The Korea Herald

U.S. general urges preparation for collapse of N.K. regime

DefenseJun 29, 2011

WASHINGTON (Yonhap News) ― The incoming top American military commander in Korea said Tuesday that the United States and South Korea should prepare for the possibility of a regime collapse in North Korea.In his Senate Armed Services Committee confirmation hearing, Gen. James Thurman, the nominee to lead 28,000 U.S. forces in South Korea, raised doubts over the North’s heir apparent, Kim Jong-un, w
Heavy rain kills one, injures several more

Social affairsJun 29, 2011

One person died and several others are assumed injured after a landslide caused by rain that hit the Korean Peninsula on Wednesday.Scores of buildings were inundated by up to 170 millimeters of rain while traffic accidents have been reported in the center of the country. According to Seoul City authorities, a landslide took place near the Choansan Station construction site in Nowon-gu, northern Se
Universities face restructuring

Social affairsJun 29, 2011

Demographic shift adds urgency to the need for reformThis is the third and last installment of a three-part series looking into problems in Korea’s tertiary education ― Ed. Earlier this month, professors at Sunghwa College received 136,000 won as their salary and a text message that the rest would be wired once the institution collected tuition fees from students. The college, where about 1,200 st
Hyundai execs invited to White House forum

Jun 29, 2011

Korea’s leading automaker Hyundai Motor Co. said Wednesday that its executives will take part in a White House policy meeting aimed at improving the fuel economy of cars sold in the United States.The company said Ron Bloom, senior counselor for manufacturing policy to President Barack Obama, and Gary Guzy, deputy director of the Office of Environmental Quality, will be present at the meeting sched
Samsung Engineering wins order from India

Jun 29, 2011

Samsung Engineering Co. Ltd., Korea’s largest industrial plant builder, said Wednesday that it has won a $230 million order to build a petrochemical plant in western India.Under the deal with ONGC Petro-additions Ltd., a unit of India’s state-run Oil & Natural Gas Corporation Ltd., Samsung Engineering will complete the plant by July 2013 with an annual production capacity of 340,000 tons of high-d
Yeosu-Fukuoka sea route opened for World Expo 2012

Jun 29, 2011

The state-run Korea Tourism Organization said Wednesday that it has secured a sea route linking the southern port city of Yeosu to Fukuoka, southwestern Japan, in preparation of next year’s Yeosu World Expo.The organization, together with the South Jeolla provincial government and the Yeosu city government, has arranged for a chartered ferry service by Japan’s Kyushu Railway Co. (JR Kyushu) over t
Korean conglomerates expand global network

IndustryJun 29, 2011

SK Innovation’s oil platform in operation at an offshore mining area in Vietnam. (SK Group)Local firms look for opportunities for old and new businesses abroadFaced with a fast saturating domestic market, local firms have increasingly been seeking growth in overseas markets.For some, such as Hyundai Motor Group, overseas expansion has been an extension of their main businesses.Others, such as SK
CJ Group hit by acquisition costs

IndustryJun 29, 2011

Korea Express union opposes takeover, worries about job losses from potential merger with GLSHefty acquisition costs and bad blood with Samsung have left CJ Group pondering how to overcome the multiple hurdles it faces as the preferred bidder for logistics giant Korea Express, industry watchers said.At the top of the agenda is addressing industry concerns that CJ would have a tough time coming up
Hyundai-Kia overtakes 6 competitors in a decade

TransportJun 29, 2011

Hyundai Motor and its affiliate Kia Motors emerged as one the world’s top five automakers in global sales last year, selling more than 5 million vehicles.About a decade ago, the two companies under the wing of Hyundai Motor Group ranked 11th worldwide in total sales volume.Climbing six notches in less than 10 years was not a simple accomplishment, as it required stepping over global players includ
Corporate Korea braces for multiple unions

IndustryJun 29, 2011

Companies quietly pulling out all stops to keep unions to minimumFollowing is the second in a two part series featuring multiple labor unions that will be introduced in Korea on Friday. ― Ed.The top brass at Korean companies are on high alert over challenges they could face when multiple unions become legal as of July 1. Conglomerates, some of which have enjoyed years without the nagging presence
Seoul worried by financial sector’s short-term debt

Jun 29, 2011

Korea held an emergency meeting with major banks Wednesday to express its concern over growing short-term debt held by financial institutions here, the Finance Ministry said.The meeting was held earlier in the day at the government’s complex building in Gwacheon, south of Seoul, with officials of nine banks, including three foreign institutions, in attendance, according to the Ministry of Strategy
Rare earths deposits found in central Korea

Jun 29, 2011

Korea has found rare earths reserves in the North Chungcheong and Gangwon provinces, with a sufficient supply for the next 50 years, a state-run think tank said Wednesday.The deposit in Chungju, 147 kilometers southeast of Seoul, contains 71,500 metric tons of rare earths. The one in Hongcheon in the country’s east has about 76,000 metric tons, the Korea Institute of Geoscience and Mineral Resourc
Well begun is ‘half’ done: The Korea-EU FTA

Jun 29, 2011

Kim Jong-hoonTomorrow, the free trade agreement between the Republic of Korea and the European Union will finally enter into force. With the publication of the agreement in the official gazettes of the two sides the day before yesterday, all the required procedures have been completed and we are now about to embark upon the smooth implementation of the agreement.As is often said, well begun is hal
FSC targets OECD average in controlling household debt

Jun 29, 2011

The financial authorities on Wednesday pledged to bring snowballing household debt down to the Organization for Economic Cooperation and Development average.With household debt at a record high of more than 800 trillion won ($740 billion), the Financial Services Commission reiterated its commitment to tackling the issue.“We plan to stabilize the market gradually with the goal of lowering the debt
Google unveils latest social networking feat

World BusinessJun 29, 2011

NEW YORK (AP) ― Online search leader Google Inc. is taking yet another stab at social networking, as it tries to go up against Facebook in this wildly popular and lucrative segment of the Internet. This time the project is called Google+ and it aims to make online sharing more like real life.“We think people communicate in very rich ways,” said Vic Gundotra, senior vice president of engineering at