The Korea Herald

S. Korean automakers to unveil models at Shanghai motor show

SEOUL, (Yonhap) - South Korea's top carmaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. plan to showcase dozens of their latest models at the upcoming auto show in Shanghai, China, industry sources said Sunday.Auto Shanghai 2011 is scheduled to kick off on Tuesday for a 10-day run, bringing together more than 1,500 auto manufacturers and auto parts makers from across the world.Hy

MobilityApril 17, 2011

S. Korean automakers to unveil models at Shanghai motor show

U.S., S. Korea in final stretch of ratifying FTA: Clinton

SEOUL, (Yonhap) - South Korea and the United States are in the "home stretch" of their years-long efforts to have their free trade deal ratified by both legislatures, U.S. Secretary of State Hillary Clinton said Saturday.But speaking at the start of a meeting with South Korean Foreign Minister Kim Sung-hwan in Seoul, briefly open to the press, Clinton did not make any comments directly related to

April 17, 2011

U.S., S. Korea in final stretch of ratifying FTA: Clinton

Financial firms ordered to report cyber security

Task force to launch crackdownThe financial authorities have embarked on an initial inquiry into the cyber security systems of all financial companies in the aftermath of the recent security lapses at Hyundai Capital and Nonghyup.“Since April 11, we have been conducting an IT security inspection ― in written form ― into all financial service companies,” the Financial Services Commission said in a

April 15, 2011

Financial firms ordered to report cyber security

Import price growth reached 27-month high last month

South Korea’s import prices rose at the fastest pace in 27 months in March due to sharp gains in oil and other commodity prices, the central bank said Friday, pointing to growing inflationary pressure.In local currency terms, the country’s import prices jumped 19.6 percent in March from a year earlier, picking up from a 16.9 percent on-year advance in February, according to the Bank of Korea.The M

April 15, 2011

Household loan growth quickened in February

The growth of household loans extended by South Korean financial firms accelerated in February from the previous month on the back of gains in home-backed lending, the central bank said Friday.Household lending handled by local banks and non-bank institutions totaled an outstanding 599.2 trillion won ($551.3 billion) as of the end of February, up 3.2 trillion won from the previous month, according

April 15, 2011

Xperia Arc hits stores

Xperia Arc, the newest model in Sony Ericsson’s smartphone lineup, on Friday hit nationwide SK Telecom stores at a retail price of 803,000 won ($737).Prices will vary depending on the type of call plan customers decide on, Sony Ericsson representatives said.The latest in the Xperia series was priced slightly cheaper than other smartphones released here, such as Samsung’s Galaxy S and Apple’s iPhon

IndustryApril 15, 2011

Korean exports dominate Chile’s import market

South Korea has more best-selling products in Chile than any other country thanks mainly to a free trade agreement with the South American nation implemented seven years ago, a local trade agency said Friday.According to the state-run Korea Trade-Investment Promotion Agency, South Korea currently has 40 best-selling products out of 150 key import items of Chile. Seoul also has 29 second best-selli

April 15, 2011

NHN, Daum accuse Google of antitrust

South Korea’s top two Internet companies asked the country’s antitrust watchdog Friday to investigate Google Inc.’s alleged practice of stifling competition in the country’s mobile search market.NHN Corp., the operator of Naver, South Korea’s most-visited Web search engine and Daum Communications Corp., the Web search runner-up, separately filed complaints against Google with the Fair Trade Commis

IndustryApril 15, 2011

Korea to boost mineral recycling

Rising costs, demand call for nation to be self-reliant by reusing wasteSouth Korea is preparing to step up efforts to recycle minerals from used electronics and industrial waste in a bid to secure self-reliant sources of minerals on growing demand, the Ministry of Knowledge Economy said Friday.The process, termed “urban mining,” refers to reclaiming compounds and elements from products and waste

IndustryApril 15, 2011

SMC draws patients from more nations

Its international clinic aims to be the top in world for expertise, servicesThis article the first part of a series of articles on international clinics for foreigners at medical centers in Korea. ― Ed.Samsung Medical Center’s international clinic has been praised for its latest medical techniques and for having some of the most sophisticated services. Located on the second floor of the annex buil

TechnologyApril 15, 2011

Burger King introduces the 1,160 calorie ‘Meat Monster’ burger

(Burger King)The race to offer high calorie, gut-busting burgers continues as Burger King introduces the 1,160-calorie ‘Meat Monster’ burger in Japan, Daily Mail reported. The burger consists of two hamburgers, a chicken breast fillet, two slices of processed cheese and three slices of bacon. If the original combination isn’t enough diners can add teriyaki sauce, an egg patty and even a fish patty

April 15, 2011

Subpanel votes down Korea-EU FTA ratification bill

South Korea's parliament subcommittee on Friday voted down the nation's free trade pact with the European Union, frustrating the ruling Grand National Party, which had hoped to get the bill through this month in order to ratify it by July as agreed upon by the two sides. After a government briefing on protective measures for local industries, the six-member legislation subcommittee of the Assembly's foreign affairs and trade committee put the trade bill to a standing vote, officials said.But th

April 15, 2011

Subpanel votes down Korea-EU FTA ratification bill

‘Makgeolli beats beer, wine for cancer fighting compound’

Makgeolli, Korean rice wine, contains up to 25 times more farnesol, a compound with anti-tumor properties, research showed Thursday.Farnesol is an alcohol found in a number of substances including essential oils. Research has shown that farnesol has potent anti-tumor properties even in concentrations as low as 5 milligrams per liter.In the latest research, a team led by Korea Food Research Institu

IndustryApril 14, 2011

Daum, SK team up against Naver’s dominance

Nation’s smaller portal operators to offer combined servicesOperators of the nation’s smaller two portals Daum and Nate on Thursday signed a strategic pact to offer a seamless combination of their services.“We have decided on this strategic partnership to provide the best available services to our customers,” said Joo Hyung-chul, the chief executive of SK Communications, the operator of Nate. But

IndustryApril 14, 2011

Daum, SK team up against Naver’s dominance

Korea to provide W6.5tr support for key sectors

Seoul unveils plans to foster green, high-tech industriesThe government on Thursday pledged to provide 6.5 trillion won ($5.98 billion) this year in financial support for developing new growth engine businesses. Finance, economy and industry affairs ministries reported the plan to President Lee Myung-bak. “The government will boost financial support tailored to new growth engine sectors which tend

April 14, 2011

Renault Samsung’s new marketing chief

Renault Samsung Motors Co. appointed senior executive managing director Frederic Artaud as the new head of its Sales and Marketing Division on Thursday. Frederic ArtaudBefore the appointment Artaud had been heading the company’s marketing activities since May 2008 within the Sales and Marketing Division.The company said that Artaud was given the new post as part of its reorganization measures aime

IndustryApril 14, 2011

Luxury sales grow 27 percent in March

Sales of luxury fashion goods at leading department stores jumped 27 percent on-year in March on retailers’ aggressive expansion and boosted marketing, the Ministry of Knowledge Economy said Thursday. Foods sales at major discount outlets and department stores also rose due to their increased demand and inflation, the ministry said. The proportion of luxury products sales at top department store c

IndustryApril 14, 2011

Stocks hit new high on earnings hopes

Korean stocks rose 0.9 percent to a fresh high on Thursday as auto and chemical shares got a boost from optimism over their first-quarter earnings, analysts said. The local currency edged up against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.14 points to a new record-high close of 2,141.06. The previous record was 2,130.43 set on April 5. Trading volume was

April 14, 2011

Builders face industry-wide credit crunch

Construction companies fear ‘chain reaction’ of bankruptciesMore mid-sized construction firms are facing business failure as their financing environment deteriorates due to soured project finance loans.Their financing opportunities, such as issuing commercial papers or corporate bonds, are increasingly becoming difficult after industry leaders such as Chinhung International and LIG Engineering & C

IndustryApril 14, 2011

Builders face industry-wide credit crunch

Korea to beef up safety of KTX train service

The government will recruit more tech experts and personnel in a bid to beef up the safety of its high-speed train service that has suffered a series of accidents over the past few months, the Transportation Ministry said.The ministry added that the government will operate a safety-management unit independently for the KTX high-speed train service. It will also shorten the period of replacing majo

IndustryApril 14, 2011