Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul alerts overseas missions to NK terror threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Shares up 1.28% on eased Europe woes
Korean stocks rose 1.28 percent Thursday as investor sentiment was buoyed by eased eurozone debt concerns, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 25.06 points to close at 1,984.3. Trading volume was heavy at 625.8 million shares worth 8.6 trillion won ($7.7 billion) with gainers outnumbering losers 536 to 284.“Good news from Europe removed some of the biggest worries for investors,” said market analyst Kwak Jung-bo
Feb. 2, 2012
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Hynix posts operating loss for Q4
Hynix Semiconductor posted 2.55 trillion won ($2.27 billion) in total sales and an operating loss of 167 billion won in the final quarter of last year, triggered by the dampened global economy and the weak demand for PC memory chips.The world’s second-largest memory chipmaker said its sales from October-December dropped 7 percent year-on-year and the net loss recorded 240 billion won, a slight improvement from the previous quarter.The consolidated sales for 2011 reached 10.4 trillion won, a 14 p
IndustryFeb. 2, 2012
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Executives’ buy boosts POSCO shares
POSCO shares staged a brisk rise on Thursday after its executives bought stock en masse to display their confidence and help stabilize the market. The world’s fourth-largest steelmaker said its 73 executives led by chief executive Chung Joon-yang purchased a total of 4,351 shares, worth more than 1.82 billion won ($1.6 million). Chung, who was recently elected to a second term, and president Choi Jong-tae each added 100 to their existing 1,614 and 1,786 shares. Another 70 officials acquired betw
IndustryFeb. 2, 2012
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Correction of the article ‘FSC staff opposed chief on Lone Star ruling’
On the first page in its Nov. 30, 2011 edition, The Korea Herald, citing financial sources, reported that Financial Services Commission (FSC) chief Kim Seok-dong pushed ahead with the decision to impose a “mild sanction” on Lone Star Funds despite some working-level officials’ resistance.But it was not confirmed that FSC chief Kim pushed ahead with the decision and that there was resistance from working-level officials. We hereby correct the article. This correction was mediated by The Press Arb
Feb. 2, 2012
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Cigarette price hike fans inflation jitters
Philip Morris International Korea’s recent plan to raise its cigarette prices is fueling concerns over inflation as rumors swirl that its bigger rival KT&G will soon follow suit. The Korean unit of the U.S. tobacco giant is to slap an unexpected price increase averaging 6.8 percent starting Feb. 10 to offset rising raw material and labor costs.The hike, the first in seven years, will send the prices of Marlboro, Parliament and Lark to 2,700 won ($2.4) a pack from the current 2,500 won. Virginia
IndustryFeb. 2, 2012
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Hana Financial agonizes over Kim’s fate
Chairman may seek term extension or hold other post to resolve KEB takeoverHana Financial Group has remained undecided as to whether to replace or retain incumbent chairman Kim Seung-yu.Kim, whose term expires this March, has expressed his intention to resign. But group spokespeople did not rule out the possibility that his term will be extended.“Outside directors said they will persuade chairman Kim to serve one more term by one year,” a Hana Financial spokesman said Thursday.“Nothing has yet t
Feb. 2, 2012
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LG targets 35 million units in smartphone sales this year
LG Electronics said Wednesday that it will set a 35-million-unit smartphone sales target this year, with plans for smartphones to grow to 70 percent of its handset portfolio.In an earnings briefing at its headquarters in Yeouido, its chief financial officer Jung Do-hyun said the company will produce less feature phones and focus on the premium smartphone lineup, especially smartphones that run on the fourth generation Long Term Evolution network.“We will not make feature phones if profits aren’t
IndustryFeb. 2, 2012
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[Status update: Facebook to go public, raise $5B]
NEW YORK (AP) _ Facebook made a much-anticipated status update Wednesday: The Internet social network is going public eight years after its computer-hacking CEO Mark Zuckerberg started the service at Harvard University.That means anyone with the right amount of cash will be able to own part of a Sil
TechnologyFeb. 2, 2012
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[Hynix swings to red in Q4 on weak demand]
Hynix Semiconductor Inc., the world's second-largest maker of computer memory chips, said Thursday that it swung to the red in the fourth quarter as memory chip prices fell on slowing demand for computers.Net loss amounted to 239.9 billion won (US$213.1 million) in the October-December period, a tur
IndustryFeb. 2, 2012
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[Apple loses bid to ban Samsung tablet PC, mobile phone]
Apple Inc. lost a bid in a Munich court for a preliminary ban on sales of Samsung Electronics Co.’s Galaxy 10.1N and Galaxy Nexus mobile phone. The Munich Regional Court rejected the motion in a case where Apple invoked a patent granted last year protecting some technology related to touch scre
TechnologyFeb. 2, 2012
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GSK’s pneumococcal vaccine OK’d for wider age group
GlaxoSmithKline Korea Ltd. said Wednesday that Korea’s drug agency has extended approval for its hot-selling pneumococcal vaccine to be used in babies born premature at 27 to 28 weeks and children up to 5 years old.The expanded approval makes Synflorix the first pneumococcal conjugate vaccine with posology for premature babies in Korea, the local unit of the U.K.-based corporation said. The vaccine was first cleared by the Korea Food & Drug Administration in 2010 for the prevention of invasive
IndustryFeb. 1, 2012
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[Korean auto sales down 1.7% in Jan.]
Korea’s five automakers led by market leader Hyundai Motor Co. on Wednesday reported a 1.7 percent drop in January sales due to a slump in domestic demand.The combined sales of the carmakers came to 617,506 vehicles in January, compared with 626,806 units sold a year earlier, according to data released by the companies.Their domestic shipments reached a combined 96,448 units last month, down 20 percent from 120,557 a year earlier. Overseas sales, however, including cars exported from South Korea
MobilityFeb. 1, 2012
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[Lotte opens first overseas duty-free shop in Indonesia]
Lotte Duty Free, a leading Korean retail operator, said Wednesday that it has opened its first overseas shop at Indonesia’s Soekarno-Hatta International Airport.The duty-free shop covers 900 square-meters and will sell various cosmetics, perfume, liquor and tobacco products to travelers using the airport located about 20 kilometers west of Jakarta.The duty-free operator, which is part of the Hotel Lotte chain, said it has also set up an interactive screen featuring Korean pop stars to give its s
IndustryFeb. 1, 2012
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[Concerns raised over card firms’ asset jump]
Korean credit card companies’ assets have grown to alarming levels due to their proliferating competition, industry data showed Wednesday, raising the specter of a bubble.The total assets of credit card firms stood at 79.3 trillion won ($70.4 billion) as of the end of 2011, surpassing the 78.9 trillion won tallied in 2003, a year after the country’s economy was hard-hit by a credit card bubble, according to the data. Their assets dropped as low as 65 trillion won in 2008, but soon rebounded by n
Feb. 1, 2012
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[Tire production, sales edge up in 2011]
Production and sales of Korean tiremakers grew slightly last year amid a deepening economic slump at home and abroad, a trade association said Wednesday.According to the Korea Tire Manufacturers Association, Korean tire manufacturers led by Hankook Tire Co. and Kumho Tire Co. produced 97,694,000 units in 2011, up 2.5 percent from the previous year.Sales rose 1.6 percent on-year to 96,942,000 units last year.In the domestic market, a total of 9,997,000 units for original equipment were sold last
IndustryFeb. 1, 2012
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[Consumer prices grow 3.4 percent in January]
Korea’s consumer prices grew at a slower pace in January as the government is pushing to fight inflation amid concerns that high prices could hurt consumption and the overall economic recovery, a government report showed Wednesday.According to the report by Statistics Korea, the country’s consumer price index rose 3.4 percent in January from a year earlier, slowing from a 4.2 percent gain in December. It gained 0.5 percent compared to a month ago. Core inflation, which excludes volatile oil and
Feb. 1, 2012
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[[Herald Interview] Yeosu aims for visitor-friendly Expo]
YEOSU, South Jeolla Province ― The southern coastal town famous for its seascape and bountiful seafood is in the final stages of preparation for the World Expo. Construction clatter fills the waterfront Expo site in front of the Yeosu Expo train station, to which the KTX travel time from Seoul will be reduced to 2 hours and 50 minutes by the time the world fair kicks off on May 12. Themed “Living Ocean and Coast,” the Yeosu Expo will be the first world fair to be held above water to highlight th
Feb. 1, 2012
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[EU antitrust regulator probes Samsung for abuse of mobile phone patents]
Samsung Electronics Co. is being probed by European Union antitrust regulators over licensing of patents to other mobile-phone manufacturers. The European Commission said it will investigate whether Samsung broke a 1998 commitment to license any standard essential patents for phones on “fair, reasonable and non- discriminatory terms.” It acted after Samsung claimed last year in European courts that rivals infringed its patents, the EU said in a statement. Regulators have increased scrutiny of in
TechnologyFeb. 1, 2012
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[Savings banks’ household loans top W10tr]
Sharp rise in credit loans in non-banking sector raises alarm bellsThe amount of loans extended by Korea’s savings banks to households topped 10 trillion won ($8.9 billion) in 2011. Preliminary data from the Financial Supervisory Service indicates that savings banks, hurt by a string of scandals last year, are moving back toward risky lending. It is the first time that the outstanding loans by savings banks to local households surpassed 10 trillion won ― a sharp increase from 7 trillion won in O
Feb. 1, 2012
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[Yeosu Expo to highlight marine development]
The 2012 World Expo in Yeosu aims to illuminate oceans and their magnitude as a key to diverse climate and environmental challenges mankind is faced with in the 21st century. Under the theme “Living Ocean and Coast,” 106 countries and nine international organizations will showcase their diverse marine development and advancement of oceanic technology on the southern shore of the Korean Peninsula from May 12 to Aug. 12.The 93-day event, the first here since the 1993 Daejeon Expo, is expected to l
IndustryFeb. 1, 2012