The Korea Herald

Koreas exchange fire near sea border

DefenseAug 10, 2011

The South Korean Navy returned fire after North Korea shot artillery near the tense western sea border, military officials said Wednesday. The Navy heard three shots, one of which fell near the Northern Limit Line, and immediately fired back, they said. No casualties or damage have been reported so
Asian stocks bounce back on Fed’s move

World BusinessAug 10, 2011

HONG KONG (AFP) ― Asian stocks rallied in early trade Wednesday, part of a global uptick after the U.S. Federal Reserve pledged to keep interest rates near zero for at least two years.Tokyo rose 1.05 percent, or 94.26 percent, to 9,038.74, Sydney added 2.64 percent, or 106.5 points, to 4,141.3 and S
China starts sea trials of first carrier

World NewsAug 10, 2011

BEIJING (AP) ― China’s first aircraft carrier swept through fog-shrouded waters Wednesday to open sea trials that underline the country’s big naval ambitions and fuel concerns about its growing military strength amid regional territorial disputes.The ship is former Soviet craft that China acknowledg
Cheong Wa Dae slams plan for savings banks victims

PoliticsAug 10, 2011

Cheong Wa Dae on Wednesday disapproved of a parliamentary move to compensate the victims of failed mutual savings banks for their lost savings beyond the legal limits.Rival parties agreed Tuesday to seek a special law to reimburse individual customers and bond investors in nine suspended savings ban
Curtain raised on model U.N. conference

Social affairsAug 10, 2011

Students from some 60 countries around the world discussed global warming, financial crisis, war and other pending issues at the U.N. model conference that opened in Incheon on Wednesday. The annual conference, hosted by the international body and participated in by nearly 1,000 college and high sch
U.N. chief stresses role for scholars in global challenges

Social affairsAug 10, 2011

U.N. Secretary-General Ban Ki-moon emphasized the role of the academic community in tackling global challenges and praised Korean universities for contributing to the nation’s economic development and democracy.At the U.N. Academic Impact Forum in Seoul on Wednesday, he also stressed the responsibil
‘Quiet diplomacy’ still Seoul’s tactic on Dokdo

Foreign affairsAug 10, 2011

Despite Japan’s repeated territorial claims and international ignorance over South Korea’s ownership of its easternmost islets, Seoul appears to be sticking to its so-called “quiet diplomacy” to avoid unnecessary attention. Just days after South Korea lodged a complaint with Washington for its backi
Adultery law faces constitutional review

Social affairsAug 10, 2011

A district court judge has requested its ruling on the constitutionality of the penal punishment for adultery. It is the fifth time the penalty for adultery has been be brought to the Constitutional Court, which ruled it constitutional in 1990, 1993, 2001 and 2008.Clause 24 of the nation’s criminal
Ex-police chief gets six years for taking bribes

Social affairsAug 10, 2011

Former National Police Agency commissioner general Kang Hee-rak, was on Wednesday sentenced to six years in prison for taking bribes from Yu Sang-bong, a construction site canteen operator and lobbyist.According to the Seoul Eastern District Court, he was also given a 170 million won fine and will f
Hanjin’s Cho ‘regrets’ strife, keeps layoff plan

Social affairsAug 10, 2011

Critics denounce news conference as stunt to evade grilling at parliamentReeling from a long strike and protest over layoffs causing social and political upheaval here, chairman of Hanjin Heavy Industry & Construction Cho Nam-ho vowed Wednesday to take full responsibility for the aftermath of the st
‘North plotting to assassinate defense chief’

North KoreaAug 10, 2011

Security measures have been beefed up after an intelligence tip-off that North Korea is trying to assassinate South Korea’s defense chief, local media reported Wednesday. The reports, citing unnamed sources at the government, said that the authorities in the South received an intelligence tip-off th
Fed’s rate move may be boon for Korea

Aug 10, 2011

Dimmer U.S. economic outlook, rising inflation at home still pose riskAs the U.S. Federal Reserve pledged to keep its benchmark interest rate at near zero through mid-2013 helping Wall Street to stage a rebound Tuesday, investors in Seoul also seemed less nervous. Still, a bigger question remains: W
Crisis may speed up big trade deals

IndustryAug 10, 2011

Although a dreary outlook for the U.S. economy coupled with a rating cut has triggered mayhem throughout the world’s stock markets this week, it may serve as a catalyst for free trade agreements, experts said Wednesday.A spate of grim economic figures stoked fears of a “double-dip” recession. The wo
BOK expected to miss inflation target

Aug 10, 2011

The possibility that Korea will fail to meet its inflation target of 4 percent for 2011 increased as the European debt crisis continued to hit local financial markets.The Bank of Korea, which has pushed for tightening monetary policies in an attempt to curb consumer prices, is unlikely to raise the
Korea likely to weather financial turmoil: Morgan Stanley

Aug 10, 2011

South Korea is expected to tide over the ongoing financial turmoil stemming from jitters over the U.S. economy and the European debt crisis, thanks to its solid exports and improved financial indicators, a report showed Wednesday.“We think Korea’s exports will fall less than other countries (like la