Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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KT gets green light to end 2G service next month
The Korea Communications Commission granted KT Corp. permission to end its feature phone service beginning on Dec. 8.The state telecom regulator said KT will have two weeks to inform its existing 159,000 feature phone users by at least two different methods ― including mail ― that they will need to change to smartphones running on third generation (3G) networks or choose other mobile service operators.This indicates that KT will begin building ground to launch its fourth generation (4G) network
IndustryNov. 23, 2011
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2012 growth average at 3.7%: economists
Major think tanks and investment banks slashed the 2012 growth forecast for the Korean economy to an average of 3.7 percent, tracking downward revisions emerging as exports cool due to growing external uncertainty in advanced nations.The growth forecasts by 19 think tanks, brokerage firms and banks came in mostly in the 3 percent range, predicting the country will grow below its potential growth rate of 4 percent for the second straight year. The grimmer outlook follows downward adjustments made
Nov. 23, 2011
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Honduras VP promotes specialty, high-end coffee
Honduras’ vice president said Wednesday it would promote its specialty and high-end coffees at the Seoul International Coffee Show at COEX in Seoul this weekend.“The visit is part of a worldwide strategy of promoting Honduran coffee, and we are going to have samples for visitors of the show and prepared an agenda to showcase our products to local importers and roasters,” said Vice President Samuel Reyes.Coffee importers in Korea tend to blend high-quality coffee with other kinds of beans from ar
Nov. 23, 2011
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Record number of new companies set up in Oct.
A record number of new companies were set up in October, fueled by people around retirement age entering the service sector, a government report showed Wednesday.The report by the Small and Medium Business Administration said 5,074 companies were founded last month, up 5.2 percent from a year earlier.“In terms of total numbers, last month represents the highest tally for October since the administration started keeping records in 2003,” it said.It said growth was led by a 7.7 percent increase in
Nov. 23, 2011
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Stronger patent rights set to pummel local drug makers
U.S. drug giants to benefit, while Korean generic production suffersThe country’s pharmaceutical companies face tough times ahead with the new Korea-U.S. Free Trade Agreement poised to strengthen patent rights for U.S. drug giants, heaping strain on the generic-focused Korean industry.Skyrocketing demand for beauty and health products catapulted Korea to the world’s 12th-largest pharmaceutical market valued at about $10 billion. Medicine takes up about 30 percent of the nation’s entire health ca
IndustryNov. 23, 2011
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FTC to order retailers to cut commissions
Home-shopping firms charge vendors up to 55 percent of sales as fees: FTCThe Fair Trade Commission is speeding up its efforts to lower commission fees for major retailers following an agreement reached after months of tug-of-war with the nation’s top three department stores early this month. In the latest move to do so, the antitrust regulator on Tuesday released the results of its survey on transactions among major home-shopping TV channels and supermarket chains. The FTC said that the nation’
IndustryNov. 23, 2011
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Korea aims for top 3 in exports of atomic plants
Korea will finalize by the year-end its blueprint to become one of the world’s three largest nuclear power plant exporters with the U.S. and France by 2030, the Ministry of Knowledge Economy said Wednesday. According to the roadmap dubbed “Nu-Tech-2030,” Korea aims to develop its own core technologies by the end of next year and achieve a market share of 20 percent in global nuclear power plant orders by 2030.The country also plans to develop new technologies to enhance the safety of atomic powe
IndustryNov. 23, 2011
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Social commerce website visitors more than double
The number of social commerce users has more than doubled over the past year with the rising popularity of smartphones and social networking services, a survey said on Wednesday.In the evaluation conducted by the Korea Chamber of Commerce and Industry on trends in internet usage, the number of social commerce site visitors rose to an average of 11.54 million people per month in 2011, up from 5.14 million people per month in 2010, it said.The monthly average visitor figures for online shopping ma
IndustryNov. 23, 2011
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Automakers to benefit most from Korea-U.S. FTA
Sales growth in No. 1 market could boost car exports to BRIC countriesThe auto sector is regarded as one of the few local industries to greatly benefit from the Korea-U.S. Free Trade Agreement.The FTA, which was recently ratified by both countries’ legislative bodies, is widely expected to push up Korean carmakers’ position in the world’s largest auto market.Experts predict that about 5,000 small and mid-sized Korean auto parts manufacturers will be able to expand their presence in the United St
MobilityNov. 23, 2011
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Farm sector to see major blow from U.S. FTA
Agriculture and livestock will be hardest hit by the trade pact between the U.S. and Korea as the lifting of trade barriers will wipe out at least 12.67 trillion won ($10.5 billion) of local production over the next 15 years, the government estimates. Farmers here will face an uphill battle fighting the inflow of cheaper products from the world’s largest economic bloc. The government plans to provide a total of 21.1 trillion won over the next decade on the farming, stockbreeding and fisheries in
Nov. 23, 2011
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Hyundai E&C completes gas processing facility in Qatar
Hyundai Engineering & Construction, South Korea‘s largest builder, said Wednesday it had completed work on a key gas-to-liquid processing facility in an industrial complex in Qatar.The liquid processing unit is a key facility for Qatar’s Pearl GTL Project in Ras Laffan, an industrial region about 80 kilometers north of the Qatari capital of Doha. The project is the world’s largest gas-to-liquid processing project and aims to refine 140,000 barrels of liquefied natural gas per day. Hyundai E&C wo
IndustryNov. 23, 2011
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Lotte Mart to set up new discount store in north-central Chinese city
HONG KONG -- Lotte Mart Co., South Korea‘s third-largest discount chain store, plans to open a new store in a city in north-central China, as part of an effort to boost its presence in the country’s fast-growing retail sector, regional government and business sources said Wednesday. Lotte Mart has agreed with the Henan provincial government to invest 500 million yuan ($78.6 million) to build a discount store in Zhegzhou, the capital city of Henan, official sources said. The announcement comes as
IndustryNov. 23, 2011
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Korea‘s retail market growth to slow down in 2012
South Korea’s retail market growth is expected to slow down next year due mainly to the sluggish economy, which could cause a decline in real income stemming from increasing inflationary pressure, an industry report showed on Wednesday.According to the report by the Shinsegae Retail Research Institute, South Korea’s retail market will grow 6.9 percent on-year to 232 trillion won ($20.2 billion) in 2012, compared with this year’s growth estimate of 8.2 percent and an estimate of 217 trillion won
IndustryNov. 23, 2011
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Hyundai Motor inks 3-year Grammy Awards partnership
Hyundai Motor Co., South Korea‘s largest carmaker, said Wednesday that it signed a three-year contract to support the U.S. Grammy Awards.Under the contract, Hyundai will be the exclusive vehicle partner for the prestigious award sponsored by the National Academy of Recording Arts and Sciences for outstanding achievement in the music industry. The carmaker said that its vehicles will be used to ferry celebrities to the awards ceremony slated for February 2012.It will also play a role in the Gramm
MobilityNov. 23, 2011
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Daewoo wins order from Saudi Arabia
Daewoo Engineering & Construction Co., South Korea’s fourth-largest builder, said Wednesday it has clinched a $330 million order to build a residential complex in western Saudi Arabia.Under the deal with the Kele Saudi Arabia Ltd., Daewoo Engineering will construct 360 residence units for 7,200 households in a new town at the coastal city of Jeddah.The construction is scheduled to be completed by February 2016, the builder said. The Saudi government is pushing for a $67 billion housing project t
IndustryNov. 23, 2011
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Cargo handling at seaports up 9.6 pct in Oct.
The amount of cargo processed at South Korea’s seaports surged 9.6 percent last month from a year earlier on growing trade and cargo passing through the country, the government said Wednesday.The volume of cargo handled at the country’s seaports came to 112.89 million tons, according to the Ministry of Land, Transport and Maritime Affairs.The figure also marks a large gain from the 101 million tons processed in September.“The amount of import-export cargo is growing despite worsening global econ
Nov. 23, 2011
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Korea global leader in manufacturing sector: think tank
South Korea is one of the global leaders in the manufacturing sector, bolstered by its competitiveness in autos and semiconductors, a local think tank said Wednesday.The Institute for International Trade (IIT) said in its latest annual report that as of 2010, South Korea was the seventh largest exporting nation in the world.It also said that the country was the fifth largest manufacturer of automobiles and No. 2 in the world in terms of semiconductor sales.The institute under the Korea Internati
Nov. 23, 2011
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Korean economy relies heavily on advanced nations
South Korea’s dependence on major advanced economies such as the U.S. and Europe has deepened over the past decade, making its economy more vulnerable to global financial crises originating with the economic powers, a report said Wednesday.According to the report compiled by the Korea Center for International Finance, South Korea and the U.S. had a correlation coefficient of 0.76 in terms of economic growth in the 2000-2010 period. The comparable figure was 0.51 in the 1980s and plunged to minus
Nov. 23, 2011
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KT gets green light to end 2G service
The Korea Communications Commission granted KT Corp. permission to end its feature phone service beginning on Dec. 8 on Wednesday.The state telecom regulator said KT will have two weeks to inform its existing 159,000 feature phone users by at least two different methods -- including mail -- that the
TechnologyNov. 23, 2011
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BPA spikes 1,200 percent after eating canned soup: study
WASHINGTON, Nov 22, 2011 (AFP) - People who ate canned soup for five days straight saw their urinary levels of the chemical bisphenol A spike 1,200 percent compared to those who ate fresh soup, US researchers said on Tuesday.The randomized study, described as "one of the first to quantify BPA levels
TechnologyNov. 23, 2011