The Korea Herald

Profit-taking pushes shares down 0.51%

South Korean stocks closed 0.51 percent lower on Tuesday as institutions and retail investors opted to lock in profits from the recent rallies as the main stock index neared the 1,900 mark for the first time in nearly two months, analysts said. The local currency climbed against the U.S. dollar.After surpassing the 1,900-level at one point, the benchmark Korea Composite Stock Price Index slipped 9.67 points to 1,888.65. Trading volume was moderate at 348.6 million shares worth 5.97 trillion ($5.

Oct. 25, 2011

Korea will be better-off than Japan in 2030: ADB

The Asian Development Bank said Tuesday that Koreans will enjoy a higher standard of living than the Japanese by 2030, projecting the country’s gross domestic product per capita and purchasing power to exceed that of Japan.In a Seoul seminar co-hosted by the Finance Ministry, the regional lender said the GDP per capita of Korea will stand at $56,000 by 2030, above Japan’s $53,000. It said Korea’s GDP per capita will be similar to that of the U.S. by 2050, at around $98,000.In its “Asia 2050” pub

Oct. 25, 2011

Google’s Android passes Apple to become smartphone application leader

Google Inc.’s Android operating system passed Apple Inc. (AAPL)’s iOS as the most popular software platform for application downloads as consumers bought more Android smartphones. The Google platform accounted for 44 percent of all app downloads in the second quarter, eclipsing Apple’s 31 percent sh

TechnologyOct. 25, 2011

Baby births grow in S. Korea for 18th month in Aug.

SEOUL, Oct. 25 (Yonhap) -- The number of babies born in South Korea grew for the 18th straight month in August amid the government's efforts to boost the nation's relatively low birthrate, a report showed Tuesday.According to the report by Statistics Korea, the number of babies born in August came t

Oct. 25, 2011

Telescopes solve 2,000-year-old stellar mystery

This undated handout image provide by NASA, combines data from four different space telescopes to create a multi-wavelength view of all that remains of the oldest documented example of a supernova, called RCW 86. NASA announced the findings Monday, Oct. 24, 2011, and said the exploded star was obser

TechnologyOct. 25, 2011

Telescopes solve 2,000-year-old stellar mystery

Insomnia linked to higher heart attack risk

As if you didn't have enough to worry about during those sleepless nights, a Norwegian study out Monday suggests that people with insomnia face a 27 to 45 percent higher risk of heart attack.About one-third of people report having trouble sleeping and should see a doctor for help, urged the authors

TechnologyOct. 25, 2011

VW likely to overtake Toyota as top carmaker in 2011

Volkswagen AG will probably become the world’s biggest carmaker this year, vaulting past Toyota Motor Corp. and General Motors Co . on gains in emerging markets.Volkswagen AG will probably become the world’s biggest carmaker this year, vaulting past Toyota Motor Corp. and General Motors Co . on gain

MobilityOct. 25, 2011

Regulator set to order Lone Star to sell KEB stake

SEOUL, Oct. 25 (Yonhap) -- South Korea's financial regulator is expected to order Lone Star Funds to sell the bulk of its stake in Korea Exchange Bank (KEB) after the U.S. buyout firm said it cannot meet the requirements as the major shareholder of the fifth-largest lender, watchers said Tuesday.Lon

Oct. 25, 2011

Oil prices expected to slip 8 percent next year: report

SEOUL, Oct. 25 (Yonhap) -- International crude oil prices are expected to fall up to 8 percent in 2012 from this year's levels as demand for oil products decline in line with the global economic slump, a report showed Tuesday.The price of Dubai crude, South Korea's benchmark, would trade at a range

IndustryOct. 25, 2011

Korea fuels fight against fake petrol

The government and local refiners are joining forces to root out rampant fuel adulteration across Korea by issuing tougher penalties and tipster rewards.Early this month, the government declared an all-out war against fake fuel, sharply raising fines for gas station owners selling adulterated petrol products and seeking ways to cancel their business licenses once caught.Hyundai Oilbank Co., the country’s smallest refiner, boosted the drive on Sunday by offering tipsters cash rewards of up to 5 m

Oct. 24, 2011

Korea, Indonesia agree to seek free trade deal

South Korea and Indonesia agreed to significantly boost their economic ties, a move that will include the signing of a free trade deal at an early date, the Seoul government said Monday.The countries have also agreed to seek what they called joint “mega projects” that will symbolize their economic cooperation and Seoul’s support for the economic development of the Southeast Asian country, according to the Ministry of Knowledge Economy.The agreements came at a Seoul meeting of the countries’ join

Oct. 24, 2011

Finance chief calls for fiscal soundness

South Korea should strengthen its fiscal health to brace for growing welfare demand from the nation’s fast-aging population and protracted low birth rates, the top economic policymaker said Monday.“Low birth rates and aging population could result in decreasing the number of economically active people and hiking welfare spending, all of which could undercut the nation’s growth potential and worsen its fiscal status,” Finance Minister Bahk Jae-wan told a gathering in Seoul.“We should prepare ours

Oct. 24, 2011

63 Building to undergo major renovation

The 63 City Building, the nation’s second-tallest building, will undergo a five-year renovation including the replacement of its 13,400 gold-tinted windows, industry sources said Monday. The 249-meter-high skyscraper in Yeouido, Seoul’s financial district, is currently home to more than 10,000 employees of Korea Life Insurance and other companies. The landmark building also houses a number of foreign companies operating in Korea.The large-scale renovation, including the remodeling of vacant offi

IndustryOct. 24, 2011

Jobs admired Zuckerberg for ‘not selling out’

Steve Jobs, who mentored Silicon Valley technology leaders in the months before he died, said he admired Facebook Inc. co-founder Mark Zuckerberg for “not selling out.” “We talk about social networks in the plural, but I don’t see anybody other than Facebook out there,” Jobs told biographer Walter I

TechnologyOct. 24, 2011

Jobs admired Zuckerberg for ‘not selling out’

Asiana teams up with KOICA for development aid program

Asiana Airlines signed up to the Korea International Cooperation Agency’s public-private partnership program on Monday.Companies taking part in the program collaborate with KOICA to carry out development aid projects in developing countries. The partner from the private sector is signed on for one year.The carrier said the KOICA selected the company for partnership in recognition of its corporate social responsibility programs. Asiana Airlines has been working on social contribution projects in

IndustryOct. 24, 2011

Asiana teams up with KOICA for development aid program

NTS to foster foreign investor-friendly environment

The following was contributed by National Tax Service Deputy Commissioner Kim Moon-soo. ― Ed.The size of foreign direct investment in 2010 was $13.1 billion, the largest amount since 2000. Although difficult to quantify, foreign investment certainly helped Korea overcome the 1997 economic crisis and achieve economic growth of 6.1 percent last year. However, amid growing uncertainties in the global markets, the Korean economy expects difficulties in achieving this year’s FDI target of $15 billion

Oct. 24, 2011

NTS to foster foreign investor-friendly environment

Financial malpractice causes W274b losses

Costs incurred due to embezzlement, fraud by employees triple over 4 yearsThe cost of embezzlement and fraud by employees at South Korean financial firms has more than tripled in four years, according to the country’s top financial regulator.The Financial Supervisory Service said malpractice by employees at banks and other financial firms reached 274 billion won ($240 million) in 2010, sharply rising from 87.4 billion won in 2006. The irregularities were discovered and punished across the secto

Oct. 24, 2011

Financial malpractice causes W274b losses

LSIS completes plant for high voltage valves

LSIS Co.’s plant for the production of high voltage direct current transmission systems was completed on Monday.Located within Busan-Jinhae Free Economic Zone, the facility is the country’s first plant for producing high-voltage direct current transmission equipment.The 110 billion won plant ($97 million) is equipped with facilities for assembling and testing all related equipment, and a production line for thyristor valves, which is an essential component of the transmission system, the company

IndustryOct. 24, 2011

Credit card firms defy debt control efforts

The number of credit cards issued increased this year, despite government efforts to reduce credit card use in a bid to control household debt.According to data released by the Credit Finance Association on Monday, the total number of credit cards issued was 122.3 million during the first half of this year. A total of 116.6 million credit cards were issued last year.This year’s record number means that every job-holder has 4.9 credit cards on average, according to officials. The nation’s populat

Oct. 24, 2011

Credit card firms defy debt control efforts

Korean manufacturers hit by financial crisis: poll

Nearly 60 percent of South Korean manufacturers think that the current global economic turmoil has dealt a blow to their business conditions and performances, a poll showed Monday.According to the survey on 518 manufacturing companies, 57.9 percent said that their business conditions have worsened from the first six months of the year due to the crisis stemming from U.S. and European debt woes, while 42.1 percent responded they are better off. By industry, nearly 80 percent of petrochemicals and

Oct. 24, 2011