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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South Korean author Han Kang wins 2024 Nobel Prize in literature
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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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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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Semiconductor plant is safe, Samsung says
Samsung Electronics released Friday the results of research jointly conducted with U.S.-based Environ on the working environment safety of its semiconductor assembly lines at an international conference in Indianapolis.At the event called “AIHce 2012,” Environ, a U.S. consultancy specializing in environmental and health issues, announced the occupational exposure in the Korean firm’s manufacturing areas evaluated was below levels developed by the scientific community to protect worker’s health,
June 22, 2012
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Caravan ES gives Fukushima indoor playground
Caravan Engineered Structures said Friday that it had donated a prefabricated building to Fukushima, Japan to transform it into a playground for children who are suffering from the effects of last year’s nuclear disaster.The company, also known as Caravan ES, said the building has been given to children who are unable to freely play in the area impacted by the Fukushima nuclear accident following the massive earthquake and tsunami.The building, which is 36 meters long, 13 meters wide and 8.5 met
June 22, 2012
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Big retailers win legal battle to keep doing Sunday business in Seoul
An administrative court on Friday ruled in favor of five large retailers over new ordinances by two ward offices in Seoul that prohibit them from doing business on Sunday to protect small, family-run stores.The ruling by the Seoul Administrative Court marked the first of its kind putting a brake on a government-wide move to restrict operating hours of big retailers, also known as "super supermarke
June 22, 2012
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FTAs increase competition among foreign brands: FTC
Free trade agreements with the European Union and the U.S. have contributed to lowering the product prices of their consumer brands, the nation’s antitrust watchdog said in a report Thursday. The Fair Trade Commission conducted a price survey on 22 bestselling import items following the FTAs with the EU and the U.S., that took effect here from July last year and March this year, respectively. Of the surveyed products, 15 items were found to have seen a moderate price cut, the FTC said. Dutch ele
June 21, 2012
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Kia’s Soul named best compact car in U.S.
Kia Motors said Thursday that its Soul urban crossover topped the compact multi-purpose vehicle segment of the J.D. Power and Associates 2012 Initial Quality Study, which was published on Wednesday in the U.S.According to Hyundai Motor Group, the Kia Soul earned the highest points in some 230 categories of studies this year, closely outpacing Toyota’s Prius v and Scion xB. The annual study by global marketing information services firm J.P. Power and Associates captures feedback from car owners
June 21, 2012
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Lotte Duty Free Jamsil expands cosmetic section
Lotte Duty Free will open on Friday a renovated cosmetics boutique at its Jamsil branch in southern Seoul. The duty free shop has expanded by 1,567 square meters and takes up both the ninth and tenth floors at the Lotte Department Store in Jamsil. The renovation is to meet the growing number of foreign tourists who are showing great interest in South Korean beauty products following “hallyu,” or the Korean Wave, said officials through statement. Officials said the sales of cosmetic goods have be
June 21, 2012
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Korean Air opens direct flight to Nairobi
Korea’s leading flag carrier Korean Air said Thursday it opened the direct route connecting Incheon and Nairobi, starting with its first flight at 10:15 p.m. the same day. It is the first time that Korea has opened a direct flight to an African country, which is also the first among neighboring Northeast Asian countries including Japan and China. Korean Air said it will operate a 226-seat A330-200 passenger jet to offer three weekly flights to the Kenyan capital. The flight time from Incheon is
June 21, 2012
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Korea to see vehicle sales drop by 2.1% in 2012: report
Local and import brands’ vehicle sales in Korea are projected to fall by 2.1 percent in 2012, compared to the previous year, an automotive research center said Thursday.In its second-half outlook on the world’s vehicle market, the Korea Automobile Research Institute predicted that global companies will see the pace of sales growth “slow down markedly.”Affected by the weaker consumer sentiment globally, the local market will see “the number of vehicle sales stay about 1.55 million units this year
June 21, 2012
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Samsung claims first victory in Apple patent war
Dutch court rules in favor of Korean firm; German court to give ruling FridaySamsung Electronics claimed its first victory in the global patent dispute with its rival Apple Inc. as a Dutch court ruled in favor of the Korean company, ordering the U.S. firm to pay damages over a patent violation in the Netherlands.A court in The Hague ruled Apple violated Samsung’s patent involving third-generation wireless telecommunications technology, which is used in some of Apple’s smartphones and tablet PCs
June 21, 2012
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Group busted for trading 50,000 counterfeit products worth W50b
A group of three people was caught smuggling, manufacturing and trading some 50,000 counterfeit products including designer handbags, the Korea Customs Service said Thursday.The total market value of the original items is estimated at over 50 billion won ($43.4 million).The three are suspected of distributing replicas which they smuggled from China or produced in Korea through retail dealers in Itaewon, Namdaemun, Busan and Jeju since January 2010. Some were sold to insurance companies to be giv
June 21, 2012
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Stocks fall 0.79% on U.S. Fed disappointment
South Korean stocks fell 0.79 percent Thursday after the U.S. Federal Reserve failed to announce new economic stimulus measures to fuel growth of the world’s largest economy, analysts said. The local currency dipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index gave up 14.97 points to close at 1,889.15. Trading volume was light at 369 million shares worth 3.72 trillion won ($3.23 billion), with gainers outpacing losers 421 to 402.“The Fed’s plan to maintain its current
June 21, 2012
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‘Cloud computing to bring better movie special effects’
Rhythm & Hues in talks on possibility of setting up visual effects studio in KoreaVisual effects in cinema have come a long way, becoming an essential part of storytelling that helps make lasting impressions among movie-goers.As audience expectations to see eye-popping scenes and sequences in movies grow further, leading VFX studios such as U.S.-based Rhythm and Hues have to keep up to date with technology to meet such demand.Erika Burton, co-president of R&H, said that the emergence of cloud co
June 21, 2012
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New York restaurant unveils $1,000 pizza
A U.S. restaurant introduced a $1,000 pizza topped with six different kinds of caviar and other pricy ingredients on Wednesday. According to Nino’s Restaurant, the caviar costs about $820 and they also use fresh lobster, making the luxury pizza’s price reasonable.“I know this won’t be for everyone but there are people in New York who can afford it and once tried, they’ll be back for more. It is d
June 21, 2012
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SK E&C to complete financing for Turkey tunnel project in July
SK Engineering & Construction said Wednesday that next month it will finalize the project-financing deals for building an undersea tunnel in Turkey, which the company said will become the nation’s largest overseas engineering project.Following the latest $280 million from the state-run Export-Import Bank of Korea early this month, the construction unit of SK Group has secured financial funding worth $960 million from 11 financial institutions in Korea and abroad. According to the company, the tu
June 20, 2012
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Chung Foundation offers college loans
The Chung Mong-koo Foundation of Hyundai Motor Group said Wednesday that it will accept applications from college students for a tuition fee loan program, which offers low interest rates.“For the second semester, students will be allowed to enjoy college loans with interest rates that range between 0 and 3 percent per annum,” the automotive group said in a statement.The program is designed to support students struggling with high-interest loans from the secondary banking sector or private moneyl
June 20, 2012
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OB seeks to cement No. 1 status with new CEO
Oriental Brewery Co. said Wednesday it has appointed Jang In-soo, the company’s deputy chief executive, as CEO.Jang, who took office as the top decision-maker on the same day, has taken the initiative to overtake Hite-Jinro in the local beer market since he was named the deputy CEO in charge of sales in January 2010, OB said in a statement. “We’ve captured 54.5 percent of the market while Hite-Jinro’s share stood at 45.5 percent,” a company spokeswoman said.“We surpassed Hite-Jinro for the eight
June 20, 2012
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SK Hynix pushes for takeover of overseas firms
Chipmaker acquires U.S. controller firm to boost NAND Flash competence in latest M&A driveSK Hynix said Wednesday it signed a contract to acquire U.S. controller firm Link_A_Media Devices to strengthen its NAND Flash competitiveness as it has been actively pushing for mergers and acquisitions since obtaining a new owner in February.The company said it decided to take over the California-based storage solution firm, also known as LAMD, in a bid to upgrade the speed and reliability of its flash m
June 20, 2012
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South Korea plans public blackout drill
The government will carry out the nation’s first civil training against potential nationwide blackouts on Thursday at 2 p.m. for 20 minutes, officials said Tuesday. The Ministry of Knowledge Economy and other related government offices asked citizens and businesses for their cooperation in a joint news conference. Working under the possibility that the nation’s electricity reserves could fall below 2 million kilowatts, Thursday’s training will start with sirens and television and radio broadcast
June 19, 2012
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Kyobo Life Insurance rated ‘AAA’ for sixth year
Kyobo Life Insurance was given an “AAA” credit rating by NICE, one of the top three South Korean credit rating agencies, for the sixth consecutive year. The insurance company announced on Tuesday that it received the top grade in NICE’s Insurer Financial Strength Rating. The IFSR is an overall assessment of an insurer’s financial health, profitability and risk management skills, it noted. The “AAA” grade signifies that it is unlikely that its financial strength will drop due to environmental cha
June 19, 2012
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NCsoft to cut up to 800 workers, move seen as a pre-merger step
Firm plans to give 6-12 month salaries for laid-off workersNCsoft said Tuesday that it will lay off up to 800 people this month, a plan announced shortly after Nexon acquired the largest stake of its rival online game firm.The company notified its employees on the same day that it will run a “small but strong and effective” organization with plans to provide compensation programs for the laid-off workers.NCsoft plans on offering six- to 12-month salaries as compensation to those leaving the com
June 19, 2012