Most Popular
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Korea added to key bond index
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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More deaths in ICU following doctors' mass walkout: lawmaker
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Netflix's latest runaway hit is a Korean reality cooking show
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Security issues to take center stage at ASEAN summit
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Patients opting to die with dignity on steady rise
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Korea’s R&D in IT, biotech on the rise
Korea has been increasing its research and development projects in the fields of information and technology and biotechnology, spearheaded by 30 state-run agencies over the last three years, according to the National Science & Technology Commission.R&D investment in software, renewable batteries and displays accounted for 19.4 percent of the total last year, up from 18.3 percent in 2009, the commission reported on Sunday.Meanwhile, investment in the development of new drugs, and the welfare and
Aug. 12, 2012
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Yeosu Expo ends run with 8 million visitors
The Expo 2012 Yeosu ended its 93-day run on Sunday, with the number of visitors exceeding the 8 million mark as targeted, the organizing committee said. About 1,100 guests, including United Nations Secretary-General Ban Ki-moon and Prime Minister Kim Hwang-sik, joined the closing ceremony held at the expo site in the nation’s southern costal town of Yeosu. Over the past three months, the Yeosu Expo hosted 104 participating countries, 10 international organizations including the U.N. and seven co
Aug. 12, 2012
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New airport election issue again
Land Ministry to gauge profitability of 17 airports next yearThe government has decided to study whether to construct a new airport or expand existing ones next year, possibly creating a major campaign issue ahead of December’s presidential election. According to a long-term plan on airport development announced in January last year, the Ministry of Land, Transport and Maritime Affairs is not permitted to start a new study on airport operations until 2014. The ministry, however, recently decided
Aug. 12, 2012
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Eximbank to support Hyundai Motor suppliers in St. Petersburg
The Export-Import Bank of Korea said Friday that it discussed with the suppliers of Hyundai Motor Co. in Russia’s Saint Petersburg ways to support them amid the European fiscal crisis.The Korea Eximbank said it hosted a meeting with the chiefs of the local arms of Hyundai Motor and its suppliers at the carmaker’s Russian production line on Thursday.“Cooperation between large and small companies is important for an overseas production cluster to succesfully settle down,” Kim Yong-hwan, chief exec
Aug. 12, 2012
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KT to change operating system to block hacking
KT, the country’s biggest fixed-line service provider, announced Friday a package of measures designed to better protect the personal data of its consumers following its recent massive data leak incident.Pyo Hyun-myung, president of the mobile business unit at KT, said it will introduce a new system that enables its customers to make confirm the history of their personal information inquiries by the year end.He also said that it will change its current sales operation system to one that blocks h
Aug. 10, 2012
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Renault Samsung pushes for downsizing
Money-losing carmaker starts voluntary redundancy program for first timeRenault Samsung, the Korean unit of French automotive group Renault S.A., is pushing for downsizing in a desperate effort to overcome its financial difficulties caused by its long sluggish sales in Korea.The carmaker said Friday that it began accepting applications for early retirement from its employees as part of its 2012 “revival” plan.It is the first time that Renault Samsung has implemented a redundancy program since t
Aug. 10, 2012
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Hanwha Chemical to acquire German solar cell maker
Hanwha Chemical Corp., a key affiliate of Hanwha Group, is currently in the final stage of capping the acquisition deal of Germany’s Q-Cells SE, once the world’s No. 1 holder of the global solar-cell and module market share, industry sources said. Some Hanwha Group officials were quoted as saying Thursday that should there be no other extraordinary circumstances, Hanwha Chemical will be prioritized in the bid as soon as next week and take over the German solar energy firm as early as next month.
Aug. 9, 2012
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Seoul court defers ruling on Samsung, Apple patent fight
The outcome in Korea of a patent fight between global IT behemoths Samsung Electronics and Apple Inc. will be heard at a Seoul court on Aug. 24.The Seoul Central District Court said Thursday it will announce the outcome of the intellectual property rights dispute between the two electronics firms in about two weeks, canceling the ruling which was supposed to take place this Friday.“We’ve decided to announce the ruling at a later date to further work on the ruling statement,” said a court officia
Aug. 9, 2012
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LG chairman offers 500m won to Yang
LG Group said Thursday that its chairman Koo Bon-moo will deliver 500 million won ($444,225) to gymnastics gold medalist Yang Hak-seon as soon as he comes back from London.The group said that the chairman decided to offer the funding to Yang, a 20-year-old gymnast who won the gold medal in men’s vault on Monday, so he could fully concentrate on sports.“The funding was given to encourage the gymnast as he still persevered to win the gold with his strong will and training despite his family’s diff
Aug. 9, 2012
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KOGAS finds more reserves below Mozambique waters
The Korea Gas Corp.’s efforts to find natural gas off the coast of Mozambique have made progress, raising hopes for new reserves of overseas natural resources for the nation.The state-run energy corporation has actively participated in the deepwater projects in the African country since 2007. Korea, Asia’s fourth-largest economy, has sought to reduce its heavy reliance on resource imports.The latest discovery of a natural gas field in the African nation came on Aug. 1. Korea’s Ministry of Knowle
Aug. 9, 2012
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Yeosu Expo to complete three-month run Sunday
Expo site to be turned into ocean resort complexThe Expo 2012 Yeosu will wrap up its three-month run on Sunday, with the number of visitors expected to reach 8 million as targeted by the organizing committee. Dubbed the first-ever world fair held on water, the Yeosu Expo opened on May 12 in the southern coastal town of Yeosu, about 455 kilometers south of Seoul. It was the second international fair hosted by Korea, after the Daejeon Expo in 1993. As of Thursday, the accumulated number of visito
Aug. 9, 2012
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Samsung to investigate alleged child labor abuse at its Chinese supplier
Samsung Electronics Co. said Wednesday it will inspect a Chinese supplier alleged of exploiting child labor.New York-based labor rights group China Labor Watch released a 31-page report Tuesday on HEG Electronics Co., a partner of the South Korean electronics behemoth, saying the Chinese firm employs children under the age of 16. "Samsung Electronics has conducted two separate on-site inspections
Aug. 8, 2012
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Asiana links up with Chinese schools for underprivileged
This is the first in a series of articles featuring companies’ social contribution activities at home and abroad. ―Ed. Asiana Airlines, the Korean air carrier with the most routes to China, has started a social contribution program this year supporting underdeveloped schools in the country’s suburban areas. On July 10, a team consisting of Asiana officials and members of the Korea International Cooperation Agency arrived at a small school in the city of Dalian Wafangdian in Liaoning Province, no
Aug. 8, 2012
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Seoul likely to resume oil imports from Iran
Korea is likely to resume the import of Iranian oil from mid-September as Iran pledges to insure shipments of its oil for foreign tankers following the European Union’s insurance ban. Korea has suspended imports of Iranian oil since June 25, after the EU decided to stop insurance contracts on tankers carrying Iranian crude in protest against the country’s nuclear programs. “Iranian officials and Korean refiners are discussing ways to ship crude oil via Iran’s fleet. There is some progress in the
Aug. 8, 2012
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NCsoft posts loss in Q2
NCsoft said Wednesday that it recorded an operating loss of 7.6 billion won ($6.73 million) in the second quarter, going into the red for the first time since 2006.In a regulatory filing, the company said that its net loss also reached 7.3 billion won, while its sales figure totaled up to 146.8 billion won, down about 12 percent from the same period last year.The firm’s quarterly sales went up 34 percent thanks to its steadily popular online game “Lineage” and its increase in royalties from over
Aug. 8, 2012
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K-pop wave lifts entertainment sector
Overseas sales of entertainment contents post W150b in H1Korea’s overseas sales of music and video content surpassed 150 billion won ($132 million) in the first half of this year, buoyed by the K-pop craze overseas, a report said. K-pop fever is also lifting the stock value of the nation’s major entertainment agencies.According to the Bank of Korea on Tuesday, audiovisual service revenues, which include sales of overseas music, film and other showbiz areas, reached about $137 million in the firs
Aug. 7, 2012
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Korean Air eyes buyout of state-run aircraft maker
Korea’s leading flag carrier Korean Air plans to join a bidding race to acquire the nation’s sole aircraft maker Korea Aerospace Industries, industry sources said Tuesday. The company has already secured 1 trillion won ($900 million) for the potential acquisition, said Cho Yang-ho, chairman of Hanjin Group, which owns Korean Air, in a recent interview with a local vernacular news daily. A shareholders’ committee of KAI, consisting of state-run financial firm Korea Finance Corporation, Samsung Te
Aug. 7, 2012
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Tech giants step up global marketing
Samsung and LG release flagship gadgets in Europe and Mid EastLocal electronics giants are stepping up global marketing, launching flagship gadgets such as the Galaxy Note 10.1 and Optimus L-Series in European and Middle Eastern nations.Samsung Electronics said on Tuesday that it will roll out its new tablet PC Galaxy Note 10.1 in Germany, the United Arab Emirates and the Middle East.It is also scheduled to launch in Korea sometime this month. Equipped with a 10.1-inch display, the new tablet co
Aug. 7, 2012
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Air conditioner sales spike on heat wave
Sales of air conditioners in South Korea are on a roll as heat-battered consumers are rushing to escape the scorching weather, market watchers said Tuesday.Sales at major retailers jumped more than 20 percent in July from a year earlier, while they skyrocketed between 240-260 percent in the last few days of the month when the mercury hovered above 33 degrees Celsius in most parts of the country, according to the watchers.Due to a spike in demand, consumers have to wait a week on average for thei
Aug. 7, 2012
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Foreign car firms look beyond Seoul
Regional cities see import car sales increase rapidlyForeign automakers in Korea are expanding their businesses in the nation’s major provincial cities as import vehicle sales continue to hit all-time highs.The trend follows the growing percentage of sales in big regional cities. The proportion of import car sales in Seoul among the total in the nation stood at 19.2 percent in July, down from 21.7 percent a year before.Gyeonggi Province and South Gyeongsang Province held the second and third pos
Aug. 7, 2012