The Korea Herald

Galaxy S II launched into the skies

IndustryJul 15, 2011

Galaxy S II, Samsung Electronics’ second-generation of Android-powered smartphones, will be sent up to 30 kilometers above ground as part of a “Space Balloon” campaign launched at Samsung’s Japan offices, the company said Friday. Attached to a small balloon, the phone will be launched from the Nevada desert in the U.S. from Friday to Monday for two hours each day. Messages posted on Twitter and Fa
Lotte Tour chief fined W62b

Jul 15, 2011

The National Tax Service has slapped a 62 billion won ($58.6 million) fine on Lotte Tour chief executive Kim Ki-Byung for tax evasion and referred the case to the prosecution.Lotte Tour is independent of Lotte Group, but Kim is married to Lotte Group chairman Shin Kyuk-ho’s younger sister and Dongwha Duty Free CEO Shin Jung-hee. Kim Ki-byungAccording to NTS sources, Kim was fined for illicit measu
Local gold prices hit record high

Jul 15, 2011

Surge stems from high international prices, weak greenbackDomestic gold prices have rallied to all-time highs on the back of recent surges in international prices of the precious metal and the weak U.S. dollar, industry sources said Friday. An employee at Shinhan Bank shows gold bullion bars. (Ahn Hoon/The Korea Herald)The retail price of 1 don (3.75 grams) of pure gold in the country stood at 217
Korea, EU agree on fair, equal antitrust policy

Jul 15, 2011

Antitrust authorities of Korea and the European Union agreed Friday to ensure equal treatment of foreign companies in dealing with international cartel cases, Seoul officials said. The agreement was reached during a meeting in Seoul between Kim Dong-soo, head of South Korea’s Fair Trade Commission, and Joaquin Almunia, vice president of the European Commission, according to the FTC officials. Fair
S&P warns of U.S. downgrade

IndustryJul 15, 2011
Default on debt would increase deficit: Bernanke

IndustryJul 15, 2011

Fed chief also tells Senate no immediate stimulus planned for nowWASHINGTON (AP) ― Federal Reserve Chairman Ben Bernanke warned U.S. lawmakers Thursday that they would deliver a “self-inflicted” wound to the nation’s economy by holding up efforts to raise the government’s borrowing limit.The Fed chief also said the central bank had no immediate plans to introduce new stimulus measures, elaboratin
[Jonathan Schell] The fall of the house of Murdoch

ViewpointsJul 15, 2011

NEW YORK ― During the four decades since the Watergate affair engulfed U.S. President Richard Nixon, politicians have repeatedly ignored the scandal’s main lesson: the cover-up is worse than the crime. Like Nixon, they have paid a higher price for concealing their misdeeds than they would have for the misdeeds alone.Now, for once, comes a scandal that breaks that rule: the United Kingdom’s phone-h
[Editorial] International assistance vital for South Sudan

ViewpointsJul 15, 2011

A newly independent country in North Africa has got off to an uncertain start. The country needs support from the international community until it can move ahead on its own.South Sudan, officially the Republic of South Sudan, became the 54th independent nation on the African continent when it officially separated from Sudan on July 9.Over the past half-century, the Sudanese people suffered from ci
[Editorial] Chaebol-driven economy

EditorialJul 15, 2011

Korea’s economy is led by a handful of large business groups, most of them being family-controlled chaebol. Their influence is growing, as evidenced by an increase in their contribution to the nation’s gross domestic product. The 10 largest business groups, on an asset basis, accounted for 75.6 percent of GDP last year, up 20.6 percentage points from 2008.Another measure of their dominance in the
[Martin Khor] Rich economies caught in crisis

ViewpointsJul 15, 2011

There was more bad news about the global economy last week. It looks as if the major developed economies are facing worsening problems that will not go away.This does not augur well for the developing world, as it is still dependent on the richer economies.An economic slowdown in the United States was indicated by last week’s data of a rise in unemployment to 9.2 percent and only 18,000 new non-fa
[Editorial] Social networks for Taiwan’s presidential poll

ViewpointsJul 15, 2011

The introduction of Facebook, Twitter, and other social networks and online video-streaming sites has revolutionized the concept of “breaking news” and information distribution.Using the highly visual and instantaneous new media can allow something to spread faster than the proverbial wildfire, creating a borderless, 24-hour wellspring of data that simultaneously attracts millions of eyeballs acro
[Editorial] Cruel news for world

ViewpointsJul 15, 2011

For the print media struggling to survive in a world that seems to be inexorably bent on embracing the electronic media, the news that News of the World, London’s biggest selling weekend tabloid, was closing was, indeed, cruel, cruel news. If only for the paper’s longevity, the last issue last Sunday of the 168-year-old News of the World was headline news many times over. The News was an instituti
[Editorial] China, U.S. need more military exchanges

ViewpointsJul 15, 2011

It is noteworthy that over the years whenever there has been a rift in Sino-U.S. ties, bilateral military relations have always been the first to be affected and that even when bilateral relations are warming, military-to-military exchanges are usually the last to thaw. With the unfolding of a series of reciprocal visits and dialogues between the two militaries this year, including former U.S. Sec
Pop Music

CultureJul 15, 2011

“Beady Eye Live in Seoul”: Rock band Beady Eye will hold a concert on Sept. 3 at Ax-Korea in Seoul at 7:30 p.m. The concert had been initially scheduled in May but was delayed due to the March earthquake and tsunami in Japan. The U.K. group consisting of Liam Gallagher and other ex-members of Oasis released their first album “Different Gear, Still Speeding” in February. Korean indie band Gukkasten
Dance

CultureJul 15, 2011

“Baribari Chochom Didimsae 2011”: National Dance Company of Korea has been offering this performance series since 2001 to help the public better understand and appreciate Korean dance which is often considered difficult. It presents both traditional dances and new choreography inspired from the traditional dances. It runs through July 24 at The National Theater of Korea in Jangchung-dong, central