Most Popular
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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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Hybe's multilabel system tested amid conflict with Ador
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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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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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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Hankook Tire to start plant expansion in Hungary in July
Hankook Tire, Korea’s largest tire maker, has recently submitted a letter of intent to the Hungarian government for the expansion of its plant there, officials said Wednesday. An official deal for the new investment, which aims to meet surging demands in the European market, will be signed possibly in the coming two to three months, the company said. The expansion would elevate the factory’s annual output to 17 million tires. If the construction work starts in July as planned, its operation is e
IndustryMay 30, 2013
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Eximbank teams with 7 banks to offer joint project financing
The Export-Import Bank of Korea is vitalizing its support in financing overseas projects such as energy plants, highways, railroads, resources and other segments of construction to help Korean companies win deals.In particular, the state-controlled bank recently signed a pact with another state-funded bank and six commercial banks on providing Korean companies with loans in the form of project financing in the overseas markets.The seven banks are the state-run Industrial Bank of Korea, KB Kookmi
May 30, 2013
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Shinhan’s products for kids, family gain popularity
Shinhan Bank’s family-targeted promotions have been increasing in popularity among customers, contributing to its sales growth.Shinhan sold about 1,400 of its “Shinhan Baby Plus Installment Savings” plans, raking in about 5 billion won ($4.4 million) in the past year. “The sales performance for the Baby Plus promotion is constantly growing. Baby Plus is designed to boost the birthrate and support prospective and current mothers,” a Shinhan Bank spokesperson said. The 12-month-maturity installmen
May 30, 2013
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Asian Tigers Korea helps foreigners’ integration
The nation’s relocation business goes back to the 1950s when Korea began to have active interaction with other countries. Civilians, soldiers and diplomats began their entry into Korea, making a significant development in the moving industry. That is when Joseph Song, CEO of Asian Tigers Korea, caught the trend and decided to jump into the industry.Asian Tigers Korea was founded in 1984 to provide services to foreigners who need to settle in the country but are unfamiliar with the local system a
IndustryMay 30, 2013
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DSME consortium wins $800m oil facility order in UAE
Daewoo Shipbuilding & Marine Engineering, in a consortium with U.K.-based partner Petrofac, has won an $800 million order to build the largest crude oil production facility in the Middle East.The huge project was ordered by ZADCO, a subsidiary of the United Arab Emirates’ state-run petroleum company, according to officials.It involves the construction of a 750,000-barrel-per-day oil production system and gas-to-liquid plants on four artificial islands in Zakum, an area located 84 kilometers nort
IndustryMay 30, 2013
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KT strives to spur IT ‘eco-system’
As the nation’s top telecommunications firm, KT Corp. has a few guidelines in place for helping out its vendors and, in general, creating a market of fair competition: Engage in fair transactions with its vendors, help build up their competitiveness, help them break into new territory and last but not least, promote forward-looking mutual growth. And underlying of these is the unwavering corporate philosophy laid out by the top KT management that Korea should seek to build an IT society that “ev
TechnologyMay 30, 2013
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‘Happy chemical’ may affect sexual preference: study
A lack of serotonin, a chemical substance known to affect a person’s mood, may affect sexual preference in mice, a new study by Chinese scholars suggested.Yi Rao of Peking University in Beijing and his colleagues conducted a study where they genetically engineered female mice so that they could not make or respond to serotonin. The researchers found that the mutated mice preferred female genital odor over that of male and generally preferred females over males as their mating partners.“We demons
TechnologyMay 30, 2013
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Leaked image of Windows 8.1 reveals ‘Start‘ button
A leaked image of Microsoft’s Windows 8.1 is circulating on the Internet, suggesting that a start button might be included in the new minor upgrade version. Some of the leaked screenshots of Windows 8.1’s home screen have been posted on The Verge, an online tech news site on Wednesday. According to The Verge, Windows 8.1 is expected to feature a “Start“ button in an unadorned form of a Windows 8 logo on the left bottom side of the home screen, as it had been adopted on the previous versions of W
TechnologyMay 30, 2013
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‘Innovation key to sustainable Pernod Ricard’
Global market turbulence, beset by the sovereign debt crisis in Europe with slow consumer spending on austerity measures, has made a variety of businesses reluctant to invest, and instead hoard reserves for more rainy days.This business trend has been prevalent since the global financial crisis in 2008 with a series of collapses and bailouts of the financial sector that eventually affected commerce or manufacturing.However, Pernod Ricard SA, a France-based spirits and wine giant, has noticeably
IndustryMay 30, 2013
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Seoul shares almost flat amid policy shift woes
South Korean stocks finished slightly lower Thursday after swerving in and out of positive territory for most of the session, as growing concerns over a possible tapering of monetary easing from the United States sapped investorsentiment, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 1.10 points, or 0.05 percent, to end at 2,000.10. Trading volume was moderate at 428.5 million shares worth 5.0 trillion won (US$4.
May 30, 2013
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CJ Group has hundreds of borrowed-name bank accounts: prosecution
Food and entertainment conglomerate CJ Group is suspected of holding hundreds of borrowed-name accounts at local financial institutions to use them as a conduit for managing a massive slush fund, prosecutors said Thursday.The Seoul Central District Prosecutors' Office said it has requested the country's financial watchdog launch a special audit into the financial institutions, including leading lenders Woori Bank and Shinhan Bank."We have requested the Financial Supervisory Service open a specia
IndustryMay 30, 2013
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Seoul shares up 0.22 pct in late-morning trade
South Korean stocks traded 0.22 percent higher late Thursday morning, led by gains in blue-chip tech firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.33 points to 2,005.53 as of 11:20 a.m. Top-cap tech heavyweight Samsung Electronics soared nearly 2 percent, with flat panel giant LG Display shooting up 2.5 percent. In contrast, domestic-focused telecom shares trended in negative territory. No. 1 mobile carrier SK Telecom fell 2.6 percent and smallest pl
May 30, 2013
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Samsung Display keeps lead in smaller LCD panel market
South Korean display maker Samsung Display Co. kept its dominant position in the market for liquid crystal display (LCD) panels that are 9.1 inches or smaller in the first quarter, data showed Thursday.Sales of smaller display panels by Samsung Display reached $2.24 billion in the January-March period, accounting for 23.5 percent of the global market, according to the data by market researcher DisplaySearch. The first-quarter figure is up 28.5 percent from $1.75 billion in sales a year earlier,
IndustryMay 30, 2013
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Seoul shares open higher on auto gains
South Korean stocks opened slightly higher Thursday, led by gains in auto-related shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 3.1 points, or 0.15 percent, to 2,004.30 in the first 15 minutes of trading. No. 1 carmaker Hyundai Motor gained nearly 1 percent, with its smaller affiliate Kia Motors jumping nearly 2.4 percent. Its auto-parts maker Hyundai Mobis also advanced 1.2 percent. The local currency was trading at 1,127.85 won against the U.S. dollar a
May 30, 2013
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S. Korea's industrial output grows 0.8 pct in April
South Korea's industrial output grew in April for the first time in four months amid still lingering economic uncertainties, a government report showed Thursday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries increased 0.8 percent last month from a month earlier. From a year ago, it grew 1.7 percent, bouncing back from two consecutive months of contractions.The output in the service sector also grew 0.2 percent on-month in Apri
IndustryMay 30, 2013
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Korea No. 22 in competitiveness: IMD
Korea’s ranking in terms of economic competitiveness remained unchanged at 22 among 60 countries in 2013 for the third straight time, according to the Switzerland-based International Institute for Management Development.Asia’s fourth largest economy earned high marks for having a high education level, skilled workforce and reliable infrastructure.However, it received poor scores in the areas of cost of living, tourism and direct investment flows.Its weaknesses also included having high tariff ba
May 30, 2013
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NTS probe targets 23 tax haven users
The National Tax Service said Wednesday that it has officially launched a probe into 23 individuals and companies suspected of evading tax payments through their accounts via paper companies set up in tax havens. Of the 23, eight may have allegedly avoided paying taxes through ghost companies in the British Virgin Islands, another eight people via Hong Kong and the rest through offshore accounts in Panama, it noted.It remains to be seen whether the list of 23 include those holding tax haven acco
May 29, 2013
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Looming power shortage issue forces way onto national agenda
The power shortage issue, triggered by the suspension of two nuclear reactors Tuesday due to the use of substandard components, is turning into a key national agenda as the country is expected to face the worst-ever summer electricity shortage this year.The sudden shutdown of the Shin-Kori Reactor 2 in Busan and Shin-Wolsong Reactor 1 in North Gyeongsang Province brings the number of nuclear reactors out of action to 11, which raises a severe power shortage issue. Korea currently runs 23 reactor
IndustryMay 29, 2013
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[Graphic News] Only 12 of 23 reactors in operation
Korea currently has 23 nuclear reactors nationwide, generating 30 percent of the nation’s total electricity consumption. According to the Korea Hydro & Nuclear Power, only 12 out of the 23 reactors are in operation. With the shutdown of two more reactors, the number of halted reactors increased to 10. They have been suspended mainly for maintenance.This is why Koreans are faced with fears of a power shortage in this summer. The lost power supply of 2 million KW translates to 80 percent of Busan’
May 29, 2013
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Companies increase career opportunities for minorities
A government survey of multicultural families released earlier this year showed that 53 percent of female immigrants married to Koreans were employed, higher than the employment rate of women here in general.About half of those women who were in work, however, were engaged in manual or day labor, indicating difficulty in getting quality jobs. About one-fifth were service workers and 14 percent were engaged in mechanical handling. Only 3 out of 10 employed immigrant women had a work contract that
May 29, 2013