Hanwha pushes for Iraq’s housing project in earnest

Builder receives upfront payment of $775 million for $8b project near BaghdadHanwha Engineering and Construction Co. said it received $775 million (about 870 billion won) from Iraq’s National Investment Commission in the upfront payment for the $8 billion housing project near Baghdad.Company officials said it took the advance payment, about 10 percent of the total contract amount through the Iraqi central bank on Sept. 13.The payment dispelled some concerns about a possible delay in the massive

IndustrySept. 16, 2012

Global academics to discuss social housing in Seoul

LH Corp. chief says housing welfare is a basic condition for a happy societyAn international conference on housing welfare ― which is expected to become a key welfare policy for Korea’s next administration ― will be held in Seoul on Monday, with global academics in attendance. The event comes as the Korea Land and Housing Corporation, the state-run land and housing developer, celebrates the third anniversary of its renaming this year, together with its affiliated Land and Housing Institute. A to

IndustrySept. 16, 2012

When you eat may make all the difference

JERUSALEM, Sept. 15 (UPI) -- When you eat, not what you eat may make all the difference for those who want to watch their weight, researchers in Israel say. Professor Oren Froy, Professor Zecharia Madar, research student Yoni Genzer and research fellow Dr. Hadas Sherman with the Institute of Biochemistry, Food Science and Nutrition at the Hebrew University of Jerusalem showed a carefully scheduled high-fat diet can lead to a reduction in body weight. For 18 weeks, the researchers fed a group of

TechnologySept. 16, 2012

Mars rover finds strange spheres on ground

Small spherical objects fill the field in this mosaic combining four images from the Microscopic Imager on NASA`s Mars Exploration Rover Opportunity. The view covers an area about 6 centimeters across, at an outcrop called "Kirkwood" in the Cape York segment of the western rim of Endeavour Crater. (NASA/JPL-Caltech/Cornell Univ./ USGS/Modesto Junior College)NASA says researchers are struggling to

TechnologySept. 16, 2012

Breastfeeding mother appears on a magazine’s cover photo again

A mother in her 20s who had previously decorated the cover of Time magazine breastfeeding her 3-year-old son has appeared on another magazine’s cover.Jamie Lynne Grumet, 26, a stay-at-home mom in Los Angeles and her son had been the cover photo of Time magazine for a story on “attachment parenting,” in May and reactions ranged from applause to cringing to shrugs.On Twitter, at that time, the cover

TechnologySept. 15, 2012

‘League of Legends’ dominates Korean game market

Real-time online strategy genre gaining popularity, outsmarting online RPG titles“League of Legends,” a real-time online strategy game, is the undisputed frontrunner in the fiercely competitive game industry in South Korea, with role-playing titles such as “Blade & Soul” and “Diablo 3” following right behind in the rankings. According to the chart for the second week of September released by Inven, a local website which offers weekly game rankings, League of Legends held on to the No. 1 slot for

TechnologySept. 14, 2012

In search of a jackpot in a fantasy world

“Diablo 3,” an action role-playing game by Blizzard Entertainment, is viciously addictive in a peculiar way. When I purchased the much-hyped package priced at 55,000 won ($48) about two months ago, I was vaguely aware that stepping into the dark fantasy world of the Diablo franchise would require some energy and time. It turned out that what is needed is actually a diabolical amount of patience and persistence, as well as sheer luck to stay alive in the virtual hack-and-slash world of “Diablo 3.

TechnologySept. 14, 2012

GS Caltex sets up Chinese unit

GS Caltex Co., South Korea’s second-largest refiner, said Thursday it has set up a wholly owned subsidiary in China in an effort to build its presence in the world’s No. 2 economy. GS Caltex China, based in Beijing, is in charge of areas including lubricants, petroleum and petrochemicals, the refiner said in a press release. The refiner first opened a regional Beijing office in 2007 before recently making it a wholly owned subsidiary, and also opened an office in Shanghai in June this year. GS C

Sept. 14, 2012

Darby seeks to tap NPS, Eximbank for Colombian infrastructure investment

Darby Overseas Investments is seeking to tap the National Pension Service, Korea’s pension fund, and the Export-Import Bank of Korea as its potential institutional investors for infrastructure in Colombia.The U.S. private equity is considering setting up its largest fund yet to invest in “segments” of Colombia’s $20 billion road project, which will be announced next week, Darby CEO Richard Frank told The Korea Herald.Darby has normally managed funds sized at around $300 million, and invests in i

Sept. 14, 2012

Korea urges more investment from U.S.

Korea-U.S. Business Council appoints Qualcomm CEO  Jacobs as chairmanThe Korean government expressed hopes on Friday for more investment from U.S. businesspeople, stressing that Seoul would grow as a gateway to many Asian countries.Korea’s Vice Finance Minister Shin Je-yoon made the request when he spoke before a meeting of Korean and U.S. business leaders in Seoul.  “South Korea is not just geopolitically located near China and other Asian countries. In addition, it has signed a free trade agre

Sept. 14, 2012

iPhone 5 carries Korean components

LG Display to see most benefit as iPhone parts supplier, analysts sayApple’s iPhone 5 may have failed to meet high expectations worldwide as it failed to boast any particularly surprising innovative features.Analysts are nonetheless coming out with rosy sales forecasts for Apple as the U.S. tech giant still has strongly loyal fans. Based on this, Korean components makers, especially LG Display, are also being highlighted as those that will benefit from supplying their parts for the smartphone.LG

TechnologySept. 14, 2012

Gaming not just for kids

Adults make up large number of online multiplayer gamersComputer games were often considered strictly for kids. An adult staring mindlessly at a PC screen, slashing monsters and upgrading character levels would be looked down upon, if not ridiculed as a man-child. But as game-loving children turn into adolescents and then adults in their 20s, 30s and 40s, gaming transforms into a mainstream pastime, especially in South Korea where high-speed Internet connections are plentiful and a slew of cash-

TechnologySept. 14, 2012

Gaming no longer child’s play

Computer games were often considered strictly for kids. An adult staring mindlessly at a PC screen, slashing monsters and upgrading character levels would be looked down upon, if not ridiculed as a man-child. But as game-loving children turn into adolescents and then adults in their 20s, 30s and 40s, gaming transforms into a mainstream pastime, especially in South Korea where high-speed Internet connections are plentiful and a slew of cash-rich game developers continue to produce one hit title a

TechnologySept. 14, 2012