Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Korea enters full election mode
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Ministers to speak on new government’s economic policies
The Korea Herald, the largest English-language daily in South Korea, will hold a special conference on President Park Geun-hye’s key policies that will not only affect Korean businesses but also foreign companies operating here.Slated for April 18, 2013, the event titled “Hear from the New Korean Government: Policies and Reforms over the Next Five Years” will offer a rare chance for top government officials to explain policies. The Korea Herald has invited several senior ministerial-level speake
March 27, 2013
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KOIMA calls for support for import biz
As the world’s eighth-largest trading country, Korea now needs to acquire a balanced view on trade and appreciate the significance of imports, said the new president of the Korea Importers Association.“Imports take up almost half of the country’s total trading volume, which has exceeded the $1 trillion level for the past consecutive years,” said Shinn Tae-yong.“Korea’s trade perspective is still focused on exports only and imports are considered a negative factor, which cuts down on the trade su
March 27, 2013
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KNOC discovers ‘significant amount’ of oil in Iraq
The state-run Korea National Oil Corp. has discovered a “significant amount” of oil in Hawler oil field, northern Iraq, where it has a 15 percent stake, the company said Wednesday. Switzerland’s Oryx Petroleum has a 65 percent stake in the block, while the Kurdish local government holds the remaining 20 percent. The KNOC did not disclose an estimate for the oil reserves in the block, saying a more comprehensive study was required for such figures.But it added that a drill stem test had yielded a
March 27, 2013
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KAI signs $400m supply deal with Airbus
State-run Korea Aerospace Industries said Wednesday it won a 460 billion won ($400 million) deal to provide aircraft parts for Airbus’ A321 by 2025.“With a recent surge in A321 sales, demand for related parts is also soaring. We have succeeded in winning the deal due to our superior prowess and quality control,” said a KAI official. The KAI is the nation’s sole aircraft maker that has joined hands with global companies such as Airbus and Boeing. It aims to secure orders worth 6.2 trillion won th
IndustryMarch 27, 2013
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Shares up on stimulus hopes
South Korean stocks closed 0.49 percent higher Wednesday on the back of the government’s envisioned measures to boost its economy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 9.74 points to 1993.44. Trading volume was moderate at 339 million shares worth 3.76 trillion won ($3.39 billion), with decliners outnumbering gainers 406 to 296.“The stock market gathered ground as investors’ sentiment got a boost from the governme
March 27, 2013
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BASF to move regional HQs to Seoul
BASF, the world’s largest chemical company, said it would move its Asia-Pacific headquarters for electronic materials business to Seoul in the first half of this year.The rest of BASF’s regional headquarters will stay in Hong Kong.The regional headquarters in Seoul will coordinate marketing and product management, sales management and operational management in the Asia-Pacific including China. BASF has been a leading supplier of electronic materials for more than 30 years, offering high-purity,
IndustryMarch 27, 2013
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Hanwha to turn cafes into social enterprise
Hanwha Group said it will turn its coffee business Beans & Berries into a social enterprise starting next year, meaning its entire profit will be spent on the socially vulnerable.Beans & Berries, a brand developed by Hanwha Galleria in 2006, will be separated from the conglomerate in the second half of this year and seek government accreditation as a social enterprise next year, Hanwha Group said in a press release.Hanwha Galleria directly runs 36 Beans & Berries stores mostly in Galleria depart
IndustryMarch 27, 2013
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FSS vows to curb stock manipulation
The nation’s top financial regulator said on Wednesday that it would expand its regulatory manpower to crack down on stock manipulation practices.“We will bolster the sector in charge of investigating unfair (stock) trading practices,” Financial Supervisory Service Governor Choi Soo-hyun said in a news briefing.As an action to raise the probe’s efficacy, Choi, who took office on March 18, stressed that the FSS is considering “increasing the number of inspectors for stock scams in the brokerage i
March 27, 2013
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GS Caltex to mass-produce alternative fuel this year
GS Caltex is aiming to commercialize biobutanol as a renewable fuel for cars that could be used as a substitute for gasoline later this year, market insiders in the oil refinery industry said Wednesday.The company has reportedly set the launch for the fourth quarter of 2013. It is operating a factory which has the capacity to produce biobutanol from sugar or wood under a joint research project with the Korea Advanced Institute of Science and Technology.The launch of the factory’s commercial oper
IndustryMarch 27, 2013
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More than 137 million cyber security attacks occurred in 2012: IBM
A report by IBM on Wednesday said that a total of 137.4 million cyber security attacks took place last year, averaging 380,000 on a daily basis.The report, which was put together after researching 3,700 clients in 130 countries from Jan. 1-Dec. 31, 2012, said cyber attacks are “any kind of malicious activity that attempts to collect, disrupt, deny, degrade or destroy information system resources or the information itself.”The most attacked industry was health and social services, which received
TechnologyMarch 27, 2013
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Apple seeks new U.S. trial over appeal in Samsung patent case
Apple Inc. asked to proceed with a new trial on 14 Samsung Electronics Co. products for which a U.S. judge overturned a jury patent-infringement award rather than letting Samsung appeal her decision upholding damages for 14 other products covered by the jury’s verdict. Apple, in a reply to Samsung’s request to seek an appeal and put the case on hold, said the Suwon, South Korea- based company’s proposal would “likely lead to a remand without a substantive decision” from an appeals court.U.S. Dis
TechnologyMarch 27, 2013
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LG Group goes extra mile for R&D
Helicopters are a rare luxury, even for the wealthiest business tycoons, but there is a company that regularly deploys choppers for its employees: LG.At LG Electronics, the flagship arm of LG Group, helicopters shuttle the research staff to and from headquarters and out-of-Seoul manufacturing sites. From Seoul to LG’s Gumi plant, the chopper cuts the travel time down to 45 minutes, compared to the three to four hours for a ride on the train. LG is tightlipped on the expenses, but it must no doub
IndustryMarch 27, 2013
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‘Bring your own device’ trend rushes into Korea
Imagine switching your own smartphone to work mode during the day and back to personal mode once you leave the office.In work mode, you can use all your business applications, meaning that you can access your email and employee database, while being able to file work-related expenses through wireless devices or laptops.This phenomenon is called bring your own device, shortened in the industrial scene as BYOD, and it is getting ready to take off in Korea.“With the introduction of the BYOD trend,
TechnologyMarch 27, 2013
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POSCO selects TJ Park Prize winners
Steelmaker POSCO’s TJ Park Foundation named three winners for its annual TJ Park prize Wednesday.The science prize was given to Kim Eun-joon, a life sciences professor at Korea Advanced Institute of Science and Technology, the education prize went to Yoon Byeong-hoon, first principal of Yangeob High School, and the community service prize went to Seo Yeong-nam, the head of a local restaurant.Each of them were awarded a medal and prize money of 200 million won ($180,000), officials said.The found
IndustryMarch 27, 2013
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Retailers launch consultative body
Representatives of large discount store chains, supermarket chains, grocery stores, conventional markets, department stores, convenience stores and franchises on Wednesday launched a consultative body to discuss ways to cooperate to improve the retail industry.The new nongovernmental group is an expanded and revamped version of an existing council of retailers joined by franchises and convenience stores.About 20 chief executives of retailers, heads of retail trade associations, along with Rep. K
IndustryMarch 27, 2013
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Google picks 8,000 to test net-connected glasses
Google has picked 8,000 people in the U.S. who will have a chance to wear the company‘s new Internet-connected glasses, which are being described as the next breakthrough in mobile computing.Google Inc. began notifying contest winners Tuesday.The winners will have to pay $1,500 apiece if they want a test version of the product, called ``Google Glass.’‘ They also will have to travel to New York, Los Angeles or the San Francisco Bay area to pick up the device, which isn’t expected to be available
TechnologyMarch 27, 2013
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Seoul shares up 0.49 pct on stimulus hopes
South Korean stocks closed 0.49 percent higher Wednesday on the back of the government's envisioned measures to boost its economy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) advanced 9.74 points to 1993.44. Trading volume was moderate at 339 million shares worth 3.76 trillion won (US$3.39 billion), with decliners outnumbering gainers 406 to 296."The stock market gathered ground as investors' sentiment got a boost from th
BusinessMarch 27, 2013
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Imbalance gasses in gut cause bad breath: study
A high concentration of methane and hydrogen gasses in the gut is closely linked to bad breath, U.S. researchers have suggested. Doctors at the Cedars-Sinai Hospital in Los Angeles conducted a large-scale study with some 800 participants to analyze their breath content. They found four patterns: normal breath content, high levels of methane, high concentrations of hydrogen, and high levels of both gases. Test subjects with a higher density of both methane and hydrogen were found to have bad brea
TechnologyMarch 27, 2013
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Chick born with four legs in U.S.
A Mississippi woman said a chick was born on her farm with four legs and the bird has "captured my heart."Annette Bragg of Pelahatchie said the chicken, which she named Lucy, hatched at 6 p.m. Sunday and she immediately noticed the bird had four legs, all of which were normal sized, WLBT-TV, Jackson, reported Tuesday.Bragg said Lucy, who is unable to walk because of the location of her legs, may have been meant to be a twin.Bragg said she has more than 100 chickens and Lucy is the most unusual o
TechnologyMarch 27, 2013
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Seoul shares up 0.42 pct in late-morning trade
South Korean stocks traded 0.42 percent higher late Wednesday morning, led by gains in autos and builders, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 8.24 points to 1,991.94 as of 11:20 a.m.Carmakers drove up the market gain, with No. 1 industry player Hyundai Motor adding 1.59 percent and its smaller affiliate Kia Motors advancing 1.8 percent. Top auto parts maker Hyundai Mobis climbed 1.31 percent.Construction firms also gathered ground, with Hyundai Engineerin
BusinessMarch 27, 2013