The Korea Herald

Hyundai Heavy to build surgery robots

Hyundai Heavy Industries Co. on Friday opened a laboratory dedicated to building surgery robots within the Asan Institute for Life Sciences, the company said. The center, run by medical professors at the Asan Medical Center, will focus on localizing high-tech robotic equipments used for surgeries on joints and ligaments. “We’re working to build an upgrade of a robotic surgical system for artificial joint operations that allows a more elaborate procedure in a shorter period of time,” an official

IndustryFeb. 19, 2012

Shares may trade in tight range this week

Korean shares are expected to trade in a tight range this week while trying to stay above the 2,000 point mark, depending on how the eurozone debt crisis unfolds, analysts said Saturday. The benchmark Korea Composite Stock Price Index wrapped up this week at 2,023.47, up 1.5 percent from a week earlier.The KOSPI had a brisk start to the week as the Greek government’s approval of an austerity bill helped quell investor jitters over a possible Greek default. Hopes for a bailout for debt-ridden Gre

Feb. 19, 2012

Bahk says strong stocks reason for optimism

Prices in global stock markets, including in Korea, appear to have moved ahead of the real economy, said Bahk Jae-wan, Korea’s finance minister.“We see some gap as financial markets have recently shown some strength, if not a rally, while the global economy is slowing due to uncertainties concerning Europe,” Bahk told reporters in Seoul today. “The recent gains may reflect investor expectations of improvement in the global economy and European debt crisis in the coming months, and may be due to

Feb. 19, 2012

IBK’s Q4 net income reaches 37 billion won

Korea’s state-run Industrial Bank of Korea said that its fourth-quarter earnings fell 73 percent from one year ago due largely to an increase in loan-loss provisions. Net income reached 37 billion won ($33 million) in the October-December period, compared with the revised 136 billion won a year earlier, it said in a regulatory filing. Revenue edged down 1 percent on-year to 3.78 trillion won, while operating profit plunged 81 percent to 32 billion won in the cited period. The bank said the worse

Feb. 19, 2012

Financial groups’ 2012 earnings outlook remains rosy: analysts

Korean financial services groups are widely expected to post robust earnings this year, but net profits will depend on the size of interest income and loan-loss reserves, analysts said Saturday.Top banking group KB Financial Group and its three local rivals posted a record combined net profit of 8.86 trillion won ($7.86 billion) last year, mainly due to an increase in interest income and a one-off gain from a stake sale of Hyundai Engineering & Construction Co., according to FnGuide, a financial

Feb. 19, 2012

Korean corporate failures fall in January

The number of South Korean corporate bankruptcies fell in January from the previous month as financial institutions increased lending to small firms ahead of a major holiday, the central bank said Sunday. The number of companies that went belly-up reached 103 in January, down from 128 in December, the Bank of Korea said.The figure was the lowest since 97 corporate bankruptcies in September of last year. “Before the lunar New Year holidays, financial institutions extend more loans to small and me

Feb. 19, 2012

Banks to increase household loans by 5.4 percent this year

Lenders to reduce home-backed loans, putting more pressure on borrowersKorean banks plan to expand their lending but cut down on home-backed loans this year, putting more pressure on debt-laden households. In the 2012 management reports filed to the Financial Supervisory Service, the country’s banks said they would extend their loans to households by 5.4 percent or 25 trillion won ($22.1 billion) from last year, an increase that is within the regulator’s guidelines. The self-imposed restriction

Feb. 19, 2012

Foreign firms flock back to Busan

Biennial car show expected to be largest ever with participation of 18 automakersThe Busan International Motor Show 2012 is likely to be the largest scale ever, with new offerings from 18 automakers including 13 import brands.The previous Busan Motor Show, which was held in 2010, attracted only two import brands.Two years ago foreign carmakers downplayed the benefits of participation, but this year’s event could be a great chance for the 13 import brands as they are set to unveil a number of ne

MobilityFeb. 19, 2012

SKT now offering roaming service onboard cruise ships

SK Telecom, the nation’s largest telecom carrier, said Sunday that it will start mobile roaming services onboard cruise ships around the world from Monday. SKT has teamed up with Wireless Maritime Services, a leading provider of onboard communication systems, to offer voice calling, text messaging and data service on 126 cruise liners of 25 companies.The company said that the new service will be helpful even if there is a shipwreck as it is based on satellite communications allowing travelers to

TechnologyFeb. 19, 2012

SKT now offering roaming service onboard cruise ships

Study: Goats can develop 'accents'

MCTGoats, like people, can develop accents based on their surroundings, a British university study indicates.Until now, experts assumed most species' "voices" were dictated exclusively by genetics and not their surroundings. Exceptions were thought to be limited to humans, elephants, dolphins whales

TechnologyFeb. 19, 2012

It take almost an hour to work off soda

Most U.S. teens don't know how long it takes to work off calories in a soda, but once they know, they drink more water instead, researchers said.Researcher Sara Bleach of The Johns Hopkins Bloomberg School of Public Health in Baltimore and colleagues had posters put in convenience stores, notifying

TechnologyFeb. 19, 2012

Asian budget carriers set for price war

Peach Aviation, AirAsia Japan, Jetstar Japan and Spring Airlines tapping Korean marketCompetition between Asia’s low-cost airlines is poised to heat up this year as carriers from Japan and China are lining up to launch new routes to Seoul, seeking to gain an upper hand in one of the world’s fastest growing aviation markets. That will bring fresh challenges to Korea’s two full-service airlines, which are already being pummeled by volatile fuel prices, lower cargo demand and a weaker local curren

IndustryFeb. 17, 2012

Hana, KEB union strike deal

Hana assures KEB independent management, job security for 5 yearsHana Financial Group and the hard-line labor union of the Korea Exchange Bank on Friday reached an 11th-hour compromise on how to manage KEB, taken over by Hana.With the agreement, the KEB union leaders withdrew its plan to go into a general strike against Hana’s merger of their bank. Under the agreement, the KEB brand will be maintained for five years ― separate from the group’s flagship Hana Bank ― as a new unit of Hana Financial

Feb. 17, 2012

‘Korea to post trade surplus in February’

Knowledge Economy Minister Hong Suk-woo said Thursday that Korea’s trade balance would swing back into the black this month as exports pick up, driving a turnaround from January’s painful deficit. “We’ll post a surplus this month, albeit small, despite tough economic conditions,” he told reporters at a dinner meeting, without providing numbers. Hong’s forecast backs the remarks made early this month by Han Jin-hyun, deputy minister for trade and investment policy that he anticipates slight expor

Feb. 17, 2012

LG Electronics chief urges juniors to speak up

LG Electronics chief executive Koo Bon-joon stressed the importance of communication, encouraging junior employees to speak up to management to improve performance, its officials said Friday.In a meeting with a group of junior workers called the “Junior Board,” the vice chairman asked them to play the role of delivering the thoughts of LG Electronics’ junior workers, according to LG officials.“The management will then collect the voices of the employees and reflect them when making their decisio

IndustryFeb. 17, 2012

LG Electronics chief urges juniors to speak up

Samsung Electronics share price hits record high

Share price of Samsung Electronics Co. hit its highest point ever of 1.18 million won per share during trading Friday on strong foreign buying as its Japanese rival Elpida Memory Inc. teeters on the brink of collapse.Samsung Electronics’ share price closed at 1.176 million won per share Friday, up 3.61 percent from the previous day. Market analysts attributed Samsung Electronics’ stock price rally to the expected separation of its liquefied crystal display business, Elpida’s financial troubles a

IndustryFeb. 17, 2012

Samsung Electronics share price hits record high

Green Non-Life faces suspension or delisting

Regulators ask prosecutors to probe insurer over alleged stock riggingGreen Non-Life Insurance, which has been accused of stock manipulation, faces the possibility of business suspension or delisting from the stock market.Though the insurance firm has been mapping out a plan for management normalization, financial regulators filed a complaint against the firm and its chairman with the prosecution for allegedly rigging stocks.The regulatory sanction could make it impossible for the company to inc

Feb. 17, 2012

Optimists highlight Korea’s fundamentals

Positive projections regarding Korea’s 2012 economy are drawing interest amid the looming gloomy outlook over major Asian economies.Though the optimists shared the view that Korea could also see a slowdown in economic growth this year, they say the damage would be relatively minimal as the nation’s fundamentals remain competitive.Among the economists positive about the nation’s economy is Anoop Singh, director for the Asia-Pacific department of the International Monetary Fund.Korea’s fundamental

Feb. 17, 2012

Optimists highlight Korea’s fundamentals

Apple brings iPad features to the Mac

SAN FRANCISCO (AFP) - Apple released a preview version of its new Macintosh operating system on Thursday, bringing some features of the iPad to the personal computer.The Cupertino, California-based company said the updated operating system, called Mountain Lion, will be available to Macintosh develo

TechnologyFeb. 17, 2012

Remote-controlled chip implant delivers bone drug

WASHINGTON (AP) -- Medication via remote-control instead of a shot? Scientists implanted microchips in seven women that did just that, oozing out the right dose of a bone-strengthening drug once a day without them even noticing.Implanted medicine is a hot field, aiming to help patients better stick

TechnologyFeb. 17, 2012