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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SNU profs to suspend treatment for one day
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Hybe's multilabel system tested amid conflict with Ador
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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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Card firms urged to curb issuance
Customers’ card payment ceilings likely to be slashed to reduce soaring household debtTough screenings are expected for applications for new credit cards, starting later this month, as financial authorities strengthen supervision of card firms. Customers will also likely see monthly payment ceilings on new credit cards slashed sharply compared to the average ceiling on current cards, according to financial regulators.As part of policymakers’ efforts to curb snowballing household debt, the Financ
Dec. 5, 2011
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KEB union threatens walkout against merger
Unionized workers of Korea Exchange Bank have mapped out a plan for a general strike, calling on Hana Financial Group to scrap its preliminary deal with Lone Star Funds.Their plan comes after Hana Financial signed a revised preliminary deal to take over KEB from Lone Star over the weekend.Despite the two parties’ recent agreement to lower the takeover price, the KEB union said it is against Hana’s move to pay Lone Star huge management premiums.“According to the situation, we could choose to stag
Dec. 5, 2011
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8.39 million Koreans pay no income tax: report
Four out of every 10 Korean workers and self-employed residents did not pay taxes on their income last year as a result of increased tax credits and reductions, data showed on Monday.Of the 20.39 million people subject to taxation on their earnings in 2010, 8.39 million, or 41.1 percent, paid no inc
Dec. 5, 2011
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Samsung gains ground in Apple patent war
Samsung Electronics is gaining momentum in its patent battle with Apple after a U.S. court rejected the iPhone maker’s request for a preliminary injunction against the sale of its mobile devices.The South Korean tech giant scored the legal victory on Friday following a win in its appeal against a sales ban of its tablet PCs in Australia last week. Apple sued Samsung in the U.S. in April, saying Samsung’s Galaxy line of mobile phones and tablets “slavishly” copies its iPhone and iPad.But on Frida
IndustryDec. 4, 2011
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Hyundai Motor chief Chung to support 84,000 needy students
Hyundai Motor chairman Chung Mong-koo plans to offer educational support to students from low-income households, the automotive group said Sunday.Chung, who donated 500 billion won ($440 million) via the carmaker’s foundation for social activities last August, mapped out a program to support 84,000 underprivileged students over the next five years.The program involves comprehensive support for elementary, middle, high school and college students residing in farming and fishing villages across th
MobilityDec. 4, 2011
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Refiners’ earnings surge on exports
Korea’s four major refiners saw more than 40 percent growth in earnings on average this year as petrochemicals exports spike despite a dim outlook for the global economy.SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank were among few local corporations that enjoyed brisk third-quarter results as persistent global economic uncertainties slacken exports. Large firms’ revenue fell almost 40 percent during the three month period.The four refiners control more than 90 percent of total domestic pet
IndustryDec. 4, 2011
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Korea Discount stems from chaebol governance: report
The “Korea Discount,” the amount by which foreign investors undervalue Korean stocks, stems largely from structural problems with the governance of the country’s major conglomerates, a brokerage said in a recent report. In a paper titled “2012 Korean Corporate Governance,” Tongyang Securities Inc. argued that governance problems had flared up in the last decade, during which the top five conglomerates saw their combined market capitalization jump from 28.4 percent to 44.9 percent. The report, ba
Dec. 4, 2011
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Growth outlook likely to fall to 4%
The government is considering cutting the growth forecast for next year to about 4 percent from the current 4.5 percent in light of the problems in Europe, officials said Sunday.A downward adjustment would track similar revisions at international institutions and local think tanks, where the consensus now stands at between 3.6 and 3.8 percent.“The changing trends in the global economy will be reflected,” said an official at the Finance Ministry. The ministry is widely expected to scale down its
Dec. 4, 2011
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Seoul shares likely to gain ground this week
South Korean stocks are expected to move upward this week, as an upcoming central bank meeting and a summit in Europe drive investor expectations for more actions to tackle the eurozone crisis, analysts said. The benchmark KOSPI jumped 7.86 percent, or 139.64 points, to 1,916.04 on Friday from a week earlier, as investors scooped up risky assets after global central banks said they will lower dollar-funding costs. A bank reserve ratio cut by China and strong employment reports from U.S. private
Dec. 4, 2011
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Hana Financial chief pledges job security of KEB employees
Hana Financial Group chairman Kim Seung-yu has pledged to ensure the job security of about 8,000 Korea Exchange Bank employees if the group successfully acquires the lender.During a news conference on Sunday, Kim downplayed the possibility that Hana will conduct a massive manpower restructuring after a merger.He also said the financial group will file a bank merger application with the Financial Services Commission on Monday.The application will seek the regulatory approval of Hana Financial’s r
Dec. 4, 2011
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Luxembourg seeks Korean’ investment in IT sector
Luxembourg is looking for investment from Korean tech companies interested in the European online game market. “In the past, Luxembourg was known as a financial center, but now it’s turning more and more into an ICT (information, communication and technology) center,” said Romain Fouarge, information communications and technology director for Korea and Japan at the Luxembourg Ministry of Economy and Foreign Trade.Online gaming has become big business due to the combined growth of console, PC and
TechnologyDec. 4, 2011
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Booyoung supports education in Sri Lanka, East Timor
Booyoung Group said Sunday it hosted a graduation ceremony for Sri Lankan primary school students last week as part of its social contribution activities.The construction-focused conglomerate said the South Asian country’s education ministry suggested that it hold the ceremony on Dec. 2 in the capital city of Colombo in recognition of its donation of 3,000 digital pianos and 30,000 blackboards last year. Later in the day, Sri Lankan President Mahinda Rajapakse invited the Korean company’s chairm
IndustryDec. 4, 2011
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Household debt approaches $1tr
Borrowing from secondary banking sector increasesKorea’s household debt is on track to exceed $1 trillion by 2013 due to growing spending tied to mortgage payments and daily necessities, fueling concerns about domestic financial fragility.Outstanding household credit, including loans from commercial banks and the secondary banking sector, rose to record high of 892.5 trillion won ($791 billion) at the end of October, up 45.6 trillion won or 5.4 percent from a year earlier, according to the Bank
Dec. 4, 2011
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Toyota’s first U.S. gain since April caps positive month
Toyota Motor Corp., Nissan Motor Co., Hyundai Motor Co. and Kia Motors Corp. delivered more vehicles in the U.S. than analysts estimated as auto demand climbed to the highest of the year. Toyota sales in November grew 6.7 percent from a year earlier, the first increase in seven months, and Leaf-maker Nissan posted a 19 percent gain, according to statements yesterday. South Korea’s Hyundai and affiliate Kia had a combined increase of 29 percent. Deliveries at Honda Motor Co. fell 6.7 percent, the
MobilityDec. 4, 2011
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Peugeot to launch diesel hybrid in Korea
Hanbul Motors CEO predicts eco-friendly technology to determine fate of automakersThe world’s first diesel-electric hybrid vehicle, developed by Peugeot and currently on sale in Europe, will likely be imported into the Korean market next year.Hanbul Motors Corp., the official importer and distributor of vehicles of France-based PSA Peugeot-Citroen, plans to launch the diesel-electric hybrid version of its 3008 crossover hatchback here.The Peugeot 3008 HYbrid4 has been gaining popularity in the
MobilityDec. 4, 2011
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Yuhan-Kimberly honored with presidential citation
Yuhan-Kimberly, Korea’s leading hygiene products maker, has won a presidential citation for its innovative efforts to protect consumer rights, the company said last week. The company was awarded the top honor in celebration of Consumer Rights Day, which falls on Dec. 3 every year. A joint venture of Korea’s Yuhan Corp. and U.S.-based Kimberly-Clark Corp., the company was established in 1971. Under the leadership of CEO Choe Kyoo-bok, who took office in 2010, the company is also striving to expan
IndustryDec. 4, 2011
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Woman: Psychologist implanted horrific memories
ST. LOUIS (AP) -- The memories that came flooding back were so horrific that Lisa Nasseff says she tried to kill herself: she had been raped several times, had multiple personalities and took part in satanic rituals involving unthinkable acts. She says she only got better when she realized they were
TechnologyDec. 4, 2011
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Geoengineering could save Earth, or destroy it
DURBAN, South Africa (AP) -- Brighten clouds with sea water? Spray aerosols high in the stratosphere? Paint roofs white and plant light-colored crops? How about positioning ``sun shades'' over the Earth?At a time of deep concern over global warming, a group of scientists, philosophers and legal scho
TechnologyDec. 4, 2011
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US court rejects Apple request on Samsung sales
Samsung Electronics Co. welcomed Saturday a U.S. court decision that turned down Apple Inc.'s request for a preliminary injunction against its mobile devices, a major victory for the Korean firm in a series of high-stakes global legal battles against the iPhone maker.The ruling, delivered by a U.S.
TechnologyDec. 4, 2011
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Stealthy cellphone software stirs outcry
SAN FRANCISCO (AP) -- Technology bloggers are asking if our cellphones are spying on us after a security researcher said a piece of software hidden on millions of phones was recording virtually everything people do with them.Amid a broad outcry, Sen. Al Franken is calling for an investigation. A cla
TechnologyDec. 3, 2011