Most Popular
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Yoon’s jailed mother-in-law excluded from latest parole list
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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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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SK hynix pledges W20tr to ramp up DRAM production at home
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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Korea to join G20 inflation control
Finance minister calls for policy focus on price stabilityKorea will participate in the Group of 20’s efforts to control sharp price hikes in key commodities that have a direct bearing on economic growth and inflation, the government said Wednesday.The finance ministry said playing a role in the G20 arrangement could allow Seoul to work with other countries to better cope with a rise in energy, gr
Feb. 23, 2011
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Australian Chamber gets new chief
The Australian Chamber of Commerce in Korea has elected Jim Lim, regional manager of Meat & Livestock Australia, as the new chairman for its executive committee this year. Lim will replace Sean Rodrigues, who has held the post for the last three years. Jim Lim“I am honored to have been elected chairman and intend to work closely with all our stakeholders to continue the growth and development of
IndustryFeb. 23, 2011
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Kia names new domestic sales chief
Kia Motors Corp. named Lee Sam-ung as its new president for domestic sales and production on Wednesday.He had been serving as a vice president at the country’s second largest carmaker. Lee Sam-ungThe company said that Lee is a labor expert, and that he is expected to make significant contributions to developing the company into a global player by improving its labor management system, thereby esta
IndustryFeb. 23, 2011
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Korea boosts accounting transparency
Number of accounting firms more than triples in 10 years as demand growsThe nation’s accounting transparency is approaching international standards after years of effort by financial regulators and businesses.Shoddy bookkeeping by large companies has been partly blamed for the economic crisis that hit the nation in the late 1990s and for the so-called Korea Discount ― referring to undervaluation o
Feb. 23, 2011
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Global economy can survive oil price surge, for now: IMF
The world economy can withstand the surge in oil prices sparked by unrest in the Middle East and North Africa so long as the increase proves short-lived, said the International Monetary Fund’s No. 2 official, echoing Deutsche Bank AG and Bank of America Merrill Lynch. Futures for April delivery climbed to within $2 of $100 a barrel in New York Tuesday, and London-traded Brent rose to $108.57, clos
IndustryFeb. 23, 2011
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Public figures who believe in aliens
UFOs and alien life have been a subject of interest for many years -- and of division between believers and non-believers. Those who believe in the existence of alien life have offered evidence such as unusual flashing lights in the sky and crop circles found in the middle of nowhere. Some famous figures have also expressed belief in these sightings. The British Daily Telegraph listed 10 top publi
TechnologyFeb. 23, 2011
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Ssangyong launches first new vehicle in three years
JEJU ― Ssangyong Motors Co. launched the compact sport utility vehicle Korando C, its first new vehicle in three years, on the local market Tuesday.Since the company launched the luxury sedan Chairman W in February 2008, Ssangyong has run into a series of critical problems that at points pushed the company to the brink of collapse delaying plans for the new vehicle.In February 2009 Ssangyong enter
IndustryFeb. 23, 2011
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Samsung develops world's first full-color display using quantum dots
Samsung Electronics Co. said Wednesday that it has succeeded in developing the world's first full-color display using quantum dots, paving the way for producing large displays that are brighter, cheaper and more advanced.The South Korean tech giant said that its researchers made a prototype of a four-inch, full-color display through a new way of display patterning, which will enable producing a la
TechnologyFeb. 23, 2011
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Seoul shares open lower on Libya turmoil
South Korean stocks started lower on Wednesday as investor sentiment remained fragile amid concerns that political turmoil in Libya would jack up oil prices, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.99 points, or 0.15 percent, to trade at 1,966.93 in the first 15 minutes of trading.Already-rising oil prices, sparked by the economic recovery and money printing by
Feb. 23, 2011
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YouTube sees Korean mobile traffic surge
The evolution of mobile technology and fast distribution of smartphones in Korea sparked ever-growing demand for video content on YouTube, Gautam Anand, director of its Asia Pacific content partnerships, said Tuesday.Created in Feb. 2005, the video-sharing website has been among the most visited online spaces by Korean users in recent years along with social networking services Facebook and microb
TechnologyFeb. 23, 2011
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FSC halts business at Domin savings bank
The Financial Services Commission said it has suspended Domin Mutual Savings & Finance, based in Chuncheon, Gangwon Province, saying that the bank’s capital shortages were excessive.The latest suspension of the bank came after the financial regulator forced six savings banks to halt their business last week, as their asset erosion and capital shortages triggered jittery depositors to withdraw thei
Feb. 22, 2011
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Market watches parliament over bank levy bill
Korean banks and currency dealers are keeping close tabs on whether the parliament will approve a bill to introduce a bank levy that could cut the inflow of dollars, market sources said Tuesday.In a bid to stem excessive foreign capital flows, the government is seeking to introduce a bank levy that will be imposed on non-core foreign currency borrowing in the second half. The National Assembly, no
Feb. 22, 2011
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Hyundai Group drops planned lawsuit against Hyundai Motor
Hyundai Group plans to cancel filing a law suit on the failed purchase of Hyundai Engineering & Construction Co., the group said Tuesday. Hyundai Group hopes a compromise plan will come from Hyundai Motor Group, which was chosen by the builder’s shareholders as a preferred bidder, according to the statement.Hyundai Motor Group signed a memorandum of understanding with creditors of the builder last
IndustryFeb. 22, 2011
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Middle East crisis hits Korean markets
Growing unrest in the Middle East and soaring crude oil prices are casting clouds over the Korean economy and placing the government and businesses on emergency footing.Construction and airline firms led a plunge in stocks in Seoul on Tuesday on concerns that protracted protests in Libya and the region could deal a major blow to Korean businesses there and Brent prices approached $107 in Asian tra
Feb. 22, 2011
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FSC, firms pledge support for savings banks
Deposit withdrawals from secondary banks sharply reduce as officials work to calm marketThe government and financial institutions were trying to calm savings banks’ jitters on Tuesday, pledging fresh support for troubled secondary banks hit by toxic property loans.Concerns over an industry crisis showed signs of subsiding as deposit withdrawals across the country nearly halved from the previous da
Feb. 22, 2011
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S. Korean imports of U.S. beef almost double in 2010
South Korea's imports of U.S. beef nearly doubled in 2010 from a year earlier due largely to dwindling concerns over its safety here, the government said Tuesday. The farm ministry said the country imported 125,681 tons of beef from the U.S. last year, up 97 percent from 63,817 tons tallied in 2009. The total effectively exceeded amounts imported by Seoul before the U.S. beef import ban went
Feb. 22, 2011
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Daewoo to build giant ships for Denmark
COPENHAGEN (AP) -- Danish shipper and oil group A.P. Moller-Maersk A/S says it has signed a $1.9 billion contract for 10 giant container vessels, expected to be the largest of any known type of ship in operation. Maersk says each ship, to be built by South Korea's Daewoo Shipbuilding & Marine Engineering, will cost $190 million and that it has an option for 20 more vessels. The Copenhagen-base
IndustryFeb. 21, 2011
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No more savings banks suspensions: FSC
The nation’s chief financial regulator on Monday strived to calm jitters among savings banks’ clients amid the growing fears of a bank run.Financial Services Commission Chairman Kim Seok-dong called them to refrain from withdrawing their deposits, which would make more banks face business suspension.His remarks came after a great number of depositors pulled out their cash from the secondary financ
Feb. 21, 2011
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KB Financial names Choi to head card unit
KB Financial Group nominated Choi Gi-eui to head its new subsidiary KB Koomin Card on Monday.Choi currently heads the group planning the launch of KB Kookmin Card as a separate subsidiary. Choi Gi-euiIf approved at the inaugural shareholder’s meeting, Choi will become the first president of KB Financial Group’s credit card subsidiary, which is scheduled to be launched March 2.Choi, who holds a Ph.
Feb. 21, 2011
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Korea eyes $10.7 billion in software exports in 2011
Korea aims to export a record $10.7 billion worth of software in 2011 as local companies make inroads into the global information technology (IT) service sector, the government said Monday.The Ministry of Knowledge Economy said exports could jump 17.1 percent on-year as software companies become more competitive on the international market by offering reliable programs that meet overseas requireme
IndustryFeb. 21, 2011