Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Korea should recoup Woori investment soon: regulator
More than 10 years after South Korea spent $11 billion bailing out its weakest banks, taxpayers are still waiting to get their money back. It’s time to fix that, says Kim Seok-dong, the nation’s top financial regulator. The government needs to push ahead with its third attempt to cut its 57 percent stake in Woori Finance Holdings Co., the company created in 2001 by combining the failing banks, as quickly as possible to recoup that money and arrest its eroding value, said Kim, who is chairman of
May 22, 2012
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More than 5m people own Korean stocks
More than 5 million people, about a fifth of Korea’s economically active population, were investing in stocks as of late last year, according to data released by the Korea Exchange on Tuesday.Some 5.28 million people were investing in stocks in Korea, up 10.2 percent from 4.79 million a year before. The new figure accounts for 10.6 percent of the country’s population and 21.2 percent of its economically active population.“The number of stock investors hit record high due to the stock market boom
May 22, 2012
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Siemens seeks greater partnership with Korean firms in Middle East, India, China
Siemens Korea has been active in competing with foreign and domestic rivals over subcontracts of global conglomerates’ large-scale plants to be built in the Middle East, India and China. With conglomerates’ aggressive expansion overseas, the Middle East, India and China have become huge markets, sparking seemingly endless demand for subcontracts of constructing plants and factories. Un Min-su, vice president and head of industry sector of Siemens Korea, was careful but confident about sharing th
IndustryMay 22, 2012
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LG Display builds panel plant for Chinese market
LG Display has joined a project to build a joint venture panel plant for emerging Chinese LCD television makers in Guangzhou in southern China.Committing to its MOU signed in 2009 with Guangzhou officials, the Korean display panel manufacturing giant said Tuesday that the plant, to be equipped with eighth-generation lines, will be in full production in the second half of 2014. In 2009, LG Display signed a non-binding agreement to build such a plant in Guangzhou’s economic zone, which offers tax
TechnologyMay 22, 2012
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OECD cuts Korea's growth forecast to 3.3 pct for 2012
South Korea's economy is expected to grow at a slower pace than previously anticipated this year largely due to a weak global recovery and sluggish trade conditions, the Organization for Economic Cooperation and Development (OECD) said Tuesday.In its annual outlook report on South Korea, the Paris-based club of industrialized economies said Asia's fourth-largest economy will likely pull off 3.3 pe
May 22, 2012
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Retailers brace for restrictions on air-conditioning
Government considers fining shops that leave air conditioners on even when doors are openLarge retail establishments are scrambling to come up with ways to fight summer heat as they face tightened government restrictions on air-conditioning starting next month.To prevent power shortages during the summer, the government unveiled last week a set of energy-saving measures that include a ban on temperatures lower than 26 degrees Celsius inside nearly 500 large buildings with an energy consumption o
IndustryMay 22, 2012
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Metal-covered cloaked device “sees without being seen”
A scene from the movie "Harry Potter and the Sorcerer's Stone"To conceal an object, it might be common sense not to put it under shiny materials; but according to a study, that is exactly what one must do to make it invisible.U.S. scientists have developed a virtually invisible photodetector by covering it with reflective metal, Science Daily reported Monday.Researchers from Stanford University
TechnologyMay 22, 2012
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Apple's Cook top-paid U.S. CEO in 2011: report
Apple chief executive Tim Cook topped the list of the best-paid CEOs in the US in 2011 thanks to stock options that put him more than $300 million above his next rival, a Wall Street Journal survey showed Monday.Cook, who took the helm of the iPhone and iPad maker in August last year, two months before the death of founder Steve Jobs, clocked in total compensation of $378 million.Cook earned $900,
IndustryMay 22, 2012
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Web site offers 'girlfriends' for hire
A Florida university student who designed a Web site for men to pay women $5 to perform "girlfriend-like" tasks said he now has 1,600 users.Cody Krecicki, 22, a student at Edison State College in Fort Myers, said he was inspired by a girl in his class who was working multiple jobs to stay afloat while attending school and came up with Girlfriendforhire.com, the Naples (Fla.) Daily News reported Mo
TechnologyMay 22, 2012
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Gas prices may surge W300 on Iran sanctions
South Korea may have to suspend Iran oil imports at the end of this monthGasoline prices in the local market are likely to climb by about 300 won ($0.26) per liter for several weeks in the wake of the European Union’s tightened sanctions on Iran, analysts said Monday.Considering the 50-liter fuel tank of an ordinary car, the situation means a surge by 15,000 won in consumer prices when a driver fills up his gasoline-empty car at a gas station.The European Union legislated rules in March to stop
IndustryMay 21, 2012
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Facebook launches K-pop page
Facebook said Monday it has launched a K-pop music page to help fans of Korean pop music around the world to engage with their K-pop idols more actively. The page, provided jointly by Facebook and Korea’s largest entertainment agency SM Entertainment, will be updated with latest K-pop news and content both in Korean and English.On Monday morning at 11 a.m., Seoul time, the K-pop page delivered SM Town Concert held in Los Angeles. The page is seen at www.facebook.com/kpopmusic.(yoonmi@heraldm.com
May 21, 2012
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Korea Kolmar sees robust sales growth in China
HONG KONG (Yonhap News) ― Korea Kolmar, a South Korean cosmetics research and development firm, has seen robust sales growth in China as it has steadily increased its number of Chinese clients, company officials said Monday.The company, which is known for being an original design manufacturer of cosmetics products, will likely break even in its China operations this year, largely thanks to a growing Chinese mass cosmetics market, said the officials at Korea Kolmar.Korea Kolmar’s brand awareness
IndustryMay 21, 2012
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GM Korea allows early retirement to revamp management
General Motors Korea has launched an early retirement program to restructure its upper pool of managers and higher officials. A spokesman for the automaker told The Korea Herald that the program includes pre-payment of two year’s salary, adding that the estimated number of retirees remains unknown. The program, which started last Friday, will serve to renew the group, he said. The spokesman also said, “We are giving them (program candidates) an opportunity to choose. And the program will be a n
MobilityMay 21, 2012
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Tefal, Philips blasted for huge margins
The distribution margin of European-brand electric irons amounted to almost 130 percent of the import prices, a local consumer advocacy group said Monday in a recent survey. The Korea Consumer Agency, supported by the Fair Trade Commission, surveyed the Korean prices of 41 electric irons, including 18 from Tefal, three by Rowenta and 20 from Philips, over the past month. The survey, which was originally aimed at monitoring their price difference following the Korea-EU free trade pact, found a 15
IndustryMay 21, 2012
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Rivals may find breakthrough in patent fight
Samsung’s vice chief Choi in crucial talks with Apple’s Tim Cook in San FranciscoThe possibility of a breakthrough in Samsung Electronics and Apple Inc.’s patent dispute is a hot topic of discussion here with the first-ever face-to-face meeting between the chiefs of the two companies starting Monday in San Francisco Samsung Electronics’ vice chairman Choi Gee-sung and mobile chief Shin Jong-kyun will meet Apple’s chief executive Tim Cook on May 21-22 to take part in an alternative effort to reso
IndustryMay 21, 2012
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Credit card transaction firms face investigation
A group of civic organizations on Monday requested the prosecution to investigate alleged rebate provision by companies that handle credit card transactions to large retailers that accept credit cards.Because the value-added network companies pay rebates to large retailers, it is becoming difficult to cut credit card commissions for self-employed merchants, the civic groups said.The civic organizations called for a prosecutorial probe into 13 VAN firms as well as 18 credit card acceptors includi
May 21, 2012
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Shares gain 0.94 percent on bargain hunting
South Korean stocks gained 0.94 percent Monday on bargain hunting of big caps following last week’s tumble triggered by the eurozone’s fiscal woes, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index picked up 16.67 points to 1,799.13, after falling sharply last week.Trading volume was moderate at 406 million shares worth 4.20 trillion won ($3.60 billion), with losers outpacing gainers 470 to 389.“A sharp drop in stock prices last week f
May 21, 2012
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Korea checking Greek crisis contingency plans
South Korea is reviewing contingency plans to better insulate the country from the political and fiscal fallouts from the ongoing crisis in Greece, the country’s top economic policymaker said Monday.Finance Minister Bahk Jae-wan told a meeting of senior ministry officials that there is a pressing need to keep close tabs on developments taking place in Greece and its effects on the South Korean economy.“Seoul must re-examine its existing contingency plans and prepare for every possible developmen
May 21, 2012
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KEB offers DMZ tour for expats
Korea Exchange Bank organized a DMZ Tour event on Sunday for 40 of their expat customers to celebrate the launch of the Center for Expat Living desk in their headquarters in central Seoul. The center provides financial as well as non-financial services to the bank’s expat customers.The DMZ Tour highlighted the new initiative of the bank: To make living in Korea more convenient for new arrivals and transferees to Korea, their families and current expat customers by helping them take care of their
May 21, 2012
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Banks’ fiscal health improves: report
The loan deposit rate for South Korea’s banking institutions fell to 95.3 percent at the end of March as the government takes steps to reduce household debt, the financial regulator said Monday.The Financial Supervisory Service said all 15 local banks, including KB Kookmin Bank, Woori Bank, Shinhan Bank and Hana Bank, met the loan deposit ratio limit of less than 100 percent.The limit that must be met by the end of next month is part of Seoul’s plan announced in June 2011 to control the country’
May 21, 2012