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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Local banks woo foreign customers
Banks expand language services, offer discounts in feesAs the number of expats living in Korea exceeds 1.4 million, local banks have entered into competition to attract more foreign customers. Woori Bank recently added seven more languages ― Chinese, Vietnamese, Mongolian, Indonesian, Nepalese, Sinhala and Bengali ― to slips used in the banks for transactions. Formerly, it only provided services in Korean and English. Shinhan Bank also said it will commence Mongolian and Russian language service
June 11, 2012
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Samsung, Hyundai unveil plans for profit sharing
Forty-five of the nation’s major companies agreed Monday to carry out certain projects jointly with their parts suppliers and share the excess profits beyond their targets with them, the Ministry of Knowledge Economy said.Large companies, including Samsung Electronics, Hyundai Motor, SK Telecom and LG Electronics, said they would work together with their 654 parts suppliers on 1,073 projects in the next year. With the new voluntary agreement, the number of smaller firms benefiting jumps 8.7-fold
IndustryJune 11, 2012
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VoiceTalk to hurt credit ratings of SKT, KT: Moody’s
Moody’s Investors Service predicted Monday that KakaoTalk operator’s launch of a free phone-call service will negatively affect the credit ratings of the nation’s two major telecommunication operators.“The launch of VoiceTalk is credit negative for our rated Korean telecommunication operators, SK Telecom (SKT, A3 negative) and KT (A3 negative),” the global rating firm said in a statement.Its view comes a week after Kakao, the Korean operator of popular multi-platform texting application KakaoTal
IndustryJune 11, 2012
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MS launches cloud platform in Korea
Global software giant takes on Amazon, Google in emerging technologyMicrosoft has launched its all-new hybrid cloud computing platform, Windows Azure, in Korea after holding off on the service for two years.Despite the delay in the release here, officials said MS is still ahead of its competitors such as Amazon and Google in Korea’s cloud computing arena.Amazon has not yet made a significant inroad into the Korean market, although the online book retailer has established its cloud computing serv
TechnologyJune 11, 2012
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Nexon to solidify position on NCsoft stock buy
Nexon’s move to position itself as country’s top online game firm bewilders investorsNexon has officially concreted its position as the country’s top game firm following its announcement that it took over nearly 15 percent of NCsoft’s shares last Friday.Nexon said it has acquired about 3.21 million of NCsoft’s shares for 250,000 won ($214.39) per share from the firm’s chief executive Kim Taek-jin on the same day.The move indicates that Nexon has paid up to 804.5 billion won for 14.7 percent of N
IndustryJune 11, 2012
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SKT, SNUH launch smart health care service pilot
Health Connect, a joint venture between SK Telecom and Seoul National University Hospital, launched its first pilot-version of smart healthcare service called Health-On.SK Telecom, the country’s biggest mobile carrier, said Monday that the new service allows people to periodically check the status of their health evaluated by the hospital, which will provide online and offline consulting. Users will be able to use such a service via mobile devices and the Internet, and access individual health i
June 11, 2012
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Shares jump 1.71% on Spain bailout
South Korean stocks shot up 1.71 percent Monday after Europe’s finance ministers agreed on a bailout program for Spain over the weekend, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index spiked 31.40 points to 1,867.04. Trading volume was light at 356 million shares worth 4.21 trillion won ($3.61 billion), with gainers outpacing losers 647 to 199.“The eurozone’s decision to help Spain’s banking sector alleviated global stock market unc
June 11, 2012
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FSS to delay ATM cash withdrawals to curb voice phishing scams
The nation’s top financial regulator said Monday it would introduce a new cash withdrawal system later this month as part of efforts to reduce the harm caused by voice phishing.Starting June 26, cash withdrawals of 3 million won or more from ATM machines will not be possible until at least 10 minutes after the money has been wired to the account, the Financial Supervisory Service said.“The new system is aimed at buying time for financial authorities to suspend the accounts of voice phishing scam
June 11, 2012
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Rail, airport authorities top competitiveness list: report
South Korea’s public rail and airport authorities ranked top in terms of international competitiveness in 2011 for the service they offered to users, a government report showed Monday.The report by the finance ministry showed the country’s KTX bullet trains outperformed overseas rivals in timely operations according to data published by International Railway Statistics. It said the KTX, run by Korea Railroad Corp. had an on-time departure and arrival rate of 99.8 percent, beating the 99.2 percen
June 11, 2012
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Hanwha Finance Network eyes retirement market
Hanwha Finance Network plans to enter the retirement market by providing customized one-stop services for financial customers, said Hwang Seung-jun, vice president of Hanwha Group’s Management and Planning headquarters. “The retirement market is expected to grow exponentially as baby-boomers have begun to retire in 2010,” Hwang told The Korea Herald in an email interview. “The right financial solutions are much needed for retirees in order to minimize uninvited social, economic shock as well as
June 11, 2012
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SK creates W100b fund to support suppliers
SK Group said Monday that it has created a 100 billion won ($85 million) private equity fund promoting shared growth with smaller partner companies. Unlike the group’s existing loans for suppliers, the new scheme is aimed at investing directly into competitive firms that are financial struggling, SK said. The group said that it has received funding from Korea Finance Corporation, KDB Capital, SK Securities, SK Telecom and SK Global Chemical to set up the new private equity firm.The fund, aimed a
IndustryJune 11, 2012
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EU Gateway Program in Korea 2012 opens in Seoul
A group of European companies will hold one-on-one business meetings with potential Korean clients at the InterContinental Seoul COEX on Tuesday and Wednesday, organizers said.Called the “EU Gateway Program in Korea,” the project promotes business relations between small and medium sized enterprises, or SMEs, from European Union member countries and Korean companies. The program is now in its fourth year. This year’s agenda focuses on environment and energy-related technologies, and health care
June 11, 2012
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‘Policy creation key to helping startups grow’
A U.S. senior researcher said Monday that young entrepreneurial communities are the driving force behind net new job growth, and world governments should focus on creating start up-friendly policies in the future. Speaking on the sidelines of the APEC Start-up Conference 2012, which opened at the COEX center in southern Seoul on Monday, senior fellow for the Kauffman Foundation Jonathan Ortmans stressed the importance of governments taking a more collaborative role in helping these new and young
June 11, 2012
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Air France-KLM sees Asia as source of growth
Understanding local audience key to growth in Korean market, executive in Seoul saysDespite the eurozone fiscal crisis, European airliners are continuing their expansion into the Asia-Pacific region, where it is still seeing some growth. China was the second largest airline market in the world last year, with an estimated 300 million travelers and revenues of approximately $57.6 billion, according to the International Air Transport Association. So it makes sense that Air France-KLM is looking to
June 11, 2012
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AustCham Korea to hold rugby viewing party
The Australian Chamber of Commerce in Korea, or AustCham, will hold a rugby viewing party on Wednesday.It will take place at Itaewon’s 3 Alley Pub. Visitors will be able to watch the second game in the “State of Origin” series, or an annual best-of-three series between two of Australia’s rugby rivals, the Blues and the Maroons.Guests can also enjoy drinks and free food, and take part in sweepstakes. There will also be other chances to win prizes.For more information, please visit www.austchamkor
June 11, 2012
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Linked Seoul organizes rooftop BBQ party
The networking organization Linked Seoul is offering its second annual summer rooftop barbecue party this month.On Friday, members can network and mingle with other business professionals at the Fraser Place in Uijuro, dowtown Seoul. A barbecue buffet as well as unlimited beer and wine will be offered. The event is members-only, but basic membership is free. To sign up, please visit www.linkedseoul.org.
June 11, 2012
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POSCO launches panel for Park T.J. commemoration
POSCO said on Sunday that it has organized a committee to implement a series of commemorative works for its founder Park Tae-joon. The committee consists of 20 prominent figures including POSCO CEO Chung Joon-yang, chairwoman Lee Bae-yong of the Presidential Council on National Branding and Pohang-born author Lee Dae-hwan. The panel plans to convene a quarterly meeting to direct the commemoration-related works from 2013, after the organization changes its official title to “The POSCO Cheongam F
June 11, 2012
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Use body weight to fend off attacker
The history of the human race depended on basic survival instincts of protecting oneself from animal or enemy attack.We live in a modern world where society has evolved to have well-defined laws, proprieties, standards, and other things to protect us.But this doesn’t mean that we live in a safe and comfortable world without strangers or enemies. We never know what lurks around the corner.This column is meant for those who would like to know the basics on self-defense and be prepared to protect y
TechnologyJune 11, 2012
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Producer price growth slows in May
South Korea’s producer price growth decelerated in May mainly due to a slowdown in the global economy, the central bank said Monday.The producer price index, a barometer of future consumer inflation, rose 1.9 percent on-year to 124.6 last month, compared with a 2.4 percent increase in April, according to the Bank of Korea. Compared to the month before, prices fell 0.6 percent, the sharpest on-month contraction since 0.8 percent minus growth reported for October 2009.The slower on-year gain last
June 11, 2012
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Korea’s economy improves amid uncertainties: think tank
South Korea’s economy has pulled off modest gains in recent months but eurozone woes and other overseas developments are fueling uncertainties that can hurt future growth, a state-run think tank said Monday.In its monthly economic assessment report, the Korea Development Institute said that industrial and service sector outputs, private consumption, business investment and labor market conditions all improved in April compared to the previous month. The trade surplus of Asia’s fourth-largest eco
June 11, 2012