pushing U.S. Congress for visa allocation for Korean professionalsThe Korean government once set a U.S. visa quota for Korean professionals as a major goal of the Korea-U.S. Free Trade Agreement.However, the bilateral trade deal, ratified by the Korean parliament last month, did not include the visa issue at all, disappointing many Korean professionals who hoped to find getting a job in the U.S. easier ― just like Australians who earned a quota of 10,500 a year through a bilateral trade de
North Korea applied for two patents this year

North KoreaDec 7, 2011

North Korea applied for just two international patents from the World Intellectual Property Organization this year, the Washington-based Radio Free Asia reported on Wednesday.The WIPO said that the North applied in April for a patent on cast-iron welding rods. But it did not disclose what the other was for.The reclusive state made three applications for international patents in 2007, seven in 2008 and four last year. It did not apply in 2009.Experts said that the low number of applications indic
Seoul to increase ‘foreign correspondents’

Social affairsDec 7, 2011

Seoul plans to increase the number of information gatherers it has in developed countries, officials announced Wednesday.Seoul Metropolitan Government plans to expand the number of “foreign correspondents” in the U.S. and euro zone.The capital already has 145 correspondents in 80 cities in 33 countries who gather and send information on the cities’ policies. The program began in 2008 and has since provided Seoul with information that it could possibly implement into its own policy.The city said
GNP staggers amid leadership turbulence

PoliticsDec 7, 2011

The resignation of three members of the ruling Grand National Party’s top decision-making body on Wednesday struck a blow to the party’s leadership and chairman Rep. Hong Joon-pyo.Reps. Yoo Seong-min, Won Hee-ryong and Nam Kyung-pil resigned as Supreme Council members in an attempt to rescue the party’s credibility in the wake of a recent cyber attack scandal.Though Rep. Hong refused to step down immediately, observers say that his leadership has effectively collapsed and should be replaced by t
Korea, Indonesia sign agreement on military supplies

DefenseDec 7, 2011

Korea signed a memorandum of understanding with Indonesia to cooperate in the fields of military supplies and services on Wednesday.The agreement came three months after the two countries signed an MOU to establish a committee on bilateral cooperation in the military equipment industry on Sept. 9.The agreement was signed by Korea’s Army Major General Chun Dong-woon and Indonesian Army Logistics Assistant Major General Hari Krisnomo in Jakarta.Under the agreement, Korea and Indonesia will provide
N.K. documents show loss of military discipline

North KoreaDec 7, 2011

North Korea’s internal military educational documents highlighted its reclusive leader Kim Jong-il’s concerns about a loss of discipline in his military, three experts here said this week.Kim chided his soldiers for a series of misdeeds, including stealing military property, beatings among personnel and desertion, according to the documents published in the early and mid 2000s.On Monday, Lee Gyo-deok, senior researcher at Korea Institute for National Unification, Chung Kyu-sup, North Korea exper