The Korea Herald

Transparent fences aim to up school safety

Social affairsApr 21, 2011

New schools or those that consider reconstruction will be required to build “see-through” fences that can be seen through in order to protect students from sexual and other violent crimes, officials said Thursday. In a meeting with school facility officials nationwide on Thursday, the Ministry of Education, Technology and Science asked schools to install 1.8-meter-high transparent fences. “The ...
U.N. chief: More nuclear accidents likely

World NewsApr 21, 2011

KIEV (AP) ― The world must prepare for more nuclear accidents on the scale of Chernobyl and Japan’s Fukushima Daiichi plant, the U.N. chief warned, saying that grim reality will demand sharp improvements in international cooperation. U.N. Secretary-General Ban Ki-moon and others portrayed the growth of nuclear power plants as inevitable in an energy-hungry world as they spoke at a Kiev conferenc...
[Herald Interview] Expert calls for safeguards on N.K. reactor

InternationalApr 21, 2011

Ex-IAEA deputy director concerned by danger of possible radiation leak at Yongbyon The light water reactors being built in Yongbyon, North Korea, will not be a danger as long as IAEA safeguard measures are properly in place, a nuclear expert said. The remarks came from Olli Heinonen, former deputy director general of the International Atomic Energy Agency until last year, in an e-mail interview...
Korea, China to collaborate on rare earths processing

IndustryApr 21, 2011

State-run Korea Resources Corp. said Thursday that it is to jointly develop technologies for processing rare earths with a Chinese think tank. The local developer said it will share equipment, facilities, human resources and technological information with Baotou Research Institute of Rare Earths, the largest of its kind in the communist state. KORES chief executive Kim Shin-jong and the institu...
Savings banks recoup W1tr every year in service fees

Apr 21, 2011

The nation’s savings banks have reaped more than 1 trillion won ($900 million) in service fees per annum over the past five years, a lawmaker revealed Thursday. Citing data gained from financial regulators, Rep. Bae Young-shik of the ruling Grand National Party unveiled the figure during a two-day parliamentary hearing on the Financial Services Commission and the Financial Supervisory Service on...
Financial industry to tighten IT security

Apr 21, 2011

Companies considering bigger budget and greater restrictions to protect data The local financial sector geared up to tighten security of its IT systems after watching hackers take advantage of security loopholes in the nation’s top financial firms, sources said Thursday. Major banks here said they were devising measures to step up security, such as beefing up their oversight teams or banning em...
BAT Korea raises cigarette prices

IndustryApr 21, 2011

British American Tobacco Korea said Thursday it has raised the price of its cigarette products by 200 won ($0.20) to 2,700 won per pack on rising raw material prices. The price increase of 8 percent is the first in six years for the firm which holds an 18 percent-market share in the country. It is widely known for popular brands such as Dunhill, Kent and Vogue. “BAT Korea has been making every ...
International 3-D Society to open Korean branch in May

IndustryApr 21, 2011

KT Corp., the country’s largest fixed-line service operator, said Thursday it will lead the launch of the International 3-D Society’s Korean branch next month. KT organized a reception for the creation of a new country branch, inviting experts and industrial leaders in the field of 3-D, including Samsung Electronics, LG Electronics, broadcasters KBS, SBS, EBS and KT Skylife. Participants also in...
Central bank, FSS agree to tighten oversight of FX trade

Apr 21, 2011

The central bank and the financial regulator decided to jointly examine banks’ foreign currency trade activities to keep them in check against speculative investments. The inspection comes as the won this week advanced to its strongest level in 31 months with capital inflows into local assets. The market’s understanding of the latest move is that the Finance Ministry is masterminding regulators ...
Three tycoons make Asia’s top executive list

Apr 21, 2011

Fortune’s list includes Lee of Samsung, Chung of Hyundai Motor and Koo of LG Three Korean top business leaders ― Lee Kun-hee, Chung Mong-koo and Koo Bon-moo ― were included in a U.S. magazine’s recently released list of Asia’s 25 most powerful business people. Lee, chairman of Samsung Electronics, was ranked fourth while Chung, chief of Hyundai Motor, and Koo, chairman of LG Group, were placed ...
Hanwha wins $1b order for Saudi plant

IndustryApr 21, 2011

Builder to construct power station and desalination plant Hanwha Engineering & Construction said Wednesday that it has signed a $1.05 billion deal to build a power station and desalination plant in Saudi Arabia. The builder said it is to establish the plant at Yanbu industrial complex, the biggest of its kind in Saudi Arabia and located on the western side of the country, by 2014 under the deal...
[Herald Interview] Chang sees difference in FTA with China

Apr 21, 2011

Says free trade benefits vary with levels of development A noted critic of free trade agreements has offered a mixed assessment of a potential FTA between South Korea and China. Chang Ha-joon, an economist at the University of Cambridge in the U.K., has written numerous publications critical of free trade agreements. In books such as “Bad Samaritans: The Myth of Free Trade and the Secret Histor...
Apple earnings strong, couldn’t meet iPad demand

World BusinessApr 21, 2011
[Editorial] Checks on reactors

EditorialApr 21, 2011

Concerns about the safety of the nuclear reactors in Korea are growing as problems arise in succession at the reactors of the Gori nuclear power plant near Busan. The Gori-1 reactor, the oldest in Korea, which started operation in 1978, shut down on April 12 after a fire destroyed one of its circuit breakers. At first, Korea Hydro & Nuclear Power Co. said a defective power switch caused the powe...
[Editorial] Defusing debt bomb

EditorialApr 21, 2011

The Korean economy is sitting on a ticking time bomb ― household debt that has topped 800 trillion won. To figure out the risks that this huge debt bomb poses to the national economy, one has only to remember that one percentage point hike in interest rates would increase the interest payment burden on households by 8 trillion won a year. No wonder the Bank of Korea has been hesitant to raise the...