The Korea Herald

Groundbreaking ceremony for U.S. schools in Pyeongtaek

DefenseSept 1, 2011

The Defense Ministry will hold a ceremony to break ground on new elementary and high schools to be built for children of U.S. military personnel in Pyeongtaek, Gyeonggi Province, Friday, officials said Thursday. Defense Minister Kim Kwan-jin, U.S. Forces Korea commander Gen. James D. Thurman, and other military and government officials will attend the ceremony to mark the beginning of the first ...
Government ordered to pay for cleanup around U.S. base

DefenseSept 1, 2011

A Seoul court has ordered the South Korean government to compensate the Seoul city government for environmental damage caused by an oil leak from a U.S. military camp here, the city said Thursday. The Seoul Central District Court handed down the ruling in favor of the Seoul Metropolitan Government, which filed the damages suit asking the central government to pay 340 million won ($319,608) the c...
Law on board to support philanthropic donors

PoliticsSept 1, 2011

The ruling Grand National Party plans to honor philanthropists and give credits for their contribution to society by supporting them in later life. According to a bill submitted by Rep. Kim Young-sun, the government will list those who have donated more than 3 billion won ($2.7 million) to charity and treat them as “honorable donors” who can receive state support if they run into difficulty late...
Tension rises over Jeju naval base

Social affairsSept 1, 2011

Local government to remove all installations put up by opponents Tension surrounding the construction of a strategic naval base on Jeju Island is mounting as the government is pressing ahead with the controversial project following a recent court ruling in support of it. Since Gangjeong Village in Seogwipo of Jeju Special Self-Governing Province was designated as the site of the 977.6 billion w...
The ‘jeong’ factor

Expat LivingSept 1, 2011

Economist correspondent works to dispel misconceptions about South Korea On Aug. 15, as much of Korea celebrated its Liberation Day, Daniel Tudor could be found reading a Korean-language newspaper in a Gwanghwamun-area caf. Not far from where he sat, Korean police gathered, standing guard should any one of the peaceful demonstrations taking place in the area that day devolve into something less...
[News Focus] SKT may face difficulty financing Hynix acquisition

IndustrySept 1, 2011

Telecom giant also needs huge investment for new radio spectrum and platform division spin-off Few raised doubts over SKT’s financing when the nation’s top mobile carrier submitted its letter of intent early July to acquire a 15 percent stake of the world’s second biggest computer memory chipmaker Hynix. The acquisition of the shares was expected to cost about 2-3 trillion won and SKT has been ...
Bulgogibrothers to open first overseas store in Manila

IndustrySept 1, 2011

Bulgogibrothers, a local franchise specializing in Korean barbeque, said Thursday it will open its first overseas store in the Philippines on Sept. 8. The bulgogi store will be the first hansik, or Korean food, restaurant located in the city of Makati, the financial center of Manila, the company said. Bulgogibrothers, established in 2006, offers bulgogi, or grilled beef with soy sauce and sesam...
Ssangyong, Renault lead sales growth

TransportSept 1, 2011

Ssangyong Motor and Renault Samsung Motors have taken the lead in vehicle sales growth in August, surpassing competitors Hyundai Motor, Kia Motors and GM Korea. Ssangyong Motor saw its sales surge 54.6 percent in August from a year earlier on the back of brisk exports and steady domestic demand. It sold a record 10,100 vehicles last month, compared with 6,534 units a year earlier. Domestic sale...
Samsung, LG to flex muscle at IFA 2011

IndustrySept 1, 2011

Korean and foreign firms to show new TVs, smartphones, tablet PCs during 6-day global trade show BERLIN -- The global trade show IFA 2011 kicked off in Germany on Friday, unveiling a number of new wireless gadgets and smart home appliances. LG Electronics featured 3-D total solutions -- the 3D TV, 3D monitor, 3D projector, 3D PC and 3D smartphone by displaying up to 1,200 items in its 3,700 squ...
Lottery sales in Korea up 10.2% in H1

Sept 1, 2011

Lottery sales in South Korea rose more than 10 percent in the first half of the year, data showed Thursday, raising expectations that full-year sales may reach a seven-year high. Lottery sales reached 1.4 trillion won ($1.29 billion) in the January-June period, up 10.2 percent from a year earlier and the steepest growth since 2003, according to the Korea Lottery Commission. The commission said ...
SK to hire 2,100 workers in second half

IndustrySept 1, 2011

SK Group plans to scout for 2,100 young and experienced talents in the latter half of the year, the country’s third-largest conglomerate said Thursday. With another 2,900 already hired in the first half, the figure will be added to mark a record number of 5,000 new employees for the year, up nearly 40 percent from last year’s 3,600. “Preemptively recruiting talented people plays the most import...
POSCO sponsors second multicultural wedding

IndustrySept 1, 2011

Six multicultural couples with financial difficulties were married in a joint ceremony sponsored by the steelmaker and Gangnam-gu office on Thursday. The couples were selected from the 1,010 multicultural families living in Gangnam-gu who are married but have not been able to hold a wedding ceremony due to financial difficulties, the company said. The steelmaker and Gangnam-gu began sponsoring ...
[Herald Interview] Thai convention and exhibition gateway to business in region

Sept 1, 2011

Thailand Convention and Exhibition Bureau organized a road show in the Seoul and Busan this week to promote the country’s trade shows as a preferred business platform in Southeast Asia. To make it more attractive, the TCEB has put in place supporting policies for Korean businesses attending such trade shows in Thailand. “Because of our geographical location, we are the gateway into and from Ind...
Loan delinquency rate reaches 11-month high

Sept 1, 2011

Price hikes weaken households’ ability to pay debts in July Commercial banks saw the ratio of overdue household loans reach the highest level in 11 months in July, despite financial regulators’ countermeasures to curb lending growth. The delinquency rate in banks’ household loans posted 0.77 percent in July, up from 0.72 percent a month before, the Financial Supervisory Service said Thursday. ...
Sarkozy warns G20 of need for growth above austerity

World BusinessSept 1, 2011

PARIS (AFP) ― The Group of 20 developed and developing economies must ensure growth first and avoid the risk of a fresh global recession even if budgets are tight, French President Nicolas Sarkozy said Wednesday. Sarkozy, current head of the G20, said France wanted to see its Cannes summit in November agree “on an action plan for growth, including precise and concrete commitments by the major ec...