Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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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
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Woman found making meth in Walmart store
A Missouri woman was caught making meth in her purse inside of a Walmart store, police said.The woman and a man were pulled aside by store security who discovered that the woman was making methamphetamine in her purse, KMOX-TV, St. Louis, reported.The store was evacuated out of fear for customers' safety.St. Louis County Police Lt. Mark Cox said if the meth concoction leaked or spilled, fumes coul
IndustryJune 11, 2012
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Likelihood of death rises with ‘birthday blues’: study
For those over 60 years old, birthdays could be a stressful event that raises the likelihood of death from heart attacks, strokes, falls, suicides and even cancer, the Daily Mail reported on Sunday.According to a study conducted by researchers from Switzerland, those over age 60 are 14 percent more likely to die on their birthdays.On the special day, scientists found heart attacks rose more than eighteen percent while the stoke levels increased by 21.5 percent.“One interesting finding is that mo
TechnologyJune 11, 2012
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Doctor tries oriental medicine to treat hair loss
When 41-year-old Ryu Yeong-ho realized that her seborrheic dermatitis was not getting any better, she decided to seek an alternative route. Her condition, a debilitating scalp condition that can ultimately lead to permanent hair loss among other complications, has recently affected an increasing number of individuals. For Ryu, the diagnosis had been the same: all the dermatologists she visited had prescribed similar shampoos and ointments to stave off the symptoms and told her it was incurable.D
TechnologyJune 10, 2012
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Eurozone crisis pummels Korean brokerages
South Korea’s securities brokerage industry has been a big underperformer for the past year, buffeted by the resurfacing of the European debt crisis and other negative factors, data showed Sunday.The return on the brokerage sector’s subindex stood at minus 30.6 percent during the past year, the third-worst record after minus 32.6 percent for medical and precision machines and minus 31.9 percent for chemicals, according to the data by the Korea Exchange, the local bourse operator.In addition, the
June 10, 2012
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Korea, U.S. conclude preliminary FTA talks
South Korea and the United States concluded two days of preliminary talks in Washington aimed at fueling trade following the implementation of the bilateral free trade pact, the foreign ministry said Saturday.Seoul and Washington established the minister-level Joint Committee and 19 subcommittees and working groups to oversee the implementation of the landmark free trade agreement that went into force on March 15.During the two days of talks, committees on trade in goods, trade remedy, service a
June 10, 2012
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Korea seeks to nationalize rail stations
The government split up the rail sector’s management of infrastructure and transport services in 2005, judging that a single national railway firm would not be able to meet the demand for better products. Under the reform, the Transportation Ministry put about 80 percent of Korea’s railway stations under the ownership of state-run Korea Railroad Corp., which also operates railway services, as a form of investment-in-kind.About seven years on, the ministry is seeking to retrieve that ownership, s
IndustryJune 10, 2012