Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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[Newsmaker] Scandals plunge Kookmin Bank into crisis
KB Kookmin Bank, the nation’s second-largest lender, is facing what some financial market analysts said is the biggest crisis ever since its foundation in 1963 for its alleged involvement in a widening financial corruption scandal.Seoul prosecutors launched an investigation on Wednesday into the bank on suspicions of its employees’ involvement in illegal loans and embezzlement of customers’ deposit money, and raising slush funds.Later in the day, bank CEO Lee Kun-ho apologized to the public for
Nov. 27, 2013
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[Graphic News] Korea’s underground economy
The size of Korea’s underground economy reached an estimated 314.3 trillion won in 2012, about 24.6 percent of its nominal gross domestic product, according to a report by LG Economic Research Institute released Tuesday.It is an increase of 8.4 percent from the 289.8 trillion won recorded in 2010. The Park Geun-hye government seeks to bring the shadow economy to light to raise tax revenue.
Nov. 27, 2013
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Doctors protest telemedicine plan
Doctors, nurses and pharmacists on Wednesday protested the government’s plan to introduce telemedicine, saying the new practice would threaten businesses, jobs and the quality of medical service.“Telemedicine would lower the quality of medical service and jeopardize operations of local clinics and regional hospitals,” the groups said in a joint news conference.“The introduction of the technology will cut at least 50,000 jobs in the medical service industry,” they said.The event was joined by fiv
TechnologyNov. 27, 2013
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FTC to launch 'commitment decision' process for probe into Internet portal operators
South Korea's antitrust watchdog said Wednesday that it has decided to launch a streamlined and less time-consuming process called "commitment decision" in probing two major Internet portal operators accused of hurting fair market competition by using their dominant position. This move would likely help NAVER Corp. and Daum Communications Corp. avoid a huge amount of penalties from the Fair Trade Commission's probe. The two have been under investigation for hurting fair market competition since
IndustryNov. 27, 2013
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[Photo News] One of kind in Korea
MobilityNov. 27, 2013
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Schreyer sees Hyundai-Kia rivalry as crucial for design edge
Peter Schreyer, the design mastermind behind Hyundai Motor Group and its affiliate Kia Motors, believes that competition with each other has made the two brands stronger. And the two carmakers are about to vie with each other again in the all-important U.S. market next year, when the two sister firms launch their flagship luxury sedans ― the Hyundai Genesis and the Kia K9. “Competition is always good,” the Hyundai-Kia chief design executive told The Korea Herald during the launching event for th
IndustryNov. 27, 2013
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LG Electronics names new presidents
LG Electronics said Wednesday that it has named three new presidents along with other top executives. Park Jong-seok, president and CEO of LG Electronics’ mobile communications division, will be promoted to company president while maintaining his current position. Ha Hyun-hoi, executive vice president of LG Corp., was named president and CEO of LG Electronics’ home entertainment division, while Jung Do-hyun, its executive vice president and CFO, will be promoted to president. Kwon Hee-won is ste
IndustryNov. 27, 2013
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Mercedes-Benz Korea aims to double sales by 2020
“If you can make it here, you can make it anywhere,” said Daimler Group chairman Dieter Zetsche at a press conference marking the launch of the new S Class by Mercedes-Benz Korea in Seoul on Wednesday. He was talking about Korea being a market where customers are demanding customers and very savvy where Internet technology is concerned. And given Korea’s IT prowess, it makes sense for the German carmaker to learn and build on telematics and other driving solutions by building a Mercedes-Benz res
MobilityNov. 27, 2013
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Ministry sells IBK shares for privatization
The Ministry of Strategy and Finance said Wednesday that it has sold part of its share in the state-owned Industrial Bank of Korea to domestic and foreign institutional investors via block trade.It sold a total of 23.24 million shares, or 4.2 percent, of IBK, at 11,400 won ($10.70) per share evenly to foreign and domestic investors, the Finance Ministry added.The shares sold at a 5 percent discount on Tuesday’s market closing price of 12,000 won per share, it noted. The sale amounted to 265 bill
Nov. 27, 2013
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Hankook Tire to supply tires to BMW X5
Hankook Tire said Wednesday that it has signed a contract with BMW to supply its high-performance tires to the German carmaker’s premium sport utility vehicle X5. This is the tire maker’s fifth supply deal with BMW, following those for the BMW Mini and the BMW 1, 3 and 5 Series sedans. The Ventus S1 Evo is an ultra-high-performance tire product designed exclusively for SUVs that reduces rolling resistance and allows for more fuel-efficient driving, the company said. “Supplying our original equip
IndustryNov. 27, 2013
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IMF names ADB economist as Asia-Pacific head
The International Monetary Fund announced Tuesday it has named the chief economist of the Asian Development Bank as the new director of its Asia-Pacific Department.The IMF’s Managing Director Christine Lagarde said Rhee Chang-yong, the former vice chairman of South Korea’s Financial Services Commission, will take on the role as the new Asia-Pacific head starting February of next year.The decision came after Anoop Singh, the current head of its Asia-Pacific bureau, recently offered to retire from
IndustryNov. 27, 2013
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Foreign ownership of Korean land grows in Q3
Foreign ownership of land in South Korea inched up from three months earlier in the third quarter, marking a turnaround from the previous quarter, the government said Wednesday.According to the Ministry of Land, Infrastructure and Transport, the amount of land owned by foreign investors or companies here came to 225.76 million square meters as of the end of September, up 0.01 percent from three months earlier.The land owned by foreign entities accounted for 0.2 percent of the country’s total are
Nov. 27, 2013
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Heads of WB, IMF to visit Korea next week
The heads of the World Bank and the International Monetary Fund will visit South Korea next week to attend a launch ceremony for a climate fund office, the Finance Ministry said Wednesday.Jim Yong Kim of the WB and Christine Lagarde of the IMF will attend the ceremony to mark the opening of the secretariat office of the Green Climate Fund. It will be held on Wednesday next week in Songdo, west of the country’s capital of Seoul. South Korea was chosen last October to host the U.N. fund that aims
Nov. 27, 2013
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Candidate for ITU unit chief vows to bridge digital divide
A Korean candidate for director of a U.N. agency for telecommunications said that South Korea can play a critical role in bridging the gap between developed and less-developed nations through the world’s information and communication technology sector. “Korea is now in a position to lead the world’s ICT industry. It is not a follower anymore,” said Lee Chae-sub, a candidate for the director of the Telecommunication Standardization Sector, a division of the International Telecommunication Union (
TechnologyNov. 27, 2013
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KEPCO powers its way into Middle East market
AL QATRANA, Jordan ― The state-run Korea Electric Power Corp. is using its diversified business portfolio to further its decade-long effort to penetrate the Middle East power market.KEPCO-led power plant projects in the Middle East include gas, nuclear power and renewables. “KEPCO is building a reputation as a reliable independent power provider in the region, based on its success in Jordan,” Yun Seok-bae, CEO of Qatrana Electric Power Co., told The Korea Herald. QEPC is a joint venture between
Nov. 27, 2013
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Sony seeks ‘SmartWig’ patent for hairpieces with camera, sensors
Sony Corp., which popularized portable music players with the Walkman, is seeking a U.S. patent for “SmartWig” hairpieces that could help navigate roads, check blood pressure or flip through slides in a presentation.The wig would communicate wirelessly with another device and include tactile feedback, Sony said in the filing with the U.S. Patent & Trademark Office. Depending on the model, the hairpiece may include a camera, laser pointer or global positioning system sensor, it said.The developme
TechnologyNov. 27, 2013
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Calm solar cycle prompts questions about Earth impact
WASHINGTON (AFP) ― The surface of the sun has been surprisingly calm of late ― with fewer sunspots than anytime in the last century ― prompting curious scientists to wonder just what it might mean here on Earth.Sunspots have been observed for millennia ― first by Chinese astronomers and then, for the first time with a telescope, by Galileo in 1610.The sunspots appear in roughly 11-year cycles ― increasing to a daily flurry and then subsiding drastically, before amping up again.But this cycle ― d
TechnologyNov. 27, 2013
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‘Watching sports can make you fitter’
SYDNEY (AFP) ― Watching sports can make you fitter, according to research that says viewing other people exercise increases heart rate and other physiological measures as if you were working out yourself.The study, published in the international journal Frontiers in Autonomic Neuroscience, showed that when watching a first person video of someone else running, heart rate, respiration, skin blood flow and sweat release all increased.They returned to normal at the conclusion of the “jog.”Researche
TechnologyNov. 27, 2013
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Comet ISON dances with the sun, death
WASHINGTON (AP) ― Comet ISON is teasing the solar system as it dances with the sun and it’s giving astronomers mixed signals.Will it meet a fiery death ― or survive ― when it whips around the sun on Thursday?The icy comet will be only about 1.6 million kilometers away from the sun’s super-hot surface during its close encounter on Thanksgiving. On Monday, it looked like it was about to die even before it got there. On Tuesday, it appeared healthy again.“We have never seen a comet like this,’’ Nav
TechnologyNov. 27, 2013
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Seoul shares rise 0.31 pct on institutional buying
South Korean stocks inched up 0.31 percent on Wednesday as institutional investors scooped up local shares with telecommunication shares and shipbuilders rising, analysts said. The local currency fell against the U.S. dollar.After trading in a narrow range, the benchmark Korea Composite Stock Price Index (KOSPI) gained 6.17 points to 2,028.81. Trading volume was moderate at 252.8 million shares worth 3.63 trillion won ($3.42 billion) with gainers outpacing losers 446 to 367."Foreign selling cont
Nov. 27, 2013