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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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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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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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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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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Google chief vows support for Internet start-ups in Korea
Schmidt meets with President Lee, IT firms’ chiefs on cooperation in ’smart era’Google chairman Eric Schmidt pledged to support Internet startups in Korea and create a K-pop-only channel on YouTube in the world’s most popular search engine.Schmidt, who currently serves as the board executive chairman of Google, disclosed the pledges during his meeting with President Lee Myung-bak at Cheong Wa Dae on Monday, presidential officials said.The two leaders also shared the view that Google and Korea’s
IndustryNov. 7, 2011
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FTC probes shoemakers for exaggerated ads
Korea’s Fair Trade Commission launched a probe into major footwear makers including Reebok, Ellesse and New Balance over ads allegedly exaggerating the shoes’ therapeutic benefits.According to the local press on Monday, the FTC has embarked on a comprehensive investigation of 11 shoemakers in Korea to check whether they put out exaggerated ads. “The FTC is currently collecting marketing, sales and product data from local shoemakers,” an industry source was quoted as saying. The crackdown comes a
IndustryNov. 7, 2011
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Malibu trails competitors in price, performance
GM Korea launched its sales of the Malibu, a midsize sedan of Chevrolet series, in the local market a week ago.Though the company is pinning hope on the Malibu for its goal to grab more than 10 percent of the Korean market, data showed that the sedan fell behind the similar sedans of major competitors in terms of fuel efficiency, engine performance and price competitiveness.According to each company’s data for sales at dealerships, the gasoline-fueled Malibu with an engine capacity of 2.0 liters
MobilityNov. 7, 2011
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Uncertainty boosts short-term capital
Despite low rates, time deposits at banks rise sharply in OctoberThe growing uncertainties in the global financial market has resulted in a sharp rise in Korea’s short-term capital seeking new investment channels, data showed on Monday. The increased liquidity, which is yet to be invested in appropriate vehicles, comes together with a ballooning of time deposits at major banks despite low interest rates. The twin growth of short-terms funds and outstanding term deposits underscores the dearth of
Nov. 7, 2011
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Korea may be model for ‘Capitalism 4.0’: Kaletsky
In his book “Capitalism 4.0,” prominent journalist/economist Anatole Kaletsky predicts a sea change in the relationship between government and the market.The fourth stage of capitalism, he argues, is being created by a new form of collaboration that transcends both unbridled capitalism and state interventionism. The “birth of a new economy” would also mean a new era of healthy growth for emerging powers like South Korea, he said. “For Korea, it’s going to be an opportunity,” Kaletsky, editor-at-
Nov. 7, 2011
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Cyworld starts global services in 7 languages
Cyworld has launched global services in seven languages on Monday amid the soaring popularity of Facebook in Korea. This is the second try for the homegrown social networking service with 23 million registered local members to go global following its failed attempt in 2005. “We failed because we tried to localize our services. But this time we aim to introduce a unique Cyworld platform for foreign users,” said Joo Hyung-chul, president and CEO of SK Communications, the operator. The CEO stressed
IndustryNov. 7, 2011
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SK to build lubricant factory in Spain
SK Lubricant will build a lubricant base oil plant in Spain in collaboration with the Spanish oil firm Repsol YPF, SK Group announced Monday.According to the conglomerate, an SK Group delegation led by chairman Chey Tae-won met with Repsol chairman Antonio Brufau Niubo in Madrid on Friday and signed a letter of intent to build a base oil plant and to collaborate in other areas.Aside from the plant, the SK Group and Repsol officials also agreed to seek opportunities for collaboration in other rel
IndustryNov. 7, 2011
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Rare near-Earth asteroid fly-by set for Tuesday
A massive asteroid will make a rare fly-by Tuesday, and although it poses no danger of crashing to Earth, US scientists said this week they are eager for a closer look. This image made from radar data taken in April 2010 by the Arecibo Radar Telescope in Puerto Rico and provided by NASA/Cornell/Arec
TechnologyNov. 7, 2011
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Hyundai Group joins consortium to set up new mobile carrier
Hyundai Group, a South Korean family-run conglomerate, has joined a consortium to launch a new mobile carrier in the country, company and industry sources said Monday.Hyundai affiliates such as Hyundai Securities Co. and Hyundai U&I will invest roughly 180 billion won (US$161 million) in the Interne
TechnologyNov. 7, 2011
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Smallpox vaccine extends life in cancer trial
TechnologyNov. 7, 2011
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KT third-quarter net dips 41 percent
South Korea's telecom titan KT Corp. said Monday that its third-quarter earnings dropped 41 percent from one year ago due mainly to currency loss and a decreased number of subscribers for mobile handsets and Internet services. Net profit reached 256 billion won (US$229 million) in the July-September
IndustryNov. 7, 2011
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Samsung, Google gain in Apple patent fight
Motorola’s win against Apple in Germany means rosy outlook for AndroidA German court’s recent decision to ban the sale of Apple products in Germany dealt a blow to the U.S. tech giant, while offering a positive outlook for Google’s Android alliance.Munich-based patent expert Florian Mueller said that the Mannheim Regional Court in Germany on Friday barred Apple from selling any mobile devices infringing on two Motorola Mobility patents in the country ― the single largest market in Europe.The cou
IndustryNov. 6, 2011
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Asiana set to raise its fleet to 88 by 2015
Asiana Airlines Inc., South Korea’s No. 2 carrier, plans to raise its fleet to 88 by 2015 to meet growing demand for long-range routes and become a major global player, a company executive said.“Our long-term goal is to become the 10th biggest air carrier in the world in terms of operating margin,” said Kim Ebae, Asiana’s senior vice president for strategic planning, said in a session at the Association of Asia Pacific Airlines conference held in Seoul.“To achieve the goal, we will expand our si
IndustryNov. 6, 2011
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Mobile ad market growing strong
Smartphone users exposed to 1,000 ads per monthWith the number of smartphone users in Korea on the rise, the mobile ad market is expanding amid signs of a broader shift in the advertising industry toward portable devices.While conventional ad markets for newspapers, magazines and TVs remain sluggish, smartphone users here are now exposed to 1,000 ads per month, promising new territory for advertisers and media firms. The number of Korean smartphone users recently topped 20 million, largely spark
TechnologyNov. 6, 2011
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Hyundai, Toyota vie for No. 1 in Africa
Hyundai Motor has been closely competing with Toyota Motor to become No. 1 in automobile sales in Africa, posting about 60 percent in growth since to the beginning of the year.The company saw its sales in Africa reach 16,011 units in October, compared with 10,051 units in January.Hyundai has ranked second with a 12.8 percent share of the African market while Toyota captured 14.7 percent of the market.Hyundai has surpassed Toyota in the five major countries ― Egypt, Algeria, Morocco, Angola and t
MobilityNov. 6, 2011
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Outside directors toothlessas corporate watchdogs
Antitrust authorities on Sunday raised questions about the role of outside board directors as corporate watchdogs, despite a slight increase in their number at large firms here. According to a report from the Fair Trade Commission, the portion of outside directors at the nation’s top 35 owner companies was 47.5 percent as of June 30, up from 46.3 percent a year earlier.The average at the nation’s total 735 listed firms was 39.7 percent. The antitrust regulator, however, pointed out that their in
IndustryNov. 6, 2011
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Seoul shares expected to gain ground this week
South Korean stocks are forecast to move upward next week, analysts said Saturday, with the Greek prime minister’s latest victory in a confidence vote and an upcoming meeting among European financial ministers likely to embolden investor sentiment. The benchmark KOSPI closed at 1,928.41 on Friday, down 1.07 points, or 0.06 percent, from one week ago. Reports about MF Global Holdings’ filing for bankruptcy protection and an announcement from Greek Prime Minister George Papandreou that the trouble
Nov. 6, 2011
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N.K.’s mineral exports to China tripled from 2010: study
North Korea’s mineral exports to China have tripled this year compared to a year ago, a study showed Sunday.A joint study of Chinese data by the Yonhap news agency and Seoul-based IBK Economic Research Institute showed that China imported 8.42 million tons of minerals from North Korea from January to September this year, worth $852 million.Over the first nine months of last year, China brought in 3.04 million tons of minerals from the North for $245 million.Most of the minerals were anthracite c
Nov. 6, 2011
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Korea’s per capita income to reach new high in 2011
South Korea’s per capita income is expected to reach a record high this year, surpassing $20,000 for the second consecutive year, a government official said Sunday.The official from the Ministry of Strategy and Finance said the country’s per capita gross national income will likely reach between $23,500-$24,000.The amount marks over 13 percent growth from last year’s $20,759.The International Monetary Fund predicted a similar level of growth for South Korea’s economy in an earlier report.In its
Nov. 6, 2011
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Korea’s IT exports shrink in Oct.
South Korea’s exports of information technology products reached the third largest monthly volume in the country’s history last month, though they dropped slightly from a year earlier when the country posted record shipments, the government said Sunday.The country shipped $13.79 billion worth of IT products in October, down 2.2 percent from the same month last year, according to the Ministry of Knowledge Economy.The ministry attributed the drop largely to the fewer number of working days from a
IndustryNov. 6, 2011