Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Park’s pet ministry to buttress science, information and tech
The Ministry of Future Creation and Science, the tentative name for a new ministry formed by integrating two former ministries ― one for science and technology and the other for information and communication ― is expected to be one of the key pillars of the Park Geun-hye administration.From early on in her campaign, Park emphasized that one of her core election pledges would be to sharpen the nation’s science and technology edge. The new ministry is consequently expected to be the vehicle for Pa
Jan. 16, 2013
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U.S. to lead global trade talks on services
The United States will kick off multilateral trade talks on service sectors with key countries and economic blocs including Korea, China, Japan and the European Union, the country’s top trade representative Ron Kirk said Tuesday.“The negotiations will begin in Geneva, Switzerland, with a group of 20 trading partners who represent nearly two-thirds of global trade in services,” he said in a statement.The trade chief had also sent his notification to U.S. Congress earlier in the day.The related ta
Jan. 16, 2013
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N.K. confirmed behind JoongAng Ilbo hacking
North Korea is responsible for last year’s cyber attack on a Seoul newspaper that crippled its server and Web site, South Korean police said Wednesday.The National Police Agency (NPA) said the hacking method and Internet protocol (IP) addresses used for the attack on the JoongAng Ilbo, one of the country’s major conservative media outlets, were either similar or identical to those used by the North in previous attacks.A drawing of a white cat grinning and covering its mouth was posted on the Web
TechnologyJan. 16, 2013
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Transition team hints at revising campaign promises
The transition team of President-elect Park Geun-hye will look into whether her campaign pledges are “too comprehensive” or “overlap” with each other, a spokesman said, hinting at the possibility that the committee could attempt to revise promised projects.Questions have grown over whether Park will be able to implement all of the welfare and other expensive projects promised during her campaign amid concern that it will be difficult to raise the enormous amount of money necessary for them witho
TechnologyJan. 16, 2013
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Park to send special envoy to China next week
President-elect Park Geun-hye will send a delegation of special envoys to China next week to meet with China’s next leader Xi Jinping and other government officials, her spokesman said Wednesday.The delegation, led by Kim Moo-sung, a key official of Park’s presidential campaign last year, is scheduled to leave next Tuesday for a three-day visit that will include a courtesy call on Xi, spokesman Park Sun-kyoo told reporters at the presidential transition team’s office in Seoul.The other members o
TechnologyJan. 16, 2013
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Ex-Shinhan executives receive suspended terms for embezzlement
Two former executives of the Shinhan Financial Group Co. received suspended prison terms on Wednesday for embezzling a massive amount of company funds, according to court officials.The Seoul Central District Court sentenced Shin Sang-hoon, former president of the country’s No.4 banking group, to 18 months in prison, suspended for two years, for pocketing 261 million won ($246,458) of company money and illegally taking 200 million won worth of stocks from one of the group’s shareholders, they sai
TechnologyJan. 16, 2013
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KCS to crack down on capital flight
Korea Customs Service is to follow the example of the National Tax Service and crack down on wealthy individuals and corporations that illicitly channel money out of the country to dodge tax payments.In a report to the transition team of President-elect Park Geun-hye, the KCS said that it would also toughen its inspections on corporations that have set up paper companies in offshore havens to avoid taxes.This is in line with efforts by the president-elect to secure a budget to finance welfare ex
Jan. 16, 2013
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HHI wins mega-containership deal worth $600m
Hyundai Heavy Industries, the world’s top shipbuilder, won a $600 million super-sized containership contract.In a contract recently closed in Hong Kong with Canadian marine corporation Seaspan, HHI agreed to construct five 14,000 TEU containerships, company officials said Wednesday.The corresponding top-priced deal was the first mega-sized containership order to be placed this year, as well as the first one since the $1.2 billion deal last July ― which, too, was signed by HHI.The completed ships
IndustryJan. 16, 2013
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Whiskey sales plunge in 2012 on economic slump
Whiskey sales in South Korea fell sharply last year due to a persistent economic slump and sluggish domestic consumption, industry data showed Wednesday.According to data compiled by the Korea Alcohol & Liquor Industry Association, a total of 2.12 million boxes were sold last year, down 11.6 percent from 2.4 million boxes sold in 2011. Each box contains 18 0.5-liter bottles. With the latest decline, whiskey sales have declined for four consecutive years since 2009 when sales of the hard liquor d
Jan. 16, 2013
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Eximbank sets aside W74tr for exporters
The state-run Export-Import Bank of Korea said Wednesday it will provide local exporting companies with 74 trillion won ($69.8 billion) in lending and loan guarantees to help their overseas shipments.Of the total, 50 trillion won will be provided in loans with the remaining 24 trillion won to be provided through guarantee, the policy lender said in a statement. The fund is the largest yearly amount set aside by the policy lender, it said, adding that 60 percent of it will be extended in the firs
Jan. 16, 2013
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Candidate names circulate for deputy P.M., top financial regulators
With the presidential transition committee’s announcement of a government reorganization plan on Tuesday, names of possible candidates for top economic policymakers are being circulated among financial circles.They include three key ministerial posts: deputy prime minister in charge of overall economic policies, who will concurrently serve as finance minister; chairman of the Financial Services Commission; and governor of the Financial Supervisory Service.Among the leading candidates for the inc
Jan. 16, 2013
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Korea to sharply hike capacity for power generation
In response to rising demand for electricity, the government plans to expand the nation’s electricity generation capacity to 110 million kilowatts by 2027, up 37.5 percent from the current 80 million kilowatts, officials said on Wednesday. The officials from the Ministry of Knowledge Economy said the plan will be included in the upcoming Sixth Basic Plan on Electricity Demand and Supply to be published by the ministry at the end of this month.The report, which has been released every two years s
Jan. 16, 2013
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KT’s smartphone music service launched globally
Genie, KT’s music service for smartphones, has been launched in 45 countries across six continents, the mobile carrier said earlier this week.The company said that the smartphone-only music service launched globally on Tuesday, giving anyone with an Android handset access to the latest K-pop songs.The 45 countries include the U.S., Australia, Germany, France, Russia, Denmark, Luxembourg, Spain, New Zealand, Mexico, India, the Philippines, Singapore, Taiwan, Brazil and Argentina.However, the serv
TechnologyJan. 16, 2013
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Mobility, social, cloud, big data keywords for 2013 IT industry
Key trends for the local and global IT industry this year are likely to be mobility, social, cloud and big data, a report projected Wednesday.Under such trends, multi-screen mobile platforms, business apps and the cloud computing business are among some sectors that are likely to gain traction in 2013, according to the report by the local unit of the Microsoft Corp.The report highlighted the growing importance of multi-screen devices, in which people interchange smartphones and PCs, and multiple
TechnologyJan. 16, 2013
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iPad mini to hit China this week
HONG KONG (Yonhap News) ― Apple Inc. will start selling the iPad mini in China this week in a bid to consolidate its dominance in China’s growing tablet PC market, company officials said Wednesday.The latest iPad will be released in China Friday, Apple officials said. The release comes one week after Tim Cook, Apple’s CEO, made a visit to the world’s most populous country. He met government officials, business partners, Apple employees and customers during his visit, reports said. The release co
TechnologyJan. 16, 2013
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NHN may transform into holding firm: sources
Speculations are rising that NHN, the operator of Naver, may transform into a holding company as it is expected to newly establish a subsidiary taking control of its mobile businesses.The creation of a new company focusing on mobile-related projects will reportedly become the main topic of discussion during its board meeting next month.According to industry sources, the new organization, which will be set up as early as March, will be formed as a subsidiary of NHN. It is also projected to be mad
TechnologyJan. 16, 2013
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NHN, Kakao set for round two
NHN and Kakao are in full preparation mode to face off against each other, this time in content. The fight was ignited when Kakao began attracting a large user base with its mobile messenger service Kakao Talk.NHN, the operator of the country’s top portal Naver, has since then rolled out its own mobile messenger service called Line, attempting to outperform its rival.Although it has had no luck accomplishing that goal in Korea, Line’s global performance has been good, becoming the top mobile mes
TechnologyJan. 16, 2013
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DRAM prices soar 10% amid concern over short supply
Prices of dynamic random access memory chips have jumped more than 10 percent in recent weeks amid concern that the key parts for personal computers could be in short supply, data showed Wednesday.The fixed price of DDR3 2 Gigabit 256Mx8 1333MHz came to $0.92 in the first half of January, up 10.84 percent from $0.83 in the second half of December, according to the data by market researcher DRAMeXchange.The chip was priced at $4.34 when it was launched in September 2010. Its price plunged to a re
TechnologyJan. 16, 2013
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Bloomberg jumps into Korean news market
U.S.-based financial news wire agency Bloomberg said Wednesday that it would launch a Korean news wire service this year.“The decision makers (at the headquarters in New York City) made the final decision to provide news covered and written in Korean,” an insider source at Bloomberg’s Korean branch told The Korea Herald. “The service will be applied on the Bloomberg website around June at the earliest or in the second half at the latest.”At present, Bloomberg offers non-English news services in
Jan. 16, 2013
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Mars rover readies first rock drilling
The Mars rover Curiosity will soon begin to drill into the Red Planet for the first time, mission officials said, ahead of the highly anticipated endeavor.Scientists behind the $2.5 billion mission also explained the nature of the small “Martian flower,” which had caused a lot of buzz online because it was strikingly different from the surrounding rock.Aileen Yingst, of the Planetary Science Institute, said that what could have passed as a flower was in fact a relatively large mineral grain or p
TechnologyJan. 16, 2013