Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Korea’s auto industry feared to retreat next year: report
South Korea’s automobile industry is feared to fare worse next year because of the global economic slump, while its IT, machinery and shipping sectors will likely perk up, a report said Sunday. Automakers are expected to enter a contractionary phase as worldwide demand will likely falter on the protracted economic downturn and global competition get fiercer, according to the report by the Hyundai Economic Research Institute. The report said although the U.S. Big Three ― Ford, Chrysler and Genera
Nov. 25, 2012
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Finance chiefs of Korea, Japan share need to resume FTA talks
Finance ministers of South Korea and Japan agreed Saturday to continue efforts to resume suspended free trade talks between the two countries, both sides said.South Korean Finance Minister Bahk Jae-wan and his Japanese counterpart, Koriki Jojima, met in Seoul to discuss matters of mutual concern, including the suspended FTA talks.“We have reconfirmed the importance of continued efforts to resume South Korea-Japan Free Trade Agree talks,” the two sides said in a joint press release. “Each promise
Nov. 25, 2012
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Land Ministry starts relocation to Sejong City
The Ministry of Land, Transport, Marine Affairs started to move to Sejong City, South Chungcheong Province, on Friday, becoming the first government organization from Gwacheon Government Complex to pack up for the new administrative city. The ministry’s move is part of the government’s plan to relocate economic-related ministries and their affiliates to Sejong City for balanced regional development.The ministry said it would complete the relocation of its headquarters in Gwacheon and three affil
Nov. 25, 2012
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GM to produce turbocharged engines for small SUVs in Korea
GM Korea said that the company would make a new investment worth about 100 billion won ($92 million) in its Bupyeong engine plant in Incheon to produce the next-generation four-cylinder turbocharged engines. The new engines will be introduced in the first half of next year for GM Korea’s new small sport utility vehicle Chevrolet Trax and then other Chevy brand smaller cars, said the Korean unit of U.S.-based General Motors. The more fuel-efficient turbocharged gasoline engines have thus far been
MobilityNov. 25, 2012
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Bibigo brand expands into 9 countries in a year
CJ Cheiljedang, a leading food business and bio company in Korea, has stepped up globalization of its global food and restaurant brand Bibigo.According to the company, Bibigo has penetrated into 1,000 retail stores in nine countries for the past year since its establishment in 2011. The nine countries are the U.S., Japan, China, U.K., Taiwan, Australia, Singapore, Hong Kong and Russia. Under the Bibigo brand, CJ has introduced six processed foods to the global food market, ranging from Korean sa
Nov. 25, 2012
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Red tape is no way to fuel economic growth
Economic democratization, in other words, fair competition among all concerned parties, is the campaign buzzword for the upcoming presidential election. The term can mean a wide range of things ― from limiting the investment opportunities of the conglomerates and devising stronger regulations to protect smaller companies, to promoting fair trade laws. But the gist of it is to weave a powerful regulatory web for keeping the business sector in check. Before talking more about the concept of the te
IndustryNov. 25, 2012
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Ssangyong seeks to diversify export markets
Ssangyong Motor said Sunday that it had mapped out strategies to diversify export targets within five years, while more than half of its export-oriented vehicles are shipped to Russia and Latin America.Currently, Russia accounts for 32 percent of the automaker’s export destinations, followed by South & Central American countries with 26 percent.In coordination with its majority shareholder Mahindra & Mahindra Ltd., the company said it planned to push ahead with tapping new markets.“By 2016, when
MobilityNov. 25, 2012
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Carmakers turn to TV drama for killer promotions
Kia Motors’ K7 sedan was once called “Lee Byung-hun’s car” after the Korean Wave heartthrob drove the car in the several chase scenes of the 2009 hit spy thriller “IRIS.”Company officials would not offer the specific sales data on the drama sponsorship. But during the eight months after the drama ended, the K7 topped the nation’s large sedan segment sales, outperforming Hyundai Motor’s steady-seller Grandeur. Unveiling the facelift version of the K7 recently, the carmaker, an affiliate of Hyunda
MobilityNov. 25, 2012
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India wages hi-tech war on ancient scourge: tuberculosis
NEW DELHI (AP) ― Shammo Khan walks into a dusty courtyard that reeks of garbage, searching for the fingerprint of a man exhausted by HIV, drug withdrawal and the tuberculosis lesions hijacking his lungs. She opens her laptop on his rope bed, prods the emaciated man to log in on a fingerprint reader and watches him slowly and painfully swallow a handful of TB drugs in an experimental program harnessing new technology to combat an ancient killer still ravaging India. Private companies, aid groups
TechnologyNov. 25, 2012
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Korea’s credit rating rises most in OECD
The country’s sovereign rating surged the most among the members of the Organization for Economic Cooperation and Development in the past five years, said a report on Sunday.According to data by the Korea Center for International Finance, Korea’s credit rating went up by two notches to “Aa3” between the end of 2007 and October of this year. “Aa3” is the fourth-highest level designated by Moody’s Investors Service.The report also said that Fitch Ratings lifted South Korea’s rating to “AA-” from “
Nov. 25, 2012
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Woman dies after 42 years in coma
A Miami woman who fell into a diabetic coma in 1970 died at age 59 after 42 years of unconsciousness, her family said.Edwarda O‘Bara died Wednesday after being cared for by her mother and sister through decades of illness, the Miami New Times reported Friday.O’Bara was a high school student when she fell ill and regurgitated her diabetes medicine. She was rushed to the hospital, where she asked her mother never to leave her side just before she slipped into the coma, The Miami Herald said.Her mo
TechnologyNov. 25, 2012
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KT to spin off satellite unit into separate firm
KT Corp. said Friday that it will spin off its satellite business division into a separate firm.Company officials said the plan was endorsed at a shareholders’ meeting in Seoul on Friday. The new satellite firm, tentatively named “kt sat,” will start out on Dec. 1 with 50 billion won in capital, the company said. KT will wholly own kt sat, and the present KT Corp. Center chief Kim Il-yung will head the new firm. Focusing on satellite service business, kt sat reflects KT’s strategy to expand its
TechnologyNov. 23, 2012
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KDI school opens English website on development
KDI School of Public Policy and Management opened on Friday an English-language website which provides information on South Korea’s economic development process. The total information system K-developedia (www.kdevelopedia.org) contains data published by local and international research institutes and international organizations such as the World Bank and United Nations. All the information including research data, photographs and video materials are offered for free at the website. Data origina
IndustryNov. 23, 2012
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LG Electronics’ Optimus G ranked top in U.S
South Korean tech giant LG Electronics Inc.’s latest Optimus G has been picked as the best smartphone by a U.S. magazine in its latest handset survey, industry sources said Friday.Consumer Reports said the Optimus G is the best smartphone choice for subscribers of two major mobile carriers in the United States.It is the first time that an LG smartphone has been the top recommendation of Consumer Report, according to the sources.The LG phone released by AT&T Inc. received the highest 79 points in
Nov. 23, 2012
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The Shilla Seoul to close for refurbishment
The Shilla Seoul said Friday that it would close in January for about six months for a major refurbishment. The hotel said that it would cease all hotel services during the six-month revamp, except the Shilla Duty Free Shop, which will be open throughout the refurbishment period. Having been built more than three decades ago, the hotel building needs to renovate the guestrooms and bathrooms, hotel officials said. They said that the project will only involve the interior of the hotel and not the
Nov. 23, 2012
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LS Cable focuses on India in bid to become global leader in sector
LS Cable & System chairman Koo Cha-yol reaffirmed Friday the company’s goal of becoming the No. 1 player in the global cable industry, celebrating the 50th anniversary of its foundation. “Based on our prowess accumulated over the past 50 years, we will step up efforts to become the global No. 1 in the next 50 years,” Koo said during the ceremony at its headquarters in Anyang, Gyeonggi Province, on Friday with some 400 company executives and guests in attendance. “The cable business is not just a
IndustryNov. 23, 2012
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NPS chief Jun to serve one more year
The government decided to extend the term of National Pension Service chief Jun Kwang-woo by a year, officials said on Friday.The NPS chief’s three-year tenure was due to expire early next month.Health and welfare officials said the government made the decision in consideration of the performance the pension service achieved under Jun.According to officials, the number of subscribers of the national pension surpassed 20 million people and the NPS’ combined operating profits it collected by fund
Nov. 23, 2012
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SK Telecom to merge SK Planet and SK M&C
SK Telecom, Korea’s biggest telecom company, is most likely to merge two of its subsidiaries ― SK Planet and SK Marketing & Company ― as a means to beef up its mobile business, industry sources said.The telecom giant will move forward with the merger and acquisition plan after it acquires SK Innovation’s 50 percent stake in SK M&C for a 100 percent controlling equity.SK Telecom will likely make SK Planet the surviving entity through a statutory merger with SK M&C, which will dissolve after the M
TechnologyNov. 23, 2012
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4 investors show interest in Ssangyong E&C’s capital increase
Four domestic and foreign investors have expressed interest in Ssangyong Engineering & Construction Co.’s planned rights offering of more than 150 billion won ($138 million), which is aimed at resolving the liquidity crisis of the embattled builder, officials of the state-run debt-clearer said Friday.The rights issue comes as Ssangyong’s creditors have been trying to sell the cash-strapped builder, the former construction arm of Ssangyong Group. Their latest attempt in August, fifth since 2007,
Nov. 23, 2012
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Korea counters Lone Star’s ISD invocation
The government will have to pull out all the stops to ensure its victory over Lone Star Funds in a looming legal battle, pundits said on Friday, as the case will set a critical precedent. On Nov. 21, the Dallas-based private equity firm filed investor-state dispute, or ISD, arbitration claims at the International Centre for Settlement of Investment Disputes against the Korean government for damages of up to 2.4 trillion won over its delayed approval of prospective buyers for Korea Exchange Bank.
Nov. 23, 2012