Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Seven trends in global business management
Heightened uncertainty will continue, as the conditions contributing to the global business difficulties are unlikely to subside soon. Most of the key global economies are facing prolonged sluggish or contracting growth prospects along with fiscal debt and political gridlock over structural reforms needed for sustained momentum.Korea’s major companies must prepare for greater pressure and devise preemptive measures. In particular, Japan’s currency depreciation has removed the favorable foreign e
BusinessJune 18, 2013
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FSS chief tells insurance firms to protect consumers
Korea’s chief financial regulator Choi Soo-hyun reiterated that enhanced consumer protection in the insurance industry would guarantee insurers a brighter future.Insurance companies may see consumer protection as yet another cost to their business, said Financial Supervisory Service Gov. Choi in his keynote address during the 49th annual seminar of the International Insurance Society in Seoul on Tuesday.“But, from a long-term perspective, strong consumer protection means strong consumer confiden
June 18, 2013
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Foreigners dump Korea stocks amid split bets
Foreign investors have targeted the South Korean stock market in their recent capitalization of equities amid concern over some developed countries exiting monetary easing.Amid predictions of weaker growth for emerging economies due advanced countries’ tighter monetary policy, foreigners net-sold stocks worth $3.22 billion on the Korean bourse over the past week.A certain portion of research analysts, however, are betting on longer-than-expected monetary easing in the U.S. and other major countr
June 18, 2013
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Chiefs of Korea Coal, KINS recommended for dismissal
Chiefs of Korea Coal Corp. and the Korea Institute of Nuclear Safety are expected to be removed from their posts by the government for their poor management, officials said Tuesday.The two companies received the poorest grade of E on their 2012 management report cards by a team of 159 civilian experts evaluating 111 state-owned and quasi-state enterprises.The Finance Ministry said Tuesday that 16 chiefs of state-run and quasi-state enterprises, including Yeosu Gwangyang Port Authority, Korea Hyd
June 18, 2013
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Cisco to release new core router for soaring online traffic
In an effort to respond to rapidly increasing Internet traffic, Cisco Systems Korea announced on Tuesday that it would release a new core routing system at the end of this year.In a report released in May, the U.S.-based networking equipment maker predicted that annual global IP traffic would surpass 1.4 zettabytes by the end of 2017 ― a threefold increase from the current traffic. A zettabyte stores 1 billion terabytes of data, or about 250 billion DVDs.In Korea, the IP traffic is expected to d
TechnologyJune 18, 2013
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LG’s Optimus G Pro sales hit 1 million mark in Korea
LG Electronics Inc., the world’s third-largest smartphone maker, said Tuesday that sales of its flagship smartphone, the Optimus G Pro, surpassed the 1 million mark nationwide in four months since its release. The phone is was fastest to reach the figure among its smartphone lineup.Sales of the Optimus G Pro broke 500,000 40 days after its launch, becoming LG Electronics’ fastest-selling smartphone.In May, the tech giant rolled out the smartphone in the U.S. and also released the full HD smartph
TechnologyJune 18, 2013
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Eximbank, Japan to spur joint overseas projects
The Export-Import Bank of Korea and its Japanese counterpart bank discussed ways to boost cooperation in joint overseas projects during a seminar in Tokyo on Tuesday, bank officials in Seoul said.The seminar was attended by Eximbank vice chairman Hong Young-pyo, the Japanese Bank for International Cooperation CEO Hiroshi Watanabe and some 130 bank officials and executives of plant constructors from the two countries.The participants discussed cooperative measures and shared information on overse
June 18, 2013
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Korea joins forces with FireEye to fight cyber crimes
The government-run Korea Internet Security Agency on Tuesday said it signed a memorandum of understanding with FireEye, a U.S.-based security company specializing in fighting cyber crimes, to help keep Korea’s Internet environment safer and free of attacks. “The two sides will be sharing solutions and other security information to jointly challenge cyber threats and malware that have become borderless crimes occurring all over the world,” said Lee Ki-joo, president of KISA. He stressed that it w
TechnologyJune 18, 2013
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Forecasting color trends in markets
For both consumers and product developers, color is important ― often more so than design or function of a particular product. Color can be used to express identity for consumers. From a developer’s perspective, however, “the right color can make sure products will sell better. Certainly in lifestyle products, color has the same function as in fashion,” said Filip Roscam, creative design manager of Merck’s Pigments and Cosmetics, in an interview with The Korea Herald on the sidelines of the nint
IndustryJune 18, 2013
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Zuckerberg asks Samsung for “Facebook phone”: sources
Mark Zuckerberg, one of the young cofounders of Facebook, on Tuesday met with Samsung Electronics executives including the heir Lee Jay-yong and mobile unit chief Shin Jong-kyun to ask Samsung to manufacture a “Facebook-friendly” phone, industry watchers said.“Facebook has every intention of becoming the second Google, and with that intent in mind, Zuckerberg is said to have asked Samsung to step up cooperation by launching a phone with a Facebook interface,” said one watcher, declining to be id
TechnologyJune 18, 2013
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Seoul shares up 0.93 pct amid policy uncertainties
South Korean stocks closed 0.93 percent higher Tuesday amid the divided outlook over the United States Federal Open Market Committee (FOMC) meeting slated for this week, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 17.52 points to close at 1,900.62. Trading volume was low at 275.3 million shares worth 3.38 trillion won (US$2.99 billion) with gainers outpacing losers 529 to 298. The index returned above the 1,900-
June 18, 2013
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Facebook CEO visits Cheong Wa Dae
Facebook cofounder and CEO Mark Zuckerberg made a visit to Cheong Wa Dae on Tuesday.Zuckerberg met with President Park Geun-hye at around 10 a.m. at the presidential office and exchanged opinions on how to help form a creative economy, the administration’s key initiative.Zuckerberg said that he hopes small Korean companies can enter the global market through Facebook‘s platform. The social network leader said that he will continue to invest in the Korean market.He will meet with executives at Sa
TechnologyJune 18, 2013
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Seoul shares trade flat in late-morning trade
South Korean stocks traded almost flat late Tuesday morning as investors continued to sit on the sidelines to await the results of the Federal Open Market Committee meeting scheduled this week, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) edged down 0.23 points, or 0.01 percent, to 1,882.87 as of 11:20 a.m. Logistics firms lost ground, with Hyundai Glovis decreasing 1.08 percent and Hyundai Merchant Marine falling 2.37 percent. Top air carrier Korean Air plunged 1.
June 18, 2013
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Seoul shares open flat on policy woes
South Korean stocks opened almost flat Tuesday as investors took to the sidelines ahead of the U.S.Federal Open Market Committee meeting slated this week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 1.53 points, or 0.08 percent, to 1,881.57 in the first 15 minutes of trading.Mobile carriers lost ground, with leading SK Telecom falling 1.14 percent and KT losing 0.92 percent. LG Uplus, the smallest player, shed 1.16 percent.In contrast, tech blue chips traded
June 18, 2013
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Renault Samsung union goes on partial strike
BUSAN—Unionized workers at Renault Samsung Motors Co. went on a partial strike to demand higher wages, a company spokesman said Monday.Some workers downed tools for two hours earlier Monday while others plan to start the four-hour walkout from 7:45 p.m., Renault Samsung spokesman Koh Jae-yong said.Some 1,800 unionized workers already walked out for four hours earlier this month.The local unit of French automaker Renault SA said it has not been able to produce about 400 vehicles due to the partia
IndustryJune 17, 2013
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Korea to strengthen control over safety of imported food
Foreign food makers and local importers are expected to face tougher safety rules from 2015 as the government and some lawmakers are pushing for legislation to enhance the safety of imported food.A group of 12 lawmakers said on Monday that they would seek to mandate foreign food makers and local importers to register information of their food imports with the Ministry of Food and Drug Safety, Korea’s food watchdog.“We expect a special bill on safety management of imported food, which is pending
IndustryJune 17, 2013
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New rules let manufacturers own financial subsidiaries
Korea’s antitrust regulator will allow manufacturing-focused conglomerates to own financial subsidiaries such as insurance companies, but only if they reorganize their governance structures to transform into holding companies.In a policy and legislative briefing to the National Assembly’s National Policy Committee on Monday, the Fair Trade Commission said that chaebol, or family-run conglomerates, with a main interest in manufacturing would also have to establish separate intermediate holding co
IndustryJune 17, 2013
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[Graphic News] Average smartphone now less than $300
The average selling price of smartphones worldwide dropped below $300 for the first time, according to data released Monday by Strategy Analytics.The average price for a smartphone in the first quarter of this year marked $299, down from $342 and $333 in the same quarter in 2011 and 2012, respectively.Aside from the fourth quarters of 2011 and 2012, the average price has been on a downward trend since early 2011.The data suggested that increasing numbers of smartphone users in China, India, Braz
June 17, 2013
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[Power Korea] Incheon Airport seeks next big leap
Incheon International Airport was named again this year the “world’s best airport” by the Airports Council International ― for the eighth time in a row. Since the non-profit association of some 1,700 global airport operators started announcing the top honor back in 1993, the Korean airport is the only one that has enjoyed such success. Despite the growing presence of Asian rivals such as Singapore and China, Incheon outperformed them again in service quality, which is evaluated by users all thro
IndustryJune 17, 2013
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[Power Korea] Korea aims to export airport infrastructure
Hope that a Korean consortium, led by the Incheon International Airport Corp., could win the first deal to build an international airport overseas this month is rising as the government is developing a package of programs to support the deal.Backed up by its global brand power, the IIAC partially exported its know-how to Russia, the Philippines, Nepal, Cambodia and Indonesia, but has not yet exported a full package deal, which includes construction of an airport, terminals and operational system
June 17, 2013