The Korea Herald

Hotels under antitrust probe

The Fair Trade Commission has launched an investigation into the country’s seven top-rated hotels in Seoul on suspicion of colluding to rig the prices of their wedding packages and rooms, according to industry sources and reports Thursday.The seven hotels are Lotte Hotel Seoul, Lotte Hotel World, The Shilla Seoul, The Westin Chosun Seoul, Sheraton Grande Walkerhill, W Seoul-Walkerhill and The Plaza Hotel Seoul.“FTC investigators requested yesterday documents related to our wedding business,” an

IndustryMarch 8, 2012

BOK holds rate steady at 3.25% for ninth month

Rising oil prices feared to add to inflationary pressureThe Bank of Korea held the benchmark rate unchanged at 3.25 percent, extending the stand-pat streak to a ninth month, as its policy-decision panel sees no other enticing option. Korea’s consumer prices rose 3.1 percent on-year in February, within the target band of the central bank, but went up 0.4 percent from the previous month amid growing concerns that inflationary pressure is already building up. The central bank’s policymakers seemed

March 8, 2012

BOK holds rate steady at 3.25% for ninth month

Seoul shares gain 0.94% on eased Greece woes

South Korean stocks gained 0.94 percent Thursday, as investor sentiment was boosted by news from Greece that the debt-laden country is close to making the debt swap deal with private creditors to avert a default, analysts said. The local currency rose against the U.S. dollar. The benchmark KOSPI advanced 18.61 points to close at 2,000.76, snapping its three-day losing streak. Trading volume was moderate at 449.6 million shares worth 6.24 trillion won ($5.57 billion) with gainers outstripping los

March 8, 2012

Watchdog approves Google-Motorola merger

Korea’s antitrust watchdog said Thursday that it has approved Google Inc.’s move to purchase Motorola Mobility “with no stings attached,” saying that it would not restrain competition in related industries.“Based on our reviews of opinions from stakeholders and global coordination (with foreign antitrust watchdogs), we have concluded that the deal would not limit market competition in related industries,” the Fair Trade Commission said in a press release.Google announced in August last year it w

March 8, 2012

Korea’s trade minister rules out scrapping KORUS FTA

South Korea’s top trade official on Thursday said it would be impossible to scrap a free trade pact with the U.S., stressing that the accord will help South Korea’s economic growth.The trade pact signed in 2007 is set to go into effect on March 15. South Korea’s parliament approved the free trade pact in November last year despite vehement protests from opposition lawmakers. The deal was approved by the U.S. Congress in October.The scheduled implementation of the free trade pact will come amid g

March 8, 2012

Korea’s trade minister rules out scrapping KORUS FTA

Gasoline tops W2,000 per liter

‘Government reviewing sites for 8 more discount gas stations’The average gasoline price in Seoul’s 25 districts rose above 2,000 won per liter, according to the Korea National Oil Corporation Thursday.The average price of gasoline in Gangbuk-gu gas stations hit 2,000 won per liter as of Wednesday 5 p.m., joining other districts.Average gasoline prices in 19 Seoul districts went over 2,000 won per liter in early February. Gwangjin-gu (2,008 won), Dobong-gu (2,023 won), Dongdaemun-gu (2,019 won),

IndustryMarch 8, 2012

Korean builders become top foreign players in Saudi Arabia

Korean companies clinched the largest amount of orders among foreign builders operating in Saudi Arabia last year on the back of their strong competitiveness, a local contractors association said Thursday.The International Contractors Association of Korea said companies such as Samsung C&T Corp. secured $16.6 billion worth of orders in 2011, or 23 percent of all building contracts signed.Total building contracts in the oil-rich Middle Eastern country hit $72 billion.“Excluding Saudi builders tha

March 8, 2012

Premium chocolate on sale for White Day

See’s Candies Korea, a local unit of the San Francisco-based candy manufacturer, said it has launched a special offline promotion of its well-known chocolate brands to mark forthcoming White Day in the local market. See’s Candies is best known as one of the early investments bought by Warren Buffett and his Berkshire Hathaway Corp. in the early 1970s. The Korean affiliate said its chocolate and candies including Lollypops would be available at major department stores in Seoul at a special discou

IndustryMarch 8, 2012

Hyundai Heavy reaches milestone

Hyundai Heavy Industries Co., Korea’s leading shipbuilder, said Thursday that the accumulated gross tonnage of ships it delivered surpassed the milestone 100 million mark, making it the first shipyard in the world to do so.The feat was achieved only 40 years after Hyundai Heavy entered the shipbuilding business in 1972, it said.Hyundai Heavy recorded 10 million gross tonnage of ships in terms of volume in 1986 and 50 million gross tonnage in 2002.So far, Hyundai Heavy has delivered a total of 1,

IndustryMarch 8, 2012

Korean bakeries look to expand into overseas markets

Paris Baguette shows strong progress in China; Tous les Jours seeks success in Southeast AsiaLocal bakery chain rivals Paris Baguette and Tous les Jours are seeking to expand their international reach with their successful entry into overseas markets. Now they may avoid intense cross-street competition in Korea as they build up their global business in different regions. Paris Baguette, owned by food conglomerate SPC Group, is a big name in China where the company operates 74 stores, the first o

IndustryMarch 8, 2012

Korean bakeries look to expand into overseas markets

A remedy for so much ― walking

I remember that Dr. Kim Kwang-won of the Diabetes Center of Samsung Seoul Hospital, where I currently work, said at a health lecture, “I could count on my finger tips the best treatment method for diabetes after studying diabetes for life. That’s exercise.”At the time, I slapped my knee in glee to get advice from an outstanding master of diabetes.This spring, I plan to recommend to nearly all I meet at my outpatient clinic that they walk 30 minutes a day. This is because I finally realized that

TechnologyMarch 8, 2012

Doctors question effect of Google glasses on eyes

Have you ever imagined people walking along the street, digitally scanning and analyzing the information of their surroundings on the spot? This may become a reality as Google is expected to start selling eyeglasses that project information, entertainment and advertisements onto the lenses. According to the New York Times, the glasses are not designed to be worn constantly ― although Google engineers expect some users will wear them a lot ― but will be more like smartphones, used when needed, wi

TechnologyMarch 8, 2012

How music therapy can reduce stress, ease pain

Expert suggests use of complementary alternative medicine in highly individualized wayDALLAS ― Judith Ritchie unlocked her office at the Sammons Cancer Center and carefully gathered the instruments that she determined would best serve her patients in the oncology unit.An American Indian flute. A plucked psaltery or lap harp.Ritchie, a certified music practitioner on the staff of Baylor University Medical Center at Dallas, fills doctors’ prescriptions to bring pain relief to patients with cancer.

TechnologyMarch 8, 2012

How music therapy can reduce stress, ease pain

Banks face heavy sanctions for irregular lending

FSS chief says it is time for households to cut spendingThe nation’s top financial regulator has vowed stern punitive action against banks engaged in irregular lending practices.Since he took office as chief of the Financial Supervisory Service on March 27, 2011, Gov. Kwon Hyouk-se has taken the initiative in conducting intensive inquiries into major banks for alleged business irregularities.The regulator’s full-fledged probe has been focused on the allegation that banks urged many individual an

March 8, 2012

Banks face heavy sanctions for irregular lending

FSS chief says social responsibility required of foreign financial firms

The nation’s chief financial regulator said the foreign investment community needed to have a deeper engagement with charities and causes for their own business interests.“Corporate social responsibility has been a global response exiting the crisis,” Financial Supervisory Service Gov. Kwon Hyouk-se said in a recent interview with The Korea Herald.The FSS expects foreign financial institutions to contribute to the community as much as it expects from local companies, he said.He plans to comment

March 8, 2012

FSS chief says social responsibility required of foreign financial firms

Banks face heavy sanctions for irregular lending

Chief regulator says it is time for households to cut spendingThe nation’s top financial regulator has vowed stern punitive action against banks engaged in irregular lending practices.Since he took office as chief of the Financial Supervisory Service on March 27, 2011, Gov. Kwon Hyouk-se has taken t

March 8, 2012

FSS chief says social responsibility required of foreign financial firms

The nation’s chief financial regulator said that foreign investment community needs to have a deeper engagement with charities and causes for their own business interests.“Corporate social responsibility has been a global response exiting the crisis,” Financial Supervisory Service Gov. Kwon Hyouk-se

March 8, 2012

Antimatter atom measured for the first time

Scientists have succeeded in measuring an atom made of antimatter for the first time ever, marking a giant step toward finding out how universe is formed, livescience.com reported Wednesday.According to scientists all particles of matter have antimatter partners with equal mass and opposite charge. When the two parts meet, they destroy each other and become pure energy.However, measuring antimatter had been impossible since universe is made of matter. It is thought that the universe contained eq

TechnologyMarch 8, 2012

Police say customer info of two major mobile carriers leaked

Police said Thursday that they have booked five workers of a company subcontracted by the country's two major mobile carriers for their suspected leaks of customers' personal and real-time location information in return for financial profits. The Seoul Metropolitan Police Agency said the workers, in

TechnologyMarch 8, 2012

Seoul begins review for third space rocket launch

A panel of experts will start reviewing launch plans for the country’s first space rocket this week, which could help set a specific blastoff date, the government said Thursday.A review committee will hold its first meeting Friday after the Ministry of Education, Science and Technology filed its request for a launch late last month.The ministry said earlier that the launch, which will be the third of its kind, will likely take place before October. The first two launches of South Korea’s first l

TechnologyMarch 8, 2012