The Korea Herald

Key lobbyist of Busan savings bank scandal faces questioning

Social affairsAug 29, 2011

Prosecutors are interrogating Park Tae-gyu, a 71-year-old lobbyist who allegedly peddled his political and economic influence to save the nation’s largest savings bank from suspension earlier this year. All eyes are now on whether Park would name those who took bribes and other favors he had provide
Language program bridges Korea, the world

Social affairsAug 29, 2011

TaLK volunteer teachers from English-speaking countries help rural kids learn languageYEONGI, South Chungcheong Province ― Benjamin Stevens, 24, first came to Korea with his mother for a seminar nine years ago. Fascinated by Korea, he wanted to come back, and realized his dream thanks to the TaLK (T
Who should win in the People vs. Apple?

Aug 29, 2011

With more than 27,000 iPhone users suing Apple over location tracking ...A man uses an Apple iPhone.Consumers bite backKorean users of Apple’s iPhone have filed a class action suit, arguing Apple had violated its customers’ right to privacy by tracking their locations, causing distress. A lawyer suc
Readers’ VOICE

Aug 29, 2011

On the Apple class-action suitWhen I read about the 27,000 South Koreans who’ve filed a joint lawsuit against Apple, contending that their right to privacy was infringed upon, I took it as a joke. iPhones have GPS built into them; many of their apps work on the assumption of a constant connection to
LS Cable develops electric car charger

IndustryAug 29, 2011

LS Cable and System has become the first Korean firm to develop a portable electric vehicle charger, the company announced Monday.According to the company, the charger supplies 3.3 kilowatts of electricity to the vehicle using the standard outlet installed in homes. The device can fully recharge bat
Hyundai Motor to offer suppliers advance payments

Aug 29, 2011

Three major units of Hyundai Motor Group have decided to pay their subcontractors in advance ahead of the Chuseok holidays.There are about 2,800 Hyundai subcontractors, with the advance payments for their coming auto parts supply to total 1.15 trillion won ($1.06 billion), group officials said Monda
SKT wins coveted wireless spectrum

IndustryAug 29, 2011

Fierce bidding for the 1.8 GHz bandwidth ends at 995 billion wonSK Telecom acquired the 20-megahertz band of the 1.8 gigahertz range for 995 billion won ($926.67 million) in the country’s first wireless broadband spectrum auction after its rival KT Corp. withdrew from the competition on Monday.The K
Gold still No.1 reward for long-serving workers

IndustryAug 29, 2011

Amid soaring gold prices, companies maintain gold reward for long-term workersLotte Department Store, a leading retailer, has maintained a unique reward system for long-term employees for more than 20 years ― offering a gold nugget. Starting with the 10 dons of gold given to workers who have worked
BASF to invest in Korea

IndustryAug 29, 2011

The chemicals company BASF SE will begin looking ofr a Korean firm to invest in, on Tuesday as part of the Global Alliance Project Series program, the Ministry of Knowledge Economy announced Monday. Through the program, the German chemicals giant will present investment plans to local battery and or
Korea unveils world’s largest tidal power plant

IndustryAug 29, 2011

Korea introduced the world’s largest tidal power plant on Monday, eight years after it broke ground for a project aimed at boosting renewable energy use. The facilities in Sihwa on the western outskirts of Seoul will enter full-fledged operation in December with a total capacity of 520 megawatts, th
Samsung’s insurance units top payment reserve lists

Aug 29, 2011

Samsung Life and Samsung Fire & Marine hold the largest payment reserves among local life and non-life insurance companies, according to the Financial Supervisory Service.FSS data showed that Samsung Life holds 99.1 trillion won ($91.7 billion) in provisions for insurance payments to customers, topp
BAT Korea eyes premium cigarette market in Korea

IndustryAug 29, 2011

Company targets sector that grows fastBritish American Tobacco Korea is striving to shore up its presence in the Korean market with premium cigarette products.The Korean unit of the global manufacturer has been diversifying its portfolio of pricey cigarettes with Dunhill and Kent brands in a bid to
BAT Korea committed to social contribution

IndustryAug 29, 2011

British American Tobacco Korea is shoring up its social responsibility efforts through community services and funds for social enterprises and cultural foundations.The multinational group’s local unit said it has been striving to map out campaigns that contribute to Korean society, offering more tha
Retailers target Dubai

World BusinessAug 29, 2011

Limited Brands Inc., operator of the Victoria’s Secret chain, and American Eagle Outfitters Inc. are among retailers seeking a foothold in Dubai as consumer confidence in the emirate reaches a seven-year high. Sales in Dubai are up about 10 percent this year, according to store companies such as Riv
Philippines, China talk trade despite tensions

World BusinessAug 29, 2011

MANILA (AFP) ― Philippine President Benigno Aquino travels to China this week on a mission to secure billions of dollars in trade deals, with both sides looking to rebuild goodwill amid a bruising territorial row.Aquino’s five-day visit starting Tuesday is held against the backdrop of increasingly s