Most Popular
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Torrential rainfall forces 1,500 to evacuate, causes widespread damage to homes, roads
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[KH Explains] Can smart chargers ease tensions over EV fires?
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1 in 5 households to have breadwinner over 80 in 30 years
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Assembly to review disputed appointment of national soccer team coach
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New Fifty Fifty off to strong start
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Arrival of fall calls for more outdoor festivals
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Evicted guest burns down inn; 3 killed
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[Herald Interview] US election may unleash growth for Korea: Laffer
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Yoon's Prague visit sets stage for W24tr nuclear power plant deal
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Doctors defend colleague accused of blacklisting non-strikers
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KNOC to shut down oilfield project in Iraq
The state-run Korea National Oil Corp. has decided to give up on an oil field development project in Iraq after years of investment, due to low profitability, the company said Tuesday. The Korean state firm will pull out of the Sangaw South oil field project in the Kurdish region of Iraq. It has injected about $204 million into the project for eight years. “Members of the board have decided to shut down the oil project in Iraq, as they realized that it holds little profitability after running a
IndustryAug. 23, 2016
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Samsung SDS seeks to boost big-data business
Samsung SDS, the IT solutions unit of Samsung Group, is seeking to bolster its big-data analysis related business, the firm said Tuesday. The company plans to expand the use of its data analysis platform named Brightics, which has proved its worth by handling various tasks and cutting down hours required for data analysis to about 20 minutes.Samsung SDS President Hong Won-pyo said that the system was produced “on the back of data analysis skills acquired in manufacturing, finance and logistics.“
IndustryAug. 23, 2016
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[Herald Interview] Activist-turned-lawmaker takes aim at chaebol
Expectations are high that South Korea’s family-run conglomerates, or chaebol, will face increasing pressure to reform their corporate governance, especially with more liberals than ruling conservatives in the current Parliament.One individual in favor of such pressure is Chae Yi-bai, a 41-year-old rookie lawmaker from the minor opposition People’s Party. “The chaebol model is fundamentally flawed and it is crippling the mechanism of Korea’s capital market,” the activist-turned-lawmaker said las
Aug. 23, 2016
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Stock rally likely to continue until end of 2016: analysts
The recent buoyancy of the Korean stock market is forecast to persist until the end of the year, according to numerous market analysts. The pessimism that ran deep in the local financial market, as the country’s main benchmark Kospi remained at around 1,900 points until early this year, has faded away with the index replacing its previous records for the year’s new highs in the past week. The benchmark Kospi closed at 2,049.93, gaining 7.77 points from the previous trading session.Analysts are b
Aug. 23, 2016
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[Photo News] Eyes on Iris security
Kim Hyung-suk, vice president of Samsung Electronics’ multimedia R&D group, presents the development process and application areas of Galaxy Note 7’s iris recognition at the company’s headquarters in Seoul on Tuesday. (Yonhap)
TechnologyAug. 23, 2016
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CJ CheilJedang expands biotechnology business
South Korea’s largest food company CJ CheilJedang said Tuesday that it has purchased US advanced biomaterials developer Metabolix, Inc.’s biopolymer intellectual property and laboratory equipment for $10 million, as it seeks to expand its biotechnology business portfolio. CJ Group’s food business unit and Metabolix have signed a binding letter of intent for the given transaction, which will be fully implemented by mid-September, the companies said.CJ Group employees walk alongside the group’s he
IndustryAug. 23, 2016
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Mirae Asset Daewoo pushes retirement plan
Mirae Asset Daewoo is running a promotional event to encourage people to bask in its beneficial retirement savings account.The fund management firm announced earlier this month that it will offer gifts to those who move their retirement savings program to Mirae Asset Daewoo, or register as a new member. Mirae Asset Daewoo’s employee holds a placard to promote the event. (Mirae Asset Daewoo)Korea’s national pension is given to senior citizens over 65, yet the majority of workers retire in their m
IndustryAug. 23, 2016
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Hyundai E&C builds ties with partner firms
Hyundai Engineering and Construction is providing various programs for its partner companies to promote closer ties and support their overseas businesses.The Korean builder has annually offered overseas site visit programs for top 20 partner firms since 2012 to help them pave new business paths in the foreign market. Earlier in May, Hyundai E&C and the partner company workers visited construction sites in Indonesia and Singapore. Employees of Hyundai E&C’s partner companies pose for a photo dur
IndustryAug. 23, 2016
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Pizza Hut Korea denies rumors of sales
Pizza Hut Korea on Monday denied reports of its possible sale, saying that recent restructuring efforts were aimed at improving competitiveness. Rumors began circulating that Pizza Hut Korea would be sold by the US-based franchise giant Yum Brands to a third party, when the Korean corporation began changing its company-owned stores to franchised stores last year. “Yum Brands and (Pizza Hut Korea) are not considering a sale to a third company, and will pursue continued growth in the Korean franch
IndustryAug. 23, 2016
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W57tr of bailout funds yet to be recouped
Including around 3 trillion won ($2.68 billion) that the financial regulator hopes to retrieve from state-owned Woori Bank, the South Korean government is yet to recoup a total of 56.6 trillion won worth taxpayers’ money used for company bailouts. According to the Financial Services Commission on Tuesday, the regulator has recovered 112.1 trillion won of the 168.7 trillion won of public funds injected into the private sector since 1997. In the first half of this year alone, 470.8 billion won was
Aug. 23, 2016
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Disabled discrimination worse at school than work
More disabled people experienced discrimination in schools than at work, a report showed Tuesday.Over the past 10 years, less disabled people suffered from discrimination when getting married or finding jobs, although nearly half of them still said they faced bias when applying for insurance policies, the report by the Korea Institute for Health and Social Affairs said.The report by researcher Choi Bok-cheon on the experiences of discrimination of the disabled, compared and analyzed surveys betw
Social AffairsAug. 23, 2016
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Korea confirms first cholera outbreak in 15 years
South Korean health authorities said Tuesday that it has confirmed the first case of cholera in 15 years in Gwangju. It is the first time that a local citizen has been infected with the disease without having traveled overseas.The Korea Centers for Disease Control and Prevention said that a 58-year-old man was infected with cholera in the southern city of Gwangju, after he started suffering from diarrhea on Aug. 10.Eight days after he was hospitalized at a regional medical center, he was reporte
Social AffairsAug. 23, 2016
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[Newsmaker] Park's estranged sister probed for fraud
The prosecution has commenced investigation into Park Geun-ryoung, the estranged sister of President Park Geun-hye, upon a report by Lee Seok-su, a special inspector under the presidential office, reports said Tuesday.Lee filed the report on July 21 against the younger Park and her unidentified acquaintance. The Seoul Central District Prosecutors’ Office is looking into the case.Park Geun-ryoung (Yonhap)Park Geun-ryoung, 62, is suspected of exaggerating her influence, borrowing 100 million won a
PoliticsAug. 23, 2016
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Prospects dim for passage of extra budget
The prospect of passing an 11 trillion won ($9.8 billion) supplementary budget in the near future appeared grim, as rival parties continued to clash over the witness list for a separate parliamentary hearing on a controversial government-led restructuring program. The ruling Saenuri Party and opposition parties continued to debate on whether high-profile government officials should testify on allegations that they secretly plotted a massive injection of government funds into the financially str
PoliticsAug. 23, 2016
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'North Korea may have produced plutonium for 2-4 nukes'
North Korea is estimated to have produced enough weapon-grade plutonium for about two to four more nuclear weapons than previously assessed, the US-based Institute for Science and International Society said Monday.The institute based the speculation on the International Atomic Energy Agency’s recent evaluation of the communist country’s nuclear capacity.In the Aug.19 report, the IAEA said Pyongyang appears to have unloaded fuel from its 5-megawatt electric reactor at its main Yongbyon nuclear fa
North KoreaAug. 23, 2016