The Korea Herald

Roosters ‘tell time’ in to begin crowing

NAGOYA, Japan -- Roosters crowing at dawn aren‘t just reacting to the external stimulus of light, Japanese researchers say; they actually know what time of day it is.In a study reported in the journal Current Biology, scientists at Nagoya University say there is indeed a clock in “cock-a-doodle-doo” -- a biological one.“’Cock-a-doodle-doo‘ symbolizes the break of dawn in many countries,” researcher Takashi Yoshimura said. “But it wasn’t clear whether crowing is under the control of a biological

TechnologyMarch 19, 2013

Roosters ‘tell time’ in to begin crowing

Shin indicates replacement of financial executives

Top executives at state-owned financial institutions, organizations and companies are expected to be replaced soon as Shin Je-yoon, the Financial Services Commission chairman-nominee, heralded sweeping changes of top financial posts. At a confirmation hearing on Monday, the nominee for Korea’s financial regulatory body said that he would suggest and recommend the replacement of incumbent executives to President Park Geun-hye, despite their terms. He added that he would replace them, if necessary

March 18, 2013

Shin indicates replacement of financial executives

[Graphic News] Economic happiness fades with age

Dogged by job in security and retirement plans, Koreans in their 50s and 60s are less satisfied with their financial situation than younger people, a study showed Monday.The private Hyundai Research Institute said its economic happiness index for 2012 showed that all age groups tended to self-evaluate their economic happiness as very low in general ― an average 40.4 points out of a maximum 100.The index takes into account six factors: income level, economic distribution, expenditure level, job s

March 18, 2013

[Graphic News] Economic happiness fades with age

1 in 3 new chaebol auditors is ex-government official

One in 3 outside auditors at major conglomerates and their subsidiaries are former government officials, thought to be used mainly as lobbyists for those companies rather than being independent monitors of management.Data by the Korea Exchange and the Financial Supervisory Service showed that more than 30 percent of 81 outside auditors selected or expected to be appointed as auditors this year at 66 listed subsidiaries and affiliates of Korea’s top 10 conglomerates were former high-ranking gover

March 18, 2013

1 in 3 new chaebol auditors is ex-government official

[Newsmaker] FSS chief will let consumers request probes

Consumers will likely be entitled to call for the Financial Supervisory Service to conduct probes into financial firms such as commercial banks and insurance firms.Choi Soo-hyun, who took office as governor of the FSS on Monday, pledged to introduce consumer-initiated investigations in the financial market.The new chief regulator’s policy reflects his strong commitment to bolstering the protection of consumers, as the number of irregular business practices has continued to grow in the financial

March 18, 2013

[Newsmaker] FSS chief will let consumers request probes

AmorePacific’s major brands

Sulwhasoo Sulwhasoo is AmorePacific’s high-end, herbal-based cosmetics lineup. The priciest among the products released by the cosmetics maker, Sulwhasoo lines the boutiques at premium department stores around the world, including in the U.S., China, Hong Kong and Singapore. LANEIGE LANEIGE, which gets its name from the French for “snow,” is AmorePacific’s hit brand in the Asian region, particularly in China, Singapore, Taiwan and Thailand ― emerging nations where the demand for Korean cosmetics

IndustryMarch 18, 2013

[Power Korea] AmorePacific: Where beauty comes to life

The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the 11th part of the Global Brand series. ― Ed.Nearly five decades ago, AmorePacific became the first homegrown cosmetics br

IndustryMarch 18, 2013

[Power Korea] AmorePacific: Where beauty comes to life

Lotte Tour hit hard by Yongsan plan default

Lotte Tour has faced critical financial woes, raising the possibility that the company could be driven out from the nation’s main bourse.The scenario of Lotte Tour being delisted from the Korea Exchange comes as the 31 trillion won ($28.4 billion) urban development project in Yongsan, Seoul, is on the verge of collapse under dishonored bills.While the company participated in the largest-ever project as a main investor, its external auditor Daesung Accounting Corp. publicly evaluated Lotte Tour’s

March 18, 2013

Personal bankruptcy case in Pulmuone family raises questions

Pulmuone Holdings president and major shareholder Nam Seung-woo is expected to get some 2.2 billion won ($2 million) in cash dividends this year.Including this year, Nam, who has over 130 billion won in assets including stocks, will have received more than 26.1 billion won in cash dividends over the past 18 years.And yet, his daughter filed for personal bankruptcy last year, drawing attention to what is happening within the chaebol household.Pulmuone Holdings is scheduled to vote on paying out a

IndustryMarch 18, 2013

KB Financial executive removed for spreading false information

KB Financial Group decided to deposition its deputy president and chief strategy officer Park Dong-chang, a close aide to chairman Euh Yoon-dae, for spreading groundless information to shareholders, the company said Monday.Park came under hot water as he is suspected of leaking “false” insider information to a U.S.-based proxy advisory firm, Institutional Shareholder Services Inc. and shareholders. Park allegedly told ISS that three of KB’s outside directors ― and former high-ranking state offic

March 18, 2013

Galaxy S4 promotion sparks marketing war with Apple

Samsung Electronics and Apple Inc. have been engaging in a fierce marketing battle since the introduction of the Korean firm’s latest flagship Galaxy S4 in New York last week.Following a big-budget launch event Wednesday at Radio City Music Hall in the heart of New York, the world’s biggest handset maker posted a video on YouTube stressing the uniqueness of the new smartphone.As Samsung took the fight to Apple’s home turf, the Cupertino-based company did several media interviews just a day ahead

IndustryMarch 18, 2013

Hyundai Motor replaces labor relations chief

Hyundai Motor said Monday that it has promoted its Ulsan plant head Yoon Gab-han to a president position who will oversee management and labor relations at the nation’s largest carmaker. His predecessor and vice chairman Kim Eok-jo was named as an adviser for the company, retiring from the managerial frontline after 37 years at the company since 1976. Kim, who took office as labor relations chief in January last year, had been pressured by growing tensions with the company’s union on issues such

IndustryMarch 18, 2013

Hyundai Motor replaces labor relations chief

GS Caltex completes 4th heavy oil cracker

GS Caltex Co., South Korea’s second-largest oil refinery, said Sunday that it has started commercial operation of its fourth heavy oil processing plant. GS Caltex spent 1.3 trillion won ($1.2 billion) to build the plant in Yeosu, 455 kilometers south of Seoul, that converts heavy oil into transportation fuels like gasoline and diesel, the company said in a statement.The plant processes 53,000 barrels of heavy oil per day, boosting the company’s daily heavy oil processing capacity to 268,000 barr

March 18, 2013

Non-bank lenders’ household loans surge

Household loans extended by non-bank financial institutions in South Korea have surged in the past few years as low-credit borrowers scurried to seek loans from such lenders that do less tight credit evaluations, data showed Monday.The outstanding amount of household loans extended by non-banking firms reached 192.4 trillion won ($173.3 billion) at the end of January, up 74 percent from 110.4 trillion won tallied in 2007, according to the data by the Bank of Korea. The tally is in stark contrast

March 18, 2013

Shares down on global risks

South Korean stocks closed 0.92 percent lower on Monday as investors sat on the sidelines due to economic risks from the eurozone and the United States, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 18.32 points to 1968.18. Trading volume was low at 265.2 million shares worth 3.83 trillion won ($3.44 billion), with decliners outnumbering gainers 565 to 258.“The decline came as the financial crisis of Cyprus weighed down on inv

March 18, 2013

POSCO to spearhead M&As

The nation’s top steelmaker POSCO has reorganized its merger and acquisition department in an apparent move to further push ahead with its aggressive M&A vision.POSCO recently integrated its strategic business department into the corporate strategy department 1, officials confirmed Monday.The former, initiated back in 2009 by chairman Chung Joon-yang, has been spearheading the company’s aggressive M&A projects over the years.The corporate strategy department 1 is one of POSCO’s key divisions, su

IndustryMarch 18, 2013

Yen’s weakness to hit Korean auto industry hard

The Japanese yen’s continued depreciation will likely hit South Korea’s automobile, steel and textile industries hard by weakening their competitiveness against Japanese products in the global market, a report said Monday.The Japanese currency traded at 95.25 yen per dollar on Friday, down 21.5 percent from 78.38 yen quoted on Sept. 19, with its value against the Korean won tumbling 23.5 percent as of end-February from early June last year.“South Korea needs to step up efforts to diversify its k

March 18, 2013

Uncertainties linger over Germany’s renewable energy transition

BERLIN ― The Fukushima nuclear disaster has affected the world’s nuclear energy policy for the past two years. Countries such as Germany have since undergone drastic changes in their nuclear energy policy in response to rising concerns over the safety of nuclear power plants. In May 2011, two months after the Fukushima nuclear accident, the German government immediately decided to shut down eight aged nuclear power plants. In July, Europe’s biggest economy announced that it would close its nine

IndustryMarch 18, 2013

Uncertainties linger over Germany’s renewable energy transition

Should doctors listen to music while operating?

In last year’s smash hit TV series “Best Love,” the lead actor confirmed his love for a woman by recalling the melody he had heard during his surgery. A very romantic scene to watch, for sure. However, if it were your operation, would you allow your surgeon to enjoy listening to music while doing a very delicate operation?It’d be better to let them enjoy the music, as one recent study revealed that listening or humming to one’s favorite music helps doctors to work more effectively. The study, pu

TechnologyMarch 18, 2013

Should doctors listen to music while operating?

Seoul shares down 0.92 pct on global risks

South Korean stocks closed 0.92 percent lower on Monday as investors sat on the sidelines due to economic risks from the eurozone and the United States, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed18.32 points to 1968.18. Trading volume was low at 265.2 million shares worth 3.83 trillion won (US$3.44 billion), with decliners outnumbering gainers 565 to 258."The decline came as the financial crisis of Cyprus weighed do

March 18, 2013