The Korea Herald

Plan to lower telecom rates to be announced in May: KCC chief

A plan to lower telecommunication-related rates will be announced in May that can help stem hikes in consumer prices, the head of the country's communications regulator said Wednesday.Choi See-joong, chairman of the Korea Communications Commission, told reporters that the taskforce made up of the finance ministry and other related agencies are in the process of formulating a master plan.The taskfo

IndustryApril 6, 2011

Seoul to launch online oil market

Measure seeks price transparency; P.M. says will consider cutting taxThe government on Wednesday said it will launch an online market for oil products and boost competition among suppliers in a package of measures to lower fuel prices. The proposal submitted by a pan-governmental task force also said that the government will consider cutting fuel taxes in the long-term if price hikes continue to w

April 6, 2011

Korea to invest 54.3b won in smart TV development

The government said Wednesday that it plans to inject 54.3 billion won ($49.8 million) this year to help local companies maintain their lead in the global smart TV market.The joint plan announced by the ministries of knowledge economy and culture, and the Korea and Communications Commission calls for concerted efforts to build up smart TV-related contents and the establishment of a viable Internet

April 6, 2011

Korea to invest 54.3b won in smart TV development

LG, SkyLife tie up to conquer 3-D

LG Electronics and KT SkyLife announced a tie-up involving 3-D content on Wednesday, declaring the two will commercialize the service by the first half of next year.LG Electronics, the world’s second-biggest flat-screen television maker, said that it would feature 3-D content developed by the digital satellite broadcaster on the company’s 3-D TVs.As an initial step, the electronics manufacturer wi

IndustryApril 6, 2011

Samsung, LG dive into Chinese electronics market

The country’s two major electronics manufacturers said Wednesday they will aggressively target the Chinese market this week by introducing this year’s new line-up of 3-D televisions and wireless gadgets at an expo in Shanghai.Samsung Electronics and LG Electronics both showcased a variety of gadgets ― focusing on high-end smart TVs and smartphones ― in separate events in China.This is a move taken

IndustryApril 6, 2011

ADB sees strong growth for Asia

Asian economic growth will ease slightly to just under 8 percent for the next two years as the region continues a solid recovery, the Asian Development Bank said Wednesday, although rising food prices threatened to throw more people into poverty.Korea’s economy will grow 4.6 percent this year on the back of recovering domestic demand and export conditions, it predicted.The Manila-based lender said

April 6, 2011

Spain to share oceanography experience at Expo

Spain, is to introduce its latest ambitious marine science project at the 2012 Expo in Yeosu, the country’s representatives said Wednesday.The European country will comprise the main exhibition in Yeosu with the results of its national research project named Malaspina Expedition 2010, Commissioner of Spain Cecilia Pereira said. The nine-month expedition, which is to be completed in July, assesses

IndustryApril 6, 2011

Spain to share oceanography experience at Expo

[Herald interview] Yeosu Expo to highlight climate

BIE chief says 2012 expo addresses timely issues, full of ideasThe 2012 Expo in Yeosu will bring oceans and climate change to the center of international attention, Vicente Gonzalez Loscertales, secretary general of Bureau International des Expositions said Wednesday.Loscertales had high hopes for the upcoming expo in Korea’s southwestern coastal city, he said, despite its smaller size than the mo

IndustryApril 6, 2011

[Herald interview] Yeosu Expo to highlight climate

HHI wins wind power generator contract

Hyundai Heavy Industries Co. announced Wednesday that it signed a contract to supply eight wind-power generators to a Finnish power company.According to Hyundai Heavy, this is the first time a Korean company has been contracted to supply wind-power generating equipment to a European country. Under the contract, Hyundai Heavy will deliver eight 2-megawatt wind-power generators to Finnish Power to b

IndustryApril 6, 2011

LSIS shows wares at German expo

LSIS, a local electric equipment manufacturer, is taking part in the Hannover Messe exhibition as it gears up to expand its global operations, the company said Wednesday.The company said that its exhibits at the show, which is held in Hannover, Germany until Friday, includes power control and automation products, and green business solutions such as electric car chargers, and solar energy solution

IndustryApril 6, 2011

[Meet the CEO] Korea Investment seeks hedge fund edge

CEO Ryu says brokerage will lead market on its strength in wealth management, risk controlKorea Investment & Securities is enhancing its private equity operations as the nation’s major brokerage seeks to get ahead in the burgeoning domestic hedge fund industry.Chief executive officer Ryu Sang-ho said the company will launch a hedge fund-style investment vehicle this month to bet local stocks and f

April 6, 2011

[Meet the CEO] Korea Investment seeks hedge fund edge

Hyundai Mobis focuses on technology, environment, human values

Latest products from Korea’s top auto parts maker turn heads at Seoul Motor ShowHyundai Mobis Co., South Korea’s largest automobile parts manufacturer, is grabbing the limelight at the Seoul Motor Show with its latest products emphasizing environmental and human values as well as technological edge. The event is underway at the KINTEX exhibition center in Goyang, Gyeonggi Province on the largest s

MobilityApril 6, 2011

Hyundai Mobis focuses on technology, environment, human values

S. Korea to inject 54.3 bln won into smart TV development

The government said Wednesday that it plans to inject 54.3 billion won (US$49.8 million) this year to help local companies maintain their lead in the global smart TV market.The joint plan announced by the ministries of knowledge economy and culture, and the Korea and Communications Commission calls for concerted efforts to build up smart TV-related contents and the establishment of a viable Intern

IndustryApril 6, 2011

Bundang residents lead healthiest lifestyle: study

(MCT)Bundang has the lowest smoking and drinking rates among cities in Gyeonggi Province, statistics showed Monday. The research was conducted on 41,000 Gyeonggi residents who visited local health care centers in the region in September, October and November. Among the visitors, residents of Bundang, one of the wealthiest cities in Gyeonggi province, showed the lowest smoking rate at 17.2 percent.

TechnologyApril 6, 2011

Bundang residents lead healthiest lifestyle: study

Merck donates $1.2m to help Japan

Leading German pharmaceutical and chemical firm Merck KGaA said Thursday that it will donate $1.2 million to help relief works in Japan.Most of the amount will be entrusted to Save the Children, while the rest will go to Merck’s Japanese subsidiary which will decide on the use of the money. “We sincerely hope that the situation in Fukushima will be controlled soon … Merck will support Japan in tha

IndustryApril 5, 2011

[News focus] Telecoms brace for bandwidth auction

Regulator to sell rights to 2.1 GHz spectrum this year; major firms keen on acquiringKorean telecom carriers are engaged in a high-stake competition to win a new wireless broadband spectrum which the state media regulator Korea Communications Commission is to put on auction this year. Auctioning of the 2.1 gigahertz radio spectrum was part of the revised radio regulation law passed by the National

TechnologyApril 5, 2011

[News focus] Telecoms brace for bandwidth auction

Bernanke: Fed to improve financial oversight

Regulators to up supervision of nation’s financial plumbing to prevent another crisisWASHINGTON (AP) ― Regulators are working closely to strengthen oversight of inner workings of the nation’s financial system, part of a broader effort to prevent a repeat of the 2008 financial crisis, Federal Reserve Chairman Ben Bernanke said Monday.The financial overhaul law enacted last year directs the Fed and

IndustryApril 5, 2011

Bernanke: Fed to improve financial oversight

GM Korea launches Chevrolet Captiva

GM Korea Co., the Korean unit of U.S. automaker General Motors Co., unveiled the new Chevrolet Captiva sports utility vehicle in Korea on Tuesday.The new Captiva is the first Chevrolet SUV to be launched here since GM Korea, formerly GM Daewoo Auto & Technology, decided to replace all its GM Daewoo vehicles with Chevrolet models.The Captiva is the fifth Chevrolet vehicle to be launched here with t

MobilityApril 5, 2011

New share sale to boost prospects of Hynix sale: analysts

The stalled sale of Hynix Semiconductor Inc. is likely to speed up as creditors of the chip maker are considering selling new shares to resume efforts to unload their stakes, market watchers said Tuesday.Creditors of Hynix plan to resume the process to sell a 15 percent stake in the world’s No. 2 computer memory chip maker following a set of failed attempts to sell it. Investors have been wary of

IndustryApril 5, 2011

Korean companies hope to boost ties with Malaysia

Korean companies expect to step up cooperation with Malaysian businesses in the green energy sector, the head of a leading local business organization said Tuesday.“We want further cooperation (between the two countries’ companies) in the green energy sector such as in biofuels and batteries for electrical vehicles,” said Sohn Kyung-shik, chief of the Korea Chamber of Commerce and Industry (KCCI),

April 5, 2011

Korean companies hope to boost ties with Malaysia