The Korea Herald

KITA forum to discuss global trade

Economic policymakers, academics and industry officials from around the world will discuss challenges and strategies for international trade at a forum organized by the Korea International Trade Association. Scheduled for Sept. 26-27 in Seoul, the conference commemorates Korea’s reaching $1 trillion

IndustrySept. 20, 2011

Hyundai Heavy starts 2nd Russian farming business

Hyundai Heavy Industries Co. announced on Tuesday that it has set up its second agricultural business in Russia.For the new subsidiary, Hyundai Mikahailovka Agro, the shipbuilding conglomerate took over the Asinovka farm located 150 kilometers north of Vladivostok.According to Hyundai Heavy’s estima

IndustrySept. 20, 2011

Hyundai Heavy starts 2nd Russian farming business

Hynix sale to go ahead as scheduled

Auction will be carried out with SKT as sole bidderCreditors of Hynix Semiconductor Inc. have decided to continue with selling the company on schedule, Korea Exchange Bank said Tuesday.After STX Group pulled out of the bid on Monday, market watchers had raised concerns that the process would be dela

IndustrySept. 20, 2011

Savings banks to tap public funds soon

Suspended banks are expected to be auctioned off in the coming monthsFinancial regulators will inject taxpayers’ money, projected at about 500 billion won ($454 million), into the distressed savings banking sector by the end of this year.Under the policy of the Financial Services Commission, the Kor

Sept. 20, 2011

Design helps cities gain more environmental sustainability

Following is the third in a series of interviews with world’s top designers and scholars who will participate in the Herald Design Forum in Seoul from Oct. 5 to Oct. 6. ― Ed.Richard Register is an American specialist in ecological city design and planning who created the term “ecocity” in the late 1

IndustrySept. 20, 2011

Design helps cities gain more environmental sustainability

Hyundai Group to enter telecom market

Conglomerate mulls joining consortium formed by SME associationHyundai Group is poised to once again try its hand in the information and communication industry, as the company was found to have decided to participate in a consortium seeking to set up a telecom service provider. Hyundai is considerin

IndustrySept. 20, 2011

Korean to lead Ethiopian university

A retired professor of Seoul National University has been appointed president of Adama Science and Technology University in Ethiopia, making him the first South Korean university president in Africa. Lee Jang-gyu, 65, former professor of electrical engineering, is expected to begin his five-year ter

TechnologySept. 20, 2011

Italian scientists go on trial over 2009 earthquake

L'AQUILA, Italy (AFP) - A group of Italian scientists went on trial Tuesday for failing to predict an earthquake that killed more than 300 people in central Italy in 2009 despite signs of increased seismic activity in the area.The seven defendants -- six scientists and one government official -- are

TechnologySept. 20, 2011

Seoul begins taking blackout damage claims

The South Korean government began accepting claims Tuesday from businesses who suffered losses from blackouts caused by low electricity reserves last week.A total of 167 claims had already been filed at 294 centers throughout the nation, according to the Ministry of Knowledge Economy.The government

IndustrySept. 20, 2011

World’s cheapest car now covered with gold, jewels

The Indian automobile giant Tata Motors unveiled the latest version of its signature Nano car crafted in gold, silver and gemstone on Monday in Mumbai.The jewel encrusted GoldPlus Nano is covered in 80 kilograms of 22 carat gold and 15 kilograms of silver, according to local reports. It also fe

IndustrySept. 20, 2011

World’s cheapest car now covered with gold, jewels

NASA: Satellite pieces to hit Earth in a week

WASHINGTON (AP) – U.S. space officials say they expect a dead satellite to fall to Earth in about a week.NASA has been watching the 6-ton satellite closely. On Friday officials moved up their prediction for its arrival to Sept. 23, give or take a day.NASA scientists have calculated the satelli

TechnologySept. 20, 2011

NASA: Satellite pieces to hit Earth in a week

US economy may not recover as fast as expected: BOK chief

SEOUL, Sept. 20 (Yonhap) -- South Korea's top central banker said Tuesday that the U.S. economy may not recover as fast as expected because its real economic sectors have yet to rebound.Bank of Korea (BOK) Gov. Kim Choong-soo said in a monthly meeting with experts that currently, the real economy an

Sept. 20, 2011

Sales at discount chains, department stores grow in Aug.

SEOUL, Sept. 20 (Yonhap) -- Sales at South Korea's major discount chains and department stores rose from a year earlier in August on growing demand for food and daily household products ahead of a major holiday, a government report showed Tuesday.By lunar calendar, Sept. 12 was Chuseok, the Korean e

IndustrySept. 20, 2011

S&P downgrades Italy's credit rating a notch

NEW YORK (AP) — Standard & Poor's Ratings Services has downgraded Italy's credit rating by one notch, saying it sees weakening economic growth prospects for the nation and higher-than-expected levels of government debt.S&P said Monday it cut Italy's long- and short-term sovereign credit rating

Sept. 20, 2011

STX Group drops out of bids for Hynix Semiconductor

STX Group dropped out of the bid for Hynix Semiconductor on Monday.The group, which was bidding for the world’s second-largest chipmaker against SK Telecom, said that the plans were scrapped due to global economic instability and for fears that the large investment required to strengthen Hynix’s ope

IndustrySept. 19, 2011

Banks avoid massive withdrawals

Regulators uncover illegal lending by some savings banksDespite initial concerns that customers would withdraw their deposits en masse, the banking sector’s overall business operation looked normal, government and bank officials said on Monday.They said there were no particular signs of a bank run i

Sept. 19, 2011

Debt-ridden KEPCO dishes out pay raises

The state-run Korea Electric Power Corp. is facing fresh criticism as reports found on Monday that the utility and its subsidiaries doled out hefty salary increases for employees last year despite their multi-trillion won debt.According to a report submitted by the Ministry of Knowledge Economy for

IndustrySept. 19, 2011

Firms warned over unfair business with subcontractors

The Fair Trade Commission on Monday issued warnings against Lotte Engineering and Construction and LS Cable and System for unfair business practices with subcontractors. In January 2009, Lotte delayed writing a contract for six months even after its subcontracting company started construction work.

IndustrySept. 19, 2011

FTC to probe retailers on luxury brand commissions

The Fair Trade Commission plans to investigate commission fees at the nation’s top three department stores next month, an official said Monday. The investigation is allegedly aimed at Lotte, Shinsegae and Hyundai department stores that have given favors to foreign luxury brands with lower fees, the

IndustrySept. 19, 2011

Korea’s total financial debt snowballing

Korea’s three major economic pillars ― the public sector, households and corporations ― have incurred 3,300 trillion won ($2.96 trillion) in financial debt as of June, threatening to undermine efforts to fuel Asia’s fourth-largest economy. The record amount of financial loans shouldered by key playe

Sept. 19, 2011