South Korea plans to sell 7.3 trillion won ($6.1 billion) worth of state bonds next month, the finance ministry said Thursday. The government will issue 1.75 trillion won worth of bonds with a maturity of three years and 1.65 trillion won worth of five-year bonds.It also plans to sell 1.95 trillion won worth 10-year Treasurys and a combined 1.95 trillion won of bonds with a maturity of between 20 and 30 years.The ministry added that it sold 4.64 trillion won worth of Treasurys in December.Earlie

A photo of a coffee bar in Pyongyang carried by Chosun Sinbo, a pro-North Korean newspaper published in Japan. (Yonhap)North Koreans in the capital city of Pyongyang are three times as rich as those in other areas, South Korea's state-run think tank said Thursday, in the latest sign of the deepening economic divide in the communist country.Pyongyang's per capita gross domestic product is estimated to be at between $2,658 and $2,715 as of 2008, compared with a range of $791 and $1,213 in the Sout

Exports by South Korea’s venture firms grew more than 20 percent in November, a silver lining amid sluggish overall exports, data from a government-backed trade agency showed Thursday. In November, a total of 2 trillion won ($1.66 billion) worth of goods made by venture firms were shipped overseas, jumping 21.7 percent from a year ago. In the same month, overall exports grew only 2.7 percent, according to data from the Korea International Trade Association. It is the first time the gro

The Korea Trade-Investment Promotion Agency has signed a memorandum of understanding with a Chinese private fund management firm to invest in small and medium-sized firms with high potential, the trade agency said Thursday. KOTRA and KCA Capital Partners, which is partially owned by China’s leading investment group China International Capital, will cooperate to find companies in the fields of games and entertainment as well as consumer goods and help their entry into Chinese and Associ

Renault Samsung Motors, the South Korean unit of French carmaker Renault S.A., will be fully in charge of the research and development of new sport utility vehicles for the Renault group, the company said Thursday.  Renault Samsung mid-sized SUV QM6 (Renault Samsung)The decision follows the success of the mid-size SUV QM6 which sold more than 10,000 units in Korea since its launch in September. QM6, also known as the Koleos overseas, was developed by the Renault Samsung Technical Center in Yongi

  The South Korean government and private entities will invest about 7 trillion won ($5.88 billion) in 12 new promising sectors over the next five years, the Ministry of Trade, Industry and Energy said Wednesday. The ministry and some 30 companies and organizations announced detailed strategies to boost the new industries selected as being central to South Korea’s “fourth industrial revolution.” The partnership picked the new fields based on macro trends, the country&r

More than 9,000 cars sold by GM Korea and Ford Sales & Service Korea will be recalled due to mechanical problems, the Transport Ministry said Wednesday. GM Korea, the South Korean unit of US carmaker General Motors, will recall 4,330 units of its minitruck Labo and 4,202 Damas minivans produced between Nov. 24, 2015 and Nov. 21, 2016, due to defective fuses that could interrupt fuel injection, causing the car to lose power, the Ministry of Land, Infrastructure and Transport said. Free repa

Hyundai Motor Group wrapped up its year-end strategy meeting on Tuesday, with plans to expand its SUV and new energy vehicle lines next year. The group, the owner of South Korea’s two biggest carmakers Hyundai Motor Co. and Kia Motors Corp., will introduce more sport utility vehicles tailored to local markets and new energy vehicle lines to spur growth in 2017, the company said. Hyundai Motor Group headquarters in Seoul. (Yonhap)Both carmakers will unveil new small SUVs next year in Korea and in

Last week, Hyundai Motor and its affiliate Kia Motors won a total of four design awards at the Good Design Awards in the US. Hyundai Ioniq, the Kia K7 -- also known as the Kia Cadenza overseas -- the Kia Telluride and Genesis’ concept car “Vision G” were among 13 vehicles awarded in the transportation category at the oldest and the most prestigious architecture and design awards.  Genesis’ concept car “Vision G”　The annual awards are given to products with creative designs in various areas joint

SHARING WARMTH -- From left: Chung Moon-sik, head of the KT CS Labor Union, Lee Eung-ho, executive director of KT CS, Park Hyung-jung, head of the Daejoen branch of the Ministry of Employment and Labor, and Kang Tae-in, head of the Yongun Welfare Center, pose for a photo Friday. KT CS, KT’s contact business operator, donated winter supplies, such as oil and coal briquettes, worth 20 million won ($16,900) on Friday to low-income families. (KT))

Kia Motors’ hybrid crossover utility vehicle Niro has been recognized by the Guinness World Records for the lowest fuel consumption, the company said Friday. Kia Motors’ hybrid crossover Niro (Kia Motors America) 　The 2017 Niro EX traveled 5,977.9 kilometers from Los Angeles to New York City between Dec. 4 and 11, using a total of 183.6 liters of gas. This marks a record of 3.7 liters per 100 kilometers, for the lowest fuel consumption drive across the US from coast to coast.The official fuel ec

South Korea’s leading automaker Hyundai Motor Co. is planning to show off its self-driving technology at the largest consumer electronics show in Las Vegas next month, the company said Thursday.Two models of Hyundai’s Ioniq hatchbacks -- one electric and one hybrid -- will hit the road without a driver during the annual Consumer Electronics Show, which will be held from Jan. 5-8. Hyundai unveiled its self-driving Ioniq concept car at the the Los Angeles Auto Show on Nov. 16. The car has received

South Korea’s auto exports to Algeria soared in October as Hyundai Motor assembly plants have begun operations there, a trade agency said Wednesday. Exports of passenger cars to the North African country jumped 51.5 percent in the first 10 months of this year to $92.56 million due to high growth in October, according to the Korea Trade-Investment Promotion Agency. Shipments of commercial vehicles also rose 11.1 percent to $5.75 million during the same period.  The increase came

The Korea Herald is publishing a series of articles on moves made by the companies and governments of South Korea, China and Japan in entering the new Industry 4.0 era. This is the third installment. -- Ed. Shenzhen, CHINA -- Displayed in front of the main building of the BYD Auto headquarters in Shenzhen, China, are the company’s signature lineups: the Tang SUV, Qin compact sedan, compact crossover E6, pure electric busses K8 and K9, as well as its latest brainchild, the Skyrail monorail

South Korea’s exports of cultural products have dropped for two straight months, central bank data showed Monday, possibly due to the aftermath of a clampdown by main importer China. South Korea’s exports of cultural products such as TV programs, music, movies and performance guarantees in October declined 21.7 percent from September to reach $51.5 million. It marked a second consecutive monthly fall and the smallest monthly total in 13 months. The recent decline compares with the u

South Korea’s outbound shipments of automobiles, one of the country’s top exports, are set to decline for two consecutive years this year, handing over the world’s third-largest auto exporter title to Mexico, government data showed Sunday. A total of $36.07 billion in vehicles was shipped overseas in the first 11 months of this year, declining 13 percent from the previous year’s $41.43 billion, according to data by the Ministry of Trade, Industry and Energy.  A

Hanwha Engineering & Construction Corp. held the 2016 Offshore Wind Conference in Seoul on Wednesday in a bid to boost cooperation for the Sinan power plant project. During the conference, 150 experts from domestic and foreign companies, including Doosan Heavy Industries and Construction and FUGRO, gathered to discuss business and technological issues concerning offshore wind power. “The interest for offshore wind power has increased amid global efforts to cut greenhouse gas emission and new ene

When China’s exports to the US decline, so do South Korean exports to China. But the trend seems to be weakening, according to new analysis by South Korea’s central bank released Wednesday. According to the Bank of Korea, which analyzed the final destinations of exported Korean goods using the World Input-Output Table based on the 2001-2014 period, if China’s exports to the US decline 10 percent, South Korea’s total exports would fall 0.36 percent. The analysis was con

The number of anti-dumping measures taken against South Korean goods has increased this year, with half of such measures targeting steel and petrochemical products, data showed Wednesday. A total of 132 anti-dumping measures have been imposed on South Korean-made goods in the first 11 months of this year, according to data compiled by the Korea International Trade Association. It compares to 106 cases in all of last year. Anti-dumping measures are duties applied on imported goods when they

GM Korea’s Chevrolet Malibu, Renault Samsung’s SM6 and K7 from Kia Motors were named the 2016 safest car of the year during a ceremony held by Korea’s transportation ministry Tuesday. The Ministry of Land, Infrastructure and Transport examined a total of 14 new vehicles launched from July 1, 2015 to June 30, 2016 in South Korea. Nine domestic and five imported cars were reviewed for the annual assessment.  Renault Samsung's SM6 (Renault Samsung)The Chevrolet Malibu by GM Korea, the South Korean