Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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OCI admits accounts, Korean Air denies link
OCI chairman Lee Soo-young, former Korean Air vice chairman’s wife Lee Young-hak and DSDL chairman Cho Wook-rae are included on the list of 245 Koreans suspected of creating bogus companies in overseas tax havens.Disclosing the list at a news conference on Wednesday, Kim Yong-jin, head of the Korea Center for Investigative Journalism, said Lee of OCI admitted to the KCIJ about managing such accounts through paper companies. Lee told the KCIJ that the fund merely amounts to some hundreds of thous
May 22, 2013
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Hyundai, Kia fare well in Europe despite weak yen
South Korea’s largest automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. fared well in Europe in the first four months of this year, industry data showed Wednesday, despite a weak Japanese yen giving an advantage to Toyota Motor Corp. and other Japanese rivals.Hyundai and Kia sold 258,950 vehicles in Europe between January and April, down 0.1 percent from a year earlier, according to the data.Still, their combined market share in Europe edged up to 6.2 percent from 5.8 percen
May 22, 2013
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POSCO execs adopt ethics resolution
About 350 executives of POSCO and its affiliates adopted a resolution on ethical behavior on Wednesday at a workshop in Songdo, Incheon, the company said. The move came after an executive from POSCO Energy, a key affiliate of the nation’s top steelmaker, resigned amid public anger over his mistreatment of a flight attendant last month. During the workshop, POSCO chairman Chung Joon-yang reportedly stressed the importance of good ethics to recover trust from employees and people, saying trust was
IndustryMay 22, 2013
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OLED TVs don’t make economic sense: experts
Samsung Electronics and LG Electronics, two Korean companies that are leading the world’s television market, appear to be in a forced race to churn out sets fitted with organic light emitting displays, but experts believe the competition will soon become meaningless. “The technology simply will not stretch that far to make it affordable for the mass consumer market,” said one display expert, declining to be identified.He figured that at most, the two companies would each sell 100 units once Sams
TechnologyMay 22, 2013
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U.S. firm pitches solar as key energy
As a country without abundant energy resources, it is only logical for Korea to go all out for renewable energy to support industrial growth, according to a U.S.-based solar battery company chief.“While developing our capacity as a technical frontrunner in the solar energy market, we have also been keeping a close watch on Korea and the Asian market over the years,” Robert W. Campbell, president and CEO of SoloPower, told The Korea Herald.SoloPower is a U.S.-based solar energy company that devel
IndustryMay 22, 2013
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Ericsson aims to be leader in 5G
Ericsson, Samsung’s key rival in the network equipment segment, is progressing to become a leader in 5G network technology, the company’s marketing executive said, particularly in regions such as the U.S. and Asia. “We are very engaged in the development of 5G,” said Patrik Regardh, head of Ericsson Group’s strategic marketing division, in an interview with The Korea Herald. Currently, Ericsson has reached the status of “post-research and pre-product development,” indicating that the product wil
TechnologyMay 22, 2013
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Seoul shares up 0.64 pct on stimulus hope
South Korean stocks closed 0.64 percent higher Wednesday as the U.S. Federal Reserve highlighted the necessity to maintain its quantitative easing, boosting investor sentiment here, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 12.74 points to finish at 1,993.83. Trading volume was low at 321.7 million shares worth 4.45 trillion won ($4 billion) with gainers outstripping losers 451 to 348."Seoul shares traded highe
May 22, 2013
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Online press unveils list of suspected tax evaders
An independent journalists' group in South Korea on Wednesday exposed a list of high-profile Korean businessmen and their families suspected of running slush funds in tax havens, in what could cause a huge social ripple amid a slew of ongoing probes into secretive money owned by the rich.The Korea Center for Investigative Journalism (KCIJ), a non-profit organization set up by former journalists, disclosed three names of heads of family-owned conglomerates, known here as chaebol, who allegedly ha
May 22, 2013
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Microsoft touts Xbox One as all-in-1 entertainment
Microsoft thinks it has the one.The company unveiled the Xbox One, an entertainment console that wants to be the one system households will need for games, television, movies and other entertainment. It will go on sale later this year, for an undisclosed price.For the past two years, Microsoft has led the gaming industry in console sales with the Xbox 360. But it's been eight years since that machine came out, and Microsoft is the last of the three major console makers to unveil a new system. In
TechnologyMay 22, 2013
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Exporters' net plunges in 2012 amid weak yen
Local exporters saw their net fall in 2012 from a year earlier, data showed Wednesday, as the weak Japanese yen apparently dealt a harsh blow to their price competitiveness and global sales.Top 500 South Korean firms' net nosedived 7.8 percent to reach 98 trillion won ($88.1 billion) last year from 2011, according to data compiled by CEO Score, a local corporate research firm.Chemical firms led the overall decline, with their operating profit moving down 50.5 percent in 2012 from a year earlier.
May 22, 2013
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Poll: Teens migrating to Twitter
Twitter is booming as a social media destination for teenagers who complain about too many adults and too much drama on Facebook, according to a new study published Tuesday about online behavior. It said teens are sharing more personal information about themselves even as they try to protect their online reputations.Teens told researchers there were too many adults on Facebook and too much sharing of teenage angst and inane details like what a friend ate for dinner.“The key is that there are few
TechnologyMay 22, 2013
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S. Korea's foreign debt declines in Q1
South Korea's external debt fell in the first quarter due to a weaker won, with the ratio of the short-term foreign debt against the total debt hitting an over 13-year low, the central bank said Wednesday.The country's external debt totaled US$410.3 billion as of the end of March, down $3.3 billion from three months earlier, according to the Bank of Korea (BOK).The data marked the lowest reading since $398.7 billion in the fourth quarter of 2011.The BOK said that foreign investors continued to b
May 22, 2013
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Seoul shares open higher on stimulus hope
South Korean stocks opened higher Wednesday as officials from the United States Federal Reserve highlighted the necessity to maintain its quantitative easing down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shot up 8.84 points, or 0.45 percent, to 1,989.93 in the first 15 minutes of trading.Tech blue chips led the gain, with market behemoth Samsung Electronics adding 0.13 percent and its rival LG Electronics moving up 0.72 percent. Leading chipmaker SK hynix c
May 22, 2013
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Seoul eyes engagement policy with Moscow
Korea is looking to engage Russia with a new set of foreign and economic policies that it hopes will lead to the restart of their free trade negotiations.Deputy Prime Minister and Finance Minister Hyun Oh-seok said Tuesday that Korea would need to readjust its foreign and economic policy, and implement so-called “New Nordpolitik” toward Russia.South Korea’s Nordpolitik was first adopted by the administration of former President Roh Tae-woo to engage communist countries or allies of North Korea,
May 21, 2013
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[Graphic News] Malicious code spreads in Korea
South Korea has the third-highest cases of computer malware detected on computers in the world after the United States and Brazil, data showed.According to a Microsoft Security Intelligence Report, about 3.2 million malware cases were discovered in Korea in the fourth quarter of 2012, a 52.5 percent increase from the first quarter of the year. The United States’ number reached 8.96 million and Brazil 4.46 million.Computer experts said cyber attacks with malicious codes are expected to increase a
May 21, 2013
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[Newsmaker] FTC expands probe into NHN’s dominance
NHN, Korea’s biggest search engine operator, is coming under mounting pressure by state regulators as the country’s antitrust agency has further expanded its probe into not only the company but also its subsidiary.The Fair Trade Commission has reportedly launched an additional investigation into NHN Business Platform, a wholly-owned search advertising operator of NHN.NHN has increasingly been in the spotlight lately following the FTC’s full-scale probe into the company to find out whether it abu
May 21, 2013
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Korea to rescue 114,000 credit delinquents
The financial regulator said Tuesday that it has decided to relieve about 5 percent from the blacklist of 2.36 million credit delinquents, who were hit by the 1997 Asian foreign exchange crisis.The rescue package for some credit defaulters comes under policy direction of the Park Geun-hye administration to give aid to low-income households, said the Financial Services Commission.Out of the 2.36 million individuals that were blacklisted between 1997 and 2001, the FSC initially screened some 114,0
May 21, 2013
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Samsung, LG show off technology at IT show
Samsung Electronics and LG Electronics on Tuesday showcased a slew of forward-looking devices and appliances at the World IT Show 2013 that kicked off this week for a four-day run at COEX.Samsung’s key products included the edgy 85-inch Ultra High Definition television ― the largest so far in that category ― that received a presidential award after being recognized for a leading multi-media technology. Other devices, such as the Galaxy S4 smartphones, the Solid State Drive 840 and the NX300 smar
TechnologyMay 21, 2013
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Shinsegae fined for faking Prada discount
The Fair Trade Commission said on Tuesday it slapped fines of 5 million won ($4,500) on Shinsegae and issued a corrective action order for faking handbag discounts on its online shopping mall, a violation of the electronic commerce law. The antitrust watchdog warned that it will report the matter to the prosecution if Shinsegae repeats the violation.According to the FTC, Shinsegae stated on its online mall for nearly a year through last November that a Prada bag was marked down by 24 percent fro
IndustryMay 21, 2013
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Microsoft to roll out Surface tablet in Seoul
Microsoft Korea announced on Tuesday that it would begin to sell its new tablet computer Surface in Korea from June 11.Company officials said Surface was a hybrid of a PC and tablet made of light but strong material with a detachable keyboard cover. Microsoft said that Surface Pro came with a digital pen that allowed its users to write on the touchscreen. For Surface RT users, the company provides pre-installed Microsoft Office.“Having the strengths of both tablets and PCs, Surface is optimized
May 21, 2013