Most Popular
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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Seoul snowfall now third heaviest on record
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Samsung shakes up management, commits to reviving chip business
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Seoul's first snowfall could hit hard, warns weather agency
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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BOK makes surprise rate cut to lift growth
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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
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Kori-1 nuclear power plant waiting for final approval to resume operation
Experts say putting the nation’s first nuclear plant back into action will relieve power shortageControversy is growing again over resuming the operation of the nation’s oldest nuclear power plant Kori-1, which was shut down on March 13 following an abrupt power cut early this year. The Kori-1 plant, which began operation in 1978 in the northern part of Busan, had completed its scheduled life span in 2007. But it was granted a 10-year extension in 2008 after an inspection by the International At
IndustryJuly 2, 2012
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Early full-term babies may face later school woes
Even for infants born full-term, a little more time in the womb may matter.The extra time results in more brain development, and a study suggests perhaps better scores on academic tests, too.Full-term is generally between 37 weeks and 41 weeks; newborns born before 37 weeks are called premature and are known to face increased chances for health and developmental problems.The children in the study
TechnologyJuly 2, 2012
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Seoul shares down 0.13 pct on downbeat data
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 (KOSPI) fell 2.36 points to close at 1,851.65, stemming a two-session winning streak. Tra
July 2, 2012
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Apple settles Chinese iPad trademark fight: court
U.S. technology giant Apple has paid a Chinese firm $60 million to settle a long-running dispute over the iPad trademark in China, a court said Monday.The government body overseeing trademarks has been asked to immediately recognise Apple's rights to the iPad name, the High Court of the southern province of Guangdong said on its website.Apple last week paid $60 million to settle the dispute, accor
IndustryJuly 2, 2012
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Mayan inscription predicts end of the world to be Dec. 21, 2012
News reports said archaeologists found a Mayan inscription in Guatemala predicting the end of the world to be Dec. 21, 2012.It is the second discovery of a Mayan tablet predicting the apocalypse on that date.Mayan prophecies about the end of time have sparked internet speculation about how it could happen -- from a giant asteroid strike to a black hole swallowing the planet.The 1,300-year-old inscription is said to be the most significant find of its kind in decades. However, excavation chief Ma
TechnologyJuly 2, 2012
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Philippines crocodile, gets World Record as largest in captivity
(AP-Yonhap News)Guinness World Records has declared that a huge crocodile blamed for deadly attacks in the southern Philippines is the largest in captivity in the world. The giant reptile has brought pride, fear, tourism revenues and attention to the remote town where it was captured.The saltwater crocodile named Lolong, which was captured last September in Bunawan town in Agusan del Sur province
TechnologyJuly 2, 2012
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Top 10 conglomerates' earnings seen to have slipped in H1
Most of South Korea's 10 largest conglomerates are estimated to have suffered a drop in their earnings in the first half of the year from a year earlier amid economic woes and declining demand in advanced economies, data showed Monday.With the exception of Samsung and Hyundai Motor Group, eight of the top 10 conglomerates saw their first-half business results worsen, according to data from financi
July 2, 2012
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Seoul shares open higher following EU summit
South Korean stocks began higher on Monday as a set of measures reached at a recent European Union (EU) summit relieved investors' worries, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.32 percent, or 6.02 points, to 1,860.03 in the first 15 minutes of trading.On Friday, EU leaders agreed on several short-term steps to bolster their monetary union and save debt-ri
July 2, 2012
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Chaebol ownership strengthened this year: FTC
Chaebol owners’ control of management has been strengthened with an increase in conglomerate shareholdings, a government report said.The Fair Trade Commission said Sunday that the nation’s top conglomerates were still slow to reform ownership and had adopted intra-group shareholdings more actively this year. The FTC, which surveyed the nation’s 63 large companies, found that 43 conglomerate owners, especially, have expanded control through the so-called “circular shareholding” structure.Circular
IndustryJuly 1, 2012
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SKT launches multicarrier service
SK Telecom, Korea’s biggest mobile carrier, said Sunday that it has officially launched its new multicarrier service as of midnight, July 1.This marks the first time for a telecom company anywhere to offer such a service, which uses two frequencies of 800 MHz and 1.8 GHz for Long Term Evolution smartphones.It allows 4G consumers to experience less mobile traffic in locations such as Gangnam in southern Seoul where people using mobile devices are densely populated.The telecom giant launched a tes
TechnologyJuly 1, 2012
