Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Medical reform committee kicks off despite boycott from doctors
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SK hynix pledges W20tr to ramp up DRAM production at home
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Star-spangled banners still there
NASA released new images from Lunar Reconnaissance Orbiter Camera (LROC) showing U.S. flags planted in lunar soil.The new images have finally given proof that the flags are still standing.Astronauts planted flags during each of the six American moon landings, starting from Apollo 11’s landing in 1969 to Apollo 17’s in 1972. The American moon landings remain the only manned flights to touch down on a heavenly body.According to an analysis of the shadows they cast on the surface of the moon, five
TechnologyJuly 31, 2012
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Seoul shares start tad higher on eased Europe woes
South Korean stocks opened slightly higher Tuesday on eased eurozone debt concerns ahead of a meeting of the European Central Bank (ECB), analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.99 points, or 0.16 percent, to 1,846.78 in the first 15 minutes of trading.Shares traded mixed with market bellwether Samsung Electronics rising 1.49 percent and the country's biggest
July 31, 2012
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Korean jobseekers target 27 million won in salary: report
The average annual salary requirement of Korean jobseekers is 27.56 million won, according to a survey released on Monday by Saramin, a local online recruitment website.The survey of 1,062 Korean jobseekers showed that they preferred 27.56 million won ($24,254) on average as their annual salary requirement.The survey also revealed that 29.4 percent of the total respondents preferred working for major conglomerates while only 17 percent wanted small and medium-sized companies.Meanwhile, more than
July 31, 2012
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S. Korea's industrial output growth decelerates in June
South Korea's industrial output grew in June, but its pace sharply decelerated in the face of headwinds from the eurozone debt crisis and concerns over global slowdowns, a government report showed Tuesday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries expanded 1.6 percent last month from a year earlier, sharply slowing from the2
July 31, 2012
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Yeonggwang nuclear reactor comes to halt
A nuclear reactor at an atomic power plant in Yeonggwang, South Jeolla Province, automatically stopped running Monday afternoon after its reactor protection system gave warning signals, the Korea Hydro & Nuclear Power Co. said.The 1-million-kilowatt Yeonggwang-6 unit came to a halt at around 2:57 p.m., according to the company. The unit had been under special treatment due to fuel rod defects that caused radioactivity levels in the reactor coolant to rise on April 30. The KHNP said it was lookin
IndustryJuly 30, 2012
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Hanwha chief meets Iraqi leader on postwar projects
Hanwha Group chairman Kim Seung-youn and Iraqi Prime Minister Nouri al-Maliki held a meeting in Baghdad on Sunday to discuss business opportunities from the country’s ongoing postwar reconstruction.The two leaders first met on May 30 when Hanwha signed an $8 billion contract to build a housing complex in Bismayah, a new satellite city of Baghdad. During their meeting, Kim explained the preparations for the housing project and proposed to organize a separate task force team to discuss new busines
IndustryJuly 30, 2012
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HTC to close Korean office on slow sales
Taiwanese smartphone maker HTC said Monday it will close its Korean office soon. The Taiwanese company said it will continue to provide after-sales services for its products.The closure announcement takes place months after the head of its Korean office stepped down in May. With the company’s share narrowing in the Korean market, which is dominated by Samsung and Apple smartphones, it was unable to release a new lineup of smartphones this year.“Our after-sales service policy in Korea will not al
IndustryJuly 30, 2012
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Hacking exposes digital security problems
Latest case again sheds light on vulnerability of nation’s data securityA 30-year-old Seoulite recently went through a bizarre experience, receiving numerous phone calls every day suggesting that she buy a new smartphone.What was odd was the fact that all the callers knew her two-year mobile contract was already over. They also offered promotions, recommending that she should make the shift to more advanced handsets running on the fourth-generation Long Term Evolution networks.“When I told one o
IndustryJuly 30, 2012
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Shares up on EU optimism
Korean stocks finished 0.8 percent higher Monday on optimism that European policymakers will take action to ease the debt crisis, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 14.63 points to close at 1,843.79. Trading volume was moderate at 333.1 million shares worth 3.8 trillion won ($3.3 billion) with gainers outpacing losers 425 to 367.“Investors are cheered by the highly anticipated moves of European leaders and are opt
July 30, 2012
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Manufacturing sentiment for Aug. hits 3-year low
Korean manufacturers’ business confidence for August fell to a more than 3-year low as the eurozone debt crisis and China’s slowing growth cooled sentiment, the central bank said Monday.The index of manufacturers’ outlook on business conditions came in at 70 for August, down from the 81 recorded for July, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.The August figures marked the lowest level since the index reached 69 for
July 30, 2012
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Korea gets exclusive rights to undersea mine in Indian Ocean
Korea has secured exclusive rights to explore and develop a deep ocean mine in the Indian Ocean that can produce over $300 million worth of minerals per year, the government said Monday.At a general assembly held in Kingston, Jamaica last week, members of the International Seabed Authority unanimously agreed to recognize the country’s rights to the offshore mine that lies across an area of 10,000 square kilometers in the Indian Ocean, according to the Ministry of Land, Transport and Maritime Aff
July 30, 2012
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Sales at duty-free shops surge in H1
Sales at duty-free shops in airports and downtown Seoul surged to a record high in the first half of the year on the back of a rise in inbound and outbound tourists, industry sources said Monday.Hotel Shilla Co., a South Korean luxury hotel and resort operator, posted sales of 956 billion won ($843 million) at its duty-free shops in the first half, up 39 percent from a year earlier.Its operating income spiked to 60 billion won from a mere 15 billion won over the cited period, according to the so
July 30, 2012
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Samsung, Apple may resolve patent disputes
HONG KONG (Yonhap News) ― Samsung Electronics Co. and Apple Inc. will likely reach an agreement over their patent disputes as neither of the two companies has been a clear winner, Fitch Ratings said Monday.Samsung Electronics and Apple, the world’s two largest smartphone makers, have been waging a series of legal suits against each other, blaming each other for patent infringement in design and technology patents on their key mobile devices.“Fitch sees the legal battle continuing for at least th
TechnologyJuly 30, 2012
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KITA launches online one-stop trade solution service
The Korea International Trade Association has launched a “one-stop trade solution” service in which traders can report trade-related problems online and seek solutions from experts. The internet-based service, launched on Monday, aims to strengthen the competitiveness of the nation’s trade sector with more efficient and individualized solutions and alternatives, KITA said.With TradeSOS, international traders do not have to sweat over finding which of 12 ministries they need to consult when faced
July 30, 2012
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Korea, Turkey to ink FTA on Wednesday
Korea and Turkey are scheduled to ink a bilateral free trade agreement and an agreement on trade in goods on Wednesday in Ankara, Seoul’s Trade Ministry said on Monday.Trade Minister Bark Tae-ho and Turkish Minister of Economy Zafer Caglayan will sign the trade pact, which will be the ninth FTA to be signed by Korea. Turkey will be the 46th country to sign an FTA with Korea.The two countries had announced in March that they concluded the FTA negotiations, which began in March 2010.Bark is also s
July 30, 2012
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Korea nears legal limit on temporary public borrowing
The government neared its legal limit for temporary borrowing ― 20 trillion won ($17.56 billion) ― due to increased loans taken out by the Bank of Korea, stoking concerns of a negative impact on the central bank’s credit and monetary policy.As of the end of June, the government’s temporary borrowing stood at 19.1 trillion won, including 8.1 trillion won in treasury bill balance and another 11 trillion won in the central bank’s outstanding loans. Treasury bills have a maturity of one to three mon
July 30, 2012
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Louis Vuitton most copied
Customs agency finds 1.65 million knockoffs of 211 brandsLouis Vuitton was the most widely copied brand for sale in Korea, the results of a crackdown by the Korea Customs Service on counterfeit products showed Monday.The customs agency found over 1.65 million imitation products of 211 brands offered for sale in the first half of this year, about 5 percent of which copied Korean brands.Among the knockoffs worth a total of 615.9 billion won, Louis Vuitton was the most frequent victim, followed by
IndustryJuly 30, 2012
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Early bird special for AMCHAM picnic
The American Chamber of Commerce in Korea will hold an early bird special for this year’s Labor Day Picnic on Sept. 1.Those who register by Aug. 10 will receive discounts between 10,000 won and 20,000 won. The event is free for children under age 8. The event will be held at the Misari Motorboat Racing Park, located in Hanam, Gyeonggi Province. Visit www.amchamkorea.org for more details. (renee@heraldm.com)
July 30, 2012
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3M Korea holds science camp for students
3M Korea said Sunday that it has successfully held the 11th session of an annual science camp for middle school students. About 120 outstanding science students participated in the one-day event, which took place at a local training center in Cheonan, South Chungcheong Province. A variety of hands-on activities were offered, including a forensic science project, where students learned how to analyze blood stains found at a “crime scene,” as well as a tower-stacking activity involving colorful ca
TechnologyJuly 30, 2012
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Ten big ideas about marketing to Koreans
It is important to keep certain rules of thumb in mind when marketing to Koreans. While not every Korean will share the following outlooks completely, these ideas represent conventional social views in Korea and are applicable and useful for a wide range of marketing purposes. Idea 1 ― Koreans aspire to high achievement quickly Koreans credit much of their success to one thing: hard work. Even today, with government-mandated shorter workweeks, many Korean “salarymen” still put in full days at th
July 30, 2012