The Korea Herald

Seoul shares open higher on builders, logistics

South Korean stocks opened slightly higher Friday on gains in logistics and construction heavyweights, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.47 points, or 0.07 percent, to 1988.82 in the first 15 minutes of trading.Logistics shares gathered ground, with Hyundai Glovis increasing 0.68 percent, while CJ Korea Express climbed 1.47 percent. Korean Air, South Korea's top flight carrier, added 0.22 percent.Construction firms also traded higher, with No. 1 bui

Dec. 28, 2012

S. Korea's industrial output grows 2.9 pct on-year in Nov.

South Korea's industrial output bounced back in November, raising expectations that industrial activities might be picking up, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries gained 2.9 percent last month from a year earlier, turning around from the previous month's 0.8 percent on-year contraction. The output also grew 2.3 percent on-month, marking the third straight month of expansion. The ser

Dec. 28, 2012

S. Korea posts record current account surplus in Nov.

South Korea posted a record current account surplus for November as exports gained ground, the central bank said Friday, giving support to the already-strong local currency to the U.S. dollar.The current account surplus reached US$6.88 billion in November, up from a revised $5.78 billion in the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The November surplus marked the 10th straight month of a surplus run, making the acc

Dec. 28, 2012

Business leaders urge vigilance against uncertainties in 2013

December is the month when the nation’s top conglomerates customarily unveil their management visions for the new year. This year, the companies were given a double burden of preparing for the heightened uncertainties of the global economy, while also preparing for the incoming government of Park Geun-hye. Samsung Group on Thursday held an annual year-end seminar, with some 30 chief executives in attendance, including Choi Gee-sung, the head of corporate strategy office to discuss such plans. Wh

IndustryDec. 27, 2012

Economic stimulus, battling risks cited as key economic policies

Korea’s macroeconomic policies under the incoming Park Geun-hye administration have yet to be set, but one unchangeable truth is that they will have to be geared to fight the static global economic markets, the government said on Thursday.In its 2013 economic policy outline, the Finance Ministry said the country must remain highly vigilant toward future risks posed by the lukewarm economic conditions of the global economy, while also seeking measures to rejuvenate the local markets.“The U.S. and

Dec. 27, 2012

Cancer patients reach 1 million, survival rate improves

The number of cancer patients in Korea reached 1 million last year while their survival rates rose from a decade ago, a report showed on Thursday.According to a joint survey by the Ministry of Health and Welfare and the National Cancer Center, Korea had a total of 960,654 patients and survivors ― diagnosed with cancer between 1999 and 2010 ― last year.About 200,000 new cancer cases were found in 2010 alone, up 4 percent from a year earlier, the report add.The statistics showed that both five-yea

TechnologyDec. 27, 2012

Apartment prices lowest since 1997-98 crisis

Apartment prices in Seoul dropped 4.1 percent in the first 11 months of this year, marking the sharpest fall since 14.6 percent in 1998 when the property market was hit by the Asian financial crisis.Unlike how apartment prices rebounded by 12.5 percent in 1999, prospects for a rise next year are low this time.Whereas home prices nosedived over a short period of time due to an external shock in 1998, the current fall was caused by structural market changes such as reduced demand as people moved t

Dec. 27, 2012

Apartment prices lowest since 1997-98 crisis

One in 50 salaried workers earn over W100m

One in every 50 salaried workers in Korea made more than 100 million won ($93,000) last year, according to data from the National Tax Service.Out of the salaried workers who filed for year-end tax adjustments, the share of 100-million-won-plus income earners rose above 2 percent for the first time to 2.3 percent last year, from 1.8 percent in 2010.“The number of salaried employees who make over 100 million won is expected to remain unchanged or slightly decline this year due to the slowed econom

Dec. 27, 2012

One in 50 salaried workers earn over W100m

Number of Korean science students abroad growing

The Ministry of Education, Science and Technology said Thursday that the number of Korean students studying science and engineering abroad continues to increase, but has been offset by a high inflow of foreign students.Citing data by Korea’s Science and Technology Policy Institute, the ministry said that the number of undergraduate Korean students who went overseas to study science and engineering doubled to 24,674 in 2011 from 2003.However, the inflow of foreign undergraduates into Korean unive

TechnologyDec. 27, 2012

Park’s life cycle health, welfare system put to test

Following is the eighth in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed.President-elect Park Geun-hye used to say that her foremost task is to bring stability to people’s lives if she becomes the nation’s first female president. Projecting her image of a guardian of the state and of the people, Park pledged to introduce a Korean version of a lifecycle health and welfare system with programs tailored to all age groups from newborns to senior citizens.Park’s plans see

TechnologyDec. 27, 2012

Park’s life cycle health, welfare system put to test

Growth plate injury

Growing children have growth plates around their joints, which promote growth of the upper and lower limbs. Such growth plates disappear when children pass puberty, and their growth stops. These growth plates are made of cartilage tissue, which is vulnerable to damage by external forces. Therefore, various traumas can lead to growth plate damage. Children enjoy outside activities and sports when the weather becomes warmer. This is why growth plate injuries most frequently occur in the spring and

TechnologyDec. 27, 2012

LGD files another petition against Samsung Display

LG Display said Thursday that it filed a lawsuit against Samsung Display for infringing on its liquid-crystal display patent for the Galaxy Tab 10.1.LG asked the Seoul Central District Court to order Samsung to immediately stop producing and selling the firm’s 10.1-inch tablet PC. It also requested that Samsung must pay 1 billion won every day if it choose not to follow its demand.The filing of the suit comes as LG claims that the display technology used for the building of the Galaxy Tab 10.1 i

IndustryDec. 27, 2012

Novartis wins patent claim in Seoul court

A Seoul court has ruled in favor of Swiss drug giant Novartis AG on a drug patent suit against SK Chemicals Co., a South Korean pharmaceutical and chemicals manufacturer, court officials said Thursday.The Seoul Central District Court ordered SK Chemicals to cease the production of its generic drugs, saying that the local firm has infringed upon a patent on treatment for Alzheimer’s disease developed by Novartis, they said.Earlier last month, the Swiss drug firm filed for an injunction with the c

Dec. 27, 2012

Shares up on hope for rally next year

South Korean stocks ended 0.26 percent higher on Thursday as investor hopes for rallies next year outweighed falls in high dividend stocks, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 5.1 points to 1,987.35. Trading volume was moderate at 371.9 million shares worth 3.02 trillion won ($2.82 billion), with decliners outnumbering gainers 434 to 380.“Investors snapped up shares on hopes for next year,” said Kim Young-jun, an a

Dec. 27, 2012

Manufacturers’ business sentiment rebounds on improved economic data

South Korean manufacturers’ business confidence for January rebounded from a 44-month low tallied in the previous month as some economic data showed improved performances, the central bank said Thursday.The index of manufacturers’ outlook on business conditions came in at 70 for January, up from 67 tallied for December, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.A reading below the benchmark 100 means pessimists outnumb

Dec. 27, 2012

Experts call for setting up of ICT ministry

A group of scholars Thursday urged that the new administration should establish a government branch that exclusively deals with issues related to the Information and Communications Technology sector.In a press conference, a group of 25 different academic organizations involved in ICT said a government ministry that takes full charge of content, platforms, and broadcast and telecom should be set up at the earliest date.“President-elect Park Geun-hye must revive the sectors of information, broadca

IndustryDec. 27, 2012

Park seeks to curb energy demand

Following is the ninth in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. Ensuring a stable energy supply will surely be one of the key policy goals President-elect Park Geun-hye will push as Korea has the world’s 11th-highest energy consumption and is the fifth-largest oil importer. To achieve security in the energy sector, the new government will put more focus on the demand side in its energy policy as power demand has increased faster than supply for the past few

Dec. 27, 2012

Government-held assets increase 5.6% in 2011

SEJONG (Yonhap News) ― Total assets owned by the government grew more than 5 percent on-year in 2011 due to land, buildings and equipment purchases, the Finance Ministry said Thursday.According to the ministry, the government held about 8,319 trillion won ($7.75 trillion) worth of assets at the end of 2011, up 5.6 percent or 439 trillion won from a year earlier.It is 2.3 times larger than in 2001 when the government held about 3,576 trillion won, the ministry said.The asset increase is due to pu

Dec. 27, 2012

Corporate social contributions top W3tr

More than 200 South Korean companies spent over 3 trillion won ($2.7 billion) last year to support underprivileged people, a survey showed Thursday.The contributions come as many South Koreans called for corporate social responsibility in recent years amid widespread perception that conglomerates are to blame for the wealth gap.A total of 222 companies provided 3.12 trillion won to social welfare programs that range from scholarships and daycare centers to parks and welfare facilities, the Feder

Dec. 27, 2012

China rebound to benefit Korea

China’s economy will create a juicy opportunity for South Korean consumer firms, as the Chinese authorities resolved to boost the world’s No. 2 economy, analysts said Thursday.South Korea’s companies that have set their eyes on the Chinese consumer industry will be one of the biggest beneficiaries of China’s move to ramp up domestic consumption, they said. “Chinese authorities have realized the limits of economic growth driven by exports and government investment,” said Kim Kyung-hwan, an analys

Dec. 27, 2012