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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SK hynix pledges W20tr to ramp up DRAM production at home
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Medical reform committee kicks off despite boycott from doctors
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Shares fall on eurozone woes
South Korean stocks dropped 0.47 percent Tuesday on rising political uncertainties in Europe and overnight losses on Wall Street, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 9.21 points to close at 1,963.42. Trading volume was heavy at 622 million shares worth 4.97 trillion won ($4.35 billion), with losers outpacing gainers 641 to 206.“Fiscal woes in Europe fueled political uncertainties on the continent, having a negative impact on the local bourse,”
April 24, 2012
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European fund withdrawal from Korea hits $18.2b in 2011
The amount of European funds that left South Korea reached $18.2 billion in 2011 mainly due to financial woes facing many eurozone economies, a report by the central bank showed Tuesday.European investors pulled the money from the local bourse last year, contributing to a net outflow of $10.9 billion in stock investments, according to the report by the Bank of Korea.Despite the withdrawal of funds, the European Union still accounted for 28.1 percent of all inbound investments last year, which wa
April 24, 2012
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Air cargo volume falls 1.9%
South Korea’s air cargo traffic dropped 1.9 percent from a year earlier in the first quarter of this year due to a decline in shipments of information technology products, the government said Tuesday.The country’s air cargo shipments came to 857,000 tons in the January-March period, compared with 874,000 tons a year earlier, according to the Ministry of Land, Transport and Maritime Affairs.The drop resulted mainly from decreased international air cargo volume, which slipped 2.9 percent on-year t
April 24, 2012
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Shared growth panel names Yoo as new chief
The Commission on Shared Growth for Large and Small Companies said Tuesday that Yoo Jang-hee, professor emeritus at Ewha Womans University, would be its new chairman.“We have agreed to name Yoo as the next chairman after consultations with business organizations and related institutions,” the panel said.The Federation of Korean Industries and the Korea Chamber of Commerce and Industry welcomed the nomination. Yoo will officially begin work late this month to bridge the gap between large and smal
IndustryApril 24, 2012
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Provost says SM series key in China
BEIJING ― The SM sedan series of Renault Samsung Motors is expected to play a significant role in the its parent Renault Group’s project to expand its presence in China.Renault Samsung chief executive Francois Provost stressed that the consumer preferences of the Chinese are quite similar to those of Koreans.His remarks came right after France-based Renault Group unveiled the Talisman, a luxury sedan dubbed the SM7 in Korea, during the 2012 Beijing International Automotive Exhibition ― also call
MobilityApril 24, 2012
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Doosan's new chairman focuses on "caring" meritocracy
When Park Yong-maan took office as the new chairman of Doosan Group early this month, he vowed to establish a strong corporate culture this year and stressed the need for a "caring meritocracy."“Doosan has a history of 116 years, but most of our staff have used their Doosan business cards for less than 10 years. And about half of our 39,000 employees around the world are foreigners,” Park said in a press conference in early April.“We need a strong corporate culture and philosophy to unite the pe
IndustryApril 24, 2012
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Key factors required for successful development of shopping malls
Recently, Korea’s retail giants have been announcing plans to develop shopping malls. Retail professionals view this as a result of changes in shopping trends, the adoption of international shopping culture and increased leisure time. But how have local shopping malls been developed so fast in terms of the needs of developers and tenants?Low commission rates and brand identityShopping malls embrace not only global specialist private-label apparel, or SPA, stores but also brands that failed to se
IndustryApril 24, 2012
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Korean multinationals lure global talent
Samsung, LG, POSCO, Lotte seek bilingual, ambitious employees who understand Local cultureA surging number of Korean corporations are dipping into the global labor pool in efforts to expedite their overseas operations and better reflect localized needs. With their business fast expanding in emerging markets, LG, POSCO, Samsung and other gone-global firms are courting young and experienced talent overseas who are bilingual, ambitious and competent, and have an understanding of the industry and K
IndustryApril 24, 2012
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Kang takes office as chief of management institute
Kang Shin-jang, former executive at Samsung Economic Research Institute, took office as co-chairman of the Institute of Global Management, an institute dedicated to management research and executive-level education.Kang is a renowned expert in the fields of knowledge management and creative management who created SERI CEO, a knowledge and information providing service for chief executive officers.He also introduced liberal arts, culture and fine arts courses for CEOs that combine business manage
IndustryApril 24, 2012
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Budget to focus on welfare, job creation in 2013
South Korea’s budget for 2013 will focus heavily on welfare, job creation and education-related spending to meet growing demands for social security and achieve sustainable growth, the government said Tuesday.The budget plan, outlined by the finance ministry and approved by the Cabinet, emphasizes sustainable growth and restoring a balanced budget next year to ensure the country has the available resources to cope with its rapidly aging population, reunification and other unforeseen economic cri
April 24, 2012
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Chung Mong-koo Foundation supports poor, sick children
Charity to assist children suffering from rare diseasesThe Chung Mong-koo Foundation, funded by Hyundai Motor Group chairman, plans to boost its support of children from low-income families or with rare diseases as part of its social contribution efforts, a press release said on Tuesday. Chairman Chung created the charity organization last year to help poor students.The foundation said some 500 children are expected to benefit from the program under which each will receive financial support of u
April 24, 2012
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Over 300,000 could lose Internet access by July: FBI
The FBI warned Monday that more than 300,000 Internet users worldwide could lose their Web access starting in July following a multi-million-dollar scam.But users can breathe a sigh of relief as a solution is just a few clicks away at dcwg.org, a website the FBI created so people could check whether they have been infected with malware and remove any malicious software.Six Estonians were arrested
TechnologyApril 24, 2012
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Mysterious space microbes ‘munching’ ISS
Russian scientists said that 76 types of micro-organisms have been causing “severe damage” to the International Space Station, according to Interfax news agency and other local news reports.(MCT)“We had these problems on the old MIR space station, now we have them on the ISS. The microflora is attacking the station. These organisms corrode metals and polymers and can cause equipment to fail,” Anat
TechnologyApril 24, 2012
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KT installs nationwide LTE network, boasts quality
BUSAN ― KT Corp., the nation’s No. 2 telecom carrier, said Monday that it has completed nationwide coverage of the faster Long Term Evolution network service in 84 cities. Despite the later announcement than those of its rivals SK Telecom and LG Uplus, the company showed no doubt about its quality based on its own “Warp” technology. “There should be a first-mover advantage in the market. But when it comes to technology, a latecomer will have the upper hand,” said Pyo Hyun-myung, president of the
TechnologyApril 23, 2012
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World Steel Association meets in Seoul
Four Korean member companies of the World Steel Association ― POSCO, Hyundai Steel, Dongkuk Steel Mill and Dongbu Steel ― are jointly hosting the association’s key meetings in Seoul to discuss the pending issues of the global steel industry.Some 100 top executives from about 40 steelmakers in 20 countries including Xiaogang Zhang, president of China’s Anshan Iron & Steel Group Corporation, attended the meeting of Worldsteel’s executive committee on Monday. They also plan to open a meeting of boa
IndustryApril 23, 2012
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Samsung inheritance spat worsens
The inheritance suit surrounding Samsung chairman Lee Kun-hee and his siblings is intensifying with elder brother Lee Maeng-hee claiming on Monday that his younger brother’s greed triggered the fight.Lee Maeng-hee, the eldest of Samsung founder Lee Byung-chull’s children, said that Samsung chief Lee Kun-hee was the one at the center of family discord and that his inheritance was not about Samsung.“It is my goal to correct the wrongdoings by getting the facts right and I believe the truth will be
IndustryApril 23, 2012
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U.N. aviation agency meeting to open in Korea
Some 20 government officials and 150 aviation experts from the Asia-Pacific region will gather on Tuesday on Jeju Island to discuss next-generation air transportation systems, the Transportation Ministry said Monday.The four-day meeting of the International Civil Aviation Organization, the United Nations’ agency that specializes in aviation, will focus on automatic dependent surveillance-broadcast, or ADS-B. The new surveillance technology has emerged as a primary replacement for radar in tracki
IndustryApril 23, 2012
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Hyundai Heavy expands fund to support suppliers
Hyundai Heavy Industries Co. and its two affiliated shipbuilders agreed to expand their fund to support small partner companies to 300 billion won ($263 million) as part of efforts to seek shared growth.Hyundai Heavy, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. inked a deal with the Industrial Bank of Korea on Monday to offer loans at lower-than-market interests to their suppliers.First and second-tier suppliers of Hyundai Heavy Industries Group will be able to take out loan
IndustryApril 23, 2012
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Wealth polarization fueling social instability, populism: report
South Korea’s inability to reduce income inequality is fueling social instability and populism in Asia’s fourth-largest economy, a report by a state-run think tank showed Monday.The report by the Korea Development Institute said Asia’s fourth-largest economy had succeeded in reducing the earnings gap up until the early 1990s, but this trend was disrupted by the 1997-98 Asian financial crisis. It claimed that the country has only made limited gains in reducing polarization.“Greater earnings dispa
April 23, 2012
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Latest versions of Blade and Soul, Diablo 3 coming in weeks
Two blockbuster online games ― “Blade and Soul” and “Diablo 3” ― are coming to Seoul in the first half of this year, with both of them scheduled to go through closed beta testing Wednesday.Blizzard Entertainment Korea announced Monday that it would begin its closed beta testing of its latest version of the popular action role-playing online game “Diablo 3” on April 25. Game director Jay Wilson will also hold a press conference at a hotel in southern Seoul Tuesday.The company plans to unveil the
IndustryApril 23, 2012