The Korea Herald

Training plane crash kills two pilots

PoliticsJun 21, 2011

An Air Force training plane crash-landed during flight training in Cheongwon, North Chungcheong Province, killing two pilots, officials said Tuesday.The T-103 plane crashed about 2 kilometers away from a runway at a military training facility at around 1:30 p.m. Second Lieut. Lee Min-woo and flight trainer Nam Gwan-woo died in the crash, officials said.The Air Force immediately set up a team ― hea
Seoul mayor keeps mum over political future

Social affairsJun 21, 2011

Oh and city council clash over school meals during first meeting in six monthsCity council members Tuesday fired questions at Seoul Mayor Oh Se-hoon, who appeared at the council’s plenary meeting after a six-month hiatus. The political path of Oh, who is considered a potential presidential candidate for the Grand National Party, in particular drew keen interest. “Your political future can affect y
Presidential hurdles for Park Geun-hye?

PoliticsJun 21, 2011

Rep. Park Geun-hye (right) sits with her sister Geun-ryeong (left), brother Ji-man and his wife Seo Hyang-hee during a memorial service for her late mother Yuk Young-soo at the National Cemetery in Seoul in August 2006. (Yonhap News)Current frontrunner needs to show substance as leader, overcome sibling problemsAs she was about to enter the National Assembly chamber on June 7, Rep. Park Geun-hye,
Retailers upbeat over Q3 business: poll

IndustryJun 21, 2011

A majority of Korean retailers are optimistic about business conditions in the third quarter of the year on hopes of a rise in their sales during the summer holiday season, a poll showed Tuesday. The Korea Chamber of Commerce and Industry said its retail business index fell slightly to 119 for the July-September period from 125 for the second quarter, but it was well above the benchmark level. A r
Number of air passengers rises

IndustryJun 21, 2011

The number of air passengers taking international flights in and out of South Korea grew about 2 percent in May from a year earlier as more holidays bolstered overseas travel, the Transportation Ministry said Tuesday.Air passengers on international flights totaled 3.32 million last month, up 2.1 percent from a year earlier, according to the data by the Ministry of Land, Transport and Maritime Affa
SK Group says securities unit’s fate undecided

IndustryJun 21, 2011

Conglomerate denies reports on selling SK Securities to SK C&CSK Group remains undecided despite the fast-approaching deadline for complying with fair trade laws dictating that the group divest itself of stakes in SK Securities Co.On Tuesday, the group denied a Yonhap News Agency report that it had decided to sell SK Securities shares to the IT services provider SK C&C if the revised bill is not p
LG rolls out world’s fastest color printer

IndustryJun 21, 2011

LG Electronics said on Tuesday it would roll out the world’s fastest A4 color desktop printer, able to print up to 60 pages per minute, this month.In a press conference held in downtown Seoul, the global electronics giant said it joined hands with global player Memjet to release the product “Machjet LPP6010N” in the local market.The event comes as LG Electronics is putting more weight on the print
Everland named one of top 10 theme parks

IndustryJun 21, 2011

Samsung Everland Inc. on Tuesday said its theme park “Everland” was ranked among the global top 10 of such facilities for a fifth straight year in 2010. Everland stood at 10th place, with 6.88 million visitors according to recent figures from the Themed Entertainment Association. Everland has been included in the list of top 10 theme parks since 2006, the Seoul-based company said. In the category
Hyundai Motor’s sales soar in India

Jun 21, 2011

Hyundai Motor is enjoying rapid sales growth in India, capturing nearly 20 percent of the emerging market in May. The automaker sold 31,123 vehicles last month, up 14.6 percent from a year ago. Its market in India has reached 19.5 percent, raising the possibility of sales growth for 13 consecutive years.The figure is the highest monthly market share for this year, rising 0.2 percentage points from
FKI chief opposes scrapping tax cut plan

Jun 21, 2011

Huh had secret meeting with ex-P.M. Chung over ‘profit-sharing’The head of the Federation of Korean Industries has expressed his opposition to a ruling party move to scrap the tax reduction plan.Speaking at a press conference Tuesday, FKI chairman Huh Chang-soo, who is also GS Group chairman, said he opposes the plan because he believes companies can invest more when they have the means to do so.B
Korea, Japan bourses mull cross-trading

Jun 21, 2011

Korea and Japan’s bourse operators are considering cross-trading as part of efforts to strengthen their footing amid rising competition among global exchanges, an official said Tuesday.The Korea Exchange and the Tokyo Stock Exchange held the first round of working-level talks on the issue late last month, according to a ranking official at the Korea Exchange.“No concrete plan has materialized yet,
New chief for KDB asset management

IndustryJun 21, 2011

Lim Hong-yongLim Hong-yong has become the new president at KDB Asset Management Co., Ltd. Lim was selected at the annual shareholders meeting on Tuesday. Former vice president of the company Lim studied business administration at Korea University. He was previously the executive director at KDB Asset Management, an affiliate of the state-run KDB Financial Group. He also served as manager of the Pl
Fate of Hyundai Capital CEO depends on sanction level

Jun 21, 2011

The Financial Supervisory Service is poised to decide whether to order stern disciplinary measures against the CEO of Hyundai Capital for incurring cyber attacks due to allegedly negligent internal controls.As officials of the regulatory body move to fine-tune the sanction level on Hyundai Capital CEO Ted Chung, he could be banned from holding a job in the financial industry for the next few years
Number of centenarians almost doubles in 6 years

Jun 21, 2011

The number of Koreans aged 100 or more has almost doubled since 2005 under the country’s improved medical services, Statistics Korea said Tuesday.The number of centenarians numbered 1,836 in November, posting a 9.1 percent increase from 961 in 2005, the state agency reported in its census report compiled every five years.The number of females in the group, 1,580, exceeded their male counterparts,
Creditors seek to sell Daewoo Electronics to Electrolux

Jun 21, 2011

Creditors of Daewoo Electronics Corp. are seeking to sell the third-largest electronics firm in Korea to a Swedish company following their failed sale efforts with the initial preferred bidder from Iran, sources said Tuesday.Creditors including Korea Asset Management Corp. sealed a contract in last November with Iranian electronics firm Entekhab Industrial Group to sell their combined 97.5 percent