The Korea Herald

S. Korea's currency remains below pre-crisis level: IMF

Aug 5, 2011

The South Korean currency has appreciated markedly over the past few months but its value still remains lower than the pre-financial crisis level, the International Monetary Fund (IMF) said Friday. South Korea's won has appreciated about 6.5 percent against the greenback since the start of this year
Dow falls 512 in steepest decline since '08 crisis

World BusinessAug 5, 2011

NEW YORK (AP) -- Gripped by fear of a new recession, the stock market suffered its worst day Thursday since the financial crisis in the fall of 2008. The Dow Jones industrial average fell more than 500 points, its ninth-steepest decline.The sell-off wiped out the Dow's gains for 2011. It put the Dow
Lockheed denies involvement in espionage case

DefenseAug 5, 2011

After a former South Korean air force chief was indicted on charges of leaking military secrets to Lockheed Martin, the U.S. defense firm Thursday denied any illicit activity on its side.South Korea's state prosecutors announced earlier this week that the ex-airman, identified only by his family nam
Eximbank, KDB join hands to fund overseas projects

Aug 5, 2011

South Korea's two state-run policy lenders said Friday that they agreed to help local companies win more big-ticket overseas projects by providing massive financing.Under the memorandum of understanding (MOU), the Export-Import Bank of Korea (Eximbank) and Korea Development Bank (KDB) will cooperate
Lee vows to overhaul disaster-prevention systems, tighten safety standards

Aug 5, 2011

President Lee Myung-bak said Monday the government will overhaul disaster-prevention systems and tighten safety standards, stressing that last month's deadly downpours could repeat next year because of climate change."The abnormal weather pattern that used to come only once in a century has now beco
Norway attacker got help to purchase equipment: lawyer

World NewsAug 4, 2011

OSLO, Aug 4, 2011 (AFP) - Anders Behring Breivik said he received help abroad to purchase the equipment needed to carry out his deadly July 22 attacks, but will not say more until his political demands are met, his lawyer was quoted as saying Thursday."He obtained abroad almost all the materiel he u
Probe ordered into IMF chief in France finance affair

World NewsAug 4, 2011

PARIS, Aug 4, 2011 (AFP) - A French court Thursday ordered a formal judicial probe into IMF chief Christine Lagarde's contested role in settling a financial dispute when she was France's finance minister.Lagarde has denied abusing her influence in the affair in which arbitrators awarded a big payout
ECB leaves key rate unchanged at 1.5 percent

World NewsAug 4, 2011

FRANKFURT, Germany (AP) _ The European Central Bank has left its key interest rate unchanged at 1.5 percent as the continent's debt crisis appears to be embroiling Spain and Italy despite efforts by political leaders to contain it.Market participants are now awaiting ECB President Jean-Claude Triche
Operator of hacked Web sites face damage suit

Social affairsAug 4, 2011

SEOUL, Aug, 4 (Yonhap) -- The operator of two popular Web sites was sued Thursday over the leak of personal information of millions of its users following a massive hacking attack last week.A man, whose surname is Lee, filed the damage suit against SK Communications Co., the operator of the Nate sea
Penalties on Apple, Google set precedent

TechnologyAug 4, 2011

Stronger laws and bigger payouts may plague the firms This week’s government decision to impose penalties on the Korean units of Apple and Google for their roles in the so-called “location-gate” is being viewed as more than a slap on the wrist despite the light nature of the punishment. Above a
Controversy rekindled over airport sale

PoliticsAug 4, 2011

Ruling camp pushes to sell 15 percent stake to low-income earnersThe government’s plan to sell a stake in Incheon International Airport Corp. has reignited a years-old controversy as to why the well-performing airport should be handed over to private hands. The presidential office of Cheong Wa Dae,
GNP pushes for means-tested tuition fee cuts

PoliticsAug 4, 2011

Plans up to 21% cut for those outside the top 30% of earnersThe government and the ruling party have set out a plan to drastically slash fees for most of the country’s university students.“The government has come up with a plan to cut tuition fees by up to 21 percent for those outside the top 30 per
Chief prosecutor nominee denies evading tax, military duty

PoliticsAug 4, 2011

Chief prosecutor nominee Han Sang-dae was grilled by lawmakers on Thursday concerning allegations that he evaded military service, dodged taxes through a false contract and registered a false address, most of which he denied.Han was judged fit to join the army in 1980 during his junior year in unive
No Agent Orange found at former U.S. base in Bucheon

PoliticsAug 4, 2011

A joint investigation team said Thursday that no traces of Agent Orange were found at a former U.S. base in Bucheon, Gyeonggi Province, where toxic chemicals were allegedly dumped in the 1960s, officials said Thursday.The team comprised of civil, government and military officials reached the conclus
Seoul cautious over U.S.-N.K. Geumgang deal

North KoreaAug 4, 2011

S. Korean operator Hyundai Asan heads to resort hoping to resume cross-border tourismSouth Korea will take any measure necessary to protect the property rights of its people, but does not feel the need to react immediately to North Korea’s purported deal with a U.S. firm which could hurt Seoul