The Korea Herald

Uniqlo faces eviction in Myeong-dong

Uniqlo, a casual apparel designer and manufacturer based in Japan, is at risk of being evicted from its Myeong-dong location, the largest site yet for the company in Asia. The Seoul District Central Court recently ruled in favor of 14 plaintiffs who have ownership over the space of Uniqlo’s Korean operations run by Fast Retailing Korea. The judge said that the building managers were found to have rented out the building to Uniqlo without consulting or notifying the plaintiffs, and therefore, the

IndustryFeb. 5, 2013

‘Political dispute makes Mahindra balk at investment in Ssangyong’

The head of Ssangyong Motor Co. said Tuesday the automaker’s parent company Mahindra and Mahindra Ltd. balked at investing in his company due to a political dispute over labor troubles at South Korea’s smallest automaker.Lee Yoo-il, Ssangyong’s chief executive officer, told reporters that his company will hold a board of directors meeting later this month to discuss an investment decision meant to develop new vehicle models.Lee did not disclose details of the planned investment.His comment came

MobilityFeb. 5, 2013

Things we need to be aware of when investing in Myanmar

South Korea’s National Assembly Speaker Kang Chang-hee paid a courtesy visit to the President of Myanmar, Thein Sein, recently. The two sides discussed ways to deepen the two countries’ ties, and agreed to boost a wide range of areas including cooperation in trade and politics. The visit reinforces how much South Korea values Myanmar as a strategic center for increasing opportunities for South Korean businesses. Presently, more and more Korean companies are looking to establish a presence in My

Feb. 5, 2013

Things we need to be aware of when investing in Myanmar

Offshore projects and trust, DSME’s key to survival

OKPO, South Gyeongsang Province ― The Daewoo Shipbuilding and Marine Engineering’s Okpo shipyard here seemed alien to the persistent global economic stagnation.The 4.3-square-kilometer yard, symbolized by its landmark goliath 900-ton crane and the world’s largest shipbuilding dock, is buzzing with ongoing construction, varying from carrier ships to ocean production and storage units.“Despite the decrease in commercial ship orders, our docks are far from being inactive,” said Park Young-kwan, bus

IndustryFeb. 5, 2013

Offshore projects and trust, DSME’s key to survival

LG Chem focuses on premium products

LG Chem plans to focus on premium products rather than commodities for improved profit this year, its chief executive said on Tuesday.Park Jin-soo, chief executive officer of LG Chem, said that its Chinese rivals are not currently much of a threat in the petrochemical sector, though acknowledged that their self-sustainability levels are improving.“We believe China will see about an 8 percent growth in the sector,” he said during his first meeting with the press. “Self-sustainability is continuou

IndustryFeb. 5, 2013

S-Oil shares food with locals

S-Oil, Korea’s third-largest refiner, held a charity event, “Sharing Ddeokguk,” at Gwangya Church in Yeongdeungpo, southern Seoul, Tuesday.Some 100 employees, executives and volunteers, including S-Oil CEO Nasser Al-Mahasher, made Korean traditional rice cake soup, or ddeokguk, for 700 people, the company said.The company extended its goodwill to senior citizens living alone in single-room housing, the disabled and the homeless in the area.S-Oil also delivered New Year gift packages filled with

IndustryFeb. 5, 2013

Tricaud to head HSBC Korea

HSBC Korea said Tuesday that Martin Tricaud has been appointed to chief executive the local unit of the U.K.-based banking giant.Tricaud has worked for the global banking and market sector of the parent HSBC group. He also engaged in corporate banking and investment financing in Europe, Africa and the Middle East. A bank spokeswoman said the new CEO is scheduled to take office on March 25. Outgoing CEO Matthew Deakin will take on the post of CEO at HSBC’s Bahrain unit.For sustainable growth here

Feb. 5, 2013

POSCO announces TJ Park awardees

Korean steel giant POSCO on Tuesday announced three winners of the 2013 TJ Park Award through its charity arm TJ Park Foundation.Kim Eun-joon from the molecular neurobiology department at the Korea Advanced Institute of Scince and Technology was awarded in the science category. Yangeop High School founder Yoon Byung-hoon and Mindeulle Noodle House CEO Seo Yong-nam received an award in the education and the volunteering categories, respectively.The TJ Park Foundation, established in 1971 by the l

IndustryFeb. 5, 2013

Samsung plans $1.1b Silicon Valley push

Samsung Electronics on Tuesday announced in the U.S. plans to pour some $1.1 billion into buttressing its business platform in Silicon Valley, still considered the heart of global IT industries.The Samsung Ventures America Fund ― originally formed to facilitate Samsung’s global investment into venture companies ― will be providing $1 billion, while another $100 million will come from the Samsung Catalyst Fund. “We see tremendous opportunities and transformations over the next five years driven

IndustryFeb. 5, 2013

Korea No. 2 in global innovation index

South Korea ranked the second-most innovative country in the world, moving up one notch from last year’s ranking, data showed on Tuesday. According to data complied by financial news and data provider Bloomberg, Korea ranked No. 2 behind the United States, which topped the list by climbing six notches from last year. The research indicated progress in Korea’s innovation-related sector as it rose one slot in rankings from last year’s No. 3 spot.Bloomberg gathered data from 200 countries and grade

TechnologyFeb. 5, 2013

German company unveils error detection pen

A German company has introduced a pen that instantly detects errors in spelling and grammar. The pen senses and vibrates when the user makes mistakes, with a choice of two modes -- calligraphy and orthography. The calligraphy mode checks problems with legibility while the latter function focuses on finding incorrect grammar. The company Lernstift used a built-in sensor that buzzes when it detects words written erroneously.The inventors of the high-tech pen, married couple Falk and Mandy Wolsky,

TechnologyFeb. 5, 2013

School shooter behaviors identified

A U.S. advocate for safe and secure schools says there is no foolproof system for identifying potentially dangerous students, but there can be warning signs. Ronald D. Stephens, executive director of the National School Safety Center, said the center tracked U.S. school-associated violent deaths from 1992 to the present and identified common behaviors that could indicate a youth's potential for harming him/herself or others. Characteristics identified by the National School Safety Center includ

TechnologyFeb. 5, 2013

Course on alien life lures earth people

A Scottish university has discovered a remote-learning course on alien life is popular, attracting thousands of terrestrials from as far away as China.Charles Cockell, who teaches "astrobiology and the search for extra-terrestrial life" at Edinburgh University, told The Scotsman he was astonished by the geographical diversity of students attracted to the course.Those eager to learn about life on other planets -- from the comfort of their earthly homes -- include high school students, retirees in

TechnologyFeb. 5, 2013

Seoul shares fall 0.77 pct on nuke test woes

South Korean stocks ended 0.77 percent lower on Tuesday as investor sentiment was dented by rising concern over North Korea's nuclear test, analysts said Tuesday. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.03 points to 1,938.18. Trading volume was moderate at 361.3 million shares worth 3.7 trillion won (US$3.4 billion), with decliners far outpacing gainers 602 to 215."Rising geopolitical risks stemming from North Korea's pledge

Feb. 5, 2013

Study: Baby boomers not in health reality

Unless baby boomers take immediate action they may spend their last years in sickness, disability and immobility, Canadian researchers warned.A Heart and Stroke Foundation survey found almost 80 percent of Canadian boomers said they think their doctors would rate them as healthy, but their self-reported lifestyle choices show otherwise.Eighty-five percent of Canadian boomers said they did not eat enough vegetables and fruit, more than 40 percent said they didn‘t get enough physical activity each

TechnologyFeb. 5, 2013

Study: Baby boomers not in health reality

Martian rover drills first rock

NASA says its Mars rover Curiosity has used its drill for the first time to hammer briefly into a rock targeted on the floor of its Gale Crater landing site.“Before and after” images beamed to Earth showed the results as an indentation on the surface of the rock.The drill instrument is capable of both hammering and rotating actions, and if the rock is determined to be a good candidate for the rover‘s scientific work, a number of test holes will be drilled, NASA said, to create samples for delive

TechnologyFeb. 5, 2013

Big firms kept from opening bakeries

Companies over a certain size will be restricted from opening new bakeries or restaurants as part of government efforts to protect small- and medium-sized firms in those trades.A state-funded panel on Tuesday added 14 service trades including confectioneries and diners as well as manufacturing of plastic bags and buckwheat flour to the list of business categories suitable for only SMEs. “The regulations will apply to large confectioneries, or those with annual sales of over 20 billion won and mo

IndustryFeb. 5, 2013

Asteroid to make close fly-by of Earth

A small asteroid approaching Earth will pass by so near it will come closer than the orbits of many weather and communications satellites, NASA says.Although the near-Earth asteroid 2012 DA14 will pass very close to Earth Feb. 15, observations obtained of its path show there is no chance it might be on a collision course, NASA‘s Jet Propulsion Laboratory in Pasadena, Calif., reported.The asteroid’s closest approach will put it 17,200 miles above the Earth‘s surface, closer than some distant geos

TechnologyFeb. 5, 2013

SK Telecom net doubles in Q4

SK Telecom Co., the country's top mobile operator, on Tuesday reported a two-fold growth in its fourth-quarter profit from a year earlier due to a decrease in marketing costs.Net profit came to 519.1 billion won (US$477.5 million) in the October-December period, compared with a profit of 195.5 billion won a year earlier, SK Telecom said in a regulatory filing.Revenue rose 6 percent on-year to 4.2 trillion won, and operating profit jumped 37.6 percent to 544.6 billion won.The stronger bottom line

IndustryFeb. 5, 2013

Scientists grow lens cells in Petri dish

Stem cell researchers from Australia have managed to successfully culture lens cells in a Petri dish, marking a big step toward curing congenital sight impairment.Associate professor Tiziano Barberi and Doctor Isabella Mengarelli from the Monash University have successfully extracted and purified lens epithelium for the first time, and incited the cells to develop into lens cells, according to a report by the university. Lens epithelium refers to the tissue that serves as the progenitors for new

TechnologyFeb. 5, 2013

Scientists grow lens cells in Petri dish