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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Medical reform committee kicks off despite boycott from doctors
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Citibank targets middle-income earners
Citibank Korea has decided to shift its asset management business focus to the middle-income bracket, from its earlier target of wealthy customers.While the bank had mainly focused on private banking for customers with deposits of at least 100 million won ($87,700), its target will be expanded to those with financial assets of at least 20 million won.“Among total Korean adults, the proportion of them whose financial assets come to 20 million won is 35 percent,” Citibank Korea CEO Ha Yung-ku told
March 20, 2012
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KAI wins $1.22b Airbus wing parts contract
South Korean aerospace company Korea Aerospace Industries Ltd. said Tuesday it has won a $1.22 billion contract to exclusively supply wing parts to Europe’s Airbus SAS.The contract, signed in France late Monday, calls for the building of wing bottom panels for the very popular A320 passenger jets and marks the single largest civilian aircraft components deal won by a local company. KAI said it will supply the panels for the duration of the aircraft’s production that may extend to 2025, with the
IndustryMarch 20, 2012
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Card firms’ profits fall for 1st time in 3 years
But earnings from charging service fees remain robust: FSS dataThe yearly earnings of credit card firms dropped in 2011 for the first time in three years amid financial regulators’ stricter policy on blocking reckless business expansion.According to the Financial Supervisory Service, six major credit card issuers saw their combined net profit stay at about 1.3 trillion won ($1.15 billion) in 2011, down 51 percent from 2.7 trillion won a year earlier.This was the first fall since their net profit
March 20, 2012
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Samsung to focus on smart, 3-D TV sales in Middle East
South Korean tech giant Samsung Electronics Co. said that it will focus on smart and 3-D TV sales in the Middle East in order to strengthen its dominant presence in the large emerging market.The company said it aims to aggressively market its latest high-end TV sets and expand cooperative tie-ups with content suppliers to solidify its status as the No. 1 smart electronics product supplier in the area.Samsung said that it was able to pull off TV sales growth of 26 percent last year despite the ge
TechnologyMarch 20, 2012
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Bosch seeks more independence in Samsung car battery venture
Robert Bosch GmbH, the world’s biggest car-parts supplier, is in discussions with joint venture partner Samsung SDI Co. about producing more electric car batteries independently of each other.Bosch has been discussing greater autonomy from its partner in the SB Limotive joint venture for at least a month as it seeks to react more quickly to customers’ demands, Udo Ruegheimer, a spokesman for the Stuttgart, Germany-based company said by telephone.“All customer contracts are decided jointly, so it
IndustryMarch 20, 2012
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Scientists reveal secret of obesity
A group of U.S. scientists have discovered how a mutation in a particular gene can lead to uncontrolled eating, which can lead to obesity, Science Daily reported Sunday.Previous studies have revealed that the brain-derived neurotrophic factor (BDNF) gene is linked to obesity, but no one could explain how it controls the impulse to eat.Georgetown university researchers discovered in a new study that a mutation in the BDNF gene in mice does not allow brain neurons to communicate to each other. It
TechnologyMarch 20, 2012
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1st commercial cargo run to space station April 30
The SpaceX Falcon 9 rocket undergoes a countdown test on launch pad SLC-40 at the Cape Canaveral Air Force Station in Cape Canaveral, Fla. Space Exploration Technologies Corp., better known as SpaceX, plans to launch its Dragon capsule from Cape Canaveral on April 30 (AP-Yonhap News)The Internationa
TechnologyMarch 20, 2012
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Apple has sold 3 million iPads
People purchase the new iPad at Apple's flagshop store, in New York, Friday (AP-Yonhap News)Apple Inc. says it has sold 3 million iPads since Friday when it released the latest version of the tablet computer.The new, third model comes with a faster processor, a much sharper screen and an improved ca
TechnologyMarch 20, 2012
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U.S. to slap antidumping duties on LG, Samsung fridges
The U.S. Department of Commerce said Monday it has decided to impose antidumping tariffs on refrigerators made by Samsung Electronics Co. and LG Electronics Inc., which Whirlpool Corp. accused of being sold at below-market prices.The department said that it will impose antidumping duties of as much
IndustryMarch 20, 2012
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Wendy’s tops Burger King as second-largest U.S. burger chain
Wendy’s Co. surpassed Burger King Holdings Inc. in sales last year, making it the second-largest U.S. hamburger chain, according to Chicago-based researcher Technomic Inc. Sales at Dublin, Ohio-based Wendy’s U.S. locations were $8.5 billion last year, while Miami-based Burger King’s sales
IndustryMarch 20, 2012
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Tata Daewoo CEO to head foreign business group
The Korea Foreign Company Association elected Kim Jong-shik, head of Tata Daewoo Commercial Vehicle Co., as its chairman, the lobby group announced on Monday.The general meeting of the largest foreign business community in the country voted Kim to replace Shin Bak-je, CEO of NXP Semiconductor, to lead FORCA for the next two years.“We’re at an important juncture where foreign businesses have become an integral part of growth in Korea. FORCA will strive to merge better with the Korean society,” Ki
IndustryMarch 19, 2012
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Hyundai Motor may merge its steel units: analyst
Hyundai Motor Co.’s and Kia Motors Corp.’s purchases of shares in affiliate Hyundai Hysco Co. increases the likelihood that Hyundai Motor Group will merge its steel units, according to Tong Yang Securities Co.Hyundai Motor, South Korea’s largest automaker, bought 2.6 million Hysco shares and Kia acquired 1.4 million, both from Japan’s JFE Steel Corp., the Seoul-based companies said in separate statements after the market’s close on March 16.The combined purchases, equivalent to about a 5 percent
March 19, 2012
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Hyundai Mipo reaches milestone of 600th ship delivery
Hyundai Mipo Dockyard Co., a Korean shipbuilder, on Monday set a milestone in vessel construction with the delivery of its 600th product in just 14 years.The affiliate of Hyundai Heavy Industries Co., the world’s largest shipyard, said it handed over a container vessel with a capacity of 1,000 twenty-foot equivalent units to CK Line Co., a Seoul-based shipping line. The accomplishment came only 14 years after Hyundai Mipo tapped the market in 1997 with a focus on mid-size product carriers, the c
IndustryMarch 19, 2012
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Daewoo Electronics gears up to expand in U.S.
Daewoo Electronics said Monday that it is seeking to expand its presence in the U.S. home appliance market with its new line-up of microwaves and small washing machines throughout this year.By signing an agreement with U.S retail giant Walmart, the company plans to ship 250,000 units of 26 liter microwaves to 1,500 different branches of Walmart located throughout the U.S. for this year.The company also expects to engage in additional talks with Walmart next month to supply an expanded lineup of
IndustryMarch 19, 2012
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KT aims for 40 trillion won sales by 2015
Outlining vision for his second term, Chairman Lee says ‘no free lunch’with network useKT Corp. on Monday reaffirmed the company’s new vision of becoming a global media group expanding into businesses other than telecom services and doubling its current sales within three years. “If there were industrial and globalization revolutions that changed the world dramatically over the past 200 years, the virtual goods revolution will make changes in the coming years,” said KT chairman Lee Suk-chae. “An
IndustryMarch 19, 2012
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Stress tests for financial holding firms: watchdog
Korea’s financial watchdog said Monday that it will conduct stress tests on the country’s financial holding firms in a bid to shield the country from a potential financial crisis.The Financial Supervisory Service has been conducting stress tests on players in each financial sector on a quarterly basis, and pressing banks, insurers and securities firms to beef up their foreign currency liquidity and other financial health.Stress tests are usually conducted to measure how well lenders and other pl
March 19, 2012
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Seoul shares gain on global optimism
Korean stocks closed 0.62 percent higher to a six-month high on Monday as encouraging signs in the U.S. economy and global economic optimism boosted large-cap exporters, analysts said. The local currency rose against the U.S. dollar. The benchmark KOSPI rose 2.56 points to 2,047, the highest close since Aug. 3, 2011. Trading volume was moderate at 541 million shares worth 4.74 trillion won ($4.22 billion) with losers leading gainers 434 to 385.“Foreign investors bought more local stocks in the l
March 19, 2012
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Banks’ overseas borrowing costs fall to 3-year low in February
Korean banks’ short-term foreign borrowing costs hit an over 3-year low in February amid eased concerns over the eurozone crisis, the financial watchdog said Monday.According to the Financial Supervisory Service, the spread on short-term foreign borrowing by 16 local lenders stood at 8.8 basis points, a drop of 23.9 basis points from January. A basis point is 0.01 percentage points.The February figure is the lowest since the watchdog began to compile related data in 2009.The spread on mid and lo
March 19, 2012
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EUCCK donates scholarships to local artists
The Europe-Korea Foundation, the charity arm of the European Union Chamber of Commerce in Korea, will hold a scholarship donation ceremony in Seoul on Thursday, organizers said. The EKF scholarship program assists many talented young students who are unable to further their academic careers due to financial instability. The EKF has selected nine college students who live in social welfare centers in Seoul or on their own after leaving the centers, the organizers said.The foundation said that bec
March 19, 2012
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Real estate, politics on cards for AMCHAM
The American Chamber of Commerce will hold committee meetings on real estate and Korean politics this week.A meeting on Thursday will discuss the current state and future outlook of the commercial and retail real estate market in Korea as well as large scale development projects. The meeting will be at 7:30 a.m. at Lotte Hotel in Seoul and will examine issues such as the growing and declining areas of real estate, engines of growth in retail development, the track record for large-scale developm
March 19, 2012