The Korea Herald

KOGAS receives top award for development of human resources

Dec 20, 2011

Korea Gas Corporation received a presidential honor for human resource development at the annual Korea National Quality Award ceremony last week. Companies and persons who have greatly contributed toward improving quality, reducing costs and raising productivity in industry have been awarded at the ceremony hosted by the Ministry of Knowledge Economy and the Korean Standards Association each yea...
KT leads 14-member consortium to build undersea optical cable

Dec 20, 2011

KT Corp., the country’s biggest fixed-line service operator, signed a contract with 13 telecoms on Tuesday to form an international consortium that will build a high-speed underwater optical fiber cable that connects nine Asian countries. KT, together with overseas telecom firms including NTT Communications in Japan and Chunghwa Telecom in Taiwan, will construct 10,000 kilometer-long optical cab...
Foreign firms unfazed by N.K. leader’s death

Dec 20, 2011

Business as usual seems to be the consensus from foreign businesses and chambers of commerce in South Korea over the announcement of North Korean leader Kim Jong-il’s death on Monday. North Korea’s secretive leader died of a heart attack on Saturday sparking concerns both at home and abroad. “At the moment, the events and the way things are going to roll out will not affect business,” said Rob ...
Port security tightened in wake of Kim’s death

Dec 20, 2011

Airlines concerned about passenger cuts from China, Japan The government tightened security in airports and seaports Tuesday, a day after the announcement of the death of North Korean leader Kim Jong-il, while the airline industry fears a possible drop in passengers. The Korea Customs Service ordered affiliate agencies to “thoroughly examine goods coming in from countries with a large terrorist...
Hyundai Heavy wins $900m Africa order

Dec 19, 2011

South Korean shipbuilding giant Hyundai Heavy Industries Co. said Monday it has clinched a $900 million order to provide offshore platforms and other facilities off the coast of Africa. Under the deal with an oil major, Hyundai Heavy will build two offshore gas platforms and other facilities by the end of 2014, the company said. Hyundai Heavy gave no further specifics on the buyer or other deta...
Exports of petrochemicals to hit all-time high this year

Dec 19, 2011

Exports of Korea’s four major refiners have already reached an all-time high this year on the back of soaring global demand for their lighter, cleaner petrol products, industry figures showed Monday. Combined exports of SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank topped 76.1 trillion won ($64.5 billion) during the first ten months of the year, up more than 20 percent from 63.1 trillion w...
Conglomerates plan to freeze or reduce investment

Dec 19, 2011

Of the 10 largest Korean conglomerates, only four plan to increase investment next year amid economic uncertainties stemming from the European debt crisis. Samsung, Hyundai Motor, Lotte and GS said they would expand investment next year. SK Group, which is expected to invest a lot due to its recent acquisition of Hynix Semiconductor, was yet to draft detailed plans for next year, with the ongoi...
Greater inter-Korean cooperation expected in the long run

Dec 19, 2011

Factories running as usual in Gaeseong industrial park despite news of Kim’s death News of North Korean leader Kim Jong-il’s death had no immediate impact on the joint industrial park just north of the inter-Korean border Monday, but observers are wary of temporary setbacks in production during the official mourning period. Once Kim’s Swiss-educated heir Jong-un firms up his control over the go...
Chinese to become top tourist spenders

Dec 18, 2011

Japanese travelers have long dominated the duty free shops for foreign tourists. However, this dominance has waned and Japanese are on course to be overtaken soon by Chinese tourists. Lotte Duty Free, the nation’s largest duty free seller operated by Hotel Lotte, said its sales to Chinese customers almost doubled from 8.9 percent to 16 percent this year amid a slight decrease in those to Japanes...
Coffee imports hit record high

Dec 18, 2011

Korea’s coffee imports jumped to a record high this year as specialty coffee consumption spreads among younger consumers, Korea International Trade Association said Sunday. Korea imported a record $508 million worth of coffee between January and October, a surge from $307 million last year, the state-run trade agency said. The import figures have continued to grow here since 2000, hitting the $...
POSCO founder laid to rest at National Cemetery

Dec 18, 2011

Park Tae-joon, the late founder and honorary chairman of South Korea’s top steelmaker POSCO, was buried at the country’s National Cemetery in Seoul on Saturday. The funeral service was attended by over 600 people, including top political and government figures such as National Assembly Speaker Park Hee-tae and Commerce Minister Hong Suk-woo. Park died Tuesday of lung complications. He was 84 ye...
Shipbuilding, steel, LCD sectors headed for restructuring next year

Dec 18, 2011

Shipbuilding, steel and liquefied crystal display industries which have built up an oversupply thanks to aggressive investment in facilities are bracing for major restructuring next year. With the European debt crisis likely to carry on or even worsen next year, some companies are already on the verge of shutdown. Market analysts say the shipbuilding sector faces the greatest peril with competi...
France24 offers service in Korea

Dec 18, 2011

The international news and current affairs television channel France 24 is now broadcasting in English in Korea through CJ’s portal TVing. Launched on Dec. 6, the 24-hour channel’s mission is to cover international current events from a French perspective and to convey French values. Funded by the French government and based near Paris, the channel offers variants in English and Arabic in addit...
POSCO honorary chairman laid to rest at Seoul's National Cemetery

Dec 17, 2011

Park Tae-Joon, the late founder and honorary chairman of South Korea's top steelmaker POSCO, was buried at the country's National Cemetery in Seoul on Saturday. The funeral service was attended by over 600 people, including top political and government figures such as National Assembly Speaker Park Hee-tae and commerce minister Hong Suk-woo. Park died Tuesday of lung complications. He was 84 ye...
Kolon to recall outdoor jackets over carcinogen

Dec 16, 2011

Kolon Industries Inc., South Korea’s leading textile and chemical material producer, plans to recall one of its outdoor jacket brands, which was found to contain an excessive level of a cancer-causing material, a consumer rights group said Friday. According to Consumers Korea, Kolon’s “Active” outdoor jackets were found to contain “p-aminoazobenzene” far exceeding the permissible level. The mate...