Most Popular
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Korea added to key bond index
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South Korean author Han Kang wins 2024 Nobel Prize in literature
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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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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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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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North Korea already cut off inter-Korean roads in Aug.: JCS chief
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Nuclear issue creeps up agenda for April election
Opposition leader vows to curb use of atomic power, experts warn of political motivationIn an increasingly volatile race for parliament, nuclear power is creeping up the political agenda as opposition lawmakers seek to exploit growing safety jitters to retake power in next month’s vote.Concerns about the safety of the nuclear industry are rife after news broke last week that plant operators had attempted to cover up a power cut at a reactor in Busan for over a month.Though it caused no damage or
March 18, 2012
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Samsung Electronics fined 400m won for obstructing probe
South Korea's tech giant Samsung Electronics Co. has been fined 400 million won ($354,900) for obstructing the government's mobile phone price-rigging probe, the country's corporate watchdog said Sunday.The Fair Trade Commission (FTC) said the fine is the highest levied on a company so far for hinde
March 18, 2012
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Samsung Electronics approves LCD spin-off
Shareholders approve second term of POSCO CEO Chung and KT chairman Lee Shareholders of Samsung Electronics on Friday approved the spin-off of the company’s liquid-crystal display business, which will launch as a new entity tentatively called Samsung Display Co. on April 1.Samsung said that Park Dong-gun, executive vice president of LCD businesses, was named to lead the firm with initial funding of 750 billion won ($670 million) at the annual meeting of shareholders.The LCD spin-off, sources say
March 16, 2012
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KPR opens social media research lab
Local public relations agency KPR said Thursday that it has set up a research center to study ways for companies to better communicate via social network services. The Social Communication Research Lab is aimed at conducting research activities regarding diverse social phenomenon related to social media and SNS, as well as communication tools using the new trend, the company said. KPR said that Kim Jong-rae, former IT journalist and online PR director at KPR, has been named the first head of the
March 15, 2012
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Korea posts $1.5b trade surplus in Feb.
Korea’s trade balance shifted to the black in February from a deficit a month earlier thanks to sold export gains, a customs office report showed Thursday.According to the report by the Korea Customs Service, South Korea’s trade surplus amounted to $1.5 billion last month, compared with a shortfall of $2.2 billion in January.The monthly figure was smaller than a surplus of $2.2 billion projected by the Ministry of Knowledge Economy for February earlier this month.Exports soared 20.6 percent on-y
March 15, 2012
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Reactor blackout fans nuclear safety concerns
The government came under pressure as a soaring number of Koreans are casting doubt on atomic energy after plant operators were found to have attempted to conceal power loss at a nuclear reactor in Busan. Despite no damage or radiation leakage, the accident infuriated the public and anti-nuclear protesters. They raised questions over the public workers’ integrity and whether they are prepared for a longer outage that could result in a disaster like that seen in Japan.The 12-minute blackout occur
March 15, 2012
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Handset makers, telecom carriers slapped for deceptive pricing
SKT fined the largest amount of 20.25 billion won The nation’s antitrust watchdog said Thursday that it imposed fines totaling 45.33 billion won ($39 million)on local handset makers and telecom carriers for inflating cell phone prices via a deceptive pricing policy. According to the Fair Trade Commi
March 15, 2012
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Handset makers, carriers fined for deceptive pricing
The nation’s antitrust watchdog said Thursday that it imposed fines totaling 45.33 billion won ($39 million) on local handset makers and telecom carriers for inflating cell phone prices via a deceptive pricing policy. According to the Fair Trade Commission, almost all the major players in the telecom market have colluded to inflate the prices of cell phones for years while advertising that they were offering cheaper deals through subsidy plans. SK Telecom was fined with the largest amount of 20.
March 15, 2012
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Korea to set up $500m fund for industrial plant building
Korea will establish a $500 million industrial plant building fund to help local builders win overseas contracts, the government said Thursday.The plan, outlined at a weekly economic policymakers meeting, calls for the pooling of money from local pension operators and Middle East sovereign funds so Korean engineering and construction companies can better secure new deals.“Since construction projects are becoming bigger, value-added and high risk ventures, the ability of builders to come up with
March 15, 2012
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Tax office promises fewer, easier audits on foreign firms
Korea’s tax authorities said they would reduce the frequency and scope of tax audits on foreign companies doing business here in a bid to attract more long-term investment. “Korea’s economic success has been greatly helped by the participation of foreign companies. We need to get rid of all uncertainties in tax probes to help create a business-friendly environment,” National Tax Service deputy commissioner Kim Moon-soo told a meeting of foreign company chiefs Wednesday. Explaining the change, NT
March 14, 2012
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LG Display to start building plant in China
HONG KONG (Yonhap News) ― Korea’s LG Display Co. will likely start building its 8.5 generation liquid crystal display plant in China next month, in a bid to garner a larger market share there, a source said Wednesday. In December 2010, the world’s No. 2 maker of LCD panels obtained approval from the Chinese government to build an LCD factory in the southern city of Guangzhou.The South Korean company, however, has been delaying breaking ground on its Guangzhou factory due to prolonged sluggish de
March 14, 2012
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Korea mulls Japanese seafood origin labeling
The Agriculture Ministry is considering mandatory origin labeling at restaurants selling pollack and mackerel, responding to fears about radioactivity in Japanese waters. “The ministry began studying measures to enforce origin labeling to help customers filter out Japanese imports,” said a spokesman at the Ministry for Food, Agriculture, Forestry and Fisheries.“We have been promoting honest origin labeling at eateries, but more consumers have been complaining about having to eat seafood without
March 14, 2012
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KT&G to launch pharmaceutical business
KT&G Corp., Korea’s largest tobacco and ginseng product manufacturer, said Wednesday that it will jump into the pharmaceutical business in a bid to diversify its business portfolio.The company said it launched KT&G Life Sciences Corp., formerly known as Mazence Inc., which KT&G acquired late last year to spearhead the business.KT&G said it will focus on developing treatments for cancer and osteoporosis and drugs for atopic diseases, as well as new medicines for diabetes and obesity that Mazence
March 14, 2012
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Samsung Supplies Apple With Touch Screen for New IPad
Samsung Electronics Co. will supply the screen for Apple Inc.’s new iPad after LG Display Co. and Sharp Corp. didn’t meet the U.S. company’s quality requirements, according to an analyst with iSuppli. Samsung, the world’s top flat-panel maker, currently is the sole vendor of the display for the 9.7-
March 14, 2012
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700 foreigners apply for jobs at Samsung
Samsung Group said Tuesday that 700 foreigners from 47 different countries submitted job applications during its regular recruitment session.This year’s figure is a sharp jump from 130 applicants from 15 countries in 2009 and 500 applicants from 42 countries last year, according to Samsung officials.Samsung’s new recruits, who will have to go through the company’s aptitude test and a series of interviews, will begin work in the latter half of this year.Samsung currently has 2,000 foreign workers
March 13, 2012
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Hynix Semiconductor hints at production of NAND Flash chips in Wuxi, China
Hynix Semiconductor said Tuesday that it would focus on NAND Flash projects this year, indicating that it may make the chips at its plant in Wuxi, China.Hynix chief executive Kwon Oh-chul said its only overseas plant in Wuxi is capable of producing NAND Flash chips, widely used in wireless devices such as smartphones and tablet PCs, in a press conference. It was the first since SK Telecom’s takeover of the chipmaker.“We’re planning to expand our business boundaries, but we will need to more spec
March 13, 2012
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Seoul’s office market strongest in Gangnam
Economic growth in Korea continued to wane through 2011. But although the region’s manufacturing activity and private spending and investment weakened, the Asia-Pacific office market ended 2011 with a solid upturn in leasing activity. Rent growth was sustained in most markets and strengthening demand fueled flat to declining vacancies. “Office Space Across the World,” one of Cushman & Wakefield’s longest-running annual global publications, examines total occupancy costs for prime space in 68 cou
March 13, 2012
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Haiti takes lesson from Korea’s real-estate system
Recent TV coverage of youngsters singing and dancing along with K-pop idol groups during their recent performances in France has left a deep impression on many Koreans. The Korean Wave is not limited to K-pop; it has also been brought about by Korean dramas. Yet there is another area about to create an additional wave, which is Korean cadastre, a comprehensive record of real estate based.Haitian officials ― Leslie Jean Saint Louis, vice president of the Office of National Cadastre of Haiti; Nico
March 13, 2012
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Moonbaesool blends soju with tradition, pride
Intangible cultural heritage heir looks to international marketsSoju has long been a favorite drink of Koreans across all spectrums of society. Its crisp, bittersweet flavor and relatively low price often tempt all from the rank and file to CEOs and presidents in times of economic crisis and personal struggle. Moonbaesool Brewery Co.’s hand-made soju is one of the oldest distilled liquors here, dating back over 150 years. The traditional drink, which was first made using water from Daedong River
March 13, 2012
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Hyosung sponsors Yo-Yo Ma’s lesson for multicultural children
Hyosung Group on Monday sponsored world-renowned cellist Yo-Yo Ma’s special class for multicultural children and invited them to his concert in Seoul.As a global sponsor of the Silk Road Ensemble with Yo-Yo Ma, Hyosung invited 50 members of an orchestra of children of multicultural families to the concert Monday evening at Seoul Arts Center.Yo-Yo Ma and the members of the Silk Road Ensemble also gave a special lesson for the young musicians earlier Monday.Hyosung had sponsored a similar class by
March 12, 2012