The Korea Herald

Dispute rises over plan to transfer KTX operation to private firms

A government plan to introduce competition to train operations and end the monopoly held by state-run KORAIL is stirring a heated debate as critics say for-profit businesses would endanger safety and public interests.The Transport Ministry said last week it will open bidding this year to operate new bullet-train routes connecting Suseo in southern Seoul to the southern part of the country, which will open in 2015. KORAIL will continue to manage the other sections.The ministry expects the change

IndustryJan. 5, 2012

Dispute rises over plan to transfer KTX operation to private firms

Siblings bound by blood to fight rare cancer

MILWAUKEE ― In the course of a few hours on a recent fall day, all of Ann Merrell’s blood slowly exited her body through a tube in her left arm, then re-entered through a tube in her right.Two lives were bound up in this circle of blood.The night before, in her own bed in South Beloit, Ill., she’d tossed and turned. Some of it was fear of the unknown. Yet Ann had decided that what she knew about her brother’s disease outweighed what she didn’t know about this effort to save him. Since 2006, her

TechnologyJan. 5, 2012

Siblings bound by blood to fight rare cancer

Sudden cardiac death

When the temperature falls, the heart can be put under greater stress and the probability of sudden cardiac death surges among those in mid-life. Excessive drinking, excessive smoking and chronic fatigue in day-to-day life may lead to the onset of sudden chest pain followed by cardiac arrest and death. Sudden death refers to an unexpected natural death caused within one hour of the onset of symptoms. Most cases of sudden death are the result of heart disorder. Therefore, sudden death is normally

TechnologyJan. 5, 2012

Hyundai-Kia ranks sixth in U.S. sales

Both carmakers post record sales of over 1.13m units in U.S. last yearHyundai Motor Co. and Kia Motors Corp. posted record sales in the United States last year, together ranking sixth in sales volume after GM, Ford, Toyota, Chrysler and Honda.With over 1.13 million cars sold, Hyundai-Kia overtook Nissan for the first time by about 90,000 units in the world’s largest auto market.Models that can run more than 40 miles per gallon such as the Elantra, Sonata Hybrid and Accent accounted for about a

IndustryJan. 5, 2012

Stephanie Choi named Johnson & Johnson’s North Asia head

Johnson & Johnson Korea said Wednesday that the company’s managing director Stephanie Choi has been recently named the North Asia area managing director. Choi, 42, will be responsible for the U.S.-based consumer goods giant’s operations in Hong Kong and Taiwan as well as Korea. Choi joined Johnson & Johnson as a brand manager in 1991 and became the Korean branch’s first female head in 2008. She has been recognized for her contribution to the successful settlement of brands such as Johnson’s Baby

IndustryJan. 5, 2012

Stephanie Choi named Johnson & Johnson’s North Asia head

LH CEO gives up stock options worth W13 billion

Korea Land & Housing Corporation CEO Lee Ji-song has recently given up stock option rights worth 13 billion won ($11 million) that he was awarded while working for Hyundai Engineering in 2005. According to the country’s state-run land developer, Lee told Hyundai Engineering at the end of last year that he would not exercise 50,000 shares of stock options at the company. The stock options were given to him in late 2005 when he served both as the chairman of Hyundai E&C and as an outside board dir

IndustryJan. 5, 2012

LH CEO gives up stock options worth W13 billion

Samsung looks to grow 15% globally with air conditioner

By Cho Ji-hyunSamsung Electronics on Thursday released its new air conditioner model for this year, unveiling its plan to expand its sales of air conditioners by up to 15 percent in the global market.Dubbed “Smart air conditioner Q,” the product emphasizes the cooling system as well as the air purifier and dehumidifier functions, according to company officials.“We’re expecting to meet a globally sluggish economy this year, but we plan to grow by more than 15 percent in the air conditioning marke

IndustryJan. 5, 2012

SK Group vows to invest biggest-ever W19tr this year

SK Group on Thursday unveiled its largest-ever investment and recruitment plans just ahead of the prosecution’s announcement of its plan to indict chairman Chey Tae-won without physical detention on embezzlement charges. The conglomerate said it would more than double investment to 19.1 trillion won ($16.6 billion) including 3.4 trillion won to acquire Hynix Semiconductor and 2.1 trillion won in resource development.About 10 trillion won will be invested in facilities and another 2 trillion won

IndustryJan. 5, 2012

Banks pay generous bonus to workers

Major banks are poised to pay large-scale performance bonuses to employees, despite the difficult situation in the wider economy.The banking sector posted record-high earnings in 2011, while many households and small- and mid-sized enterprises are saddled with snowballing debts.As a year-end compensation for the performance, four major commercial banks ― KB, Woori, Shinhan and Hana ― have offered or plan to offer workers extra payments.Kookmin Bank provided employees with a bonus, which is equiv

Jan. 5, 2012

Korea’s equity market has fewer foreign firms than Asian peers

The proportion of foreign firms on the South Korean stock market is relatively small compared with other Asian equity markets, which is largely due to the local stock market’s low global reputation and strict listing rules, data showed Thursday. Only 17 firms out of 1,822 companies listed on the main bourse and the secondary market, or 0.93 percent, were foreign-based as of end-November last year, according to the data by the Korea Exchange and the Korea Capital Market Institute.The Korean marke

Jan. 5, 2012

Food price hike second highest in OECD

South Korea’s food prices rose at the second highest rate among Organization for Economic Cooperation and Development members in 2011, mainly due to unfavorable weather conditions, a report showed Thursday.The report by the Paris-based organization showed the country’s food prices jumping an average 7.9 percent in the January-November period, with only Estonia’s growth being steeper at 9.9 percent among the 32 countries checked.South Korea’s consumer prices rose 4 percent on-year in 2011, which

Jan. 5, 2012

KCCI chief hopes for great growth in 2012

The Korea Chamber of Commerce and Industry on Thursday invited about 1,300 leaders from all sectors, including President Lee Myung-bak, for its New Year’s greetings in southern Seoul.The event, which was organized by the country’s largest business lobby and participated by leaders from the business, government, societal and diplomatic circles, was the first meeting between the president and business heads in 2012.“I hope this year could be one which the country establishes great growth in all se

Jan. 5, 2012

Foreign investors turn to net sellers of Korean stocks in 2011: watchdog

Foreign investors shifted to net sellers of listed South Korean equities last year as heightened global market uncertainties prompted a flight for safer assets, the financial watchdog said Thursday.Overseas investors sold a net 9.6 trillion won ($8.4 billion) of local stocks in 2011, compared with a net purchase of 22.9 trillion won the previous year, according to the Financial Supervisory Service.The sharp fall came as foreign investors offloaded 9.3 trillion won worth of shares between August

Jan. 5, 2012

BOK to beef up communication channels through reorganization

Central bank under fire for inflation growth moves to set up new PR organKorea’s central bank has named reining in consumer prices as its top priority this year, but its reorganization plan sends a mixed message about whether it is indeed determined to fight inflation.“Price stability has emerged more than ever before as an important matter of national concern,” said BOK Gov. Kim Choong-soo in his New Year’s message last week. The first noticeable step, however, is to set up a new division offic

Jan. 5, 2012

Shares down 0.13% ahead of big events

Korean stocks edged down 0.13 percent on Thursday as investors cut their holdings of techs and banks ahead of significant political events in Europe and economic data reports in the U.S. next week, analysts said. The local currency fell against the U.S. currency.The benchmark KOSPI inched down 2.48 points to 1,863.74. Trading volume was heavy at 528.5 million shares worth 4.8 trillion won ($4.2 billion) with gainers leading losers 463 to 369.“Investors were reluctant to buy stocks as they are wa

Jan. 5, 2012

Customer satisfaction level for public firms edges up

Customer satisfaction with public agencies in Korea edged up last year, the Ministry of Strategy and Finance said Thursday.According to the survey on 167 public organizations including state-run enterprises and state-affiliated agencies, the satisfaction level improved in the fields of customer-oriented services and customized consulting, the ministry said.Public enterprises scored 93.7 out of 100 last year, up from 92.9 the previous year. Semi-public agencies and other agencies scored 89.6 and

Jan. 5, 2012

Delhi Auto Expo dazzles visitors with future vision cars

DELHI, India ― The 2012 New Delhi Auto Expo debuted more than 50 new cars Thursday, showcasing a future vision of mobility with everything from electric commuters and greener SUVs to supercar concepts at the country’s largest motor show.More than 1,500 carmakers and component makers from 24 countries are taking part in the 11th edition of Asia’s biggest motor show, which runs until Jan. 12.India’s largest SUV manufacturer Mahindra & Mahindra showcased four vehicles from Korea’s Ssangyong Motor C

IndustryJan. 5, 2012

Delhi Auto Expo dazzles visitors with future vision cars

Samsung likely to unveil strong Q4 sales, operating profit

Samsung Electronics Co., South Korea's tech giant, is expected to announce its preliminary fourth-quarter sales and operating profit data on Friday, market sources said Thursday.According to the sources, Samsung Electronics will likely post sales ranging from 43 trillion won ($37.3 billion) to 47 trillion won for the October-December period. Its operating profit is expected to reach about 5 trillion won. During the first three quarters of last year, Samsung Electronics posted 117.7 trillion won

IndustryJan. 5, 2012

KDB seeks to list 10% of shares

KDB Financial Group chairman Kang Man-soo unveiled his concrete plan to launch the group’s privatization process again this year.At a news conference on Thursday, Kang said the state-run financial group will sell 10 percent of the shares held by the government by the end of 2012.He said the stake sale will be carried out through the group’s planned listing, or pushing for initial public offering, on the stock market.Following similar remarks by chief financial regulator Kim Seok-dong a day befor

Jan. 5, 2012

Gender wars: Men, women more different than thought

WASHINGTON (AFP) - Mars and Venus are much further apart than previously thought -- and we're not talking about planets.In research published Wednesday, three European psychologists, using a new model for analyzing personality differences between men and women, claimed the gap between the genders ha

TechnologyJan. 5, 2012