Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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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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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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Manufacturers’ business sentiment rebounds on improved economic data
South Korean manufacturers’ business confidence for January rebounded from a 44-month low tallied in the previous month as some economic data showed improved performances, the central bank said Thursday.The index of manufacturers’ outlook on business conditions came in at 70 for January, up from 67 tallied for December, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.A reading below the benchmark 100 means pessimists outnumb
Dec. 27, 2012
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Experts call for setting up of ICT ministry
A group of scholars Thursday urged that the new administration should establish a government branch that exclusively deals with issues related to the Information and Communications Technology sector.In a press conference, a group of 25 different academic organizations involved in ICT said a government ministry that takes full charge of content, platforms, and broadcast and telecom should be set up at the earliest date.“President-elect Park Geun-hye must revive the sectors of information, broadca
IndustryDec. 27, 2012
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Park seeks to curb energy demand
Following is the ninth in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. Ensuring a stable energy supply will surely be one of the key policy goals President-elect Park Geun-hye will push as Korea has the world’s 11th-highest energy consumption and is the fifth-largest oil importer. To achieve security in the energy sector, the new government will put more focus on the demand side in its energy policy as power demand has increased faster than supply for the past few
Dec. 27, 2012
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Government-held assets increase 5.6% in 2011
SEJONG (Yonhap News) ― Total assets owned by the government grew more than 5 percent on-year in 2011 due to land, buildings and equipment purchases, the Finance Ministry said Thursday.According to the ministry, the government held about 8,319 trillion won ($7.75 trillion) worth of assets at the end of 2011, up 5.6 percent or 439 trillion won from a year earlier.It is 2.3 times larger than in 2001 when the government held about 3,576 trillion won, the ministry said.The asset increase is due to pu
Dec. 27, 2012
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Corporate social contributions top W3tr
More than 200 South Korean companies spent over 3 trillion won ($2.7 billion) last year to support underprivileged people, a survey showed Thursday.The contributions come as many South Koreans called for corporate social responsibility in recent years amid widespread perception that conglomerates are to blame for the wealth gap.A total of 222 companies provided 3.12 trillion won to social welfare programs that range from scholarships and daycare centers to parks and welfare facilities, the Feder
Dec. 27, 2012
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China rebound to benefit Korea
China’s economy will create a juicy opportunity for South Korean consumer firms, as the Chinese authorities resolved to boost the world’s No. 2 economy, analysts said Thursday.South Korea’s companies that have set their eyes on the Chinese consumer industry will be one of the biggest beneficiaries of China’s move to ramp up domestic consumption, they said. “Chinese authorities have realized the limits of economic growth driven by exports and government investment,” said Kim Kyung-hwan, an analys
Dec. 27, 2012
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BossPack wins global packaging award
Packaging company BossPack Co. has been selected as next year’s winner of the WorldStar Packaging Award, presented by the World Packaging Organization, for inventing unique water-absorbing package film, the company said on Thursday. To be presented in May at an award ceremony in Australia, the 2013 WorldStar Packaging Award is conferred to globally competing firms that demonstrated innovative packing technologies in seven sectors: electronics, household, pharmaceutical and medical, health and be
TechnologyDec. 27, 2012
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Water-absorbing vacuum cleaners see success
Vacuum cleaners that can both dust and “wash” the floor have been gaining popularity in online stores, offline home appliance shops and on TV home shopping channels. Demand for hydro vacuum cleaners is ever rising, said chief executive Park Myung-duk of Chung Lim Aqua Co., a manufacturer specializing in cleaning equipment and agents. “The vacuum cleaner market operates on one of the fastest-changing trends both at home and overseas,” Park emphasized. In less than a decade, the global trend of va
TechnologyDec. 27, 2012
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Korean traditional alcoholic beverages go global
More and more foreign buyers are focusing on Korean traditional alcoholic beverages as Makgeolli, a rice-based alcohol product, has been gaining growing popularity in the overseas market.Amid the movement to revitalize the traditional alcoholic beverage market, more than 240 brands nationwide participated in the Korean Traditional Beverage Fair last October.The annual contest is aimed at elevating the quality of Korean alcoholic beverages by promoting taste competitions of representative brands
IndustryDec. 27, 2012
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Mark Zuckerberg‘s sister angered after family Facebook photo goes public
The confusion around Facebook‘s oft-criticized privacy settings hit close to home for founder Mark Zuckerberg, when his sister noticed that a photo she had meant to be private went public. On Christmas Day, Randi Zuckerberg posted a Facebook photo of her family -- including Mark -- reacting in mock surprise to the company’s new Poke app. When Callie Schweitzer, Vox Media‘s director of marketing, saw the photo at the top of her feed, she assumed it was public and promptly tweeted it to her follo
TechnologyDec. 27, 2012
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Kwang Dong raises price of Korea’s top mineral water brand
Kwang Dong Pharmaceutical Co. raised the price of Jeju Samdasoo, right after the company took over the sales rights for Korea’s leading mineral water brand from its previous owner Nongshim.Retail industry sources said on Thursday that Kwang Dong, the new nationwide distributor of Jeju Samdasoo, verbally announced it hiked the prices of 500-millileter and 2-liter products by 10 won and 15 won, respectively.The move is expected to prompt other mineral water makers to follow suit. Kwang Dong argued
IndustryDec. 27, 2012
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Smoking may worsen hangovers
A study of college students found those who smoked while drinking were more likely to report hangover symptoms after heavy drinking, U.S. researchers say.The study, scheduled to be published in the January issue of the Journal of Studies on Alcohol and Drugs, also found about one-quarter of people who drink enough to spur a hangover in most didn‘t actually develop one, and while no one is sure what that is, the study suggests smoking may be a factor.“At the same number of drinks, people who smok
TechnologyDec. 27, 2012
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Korean Peninsula hit by 56 quakes in 2012
As many as 56 earthquakes hit the Korean Peninsula this year, the second largest number since the nation began seismic observations in 1978, the state weather agency said Thursday.A 3.9 magnitude earthquake that was reported in Muju in the central region on May 11 was the strongest one of the year, according to the Korea Meteorological Administration (KMA).This year's tally compares with the annual average of 43.6 quakes between 1999 and 2011, the weather agency said, adding a record-setting 60
TechnologyDec. 27, 2012
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DRAM inventory rebounds on sluggish PC sales
The inventory of dynamic random access memory (DRAM) chips has recently bounced back amid a continued slump in the global PC market, spawning concerns on chip price recovery, data showed Thursday.The DRAM inventory of global suppliers stood at 12.2 weeks in the third quarter of the year, compared with 10.4 weeks in the previous quarter, according to the data by IHS iSuppli.The increase, the first in four quarters, comes amid feeble demand for PCs that use DRAM chips as a key component.Despite
TechnologyDec. 27, 2012
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S. Korean manufacturers' biz sentiment for Jan. rebounds
South Korean manufacturers' business confidence for January rebounded from a 44-month low tallied in the previous month as some economic data showed improved performances, the central bank said Thursday.The index of manufacturers' outlook on business conditions came in at 70 for January, up from 67 tallied for December, according to a monthly survey by the Bank of Korea (BOK). The index measures manufacturers' expectations for the coming month.A reading below the benchmark 100 means pessimists o
IndustryDec. 27, 2012
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[Newsmaker] Korail accused of overstating KTX safety
Local passengers raised their eyebrows when the state-run railway operator Korail claimed the safety and on-time operation of its trains as global No. 1 in a report submitted for evaluation in June. At the time, Korail was suffering from public condemnation after a series of frequent breakdowns and delayed schedules of the nation’s KTX bullet trains.Korail explained that it had cited official data from the International Union of Railways, or UIC, and then the agency was designated as one of the
IndustryDec. 26, 2012
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Cold spell pushes power demand to new peak
Electricity demand surged to a record high of 76.6 million kilowatts on Wednesday morning due to the frigid temperatures, officials said.During the morning peak between 10 a.m. and 11 a.m., it was 75.9 million kilowatts on average. Soaring demand amid the cold spell took electricity reserves to below 4 million kilowatts at 10:44 a.m., leading the power control agency to issue an “attention” warning.It was the sixth time the attention light has lit up in December. The attention warning goes off w
Dec. 26, 2012
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President-elect urged to engage more of Asia
Following is the sixth in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. Korea is compelled to broaden its horizon as far as its business relations with overseas partners goes to more actively woo its Asian neighbors, experts said this week, as President-elect Park Geun-hye is poised to take over the government control tower. In particular, the nation should be ready to form stronger economic partnerships within the Asian region, whose members are likely to favor Kor
Dec. 26, 2012
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SK Innovation supplies energy to poor neighbors
SK Innovation, the holding company which manages the energy-related business of SK Group, has run a charity program to deliver coal briquettes for the needy every winter since 2005. This year, executives and employees of SK Innovation joined the race on a voluntary basis to deliver 110,000 coal briquettes to about 370 low-income families living in Seoul, Incheon and Ulsan where the company’s head office or production lines are located. Coal briquettes, a cheaper energy source than oil or gas, is
Dec. 26, 2012
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DSME wins $1.56 billion submarine order
Daewoo Shipbuilding & Marine Engineering won a $1.56 billion order to build two 3,000-ton KSS-III submarines from the nation’s Defense Acquisition Program Administration.The submarines will be built based on DSME’s own technology and be delivered to the Korean Navy by the end of 2022, the company said in a statement. DSME started building submarines in 1987 through technology transferred from Germany and has strengthened its market leadership, with a total production of 17 submarines. Three of t
IndustryDec. 26, 2012