The Korea Herald

Iran retaliated once against Korean firms: official

The Iranian government attempted to retaliate against Korea in connection with the U.S.-led sanctions of oil imports by demanding that Korean firms tear down their outdoor advertising billboards in Tehran earlier this month, news reports said.The Iranian government ordered Korean firms including Samsung Electronics and LG Electronics to demolish their outdoor ads, but withdrew its demand following protests from the Korean Embassy in Tehran, a government official was quoted by the Yonhap news age

IndustryJan. 24, 2012

International air passenger traffic hits record high in 2011

Korea’s international air passenger traffic reached an all-time high in 2011, fueled by foreign visitors and transit travelers using local airports, the government said Tuesday.The Ministry of Land, Transport and Maritime Affairs said 42.65 million people took international flights coming into and leaving the country in 2011, up 6.5 percent from a year earlier. Of the total, 5.66 million people were transit travelers, a gain of 6.5 percent vis-a-vis 2010.It said traffic to Southeast Asia and Oce

Jan. 24, 2012

Strongest solar storm since 2005 hitting Earth

WASHINGTON (AP) — The sun is bombarding Earth with radiation from the biggest solar storm in more than six years with more to come from the fast-moving eruption.The solar flare occurred at about 11 p.m. EST Sunday and will hit Earth with three different effects at three different times. The bi

TechnologyJan. 24, 2012

Strongest solar storm since 2005 hitting Earth

Kia recalls 145,000 vehicles

Kia Motors America said it would recall model year 2006-2008 Optimas and model year 2007-2008 Rondos due to faulty air bag release systems, regulators said.The National Highway Traffic Safety Administration said Optima vehicles manufactured from Sept. 29, 2005, through Jan. 29, 2008, are involved in

MobilityJan. 24, 2012

Study: Stem cells may aid vision in blind people

LOS ANGELES (AP) _ Two legally blind women appeared to gain some vision after receiving an experimental treatment using embryonic stem cells, scientists reported Monday. While embryonic stem cells were first isolated more than a decade ago, most of the research has been done in lab animals. The new

TechnologyJan. 24, 2012

Big brokerages earn half of profit from stock commissions

Major South Korean securities firms reaped more than half of their commission income from stock consignments in the fiscal first half, with the stock commission profits of the top 10 players exceeding 100 billion won (US$88 million) on average, data showed Monday. The commission profits

Jan. 23, 2012

Budget carrier passengers top 10 million last year

The number of Koreans using low-cost airlines surpassed 10 million for the first time last year as more people take advantage of affordable air travel at home and abroad, data showed Friday.The figure reflects a 32.5 percent on-year surge, according to the Transport Ministry. Combined market share of the country’s five budget carriers ― Jeju Air, Air Busan, Jin Air, Eastar Jet and T’way Air ― jumped to 16.5 percent, up 3.3 percent points.In stark contrast, the number of air travelers rose merely

IndustryJan. 20, 2012

Shares jump on foreign buying

Korean stocks jumped 1.82 percent Friday as signs of optimism in Europe and the U.S. eased jitters, whetting foreign investor appetite for risky assets, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI gained 34.83 points to 1,949.80. Trading volume was moderate at 397.4 million shares worth 7.24 trillion won ($6.38 billion) with gainers outpacing losers 490 to 353. “Shares gathered significant ground on eased pressure buttressed by a series of smooth debt aucti

Jan. 20, 2012

Korando C wins Dutch motor race

Ssangyong Motor Co. said Friday its flagship sports utility vehicle, the Korando C, has won the ScanCovery Trial 2012 held in the Netherlands, demonstrating its high driving performance.The team Voorthuizen, arranged by Ssangyong Motor’s official Dutch dealer Ssangyong Benelux, finished first to beat some 60 rival teams, which drove popular models by companies such as Mercedes-Benz and Volvo, the company said.In the competition, all cars were required to race the 7,000 kilometer course from the

MobilityJan. 20, 2012

Hyosung promotes third son

Hyosung Group promoted chairman Cho S.R.’s third son Cho Hyun-sang to executive vice president in its latest annual management overhaul, the group said on Friday.The younger Cho, in charge of corporate strategy and trade of industrial materials, is the only son promoted this year among the senior Cho’s three sons involved in running the group’s units. The move brings the group’s third-generation management closer to a possible splitting of its units for the second time since it was founded in195

IndustryJan. 20, 2012

Offshore plants, LNG ships may save Korean shipbuilders in 2012

Decline in new orders for bulk carriers, tankers to hurt medium-sized shipbuildersThe shipbuilding sector will be hit hard this year as financially squeezed European ship owners are expected to cut back or cancel orders amid the eurozone debt crisis.Shipbuilding market research firm Clarksons said this year’s orders would shrink by 9.7 percent compared to last year due to concerns that the European financial woes will spread and other global uncertainties. The impact will vary, however, between

IndustryJan. 20, 2012

Offshore plants, LNG ships may save Korean shipbuilders in 2012

Europe, oil may hit Korean exports

A toxic mix of eurozone News ANALYSIS crisis and rising oil prices likely to hurt Korean economyKorea’s policymakers are headed for their hometowns during the Lunar New Year holiday with an assortment of concerns about the domestic economy. The biggest concern is the negative outlook over the country’s exports, which may be faltering faster than expected. For export-dependent Korea, this is an unsettling development, especially at a time when other external factors such as the eurozone debt woes

Jan. 20, 2012

Officials to discuss sale of Woori Finance this month

Low stock prices of the financial group could be hurdle for speeding up privatizationPolicymakers will hold their first official meeting of this year at the end of this month to revitalize the government’s stalled project to privatize Woori Financial Group.Newly formed members of the Public Fund Oversight Committee are scheduled to have a workshop on the state-controlled Woori Financial sale plan this month, according to government officials.The six members of the PFOC, under the wing of the Fi

Jan. 20, 2012

Officials to discuss sale of Woori Finance this month

Controversy rekindled over cap on chaebol investment

Controversy over the revival of an old law to limit conglomerates’ equity investment has resurfaced after Rep. Park Geun-hye, a major presidential hopeful from the ruling camp, hinted Thursday at toughening regulations. “We will seek to tighten the regulation over their growth with mergers and acquisitions through excessive equity investing,” said Park, who is serving as chairwoman of the ruling Grand National Party’s emergency council. “Large companies may be the country’s growth engines, but m

IndustryJan. 20, 2012

Controversy rekindled over cap on chaebol investment

Samsung loses first German case against Apple

Samsung Electronics Co. lost a patent infringement suit against rival Apple Inc. on Friday at a court in Mannheim, Germany. Attendees walk past Samsung signage during the 2012 International Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S., on Wednesday, Jan. 11, 2012. The 2012 CES trade sh

IndustryJan. 20, 2012

Samsung loses first German case against Apple

Apple unveils digital textbooks app for iPad

Apple is taking aim at the textbook market.The California-based gadget-maker unveiled a free iBooks 2 application for the iPad on Thursday that brings interactive textbooks to the popular tablet computer."Education is deep in Apple's DNA," said Philip Schiller, Apple's senior vice president of marke

TechnologyJan. 20, 2012

Korea to resume Canadian beef imports from Friday

The government said Thursday it will allow imports of Canadian beef starting Friday, resuming imports it suspended in 2003 after an outbreak of mad cow disease in the North American country. Local livestock distributors will be able to sell Canadian meat from cows younger than 30 months old from this weekend.The Agriculture Ministry said it will proclaim local distributors of the regulations and sanitary requirements on Friday, clearing the final procedure to resume the import.Seoul has been pus

Jan. 19, 2012

Samsung sells 5 million Galaxy S2s in Korea

Samsung Electronics said Thursday that the company has sold up to 5 million units of its flagship smartphone Galaxy S2 in Korea.It is the first time that a single smartphone model has reached the 5 million mark in sales in the country, according to Samsung officials. This also indicates that one out of every four smartphone owners here is using the Galaxy S2, considering that there are about 20 million smartphone users in Korea, its officials said.As a result, Samsung recorded a 53 percent mark

IndustryJan. 19, 2012

Samsung sells 5 million Galaxy S2s in Korea

Gardasil approved for males aged 9 to 26

MSD Korea said Monday that its human papillomavirus vaccine Gardasil has been approved by the Korea Food and Drug Administration for use on men and boys aged between nine and 26 against genital warts.The agency has approved Gardasil against HPV types 6, 11, 16 and 18 for women and men aged between nine and 15. The expansion of the target age group makes Gardasil, the only HPV vaccine available to both men and women, more accessible to a wider range of people, the vaccine maker said. According to

TechnologyJan. 19, 2012

Ministry authorizes 14 cord blood banks

The Ministry of Health and Welfare on Tuesday said it has authorized the operation of 14 cord blood banks nationwide. After authorization, the 14 facilities will be able to save the cord blood that remains in a baby’s umbilical cord after the cord has been cut. The cord is a rich source of unique stem cells that can be used in medical treatments.Cordblood.com notes that cord blood banking is a once-in-a-lifetime opportunity to save your baby’s cord blood stem cells for potential medical use. Sav

TechnologyJan. 19, 2012