Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul alerts overseas missions to NK terror threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Data roaming gets cheaper, easier
KT Corp. offers affordable and unlimited mobile data access in AsiaKT Corp. on Tuesday launched a new international roaming service that enables users to access mobile data more cheaply and conveniently in 11 Asian countries.Under the new program, customers can use unlimited 3G data roaming and 100 megabyte Wi-Fi roaming service at 10,000 won ($8.87) per day.The company has run a trial service in
IndustryMarch 1, 2011
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Tech giants team up for green technology
Samsung Electronics, KT to cooperate for energy-efficient cloud serviceSamsung Electronics and KT Corp. are joining forces in a project to foster energy-efficient cloud computing to cope with exploding data demand amid a smartphone boom.The two companies signed an agreement Monday under which Samsung will install its new memory chips into a low-power server that KT is setting up in its data center
IndustryMarch 1, 2011
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Think tanks revising inflation outlooks
Korea’s major think tanks are expected to revise up their 2011 inflation outlooks for the country as oil and commodity prices are rising at a faster-than-expected pace.Industry sources said Tuesday that the nation’s leading private-sector think tank Samsung Economic Research Institute will likely raise its inflation outlook to mid-3 percent from its previous forecast of about 3 percent.LG Economic
March 1, 2011
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Australia’s RBA keeps rate at 4.75%
The Reserve Bank of Australia left its benchmark interest rate at the highest level in the developed world as consumer restraint and a strengthening currency tempered gains in inflation. Governor Glenn Stevens held the overnight cash rate target at 4.75 percent Tuesday, as forecast by all 25 economists surveyed by Bloomberg News. Stevens told lawmakers in testimony less than three weeks ago the ce
IndustryMarch 1, 2011
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Ford named most improved automaker
Ford Motor Co. improved the most since last year in Consumer Reports’ annual automaker rankings, bolstered by reliability for resale value, the magazine said. Ford received 67 points out of 100, according to results released Monday at the National Press Club in Washington. It didn’t provide a year-earlier comparison. Consumer Reports commended the manufacturer for the amount of room inside its veh
IndustryMarch 1, 2011
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One in five Korean firms consider reducing business with Middle East: survey
About one in five South Korean firms doing business in the Middle East expressed their intention to reduce operations in the region mired in an intensifying anti-government protest, a survey here showed Tuesday.According to the survey of 300 companies by the Korea Chamber of Commerce and Industry, 18.7 percent said that they consider reducing their business with the Middle East countries as part o
IndustryMarch 1, 2011
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S. Korea's trade surplus reaches $2.8 bln in Feb.
South Korea's trade surplus reached $2.84 billion in February mainly due to solid export gains in the face of unfavorable global developments, a government report showed Tuesday. The February trade surplus marked a slight dip from the $2.92 billion tallied for January, although on a daily basis exports reached a record 2.05 billion, the report by the Ministry of Knowledge Economy said, This mark
March 1, 2011
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Hyundai, Kia form partnership with Vodafone for automobile IT
Hyundai Motor Co. and Kia Motors Corp. formed a partnership with the mobile telecom service provider Vodafone to collaborate in telematics and related fields, the South Korean carmakers announced on Monday.Based in London, Vodafone is the world’s largest mobile telecom service provider in terms of revenue.Telematics, which combines telecommunications with informatics, is applied to a range of onbo
IndustryMarch 1, 2011
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U.S. working hard to ratify Korea FTA this spring: USTR
WASHINGTON -- The Obama administration is working hard to clear the pending free trade deal with South Korea through Congress this spring so as not to lag behind the European Union, which ratified a similar deal with Seoul set to take effect in July, the chief U.S. trade official has said. "The EU-Korea trade agreement is scheduled to take effect on July 1 of this year," U.S. Trade Representa
March 1, 2011
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LGE to step into energy consulting business
LG Electronics, Korea’s leading consumer electronics manufacturer, said Sunday that it plans to start a business-to-business energy consulting service next month as a new source of income.The business will involve analyzing energy flows, including heating and air conditioning in office buildings and providing solutions for energy saving. LG’s initiative reflects the group’s efforts to secure futur
IndustryFeb. 28, 2011
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Libyan unrest worries Korea
The intensifying turmoil in Libya and the Middle East is feared to serve a major blow to the Korean economy and its firms doing business in the region. Korean builders seem to be hit hardest by the political crisis as most of their projects there have been put on hold and workers have fled Libya during the past week. Local firms’ unpaid fees from their Libyan partners have reached about $19 millio
Feb. 28, 2011
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China’s 5-year plan promises big changes
BEIJING (AP) ― China’s leadership is promising to steer the economy in a new direction in its blueprint for the next five years that would empower consumers and narrow a yawning wealth gap but require politically contentious reforms.The latest Five-Year Plan ― a throwback to central planning but a useful roadmap of party goals ― calls for creating self-sustaining growth based on domestic consumpti
IndustryFeb. 28, 2011
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Korea to expand tariff quota on powdered milk, pork belly
Korea will expand the amount of powdered milk and frozen pork belly subject to no import taxes as part of efforts to ease price hikes sparked by the massive slaughter of livestock amid the spreading foot-and-mouth disease, the finance ministry said Monday.The measure, finalized during a Cabinet meeting held earlier in the day, will go into effect from early March under the government’s quota tarif
Feb. 28, 2011
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[News Focus] Legislation stall hinders access to Islamic money
Korea’s recent failure to legislate tax benefits for sukuk, or Islamic bonds, is seen to begin taking a toll on the country’s access to one of the world’s fastest growing financial sources. The Malaysian government is said to have declined requests by Korean companies to grant issuance of corporate bonds in the country, spurring concerns that it may be the first reaction to Korea’s reluctance to g
Feb. 28, 2011
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FSC may approve Hana’s takeover of KEB in March
The Financial Services Commission is expected to approve Hana Financial Group’s takeover of Korea Exchange Bank in March, an official said on Monday. “There seems to be no major problem with its funding plans,” said an FSC official.He said the regulatory body is likely to approve Hana’s request at a meeting on March 16. His remark came after several securities firms raised the possibility that Han
Feb. 28, 2011
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[Herald Interview] Asia needs to reduce dollar use: UNCTAD chief
Asian countries should increase use of their local currencies in inter-regional trade settlements to avoid currency disturbances stemming from U.S. monetary policies, Supachai Panitchpakdi, secretary-general of the U.N. Conference on Trade and Development, said. “By creating more account settlement in, say Chinese renminbi, Indonesian rupiah, or the Korean won, the region could relax tension arisi
Feb. 28, 2011
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LGE to hire 1,100 workers in first half of this year
LG Electronics said Monday it will hire 1,100 new employees for the first half of this year, up 83 percent from the number recruited during the same period last year.The world’s No. 3 handset maker said that 80 percent of its newly hired workforce in four different business units will be involved in research and development activities.The company will also employ more software developers so that t
IndustryFeb. 28, 2011
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Ssangyong Motors returns to profit
Ssangyong Motors Co. on Friday posted net profits of 8.1 billion won ($7.2 million) for 2010, marking a return to profit after two years in the red.The company, which recorded net loss of 346 billion won in 2009 and 710 billion won in 2008, said that rising sales and cost-cutting efforts allowed it to return to profit.Last year, the company’s domestic and overseas sales increased by 131.6 percent
IndustryFeb. 28, 2011
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[Herald Interview] Former lawmaker sees U.S. FTA ratification soon
The only Korean-American to have served in U.S. Congress expects the KORUS FTA to be ratified in the U.S. soon, possibly within the spring. “I think it’s going to be ratified easily, perhaps by May,” Jay Kim told The Korea Herald last week. “There’s no problem here, (but) I’m concerned about Korea.” Kim, born Kim Chang-jun in Seoul in 1939, emigrated to the U.S. in 1961, where he studied civil eng
Feb. 28, 2011
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Fujifilm to buy Merck unit for biotech supplies
Fujifilm Holdings Corp. agreed to buy Merck & Co.’s BioManufacturing Network for making supplies used in clinical studies of biological drugs, a Merck spokesman said in an interview.The network Fujifilm is acquiring is made up of Merck subsidiaries Diosynth RTP LLC in Research Triangle Park, North Carolina, and MSD Biologics (U.K.) Ltd. in Billingham, England, Ian McConnell, a spokesman for Whiteh
IndustryFeb. 28, 2011