The Korea Herald

Giant camel fossil discovered in Arctic

A research team found fossils of an extinct giant camel in Canada’s High Arctic, providing direct evidence linking the animal to modern camels, sources reported.The camel’s 30 fragmented bones were found on Ellesmere Island, where many other mammal fossils have been discovered. The ancient animal was about 30 percent larger than today’s camels, measuring roughly 2.7 meters from foot to shoulder, according to the BBC and Science Daily. The camel fossil found in the High Arctic region came as a su

TechnologyMarch 6, 2013

New iPhone 5S this summer?

The next iPhone, likely to be dubbed the iPhone 5S, will arrive this summer, probably in August, an Apple-watching website reported.The website iMore, citing “sources familiar with the plans,” said the 5S will retain the form factor and size of the iPhone 5 but will be equipped with an improved camera and an advanced processor.The source also said Apple could also be releasing an updated line of iPads, including an iPad 5 and a second generation of the smaller iPad Mini even earlier, possible in

TechnologyMarch 6, 2013

The key to fight obesity is unveiled: study

The absence of a gene related to storing fat and controlling metabolism is found to prevent obesity, according to a study conducted in the U.S. The research team at the University of Colorado School of Medicine have created mice without the PLIN2 gene, which produces the protein perilipin to regulate fat storage and metabolism. The observation of the mice found that the size of their fat cells is 20 percent smaller than the average size. Moreover, they ate less but were more active and did not s

TechnologyMarch 6, 2013

The key to fight obesity is unveiled: study

Seoul shares up 0.26 pct in late-morning trade

South Korean stocks traded 0.26 percent higher late Wednesday morning, led by gains in financial firms and shipbuilders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 5.20 points to 2,021.81 as of 11:20 a.m.No. 2 lender KB Financial Group rose 1.8 percent, with Hyundai Heavy Industries, the world's largest shipyard, jumping more than 3 percent. In contrast, auto-related shares trended lower. Kia Motors, a Hyundai Motor affiliate, slid 2 percent, with Hyundai's auto

March 6, 2013

S. Korea imports beef from Chile for first time

The first-ever shipment of beef from Chile arrived in South Korea last month, a government agency said Wednesday, raising expectations imports will likely grow steadily due to a bilateral free trade deal.A 25.84-ton shipment of Chilean beef arrived here early last month, according to the Animal, Plant and Fisheries Quarantine and Inspection Agency.South Korea and Chile implemented a bilateral free trade agreement in 2004, under which Seoul agreed to completely remove import taxes on up to 400 to

March 6, 2013

Seoul shares open sharply higher on Wall Street rally

South Korean stocks started off sharply higher Wednesday on an overnight Wall Street rally fueled by heightening anticipations of economic recovery, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) soared15.84 points, or 0.79 percent to 2,032.45 in the first 15 minutes of trading. Shares moved upward across the board, with tech blue-chips and brokerage houses fueling the main index. Top-cap tech giant Samsung Electronics rose 1.23 percent and leading brokerage firm KDB Daew

March 6, 2013

Samsung set to buy 3% stake in Sharp: report

South Korean electronics giant Samsung is set to buy a three-percent stake in struggling Japanese rival Sharp via a capital increase, a press report said Tuesday, a deal that would give Samsung greater access to smartphone and tablet computer screens.The Japanese economic newspaper Nikkei said in its online edition that Sharp would sell Samsung new shares worth around 10 billion yen (83 million euros, $108 million), and use the funds it earned to bolster its bottom line.An official announcement

IndustryMarch 6, 2013

S. Korean central bank buys more gold in Feb.

South Korea's central bank said Wednesday it increased its holding of gold in three months in February in a bid to diversify the portfolio of its foreign exchange reserves worth more than US$320 billion.The Bank of Korea (BOK) said it bought 20 tons of gold, raising the central bank's gold holdings to 104.4 tons valued at US$4.79 billion as of end-February.The move marked the BOK's fifth purchase of the yellow metal since July 2011 when the bank bought gold for the first time in 13 years. It als

March 6, 2013

Asset managers face staff cuts on capital erosion

An increasing number of domestic asset management and investment advisory service companies are faced with capital erosion and inevitable restructuring due to weakening profitability, according to the Financial Supervisory Service and the Korea Financial Investment Association.Securities companies have been downsizing their units and staff levels as the global slowdown has weighed down their brokerage and investment banking businesses.Financial regulators are expected to clean up and shut down t

March 5, 2013

Lotte Liquor BG files damages suit against Jinro

Lotte Liquor BG Co., a South Korean alcoholic beverage maker, said Tuesday that it has filed a 10 billion won ($9.2 million) damages lawsuit against its rival Hite Jinro Co. for harming its image and causing sales losses. According to Lotte Liquor BG, Hite Jinro spread slanderous gossip about “Cheoumcheorum,” the flagship soju brand of Lotte Liquor BG, after an Internet broadcasting station aired false information saying that the product is harmful to humans in March 2012. Soju is South Korea’s

March 5, 2013

KEB sanctioned for irregular rate hikes

The Financial Supervisory Service said Tuesday that it has issued an “institutional warning” against Korea Exchange Bank for raising interest rates on loans to the corporate sector via “irregular practices.”Its irregular rate hikes were mostly conducted when U.S.-based Lone Star Funds was holding the majority stake in the commercial bank as the biggest shareholder.“Glossing over lending terms, KEB raised the rates on loans to small- and mid-sized enterprises. The hikes ranged between 0.2 percent

March 5, 2013

Korean Air submits bid for Czech Airlines

Korean Air Lines Co., South Korea’s top air carrier, has submitted a bid for a 44 percent stake in the troubled Czech Airlines as part of efforts to strengthen its network in Europe, a company official said Tuesday.Korean Air has said it plans to spend “several million dollars” to acquire the stake, though it will not include managerial control of the Czech Republic’s flag carrier.“We submitted a letter of intent earlier in March,” the Korean Air official said. He did not elaborate and asked not

March 5, 2013

Park government to ‘preemptively counter’ FX volatility

Following is the fifth and last in a series of stories featuring economic issues facing the Park Geun-hye government that was inaugurated on Feb. 25. ― Ed.When executives of Korean exporters shared their concern with President Park Geun-hye over the volatility of the Korean won during the transition period, the nation’s 18th chief executive said then that her government will aim to maintain foreign exchange stability through “preemptive measures.”The president said she was well aware that Korea

March 5, 2013

Samsung a big tease on Galaxy S4

Speculation is part of the fun of teaser videos, but Samsung’s latest clip for its soon-to-come Galaxy S4 seemed too vague, even for a teaser. The protagonist, Jeremy, is a little boy-slash-secret messenger solicited with the major assignment of safeguarding the next Galaxy model until its big release scheduled for March 14 in New York City. And that’s basically the entire storyline. To elaborate for those who haven’t watched the 80-second video, Jeremy rides a limo to a posh office where he mee

TechnologyMarch 5, 2013

SPC withdraws bread price hikes

SPC, which runs the nation’s largest bakery franchise Paris Baguette and makes Shany and Samlip brand bread, on Tuesday retracted its price hikes for 66 Samlip products amid the government’s high vigilance on processed food prices. Having raised the prices of products such as chocolate roll cakes and chestnut manju supplied to supermarket chains by 100 won or 200 won ($.09, $.18) on Feb. 21, SPC decided to take it back less than two weeks later upon negative news coverage. “We concluded that thi

IndustryMarch 5, 2013

15% of listed firms fail to service debts

Korean listed companies’ ability to pay back their debt has deteriorated due to their worsening profitability amid slowing economic conditions.Based on a 2012 assessment of firms listed on the stock market, Woori Finance Research Institute said Tuesday that 15 percent, or 180 out of 1,200 firms, were found to earn less than the amount they have to pay in debt interest.The 180 firms posted an average interest coverage ratio ― a firm’s operating profit divided by its interest costs ― of less than

March 5, 2013

LG Electronics looks to foster socially responsible union

For Korean trade union members, spring is a tough season as they traditionally undergo collective bargaining with company management over annual wages and other working conditions. The collective bargaining period often turned sour and violent in the past decades. Winds of change arrived in the nation’s industrial relations in the early 2000s when labor relations evolved into cooperative or value-creating ones, following the confrontational period in the 1980s and 1990s. “LG Electronics started

March 5, 2013

LG Electronics looks to foster socially responsible union

Demand still high for bilingual professionals

Despite Korea’s overall stagnant job recruitment, the nation’s demand for bilingual global professionals at senior levels was high last year, a survey showed.The Korean branch of Robert Walters, a recruitment consultancy specializing in the placement of bilingual professionals, recently presented its annual salary survey report, displaying general hiring and salary trends as well as the business outlook for this year.“Firms largely remained conservative over business expansion or recruitment las

March 5, 2013

Demand still high for bilingual professionals

BAT Korea supports social sharing with Korean community

Companies’ social contributions are important in helping society stay healthy. Among different corporate management philosophies that abound in Korean society, British American Tobacco Korea has held on steadfastly to social responsibility.The company has over 1,000 employees and operates a manufacturing facility in Sacheon, South Gyeongsang Province.“Some people believe tobacco and social responsibility do not mix,” a BAT Korea spokesperson said. “Tobacco can involve risks, but those risks are

BusinessMarch 5, 2013

BAT Korea supports social sharing with Korean community

30 percent of child ADHD have it as adults

Nearly 30 percent of those with childhood attention-deficit hyperactivity disorder still have the condition as adults, U.S. researchers say. Dr. William J. Barbaresi of the Boston Children‘s Hospital, Harvard Medical School; and colleagues at the Mayo Clinic, Texas Children’s Hospital and Baylor College of Medicine tracked hundreds of children with ADHD into adulthood and reported the majority had mental health problems such as alcohol or drug dependence, anxiety, depression, or a personality di

TechnologyMarch 5, 2013

30 percent of child ADHD have it as adults