The Korea Herald

Korea, Australia to ink FTA this year

PoliticsApr 25, 2011

Leaders agree to expedite negotiations, expand natural resources ties President Lee Myung-bak and Australian Prime Minister Julia Gillard agreed during summit talks here Monday to conclude bilateral free trade deal negotiations this year, Lee’s office said. “The leaders agreed that negotiations on an Australia-Korea free trade agreement were now in their final stage and reaffirmed their joint g...
ROTC program grows popular among coeds

Social affairsApr 25, 2011

The Army’s college-based program to train officers is drawing keen attention among young women now that they are allowed to enroll in the Reserve Officer Training Corps as of last year, officials said Monday. South Korea’s Army picked 60 female ROTC cadets from seven selected universities last year as part of its efforts to secure more talented female officers and give more opportunities to wome...
Four charged with rape of hagwon teacher

Social affairsApr 25, 2011

Four teenagers have been charged with the gang rape of an English teacher in Anyang, Gyeonggi Province. The three university students and one unemployed man are accused of taking turns raping the 24-year-old hagwon teacher at a motel on April 12 after meeting her at a bar. The teacher, who is from the U.S., had been drinking with the men after friends she had been with left, according to Anyang...
Elite Air Force troops sharpen combat skills

PoliticsApr 25, 2011

Fearless Air Force special warfare troops hurled themselves out of a C-130 military plane at an altitude of about 500 meters as part of their five-day biannual exercise that began in Uiryeong, South Gyeongsang Province, on Monday. Wearing safety and combat equipment weighing more than 40 kilograms, 23 soldiers of the Combat Control Team belonging to the 5th Tactical Airlift Wing safely landed on...
Rocket launchers deployed on border islands: source

DefenseApr 25, 2011

The South Korean military has deployed a set of multiple launch rocket systems on two of the northwestern border islands in efforts to prepare for North Korean provocations, a government source said Monday. The source said some 10 systems have been sent to Bangnyeong and Yeonpyeong Islands near the western maritime border, where North Korean military attacks have persisted. “The rocket systems ...
Umbrella unions join forces

Social affairsApr 25, 2011

FKTU, KCTU leaders agree to team up against labor policy The heads of the nation’s two umbrella unions vowed Monday to stand against what they call a oppressive Lee Myung-bak administration and influence the by-elections slated for Wednesday. This is the first time the two groups jointly and publicly denounced the administration. Lee Yong-deug, head of the more moderate Federation of Korean Tr...
Yemen’s Saleh left with room for movement

World NewsApr 25, 2011
Korea to boost energy ties with Latin America

IndustryApr 25, 2011

A Korean delegation team led by Second Vice Minister of Knowledge Economy Park Young-june will visit South America from April 26 to May 5 in an effort to boost energy ties with the region, the ministry said Monday. The delegation, which includes officials and local developers, will tour Mexico, Colombia, Venezuela and Peru, the ministry said. Officials from state-run firms Korea Electric Power C...
Samsung, Sony LCD venture to cut capital

IndustryApr 25, 2011

S-LCD Corp., a venture between Samsung Electronics Co. and Sony Corp., said Monday that it will reduce capital through a share cancellation as part of efforts to improve its capital structure. In a regulatory filing, the venture said the number of its shares will be reduced to 660 million from the current 780 million, with its capital base to be cut to 3.3 trillion won ($3.05 billion) from 3.9 t...
Corporate executives getting younger

Apr 25, 2011

Average executive at Korea’s top 100 companies is 52.5 years old, 4 years younger than in 2006 Corporate top brass are getting younger by the year, with the average age of executives at Korea’s top 100 companies surveyed at 52.5 years last year, having shed almost four years since 2006. Five years earlier, the average executive was 55.9 years old. Monday’s figures from the Korea Listed Compani...
Income polarization deepens

Apr 25, 2011

Income inequality widened over the past decade, with the gains among the top 20 percent rising by more than half while those of the poorest 20 percent more than halved, the tax agency said Monday. Taxable income reported by the wealthiest 20 percent stood at an average of 90 million won ($83,210) in 2009, up 55 percent from 1999 when the figure was 58 million won, the National Tax Services said....
LG Uplus launches app that locates local discounts

IndustryApr 25, 2011

LG Uplus said Monday it recently launched a location-based social shopping service which enables people to save points or take part in events while they shop in its listed stores. Having launched the service named “Ding dong” last Monday, it is currently offering it in 1,000 locations in Seoul, including at The Face Shop, Beautiplex and some coffee shops and restaurants, said Ro Se-yong, senior ...
FSS admits savings bank info leak

Apr 25, 2011

The Financial Supervisory Service is facing allegations that it failed to prevent its internal information from being leaked concerning the regulatory policies on savings banks. Among the allegations are that several customers of Busan Savings Bank withdrew large deposits a day before regulators suspended operations of the distressed bank in February. It has been alleged that key staffers of Bu...
Soured construction loans threaten banks

Apr 25, 2011

Five major banks see overdue project finance loans hit W3.3tr Troubled soured loans issued to the construction sector, which have already dealt serious blows to some savings banks, may also threaten the financial soundness of commercial banks. Savings banks saw defaults on their troubled construction-related financing loans ―known as PF loans ― sharply driven up by the property market slump tha...
Minister stresses need for nuclear safety

Apr 25, 2011

South Korea needs to strengthen its nuclear reactor safety protocol to ensure there are no problems with its atomic power production, the commerce minister said Monday. The remarks come amid growing concern over the safety of atomic energy after the disastrous earthquake in Japan damaged reactors at the Fukushima nuclear power plant, prompting radiation leaks. “There is a need to pay close atte...