The Korea Herald

Berlusconi girl describes 'bunga bunga' parties: report

ROME (AFP) - Dozens of naked women surround the Italian primeminister vying with each other to arouse him -- Silvio Berlusconi's "bungabunga" parties as reportedly described to prosecutors by a key participant. "After dinner we went into a hall in the basement where the bunga bunga washeld," Karima El Mahroug, a pole dancer nicknamed "Ruby the Heart Stealer", was quoted as saying to investiga

IndustryFeb. 19, 2011

Berlusconi girl describes 'bunga bunga' parties: report

Obama talks jobs with Jobs, other tech leaders

Obama talks jobs with Jobs, other tech leaders WOODSIDE, California (AP) _ President Barack Obama assembled someof the biggest names in Silicon Valley to confer on jobs and innovation, trying to get leaders from companies like Google and Apple behind his push to keep spending on high-tech initiatives even as Republicans push to slash the budget. Facebook creator Mark Zuckerberg, Google chief e

TechnologyFeb. 19, 2011

Four savings banks suspended

The Financial Services Commission suspended operations of four savings banks on Saturday, following its similar sanction against three debt-saddled players since January.The regulator announced that it halted businesses of Busan II Savings Bank, Jungang Busan Savings Bank, Jeonju Savings Bank and Bohae Savings Bank for six months until Aug. 18.The series of measures against distressed savings bank

Feb. 19, 2011

New EU envoy hails trade pact

Kozlowski calls Korea-Europe FTA a win-win deal benefiting businesses, consumersThe Korea-EU free trade agreement expected to come into force in July will benefit businesses, workers and consumers of both economies, Thomas Kozlowski, the new EU ambassador to Seoul, said Friday. The European Parliament approved the landmark accord on Thursday. Korea seeks a parliamentary ratification during an extr

Feb. 18, 2011

TV license fee increases to 3,500 won per month

The state media regulator, Korea Communications Commission, on Friday approved public broadcaster KBS’s request to increase the monthly viewing fee by 40 percent to 3,500 won ($3).The decision was made during its general meeting from which two of the five commissioners walked out in protest.Households with television sets are all currently obliged to pay a fixed fee of 2,500 won under the Broadcas

Feb. 18, 2011

Watchdog OKs 40-pct rise in KBS subscription fee

South Korea's communications regulator approved on Friday a 40-percent increase in the subscription fee for public broadcaster Korea Broadcasting System (KBS). The rise in the KBS subscription fee by the Korea Communications Commission is subject to approval by the National Assembly. Should the proposal win parliamentary approval, KBS's subscription fee will increase to 3,500 won (US$3.14) from

Feb. 18, 2011

KEPCO to spend W8tr on smart grids by 2030

Korea Electric Power Corp. said Friday that it will invest 8 trillion won ($7.2 billion) in smart grids until 2030. A smart grid is a new electric transmission system that allows two-way communication, as well as trade, between suppliers and consumers. KEPCO will spend 400 billion won a year for the next five years to improve facilities for the supply and distribution of electricity, the company s

Feb. 18, 2011

Foot-and-mouth to subside by early March: minister

Korea‘s severest foot-and-mouth disease outbreak is expected to come under control by early March as nationwide vaccination efforts take effect, a senior policymaker said Friday.In a radio interview with a local broadcaster, Farm Minister Yoo Jeong-bok said the number of FMD cases has started to fall off in recent weeks after the first round of nationwide vaccinations have been completed on all ca

Feb. 18, 2011

POSCO to increase cost-cutting on ore, coal prices

POSCO, the world’s third-biggest steelmaker by output, and its units raised their cost-cutting target for this year by 20 percent to sustain profits amid rising iron ore and coal prices.The group aims to cut overall costs by 2.4 trillion won ($2.2 billion) this year from a previous target of 2 trillion won in an effort to “Improve competitiveness,” Chung Jae-woong, a spokesman for Pohang, Korea-ba

Feb. 18, 2011

Seoul shares end 1.82 pct higher on bargain hunting

South Korean stocks ended 1.82 percent higher Friday as investors hunted for bargains following recent bearish trading, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 35.92 points to 2,013.14, ending above the 2,000-point level for the first time in three sessions. Trading volume was heavy at 488.9 mi

Feb. 18, 2011

EU-Korea FTA brings huge economic benefit: EU diplomat

A free trade pact between South Korea and the EU will bring great economic benefit to both sides, and break ground for the consolidation of the two markets, an EU diplomat said Friday. On Thursday, the European Parliament approved the free trade pact with South Korea, bringing it one step closer to coming into force this July. Seoul and Brussels signed their bilateral free trade agreement (

Feb. 18, 2011

Solar flare disrupts China shortwave radio: report

BEIJING, Feb 17, 2011 (AFP) - The largest solar flare in more than four years has caused disruptions to shortwave radio communications in China, state media has reported.The solar flare, a huge explosion on the sun's surface caused by magnetic activity, affected transmissions in southern China on Tuesday, Xinhua newsagency has said, quoting the China Meteorological Administration. (MCT)The US spac

TechnologyFeb. 18, 2011

Solar flare disrupts China shortwave radio: report

EU Parliament OKs free trade pact with S. Korea

The European Parliament approved a free trade pact with South Korea on Thursday, bringing it one step closer to coming into force this July, diplomatic sources said. The trade accord, adopted in Strasbourg, France, during the European Parliament's plenary session, is the most ambitious free trade pact the European Union (EU) has so far negotiated, and the first of its kind with an Asian country

Feb. 18, 2011

Two savings banks suspended as woes deepen

FSC orders 6-month business halt to Busan, Daejeon banksThe Financial Services Commission on Thursday suspended operations of two savings banks as part of its ongoing restructuring of the secondary banking sector hit by toxic construction debt.It also announced plans to provide a nearly 20 trillion won ($18 billion) credit line in support for other viable institutions. The regulator said it halted

Feb. 17, 2011

Two savings banks suspended as woes deepen

GS chief to head FKI

GS Group chairman Huh Chang-soo was tapped on Thursday to head the Federation of Korean Industries, the country’s largest business organization. The FKI said its executive board and advisers unanimously nominated him as new chairman during their meeting on the day.The 62-year-old chief of the nation’s seventh largest business group had already accepted the offer, it added. Huh Chang-sooHe will su

IndustryFeb. 17, 2011

Better biz environment eyed to lure foreign firms

Korea will take steps to improve its overall business environment to world-class levels by 2014 so it can better attract foreign firms and investors, a senior policymaker said Thursday.In a meeting with executives of foreign-invested companies and diplomats in Seoul, Knowledge Economy Minister Choi Joong-kyung said a “three-year foreign investors plan” will be established by March that aims to rev

Feb. 17, 2011

Better biz environment eyed to lure foreign firms

Koreans move less amid property slump

Korea’s population mobility fell in 2010 as people were discouraged from moving amid slumping property market conditions, a government report showed Thursday.According to the report by Statistics Korea, a total of 8.23 million people changed their legal residence last year, down 3.1 percent from a year earlier. This marked the fourth consecutive year with less movement since 2007 when the mobility

Feb. 17, 2011

Chinese shoppers struggle with spiraling prices

BEIJING (AP) ― Spiraling prices have made the grocery store a scary place for Chu Yun, a 27-year-old office clerk.“Prices for everything are going up and it seems it will never stop,” Chu said as she hunted for bargains in a supermarket. “I have no confidence prices can be brought under control this year. I think they will keep going up.”China’s public is struggling with a months-long surge in foo

IndustryFeb. 17, 2011

Chinese shoppers struggle with spiraling prices

Fed officials slightly more upbeat on economy

Central bank upgrades 2011 growth forecasts, but remains pessimistic on jobsWASHINGTON (AP) ― Some Federal Reserve officials last month raised the possibility of scaling back the Fed’s $600 billion Treasury bond purchase program out of fear that a strengthening economy could spur high inflation.The minutes from the Fed’s Jan. 25-26 meeting were released on the same day that the government reported

Feb. 17, 2011

Fed officials slightly more upbeat on economy

South Korea, Japan, Europe vie for Brazil bullet train project

The bid for Brazil’s planned $20 billion bullet train venture slated for April is shaping up to be a three-way race between South Korea, Japan and Europe, a Seoul official said Thursday.The head of the Latin American country’s transport regulator ANTT Bernardo Figueiredo said this week that at least three consortia will be competing for the right to build and run a high-speed railway in country. C

IndustryFeb. 17, 2011