Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Shares slip following rally
Korean stocks closed 0.02 percent lower on Wednesday as investors turned gun-shy following the previous session’s rally, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 0.35 points to 1,892.39, after jumping 1.8 percent on Tuesday.Trading volume was moderate at 421.6 million shares worth 5.95 trillion won ($5.21 billion), with losers outnumbering gainers 461 to 362.“It seems the KOSPI is testing technical resistance a
Jan. 18, 2012
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Korea has OECD’s cheapest electricity
Koreans are enjoying the second-lowest electricity rates among Organization for Economic Cooperation and Development member countries, a report said Wednesday. Prices of electricity for industrial and residential use in Korea stood at 5.8 cents per kilowatt-hour and 7.7 cent kilowatt-hour in 2009, making them lower than in all OECD nations except for Canada, according to the Korean Social Trends report by Statistics Korea. “The cost of electricity for residential purposes here is about 1.5 times
Jan. 18, 2012
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Revolutionary mind needed to lead market: Koo
LG Group chief holds marathon discussion with top executivesLG Group chairman Koo Bon-moo emphasized having a fully innovative mind to transform the conglomerate into a market leader during marathon discussions with the group’s top executives on Wednesday.Koo told the 40 top officials at LG’s affiliates that they must come face-to-face with the challenges of gaining the upper hand and never stop trying white having an attitude of change at its two-day global CEO strategic conference in Icheon, G
IndustryJan. 18, 2012
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Robust growth expected for IT giants
Analysts paint rosy outlook for Samsung, LG, SKT, KT, NHNKorea’s information technology firms are expected to either see robust growth or get back on track in 2012.They will continue to take a leading position in the industry by rolling out new and innovative premium electronic goods like smartphones and 3-D capable smart televisions, while local mobile carriers will move to quickly adapt to the upgraded fourth generation network technology.Online portals are also expected to center their attent
TechnologyJan. 18, 2012
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Daewoo International net more than sextuples
Daewoo International Corp. on Wednesday posted record revenue and a more than seven-fold surge in net profit for last year, prompted by robust overseas business and increased sales channels linked with its top stakeholder POSCO.Sales soared 20 percent on-year to nearly 18.8 trillion won ($16.5 billion) in 2011, according to a regulatory filing. Operating profit more than quintupled to 238.8 billion won, while net income topped 160 billion won.The upbeat results drove up Daewoo shares by 3.13 per
IndustryJan. 18, 2012
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Chemical makers likely to see profits drop
Korea’s major chemical makers are expected to report weaker than previously forecast earnings for the fourth quarter of last year as reduced demand from Europe and China hurt their bottom lines, industry sources said Wednesday.LG Chem Ltd., the country’s top chemical maker, is estimated to have racked up an operating income of 532 billion won ($465 million) in the fourth quarter, down 25.7 percent from the previous quarter. Its fourth-quarter sales are projected to have declined 3.6 percent to 5
IndustryJan. 18, 2012
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Koreans increasingly preparing for elderly life
More Koreans are preparing for life after retirement as they wish to live independently, a survey report said Wednesday.The report by Statistics Korea showed that 65.7 percent of those surveyed said that they are preparing for their elderly life in 2011, much higher than 32.9 percent in a similar survey conducted in 1998. The ratio for male respondents stood at 73.2 percent in 2011, up from 43.4 percent, while for women it grew to 58.5 percent from 23 percent over the same period.The increase is
Jan. 18, 2012
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Chey vows investment in semiconductors
SK Group chairman Chey Tae-won reiterated his determination to make Hynix Semiconductor the world’s top chipmaker in his belatedly delivered New Year’s message.The conglomerate canceled its New Year’s meeting for the first time in 59 years as the prosecution indicted Chey early this month for using company money to make up for losses from his futures investment. Chey’s brother Jae-won, vice chairman of SK Group, was held in custody late last month on the same charges. The chairman nevertheless w
IndustryJan. 18, 2012
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Korea’s imports of Iranian oil plunge in December amid U.S.-led sanctions
Korea’s imports of crude oil from Iran plunged in December amid growing demand from the U.S. to toughen sanctions on Tehran over its suspected nuclear weapons program, customs data showed Wednesday.Korea bought about 639,000 tons of Iranian oil in December, down 46.5 percent from a month earlier, according to the data by the Korea Customs Service. The amount is down 16.7 percent from the same month a year earlier.The December figure was the lowest level since October 2010, when Seoul imported 52
Jan. 18, 2012
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Woongjin Coway to focus on high-end cosmetics in China
HONG KONG (Yonhap News) ― Woongjin Coway Co., Korea’s biggest water purifier maker, will focus on the high-end cosmetics market in China this year, in a bid to tap into the world’s fastest growing cosmetics market, company officials said Wednesday. Woongjin Coway’s wholly owned unit in China is currently engaged in the cosmetics and home appliance businesses. Its cosmetic sales in China were estimated at 240 million yuan ($38 million) last year, up 16 percent from a year earlier.Revenues from Wo
IndustryJan. 18, 2012
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Hyundai Heavy to build luxury resort on East Coast
Hotel Hyundai Gyeongpodae will be reborn as a high-rise luxury resort in 2014 on one of the most popular beaches along the country’s east coast. Hyundai Heavy Industries said Wednesday it has clinched a deal with Gangneung City to rebuild the 40-year-old structure into a 20-story hotel with 160 rooms by May 2014. Demolition work is scheduled to begin in May.The shipbuilder runs four luxury hotels here and one in Vladivostok, Russia, through its affiliate Hotel Hyundai. Some 240 kilometers east o
IndustryJan. 18, 2012
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IBK to expand overseas operations
CEO says bank’s new targets include India, Indonesia and ThailandThe Industrial Bank of Korea said it will expand its overseas business in Asia for this year by opening more branches in the region.Apart from China and Vietnam, the state-owned bank is considering making inroads into India, Indonesia and Thailand, IBK president & CEO Cho Jun-hee told The Korea Herald.“We are seeking to open a liaison office in India this year. We also plan to tap the markets, such as Indonesia and Thailand, where
Jan. 18, 2012
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Apple files design suit in Germany seeking to ban 10 Samsung smartphones
(Bloomberg)Apple Inc. filed another suit in Germany, seeking to ban sales of Samsung Electronics Co.'s smartphone models, including the Galaxy S Plus and the S II. The suit targeting 10 smartphones was filed in the Dusseldorf Regional Court and is based on Apple design rights Apple in Europe,
TechnologyJan. 18, 2012
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Samsung denies report on takeover of RIM
Samsung Electronics Co., the world's largest maker of smartphones, said Tuesday that it does not have an interest in taking over Research In Motion Ltd. (RIM), the BlackBerry maker.The Boy Genius Report, a tech blog, said that RIM is pushing to sell part of its division or even the whole company. It
IndustryJan. 18, 2012
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Scientists confirm rocks fell from Mars
WASHINGTON (AP) -- They came from Mars, not in peace, but in pieces.Scientists are confirming that 15 pounds of rock collected recently in Morocco fell to Earth from Mars during a meteorite shower last July.This is only the fifth time in history that scientists have chemically confirmed Martian
TechnologyJan. 18, 2012
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Household loan growth slowed in Nov.
Growth of household loans offered by South Korean depository institutions slowed in November, the central bank said Tuesday, amid the government’s efforts to rein in private sector debt. Household lending handled by local banks and non-bank institutions totaled 638 trillion won ($554.4 billion) as of the end of November, up by more than 3.6 trillion won from the previous month, according to the Bank of Korea. The monthly increase in November was moderate compared with the growth in the previous
Jan. 17, 2012
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Yeungjin College tops 2011 consumer survey
Companies show upward, converging trend in customer satisfaction thanks to intense competitionYeungjin College came first in an annual survey on consumer satisfaction conducted by the Korea Productivity Center on 274 companies and institutions last year.Some 73,055 consumers were polled on the companies and schools across the country.The two-year technical college in Daegu scored 88 points in the National Customer Satisfaction Index survey jointly carried out by the KPC and the University of Mic
IndustryJan. 17, 2012
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US may be behind Mars probe failure: Russia
MOSCOW (AFP) - Russia on Tuesday said the failure of its Phobos-Grunt probe for Mars could have been caused by radiation from US radars, in its latest allegation of Western interference in its space programme."There is such a theory," Yury Koptev the head of the scientific committee of state technol
TechnologyJan. 17, 2012
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UK scientists find lost Darwin fossils
LONDON (AP) — British scientists have found scores of fossils the great evolutionary theorist Charles Darwin and his peers collected but that had been lost for more than 150 years.Dr. Howard Falcon-Lang, a paleontologist at Royal Holloway, University of London, said Tuesday that he stumbled up
TechnologyJan. 17, 2012
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Hyundai releases i40 Saloon
Hyundai Motor Co., Korea’s leading automaker, said Tuesday it released the latest version of its i40 in the local market to meet customer demand for a mid-size sedan.The i40 Saloon, 4.740 meters long and 1.815 meters wide, features the smoothly sculpted exterior seen on recent Hyundai vehicles. It comes with a 2.0-liter GDi gasoline engine with a maximum 178 horsepower and has an average fuel mileage of 13.1 kilometers per liter.There is also a diesel model powered with a 1.7-liter VGT engine wi
MobilityJan. 17, 2012