Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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S. Korea's central bank likely to freeze key rate till next year: IBs
Global investment banks (IBs) have forecast South Korea's central bank will likely keep its key policy rate steady through the first six months of next year as the economy regains steam at a gradual pace in the second half, a report showed Tuesday. Major IBs including Goldman Sachs expect the Bank of Korea (BOK) to freeze its key rate at 2.75 percent till the first half of 2013, citing their overall outlook that protracted global jitters are less likely to further aggravate, according to the rep
Nov. 13, 2012
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‘Alien’ horned dinosaur found in Canada
Canadian researchers say they have identified fossils found more than 50 years ago as a new species of horned dinosaur that roamed Alberta 78 million years ago.Xenoceratops foremostensis, identified from fossils originally collected in 1958, was around 20 feet long and weighed more than 2 tons and represents the oldest known large-bodied horned dinosaur from Canada, paleontologists said.Writing in the Canadian Journal of Earth Sciences, researchers said the new dinosaur was identified from skull
TechnologyNov. 13, 2012
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Korea trails Japan, China in overseas M&A deals
Korean companies purchased 82 foreign firms in overseas merger and acquisition deals last year, lagging far behind Japan and China, according to an economic think tank on Monday.Samjong KPMG, a South Korean unit of the global services firm KPMG, said Japanese companies reached 453 cross-border M&A deals last year, while China bought 195 foreign firms. Analysts attributed brisk overseas M&A deals by Japan and China to Japanese companies and the Chinese government’s support to its companies, respe
Nov. 12, 2012
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FSS to have banks compensate for phishing crimes
South Korea’s financial watchdog is seeking ways to have banks compensate voice phishing victims. The Financial Supervisory Service said on Monday that it is reviewing related laws to reduce exemption grounds made for banks in terms of making compensation. Over 12,800 voice phishing cases were reported between January 2011 and September 2012, for damages worth over 151.6 billion won ($139.4 million). Banks, however, do not have to provide compensation as the current law simply blames the victim’
Nov. 12, 2012
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Emirates A380 turns back to Sydney following engine fault
An Emirates Airbus A380 superjumbo made an emergency landing in Sydney shortly after takeoff on its way to Dubai following an engine fault."There was no fire, flames or smoke, however passengers may have witnessed a spark and a noise from the engine," Emirates said in a statement.The incident, which occurred yesterday with 380 passengers onboard, is being investigated, said the airline, which took delivery of its latest flagship plane yesterday.Emirates, which has ordered a total of 90 of the do
IndustryNov. 12, 2012
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Tobacco growers snub WHO proposals
Korea may not be ready to accept the anti-tobacco recommendations handed down by the World Health Organization, namely those banning tobacco makers from openly endorsing social benefits such as charity events.Also, the other proposals being mulled by the WHO’s Framework Convention on Tobacco Control are unlikely to reduce the number of smokers or make them stop, according to the International Tobacco Growers’ Association. “(The recommendation on social benefits) may break the link between the cl
IndustryNov. 12, 2012
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Labor tensions grow at GM Korea plant
Labor protests loom large at GM Korea’s production factory in Gunsan, North Jeolla Province, after the carmaker unveiled its plan not to produce the new Chevrolet Cruze.While the 2013 model of the Cruze compact sedan is being produced only in Gunsan among GM Korea’s four plants nationwide, U.S.-based General Motors excluded the Korean unit from the list of the next generation model.After GM Korea made public its parent group’s business policy last Wednesday, local community leaders including Gun
IndustryNov. 12, 2012
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LG to expand premium TV marketing beyond Asia
LG Electronics said Monday that it will expand the sales target for its premium 84-inch ultra-high-definition television from four countries to 40 countries by the end of 2012.Currently the nation’s first and only ultra-HD TV, LG 84LM9600 was first launched at home in August and had its premiere in the U.S., China, Vietnam and Malaysia. “The premium market is not so much affected by the recession. There are always people with money who want them (premium large TVs),” an LG spokesperson said, exp
TechnologyNov. 12, 2012
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Hana Tour opens four-star business hotel in Insa-dong
Korea’s major tour operator Hana Tour opened a business hotel in Insa-dong, Jongno, one of the most popular tourist areas in Seoul, on Monday.Center Mark is the first four-star hotel to combine Hana Tour’s travel programs with hotel services. It aims to target the increasing number of foreign tourists, mostly coming from Japan and China. The former headquarters of McDonald’s now features 250 rooms, including suites, and outsourced food and beverage outlets. The hotel has a McDonald’s on the fir
Nov. 12, 2012
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S. Korea may tighten macro-prudential measures if needed: BOK head
South Korea's top central banker said Monday that the country may strengthen measures to smooth out cross-border capital movements if needed, but potential steps would not take on features of capital control.South Korea has undergone excessive capital outflows whenever a financial crisis has cropped up. Since 2010, Korea has implemented a set of the so-called macro-prudential measures to ease volatile cross-border capital flows including bank levies and tighter regulations on banks' FX derivativ
Nov. 12, 2012
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Shares inch down on U.S. fiscal woes
South Korean stocks edged down 0.19 percent Monday as investors sat on the sidelines on renewed fiscal woes in the United States, analysts said. The local currency lost against the U.S. dollar.The benchmark Korea Composite Stock Price Index dipped 3.54 points to close at 1,900.87. Trading volume was moderate at 468.6 million shares worth 3.73 trillion won ($3.4 billion) with losers outpacing gainers 436 to 387.“The fiscal cliff issue that recently dampened investors sentiment just after the U.S.
Nov. 12, 2012
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LG Electronics recalls 161,000 electric ranges in U.S.
South Korean consumer electronics giant LG Electronics Inc. has begun a voluntary recall of about 161,000 electric ranges in the United States, an official said Sunday.The move comes after the U.S. Consumer Product Safety Commission, an independent federal agency, posted the recall on its website last week, citing burn and fire hazards to consumers.The U.S. product safety regulators said that LG Electronics has received 80 reports of incidents involving burners failing to turn off or the tempera
Nov. 12, 2012
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Woongjin Coway’s sale to MBK Partners resumes
Woongjin Coway Co., South Korea’s top water purifier maker, said Monday the process of selling a major stake in the company to local private equity fund MBK Partners Ltd. has resumed after a court approved the sale that is set to be concluded in January.In August, Woongjin Holdings, the parent company of Woongjin Coway, signed a deal with MBK Partners to sell its 30.9 percent stake in the purifier unit to the private equity fund for 1.2 trillion won ($1 billion), to help improve its financial he
Nov. 12, 2012
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Hyundai Motor names new chiefs of affiliates
Hyundai Motor Group carried out a reshuffle on Monday that affected heads of its automotive parts affiliates and overseas operations on Monday, following the mileage overstatement fallout in the U.S and Canada. According to officials, former Hyundai Powertech CEO Jung Myung-chul has been named as new president of Hyundai Wia, Metia and Wisco ― the three automotive parts and machinery manufacturers affiliated with the Korean auto giant. Jung, who studied metal engineering at Korea University, wor
IndustryNov. 12, 2012
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Indicators point to continued slowdown
A total of seven out of 10 economic indicators were found to be manifesting slower growth as of October, with two of the indices on the decline, according to government figures. The seven included the business survey index and consumer survey index ― critical measures of future expectations that companies and consumers harbor toward future economic and business conditions.Indices measuring production and construction completed were shown to be sliding, with the only indicator on the rise being t
Nov. 12, 2012
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Foreign start-ups hope city’s support breeds success
The following is the first in a series of stories featuring support and networking systems for foreigner-owned businesses in Korea. ― Ed.Lia Iovenitti, president of market entry assistance company Conselit, put it like this:“The more you’re successful, the more money you earn, the more taxes you pay, the more Korean employees you employ. So the more successful we are, the better it goes for the Seoul Metropolitan Government and for the business situation. It’s a win-win situation for us to becom
Nov. 12, 2012
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Air France seeks more Koreans in first class
Korea is a strategic market for Air France more than ever before, said Pellerin Bndicte, general manager of the French airline’s first-class services, because of the global economic crisis. “About 75 percent of our clients are from international markets, and French ones, who are very loyal and mostly well-known corporates, only take up about 25 percent,” Bndicte told The Korea Herald last week. “Due to the economic crisis, however, we don’t see a growth in La Premire customers out of France. It
IndustryNov. 12, 2012
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FTA with Turkey unlikely to bring significant benefit to Korea: report
A free trade agreement with Turkey will not likely have significant benefits for the South Korean economy as its impact on growth, tax reduction and job creation might remain marginal, a report showed Monday.South Korea and Turkey had held four rounds of FTA negotiations since April 2010 and both announced the conclusion of their talks on trade of products in March.The two countries plan to conclude negotiations on the service and investment sectors as well within a year of implementing their de
Nov. 12, 2012
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New European chamber of commerce to be established this week
A new European Chamber of Commerce will be established in Korea soon as the Korean government approves it within this week.“The Ministry of Knowledge Economy plans to give the final approval for the establishment of a new European Chamber of Commerce in Korea by the end of the week,” a ministry spokesperson told The Korea Herald on Monday. The new organization for European companies operating in Korea will replace the European Union Chamber of Commerce in Korea, or EUCCK, which shut down in Sept
IndustryNov. 12, 2012
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Online bookstores fined for commercial infringement
South Korea’s online bookstores were slapped with a collective 25 million won ($22,984) in fines and corrective orders for deceiving customers with fabricated data, the nation’s antitrust watchdog said Monday. The country’s major online bookshops -- Yes24, Interpark, Kyobo Books and Aladin -- allegedly displayed newly released publications on their websites’ section called “new this week” and “IT’S BEST” in return for receiving advertising fees ranging from 500,000 won to 2.5 million won per bo
IndustryNov. 12, 2012