NASA launches suborbital rockets after delays

This image provided by NASA shows the launch of five suborbital sounding rockets, Tuesday March 27, 2012. The first rocket was launched at 4:58 a.m. EDT and each subsequent rocket was launched 80 seconds apart. (AP)NASA has launched five rockets to study the upper level jet stream after several dela

TechnologyMarch 28, 2012

European risk and oil major risks for Korean economy: IMF No. 2

David Lipton, first deputy managing director of the International Monetary Fund, on Tuesday warned that the Korean economy still faces “serious” risks from the ongoing European fiscal crisis, wild capital flows and inflationary pressure.“There remain serious risks (for Korea), including risks of recurrence problems from Europe, inflationary pressure and volatile capital flows, as well as the possibility of oil price increases,” Lipton told reporters in Seoul. On a trip to discuss the possible ex

March 27, 2012

KEPCO takes nuclear summit as new business opportunity

The Seoul Nuclear Security Summit has been a golden opportunity for Korea Electric Power Corp. as the company seeks overseas business expansion.Kim Joong-kyum, chief executive of the state-funded power company, met with a number of potential business partners and high-profile government officials including two foreign leaders who visited Seoul to attend the summit.On Monday, Kim sat down with Nigerian President Goodluck Jonathan and requested support for KEPCO’s investment in the African country

IndustryMarch 27, 2012

Korean firms scramble to cash in on summit

The country’s business circles were overwhelmed with business meetings as the Nuclear Security Summit entered its final day on Tuesday.With a goal of reaffirming partnerships and searching for new business opportunities, a large number of firms, such as Hyundai Motor, LG Chem, LS Industrial Systems, POSCO, Samsung C&T and SK C&C, participated in private meetings with the foreign delegations throughout the day.In particular, a total of 10 agreements were signed during a business forum arranged be

IndustryMarch 27, 2012

[Herald Interview] FORCA to foster relocation of Japanese firms to Korea

For decades, business associations have been known for aggressive lobbying of policymakers while passively responding to calls for corporate social responsibility. The Korea Foreign Company Association, the largest foreign business community in the country, is seeking to change this image and expand its role to attract overseas businesses.Kim Jong-shik, the newly appointed chairman of FORCA, says the organization is drawing up a plan help transfer the headquarters of Japanese firms to Seoul this

IndustryMarch 27, 2012

Firms look to enhance image at nuclear summit

Leaders’ summit, industry forum seen as a good chance to improve image, products overseasKorean companies in sectors from auto and retail to telecom and electronics waged promotion campaigns on Tuesday to cash in on the Nuclear Security Summit and other sideline events taking place in Seoul. The largest-ever diplomatic event here offers major opportunities to boost their image and market products overseas, the companies say, with nearly 10,000 public officials, business people and journalists co

IndustryMarch 27, 2012

KB Kookmin Card seeks top spot on high quality

KB Kookmin Card is seeking to take the No. 1 position in the local credit card market on a “gradual basis” by focusing on quality-based growth, not reckless sales activities.Though the company has secured the No. 2 status since its establishment a year earlier, it plans not to be hasty in overtaking Shinhan Card.“For the second-year management strategies, we will reinforce market dominance by prioritizing customer-oriented and quality-based growth,” the company said in a statement.Its vision com

March 27, 2012

Hamel Award to be given by Dutch foreign minister

The Dutch Business Council of Korea will present the Hamel Trade Award for the best performing Dutch company in Korea in 2010-2011 at a ceremony in Seoul on Wednesday. The two nominees for the prize are Control Union Certifications Korea and DSM Korea. “Organizing these awards is a good investment in the future of the business relationship instead of just organizing a dinner,” said Jeroen Plag, chairman of the DBCK and ING Commercial Banking country manager. Visiting Dutch Foreign Minister Uri R

March 27, 2012

U.S. Gov't: Nuclear bomb in DC wouldn't destroy city

(MCT image)Hollywood has destroyed Washington -- or New York or Los Angeles -- lots of times with nuclear bombs detonated by terrorists. It turns out to be harder in real life than in the movies.Thinking about the unthinkable, a U.S. government study analyzed the likely effects from terrorists setti

TechnologyMarch 27, 2012

Consumer sentiment improves for 2nd month

Korean consumer confidence improved for a second consecutive month in March, boosted by signs of improvement in the U.S. economy and progress in containing Europe’s sovereign debt crisis, the central bank said Tuesday.The consumer sentiment index, which gauges consumers’ overall economic outlook, living conditions and future spending, stood at 101 for this month, compared with 100 the previous month, according to a survey by the Bank of Korea. A reading above the benchmark 100 means optimists ou

March 27, 2012

World Bank chief-nominee to visit seven countries

WASHINGTON (Yonhap News) ― Jim Yong Kim, a Korean-born physician nominated by President Barack Obama to head the World Bank, will visit his motherland South Korea and six other nations, the U.S. Treasury Department announced Monday.The 11-day tour of South Korea, Ethiopia, China, Japan, India, Brazil, and Mexico, set to begin on Tuesday, is apparently part of efforts to drum up support in advance of a meeting of the World Bank’s 25-member executive board in April to select its new leader.The dep

March 27, 2012