The Korea Herald

Defense budget focuses on combat training

DefenseJul 7, 2011

The Ministry of National Defense has drawn up a 33.48 trillion won ($32.43 billion) budget plan for next year with a focus on making the military “truly combat-ready.”The ministry submitted its budget proposal to the Finance Ministry on June 30. The planned budget is 6.6 percent higher than the 2011 budget of 31.4 trillion won.“In broad terms, we can say that we have significantly increased the bu
Lee, Congo leader talk energy, development

PoliticsJul 7, 2011

(From left)Lee Myung-bak, Joseph KabilaLeaders issue joint communique; Korean president to visit Ethiopia on FridayPresident Lee Myung-bak on Thursday arrived in Kinshasa, capital of the Democratic Republic of the Congo, for summit talks with his Congolese counterpart Joseph Kabila, marking the first visit by a Korean president to the central African country.Lee made the trip in return for Kabila
Ethiopia trying to benchmark S. Korea, P.M. Zenawi says

Foreign affairsJul 7, 2011

Ethiopia’s Prime Minister Meles Zenawi (Yonhap News)ADDIS ABABA (Yonhap News) ― Ethiopia’s Prime Minister Meles Zenawi said Thursday that his government is seeking to attract more investments from South Korean businesses in a bid to create jobs for youth and industrialize the nation’s agriculture-based economy.In an exclusive interview with Yonhap News Agency days before President Lee Myung-bak ar
Reports hail PyeongChang win as ‘crushing victory’

Social affairsJul 7, 2011

Foreign reports have described PyeongChang’s selection Wednesday to host the 2018 Winter Olympics as a “crushing victory.” International media noted that Korea’s “dreams came true,” after a decade of trying to win the right to host the games, and remarked on the large portion of votes the country received from IOC members. The Associated Press noted that it is “the first time an Olympic bid race w
Dawson’s story epitomizes Korean bid

More sportsJul 7, 2011

Toby Dawson felt so proud of being Korean, after PyeongChang won the International Olympic Committee vote in Durban, South Africa, Wednesday, to host the 2018 Winter Olympics. Dawson, a U.S. Olympic bronze medalist in freestyle skiing and Korean adoptee, was the PyeongChang Bid Committee’s last-minute trump card brought in to help the Korean delegation’s final presentation prior to the vote. The s
Kim Yu-na charms IOC members

More sportsJul 7, 2011

Kim Yu-naKim Yu-na, Korea’s beloved Olympic gold medalist in figure skating, showed her charm once again ― not on ice this time but on a podium in front of the International Olympic Committee assembly. Presenting the venue plan of PyeongChang ahead of the crucial IOC vote in Durban, South Africa, the 21-year-old spoke in flawless English, vibrant and full of energy. Still, she felt huge pressure n
PyeongChang Winter Olympics to be a massive boost for Korean economy

IndustryJul 7, 2011

Banners celebrating PyeongChang’s selection as the host of the Winter Games in 2018 are hung across a road near the Alpensia Resort in PyeongChang on Thursday. (Yonhap News)PyeongChang’s hosting the Winter Olympics in 2018 will bring massive economic benefits for the country.According to estimates based on a report compiled in 2008 by the Korea Institute for Industrial Economics and Trade, hosting
Demand for Korean language classes rises as Turks discover hallyu

CultureJul 7, 2011

A Korean-language class in session at the King Sejong Institute in Istanbul on June 25ISTANBUL ― At many K-pop fan group and Korea-related community meetings in Turkey, it is not difficult to find young Turkish people speaking Korean phrases. Most of the Korean-speaking youngsters are self-taught: using Internet sites that teach Korean or learning by watching Korean dramas and picking up words and
Apple files complaint against Samsung

IndustryJul 7, 2011

Apple Inc. has filed a complaint with the U.S. International Trade Commission to block U.S. sales of Samsung Electronics Co.’s smartphones and tablet PCs, escalating the legal tussle between the two mobile giants. Apple’s ITC filing comes less than one week after Samsung filed a similar complaint with the federal agency, seeking to block Apple from importing the iPhone, iPad and iPod Touch product
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