The Korea Herald

Apple chief vows innovation in TV and more

Apple chief Tim Cook on Tuesday vowed that creativity would remain in the company's "DNA" and hinted that products on the horizon could come in the area of television.Cook was the star opening guest at a prestigious All Things Digital conference hosted by the Rupert Murdoch-owned technology news website at a resort in the Southern California town of Palos Verdes."We're going to introduce some grea

TechnologyMay 30, 2012

Woman fails to get compensation for lost teeth

A mother has been left toothless after a dental implant went terribly wrong.Gariela Andrews, 48, says that she cannot get compensation for the failed surgery as the private dentist who was in charge of the procedure has moved to another country, complicating matters.“I have been left looking like a monster,” she told the Daily Mail. “My confidence has been affected, my speech has been affected, I can’t eat solid food and nobody does you justice.”The General Dental Council has suspended the licen

TechnologyMay 30, 2012

Occupy stone street? Study shows Inequality dates back to stone age

Scientists found that hereditary inequality began over 7,000 years ago by looking at human skeletons buried during the early Neolithic era, Science Daily and BBC reported Monday.The study, conducted by archaeologists from universities of Bristol, Oxford and Cardiff found that ancient people that were buried with tools had better access to preferred farmlands than those without. Researchers used strontium isotope analysis that lets them know the skeletons’ place of origin. Since the people with t

TechnologyMay 30, 2012

Occupy stone street? Study shows Inequality dates back to stone age

Korea's current account shrinks to $1.78 billion in April

South Korea's current account surplus shrank in April from the previous month mainly due to a drop in exports, the central bank said Wednesday.The current account surplus reached US$1.78 billion last month, down from $2.97 billion in March, according to the Bank of Korea (BOK). The figure is larger than the $1.28 billion surplus tallied a year earlier and marks the third month in a row that the cu

May 30, 2012

New R&D center to study smart IT convergence

A new research and development center will open on Wednesday devoted to the convergence of information technology with biology, nano-science and other cutting edge fields.The Center for Integrated Smart Sensors in Daejeon is supported by the Ministry of Education, Science and Technology. Under the ministry’s “Global Frontier” project aimed at securing world-leading original technologies by 2020, seven R&D centers have been set up since 2010.The new lab will develop nano-scale devices, sensor sys

TechnologyMay 29, 2012

State regulations hamper innovation: Wikipedia founder

The government should “keep out of the way” if it wants more people to come out with innovative ideas and start new businesses, Wikipedia co-founder Jimmy Wales said Tuesday.“The most important thing in the government’s policy about start-ups is how to get the government out of the way,” said the pioneer of the free encyclopedia.Wales was invited to give a special speech to the young Korean entrepreneurs at the 2012 Venture-Startup Festival held at Seoul National University.Wales claimed that in

TechnologyMay 29, 2012

State regulations hamper innovation: Wikipedia founder

KT&G adds low-tar BOHEM to lineup

Tobacco manufacturer and distributor KT&G announced on Tuesday that it has added a new low-tar product, Bohem Cigar Mojito 1mg, to its Bohem Cigar Mojito line that is popular among young smokers. Bohem Cigar Mojito 1mg, which will go on sale on June 1, contains 1mg of tar and 0.1 mg of nicotine, and is priced at 2,500 won ($2.10) per pack. The new product aims to attract fans of the mojito-flavored cigarettes who had been discouraged by Cigar Mojito’s heavy concentration of tar which is as high

May 29, 2012

Korea, China to discuss IT partnership

The Korean government will hold an information technology forum on Wednesday in China to seek cooperation in the surging global IT market, the nation’s state-run trade agency said Tuesday. The Korea-China IT Global Initiative, organized by the Ministry of Knowledge Economy along with the Korea Trade Investment Promotion Agency, will be held at the Suzhou Industrial Park, China’s largest IT cluster in Jianasu province. During the morning session, CCID Consulting, China’s leading IT consulting fir

IndustryMay 29, 2012

Korea to use radio waves for breast cancer detection

The Korea Communications Commission said Tuesday that the country will be able to use radio waves instead of radioactive rays to examine breast cancer by 2017.The government agency said its affiliate Electronics and Telecommunications Research Institute has put in a total of 3.8 billion won ($3.23 million) since last year and completed elementary research on the use of radio waves for breast cancer check-ups.The new technology enables doctors to detect a lump in the breast that is about 5 millim

IndustryMay 29, 2012

Visitors left fuming after Expo scraps booking system

Long wait times frustrated visitors at the Yeosu Expo after the organizing committee hastily scrapped the exhibit booking system due to complaints.Visitors had to wait for up to seven hours to see the aquarium on Monday, with lines extending as long as three kilometers.Until Sunday noon, eight exhibition halls, including the aquarium, the Korea Pavilion and the Theme Pavilion, required reservations made through the Internet or kiosks at the expo site. The system was aimed at reducing wait times.

May 29, 2012

POSCO completes first steel processing plant in India

POSCO announced Tuesday that it has completed its first steel manufacturing plant in India, further strengthening its manufacturing capability in overseas markets. The steelmaker said that its three global steel production mills in Mexico, China and now India will pave the way for POSCO to make inroads into the fast-growing emerging markets. The new plant, located within the Vile Bhagad Industrial Complex in Maharashtra Province, west India, will produce 450,000 tons of hot galvanized steel pla

IndustryMay 29, 2012

POSCO completes first steel processing plant in India

Mobile game firms fined for refusing refunds

The nation’s antitrust watchdog said Tuesday that it had imposed punitive measures, including corrective orders and a combined 64 million won ($54,000) in fines, on 16 mobile game makers for their policies refusing refunds. According to the Fair Trade Commission, companies have deliberately hidden from users their legal right to have unused cyber cash returned if the request is made within seven days of a purchase. The game makers, including market leaders Nexen and NHN, however, stressed a no r

IndustryMay 29, 2012

Galaxy S3 launched in 28 countries

Samsung Electronics said Tuesday that it launched its new flagship smartphone Galaxy S3 in 28 countries at once, showing greater confidence as the world’s top smartphone maker.The company said it plans to roll out the new 4.8-inch gadget running on third-generation network technology in the U.K., France, the United Arab Emirates and Saudi Arabia, as well as countries in Europe and the Middle East. But it also said it will take as long as three weeks to supply the new pebble blue Galaxy S3 in som

IndustryMay 29, 2012

Citibank teaches teens how best to use their money

‘Think Money’ program provided to over 270,000 students, parents and multicultural familiesBased on its expertise as a global financial company, Citibank Korea has offered a financial education program for teenagers in partnership with the Young Women’s Christian Association of Korea since 2006 with 2.56 billion won grant by Citi Foundation.The program titled “Think Money” was launched out of an acute need for real-world financial education as teenagers’ financial knowledge and understanding bec

May 29, 2012

Citibank teaches teens how best to use their money

Shares rise 1.41% on big-cap gains

South Korean stocks rose 1.41 percent Tuesday as big-cap gains more than offset persistent fiscal uncertainties in eurozone economies, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index surged 25.74 points to 1,849.91, the third consecutive session of gains.Trading volume was light at just 319 million shares worth 3.69 trillion won ($3.13 billion), with gainers outpacing losers 520 to 310.“The market got a big boost from a rise in big-c

May 29, 2012

Korean firms expect worse conditions in H2: poll

Nearly six out of 10 South Korean companies expect overall economic conditions to deteriorate in the second half of this year mainly due to mounting eurozone woes and a slowdown in the Chinese economy, a poll showed Tuesday.The survey on 500 local companies by the Korea Chamber of Commerce and Industry showed 59 percent of all respondents predicting worsening conditions ahead, with 96 percent claiming economic conditions are already bad.The report by the country’s largest private economic organi

May 29, 2012

KDB to invest W4tr in startups, small firms

Korea Development Bank announced Monday plans to invest 4 trillion won ($3.4 billion) in young people looking to start their own businesses, venture businesses and small and middle-cap companies. KDB is willing to see a 10 percent loss in profits for the plans that will contribute to society, said the bank. “The international trend in terms of management goals is shifting from profit-seeking to customer-seeking. We aim to secure future sources of profit by investing in startups, venture and smal

May 29, 2012

Financial authorities brace for Lone Star’s international suit

U.S. fund thought to be eyeing suit focused on failed deal with HSBCSouth Korean financial authorities are closely watching the moves of Lone Star as the U.S.-based buyout fund seems to be preparing for an international law suit against them. Financial authorities said on Monday that Lone Star handed in a document to the Korean Embassy in Belgium on the previous Tuesday requesting consultations with the Korean government on the issue of alleged damages to its investors. According to the Financia

May 29, 2012

Hyundai Group seeks to expand financial business

Hyundai Group chairwoman Hyun Jeong-eun has been striving to find new growth engines for the conglomerate amid the stalled inter-Korean business led by its tourism unit Hyundai Asan.Following its takeover of Banyan Tree Club & Spa Seoul, a six-star luxury resort in Seoul, early this year, Hyundai Group ― in particular ― is seeking to expand its financial business, based upon its brokerage unit.According to financial industry sources, Hyundai Securities, which acquired the debt-saddled Daeyeong S

IndustryMay 29, 2012

Hyundai Group seeks to expand financial business

Korea an inspiration for cosmetic brands: Benefit CEO

Rougeot says Korea is a global test bed, trendsetter for beauty productsCosmetic sales are rarely affected by economic downswings. Sometimes they even surge during times of slugglish economic activity as consumers are more inclined to buy less costly luxury goods instead of houses, cars or fur coats.“They call it the ‘lipstick effect’ as lipstick sales tend to remain constant through economic slumps,” Jean-Andre Rougeot, chief executive of Benefit Cosmetics, told The Korea Herald during a visit

IndustryMay 29, 2012

Korea an inspiration for cosmetic brands: Benefit CEO