Most Popular
-
1
Korea’s homegrown nanosatellite successfully launches into space
-
2
Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
-
3
[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
-
4
Nicaragua shuts down Seoul embassy
-
5
Hybe's multilabel system tested amid conflict with Ador
-
6
Rocket engine expert, ex-NASA exec to lead Korea's new space agency
-
7
SNU profs to suspend treatment for one day
-
8
SK hynix pledges W20tr to ramp up DRAM production at home
-
9
Over-50s, men, single-person households take up majority of those filing for bankruptcy
-
10
Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
-
Experts discuss limitations of capitalism
The Korean government explored the limitations of capitalism and shared insights into what could be done by hosting an international forum on Thursday in Seoul.At the Global Korea 2010 forum, President Lee Myung-bak urged the country’s conglomerates to do more to carry out their increased social responsibilities and foreign experts also expressed their views on where capitalism, faced with greater challenges, should go. “We need to abstain from unbridled jungle-like competition in the market and
Feb. 23, 2012
-
Korea to invest 16 tln won in scientific R&D in 2012
South Korea will invest about 16 trillion won ($14.2 billion) in scientific research and development (R&D) efforts this year, a presidential body said Wednesday.The amount is up 7.6 percent from the 14.89 trillion won set aside for the same purpose last year, according to the National Science and Te
Feb. 22, 2012
-
New KITA chief vows to help small firms
Korean Ambassador to the United States Han Duck-soo was elected Wednesday as the new chief of the country’s international traders’ organization.The Korea International Trade Association selected Han as their new chairman and chief executive in a general meeting to replace outgoing chief SaKong Il, who completes his three-year tenure on Wednesday. Han offered to step down as ambassador last week, saying he had already served at his post for three years. The 62-year-old bureaucrat was the country’
Feb. 22, 2012
-
‘U.S. FTA to boost exports, hurt farming, services’
Seoul plans to renegotiate ISD clause with Washington via service and investment committeeThe Korea-U.S. free trade agreement will take effect on March 15, nearly six years after negotiations began in June 2006, making Korea the only nation to have FTAs with both the U.S. and the European Union.Free trade with the world’s largest economy, which accounts for 23 percent of the global output, is expected to upgrade Korea’s status as a trade partner and most immediately benefit the country’s auto, a
Feb. 22, 2012
-
Nonlife insurers expect losses in car insurance
Korean nonlife insurers are expected to suffer losses in their car insurance business for the 2011 fiscal year, largely due to massive payouts caused by the downpour that battered the country last summer, data showed Wednesday. The combined losses of 14 local nonlife insurers reached 321.8 billion won ($286.0 million) in the April-December period in 2011, according to the nonlife insurance association data. The association said losses worth 56.2 billion won were tallied as a result of the heavy
Feb. 22, 2012
-
Listed firms’ net profit sinks 20.6% in 2011
Korean listed firms saw their net profit drop 20.6 percent in 2011 from a year earlier, as uncertainties in Europe and the United States affected the global economy, data showed Tuesday. The combined net profit of 325 firms listed on the Seoul main bourse reached 43.2 trillion won ($38.3 billion) as of end-2011, compared with 54.4 trillion won in the previous year, according to the data by the Korea Listed Companies Association. The 325 firms include those that close their books in December and
Feb. 21, 2012
-
Private sector R&D to surpass record W41tr
Korea’s private sector research and development spending is expected to surpass the 41 trillion won ($36.4 billion) mark for the first time ever, a report by a local industrial association said Monday.The Korea Industrial Technology Association report based on a poll conducted on 607 companies engaged in R&D work showed spending likely to go up 8.4 percent on-year to 41.05 trillion won.Of the total to be spent, money earmarked by large conglomerates is expected to rise 8.9 percent compared to th
Feb. 20, 2012
-
Gap on education spending widens
The gap between the wealthy and the poor in Korea is widening further in education, a report showed Monday. According to the report entitled “Social Indicator Trends in Korea” issued by the Bank of Korea, those at the upper level in terms of annual income tend to spend more on their children’s education, which better ensures their success in society. Low-income earners, in contrast, do not have any extra money to invest in their children’s education, with their education-related budget stuck at
Feb. 20, 2012
-
Swiss education fair to showcase hospitality
The first Swiss Education Fair in Seoul will take place at the Sheraton Seoul D Cube City Hotel later this week.This event is organized by Swiss Business Hub Korea and aims to promote the highly regarded global education curriculum of Swiss schools in Korea. In attendance at this year’s fair are two public and six private hotel and business management schools.There will also be five prestigious Swiss boarding schools.Visitors to the fair on Feb. 25 will have the opportunity to consult directly w
Feb. 20, 2012
-
Connecting New Zealand F&B with Busan
New Zealand Food Connection 2012 will be held Feb. 28 at Paradise Hotel in Busan hosted by New Zealand Trade and Enterprise.Held twice a year, once in Seoul and once in Busan, the event aims to showcase a wide range of premium New Zealand food and beverages to Korean food industry professionals, including hotels, restaurants, distributors and retailers, and to promote cooperation between the New Zealand and Korean food and beverage industries,.“Busan is a very attractive market, well-known for t
Feb. 20, 2012
-
Global Biz Center site tour, Korean lessons
The Seoul Global Business Support Center, Gangnam office, will hold a site tour and offer a Korean language course taught by a popular local broadcaster.The site tour of the Seoul International Sourcing Fair at the COEX center will take place on Feb. 24 from 10 a.m. to 6 p.m.On the same day, the center will stop taking applications for foreign businesspeople interested in advancing their Korean business language skills and perfect their professional presentations about their products or other bu
Feb. 20, 2012
-
Newcomers meeting illustrates networking importance
The Korean-German Chamber of Commerce and Industry held their first seminar to welcome newcomers on Feb. 13, offering information and advice on doing business in Korea.“We wanted to give insider views by experienced practitioners and the chamber for the new arrivals in Korea, be it new German companies or executives, Germans or foreigners, who work for member companies of the chamber,” KGCC Secretary-General Jurgen Wohler told The Korea Herald.During the meeting, the chamber’s directors offered
Feb. 20, 2012
-
Penetrating with products beyond beverages
Austria looks to showcase year-round leisure companiesAustria is offering more this year than the standard food, beverages and classical music as the promotion of winter products takes center stage.“We have the mountains and the winter sports and that is where we will have the angle this year,” said Advantage Austria commercial counsellor Michael Otter.Several winter sports products have made their way to Korea in the past few years but one that has revolutionized the industry is Fischer’s Vacuu
Feb. 20, 2012
-
German newcomers meeting illustrates importance of networking
The Korean-German Chamber of Commerce and Industry held their first seminar to welcome newcomers on Feb. 13, offering information and advice on doing business in Korea.“We wanted to give insider views by experienced practitioners and the chamber for the new arrivals in Korea, be it new German companies or executives, Germans or foreigners, who work for member companies of the chamber,” KGCC Secretary-General Jurgen Wohler told The Korea Herald.During the meeting, the chamber’s directors offered
Feb. 20, 2012
-
‘Korea to post trade surplus in February’
Knowledge Economy Minister Hong Suk-woo said Thursday that Korea’s trade balance would swing back into the black this month as exports pick up, driving a turnaround from January’s painful deficit. “We’ll post a surplus this month, albeit small, despite tough economic conditions,” he told reporters at a dinner meeting, without providing numbers. Hong’s forecast backs the remarks made early this month by Han Jin-hyun, deputy minister for trade and investment policy that he anticipates slight expor
Feb. 17, 2012
-
Foreign law firms rush into Korea
Competition in local legal service market set to intensify on FTAs with U.S. and EUMajor American and European law firms plan to enter the Korean market in the coming months, taking advantage of the free trade agreements and signaling a round of cutthroat competition. Sheppard Mullin, U.S. legal adviser of Samsung Electronics and Hyundai Motor, said in a recent interview with The Korea Herald that it will set up a Seoul office soon. Two other U.S. law firms ― Cleary Gottlieb Steen & Hamilton an
Feb. 16, 2012
-
Korea to raise self-supply of oil, natural gas to 35%
Korea will develop on its own 35 percent of its oil and natural gas demands by 2020, up from the current 13.7 percent, the Ministry of Knowledge Economy said Thursday amid U.S. pressure to cut its crude oil imports from Iran. Korea also aims to raise its development rate of six key mineral resources that are critical to the country’s economy ― bituminous coal, uranium, iron ore, copper, zinc and nickel ― from the current 29 percent to 43 percent by 2020. “Korea ranks the lowest in terms of resou
Feb. 16, 2012
-
Supermarket sales rise as department stores post losses
Sales at Korea’s major discount outlets rose from a year earlier as department stores posted losses in January, mainly due to a drop in demand for clothing, a government report showed Thursday.Sales at the country’s three major discount outlet chains grew 2.7 percent last month from the same period last year, according to the Ministry of Knowledge Economy.The gain at the discount outlet chains ― Lotte Mart, E-Mart and Homeplus ― was largely led by a 4.5 percent increase in sales of household sup
Feb. 16, 2012
-
Sheppard Mullin ambitious about Korea
Law firm chief says advance into Korea is part of its greater Asia practiceSheppard Mullin, U.S. legal adviser of Samsung Electronics and Hyundai Motor Co., will set up a Seoul office within the next few months as it joins a rush of U.S. law firms advancing into Korea, chairman Guy Halgren said.“We hope to be able to apply for a license within the next few weeks and then be approved in the next month or two after that. We will open the office this spring,” Halgren said in an interview with The K
Feb. 16, 2012
-
More Korean elderly live alone, stuck in poverty: KDI report
Half of poverty-stricken Koreans live alone or belong to two-member families, a report showed Wednesday. In a report on household patterns issued by the Korea Development Institute, the proportion of families with just one or two members accounted for 54.9 percent of the population whose income falls below the poverty line as of 2010 ― up from 46.9 percent in 2006.Senior citizens made up 72 percent of the poor, one-member family group, as a growing number of the elderly are forced to live alone
Feb. 15, 2012