The Korea Herald

Apple's iPhone users reach 2 mln in S. Korea

The number of Apple Inc.'s iPhone users has surpassed 2 million in South Korea in a little more than one year of its local debut, its distributor said Sunday. Two million iPhones were activated in South Korea as of Jan.20, including 1.03 million units of the iPhone 4, the latest version of the hot-selling device, and 977,000 units of the iPhone 3GS, KT Corp. said in a statement. KT, South Korea's

IndustryJan. 23, 2011

Apple's iPhone users reach 2 mln in S. Korea

Scientist may have found universe’s first star

Remnants of a star that exploded more than 13 billion years ago could be the first star of the universe, BBC news reported. (MCT)All that is left of this pioneer is the gas cloud it threw out into space when it first exploded. The remains of the star are said to have been found when its contents were illuminated by brilliant light coming from the surroundings of a black hole. To identify the stars

TechnologyJan. 21, 2011

Scientist may have found universe’s first star

IMF approves first financial safety loan

The International Monetary Fund approved a two-year contingent credit line to the Republic of Macedonia in the first use of newly launched insurance program guided by the Group of 20 last year. The former Yugoslavian republic became the IMF’s first recipient of the Precautionary Credit Line, securing 476 million euros ($642 million) for this year and next.The measure is part of the international l

Jan. 21, 2011

World’s most expensive apartments sold in London

One Hyde Park is the world's most expensive residential apartment. (Bloomberg)The world’s most expensive residential apartments at One Hyde Park have been officially put on the auction block by property duo the Candy brothers.Nick and Christian Candy claim to have sold over 55 of the 86 luxury apartment properties. On the opening ceremony around 5,000 gold balloons were released from the roof at t

Jan. 21, 2011

World’s most expensive apartments sold in London

GM Daewoo begins production of new MPV Orlando

GM Daewoo Auto & Technology, the South Korean unit of U.S. automaker General Motors Co., said Friday it began producing its new compact multi-purpose vehicle (MPV), the Chevrolet Orlando. The vehicle will be produced at the GM Daewoo plant in Gunsan, 270 kilometers southwest of Seoul. The Orlando is scheduled to be launched here next month as the first of seven Chevrolet vehicles set to be intro

IndustryJan. 21, 2011

Man arrested for extorting money from Samsung Electronics

Samsung Electonics 3D booth at CES in 2011. (Bloomberg)A Seoul man has been arrested on charges of extorting a large sum from Samsung Electronics after intentionally destroying a Samsung cellphone last year, police said Thursday.The 29-year-old man, identified only as Lee, is accused of distorting a compensation of 5 million won (US$4,500) from Samsung Electronics after intentionally destroying hi

IndustryJan. 21, 2011

Man arrested for extorting money from Samsung Electronics

Daewoo cars history as GM Korea switches to Chevrolet

The Korean unit of General Motors plans to remove the badge of “Daewoo” from its company name and new domestic releases as it seeks to improve image and boost sales. GM Daewoo Auto and Technology Co. announced Thursday it will change its name to GM Korea Company and replace the GM Daewoo brand with the Chevrolet brand.“The actions we are about to take will take the company to a stronger, sustainab

IndustryJan. 20, 2011

Daewoo cars history as GM Korea switches to Chevrolet

Facebook agrees to improve data protection for Koreans

The state media regulator Korea Communications Commission said Thursday that the U.S.-based social networking site Facebook agreed to improve its individual information protection measures for Korean users.The KCC said that Facebook stated that it will devise separate measures which follow the country’s information and telecommunications law by the end of March.The event takes place after the stat

IndustryJan. 20, 2011

KT targets W20.5tr in sales

Carrier to invest 3 trillion won to boost service quality, global presenceKT Corp. said Thursday it plans to record 20.5 trillion won ($18 billion) in sales and spend 3 trillion won in investments this year to boost its service quality and step up its presence in global markets.KT, the exclusively provider of Apple’s iPhone in Korea, also said that it aims to reach 30 trillion won in sales by 2015

IndustryJan. 20, 2011

Antitrust regulator probes refineries

Move prompted by Lee’s comments on oil pricesThe antitrust regulator is investigating four major oil refiners for possible price rigging and cartel activities, sources said Thursday.The probe comes amid growing government pressure on them over surging fuel prices. The Fair Trade Commission this week conducted on-site investigations of GS Caltex, S-Oil, Hyundai Oil Bank and SK Energy to see if ther

IndustryJan. 20, 2011

FSC fails to reduce burden on taxpayers

Financial groups may avoid taking on bad assets of savings banksThe government-led restructuring of savings banks may end up injecting a sizable amount of taxpayers’ money into troubled secondary financial institutions, industry watchers said. The Financial Supervisory Commission is in talks with potential investors including Woori Financial Group to arrange a sweeping rescue scheme for distressed

Jan. 20, 2011

Korea mulls easing rules for hedge funds

Korea’s financial regulator is considering loosening regulations over private equity funds, a move that may open the gates to local hedge funds. The country’s tight limits on short-selling leverage rates and types of assets allowed for investment have constrained local funds’ growth and investment targets.“The Financial Services Commission is seeking to revise the capital market law by the end of

Jan. 20, 2011

Seoul stocks down on profit-taking

Korean stocks ended 0.43 percent lower on Thursday on profit-taking and worries over China’s further monetary tightening, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) declined 9.03 percent to 2,106.66, retreating from an all-time high of 2,115.69 a day earlier. Trading volume was moderate at 328.8 million shares worth 6.4

Jan. 20, 2011

Liquidity feared to push up inflation

Liquidity provided by Korean financial firms reached almost 2,000 trillion won ($1.79 trillion) in November, central bank data showed Thursday, adding to growing risks of higher inflation.The country’s liquidity provided by local depository agencies totaled 1,982 trillion won in November, up 7.7 percent from the previous year, according to data from the Bank of Korea. To fight the global financial

Jan. 20, 2011

Korea, Egypt seek oil, nuke power partnership

Korea will beef up cooperation with Egypt in oil, nuclear power plants and many other areas as part of efforts to enhance its economic ties with the fast-growing African country, Seoul’s top economic policymaker said Thursday.The remarks were made by Finance Minister Yoon Jeung-hyun in his meeting with his Egyptian counterpart Boutros Ghali in Cairo.The visit is part of his first overseas tour, wh

Jan. 20, 2011

Korea, Egypt seek oil, nuke power partnership

Korea‘s technology level 5.4 years behind U.S.'

Korea’s technology level in 95 key areas is 5.4 years behind that of the United States, a government report showed Thursday.The report by the Ministry of Education, Science and Technology showed the country‘s technological prowess standing at 60.2 percent of so-called ultimate technology, or the highest possible technological level that can be reached at present with 100 percent being the highest

IndustryJan. 20, 2011

Mobile payments coming to Starbucks

WASHINGTON (AFP) ― U.S. coffee chain Starbucks on Wednesday began allowing customers in its U.S. stores to keep their cash and credit cards in their wallets and pay for their drinks with mobile phones.Starbucks said the mobile payment system, which has been tested in selected cities since last year, was being expanded to the nearly 6,800 Starbucks around the country and the more than 1,000 Starbuc

IndustryJan. 20, 2011

China shrugs off moves to cap inflation

Nation's economy grew 10% in 2010, spurred by surging investmentSHANGHAI (AP) ― By the usual measures, the world’s second largest economy is doing just fine: China’s growth this year looks likely to slow only slightly. Prices appear to be moderating and shops are packed as families stock up on food and clothes for Lunar New Year festivities.But despite the upbeat holiday mood, China is struggling

Jan. 20, 2011

Kookmin Bank opens student branches

Kookmin Bank opened two branches to serve college students in Seoul on Thursday as it seeks to broaden its customer base.The nation’s largest bank opened the college student-only branch in Sookmyung Women’s University in Yongsan Ward and Ewha Womans University in Seodaemun Ward.Aside from basic banking services such as deposits and loans, the branches will provide customers with the opportunity to

Jan. 20, 2011

Hyundai, Kia make early payments to suppliers

Hyundai Motor Co. and Kia Motors Corp. announced Thursday that about 850 billion won ($760 million) owed to suppliers will be paid ahead of the due dates.The carmakers said that the payments will be made starting Jan. 26 to ease suppliers’ cash flow ahead of Seollal, or the New Year according to the lunar calendar. According to the carmakers, about 1,200 companies supplying parts and materials wil

IndustryJan. 20, 2011