The Korea Herald

POSCO to acquire Southeast Asia’s largest stainless steel maker

IndustryJul 7, 2011

POSCO announced Thursday that it signed a share purchase agreement to acquire controlling stakes in the Thai stainless steel maker ThaiNox.ThaiNox is Southeast Asia’s largest stainless steel maker and currently produces about 240,000 metric tons of cold rolled stainless steel on an annual basis.POSCO currently holds a 15 percent stake in the company, and the latest deal will see the steel giant ac
Samsung Electronics’ Q2 earnings fall 26.1%

IndustryJul 7, 2011

Source: Samsung Electronics (Yonhap News)Samsung Electronics on Thursday was on par with market forecasts with the announcement that its tentative second quarter operating profit stood at 3.7 trillion won ($3.4 billion), down 26.1 percent from the previous year.Sales rose 2.93 percent from the second quarter of 2010 to reach 39 trillion won to record a 5.43 percent increase from the first quarter.
EU expert urges health care transparency

Jul 7, 2011

Maxim MaminKorea and the European Union should pursue integrated standards and regulations on medical equipment to maximize the benefits of a free trade agreement between the two regions, a senior European industry official said.The latest pact became effective on July 1, and eliminates tariffs on medical devices from the EU over seven years. But concerns remain among European manufacturers that e
KRIHS, World Bank sign deal for urban development

IndustryJul 7, 2011

Korea Research Institute for Human Settlements President Park Yang-ho (right) and the World Bank Group’s manager of the urban development unit Abha Joshi-Ghani, after signing an agreement to exchange resources on sustainable urbanization. (KRIHS)The Korea Research Institute for Human Settlements, a state-run think tank, said Thursday it has forged an agreement with the World Bank Group to share re
FTA to cut cosmetics, medical prices

IndustryJul 7, 2011

Competition is set to become intense between cosmetics and medical equipment firms in Korea and the European Union after the two regions’ free trade agreement came into effect on July 1.Though it will take up to seven years until all the tariffs are eliminated, Korean manufacturers are stoking fears that cheaper European products will erode their competitiveness in the market.European leaders, on
FSS wants savings banks to offer more micro-loans

Jul 7, 2011

Financial regulators plan to activate micro-loan issuances to individuals from the savings banking industry by curbing excessive competition among credit card companies.The plan comes as credit card issuers have been vying to issue loans despite customers’ low credit standings.“Though the savings banking industry has been severely damaged due to construction-related toxic loans, there are still ma
‘Apple to unveil new iPhone in third quarter’

IndustryJul 7, 2011

Shoppers enter the Apple Inc. Store on Fifth Avenue in New York. (Bloomberg)NEW YORK (AFP) ― Apple plans to launch its next-generation iPhone during the third quarter of the year, The Wall Street Journal reported on Wednesday.The newspaper, citing “people familiar with the situation,” said Apple has placed orders for key components to used in the new version of the iPhone and that it would be thin
Auto industry on hiring spree in U.S.

IndustryJul 7, 2011

In two years since brush with death, auto industry has added jobs faster than rest of economyDETROIT (AP) ― Volkswagen opened a plant in Tennessee last month with 2,000 workers. Honda is hiring 1,000 in Indiana to meet demand for its best-selling Civic. General Motors is looking for 2,500 in Detroit to build the Chevy Volt.Two years after the end of the Great Recession, the auto industry is hiring
Facebook launches video chat with Skype

World BusinessJul 7, 2011

NEW YORK (AP) ― Quick on the heels of Google’s launch of its latest social-networking venture, Facebook said Wednesday that its 750 million users will now be able to make video calls on the site.The feature will be powered by the Internet phone service Skype. Facebook also redesigned its chat feature, so that the people a user messages the most often show up first.To make video calls, Facebook use
Korean-American recommended as federal judge

PeopleJul 7, 2011

John Z. LeeJohn Z. Lee, a 44-year-old Korean-American attorney, has been recommended to the White House for a position as a federal judge in Illinois.Lee was recommended along with three others by Democrat Sen. Dick Durbin while Republican Sen. Mark Kirk recommended an additional candidate. Currently, there are three vacant seats for the federal bench at U.S. District Court for the Northern Distri
Ex-politician seeks master’s in English

PeopleJul 7, 2011

Kwon Roh-gapKwon Roh-gap, close aide to the late President Kim Dae-jung and senior advisor of the main opposition Democratic Party, is to enter the graduate school of the Hankuk University of Foreign Studies to earn a master’s degree in English literature.“To learn the unknown is my greatest pleasure,” said the Kwon, 81. “This will be my first campus experience in 50 years and I hope that my healt
Han named scientist of the month

PeopleJul 7, 2011

Han Yoon-bongHan Yoon-bong, a professor of chemical engineering at Chonbuk National University, has been named Korea’s scientist of the month for his work on metal oxide nanostructures. The Ministry of Education, Science and Technology and the National Research Foundation of Korea award monthly to those who “contributed significantly to the science.”The 56-year-old professor has received recogniti
ABC Seoul bureau chief publishes memoir

BooksJul 7, 2011

Cho Joo-hee, Seoul bureau chief of ABC News, poses at a press conference promoting her book, “Aspire with Grace,” in southern Seoul, Tuesday. (Yonhap News.)Cho Joo-hee, Seoul bureau chief of ABC News, has published her first memoir “Aspire with Grace“ in Seoul this month.Having worked for both ABC News and the Washington Post as a foreign correspondent in Seoul since 1999, Cho seemed more than con
Lee set to take attach job in U.S.

PeopleJul 7, 2011

Lee Jong-joo, Unification Ministry deputy spokeswoman (Yonhap News)First senior female unification diplomat in Korean EmbassyA deputy spokeswoman in the South Korean government is to take charge of unification affairs at the Korean Embassy in the U.S. Lee Jong-joo, 39, deputy spokeswoman of the Unification Ministry, will become the first female unification attach in the Korean Embassy in Washingt
[Editorial] A drop in real wages

EditorialJul 7, 2011

When wage earners are asked if they are better off today than before, many will probably be quick to say no. Such an instant response is borne out by new wage figures. Worse still, few signs indicate there will be any significant improvement in the near future.The average monthly real wage per employee was at 2,364,074 won during the first quarter of this year, down 4.08 percent from a year before