The Korea Herald

Shin, Lee interrogated together over bribery accusations

Social affairsOct 13, 2011

The former vice culture minister and a businessman, the two participants in an alleged bribery, were summoned to the prosecutors’ office on Thursday.The prosecutorial investigation began following a disclosure by SLS Chairman Lee Kuk-chul last month that he has offered credit cards, cash, vouchers,
Lee visits Pentagon, reaffirms alliance

Foreign affairsOct 13, 2011

USFK commander warns against underestimation of N.K. militaryWASHINGTON D.C. ― President Lee Myung-bak visited the U.S. Pentagon on Wednesday on an unprecedented invitation underscoring Washington’s commitment to the bilateral security alliance.As the first Korean president to visit the Pentagon, Le
CJ files suit to allow generic Viagra

IndustryOct 13, 2011

Food and pharmaceutical company CJ CheilJedang on Wednesday filed a nullity suit against Pfizer over the “use” patent of impotence medicine Viagra. “This is the first lawsuit filed to nullify the patent of Viagra in Korea. Other drug companies that are preparing for the generic forms are also keepin
Business community welcomes U.S. decision, urges approval in Korea

Oct 13, 2011

Korea-based companies and business organizations welcomed the U.S. legislatures’ decision to approve the Korea-U.S. Free Trade Agreement on Thursday.Companies and associations of industries with high dependence on exports were among the most vocal in welcoming the deal. The Korea Automobile Manufact
EU trade chief sees better eurozone next month

IndustryOct 13, 2011

The European economy is struggling to contain its deepening crisis at the moment but it will show progress starting next month, Karel De Gucht, the European Union’s trade commissioner, said Thursday in Seoul.Speaking to journalists at a forum in Seoul, he pinned his hopes on the European Commission’
Samsung to proceed with legal options on Galaxy Tab ban

IndustryOct 13, 2011

Australian court hands another patent victory to Apple Inc.Samsung Electronics said Thursday that it will proceed with immediate legal options after an Australian court slapped a temporary ban on its Galaxy Tab 10.1, handing another victory to its rival Apple in their global patent war.“We express o
Opposition still hurdle for ratifying U.S. FTA

Oct 13, 2011

Democratic Party, liberal groups demand renegotiation on 10 pointsThe process of bringing the Korea-U.S. Free Trade Agreement into effect is likely to be a rocky one despite receiving approval from the U.S. legislature.According to Deputy Trade Minister for FTA negotiations Choi Seok-young, Korea’s
isMedia CEO puts success down to trust with employees

IndustryOct 13, 2011

Compact Camera Module Test Equipment (isMedia)CEO hopes to make company a dream workplace for employees’ childrenisMedia, a Korean venture firm that produces test equipment for compact cameras, is basking in a smartphone boom as both a contributor and a beneficiary.The company’s products test the ca
GM to produce all-electric Chevy Spark in 2013

IndustryOct 13, 2011

U.S. giant automaker sees no industry convergence on energy source used to power vehiclesDETROIT ― There will not be a predominant low-emission technology in the automotive industry, a senior General Motors official said Wednesday, emphasizing the importance of developing more than one alternative e
Global LTE phone market to quadruple in 2012

Oct 13, 2011

The global market for long-term evolution mobile phones is expected to surge four-fold to around 32 million units in 2012, fueled by strong consumer demand, an industry report said Thursday.The report by Strategy Analytics, a global research and consulting firm, predicted market size will expand an
Seoul reviews custody rights over U.S. troops

Social affairsOct 13, 2011

Aggressively seeks to exercise investigation rightSeoul will aggressively look to practice an existing right to preliminary investigation over U.S. military personnel, in light of two recent alleged sex crimes by U.S. soldiers, government officials said Thursday.Working-level officials from the Fore
SaKong says leadership needed in world economy

IndustryOct 13, 2011

The world needs firm political leadership and robust governance to resolve the ongoing economic calamity and maintain sustainable growth, said SaKong Il, chairman of the Korea International Trade Association.Accompanying President Lee Myung-bak for his five-day state visit to the U.S., SaKong gave a
BOK holds rate, citing growth worries, inflation

Oct 13, 2011

Analysts see no rate hike through Q1 next yearThe Bank of Korea kept the key interest rate steady at 3.25 percent for the fourth straight month on Thursday, as worries over the weakening global economy outweighed concerns about the country’s high inflation.“The global economy is forecast to stage a
Plan to limit small payments scrapped

Oct 13, 2011

Data shows small card payments account for 30.6% of total transactionsThe Korean government is expected to keep the current credit card payment system, a turnaround from its previous stance announced on Monday, backing down to protests from small retailers and consumers. The Financial Services Commi
Official campaigning starts for by-elections

PoliticsOct 13, 2011

By-elections to pick heads of local governments and council membersThe two main candidates for Seoul mayor kicked off a 13-day official campaign Thursday. The Oct. 26 by-election with the top post of the capital at stake is expected to influence the political power structure in the run-up to general