The Korea Herald

KT, BC Card seek convergence to lead mobile payment market

Mobile payment services can be an answer to the current controversy over high commission fees for credit card payment, KT chairman Lee Suk-chae said Monday. KT Corp., which became the largest shareholder of BC Card in February, announced in the day the company’s new vision to expand business into mobile payment services. “We would not try to compete with other credit card or communications companies but will offer payment services for them to further grow,” Lee told reporters at KT’s headquarter

IndustryOct. 24, 2011

KT, BC Card seek convergence to lead mobile payment market

Gumi looks beyond semiconductors

Mayor Nam says many Japanese companies looking to relocate to Korean cityFor Gumi, Korea’s Silicon Valley, making sure that foreign direct investment keeps flowing into the city is a daily endeavor.To highlight the city’s appeal as a high-tech powerhouse, Herald Media organized a trip for commercial attaches so that they could get a firsthand account of a city that is a model for overcoming the crisis and fueling the nation’s economy.Gumi’s national industrial complexes were established with the

Oct. 24, 2011

Korea ups fight against fake petrol

The government and local refiners are joining forces to root out fuel adulteration rampant nationwide as they step up their crackdown and relay measures such as 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 legal support to cancel their business licenses once caught.Hyundai Oilbank Co., the country’s smallest refiner, gave an impulsion t

Oct. 24, 2011

Seoul shares jump 3.26% on hopes for eurozone

South Korean stocks closed 3.26 percent higher Monday as investor sentiment was underpinned by growing prospects for solutions to curb the eurozone debt woes, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI rose 59.94 points to close at 1,898.32. Trading volume was moderate at 369.3 million shares worth 6.66 trillion won ($5.88 billion) with gainers outpacing losers 691 to 165. “Growing hopes for resolving the eurozone debt crisis gave solace to investors,” sai

Oct. 24, 2011

NPS chief sees EU opportunities

National Pension Service boosts overseas real estate investmentsNational Pension Service chairman Jun Kwang-woo said he sees investment opportunities in Europe as major state properties, such as Spain’s Madrid Airport, are to be privatized.In an interview with the Yonhap news agency after his Europe trip for an industry forum Sunday, the head of the world’s fourth-largest pension fund said NPS will be “actively eying” the undervalued properties expected in the market as some states enter debt re

Oct. 24, 2011

BPA in pregnant women might affect kids' behavior

CHICAGO (AP) — Exposure to BPA before birth could affect girls' behavior at age 3, according to the latest study on potential health effects of the widespread chemical.Preschool-aged girls whose mothers had relatively high urine levels of bisphenol-A during pregnancy scored worse but still wit

TechnologyOct. 24, 2011

GPS shoes for Alzheimer’s patients to hit US

The first shoes with built-in GPS devices -- to help track down dementia-suffering seniors who wander off and get lost -- are set to hit the US market this month, the manufacturer says.GTX Corp said the first batch of 3,000 pairs of shoes has been shipped to the footwear firm Aetrex Worldwide, two y

TechnologyOct. 24, 2011

Local franchise chains enjoy royalty sales abroad

Tous les Jours on Thursday signed a royalty deal with CBM Corporation Co., a Cambodia-based franchise company, to allow its brand name to be used in the Southeast Asian country. Following the first deal with a Philippine retailer in December, the local bakery chain, operated by CJ Foodville, aims to

IndustryOct. 23, 2011

Game curfew law one month away, still confuses industry

Range of games, government guideline still not finalizedThe online game industry is still confused about the government’s ban on teenagers accessing online games at night, with it set to take effect in less than a month.Beginning Nov. 20, those under 16 will be prohibited by law from logging onto on

IndustryOct. 23, 2011

GSK fined for colluding to block sale of generics

GlaxoSmithKline has been fined for colluding with a local drug maker to hinder the generic sale of its anti-emetic Zofran for the past 12 years, antitrust authorities said Sunday. It is the first time that a multinational drug company has been found to offer financial benefits in return for the with

IndustryOct. 23, 2011

Korea celebrates revival of four rivers

Festival underscores government’s 5-year project to renovate river basinsThe government hosted an event last weekend to celebrate the revitalization of the country’s four major rivers as its multi-billion-dollar project nears its end.The Ministry of Land, Transport and Maritime Affairs opened on Sat

Oct. 23, 2011

Korea to strengthen fiscal health: minister

South Korea’s top economic policymaker said Saturday that the government should continue its efforts to strengthen fiscal health to prepare for any possible future crisis. “In preparation for another economic crisis and potential fiscal challenges stemming from the low birthrate and aging population

Oct. 23, 2011

Hyundai exports 2m cars to Latin America

Hyundai Motor Co., South Korea’s largest automaker, said Sunday that total car exports to Latin America reached 2 million units, fueled by competitiveness in quality and successful marketing efforts.The company said the milestone, which was reached on Saturday with the loading of 800 Tucson ix sport

MobilityOct. 23, 2011

BOK chief hints at rate hike

South Korea’s central bank will resume its efforts to raise the interest rate if a set of external economic uncertainties are reduced, its chief has said.Bank of Korea policymakers face a dilemma in how to deal with lingering inflation concerns and heightened economic uncertainty sparked by dimmer g

Oct. 23, 2011

BJFEZ gains key momentum

Operation of the Busan-Jinhae Free Economic Zone is gaining momentum, aided by the Korean operations of prominent foreign organizations based in the special economic zone.On Oct. 17, Tsubakimoto Automotive Korea’s plant in the zone was completed. The plant will produce timing chains used in automobile engines for Hyundai Motor Group’s two carmakers, and the company plans to increase the number to 107 by 2014 from the current 45. According to BJFEZ Authority, the Tsubakimoto Chain Co-owned plant

Oct. 23, 2011

Korea to see price rises outpace economic growth

Korea’s economic growth rate is forecast at far below the estimated inflation gain this year, data showed on Sunday, raising fears that the country might be entering an era of a chronically slow growth. According to the data by the Korea Center of International Finance, 10 foreign investment banks p

Oct. 23, 2011

Import car sales to top 100,000 units in 2011

The nation’s automobile market is set to mark an epoch-making figure in import vehicle sales this year as more foreign companies’ expand their marketing and businesses here.Apart from the big four ― BMW, Mercedes-Benz, Volkswagen and Audi, new competitive players such as Nissan and Jaguar/Land Rover

MobilityOct. 23, 2011

Import car sales to top 100,000 units in 2011

Hotel Skypark looks beyond Toyoko Inn

Newcomer aims to become Korea’s tourism-focused business hotel chainChoi Young-jae still reminisces about his days in the ‘90s as a sports reporter at a local daily, struggling to find an affordable place to stay when he traveled other parts of the country.That is exactly what has dragged the 53-year-old journalist-turned-entrepreneur into the hospitality industry, launching Hotel Skypark in Myeongdong, downtown Seoul last year.“I thought we could penetrate a niche market for those who feel bur

Oct. 23, 2011

IMF sees Korea's debt will drop to pre-crisis level in 2012

SEOUL, Oct. 23 (Yonhap) -- The International Monetary Fund (MF) predicts South Korea's national debt is expected to fall to the level of before the 2008 global financial crisis in 2012, the finance ministry said Sunday.The ratio of South Korea's national debt to its gross domestic product (GDP) will

Oct. 23, 2011

No reports yet of debris from falling satellite

In this undated artist rendering provided by EADS Astrium the scientific satellite ROSAT is seen. On Sunday, Oct. 23, 2011, between 1:45 UTC (3:45 CEST) and 2:15 UTC (4:15 CEST) ROSAT re-entered Earth's atmosphere. (AP-Yonhap News)BERLIN (AP) _ Scientists were trying to establish how and where a def

TechnologyOct. 23, 2011

No reports yet of debris from falling satellite