Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Korea signs forest management tie-up with Canada
After implementing a series of successful forestation projects in developing countries over the past years, the Korea Forest Service is now planning to expand its global partnerships.The agency’s top priority is currently North America, where a considerable proportion of the world’s forest is located.Last week, the KFS signed a memorandum of understanding on forest cooperation with the Canadian Ministry of Natural Resources in Ottawa. President Park Geun-hye, who was on a summit visit to Canada,
Sept. 29, 2014
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Car sharing gains ground
Car sharing, a form of short-term vehicle rental on an hourly or minute basis, is gaining popularity in major Korean cities as more individuals are recognizing it as a sustainable means of urban transportation.Further adding to the momentum, the Seoul Metropolitan Government in February launched a pilot car sharing service, dubbed Nanum Car (meaning “sharing” in Korean), to reduce the number of cars on the road as well as ease households’ financial burdens linked to car ownership.“Membership for
IndustrySept. 29, 2014
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KT expands service benefits for customers
KT, South Korea’s largest telecom company, said Monday that it would offer high-quality, expanded services and benefits to customers next month in line with the country’s revised law governing the market distribution of devices such as smartphones.KT said that it would launch an application, called Olleh Family Box, that allows members of the same family who use KT mobile services to freely share monthly data and membership reward points. Leftover data will be rolled over to the following month.
TechnologySept. 29, 2014
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Philip Morris donates W100m to charity
Philip Morris Korea’s head Chung Il-woo (left) poses with Ahn Yoon-han, chief of a scholarship center in Yangsan, at Philip Morris Korea’s plant. (Philip Morris Korea)Philip Morris Korea said Monday that it had donated 100 million won ($95,000) to a scholarship center in Yangsan as part of its social responsibility activities. The company said the scholarships will be given to middle and high school students who show academic promise. The regional scholarship center was established in 2006 in a
IndustrySept. 29, 2014
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Infozone to sue Apple for patent infringement
A South Korean venture firm has filed a complaint with the prosecution against Apple Inc.’s Seoul-based branch for patent infringement, sources said on Monday. Infozone, a mobile message solution provider, said that Apple’s iMessage service, which has been installed on iPhones since June 2011, infringed on Infozone’s patents for switching data-transmission networks based on the handsets of those receiving the messages.“If an iPhone user sends messages through iMessage to another iOS-powered user
TechnologySept. 29, 2014
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POSCO develops powerful corrosion-resistant steel
South Korea’s largest steelmaker POSCO on Monday said it has developed a super corrosion-resistant stainless steel product that can be used to make steam condensers for nuclear power plants.The new product can be used to make special pipes for reactors, through which sea water flows to cool hot steam generated from the nuclear reactor. The steam generated by the reactor turns turbines that makes electric power.The steelmaker said the material, developed in cooperation with a research team led by
IndustrySept. 29, 2014
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Shares down on currency corporate earnings woes
South Korean stocks ended lower on Monday on concerns that local firms’ earnings would be worse than previously expected. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock PriceIndex shed 5.04 points, or 0.25 percent, to 2,026.60. Trading volume was moderate at 334 million shares worth 4.38 trillion won ($4.15 billion), with decliners outnumbering gainers 576 to 255.The index, after swerving in and out of positive terrain in the morning session, caved to institu
Sept. 29, 2014
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Korea Post to issue commemorative stamps for ITU
The state-run postal office is planning to issue commemorative stamps for an upcoming meeting of the United Nations’ International Telecommunications Union set to open in Busan, according to government sources. The Ministry of Science, ICT and Future Planning said Korea Post will sell the stamps for the 19th International Telecommunications Union Plenipotentiary Conference, which will take place from Oct. 20 to Nov. 7 in Korea’s largest port city.Korea Post will issue about 1 million sheets of t
TechnologySept. 29, 2014
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[SUPER RICH] Lotte, Shinsegae turn to alcohol sector
It seems the heads of Lotte and Shinsegae, the country’s two leading retailers, are both smitten with the same item ― alcohol. These two market competitors are advancing into the local alcohol business, which is growing rapidly thanks to the diversification of customer demand and easing government regulations. Lotte serious about wine Lotte Liquor ― part of Lotte Chilsung Beverage, an affiliate of Lotte Group ― is in search of a facility measuring at least 1 square kilometer to open a premium wi
IndustrySept. 29, 2014
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[SUPER RICH] Asia’s top 10 billionaires
Everybody knows that there are billionaires living among us, but it’s hard to determine just how many billionaires there are, where they gravitate to and exactly how they make their piles. To address these questions, Wealth-X, a Singapore-based asset information provider, and Switzerland-based UBS have released comprehensive data on the composition and dynamics of the world’s most affluent group of people since 2013.The Korea Herald Investigative Team looked into their reports ― the Wealth-X and
IndustrySept. 29, 2014
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S. Korean venture firm to sue Apple for patent infringement
A South Korean venture firm said Monday it has filed a complaint with the prosecution against Apple Inc.'s Seoul-based branch for patent infringement on messenger service technology.Infozone, a mobile message solution provider, claimed that Apple's iMessage service, installed on iPhones since June 2011, infringed its patent for the technology of switches between different data-transmission networks depending on the condition of receivers' handsets."If an iPhone user sends messages through iMessa
IndustrySept. 29, 2014
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Korea logs current account surplus for 30th straight month
South Korea extended its current account surplus to 30 months in a row in August but by a smaller margin than the previous month, central bank data showed Monday. The current account surplus reached $7.27 billion last month, compared with a revised $7.84 billion in July, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.With the August data, the country's current account surplus during the January-August period totaled $54.3
Sept. 29, 2014
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Won-yen rate may drop to 800 won
The won-yen exchange rate is likely to drop to the 800 won level in the third quarter of next year as Japan is expected to continue quantitative easing to boost its economy, according to global financial companies like JP Morgan and Citibank. French bank BNP Paribas projected the bleakest outlook, claiming that the rate could nosedive to 700 won per 100 yen next year. The rate dropped below 960 won (92 cents) this month, the lowest since Aug. 2008, when it posted 954 won. “The weaker yen may und
Sept. 28, 2014
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Ousted KB chairman steps down from board
The ousted KB Financial Group chairman Lim Young-rok quit as a registered member of the corporate board on Sunday, ending a 14-month tenure marred by an internal power struggle and management lapses.“I hope to let everything go,” Lim said in a statement. “I will take responsibility for everything that has happened as a result of my shortcomings and spend time engaging in self-reflection.” Lim’s departure came after KB Financial announced last Friday that it would name a new chairman next month.
Sept. 28, 2014
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[Herald Interview] Philanthropy is about finding shared value: UWW chief
Philanthropy is not about society’s “haves” giving their wealth to the “have-nots,” but about inspiring governments and corporations to find value via their contributions, according to the chief of the world’s largest nonprofit organization.“Philanthropic activities are just like business projects ― one should first find the value, set a detailed goal and take the most cost-effective actions,” Brian Gallagher, president and CEO of United Way Worldwide, told The Korea Herald in an interview. “Con
Sept. 28, 2014
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S-Oil cheers for Saudi Arabia in Asian Games
S-Oil, a leading refinery in Korea, joined the cheering squad rooting for the Saudi Arabian soccer team during the 2014 Asian Games. On Friday, the firm’s executives and employees waved Saudi Arabia’s national flag and shouted the names of each player during a soccer match between Saudi Arabia and Uzbekistan in the final 16 at the Incheon Asian Games, held at the Goyang Sports Complex.Saudi Arabia defeated Uzbekistan 3-2 to advance to the final 8. S-Oil executives and employees, together with Sa
IndustrySept. 28, 2014
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Hotel Shilla spices up hansik menu
Hotel Shilla said Friday it has launched a Korean traditional spirit-inspired dinner course menu with its luxury Korean diner La Yeon. Aimed at introducing quintessential Korean fine-dining, seasonal delicacies made with local ingredients are served with pairing Moonbaeju spirits made by a liquor master. It is the first theme-oriented course menu by the Korean restaurant opened in August last year. “Dinner on an autumn nig
IndustrySept. 28, 2014
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Builders fined for colluding to fix prices
South Korea’s antitrust watchdog said Sunday that it has fined three major local builders a combined 25 billion won ($23.9 million) for colluding to fix bidding prices in a public project to build tidal outlets. Samsung C&T, GS Engineering and Construction and Hyundai Engineering and Construction fixed their bidding prices for the project initiated in July 2009 by the state-run Korea Water Resources Corp., according to the Fair Trade Commission. The 221.7 billion won project is for building tida
IndustrySept. 28, 2014
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Complaints of high pay of banking CEOs rising
Despite lower profits than their overseas peers, South Korea’s leading banking groups are paying their CEOs a much better salary, data showed Sunday. The average annual pay last year for the country’s top three banking groups reached an estimated 2.7 billion won ($2.6 million), according to data compiled from multiple financial institutions at home and abroad. By comparison, three top Japanese banking groups paid their CEOs an average 1.25 billion won, based on a won-yen exchange rate at the end
IndustrySept. 28, 2014
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KOMIPO sponsors Indonesian taekwondo team at Asian Games
Korea Midland Power Co. is rooting for the Indonesian taekwondo squad by offering scholarships and transportation services during the Incheon Asian Games.As part of a support program, KOMIPO, one of six power generation affiliates of the state-run Korea Electric Power Corp., said it held a gala with the Indonesian taekwondo team in Seoul on Tuesday to wish for its success at the Incheon Asian Games. Other Korean companies doing business in Indonesia, including Korindo Group, helped sponsor the d
IndustrySept. 28, 2014