The Korea Herald

Chung takes over symbolic Hyundai office

Auto group says move is a show of resolve, but ruffles Hyundai GroupHyundai Motor Group has set up a new office for chairman Chung Mong-koo at Hyundai Engineering and Construction, in an apparent move to emphasize its control over the builder.“The chairman will be using the old office used by the late chairman (Chung Ju-yung), and it represents his resolve and the importance of Hyundai E&C as a me

IndustryApril 1, 2011

Chung takes over symbolic Hyundai office

Microsoft skewers Google in EU antitrust complaint

The company logo is displayed is at Google headquarters in Mountain View, Calif.(AP-Yonhap News)BRUSSELS (AP) _ Microsoft Corp. escalated its attack on Google Inc. by complaining to European regulators Thursday that its fiercest rival is an Internet bully that abuses its dominance of online search and advertising.The allegations against Google crystallize the piecemeal gripes that Microsoft has be

IndustryApril 1, 2011

Microsoft skewers Google in EU antitrust complaint

S. Korea's consumer prices grow fastest in 29 months in March

Government officials visit a local market to check food prices. (Yonhap News)South Korea's consumer prices grew at the fastest pace in 29 months in March, putting a crimp in the government's efforts to tame soaring inflation, a report showed Friday.According to the report by Statistics Korea, the country's consumer price index jumped 4.7 percent last month from a year earlier, marking the fastest

April 1, 2011

S. Korea's consumer prices grow fastest in 29 months in March

Seoul Motor Show attests to industry recovery

Top global brands showcase latest models at city’s largest-ever eventThe country’s largest automotive industry show, the Seoul Motor Show, opens to the public Friday with carmakers vying to catch the attention of the expected 1 million visitors with new models and technologies.The show, which will be held until April 10 at the KINTEX exhibition center in Goyang, Gyeonggi Province, is being held on

IndustryMarch 31, 2011

Seoul Motor Show attests to industry recovery

Seoul to levy tax for transactions among affiliates

The government is to toughen its crackdown on conglomerates’ irregular support for affiliates, often used to evade taxes and hide the transfer of owners’ wealth to their siblings. The Ministry of Strategy and Finance said Thursday the government will widen its investigation into and levy new taxes on corporations unfairly giving orders to subsidiaries. As part of the government’s commitment to est

March 31, 2011

Telecoms apply for frequency bandwidths

Three major telecom operators submitted applications to the government on Thursday for reassignment of frequency bandwidths to offer the current 2G communication services and prepare for the next generation of network technologies.As the 10-year period for the frequency band expires in June, SK Telecom, KT Corp. and LG Uplus said they asked the Korea Communications Commission for the frequency ban

IndustryMarch 31, 2011

Panel-makers shifting to cell-type panels

Samsung Electronics, the world’s No. 1 television-maker, is expected to be among the global TV manufacturers forced to sell more cell-type LCD panels due to increasing demands from set-makers who are worried about hostile TV market conditions. “Cell-type panels are soon going to be a substantial trend as more and more set-makers want to reduce costs in the face of the far-from-friendly market cond

IndustryMarch 31, 2011

Panel-makers shifting to cell-type panels

Oil prices, nuclear fears to boost solar energy

The protracted nuclear crisis in Japan and sky-high oil prices are lending fresh impetus to the solar power industry.Shares of solar energy firms have soared recently amid rising safety concerns about atomic energy. Analysts are increasingly optimistic of the prospect of Korean companies increasing investment in the sector to catch up with global rivals.Solar power came into prominence with global

IndustryMarch 31, 2011

Oil prices, nuclear fears to boost solar energy

BOK vacancy adds deadlock risk to inflation war

The longest vacancy on the Bank of Korea’s monetary board since 1998 raises the risk of policy deadlock as officials struggle to tame inflation while maintaining growth. The seat held by Park Bong-heum, a former budget and planning minister appointed by President Lee Myung-bak’s predecessor, has been empty since April 2010. The lack of a seventh member means deadlocks on interest- rate decisions a

March 31, 2011

Samil PwC looks to global markets

Samil PricewaterhouseCoopers is seeking to strengthen its global accounting and consulting services as the nation’s largest accountancy marks its 40th anniversary.Chairman Ahn Kyung-tae will unveil the roadmap to become a specialized global player in an anniversary ceremony on Friday.The firm stressed that advancing into the global market is not an option but a necessity.“Samil dispatched skilled

March 31, 2011

KORES to launch nickel production at Madagascar mine

State-run Korea Resources Corp. said Thursday that it would start production at a nickel mine in Madagascar this year, which is expected to push the country’s self-sufficiency rate for the mineral to over 60 percent.KORES and consortium partners including Sumitomo Corp. and Sherritt International Corp. held a ceremony Wednesday marking the completion of the Ambatovy mine facilities. Since signing

IndustryMarch 31, 2011

Forum on ‘green’ networking

GreenTouch, a global consortium of wireless service operators, research institutions and non-governmental groups, said Thursday it would hold a forum on sustainable networks and climate change in Seoul next week.The forum, which will take place at Seoul National University on April 8, will unveil the scope of key GreenTouch projects and showcase a proof of concept technology called the GreenTouch

IndustryMarch 31, 2011

Mahindra says committed to long-term stake in Ssangyong

Mahindra and Mahindra Ltd. has no intention of selling any of its stake in Ssangyong Motor Co. in the near future, and will fully support Ssangyong’s revival, Mahindra and Mahindra vice chairman Arnand Mahindra said Thursday.Speaking at a press conference on the sidelines of the Seoul Motor Show in Goyang, Gyeonggi Province, Mahindra said that his company has a track record of turning companies ar

IndustryMarch 31, 2011

Mahindra says committed to long-term stake in Ssangyong

Obama sets ambitious goal to cut oil imports

Reviving elusive target, Obama calls for one-third reduction in U.S. oil imports by 2025WASHINGTON (AP) ― President Barack Obama on Wednesday called for a one-third reduction in U.S. oil imports by 2025, reviving a long-elusive goal of reducing America’s dependence on foreign supplies as political unrest rocks the Middle East and gasoline prices rise at home.Tackling an issue that has vexed nearly

IndustryMarch 31, 2011

Obama sets ambitious goal to cut oil imports

G20 highlights conflicts over currency

Group’s talks in China focus on monetary reforms, as players clash on currency, other issuesNANJING, China (AP) ― Conflicts over exchange rate policy surfaced Thursday at talks by finance mandarins from the Group of 20 leading economies, with both the U.S. Treasury Secretary and French President Nicolas Sarkozy urging greater flexibility as a strategy for avoiding future crises.Despite Beijing’s i

IndustryMarch 31, 2011

Rheumatism drug Embrel price slashed

Wyeth Korea said Wednesday that it has reduced the price of its rheumatism medication, Embrel, by 5 percent.As the Ministry of Health and Welfare has decided to cover 90 percent of the medication fee through the national health insurance, the price of the drug will be set to less than 100,000 won a month, the drug distributor said. Previously, the national health insurance covered 90 percent of th

TechnologyMarch 31, 2011

SNU hospital opens new cancer center

Seoul National University Hospital opened a new cancer center last week. The SNU hospital is the latest addition to the boom in cancer-centers. With SNU famed in Korea for its advanced diagnostic techniques, the center is expected to raise the overall medical service level here. The six-storey building has 26 units, including 15 specialized cancer sections and nine comprehensive units. The center

TechnologyMarch 31, 2011

More young males seek hair loss help

Hair loss has long been considered a problem of middle-aged men, but nearly half of those visiting medical facilities for the condition are from the younger generation, according to the National Health Insurance Corporation.The public body said the number of those treated for hair loss, which is classified as dermatological disorder, reached 181,000 in 2009, up about 24.8 percent from 145,000 in 2

TechnologyMarch 31, 2011

Less-invasive prostate surgery available

CHICAGO ― A new minimally invasive procedure designed to shrink the prostate could offer an alternative to surgery for a benign condition that affects millions of men in America.However, doctors cautioned that the benefits found in the small clinical trial presented here need to be duplicated in a bigger, more rigorous study.“The main thing they are showing is that it is safe,” said William Rillin

TechnologyMarch 31, 2011

‘Folk remedies for colic don’t work’

CHICAGO (AP) ― That nonstop crying of a baby with colic has some parents turning to popular folk remedies. Unfortunately, there’s no good evidence they work, according to a review of 15 studies.The results don’t surprise New York City mom Leni Calas, 32. She tried many treatments studied, including fennel extract, sugar drops and massage, and says nothing worked for baby Roxy, who cried almost non

TechnologyMarch 31, 2011