Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Yellow dust engulfs S. Korea, advisory alert issued
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Cabinet submits corrected U.S. FTA bill to parliament
The government approved an updated ratification bill for the Korea-U.S. free trade agreement after fixing translation errors and submitted it to the National Assembly to seek parliamentary approval.The agreement had been retracted in April over multiple translation errors in the Korean version. Prime Minister Kim Hwang-sik urged the early parliamentary approval of the deal.“The KORUS FTA is an ine
IndustryJune 3, 2011
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Mobile rates cut plan called into question
Debate is raging over whether trimming telecom fees by a small margin was the best move by a government desperate to show action on previous pledges to rein in soaring communication expenses. On Thursday, the Korea Communications Commission, the state telecom regulator, announced a discount plan for telecom fees that included a 1,000 won discount in basic service fees and 50 free text messages a m
June 3, 2011
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Lax origin oversight hurts exporters to EU
Korea launches task force to enforce strict origin managementLack of strict origin management by the government is making it difficult for local exporters to take advantage of preferential tax treatment they are entitled to once the Korea-EU free trade agreement goes into effect on July 1.Only one-quarter of local companies eligible for tax benefits from the trade deal have attained certificates p
June 3, 2011
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Life found 1.3 km beneath the Earth’s crust
(MCT)Scientists discovered tiny worms in deep earth where it was thought creatures could not survive, Science News reported. The discovery of the worm “Halicephalobus mephisto,” and “Plectus aquatilis,” found 1.3 kilometers deep in South African mines, hints that habitable environments may exist on other planets, such as Mars, according to the report. They are the deepest-living known “multi-cellu
TechnologyJune 3, 2011
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Did you know that you don’t need to dial 010?
The surge of various social networking services is serving as a medium for people to share hidden technological tricks. SNS users have recently noticed that those with the 010 cell phone code do not necessarily have to dial 010 when calling others with the same code.Although the discovery is fairly recent, the system has been around since 2004. The government devised the integrating policy that wo
TechnologyJune 3, 2011
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Outbreak in Europe blamed on `super-toxic' strain
Chief of the laboratory in research into the Escherichia Coli bacterium at the Brno research institute Pavel Alexa, left, and his assistant Gabriela Glocknerova, right, take samples from a pepper for a molecular biological test in Brno, Czech Republic, Wednesday, June 1, 2011. The ongoing outbreak of E. coli has claimed 16 people and around 1500 infected across Europe. The laboratory is testing th
TechnologyJune 3, 2011
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Samsung's new Galaxy Tab to go on sale in U.S. next week
Samsung Electronics Co., the world's second-largest mobile phone maker, said Thursday that its new Galaxy Tab tablet computer will hit U.S. shelves next week, mounting a challenge on Apple Inc.'s iPad 2.The wireless-fidelity (Wi-Fi) version of the Galaxy Tab 10.1 will be launched on June 8 through the U.S. retailer Best Buy Co., Samsung said in a statement.The upcoming Android-based tablet, which
IndustryJune 2, 2011
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Under pressure, SKT leads phone fee cut
The government announced its telecom fees discount plan on Thursday, which included a 1,000 won cut in SK Telecom’s basic service fees and 50 free text messages every month.The Korea Communications Commission, the state telecom regulator, said it agreed with SKT, the country’s top mobile carrier, to provide a 1,000 won discount for all customers, along with more text messages, both beginning in Se
June 2, 2011
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Hyundai-Kia grabs 10% of U.S. market
Hyundai Motor Co. and its affiliate Kia Motors Corp. saw their U.S. market share exceed 10 percent for the first time in May, mainly thanks to robust demand for new models.The automakers under the wing of Hyundai Motor Group sold 107,426 vehicles in the United States last month, up 21 percent from a year earlier.They captured 10.1 percent of the American market, where the total sales of global aut
MobilityJune 2, 2011
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CJ Group to bid for Japan’s Hayashibara
CJ Group, the country’s largest food company, is bidding to take over Japan’s biggest food-additive maker, Hayashibara, reportedly in consortium with Japanese private equity firm Unison Capital.CJ confirmed the bidding scheduled for July but declined to comment on its consortium with Unison capital.Acquiring Hayashibara is part of CJ Group’s plan to expand into amino acids and other biochemical fo
IndustryJune 2, 2011
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Volvo recalls 192 cars for faulty fuel, steering systems
The Ministry of Land, Transport and Maritime Affairs announced Thursday that Volvo Cars Korea is recalling the S60 and XC90.The recall applies to 182 S60 vehicles produced between June 22, 2010 and May 18, 2011 that have faulty fuel pump controlling software that could cause the engine to be switched off while driving.Further six S60 vehicles produced between Jan. 20, 2010 and Jan. 28, 2011 found
IndustryJune 2, 2011
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S-Oil to help fund child liver transplants
S-Oil Corp. said Thursday it has given funds to children in low-income families for their liver transplant surgeries.The country’s third-largest oil refiner has been supporting 26 children suffering biliary atresia since 2009 through company and employee donations. The rare symptom among infants means that bile ducts ― long tubes carrying bile for digestion ― between the liver and the small intest
IndustryJune 2, 2011
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Airlines add new routes and planes
Asiana Airlines opened two new routes to Vietnam from Busan, while Korean Air announced that the Airbus A380 will go into service on June 17.On Thursday, Asiana Airlines began operating daily flights to Hanoi and Ho Chi Minh City in southern Vietnam from Busan. Asiana Airlines chief executive Yoon Young-doo (left) poses with pilots at the ceremony marking the opening of the Busan-Ho Chi Minh City
IndustryJune 2, 2011
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Hyundai Heavy aims to be global top 3 robot maker
Hyundai Heavy Industries set sights Thursday on the top three spots in the booming global robot market with its new plant ready to enter full-swing production.The world’s top shipbuilder said it has remodeled and expanded existing production lines three times at its headquarter in Ulsan, a major industrial port city on the southeast coast of Korea, which began in September to meet surging demand f
IndustryJune 2, 2011
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Korea’s household debt figures ‘overstated’: Goldman Sachs
U.S. investment banking giant Goldman Sachs said Thursday that Korea’s household debt figures are exaggerated, and a liquidity crunch among indebted households is unlikely to occur, thanks to the country’s foreign exchange system.“We think that widely quoted household debt figures are overstated in Korea. ... The numbers, widely quoted by the press, overstate the extent of household indebtedness s
June 2, 2011
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Korea’s foreign reserves slide
Korea’s foreign exchange reserves shrank in May from the previous month as a stronger U.S. dollar reduced the conversion value of assets in other currencies, the central bank said Thursday.The country’s foreign reserves reached $305.08 billion as of the end of May, down $2.12 billion from April’s record high of $307.2 billion, according to the Bank of Korea. It was the first monthly decline since
June 2, 2011
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Seoul shares fall 1.27% on U.S., Greek strife
Korean stocks sank 1.27 percent on Thursday as investor sentiment was dented by downbeat U.S. economic data and a cut in Greece’s credit rating, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index tumbled 27.14 points to 2,114.2. Trading volume was moderate at 245.9 billion shares worth 7.19 trillion won ($6.7 billion), with losers outnumb
June 2, 2011
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KDB set to adopt ‘dual bank’ after merger with Woori
KDB Financial Group on Thursday expressed its wish not to merge the Korea Development Bank and Woori Bank for years even if it acquires Woori Financial Group.A group executive said, “a dual bank system on a long-term basis will be adopted under the scenario of the merger between KDB Financial and Woori Financial.”He dismissed the speculation that Woori Bank would be absorbed into the state-run KDB
June 2, 2011
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[Herald Interview] ‘Every corporation should embrace clean technologies’
Global corporations should pursue revenue opportunities in such clean technologies as solar cells and smart-grids to keep up with the trend toward a low-carbon economy, said Gil Forer, the head of Ernst & Young’s global cleantech unit.Forer said corporations should take advantage of transformational opportunities and adopt clean technologies.“A number of factors including the growth in world popul
June 2, 2011
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LG chief fosters creation, innovation
Koo tells staff to ceaselessly search for new opportunitiesLG Group chairman Koo Bon-moo touted the importance of creation and innovation, as the single most effective way to lead the market, the Seoul-based company said Thursday.“Constantly creating new things is the only way we can lead the markets,” Koo said at LG’s 19th session of the company’s gathering to spearhead innovative business held M
IndustryJune 2, 2011