Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Government to help farmers sell directly to consumers
The government will soon introduce an agricultural products distribution system that connects farmers directly to consumers to greatly reduce the prices of farm products, government officials said Sunday. The move comes as President Park Geun-hye early last week pledged to improve the agriculture distribution system to guarantee higher incomes for farmers and lower prices for consumers.Both producers and consumers have long been unhappy with the country’s complicated distribution system in which
March 17, 2013
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FSS to investigate ‘false’ leaks from KB Financial Group
Financial regulators pledged Sunday that they would take stern punitive measures against unidentified whistle-blowers at KB Financial Group, who leaked reportedly “skewed” insider information.One or more ranking figures of KB Financial have been suspected of spreading groundless allegations involving the financial group’s M&A strategies, said an official of the Financial Supervisory Service.A key unverified allegation is that “the financial group had to scrap its takeover bid for the Korean insu
March 17, 2013
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Financial firms brace for customer protection report
The Financial Supervisory Service plans to publicize its yearly assessment of about 70 financial firms’ consumer protection, involving cases of customers’ complaints and dispute arbitration, next month.Attention is being paid to whether Kiwoom Securities in the brokerage industry and Chartis in the nonlife insurance industry will be given the lowest grade of “class 5 (or poor)” for the 10th consecutive year.Between 2004 (for the 2003 assessment) and 2012 (for the 2011 assessment), the two financ
March 17, 2013
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EU hydrogen car project to use Hyundai Tucson ix
Hyundai Motor said Sunday that its hydrogen fuel cell sport utility vehicle Tucson ix, whose export name is ix35, will be used in the next round of the European Union’s pilot program promoting environment-friendly cars. Hyundai last month announced it started the mass production of the hydrogen fuel cell vehicle, becoming the first carmaker to do so in the world. The company expects sales to begin in Europe in 2015. Following its first participation in 2011, the Tucson ix will also join the seco
MobilityMarch 17, 2013
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Volkswagen, Apple flaws identified in China
Owners of Volkswagen AG’s cars in China have reported instances of abnormal vibrations, loss of power and sudden acceleration, state-owned China Central Television said in its annual consumer rights program. The problems are related to the direct-shift gearbox system, the state broadcaster said Saturday in its program marking World Consumer Rights Day. Volkswagen “will contact the involved customers to fix the issue as quickly as we can,” Christoph Ludewig, a VW spokesman, said in an emailed sta
MobilityMarch 17, 2013
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Renault Samsung invests in services
When we compare our Korean customers’ expectations with other markets, we note very high expectations of having showrooms and service centers nearby, the availability of appointments and the quality of service.In many European countries, specific service chains have thrived by differentiating themselves with a no-appointment-needed policy, but in Korea this is the basic service offered by service shops, thanks to the “ppali ppali” Korean culture.The reception areas are much bigger than in other
MobilityMarch 17, 2013
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Ford cuts pay for CEO after falling short of targets
Ford Motor Co. cut Chief Executive Officer Alan Mulally’s compensation by 29 percent last year after the second-largest U.S. automaker fell short of its targets for profit, cash flow and market share. Mulally received $2 million in salary, $3.95 million in bonus and $15 million in stock, options and other compensation, Dearborn, Michigan-based Ford said Thursday in a regulatory filing. That compares with $2 million in salary, $5.46 million in bonus and $22 million in other compensation for 2011.
MobilityMarch 17, 2013
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Peter Schreyer fatigue?
Without a doubt, Peter Schreyer, the top design executive for both Hyundai Motor and Kia Motors, was the central architect behind Kia’s rare success with the “K series.” Among the series, the K5, launched in 2010 and known as the updated Optima in overseas markets, became the series’ flagship model.On the back of this success, Kia turned around its sales revenue, recording an increase of 43 trillion won in 2011, with operating profit reaching 3.5 trillion won. The famous Tiger Nose grill which
MobilityMarch 17, 2013
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Nominee to lead financial regulator says M&A is alternative to Woori Finance privatization
SEOUL -- The nominee to lead South Korea's financial regulator has said that a merger and acquisition of state-owned Woori Finance Holdings Co. is an option to privatize the country's top banking group by assets.Shin Je-yoon, President Park Geun-hye's choice to lead the Financial Services Commission, said all investors should be allowed to place bids for Woori Finance and it would be better to quickly privatize financial firms that received public funds, according to a written answer to lawmaker
March 17, 2013
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Hyundai holds 4th place in Brazil‘s subcompact car market
Hyundai holds 4th place in Brazil‘s subcompact car market SAO PAULO, March 17 -- Hyundai Motor Co., South Korea‘s largest automaker, has maintained fourth place in subcompact passenger car sales in Brazil during the first two and half months of this year, the company said Sunday. Hyundai Motor, the world’s fifth largest automaker, has sold 6,124 units of the HB20 in the first half of March, a Hyundai spokesman said. The South Korean carmaker sold 10,179 units of the HB20 in Brazil in February
IndustryMarch 17, 2013
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THX, founded by George Lucas, sues Apple in patent case
Apple Inc. (AAPL) was accused by THX Ltd., a company founded by “Star Wars” producer George Lucas, of stealing speaker technology used in iPhones, iPads and iMac products. THX holds a 2008 patent for a speaker unit that can boost sound output and attach to computers or flat-screen televisions, according to a complaint filed yesterday in federal court in San Jose, California. Apple products that incorporate the speaker units infringe the THX patent, causing the company “monetary damage and irrepa
TechnologyMarch 16, 2013
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SC Bank warns of excessive competition in savings market
SC Bank Korea warned that the banking sector’s provision of high initial interest on savings, such as those offered for the disputed long-term property formation savings, may end up eroding their profit margins. The property formation savings is a long-term savings plan that is designed to support low-salary earners. They guarantee high, fixed amount of interest rates in the first three years and lower them significantly afterwards. The bank has given up aggressive promotions of this savings pla
March 15, 2013
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Octa-core Galaxy S4 set for Korea in April
Samsung Electronics is expected to roll out its new Galaxy S4 phones equipped with octa-core mobile processors in Korea as early as next month.The latest flagship 5-inch display smartphone the IT behemoth unveiled in New York on Thursday, local time, will feature the upgraded processor running on the fourth-generation Long Term Evolution network due to the specific local demand, according to industry sources here.The company also announced Friday that it will start mass producing its octa-core E
IndustryMarch 15, 2013
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KORAIL to take total control over Yongsan situation
KORAIL resolved to resuscitate the moribund Yongsan redevelopment project within the month by injecting 260 billion won ($234 million) and scaling back the construction.With the amended blueprint, which hopefully will take effect on April 1, KORAIL is to temporarily operate a special countermeasure task force, jointly with the Seoul Housing Corporation and private investor representatives.The state-run rail operator that is the majority shareholder on Friday summoned all 30 private investor firm
IndustryMarch 15, 2013
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Korean Air reaps big from Galaxy S4
The introduction of Samsung Electronics Co.’s Galaxy S4 smartphone has one clear winner ― Korean Air Lines Co.Samsung Electronics may ship about 44 million of the smartphones in the second and third quarters, according to Young Park, an analyst at Woori Investment & Securities Co. in Seoul. A Boeing Co. 747-8 freighter plane carrying nothing else can hold about 1 million phones.Moving high-value goods such as a smartphone by air quickly to various markets is important for Samsung to capture mark
IndustryMarch 15, 2013
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Choi Soo-hyun promoted to take over FSS
Deputy Financial Supervisory Service Gov. Choi Soo-hyun is expected to succeed Kwon Hyouk-se, the current chief, who offered to step down from his post on Friday, the watchdog said, amid a personnel shake-up of government agencies by the presidential office.Kwon’s resignation came after President Park named Vice Finance Minister Shin Je-yoon as the nominee for Financial Services Commission chairman early this month.The FSS is the executive body of the policy-making FSC, and the head of the FSS i
March 15, 2013
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Hana to gain complete control of KEB
Hana Financial Group is on track to take compete control of Korea Exchange Bank as the majority of its shareholders approved a plan to swap Hana shares with remaining KEB shares owned by minority stakeholders at Hana’s extraordinary general meeting on Friday.The share swap scheme was also approved at KEB’s meeting, but is expected to face growing opposition from KEB minority shareholders and union workers.The plan, not only to gain 100 percent ownership in Korea’s leading foreign exchange bank b
March 15, 2013
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Doctors against prescribing 'study drugs'
Prescribing drugs to boost memory and thinking abilities in healthy children and teens to study is misguided, U.S. researchers say. Study author Dr. William Graf of Yale University in New Haven, Conn., said some parents request doctors to prescribe attention-deficit hyperactivity disorder drugs for their children who don't meet the criteria for ADHD, to help them study for tests."Doctors caring for children and teens have a professional obligation to always protect the best interests of the chi
TechnologyMarch 15, 2013
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Seoul shares down 0.78 pct on lack of leads
South Korean stocks closed 0.78 percent lower on Friday amid a lack of positive leads, analysts said. The local currency edged down against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed15.63 points to 1986.50. Trading volume was low at 301.4 million shares worth 5.18 trillion won (US$4.66 billion), with gainers outnumbering decliners 461 to 355."Despite positive factors from abroad, shares finished lower as investors were unnerved by the weak yen and the central ba
March 15, 2013
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Chinese zoo shows pandas ‘porn’ to get them mating
A Chinese zoo recently tried an unusual method to encourage its giant pandas to mate: showing them a panda version of a porn video.The zoo -- which is located in Chengdu -- managed to get the pandas to mate after showing them a video of other panda’s copulating, according to the English edition of Chinese daily Global Times.Zoo officials said every time male panda Yongyong tried to mate with his companion KeLin, she would fight him off. Since the mating period for a panda is relatively short, Ke
TechnologyMarch 15, 2013