Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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Korean, Romanian leaders discuss defense tech, nuclear energy
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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SK launches nation’s largest social enterprise
CEO says Happynarae will be new model of corporate social responsibility in KoreaSK Group turned its maintenance, repair and operation company with annual sales of 120 billion won into a social enterprise that purchases expendable supplies preferentially from firms that hire socially vulnerable people.SK Group said Tuesday MRO Korea was renamed Happynarae Co. and will now operate as a social enterprise to be officially certified by the Labor Ministry six months later.The nation’s third-largest c
IndustryMarch 20, 2012
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Employment conditions to improve: foreign IBs
Korea’s jobless rate is expected to decline down the road, helped by a decrease in the number of job seekers, a report showed Tuesday.According to the report by the Korea Center for International Finance, Citigroup and Morgan Stanley said the country’s jobless rate surged in February as soon-to-be graduates started to search for work.The jobless rate in Asia’s fourth-largest economy stood at 4.2 percent last month, the highest level since March of 2011 when the rate reached 4.3 percent, as more
March 20, 2012
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N.Z. prime minister to speak at chamber
New Zealand Prime Minister John Key will speak at a forum sponsored by the New Zealand Chamber of Commerce in Korea on March 26, organizers said Tuesday.Key will address more than 80 chamber members and important business leaders as part of his visit, which also aims to advance negotiations on a bilateral free trade agreement, according to chamber officials.The prime minister is scheduled to visit Korea to attend the Nuclear Security Summit in Seoul on March 26-27.“We are very pleased to have Pr
March 20, 2012
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Shares edge down on institutional selling
Seoul shares finished 0.24 percent lower on Tuesday as institutional investors locked in profits amid the absence of fresh upward momentum, analysts said. The local currency fell against the U.S. dollar. After briefly trading in positive territory, the benchmark KOSPI lost 4.85 points to 2,042.15. Trading volume was moderate at 533 million shares worth 5.33 trillion won ($4.75 billion) with losers leading gainers 521 to 302. “The market lacked new upward momentum ahead of the first-quarter earni
March 20, 2012
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Korea to extend tariff quota for pork, dried peppers
Korea will extend its tariff quotas for pork belly and dried peppers by three months to ensure their steady supply and help stabilize domestic prices, the Finance Ministry said Tuesday.The tariff quotas for the two items will be extended till the end of June, with Seoul to increase the pork belly quota by 70,000 tons. The ministry said the quota for dried peppers has been raised to 11,185 tons from 6,185 tons.Originally, both quotas were scheduled to expire on March 31.The tariff quota system is
March 20, 2012
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Citibank targets middle-income earners
Citibank Korea has decided to shift its asset management business focus to the middle-income bracket, from its earlier target of wealthy customers.While the bank had mainly focused on private banking for customers with deposits of at least 100 million won ($87,700), its target will be expanded to those with financial assets of at least 20 million won.“Among total Korean adults, the proportion of them whose financial assets come to 20 million won is 35 percent,” Citibank Korea CEO Ha Yung-ku told
March 20, 2012
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KAI wins $1.22b Airbus wing parts contract
South Korean aerospace company Korea Aerospace Industries Ltd. said Tuesday it has won a $1.22 billion contract to exclusively supply wing parts to Europe’s Airbus SAS.The contract, signed in France late Monday, calls for the building of wing bottom panels for the very popular A320 passenger jets and marks the single largest civilian aircraft components deal won by a local company. KAI said it will supply the panels for the duration of the aircraft’s production that may extend to 2025, with the
IndustryMarch 20, 2012
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Card firms’ profits fall for 1st time in 3 years
But earnings from charging service fees remain robust: FSS dataThe yearly earnings of credit card firms dropped in 2011 for the first time in three years amid financial regulators’ stricter policy on blocking reckless business expansion.According to the Financial Supervisory Service, six major credit card issuers saw their combined net profit stay at about 1.3 trillion won ($1.15 billion) in 2011, down 51 percent from 2.7 trillion won a year earlier.This was the first fall since their net profit
March 20, 2012
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Samsung to focus on smart, 3-D TV sales in Middle East
South Korean tech giant Samsung Electronics Co. said that it will focus on smart and 3-D TV sales in the Middle East in order to strengthen its dominant presence in the large emerging market.The company said it aims to aggressively market its latest high-end TV sets and expand cooperative tie-ups with content suppliers to solidify its status as the No. 1 smart electronics product supplier in the area.Samsung said that it was able to pull off TV sales growth of 26 percent last year despite the ge
TechnologyMarch 20, 2012
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Bosch seeks more independence in Samsung car battery venture
Robert Bosch GmbH, the world’s biggest car-parts supplier, is in discussions with joint venture partner Samsung SDI Co. about producing more electric car batteries independently of each other.Bosch has been discussing greater autonomy from its partner in the SB Limotive joint venture for at least a month as it seeks to react more quickly to customers’ demands, Udo Ruegheimer, a spokesman for the Stuttgart, Germany-based company said by telephone.“All customer contracts are decided jointly, so it
IndustryMarch 20, 2012
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Scientists reveal secret of obesity
A group of U.S. scientists have discovered how a mutation in a particular gene can lead to uncontrolled eating, which can lead to obesity, Science Daily reported Sunday.Previous studies have revealed that the brain-derived neurotrophic factor (BDNF) gene is linked to obesity, but no one could explain how it controls the impulse to eat.Georgetown university researchers discovered in a new study that a mutation in the BDNF gene in mice does not allow brain neurons to communicate to each other. It
TechnologyMarch 20, 2012
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1st commercial cargo run to space station April 30
The SpaceX Falcon 9 rocket undergoes a countdown test on launch pad SLC-40 at the Cape Canaveral Air Force Station in Cape Canaveral, Fla. Space Exploration Technologies Corp., better known as SpaceX, plans to launch its Dragon capsule from Cape Canaveral on April 30 (AP-Yonhap News)The Internationa
TechnologyMarch 20, 2012
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Apple has sold 3 million iPads
People purchase the new iPad at Apple's flagshop store, in New York, Friday (AP-Yonhap News)Apple Inc. says it has sold 3 million iPads since Friday when it released the latest version of the tablet computer.The new, third model comes with a faster processor, a much sharper screen and an improved ca
TechnologyMarch 20, 2012
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U.S. to slap antidumping duties on LG, Samsung fridges
The U.S. Department of Commerce said Monday it has decided to impose antidumping tariffs on refrigerators made by Samsung Electronics Co. and LG Electronics Inc., which Whirlpool Corp. accused of being sold at below-market prices.The department said that it will impose antidumping duties of as much
IndustryMarch 20, 2012
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Wendy’s tops Burger King as second-largest U.S. burger chain
Wendy’s Co. surpassed Burger King Holdings Inc. in sales last year, making it the second-largest U.S. hamburger chain, according to Chicago-based researcher Technomic Inc. Sales at Dublin, Ohio-based Wendy’s U.S. locations were $8.5 billion last year, while Miami-based Burger King’s sales
IndustryMarch 20, 2012
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Tata Daewoo CEO to head foreign business group
The Korea Foreign Company Association elected Kim Jong-shik, head of Tata Daewoo Commercial Vehicle Co., as its chairman, the lobby group announced on Monday.The general meeting of the largest foreign business community in the country voted Kim to replace Shin Bak-je, CEO of NXP Semiconductor, to lead FORCA for the next two years.“We’re at an important juncture where foreign businesses have become an integral part of growth in Korea. FORCA will strive to merge better with the Korean society,” Ki
IndustryMarch 19, 2012
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Hyundai Motor may merge its steel units: analyst
Hyundai Motor Co.’s and Kia Motors Corp.’s purchases of shares in affiliate Hyundai Hysco Co. increases the likelihood that Hyundai Motor Group will merge its steel units, according to Tong Yang Securities Co.Hyundai Motor, South Korea’s largest automaker, bought 2.6 million Hysco shares and Kia acquired 1.4 million, both from Japan’s JFE Steel Corp., the Seoul-based companies said in separate statements after the market’s close on March 16.The combined purchases, equivalent to about a 5 percent
March 19, 2012
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Hyundai Mipo reaches milestone of 600th ship delivery
Hyundai Mipo Dockyard Co., a Korean shipbuilder, on Monday set a milestone in vessel construction with the delivery of its 600th product in just 14 years.The affiliate of Hyundai Heavy Industries Co., the world’s largest shipyard, said it handed over a container vessel with a capacity of 1,000 twenty-foot equivalent units to CK Line Co., a Seoul-based shipping line. The accomplishment came only 14 years after Hyundai Mipo tapped the market in 1997 with a focus on mid-size product carriers, the c
IndustryMarch 19, 2012
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Daewoo Electronics gears up to expand in U.S.
Daewoo Electronics said Monday that it is seeking to expand its presence in the U.S. home appliance market with its new line-up of microwaves and small washing machines throughout this year.By signing an agreement with U.S retail giant Walmart, the company plans to ship 250,000 units of 26 liter microwaves to 1,500 different branches of Walmart located throughout the U.S. for this year.The company also expects to engage in additional talks with Walmart next month to supply an expanded lineup of
IndustryMarch 19, 2012
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KT aims for 40 trillion won sales by 2015
Outlining vision for his second term, Chairman Lee says ‘no free lunch’with network useKT Corp. on Monday reaffirmed the company’s new vision of becoming a global media group expanding into businesses other than telecom services and doubling its current sales within three years. “If there were industrial and globalization revolutions that changed the world dramatically over the past 200 years, the virtual goods revolution will make changes in the coming years,” said KT chairman Lee Suk-chae. “An
IndustryMarch 19, 2012