The Korea Herald

[Newsmaker] Inspection firm targeted in nuclear scandal

At the heart of the nuclear reactors’ shutdown and subsequent electricity shortage was a quality inspection company that neglected its role for the sake of its own interests.Earlier in the week, the prosecution summoned the head of Saehan TEP for allegedly forging the quality certificate papers on substandard signal cables used in the recently suspended nuclear reactors.A senior employee of JS Cable, too, was questioned on charges of supplying faulty parts and exerting pressure on Saehan TEP to

June 5, 2013

[Newsmaker] Inspection firm targeted in nuclear scandal

[Graphic News] Korea more dependent on foreign investment

The nation’s reliance on foreign capital has been rapidly increasing, indicating that its economy could be greatly swayed by external shocks, data showed Wednesday.According to a report from the private Nonghyup Economic Research Institute, the ratio of foreign investment to gross domestic product came to 81.9 percent in March. This was a 16.6 percentage points increase from December 2008.The ratio soared dramatically during the global recession in 2008 and 2009. It gradually dropped to 75.1 per

June 5, 2013

[Graphic News] Korea more dependent on foreign investment

SKT to expand its energy reduction business

SK Telecom said Wednesday that it would actively seek to help reduce energy consumption at local businesses by providing a Cloud Factory Energy Management System to production companies Sempio and Cosmo Chemical Co.Cloud FEMS is a newly introduced energy solution for businesses with high-energy consumption. After being developed in 2011 for the first time in Korea, this energy solution is expected to be a way of dealing with the current energy and high oil price issues, according to company offi

June 5, 2013

Korea issues power warning for 3rd straight day

South Korean on Monday issued a first-level “preparation” warning at 9:21 a.m. after the electricity reserve level dropped below 4.5 million kilowatts for the third straight day. The Korea Power Exchange predicted that the power reserve could drop further to under four million kilowatts and trigger the “attention” warning, the next step in the phased warning system.(More to follow)

June 5, 2013

S. Korea's foreign reserves fall in May

South Korea's foreign exchange reserves declined in May from the previous month as a stronger U.S. dollar eroded the conversion value of non-dollar assets, the central bank said Wednesday.The country's foreign reserves reached US$328.1 billion as of end-May, down $700 million from April, according to the Bank of Korea (BOK).The May data marked the first decline in three months, and the FX reserves hit a record $328.91 billion in January this year.Foreign reserves consist of securities and deposi

June 5, 2013

[Graphic News] Korea has 5th-most nuclear plants

Global nuclear power capacity grew rapidly between the 1960s and 1980s. The number of global power plants has surged to around 440 today, according to a report released by International Atomic Energy Agency. The United Sates has the most nuclear reactors with 104, followed by France and Japan. The U.S. generates more than 30 percent of the world’s nuclear energy, according to a report by World Nuclear Association. The U.S. is planning to build four to six more by 2020, it added. European countri

June 4, 2013

[Graphic News] Korea has 5th-most nuclear plants

Human error behind 20 percent of Korea’s nuke plant malfunctions

Human error is one of the main causes of malfunctions at nuclear power plants in Korea, a survey showed on Tuesday. According to the state-run Korea Institute of Nuclear Safety, 672 breakdowns or accidents at nuclear plants were reported over the past 36 years between 1978 and April 2013, and 18.3 percent of them were caused by human error. The latest breakdowns of two nuclear reactors, caused by the use of substandard parts, were not reflected in the data.“Twenty percent of breakdowns occurred

June 4, 2013

Second warning issued on electricity reserves

The Korea Power Exchange once again issued a warning over the nation’s electricity supply on Tuesday, for the second day in a row. The “preparation” warning was declared at 10:22 a.m. on Tuesday as the electricity reserve margin temporarily fell below 4.5 million kilowatts, officials said.The same measure had been taken on the previous day, as the daily temperature soared to a mid-summer level.The warning was lifted later in the afternoon, after the KPX retrieved some 530,000 kilowatts by adjust

June 4, 2013

LH strives to expand supply of affordable housing

Among all commodities needed in human life, a residence is the most fundamental factor and should be supplied on a stable basis to everybody, according to the Korea Land & Housing Corporation.“As a state-run housing coordinator, we have worked over the past few decades to expand the range of supply, especially for the socially disadvantaged,” said an official.LH was established in 2009 as a comprehensive land and housing management organization, as a result of the merger of the former Korea Nati

June 4, 2013

LH strives to expand supply of affordable housing

Thailand’s mega water project adrift: sources

Doubts about whether Thailand’s $12 billion water-related project will proceed as planned are rising among Korean builders.The Thai government is scheduled to select preferred bidders for the nine project modules on Tuesday, but Korean participating firms believe that the announcement will be delayed without a fixed deadline due to differences over price. “We expect the announcement to be made around June 11, but we haven’t received any official notice from the Thai government on the adjusted ti

June 3, 2013

Korea issues first electricity reserve warning

Amid escalating concerns over the shutdown of several nuclear reactors, the Korea Power Exchange issued on Monday a first-step warning on the nation’s electricity supply.The “preparation” warning was issued at 1:31 p.m. on Monday as the temperature rose to the mid-summer level and the electricity reserve margin fell below 4.5 million kilowatts, according to officials.The KPE earlier predicted that the inventory could drop further to 3.7 million kilowatts, triggering the “attention” warning, the

June 3, 2013

[Graphic News] Nuclear plants’ operation rate declines

When it comes to nuclear power plants, Korea had maintained a higher operation rate than other countries. But the recent suspension of four nuclear reactors over the use of faulty parts or maintenance tarnished the nation’s image as an atomic energy powerhouse.According to the state-run Korea Hydro and Nuclear Power Co., Korea’s operation rate of nuclear power plants has sunk to below 80 percent for the first time in its history.The company said from January to April this year, Korea’s nuclear r

June 3, 2013

[Graphic News] Nuclear plants’ operation rate declines

[Power Korea] Stable water supply: Lifeblood of economic growth

Water is one of the essential resources for the economic growth of a country. It contributes to food production, industry supply and the health and welfare of the people.This is why Korea has continuously invested in water-related infrastructure, including multipurpose dams and water treatment systems, since the beginning stages of the nation’s economic development in the 1960s. Water resource development history in Korea The primary objective of the development of water resources, therefore, i

June 3, 2013

[Power Korea] Stable water supply: Lifeblood of economic growth

Females in 20s more economically active than male counterparts

The economic participation rate for South Korean females in their 20s exceeded that of their male counterparts for the fourth consecutive quarter in 2013, data showed Monday, as more women received college education.According to the data by Statistics Korea, the economic participation rate among women in their 20s stood at 61 percent in the January-March period, compared to 60.7 percent for men in the same age group.The economic participation rate refers to the portion of the population that is

June 3, 2013

S. Korea issues preliminary warning for power shortage

South Korea issued a preliminary warning for a possible power shortage Monday, signaling the start of what is expected to be a long streak of difficulties created by a recent shutdown of nuclear reactors.The warning was issued after the country's power reserve level temporarily dipped to under 4.5 million kilowatts, according to the Korea Power Exchange, the state-run distributor of electricity. A level 2 warning is issued when the power reserve falls below 4 million kilowatts.The Korea Electric

June 3, 2013

S. Korea's consumer prices grow 1 pct on-year in May

South Korea's consumer prices grew at the slowest pace in nearly 14 years in May, indicating that inflation remains in a quite stable mode, a government report showed Monday.The country's consumer prices index rose 1 percent on-year in May, slowing from a 1.2 percent on-year gain in the previous month, according to the report by Statistics Korea. The figure was the slowest growth since September 1999 when it increased 0.8 percent on-year. It also represented the seventh straight month since Nove

June 3, 2013

Nation faces warning on electricity supply this week

With another nuclear reactor to stop for maintenance and an expected power demand increase because of high temperatures, the nation’s electric power reserves are expected to drop to a warning level this week, officials said Sunday.The projected shortage will greatly concern industrial circles, especially the sectors heavily reliant on electricity for production.According to the Korea Power Exchange, the country’s total electricity inventory will come close to 3 million kilowatts this week and fa

June 2, 2013

Nation faces warning on electricity supply this week

[Photo News] Campaign for cutting food waste

June 2, 2013

Tick-borne virus hits outdoor business

Fewer people are buying equipment for outdoor activities over fears of a deadly tick-borne virus.According to multiple retailers, sales of outdoor products such as hiking boots and climbing equipment have shrunk since the national disease control agency issued a public alert last month after the death of the country’s second infected patient.“It’s quite uncommon to see camping equipment and outdoor gear’s sales drop before the summer vacation season,” an official from a local retail store was qu

June 2, 2013

FTC seeks to raise fines for unfair practices

The country’s antitrust watchdog said Sunday that it will significantly increase fines for unfair business practices, a move partly aimed at financing the administration’s new policy goals.However, the Fair Trade Commission said it seeks to increase the amount of money actually collected by lowering fine reduction rates and eliminating or strengthening certain conditions for a reduction, instead of raising the upper limit for fines.The move comes as the government seeks to further promote fair b

June 2, 2013