Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hyundai Motor aims to lead hydrogen truck business in US
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Korea’s 2013 budget request grows 6.5%
Korea’s government ministries and agencies requested a 6.5 percent hike in their budget for next year as they want to spend more on education, welfare and national defense, the Finance Ministry said Monday.The request made by 51 government ministries and state agencies seek to spend a combined 346.6 trillion won ($303.1 billion) for next year, compared with 325.4 trillion won in the 2012 budget, according to the ministry.The rise is attributed to a 10.1 percent increase in money being asked to s
July 2, 2012
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Pantech to unveil new smartphone
Pantech plans to release its new smartphones next week in a bid to sway consumers from Samsung Electronics’ Galaxy S3, which has been grabbing most of the spotlight in the global mobile markets.Using its trademark “Vega,” the smallest of Korea’s three mobile phone developers will introduce Vega S5 with 5-inch or hand-size display, allowing consumers to easily control the phone with just one hand instead of two.The letter “S” in Vega S5 refers to screen, style, strong, speed and special care, whi
TechnologyJuly 2, 2012
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Korea looks to balance its development
Relocation of public agencies, innovative cities lure people to the provincesThe following is the last in a series of articles on Sejong City, a new multifunctional administrative city that was launched on July 1, and other “innovative cities.” ― Ed. Public agencies are moving out of Seoul and its surrounding Gyeonggi Province to so-called “innovative cities” and other less crowded regions throughout the nation.The term innovative city refers to “future-oriented” towns in South Korea “establishe
IndustryJuly 2, 2012
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SKT, Kia forge marketing ties
SK Telecom has formed strategic marketing ties with Kia Motors for customers of both companies to enjoy greater cross-benefits.Korea’s biggest mobile carrier said that the partnership includes offering 4G Long Term Evolution smartphone users to receive a discount for the purchase and maintenance of Kia automobiles.For instance, SK Telecom’s LTE customers can get a discount of up to 200,000 won when buying a car from Korea’s second-largest automaker, the telecom company said.Both companies will i
July 2, 2012
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Nexus ban to have limited impact on Samsung: Goldman
HONG KONG (Yonhap News) ― The recent ban on the sales of one of Samsung Electronics Co.’s smartphones in the United States will likely have a limited impact on the South Korean tech giant, as the Galaxy Nexus smartphone is an older model, Goldman Sachs said Monday.Last Friday, a U.S. district court ruled that the Samsung Galaxy Nexus phone, an Android-based smartphone co-developed by Samsung Electronics and Google Inc., infringed on some of the patents belonging to iPhone maker Apple Inc., block
TechnologyJuly 2, 2012
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Kwon to head Samsung’s new display affiliate
Kwon Oh-hyun, vice chairman and CEO of Samsung Electronics, will head Samsung Display as the chief executive of the world’s largest display panel manufacturer.Officially launched on Monday, Samsung Display has been formed through mergers of Samsung Electronics’ LCD business division, Samsung Mobile Display and S-LCD. S-LCD was a joint venture between Samsung Electronics and Sony. Sony exited the joint venture last year. Samsung Mobile Display produces OLED panels for mobile devices.The newly est
TechnologyJuly 2, 2012
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Eurozone crisis dealing blow to Korean firms
A variety of economic indices show that Korean manufacturers are exposed to the eurozone fiscal crisis, whose negative impact on local major conglomerates’ production could be amplified in the latter half of the year.According to FnGuide, a provider of corporate financial statements, seven of the nation’s 10 major business groups are estimated to post a drop in their earnings for the first half of the year amid the eurozone woes and weak domestic demand.Its estimates suggested that the seven con
IndustryJuly 2, 2012
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Seoul shares slide 0.13%
South Korean stocks slipped 0.13 percent on Monday as renewed optimism over the eurozone debt crisis faded amid concerns over downbeat economic data and second-quarter earnings, analysts said. The local currency fell against the U.S. dollar.After opening higher, the benchmark Korea Composite Stock Price Index fell 2.36 points to close at 1,851.65, stemming a two-session winning streak. Trading volume was moderate at 265.1 million shares worth 3.41 trillion won ($2.98 billion), with gainers outnu
July 2, 2012
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Korea, Vietnam to announce start of FTA talks next week
Korea and Vietnam are expected to announce start of the negotiations for a bilateral free trade agreement next week in Hanoi, according to government sources.Trade Minister Bark Tae-ho plans to visit Hanoi to announce the beginning of FTA talks with his Vietnamese counterpart on July 13, the sources said. The Southeast Asian country’s rice, tropical fruits and fisheries are likely to be the most contentious issues in the FTA talks.Vietnam, which is the world’s largest exporter of rice along with
July 2, 2012
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Seoul bourse’s turnover hits all-time low in June
Korea’s main stock market saw its trading volume hit an all-time low in June on the worsening of the eurozone fiscal crisis and escalating concern over a global economic slump, market watchers said Monday.The daily turnover of the main board averaged 4.53 trillion won ($3.98 billion) last month, a mere 0.38 percent of the market capitalization, according to the bourse operator Korea Exchange and industry sources.June’s average daily turnover dropped to the lowest monthly level since the bourse o
July 2, 2012
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Korea mulls using Iranian oil tankers to resume crude imports
Korea is considering accepting Iran’s proposal to supply oil to Seoul using its own oil tankers, a government source said Monday, after oil imports from Tehran were halted due to the European Union’s ban on insuring Iranian oil shipments. Iran has proposed that South Korean oil refiners use Tehran’s own oil tankers, a move that would allow them to receive crude shipments without concerns over insurance guarantees, the source said on the condition of anonymity. “Korean oil refiners and the Irania
July 2, 2012
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Korea’s consumer inflation slows in June
Korea’s consumer prices grew at a slower pace in June amid the government’s push to tame inflationary pressure, a report showed Monday.According to the report by Statistics Korea, the country’s consumer price index rose 2.2 percent in June from a year earlier, slowing from a 2.5 percent gain in May. June’s reading marks the fourth month in a row that inflation stood in the 2 percent range and the lowest gain in 32 months after prices rose 2.0 percent on-year in October 2009.The so-called core in
July 2, 2012
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Insurers probed for accounting fraud
Four insurers suspected of having illegally increased dividends to their major shareholdersThe nation’s top financial regulator said on Monday it was looking into whether life insurance companies illegally increased dividends to their major shareholders by cooking the books.The Financial Supervisory Service said it launched month-long inspections on eight life insurers including Samsung, Korea, Mirae Asset, Tongyang, Kyobo, Shinhan, ING and IBK. “The purpose of the probe is to find out if the in
July 2, 2012
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SBA recruiting internationals for trade program
The Seoul Business Agency, or SBA, is currently seeking businesspeople who wish to participate in a pilot trade program. Called the “Seoul Trade Hub Program,” the project aims to help residents of Seoul establish their own businesses, as well aid some of Korea’s small and medium sized enterprises enter or strengthen their presence in the international marketplace. This 12-week program will be divided into two parts. The first session will focus on business and product training, while the latter
BusinessJuly 2, 2012
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AMCHAM to host health care seminar
The American Chamber of Commerce in Korea, or AMCHAM Korea, will hold a “Healthcare Innovation Seminar 2012” on July 11.Under the theme of “Towards a New Era of Collaboration and Innovation,” the meeting will be held at the JW Marriott Hotel Seoul in southern Seoul.Speakers will include Korea’s Minister of Health and Welfare Lim Chae-min as well as Lee Dong-ho, CEO of the Korea Drug Development Fund.Topics under discussion will range from biotechnology to improving the health care system through
IndustryJuly 2, 2012
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DSM Dyneema develops stronger fiber
DSM, a global producer of fibers, has introduced a new, stronger fiber used for the production of mooring ropes for deep-sea oil and gas exploration and production.The fiber, DM 20, is a lot smaller in diameter than polyester, has high fatigue resistance and is weightless in water, the company said in a press release.With strength, stiffness and durability, DM 20 can ensure that mooring ropes have “maximum strength over a maximum lifetime, as well as faster handling and improved safety,” the com
IndustryJuly 2, 2012
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3M Korea promotes Shin to general manager
3M Korea has promoted director Shin Yong-sook, former manager of the consumer and office markets, as new manager of the corporate marketing and public affairs division on Sunday. CMPA oversees the company’s public relations, strategic planning, business development and marketing.After graduating from Sogang University, Shin joined 3M Korea in 1988, where she was the sales and marketing manager for various consumer products. A student of the Six Sigma business management strategy, she was until r
July 2, 2012
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BAT Korea picks Guy Meldrum as new CEO
British American Tobacco Korea announced Monday the appointment of Guy Meldrum as its new chief executive officer. Meldrum, who most recently served as the marketing director of British American Tobacco’s Russian branch, will replace BAT Korea’s current CEO, Stephan Liechti. This will be Meldrum’s second stint in Korea. He previously served as the marketing director for BAT Korea from September 2008 to May 2011, where he played an instrumental role in helping expand the company’s market share, a
July 2, 2012
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Delta Air Lines works to satisfy high expectations of Korean customers
Korea-Taiwan division chief says Korean market is important for its high volume of business travelersDelta Air Lines executive Raymond Chang admits that the average Korean customer nowadays is one tough cookie to please. “We sometimes joke that the Korean customer these days is even more demanding than the Japanese. Sometimes,” Chang said in an interview with The Korea Herald in Seoul last week. But according to Chang, who is approaching his third anniversary this month as the general manager of
July 2, 2012
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Dawn of Korean nuclear energy industry
The nation’s first nuclear plant Kori-1 Nuclear Plant went under construction on March 19, 1971, in Gori, a small village that borders Ulsan and northern area of Busan. With the Kori-1 plant, Korea became Asia’s second and the world’s 21st country to possess a nuclear power plant. After almost seven years of construction that involved about 1.87 million labor units, the nuclear plant began operation from April 20, 1978. Since then Korea has constructed 20 more nuclear plants, and now generates e
IndustryJuly 2, 2012