Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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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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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Savings banks probe expands to corruption
Mirae head suspected of embezzling W300bState investigators on Tuesday were expanding their probe into alleged irregularities to include accounting fraud, embezzlement and illegal loans at four suspended mutual savings banks, with one of their chairmen in detention. Kim Chan-kyung, chairman of Mirae Savings Bank, is suspected of embezzling over 300 billion won ($264 million) by issuing illegal loans and withdrawing company money as he prepared for his flight to China early this month, news repor
May 8, 2012
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Korea to launch multipurpose observation satellite May 18
Korea will launch its third satellite to observe the Earth from a Japanese space center on May 18, officials announced Tuesday.The KOMPSAT-3, also known as Arirang-3, is designed to provide geographical information of the Korean Peninsula with better technology than its two predecessors.Loaded on a Japanese rocket, the multipurpose satellite will lift off from the southern island of Tanegashima, some 115 kilometers south of Kyushu. The launch is due at 1:39 a.m. on May 18 from the Tanegashima Sp
TechnologyMay 8, 2012
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New questions raised about U.S. beef safety
Views conflict over dangers of BSE; government ignores pressure to stop customs clearanceMadThe safety of U.S. beef imports into Korea faces new questions after U.S. authorities confirmed a case of mad cow disease in a dairy cow from a California farm on April 24.The latest discovery was the first in six years and the country’s fourth case ever.For Korea, bovine spongiform encephalopathy (BSE), more commonly known as mad cow disease, is a high-profile issue affected by political considerations a
TechnologyMay 8, 2012
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BSE has long incubation period, no treatment
Bovine Spongiform Encephalopathy, commonly known as mad cow disease, is a progressive, fatal disease of the nervous system in cattle. The disease has a long incubation period (averaging four to five years) and there is currently no treatment or vaccine for the disease. BSE is one of a group of diseases known as transmissible spongiform encephalopathy (TSE). Other TSEs include scrapie in sheep, chronic wasting disease in deer and elk, and Creutzfeldt-Jakob disease in humans.The measures to deal w
TechnologyMay 8, 2012
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Korea to buoy demand amid global woes
The government plans to bolster domestic consumption and fuel the country’s overall economic buoyancy to cope with mounting global market uncertainties, the finance ministry said Tuesday.In its monthly “green book” report, the Ministry of Strategy and Finance said that economic data in such areas as industrial production, retails, business investment and construction all backtracked in March.Industrial production, a key barometer of economic health, contracted 3.1 percent in the cited month from
May 8, 2012
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Korea’s trade with China lags far behind Japan
HONG KONG (Yonhap News) ― South Korea’s trade with China lagged behind Japan in the first quarter of this year due to fierce competition from a rival exporting country in the world’s most populous market, a Chinese government report showed Tuesday. Trade between South Korea and China reached $60.3 billion in the January-March period, compared with Tokyo’s trade volume of $79.4 billion with Beijing, according to the report by the Chinese Ministry of Commerce.Taiwan, the majority of whose exports
May 8, 2012
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Korea’s car export growth slows in April
South Korea’s car export growth slowed in April as overseas sales by smaller local carmakers contracted from a year earlier, a government report showed Tuesday.Overseas vehicle shipments reached 276,639 units last month, up a modest 3.9 percent gain from 264,934 units sold a year earlier, the report by the Ministry of Knowledge Economy said.The latest tally marks the second month in a row export growth numbers fell compared to the previous month, it said.In February, exports surged 51.2 percent
May 8, 2012
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Japan’s Peach launches route to Seoul
Peach Aviation, a Japanese budget carrier, on Tuesday launched its first international route linking Seoul and Osaka, signaling fiercer competition with Korean and foreign low-cost airlines here. The low-cost unit of All Nippon Airways, based in Osaka, is the first budget carrier in Japan, and was established in February last year. Considering its low brand awareness in Korea, the late comer into the market pledged to focus more on a very basic principle ― offering cheaper deals, CEO Shinichi In
IndustryMay 8, 2012
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‘Most Remarkable Award’ for Avante at Beijing show
Hyundai Motor’s Avante won the Most Remarkable Award at the Beijing International Motor Show, the country’s leading carmaker said on Tuesday. Winning the most out of the 6.75 million votes counted, the award-winning sedan has made a promising premier in the automobile market, the company said. First presented in 2005, the Most Remarkable Award is given by three major motor shows in China, Shanghai Motor Show, Beijing International Motor Show and Guangzhou International Motor Show. The award is p
MobilityMay 8, 2012
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Investment by 600 major firms to hit record high in 2012
The combined investment of the nation’s 600 major enterprises is projected to reach an all-time high this year despite uncertainties surrounding the business environment at home and abroad.According to a survey by the Federation of Korean Industries, local enterprises including Samsung Electronics and Hyundai Motor plan to invest 140.7 trillion won ($124.5 billion) ― the largest scale in history ― in 2012, up 12.1 percent a year earlier.“The survey shows that uncertainties like the eurozone debt
IndustryMay 8, 2012
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Samsung, IT firms to make wireless charger
Joint project to develop device that charges remotelySamsung Electronics said Tuesday it has joined forces with other IT giants like Qualcomm and SK Telecom to develop a different wireless charger from the current device-on-pad method.The world’s largest maker of smartphones said it has formed a group called the Alliance for Wireless Power (A4WP) to introduce the resonant wireless battery charger. Members include Germany’s Peiker Acustic, U.S.-based accessory firm Ever Win International, furnitu
IndustryMay 8, 2012
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Producer price gain slows to 2.4% in April
South Korea’s producer price growth decelerated to a 26-month low in April mainly due to a slower gain in costs of manufactured products, the central bank said Tuesday.The producer price index, a barometer of future consumer inflation, rose 2.4 percent on-year to 125.3 last month, compared with a 2.8 percent increase in March, according to the Bank of Korea. The on-year gain is the lowest since the 2.4 percent advance reported for February 2010.Producer prices also edged down 0.1 percent from th
May 8, 2012
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Shares rise on U.S., European gains
South Korean stocks closed 0.54 percent higher Tuesday as investor sentiment got a boost from gains in U.S. and European markets, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI moved up 10.57 points to 1,967.01, a turnaround from a three-session losing streak. Trading volume was moderate at 484 million shares worth 4.10 trillion won ($3.61 billion), with gainers outpacing losers 544 to 276.Market watchers said investors were buoyed by overall gains in the U.S.
May 8, 2012
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ABS issuance surges 63.8 percent in Q1
The issuance of asset-backed securities in South Korea surged 63.8 percent in the first quarter from a year earlier, led mostly by state-run firms, the country’s financial regulator said Tuesday.ABS sales by local financial firms and mortgage agencies totaled 8.94 trillion won ($7.86 billion) in the January-March period, compared with 5.46 trillion won the previous year, according to the Financial Supervisory Service.The spike came as public firm Korea Land and Housing Corp. and Korea Housing Fi
May 8, 2012
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Korea to crack down on rip-offs at Yeosu Expo
A team of government agencies will monitor for exorbitant accommodation prices during the EXPO 2012 Yeosu Korea, which kicks off its three-month run on Saturday. Eight governmental organizations, including the Fair Trade Commission, Yeosu City and the National Tax Service, formed an inspection team which checked on Wednesday and Friday accommodation throughout Yeosu City, announced The Ministry of Land, Transport and Maritime Affaires on Tuesday. The team examined the sanitary conditions of 50 l
IndustryMay 8, 2012
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Lotte, Shinsegae eye ET Land
Retail rivals mulling takeover of electronic goods chainLotte Shopping and E-mart revealed on Tuesday intentions to buy ET Land, an electronic goods retail chain. Lotte Shopping said that it is examining the takeover but nothing is decided yet, following Korea Exchange’s call to confirm the spreading market speculation. “Detailed decisions will be made public within a month regarding the buy,” said the company. Shinsegae Group, which was also rumored to be eying ET Land, answered that the story
IndustryMay 8, 2012
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Yahoo CEO apologizes for bogus degree
SAN FRANCISCO (AP) ― Yahoo CEO Scott Thompson is sorry for allowing an inaccuracy about his education to appear in his official biography, but not remorseful enough to heed calls for him to resign.Thompson apologized for the uproar caused by the misinformation in a memo sent Monday to the troubled Internet company’s employees. Yahoo Inc. provided a copy of the memo to the Associated Press.The memo didn’t offer any explanation why Thompson’s bio has periodically listed a bachelor’s degree in comp
IndustryMay 8, 2012
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Koo vows to revamp structure, foster creativity
LG Group chairman Koo Bon-moo pledged to overhaul its corporate structure during his meeting with executives on Tuesday.“To take the initiative in the market, we need basic changes in our internal structure,” he told a monthly meeting of about 300 group executives.Koo also stressed the significance of creativity: “Bearing customer value in mind, we should build up differentiated competitiveness.”The LG chief has been leading the drive to nurture future growth projects by visiting LG Group units’
IndustryMay 8, 2012
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SAP to eye M&A opportunity, promote B2B software firms: CEO Hyoung
Korea has capacity to develop higher value-added mobile apps for exportSAP is always on the lookout for acquisitions that can help the world’s largest enterprise software company gain innovative technology and reinforce its business in mobile, in-memory and cloud computing.Korea would definitely be one of many potential markets where SAP, backed by “tons of cash,” would seek opportunities in mergers and acquisitions, said Hyoung Won-joon, CEO and president of SAP Korea.“It may be a cliche to say
TechnologyMay 8, 2012
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Apple’s iOS 5.1.1 update fixes bugs
Apple Inc. said it has released iOS 5.1.1 for iPad, iPod touch, and iPhone to fix bugs. Improvements include better reliability for the HDR option when accessing the camera app from the lock screen and a number of other fixes for bugs affecting AirPlay video playback.The new release has fixed a bug that blocked third-generation iPad from switching between 2G and 3G networks. Also, the bug of “Unable to purchase” alert has been fixed.The iOS 5.1.1 also improved reliability for syncing Safari book
TechnologyMay 8, 2012