The Korea Herald

Momentum building for Northeast Asia trade deal

Nov 1, 2011

Korea positioned to take lead in forging trilateral accord with China, JapanWith the parliamentary ratification of a free trade deal with the U.S. held back by a prolonged standoff between the two main parties, Korea agreed to expand its currency swap deals with China and Japan last month.It signed an agreement to double its currency swap arrangement with China to $57 billion last Wednesday during a visit to Seoul by China’s Vice Premier Li Keqiang. The accord with Beijing came only a week after
Banks lose faith in profit targets

Nov 1, 2011

Commercial banks plan to lower their earning targets for 2012, forecasting that the nation will continue to suffer from the economic slowdown and their revenues will decrease due to their recent decision to slash transaction service charges.Woori Bank has set the aim of its net profit for next year at about 1.5 trillion won ($1.3 billion), compared to the 2011 goal of 1.8 trillion won.Shinhan Bank is considering scaling down the 2012 target to between 1 trillion and 2 trillion won, compared with
New smartphones flood the market this month

IndustryNov 1, 2011

Apple’s iPhone 4S, Samsung’s Galaxy Nexus, LG’s Prada Phone among the selling smartphone bunchA number of new smartphones, including the iPhone 4S, will hit the market this month, setting the stage for another round in the smartphone battle in Korea.Mobile carriers ― SK Telecom and KT Corp. ― are now getting ready to release Apple Inc.’s newest iPhone 4S in the local market as it received radio approval in Korea last week.According to industry sources, both SKT and KT are developing promotion me
Samsung bucks the trend by achieving market cap growth

IndustryNov 1, 2011

Samsung Group bucked the trend of the past four months by increasing its market capitalization while its rivals saw their combined stock value shrink amid the financial turmoil sparked by the global recession fears, data showed on Tuesday. According to the data compiled by the Korea Exchange, FnGuide and Chaebul.com, Samsung’s market cap reached 238.08 trillion won ($213.91 billion) as of end-October, growing 6.05 trillion won from the end of June. The country’s biggest conglomerate benefited fr
Highway tolls, train fares to rise

Nov 1, 2011

The government on Tuesday announced plans to raise highway tolls and train fares in a bid to cope with surging costs and to boost the financial stability of state-run enterprises.The package includes an average hike of 2.9 percent in expressway tolls nationwide starting later this month, and an average increase of 2.93 percent in train tickets from mid-December, according to the Ministry of Land, Transport and Maritime Affairs.“The government has frozen toll and train rates since 2006 and 2007 i
Government to reinforce welfare for ailing veterans, patriots

Social affairsNov 1, 2011

The government will provide free respite care service to the aged and ailing veterans and patriots under a bill that the Cabinet approved Tuesday to improve the welfare of those people, officials said.Under the program, caregivers will visit homes of veterans and patriots who are aged 65 or older, living alone or suffering from senile diseases to help them eat meals and do house chores and other daily activities, they said.The bill, which now awaits approval from the parliament, also allows regi
Military saves maintenance costs by hiring civilians

DefenseNov 1, 2011

The military has saved costs and improved its productivity in equipment maintenance by hiring civilian workers, the defense ministry said Tuesday.The ministry said that as part of the military’s plan to increase efficiency in defense management, the Army hired 37 civilian technicians to handle maintenance of 27 armored vehicles this year.The ministry said the military could save up to 11.7 billion won ($10.5 million) in defense budget this year, and 46.8 billion won until 2014.The ministry said
S. Korea prepares steps to follow IAEA report on Iran: sources

Foreign affairsNov 1, 2011

WASHINGTON (Yonhap News) ― South Korean officials are reviewing “realistic options” in case they face pressure to impose fresh sanctions on Iran, diplomatic sources here said Monday, as the U.N. nuclear watchdog is preparing to release a major report on Iran’s uranium enrichment program.The International Atomic Energy Agency (IAEA) is expected to link Iran’s UEP with weapons development in the new assessment to be issued before the agency’s board of governors meeting in Vienna in mid-November, a
Constitutional Court chief gets doctorate

Social affairsNov 1, 2011

Korea’s chief of the Constitutional Court received an honorary doctorate from one of Russia’s leading universities on Monday, the court said.Lee Kang-kook held a celebratory lecture for the students of Russia’s Saint Petersburg State University after receiving the doctorate from the school. The former Supreme Court justice lectured the Russian students on his experiences over the past 23 years he has worked within the Korean justice system, including its social effects and future direction.The 6
Car exports up, domestic sales down

TransportNov 1, 2011

Korea’s major automakers posted contrasting sales performances at home and abroad last month.Hyundai Motor and Kia Motors saw their exports increase in October from a year earlier. But their sales at home dropped on a yearly basis.Hyundai Motor sold 305,923 units, including exports and overseas production, abroad last month, up 18.3 percent from 258,644 units a year ago.The nation’s largest automaker saw exports of 114,454 units and sales of 191,469 units from overseas factories, increases of 18
U.S. soldier gets 10 years for rape

Social affairsNov 1, 2011

A provincial district court has sentenced a U.S. soldier stationed here to a 10-year prison term for the rape of a young Korean woman.The Uijeongbu District Court sentenced the 21-year-old U.S. Army private of the 2nd Infantry Division, with the heaviest sentence since 1992 when another U.S. private was jailed for 15 years in a high-profile rape and murder case. The court ordered that the soldier, whose name has not been released, fulfill 80 hours of a sexual violence treatment program and that
TV host Kim Mi-hwa plans to open online news outlet

Social affairsNov 1, 2011

Comedienne-turned-TV and radio host Kim Mi-hwa is planning to open an online media outlet.According to local media, Kim reported her plan to establish Soonakjil News to the Gyeonggi Metropolitan Government on Monday. By law a person wanting to open an online news outlet has only to report the plan to the authorities and does not need government authorization. Unless critical faults are found, Kim may well open the site within a week, officials said.Kim, perhaps best known for her comic character
LG Electronics CEO presents awards, stresses software competitiveness

IndustryNov 1, 2011

LG Electronics vice chairman Koo Bon-joon stressed that gaining competitiveness in software means nurturing future growth engines at an event designed to name 14 “software architects” on Tuesday.“Gaining software competitiveness itself is a future growth engine,” said Koo. “I ask you, the software architects, to think of yourselves as one of the best experts and continuously share your knowledge and information to enhance your capabilities.”Software architects are a group picked from the firm’s
Probe targets agricultural co-ops

PoliticsNov 1, 2011

Investigators seek to stamp out corruption to protect small-sum depositorsProsecutors are investigating possible corruption at regional agricultural cooperatives, turning their focus away from local savings banks amid concerns that co-op irregularities could impact the livelihoods of citizens.Investigators recently discovered that a cooperative in Gwacheon, Gyeonggi Province raked in tidy sums after it illicitly raised its interest rates without consent from borrowers, sources at the Supreme Pro
18 killed by humidifier sterilizer: civic group

Social affairsNov 1, 2011

A civic group on Tuesday alleged that 18 people have died from a mysterious f pulmonary disease caused by a humidifier sterilizer, a death toll far higher than the government estimated.The activists disclosed 50 additional reports and urged the administration to ban the sales of the sterilizers. According to the Asian Citizens’ Center for Environment and Health, a total of 18 people, one of whom was pregnant, likely to have died of the pulmonary infection caused by the sterilizers. “The governme