Most Popular
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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NewJeans to terminate contract with Ador
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Seoul snowfall now third heaviest on record
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Samsung shakes up management, commits to reviving chip business
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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BOK makes surprise 2nd rate cut to boost growth
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Kim & Chang has biggest earners
The nation’s leading law firm Kim & Chang was found to have the largest number of high income earners, according to a ruling party lawmaker who analyzed a report from the National Health Insurance Service.The law firm was followed by Samsung Electronics, the world’s largest mobile phone maker, and SK Innovation, the holding firm of SK Group affiliates related to energy.According to Rep. Kim Hyun-sook of the Saenuri Party, Kim & Chang has a total of 148 employees who earn 78 million won ($72,700)
Oct. 14, 2013
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SK E&C wins $100m order from Thailand
SK Engineering & Construction Co., one of South Korea’s leading builders, said Monday that it and its Thai partner have won a $100 million order to expand a chemical plant in Thailand.SK E&C said it plans to complete the project in Thailand’s Map Ta Phut industrial complex by 2015 under a deal with PTT Global Chemical Pcl, Thailand’s biggest petrochemical company.The project calls for SK E&C and PTT Maintenance and Engineering Co., a subsidiary of PTT Global Chemical, to boost annual production
Oct. 14, 2013
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‘Managing power demand key to sustainable energy future’
DAEGU ― A top leader in the nation’s leading refinery GS Caltex stressed that managing power demand was a way to cope with energy issues and achieving a “sustainable” energy future. “Managing energy demand is the key to achieving contradictory goals ― securing a stable energy supply and the response to climate change,” said Hur Dong-soo, chairman of GS Caltrex, in the first opening session of the 22nd World Energy Congress in Daegu aimed at discussing solutions for a sustainable energy future. H
Oct. 14, 2013
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Korea is key partner in promoting nuclear energy: UAE minister
DAEGU ― The transaction in the global energy sector is pressing countries to diversify their energy sources, and even conventional market leaders such as the United Arab Emirates are no exception.In order to take the current energy market to the next level, tight-knit cooperation with technology pioneer countries is crucial, according to the energy chief of the Gulf region alliance.“The UAE has been gifted with oil and gas reserves, but it is only too clear in the fast-changing market that count
Oct. 14, 2013
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Korea, Indonesia agree to expand forest cooperation
Korea and Indonesia concluded a memorandum of understanding on cooperation in the fields of recreational forests and ecotourism on Oct. 11.The agreement was made between Korea Forest Service Minister Shin Won-sop and his Indonesian counterpart Zulkifli Hasan in Jakarta on the sidelines of the summit between the two countries. Korean President Park Geun-hye and Indonesian President Susilo Bambang Yudhoyono also attended the signing ceremony.Seoul officials said the agreement was meaningful in tha
Oct. 14, 2013
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Korea, Indonesia focus on cooperation in forest plantation, REDD+ project
Korea and Indonesia have focused their cooperation in three fields ― investing in forest plantations, growing forests for wood pellets, and REDD+ activities to prevent deforestation and degradation.The Korean government began regular meetings with its Indonesian counterpart on forestry cooperation in 1979 to spur forest resources development and secure the supply line of lumber from the Southeast Asian country. Since 1993, 12 Korean companies have advanced into Indonesia’s forest plantation busi
Oct. 14, 2013
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Korea supports forest programs in Indonesia
Korea is famous for its diverse forests. There are a number of recreational forests across the nation and unique programs using woodlands, such as ecotourism and healing forests. Now the nation is exporting those forest-related programs to Indonesia, one of the world’s most natural resource-rich countries. Following are excerpts from an interview with Korea Forest Service Minister Shin Won-sop about this project.Korea Herald: Korea and Indonesia concluded an MOU on cooperation in recreational fo
Oct. 14, 2013
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S. Korea logs trade surplus for 20th month in Sept/
South Korea logged a trade surplus for the 20th straight month in September despite shrinking exports, customs data showed Monday.South Korea's exports came to US$44.71 billion last month, down 1.5 percent from the same month a year earlier. They are also down 3.4 percent from August, according to the data provided by the Korea Customs Services. The country's imports shrank 3.6 percent on-year to $41.03 in September and fell 1.1 percent from the previous month, the data showed.As a result, Korea
Oct. 14, 2013
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Korea advised to keep share of nuclear power below 30% until 2035
South Korea should maintain the ratio of electricity produced by its nuclear power plants below 30 percent during the next two decades, a government energy consultation group has recommended, a sharp turnaround from nuclear power-oriented energy policies pursued by the previous government. The recommendation is part of a long-term energy management plan unveiled by the consultation group comprised of private and government experts on Friday. Based on the recommendation, the government will map o
Oct. 13, 2013
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Global leaders to discuss future of energy
The eyes of the global energy sector will be focused on the 22nd World Energy Congress in Daegu this week, where about 6,000 delegates will discuss energy issues related to sources ranging from oil and gas to nuclear and renewables.The triennial global gathering, held under the theme “Securing Tomorrow’s Energy Today,” is to gather some of the world’s most prominent energy ministers, industry CEOs, and researchers. Whereas the principal concern was once the price of oil, seen as the responsibili
Oct. 13, 2013
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WEC in Daegu to highlight today’s energy trilemma
The World Energy Congress, the world’s biggest international event in the energy sector, will offer a unique opportunity for all stakeholder groups in the energy sector to meet and exchange visions, strategies and practices, during four days of intensive sessions, roundtables and exhibitions that begin today. More than 6,000 international energy leaders and decision-makers are scheduled to gather at the congress. They come from the public and private corporate sectors, government and academia, a
Oct. 13, 2013
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Korean energy minister seeks to promote oil hub plan during WEC 2013
Korean Minister of Trade, Industry and Energy Yoon Sang-jick said that the 2013 World Energy Congress in Daegu will act as a lever to promote Korea as Northeast Asia’s oil hub.“The five-day forum will be a golden opportunity to display Korea’s leadership and to suggest its role in the fast-changing global energy sector,” the minister told The Korea Herald in a recent interview. During the congress period, Yoon will meet with energy ministers from some 30 countries and representatives of prominen
Oct. 13, 2013
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State-run power operator walking new paths in energy sector
Over the past 115 years, the key function of the state-run KEPCO has been to supply the nation’s electric power. But in an age of energy diversification, its objective is no longer just about electricity.This is how the public power supplier came to take charge of the 22nd World Energy Congress 2013, which is to take place in Daegu this week.KEPCO was first founded as a market-oriented public corporation with the objective to facilitate the development of the electricity supply in Korea and to c
Oct. 13, 2013
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At IMF session, S. Korea calls for 'credible fiscal consolidation' plan
South Korea's Finance Minister Hyun Oh-seok on Friday stressed the importance of a prudent fiscal policy as the world economy strives for sustained and balanced growth."A credible medium-term fiscal consolidation plan and structural reforms should be executed to increase policy space and improve economic fundamentals," he said in written suggestions submitted to the annual meetings of the International Monetary Fund (IMF) and the World Bank Group.This year's sessions opened Friday in Washington
Oct. 12, 2013
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KRC looks to agricultural projects in Vietnam
The state-run Korea Rural Community Corp. opened its Vietnamese branch in Hanoi Friday in a bid to draw attention to agriculture-related development projects in the emerging Southeast Asian country, the company said. Vietnamese Agriculture and Rural Development Minister Cao Duc Phat and senior officials from the United Nations’ Food and Agriculture Organization attended the opening ceremony. “The Hanoi branch will spur entry into agricultural infrastructure building projects including agricultur
Oct. 11, 2013
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Korea to mull exempting GM vehicles from tough rules
South Korea may consider exempting two popular commercial vehicles of GM Korea Co. from tightened environmental and safety regulations set go into effect next year, an opposition lawmaker said Friday.The move is apparently designed to encourage the local unit of U.S. General Motors Co. to keep producing beyond the end of the year its Damas minivan and Labo pickup truck.The carmaker has said it would end the production of the two vehicles in December as it could not meet tightened environmental a
Oct. 11, 2013
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World Bank to open Korean office this year
The World Bank Group and Korea’s Ministry of Strategy and Finance agreed to push ahead with plans to set up World Bank offices in Korea by the end of this year, the two agencies said Friday.World Bank President Jim Yong Kim and Deputy Prime Minister and Finance Minister Hyun Oh-seok signed an agreement that “covers the arrangements” to set up the World Bank’s main Korean office in Songdo District of the Incheon Free Economic Zone, and its liaison office in Seoul in December this year.The two met
Oct. 11, 2013
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[Graphic News] Key industries' outlook for Q4
Korea’s major industries including IT, cars and petrochemicals are forecast to see their business conditions improve in the fourth quarter of this year, according to a report from the Korea Chamber of Commerce and Industries. But the steel and shipbuilding industries are expected to remain in a slump during the period.
Oct. 10, 2013
![[Graphic News] Key industries' outlook for Q4](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/10/10/20131010001327_0.jpg&u=20131010200938)
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Ajman Free Zone beckons Korean SMEs to UAE
There is no doubt that the Middle East is one of the world’s key strategic business footholds but for small and medium-sized enterprises, expansion into the overseas market could be an unrealistic dream.But the Ajman Free Zone, one of the United Arab Emirates’ smallest units of its kind, may be a valid and down-to-earth alternative for SMEs, especially technology-focused Korean companies.“We sought to find our own competitiveness and differentiate ourselves from other economic zones within the U
Oct. 10, 2013
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BOK revises down Korea’s 2014 growth to 3.8 percent
The Bank of Korea on Thursday revised its 2014 growth outlook for the Korean economy down to 3.8 percent from its initial forecast of 4.0 percent after its monetary policy committee unanimously decided to keep its key base rate unchanged at 2.5 percent for October.Growing external uncertainties stemming from a government shutdown and debt-ceiling woes in the U.S. as well as the U.S. quantitative easing tapering in the near term far outweighed Korea’s expectations of a solid recovery next year.Ko
Oct. 10, 2013
![[Graphic News] Key industries' outlook for Q4](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/10/10/20131010001327_0.jpg&u=20131010200938)
