The Korea Herald

Samsung eyes record 2011 profit

IndustryMar 18, 2011

Samsung Electronics Co. is aiming to set new records in annual operating profit and revenue this year though business conditions are expected to be unfavorable, its chief executive said Friday. Samsung, the world’s top memory chipmaker, posted an all-time high operating profit of 17 trillion won ($15 billion) in 2010. Its revenue also stood at a record high of 155 trillion won.“Market conditions i
Seoul ready to send planes, ships to evacuate its citizens from Japan

PoliticsMar 18, 2011

Korea to send blankets, water; Lee orders check on Korean nuclear plantsSouth Korea plans to mobilize “all possible means” including military aircraft and Coast Guard vessels to pull its citizens out of Japan should the nuclear crisis in the northeast coast escalate to a dangerous level, the vice foreign minister said Friday.The Seoul government has also advised South Koreans ― even those further
‘300 ethnic Koreans’ whereabouts unknown’

Social affairsMar 18, 2011

TOKYO ―The number of ethnic Koreans whose whereabouts are unknown after the devastating earthquake and tsunami that hit Japan a week ago amounts to nearly 300, according to a group of Korean residents in Tokyo.“Mindan,” or the pro-Seoul Korean Residents Union in Japan, said Friday that the total number of ethnic Koreans out of reach was 297, as of 2 p.m. on Thursday. The union said that it was mak
Foreigners seeking refuge in Korea

Social affairsMar 18, 2011

Korea is serving as a temporary base for Japan-based employees of some multinational companies who are fleeing the quake-stricken country.Foreign governments are advising their citizens to get out of the country and mobilizing airplanes to evacuate them as health risk fears are growing from radiation leaks at the nuclear plant in Fukushima. A growing number of foreigners are arriving in Korea, air
We’re sticking with Japan: Korean firms

Social affairsMar 18, 2011

It’s business as usual for many Korean companies as foreign firms flee JapanIt looks like Korean firms will be holding the fort in Japan as a growing number of foreign companies appear to be withdrawing employees and their families over the nuclear radiation scare.Most Korean firms have decided to stick with Japan based on research and testimonies from their Japanese offices that the situation is
Opposition defiant over KCC chairman’s reappointment

PoliticsMar 18, 2011

The ruling Grand National Party and opposition parties on Friday grappled over adopting a confirmation hearing report for Choi See-joong, chairman of the Korea Communications Commission.The GNP supports reappointment of Choi, but opposition parties are determined to remove him from his position accusing him for “politicizing the independent organization” during his three-year tenure, which ends Fr
Seoul to accept N.K. offer for talks on Baekdu volcano

PoliticsMar 18, 2011

The Seoul government said Friday it was reviewing North Korea’s proposal to hold talks on possible volcanic activity at Mount Baekdu amid reports that an eruption was near. The North said in a letter addressed to South’s weather agency Thursday that the two Koreas should discuss conducting joint research, on-site surveys and symposiums on the volcano. “It is our understanding that the North sugges
SC First Bank to close 27 branches

IndustryMar 18, 2011

Standard Chartered First Bank Korea, the local unit of Britain-based Standard Chartered Group, said Friday it plans to close 27 branches in the nation by June to improve efficiency.Employees at the closed branches will be relocated to other operations, said the lender which operates 418 branches in the nation.“SC First Bank plans to cut 27 small branches in a bid to boost efficiency and diversify
Hanwha opens U.S. solar research center

IndustryMar 18, 2011

Hanwha Group said Friday that it has established a research center in Silicon Valley in the United States to develop next-generation solar energy technologies including solar cells.The establishment of Hanwha Solar America marks the group’s latest efforts to enhance its solar energy business. Its affiliate Hanwha Chemical Co. acquired 49.9 percent of Shanghai-based solar-products maker Solarfun Po
Carmakers cutting output due to supply shortage

IndustryMar 18, 2011

Some automakers in Korea are considering reducing their output due to a shortage of parts from their Japanese suppliers hit by last week’s powerful earthquake, company officials said Friday.Renault Samsung Motors Co., Renault SA’s Korean unit, will cut production at its Korean factory to prepare for a potential parts supply disruption the company said. The carmaker will cut overtime work at its fa
Online charity booked for fraud

Social affairsMar 18, 2011

Two men violate rules in fundraising for quake victims via TwitterPolice booked two men without detention for breaking fundraising rules while running a campaign claiming to be for the Japanese Red Cross, officials said Friday.According to Seoul Metropolitan Police Agency, the duo set up an online charity site last Wednesday, called “Let’s send the Power of Korean Twitter through the Japanese Red
Korea to tighten quake rules on small buildings

IndustryMar 18, 2011

Korea is seeking to tighten its construction code for smaller buildings in order to better protect them from massive earthquakes, the land and transportation ministry said Friday.The move comes as concerns are growing that Korea might not be immune from massive earthquakes like the one that hit Japan last week. Experts are also calling for the government to step up its efforts to better brace for
Park Tae-hwan likely to face Phelps in June

More sportsMar 18, 2011

South Korean swimmer Park Tae-hwan could square off against American great Michael Phelps in a California meet this June, swimming officials here said Friday.The Korea Swimming Federation and the sports division of SK Telecom, which manages Park, said the 21-year-old is set to enter the Santa Clara International Grand Prix in California starting June 16. The event is the seventh and final leg of t
Asylum seeker riots escalate in Australia

World NewsMar 18, 2011

SYDNEY (AFP) ― Protests by angry asylum seekers escalated at an Australian detention centre with rioters setting fire to buildings and police responding with tear gas and bean-bag bullets, officials said Friday.A group of around 250-300 detainees on Christmas Island ran amok, hurling bricks and lighting fires late Thursday, forcing the Australian Federal Police to intervene, the Department of Immi
Oil up in Asia on Gulf tensions

World BusinessMar 18, 2011

SINGAPORE (AFP) ― Crude rose in Asian trade Friday, pushed up by ongoing tensions in the oil-rich Gulf region and impact from Japan’s nuclear crisis, analysts said.New York’s main contract, light sweet crude for delivery in April, gained $1.65 to $103.07 per barrel while Brent North Sea crude for May was up $1.56 to $116.46.“The initial reaction to Japan is a sharp drop in oil demand in the short-