Most Popular
-
1
Tensions heighten ahead of first president-opposition chief meeting
-
2
Seoul to provide housing subsidy to married couples with newborns
-
3
New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
-
4
Rapper jailed after public street fight with another rapper
-
5
[KH Explains] No more 'Michael' at Kakao Games
-
6
Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
-
7
Woman gets suspended term for injuring boyfriend with knife
-
8
Med schools expect 1,500+ new admission slots next year
-
9
Samsung chief bolsters ties with Germany’s Zeiss
-
10
KT launches new mobile plans for foreign residents
-
GSK’s pneumococcal vaccine OK’d for wider age group
GlaxoSmithKline Korea Ltd. said Wednesday that Korea’s drug agency has extended approval for its hot-selling pneumococcal vaccine to be used in babies born premature at 27 to 28 weeks and children up to 5 years old.The expanded approval makes Synflorix the first pneumococcal conjugate vaccine with posology for premature babies in Korea, the local unit of the U.K.-based corporation said. The vaccine was first cleared by the Korea Food & Drug Administration in 2010 for the prevention of invasive
IndustryFeb. 1, 2012
-
[Korean auto sales down 1.7% in Jan.]
Korea’s five automakers led by market leader Hyundai Motor Co. on Wednesday reported a 1.7 percent drop in January sales due to a slump in domestic demand.The combined sales of the carmakers came to 617,506 vehicles in January, compared with 626,806 units sold a year earlier, according to data released by the companies.Their domestic shipments reached a combined 96,448 units last month, down 20 percent from 120,557 a year earlier. Overseas sales, however, including cars exported from South Korea
MobilityFeb. 1, 2012
-
[Lotte opens first overseas duty-free shop in Indonesia]
Lotte Duty Free, a leading Korean retail operator, said Wednesday that it has opened its first overseas shop at Indonesia’s Soekarno-Hatta International Airport.The duty-free shop covers 900 square-meters and will sell various cosmetics, perfume, liquor and tobacco products to travelers using the airport located about 20 kilometers west of Jakarta.The duty-free operator, which is part of the Hotel Lotte chain, said it has also set up an interactive screen featuring Korean pop stars to give its s
IndustryFeb. 1, 2012
-
[Concerns raised over card firms’ asset jump]
Korean credit card companies’ assets have grown to alarming levels due to their proliferating competition, industry data showed Wednesday, raising the specter of a bubble.The total assets of credit card firms stood at 79.3 trillion won ($70.4 billion) as of the end of 2011, surpassing the 78.9 trillion won tallied in 2003, a year after the country’s economy was hard-hit by a credit card bubble, according to the data. Their assets dropped as low as 65 trillion won in 2008, but soon rebounded by n
Feb. 1, 2012
-
[Tire production, sales edge up in 2011]
Production and sales of Korean tiremakers grew slightly last year amid a deepening economic slump at home and abroad, a trade association said Wednesday.According to the Korea Tire Manufacturers Association, Korean tire manufacturers led by Hankook Tire Co. and Kumho Tire Co. produced 97,694,000 units in 2011, up 2.5 percent from the previous year.Sales rose 1.6 percent on-year to 96,942,000 units last year.In the domestic market, a total of 9,997,000 units for original equipment were sold last
IndustryFeb. 1, 2012
-
[Consumer prices grow 3.4 percent in January]
Korea’s consumer prices grew at a slower pace in January as the government is pushing to fight inflation amid concerns that high prices could hurt consumption and the overall economic recovery, a government report showed Wednesday.According to the report by Statistics Korea, the country’s consumer price index rose 3.4 percent in January from a year earlier, slowing from a 4.2 percent gain in December. It gained 0.5 percent compared to a month ago. Core inflation, which excludes volatile oil and
Feb. 1, 2012
-
[[Herald Interview] Yeosu aims for visitor-friendly Expo]
YEOSU, South Jeolla Province ― The southern coastal town famous for its seascape and bountiful seafood is in the final stages of preparation for the World Expo. Construction clatter fills the waterfront Expo site in front of the Yeosu Expo train station, to which the KTX travel time from Seoul will be reduced to 2 hours and 50 minutes by the time the world fair kicks off on May 12. Themed “Living Ocean and Coast,” the Yeosu Expo will be the first world fair to be held above water to highlight th
Feb. 1, 2012
-
[EU antitrust regulator probes Samsung for abuse of mobile phone patents]
Samsung Electronics Co. is being probed by European Union antitrust regulators over licensing of patents to other mobile-phone manufacturers. The European Commission said it will investigate whether Samsung broke a 1998 commitment to license any standard essential patents for phones on “fair, reasonable and non- discriminatory terms.” It acted after Samsung claimed last year in European courts that rivals infringed its patents, the EU said in a statement. Regulators have increased scrutiny of in
TechnologyFeb. 1, 2012
-
[Savings banks’ household loans top W10tr]
Sharp rise in credit loans in non-banking sector raises alarm bellsThe amount of loans extended by Korea’s savings banks to households topped 10 trillion won ($8.9 billion) in 2011. Preliminary data from the Financial Supervisory Service indicates that savings banks, hurt by a string of scandals last year, are moving back toward risky lending. It is the first time that the outstanding loans by savings banks to local households surpassed 10 trillion won ― a sharp increase from 7 trillion won in O
Feb. 1, 2012
-
[Yeosu Expo to highlight marine development]
The 2012 World Expo in Yeosu aims to illuminate oceans and their magnitude as a key to diverse climate and environmental challenges mankind is faced with in the 21st century. Under the theme “Living Ocean and Coast,” 106 countries and nine international organizations will showcase their diverse marine development and advancement of oceanic technology on the southern shore of the Korean Peninsula from May 12 to Aug. 12.The 93-day event, the first here since the 1993 Daejeon Expo, is expected to l
IndustryFeb. 1, 2012
-
[Expo to help Yeosu rise as center of marine tourism: Kim]
YEOSU, South Jeolla Province ― The upcoming World Expo will no doubt be a watershed event in the history of Yeosu, a butterfly-shaped peninsula on the southern coast and 365 surrounding islands. To highlight the city’s aspirations for a successful fair, Mayor of Yeosu Kim Chung-seog has worn a blue jumper or blazer sporting an expo logo to work everyday since he was elected in June 2010. “Our aim after the expo is to build an international center of marine tourism and leisure sports, and to beco
Feb. 1, 2012
-
[Volunteers in training to serve at Yeosu Expo]
A total of 15,870 volunteers including an 84-year-old senior citizen, college freshmen, soon-to-be discharged soldiers and people from various countries are in training to work at the Expo 2012 Yeosu.Some 45,000 people signed up to volunteer during the application period between April and June last year. They went through the initial screening in August and interviews from September to November in a number of cities including Yeosu, Suncheon, Gwangyang, Seoul, Busan and Jeju. To give a chance to
Feb. 1, 2012
-
[GS Caltex chief honored for role in Yeosu Expo]
GS Caltex CEO Hur Dong-soo will receive the highest National Order of Merit in the culture category for his contributions to the nation’s successful bid for the 2012 exposition in Yeosu, the oil company said Wednesday.Hur will receive Geumgwan, the First Order of Culture Merit from the government for helping the organizing committee to win Yeosu the right to host the international exhibition highlighting the ocean as the future source of energy.Hyundai Motor Group chairman Chung Mong-koo is also
IndustryFeb. 1, 2012
-
[Good times back for Korean chip firms?]
Analysts give promising outlooks for Samsung Electronics, Hynix SemiconductorThe global business environment for Korea’s top two chip makers is showing signs of improving, causing analysts to paint a rosy prospect for their business. The year of 2012 is projected to become a more exciting one than the last for the semiconductor industry, especially for Samsung Electronics and Hynix Semiconductor, since the prices of dynamic random access memory chips for PCs and mobiles are set to be stabilized
TechnologyFeb. 1, 2012
-
[KEB union seeks injunction over Hana deal]
The labor union of Korea Exchange Bank sought an injunction to block financial regulators’ endorsement of Hana Financial Group’s takeover of KEB.“We (and a group of KEB’s small investors) filed for the injunction with the Constitutional Court late Jan. 31,” a KEB union leader said on Wednesday.The unionized workers’ move comes four days after the Financial Services Commission approved Hana Financial’s application to acquire the bank from U.S.-based Lone Star Funds last Friday.The FSC has been ne
Feb. 1, 2012
-
[Korea suffers first trade deficit in two years]
Korea’s trade balance swung into the red for the first time in two years in January as the Lunar New Year holiday reduced the shipment volume and the eurozone fiscal crisis dented exports. The country logged a trade deficit of $1.96 billion last month, compared with a surplus of $2.9 billion a year earlier, the Ministry of Knowledge Economy data showed Wednesday. Exports unexpectedly fell 6.6 percent on-year to $41.54 billion in January, marking the first contraction in 27 months on a year-on-ye
Feb. 1, 2012
-
[Top officials warn against chaebol bashing]
FTC chief Kim opposes move to revive equity investment cap for large conglomeratesHeads of government offices, starting with President Lee Myung-bak, have started voicing opposition to the recent political move of limiting the business expansion of conglomerates. “Putting excessive pressure on companies can lead to decreases in new investment and job creation,” Lee said during a Cabinet meeting on Tuesday.“All the political discussions are creating an environment that pushes companies too hard.
IndustryFeb. 1, 2012
-
[New Mercedes-Benz Korea chief named]
Mercedes-Benz appointed Thomas Urbach as the new president and CEO of its Korea office, replacing outgoing chief Harald Behrend, the carmaker said Wednesday.“Mr. Urbach will have his first day as chief of the Korea office from Feb. 1,” the company said in an emailed statement.The German leader, 49, brings more than 23 years of experience in the industry. He has served as vice president of sales and marketing vans since 2006 from the company’s headquarters in Berlin. He joined the industry in 198
IndustryFeb. 1, 2012
-
[Cheaper Sonata hybrid introduced]
Hyundai Motor has launched a cheaper model of the Sonata hybrid sedan, with a price tag set below 30 million won ($26,300).The new hybrid model is aimed at attracting more middle-income consumers as the eco-friendly vehicle has been quite expensive compared to gasoline-powered models.“The new model is cheaper by about 1.1 million won than the original Sonata hybrid,” the company said in a statement Wednesday.To lower the consumer prices, a spokesman said, several options including leather steeri
Feb. 1, 2012
-
[GSK’s pneumonia vaccine OK’d for wider age group]
GlaxoSmithKline Korea Ltd. said Wednesday that Korea’s drug agency has extended approval for its hot-selling pneumonia vaccine to be used in babies born premature at 27 to 28 weeks and children up to 5 years old.The expanded approval makes Synflorix the first pneumococcal conjugate vaccine here for premature babies, the local unit of the U.K.-based corporation said. The vaccine was first approved by the Korea Food & Drug Administration in 2010 for the prevention of invasive pneumococcal disease
IndustryFeb. 1, 2012