Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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‘Samsung may showcase new Galaxy, ATIV devices in June’
Samsung Electronics Co. said Monday that it would hold an event called “Samsung Premiere 2013 Galaxy & ATIV” next month in London, prompting speculation that the tech heavyweight may introduce new products for its Galaxy and ATIV lines.The South Korea-based firm did not reveal the specifics in the invitation but tech journalists are suspecting that the name of the event indicates new gadgets for the Android-based Galaxy line and Windows-based ATIV line will be headlining the event.As Samsung ann
TechnologyMay 28, 2013
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Commission halts operation of two nuclear reactors due to fake parts
The nuclear safety commission halted the operation of two nuclear reactors Tuesday, while also suspending the scheduled operation of two other reactors for substandard parts used in the reactors.Neither the shutdown of the reactors nor the substandard parts used in them posed immediate threats to public safety, according to the Nuclear Safety and Security Commission.The commission said it has shut down two reactors -- the Shin Kori Reactor 2 and Shin Wolsong Reactor 1 -- after learning that subs
TechnologyMay 28, 2013
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8 firms get poor shared growth marks
Eight large companies including Homeplus, CJ O Shopping and STX Heavy Industries have received failing marks in promoting shared growth with smaller partner firms.The National Commission for Corporate Partnership, which grades large businesses based on their efforts to seek coprosperity with small firms, announced on Monday the scores for 73 companies belonging to the country’s major conglomerates. Kolon Global, Hyundai Homeshopping, Hyundai Department Store, KCC and LSIS also failed in the annu
IndustryMay 28, 2013
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Seoul shares open higher on waning yen fear
South Korean stocks opened higher Tuesday, as a slowdown in the yen's depreciation encouraged investors to make risky bets, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.25 points, or 0.27 percent to 1,985.22 in the first 15 minutes of trading. Large-cap chemical makers and heavy industries led the gain, with LG Chem climbing 1.4 percent and Hyundai Heavy Industries, the world's largest shipyard, moving up 0.3 percent.The Japanese currency slowed its fast-descend
May 28, 2013
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Samsung world's No. 1 smartphone seller in Q1: data
Samsung Electronics Co. regained its status as the world's largest smartphone seller in the first quarter of the year, dethroning Apple Inc. in terms of revenue, data showed on Tuesday.Samsung sold smartphones worth US$23.62 billion in the January-March period, regaining the top spot lost to the iPhone maker in the fourth quarter of last year, according to the data by market researcher Strategy Analytics.The first-quarter figure is up $952 million from the previous quarter's reading, they showed
TechnologyMay 28, 2013
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FSS to facilitate opening of foreign financial branches
Korea’s top financial supervisor has pledged to reduce inconveniences experienced by foreign financial services firms operating in the country.“We plan to simplify business licensing procedures, which would shorten the period between foreign firms’ application for opening branches and regulators’ endorsement,” said Financial Supervisory Service Gov. Choi Soo-hyun during an interview with The Korea Herald last week. He took office in March as the first FSS governor under the Park Geun-hye adminis
May 27, 2013
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[Graphic News] SNU tops energy use in Seoul
Seoul National University was the most energy-hungry building in Seoul, a report showed Sunday.From 2011 to 2012, the university devoured 4,403 tons of oil equivalent, surpassing major hospitals, department stores, hotels and office buildings, the Seoul Metropolitan Government said.According to the officials, frequent use of experimental apparatus in laboratories and high energy loss typical of old buildings mainly contributed to the high energy use. The officials also assume the 22 percent elec
May 27, 2013
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[Photo News] Protection from toxic materials
IndustryMay 27, 2013
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K-sure, Eximbank to finance U.S. LNG project
The state-run Korea Trade Insurance Corp., known as K-sure, and Korea Export-Import Bank will offer $1.5 billion in loans to the “Sabine Pass” liquefied natural gas project in the U.S., K-sure said on Monday.The LNG project refers to the LNG-related facility expansion project at Sabine Pass in the state of Louisiana, which will allow the U.S. to export LNG for the first time in its history. The U.S. government has stepped up lifting a ban on LNG exports in line with the rising supply of natural
May 27, 2013
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Hyundai-Kia recall based on data, not politics: NHTSA
The recent recall decision on 1.7 million Hyundai and Kia cars in the United States was based on data, not politics, the chief of the U.S. National Highway Traffic Safety Administration told The Korea Herald on Monday.“Our agency is based on data. We don’t care if it’s a company in Detroit or Korea. Our job is safety on the U.S. road,” said David L. Strickland, administrator at the U.S. traffic safety agency. He was visiting Seoul to attend the International Technical Conference on the enhanced
IndustryMay 27, 2013
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FTC probing No. 2 Internet portal operator Daum
SEJONG (Yonhap News) ― South Korea’s antitrust watchdog has launched an investigation into Daum Communications Corp. on suspicion that it might have been using its market power to force suppliers to accept unfair business deals, sources said Monday.Earlier in the day, the Fair Trade Commission sent a team of investigators to the headquarters of Daum, the country’s second-largest portal operator, to obtain necessary data and documents, according to the sources.The probe will likely focus on wheth
IndustryMay 27, 2013
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Mahindra chief ranked 4th-top CEO to ‘follow’
Mahindra Group chairman Anand Mahindra’s Twitter handle (@anandmahindra) was recently ranked fourth on the global list of the top 25 CEOs to follow on Twitter by the CEO Guru blog, the group said on Monday. The chairman’s Twitter handle, which has almost 800,000 followers, was praised for being a “lively Twitter account with lots of regional flavor.” He is the only Indian to be featured on this list. The top three executives on the list were Virgin Group chairman Richard Branson, News Corp chair
IndustryMay 27, 2013
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Government aims to stabilize prices of farm products
The government on Monday announced a set of measures, including the expansion of direct transactions between producers and consumers, to limit price hikes of farm products.The Ministry of Agriculture, Food and Rural Affairs said the measures will help lower distribution costs by an average 10 to 15 percent by 2016.At the center of the plan is the National Agricultural Cooperative Federation, better known as Nonghyup, which will double its retail sales of farm products from 959.6 billion won ($84
IndustryMay 27, 2013
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Corporate Korea shaken by paper company list
The local corporate sector appeared to be shaken up by the latest data from the Korea Center for Investigative Journalism revealing an additional list of Koreans associated with conglomerates holding offshore accounts through paper companies in tax havens.“It’s the fact that these news reports are coming against the backdrop of the government’s drive for spurring fair competition between the big and little players as a part of its policy pledges for achieving economic democratization,” said one
IndustryMay 27, 2013
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Cayman Islands’ investment in Korea tops W7.7tr
The Cayman Islands is the largest investor as a tax haven country in the South Korean market, data showed Monday, amid growing suspicions here that some of the money belongs to rich Korean nationals disguised as foreigners running off-book accounts.The amount of investment by the British overseas territory in local stocks and bonds reached 7.7 trillion won ($6.82 billion) at the end of April, with the number of investors standing at 2,796, according to the data by the Financial Supervisory Servi
May 27, 2013
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Sri Lanka could serve as Korean firms’ gateway to India-Pakistan market
Sri Lanka has expressed hope that Korean firms will make more investments in the country, saying it was an ideal spot for a logistics hub in the South Asian region.“Ever since 2010, the year after the civil war ended, the country has been recording a steady growth rate of 8 percent or more every year,” Shivan de Silva, executive director of the Board of Investment of Sri Lanka, told The Korea Herald.Boosted by this sustainable growth, the Sri Lankan government is now all out to attract foreign d
May 27, 2013
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RCEP, first step toward economic integration in Asia
Recently I went to Brunei to engage in the first round of the Regional Comprehensive Economic Partnership, or RCEP, negotiations in my capacity as Korea’s lead negotiator. RCEP is not well known to the general public despite its importance and potential to our economy. The RCEP aims to create a free trade area in Asia, currently with the participation of 16 countries including Korea, Japan, China, Australia, New Zealand, India and 10 ASEAN countries.This opening meeting follows the official decl
May 27, 2013
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Seoul opens international dispute arbitration center
The Seoul International Dispute Resolution Center opened on Monday to help local and foreign companies operating in Korea settle international business disputes, officials said.The Korea Commercial Arbitration Board, the Seoul Metropolitan Government, lawyers and nonprofit organizations joined together to establish the IDRC.KCBA officials said the new arbitration hearing center was established to promote Korea as the East Asian hub of international law as well as its advanced environment for glo
May 27, 2013
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Seoul shares gain 0.33 pct on eased yen woes
South Korean stocks closed 0.33 percent higher Monday, as a hike in Japanese government bond yields last week lifted concerns over the yen's weakness, prompting foreigners to increase risky bets in local equities, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.52 points to finish at 1,979.97. Trading volume was light at 245.9 million shares worth 2.83 trillion won ($2.51 billion) with gainers outpacing decliners 444 to 367. "Worries about the weakening yen have aba
May 27, 2013
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Body names 7 Koreans with tax haven accounts
The Korea Center for Investigative Journalism unveiled on Monday its second batch of seven Koreans, connected to four notable conglomerates in the country, holding offshore accounts via paper companies set up in tax havens.The seven were found to be incumbent and former executives of chaebol, and are expected to be scrutinized by the National Tax Service for any signs of tax evasion or avoidance through those ghost companies.They are: Choi Eun-young, chairwoman and CEO of Hanjin Shipping; Cho Yo
May 27, 2013