Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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KT makes all-out effort to grab more LTE share
KT is beefing up its efforts to grab a bigger share in the local Long Term Evolution handset market, with the firm offering incentives to all employees who join its marketing drive.The country’s second-largest mobile carrier said it will hand out incentives, amounting up to 5 million won ($4,418), to all of its 32,000 workers ― not only in sales but in all departments ― who are successful in getting customers to sign on to KT’s LTE smartphone service. According to the company, workers of departm
IndustryAug. 2, 2012
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SKT records over 40% profit loss in Q2
SK Telecom said Thursday it posted about 4.01 trillion won ($3.54 billion) in sales and 384.6 billion won in operating profit in April-June, bringing its profit figure down 42.8 percent from the same period last year.In its quarterly regulatory filing, the country’s largest mobile carrier also said that its net profit reached 120.55 billion won, down more than 74 percent from the 465.43 billion won in the second quarter of last year.This quarter’s sales figure improved 0.8 percent from the previ
IndustryAug. 2, 2012
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POSCO intends to build nuclear plant
POSCO Engineering & Construction said Thursday that it has submitted a report of intent to build two nuclear power plants in Samcheok, Gangwon Province. If the company’s application is approved, POSCO will become the first privately-run company here to operate a nuclear power plant. Under the nation’s nuclear safety law, the operation of nuclear power plants should be approved by the Nuclear Safety and Security Commission. Even though the law doesn’t ban the participation of private companies, t
IndustryAug. 2, 2012
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Hyundai Motor sheds ‘cheap car’ brand image
Genesis, Equus luxury sedans set milestone in overseas marketsHyundai Motor has set a new milestone in its global marketing activities to cultivate a premium brand image as overseas sales of its luxury sedans Genesis and Equus exceeded the 100,000 mark in the first half of this year. According to industry sources, Genesis and Equus, the nation’s largest carmaker’s flagship upscale models, saw the number of deliveries reach 88,771 and 10,508, respectively, from January to June this year. Hyundai
IndustryAug. 2, 2012
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Home prices drop for 1st time in 2 years
The average price of houses in South Korea dropped for the first time in two years, related data showed Thursday, offering another clear indication of the country’s struggling housing market.The average price of homes across the country dropped 0.1 percent from a month earlier in July, according to the data released by Kookmin Bank, the largest bank in South Korea. July marks the first time since July 2010 the average price of houses dropped from the previous month.The drop was partly led by a d
Aug. 2, 2012
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Seoul shares down 0.56% on Fed disappointment
South Korean stocks fell 0.56 percent Thursday following the U.S. Federal Reserve’s announcement of no fresh action to boost the slowing economy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 10.53 points to 1,869.4. Trading volume was light at 267.4 million shares worth 3.35 trillion won ($2.96 billion), with losers outnumbering gainers 446 to 342.“The meeting of the Federal Open Market Committee’s was somewhat disappointing
Aug. 2, 2012
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Echo boomers’ birth rate half of their parents’: data
The birth rate of the echo boomer generation, the children of baby boomers, fell to only about half the rate of their parents, Statistics Korea said in a report released Thursday.A married woman in the echo boomer generation born between 1979 and 1992 gave birth to an average of 1.10 children, compared to 2.04 in her parents’ generation.About half of married women in the echo boomer generation gave birth to a single child while 63.9 percent of those in the baby boomer generation, born between 19
Aug. 2, 2012
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Credit card spending up
Growth of South Koreans’ credit card spending decelerated in the first half from a year earlier mainly due to the local economy’s slowdown, a trade association said Thursday.Purchases made with credit cards totaled 253.2 trillion won ($224.8 billion) in the January-June period, up 6.9 percent from a year earlier, according to the Credit Finance Association.When adjusted for inflation, the increase rate was less than 6 percent, the association added. The figure lags behind 17.7 percent on-year gr
Aug. 2, 2012
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Korea to cushion grain prices: minister
The government will play a role in cushioning risks from a possible failure to purchase sufficient grain products in the face of concerns that rising international crop prices could increase food costs and overall inflationary pressure here, the finance minister said Thursday.“As international crop prices are recently spiking in the wake of droughts that hit the United States and South America, fears are rising over agflation,” Finance Minister Bahk Jae-wan told a price stabilization meeting.“We
Aug. 2, 2012
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Borrowers to sue over bank bullying
Financial firms seize assets, salaries as value of loan collateral dipsA consumer group is planning a class action against financial institutions for seizing the assets and salaries of mortgage borrowers as property prices nosedive. The Financial Consumer Agency said an estimated 1 million people who took out some 10 trillion won ($8.85 billion) in mortgage loans are “unreasonably pressured” by financial firms to pay back the loans as they near maturity and home prices plummet.The FCA said Thurs
Aug. 2, 2012
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Samsung lawyer loses bid to add Apple trial evidence
Samsung Electronics again lost its bid to use evidence a lawyer for the company described as “critical” to rebutting Apple Inc.’s central allegations in a patent-infringement trial in California. Samsung was barred by U.S. District Judge Lucy Koh in San Jose from presenting images of a smartphone that it claims to have been developing in 2006, the year before Apple introduced the iPhone. Samsung said in a filing that the images show evidence that it was developing the next generation of mobile p
IndustryAug. 2, 2012
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Scorching weather sets off AC sales boom
Sales of air conditioners are booming thanks to the scorching weather and the Summer Olympic Games, electronic appliance companies said.“The extremely hot summer is the No. 1 reason for the air conditioner sales boom. The Olympics also contributed to the sales because these games are usually on during the night when people are back home from work,” said a spokesperson of LG Electronics. The boom is good news for AC manufacturers companies, especially as sales volume was cut almost in half in Jun
IndustryAug. 2, 2012
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Premium water makes bigger splash in market
Diversified products appeal to consumers’ taste for luxurySeoul resident Park Byoung-shik makes a habit of frequenting stores once or twice a week to scout out the latest offerings of premium bottled water. “I don’t tend to drink carbonated water, so today I am trying out Irosoo ― water extracted directly from birch trees,” the 32-year-old said at the Shinsegae Gangnam Department Store on Wednesday. The domestic bottled water industry recorded sales about 550 billion won ($486.75 million) last y
IndustryAug. 2, 2012
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Kim named Janssen Korea CEO
Janssen Korea became the first multinational medical firm in the country to name a woman CEO, the company said in a statement Thursday. The Korean branch of multinational firm Janssen Pharmaceuticals Inc. said that Kim Oak-yeon, 44, has accumulated rich experience as the former CEO of Janssen Malaysia, and is expected to become an even larger asset to the company. “I will make the best of my experience from working overseas so that Janssen Korea can take a step further in the fast-changing Korea
IndustryAug. 2, 2012
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Bank customers file suit over alleged rate-fixing
Three customers have filed a compensation suit against local banks, arguing that they suffered damage from the banks' alleged collusion to rig interest rates on certificates of deposit (CD) that are tied to interest rates on home mortgage loans, court sources said Thursday.The lawsuit is the first to be filed since the Fair Trade Commission (FTC), the country's anti-trust watchdog, began looking i
Aug. 2, 2012
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Distant galaxy scene of cosmic violence
A seemingly tranquil galaxy that has been the scene of violent cosmic events has been captured in new telescopic images, European astronomers said. The galaxy, NGC 1187, discovered by English astronomer William Herschel in 1784, looks tranquil and unchanging but it has hosted two supernovae explosions since 1982, they said.The galaxy‘s half a dozen prominent spiral arms containing large amounts of gas and dust show bluish features indicating the presence of young stars born out of the clouds of
TechnologyAug. 2, 2012
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Samsung releases Apple-related documents, sparking disputes
Samsung Electronics has landed in hot water after leaking iPhone-related documents to the media on Tuesday, disobeying an order by a U.S. judge in charge of the legal battle with Apple. Judge Lucy Koh had barred Samsung from making public the phone design documents as evidence because its submission was “too late” under the U.S. legal process.The evidence revealed by Samsung amid the ongoing legal fight with Apple includes a testimony by Shin Nishibori, Apple’s former designer, saying that his e
IndustryAug. 2, 2012
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Who owns the North Pole?
Danish geologists heading for the arctic say their expedition could support a claim the North Pole belongs to Greenland, and by extension to Denmark.Seismic data they collect may support the claim of Denmark and Greenland, politically linked, to 60,000 square miles of extra territory extending north from Greenland into the oil and gas-rich arctic sea floor, they said.The claim rests on whether an underwater formation extending north of Greenland called the Lomonosov Ridge qualifies as an extensi
TechnologyAug. 2, 2012
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Global online ad market grows 12.1 % in Q1: report
The global market for Internet advertisements jumped 12.1 percent in the first quarter from a year earlier, growing faster than traditional advertising channels, a report showed Thursday.The increase surpassed a 3.1 percent growth in the overall global advertising market as well as single-digit growth in other advertising channels such as TV, newspaper and radio, according to the quarterly report
Aug. 2, 2012
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Average price of houses drops for first time in 2 years
The average price of houses in South Korea dropped for the first time in two years, related data showed Thursday, offering another clear indication of the country's struggling housing market.The average price of homes across the country dropped 0.1 percent from a month earlier in July, according to the data released by Kookmin Bank, the largest bank in South Korea. July marks the first time since
Aug. 2, 2012