The Korea Herald

N.K. leader’s China visit shows crucial ties

North KoreaMay 25, 2011

BEIJING (AP) ― Reclusive North Korean leader Kim Jong-il’s visit to crucial ally China highlights his regime’s increasing dependence on its giant neighbor amid his country’s economic collapse and diplomatic isolation over its nuclear program.This is Kim’s third trip to China in just over a year, indicating an interest in the market economy initiatives that Beijing is believed to be pushing for in
Samsung products to be sent to Apple after patent ruling

IndustryMay 25, 2011

Samsung Electronics said Wednesday it will send product samples to Apple’s legal team within 30 days after a U.S. court gave the order in a ruling over a patent dispute last week.“We don’t find it difficult to send the samples within the 30-day period since it is not the first time the products are being revealed,” said a Samsung official. “We’re also likely to request samples from Apple since the
SKT to open T-Store in China, Japan

IndustryMay 25, 2011

SK Telecom, the country’s top mobile carrier, said Wednesday it will aggressively enter overseas markets, such as China and Japan, by opening its application store to customers there.SKT’s T-Store content and applications will be sold through a shop-in-shop form within the Mobile Market, which is China Mobile’s application store, beginning in July, its officials said.The company also signed an agr
Companies fear loss in profit on won ascent: poll

May 25, 2011

A majority of Korean businesses believe their earnings will worsen this year due to the local currency’s ascent against the U.S. dollar, a poll showed Wednesday.According to the survey by the Federation of Korean Industries, 55.9 percent of respondents said the local currency will likely trade at a band of 1,000 won to 1,050 won to the greenback this year, up from the 2010 average of 1,156 won.The
Household debt threatens bank industry

May 25, 2011

BOK report shows debts surpassed 800 trillion won for the first time in Q1 of the yearSnowballing household debts have emerged as a main factor undermining financial status of the middle- and low-income brackets of the local banking industry.According to the Bank of Korea, the nation’s household debts have surpassed 800 trillion won for the first time during the first quarter of the year.Outstandi
Shares fall 1.26% on eurozone woes

May 25, 2011

Korean stocks finished 1.26 percent lower on Wednesday as foreigners extended their selling amid concerns over Europe’s debt risks, analysts said. The local currency lost ground against the U.S. dollar.After starting higher, the benchmark Korea Composite Stock Price Index slumped 25.89 points to 2,035.87. Trading volume was moderate at 341.8 million shares worth 6.84 trillion won ($6.2 billion), w
Finance chief-nominee to prioritize inflation fight

May 25, 2011

Finance minister nominee Bahk Jae-wan said the fight against inflation will stay as the priority with focus on flexible macroeconomic measures, revealing his intention to maintain the policy stance currently in place.Answering questions at the parliamentary confirmation hearing on Wednesday, Bahk said he will try to make people in the middle class and low-income brackets feel the improving busines
Korea should be watchful of uncertainties: experts

May 25, 2011

Korea should be alert against economic uncertainties at home and abroad, such as the eurozone debt crisis and household debt, as they will serve as downside risks to the growth path, experts said.The Korean economy has maintained its upward momentum, aided by sustained exports, but its growth path is fraught with a set of economic uncertainties, which warrant a close watch, experts said in a month
Korea to get tougher on ‘unfair trading’

May 25, 2011

Korea plans to clamp down on stock market manipulation and trading on undisclosed information after $26 billion was wiped from the value of the nation’s listed companies in a matter of minutes last November.The Financial Services Commission is drafting revisions to capital-markets laws to increase penalties, said Ernst Lee, a spokesman at the regulator. The revisions, which will require approval b
Hana calls emergency meeting on Lone Star

May 25, 2011

Board to discuss on eurozone woes possible extension of KEB takeover dealHana Financial Group plans to hold an emergency board meeting as early as this week to conclude the issue on whether to extend the expiry date of a takeover deal with U.S. Lone Star Funds.The initial contract between Hana and Lone Star to trade shares of Korea Exchange Bank expired on May 24 and they have all been entitled to
[Herald Interview] Chile beckons Korean entrepreneurs

IndustryMay 25, 2011

Recent university graduates face the daunting task of figuring out what to do with the rest of their lives. Chile might have an answer for graduates with tech ideas. “Startup Chile is a program that’s aimed to attract innovation and obtain the positive spillover effects of technology ventures,” said Chile Executive Vice President of the Foreign Investment Committee Matias Mori.The idea is to attra
[Herald Interview] Zippo to ignite new flame in Korea: exec

IndustryMay 25, 2011

Zippo, most widely known in Korea and around the world for its portable lighters dating back to the second world war, is aiming to rebrand in efforts to reach out to more consumers in search of individuality.“On a global basis, Zippo is moving aggressively from a lighter manufacturing company to a lifestyle products marketing company,” David B. Warfel, the global marketing director of Zippo Manufa
How do Korean CEOs cope with stress?

IndustryMay 25, 2011

Top businessmen seek extreme sports, photography and paintings to relieve tensionWhen talking about the country’s top businessmen, stress may seem to come with the job. While a great motivator, stress can cripple not only physical and emotional health but also concentration and creative thinking. To tackle such risks, CEOs adopt various strategies. It can be extra work in some cases, or extreme sp
Party for Busan Abandoned Pet Shelter

May 25, 2011

A month-long campaign to save a closure-threatened Busan animal shelter is to continue with a beach fun day this weekend. The Busan Abandoned Pet Shelter is in danger of closing because the lease for its current premises is not being renewed. The shelter’s canine residents face the prospect of homelessness again if a new building is not found by August. Koreans and foreigners have helped keep the
Burmese film screening

May 25, 2011

A film exposing human rights abuses in Burma is to be screened near Seoul’s Insadong area. “The Prison Where I Live” is a feature-length documentary from Rex Bloomstein about Burmese comedian Maung Thura, better known as Zarganar. He has been persecuted by the Burmese junta, and is currently serving a 35-year jail term. Documentary-maker Bloomstein secretly traveled to Burma in 2009 to make the fi