Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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Korea’s homegrown nanosatellite successfully launches into space
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Kindle Singles debuts pithy digital works
SAN FRANCISCO (AFP) ― Amazon has released the first of a new line of short digital books pitched as quick, captivating works for its popular Kindle electronic readers.The launch of Kindle Singles included the debut of TED Books, written versions of inspirational 18-minute talks that are a trademark of renowned TED gatherings dedicated to cultivating “ideas worth spreading.”“This first set of Singl
IndustryJan. 27, 2011
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China unveils new steps to cool property market
BEIJING (AP) ― China on Wednesday unveiled fresh measures to curb property prices, including requiring unruly local governments to set price controls, but made no mention of a widely expected property tax.City governments must set property price control targets in line with local income levels for 2011 and need to make the targets public in the first quarter, according to a state media report citi
IndustryJan. 27, 2011
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Fed cautious on recovery, focused on jobs
Fed likely to cite economy's gains and risks and maintain pace of $600b bond-buying programWASHINGTON (AP) ― The economy isn’t growing fast enough to lower unemployment and still needs help from the Federal Reserve’s $600 billion Treasury bond-purchase program.That was the assessment Wednesday of Fed policymakers as they ended their first meeting of the year. The Fed made no changes to the program
Jan. 27, 2011
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Ministry considers panic rooms as anti-piracy step
South Korea will require all Korean vessels which go through piracy-prone regions to establish a safety zone inside, and double escorting capacity for its vessels at the Gulf of Aden, the government said Thursday.The Ministry of Land, Transportation and Maritime Affairs revealed strengthened anti-piracy measures to counter the rising number of its ships being attacked and hijacked by pirates over
Jan. 27, 2011
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Inflation fight lifts won amid persisting animal disease
Korea’s plans to slaughter 7.9 million cattle, pigs and poultry to halt the spread of disease are pricing pensioner Lee Ok-soon out of a Lunar New Year tradition of cooking beef soup as an offering for her ancestors. “I don’t believe the government can do anything to pull down prices, which are soaring as if the sky’s the limit,” said Lee, 77, as she shopped at a market in central Seoul on Jan. 20
Jan. 27, 2011
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Hyundai Motor net soars to 5.27tr won
Hyundai Motor Co.’s net annual profits broke the 5 trillion won mark for the first time in 2010 buoyed by improving performances from overseas operations, the company announced Thursday.The company’s net profits for 2010 jumped 77.8 percent from the previous year to come in at 5.27 trillion won ($4.73 billion), while operating profits came in at 3.23 trillion won, up 44.4 percent from 2009.The com
IndustryJan. 27, 2011
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Robots to teach, fight fire in pilot projects
Robots will be deployed for education, fire-fighting, sewage repairs and manufacturing this year in a series of pilot projects aimed at nurturing robotics as the country’s key growth industry.Next year will see robots patrol danger zones, remove mines in the DMZ and do farm work, according to government-led plans unveiled Thursday.Seven ministries involving industry, education and the environment
IndustryJan. 27, 2011
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Korea logs fourth largest-ever surplus in 2010
South Korea posted a $28.21 billion current account surplus last year, the fourth largest in its history, due to robust exports of electronics, chips and automobiles despite the won’s gain and high oil prices, the central bank said Thursday.The figure was lower than the $32.8 billion recorded in 2009 and fell short of the Bank of Korea’s earlier forecast of $29 billion. The country posted a surplu
Jan. 27, 2011
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Hynix posts record W12tr sales in 2010
Hynix Semiconductor Inc. announced Thursday that its consolidated sales for last year reached record 12.09 trillion won ($10.86 billion), up by 53 percent from 2009, despite the fall in prices of DRAM and NAND Flash memory.The world’s second-biggest computer memory chipmaker said that its operating profit totaled 3.27 trillion won, an increase of 1,605 percent from 192 billion won recorded in 2009
IndustryJan. 27, 2011
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IBK CEO aims to build finance group
Cho to focus on forging stable growth, boosting customer baseCho Joon-hee, new head of the Industrial Bank of Korea, said Thursday he will focus primarily on forging stable growth and boosting the customer base while pushing for a long-term goal of reorganizing the lender under a holding company structure.Cho took office last month as chief executive officer of the state-run lender which specializ
Jan. 27, 2011
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S-Oil back into black
S-Oil Corp., Korea’s third- biggest oil refiner, posted a fourth-quarter profit that beat analysts’ estimates as a global economic recovery helped increase earnings from processing crude into gasoline and diesel. Net income was 322.7 billion won ($290 million) in the three months ended Dec. 31, compared with a loss of 87.4 billion won a year earlier, the Seoul-based company said in a regulatory fi
IndustryJan. 27, 2011
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Korean Air targets record operating profit on A380s
Korean Air, the country’s largest carrier, forecast record operating profit this year as it seeks to lure more premium-class travelers and begins to operate Airbus SAS A380 superjumbos.Operating profit, or sales minus the cost of goods sold and administrative expenses, may rise 14 percent to 1.28 trillion won ($1.1 billion), the company said in an e-mailed statement Thursday. Sales may increase 8.
IndustryJan. 27, 2011
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Korea to spend $7 bil for overseas resources
South Korea will more than triple its investment in overseas resources development to $7 billion this year as it strives for a stable supply of key materials including rare earth metals, the government said Thursday.Of the total, $2.6 billion, or 37 percent, will come from state-run firms and the rest from the private sector, the Ministry of Knowledge Economy said. State-run developers Korea Elect
Jan. 27, 2011
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S. Korea posts 4th-largest current account surplus in 2010
South Korea's current account surplus widened in December from the previous month on robust exports, with the country posting its fourth-largest ever surplus last year, the central bank said Thursday. The current account surplus reached $2.11 billion in December, up from $1.93 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cros
Jan. 27, 2011
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Retailers target luxury sales, expand overseas for growth
After a year of record revenues, Korean retailers are aggressively expanding at home and abroad, pinning hopes on booming luxury goods sales and the rise of deep-pocketed Asian consumers.Top department store chains, Lotte, Shinsegae and Hyundai, are sizing up their existing downtown branches and opening new stores in suburban centers, setting their sights on consumers of high-end products.Large di
IndustryJan. 26, 2011
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Korea pulls off 6.1% economic growth in 2010
The Korean economy grew rate at an eight-year high of 6.1 percent last year, rounding out a strong year buoyed by public stimulus and resilient exports under record low borrowing costs, the central bank said on Wednesday.Growth was slower in the final three months of 2010 at 0.5 percent, down from the third quarter when the economy grew 0.7 percent. On an annual basis, Asia’s fourth-largest econom
Jan. 26, 2011
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Korea’s productivity lags behind OECD
South Korea’s workforce productivity in 2009 was lower than that of most Organization of Economic Cooperation and Development-member nations, a government report showed Wednesday.The country’s per-capita labor productivity marked $56,374, which ranked 23rd among the 31-member OECD, according to research jointly carried out by the Ministry of Knowledge Economy and Korea Productivity Center. The two
Jan. 26, 2011
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KEPCO completes first offshore weather tower
Korea Electric Power Corp. has established the country’s first meteorological tower at sea as part of its offshore wind power generation. The 115-meter Herald of Meteorological and Oceanographic Special Unit-1 was built on the South Sea near the Busan-Yeonggwang area, the company said Wednesday.Its primary purpose is to obtain meteorological and oceanographic data for an offshore wind farm planned
IndustryJan. 26, 2011
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Korea aims to become mobile leader by 2015
Next-generation networks to be set up from this yearThe government said Wednesday that it will speed up the establishment of next-generation mobile communication systems, aiming to lead the global wireless market by 2015.The Korea Communications Commission and the Ministry of Knowledge Economy said they will secure key technologies, such as fourth-generation telecommunication technologies, and bui
Jan. 26, 2011
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Korea catches up in water technologies
Korea has significantly narrowed the gap with advanced countries in water-related technologies under a government initiative to nurture growth, officials said Wednesday.For the past decade, the level of Korea’s technological capabilities in related fields have risen to about 80 percent that of advanced nations from 40 percent, according to the Ministry of Land, Transport and Maritime Affairs. A to
IndustryJan. 26, 2011