The Korea Herald

Groups look to enlist more volunteers

Social affairsJan 25, 2011

Scholars, volunteers and officials gathered at a forum in Seoul Tuesday to discuss the past, present and future of overseas volunteering, hoping to increase the efficiency of Korea’s aid.Participants at the World Friends Korea Forum reviewed the current situation for volunteers and organizations to seek the direction in which Korea is going as a provider of official development aid.World Friends K
Korea Line files for receivership after rates plunge

IndustryJan 25, 2011

Korea Line Corp., Korea’s second-largest operator of dry-bulk ships, filed for receivership after rates tumbled to the lowest in almost two years because of a global oversupply of vessels. The filing was made at the Seoul Central District Court on Tuesday, the company said in a regulatory statement. It didn’t say how large its debts were. Seven calls to the Seoul-based company, including to its me
Olympus launches new hybrid camera

IndustryJan 25, 2011

Olympus Korea launched a new hybrid camera PEN E-PL2 on Tuesday, calling it the new “killer item” for this year.The product, coming between a DSLR and a compact camera, features a classic design and an upgraded art filter that enables people to add touches of soft focus, dramatic tone and art frames to the photos, according to company officials. Models present Olympus’ new hybrid camera PEN E-PL2
KEPCO opens electric vehicle charging stations on highway

IndustryJan 25, 2011

Korea Electric Power Corp. said Tuesday that it has established electric vehicle charging stations on a highway, a first time for the nation. The six new charging stations are located at rest areas on Jungbu Expressway near Icheon, Eumseong and Ochang ― both northbound and southbound, the firm said. Another was launched at the KEPCO Research Institute in Daejeon. A total of 12 charging machines a
LG CNS to join with Japan’s SBI Group

IndustryJan 25, 2011

LG CNS will become the first South Korean firm to forge a cross-border partnership with a Japanese financial company to provide IT services, the Seoul-based company said Tuesday.With Japan’s SBI Group, LG CNS said it would be forming a joint entity called SBI-LG Systems that would handle all of the IT services related to SBI, a top Japanese financial company with assets worth 13 trillion won ($11.
SK Telecom profit rises 48%, led by smartphone demand

TechnologyJan 25, 2011

SK Telecom Co., Korea’s largest mobile-phone operator, has reported fourth-quarter profits which climbed 48 percent, helped by demand from smartphone users.Net income rose to 361.4 billion won ($323 million) from 244.2 billion won a year earlier, the Seoul-based company said in a statement Tuesday. That compares with the 405.4 billion won average of 13 analyst estimates compiled by Bloomberg in th
FSS tougher on banks’ overseas branches

Jan 25, 2011

The Financial Supervisory Service plans to tighten oversight of local banks’ overseas operations, diverting from its earlier position of eased regulations to encourage their making inroads into foreign markets.The watchdog unveiled this year’s key regulatory policies during its meeting with financial market leaders at the Bankers’ Club in downtown Seoul on Tuesday.Major banks, including the nation
India’s central bank might raise rates

IndustryJan 25, 2011

India’s central bank said reducing inflation is the “dominant” goal at the moment, signaling the possibility of an interest-rate increase on Tuesday. “The anti-inflationary focus of monetary policy would have to continue,” the Reserve Bank of India said in a report on Monday. “Since a lower inflation regime is essential for sustainable high growth, containing inflation becomes the dominant policy
Bank of Japan raises growth forecast

IndustryJan 25, 2011

Central bank keeps key rate between zero and 0.1%The Bank of Japan raised its growth forecasts for the year through March as strong overseas demand supports the economy. Policy makers predicted an expansion of 3.3 percent for the 2010 fiscal year, compared with the 2.1 percent estimated in October, the central bank said in a statement Tuesday in Tokyo. The BOJ also held the key interest rate betwe
[Editorial] U.N. on piracy

EditorialJan 25, 2011

It may just be a coincidence that U.N. Secretary General Ban Ki-moon was in Oman last week while the South Korean Navy’s Cheonghae Unit rescued all 21 crewmembers of the cargo ship Samho Jewelry from Somali pirates. Some here speculate that Ban’s meeting with Omani King Qaboos bin Said Al Said may have been conducive to Oman’s support for the operation.Among his many duties as the chief executive
[Editorial] Swap with pirates

EditorialJan 25, 2011

Lawmakers of the National Assembly Defense Committee suggested in a roundtable with Defense Minister Kim Kwan-jin Monday that the government consider exchanging the five Somali pirates captured in the Navy commandos’ raid on the Samho Jewelry Friday with the crew of the Geummi 305 now in captivity in Somalia. Minister Kim said it was a good idea, but we do not think so. Ruling and opposition party
China must fulfil international responsibilities

ViewpointsJan 25, 2011

China, which is on the way to superpower status with its economic wealth and military strength, has become increasingly assertive. Moves by this rising nation have the potential to bring structural changes to the balance of power in the Asia-Pacific region.While calling on Beijing for self-restraint, Japan must join hands with neighboring countries and show a resolute stance against China if it ta
[William Pesek] Entertainers get China better than Congress

ViewpointsJan 25, 2011

You know we’ve got problems when Barbra Streisand and Herbie Hancock understand the global economy better than John Boehner and Harry Reid. Singer Streisand and jazz great Hancock were on hand for the Chinese president’s White House dinner last week, while House Speaker Boehner, Majority Leader Reid and Senate Republican leader Mitch McConnell wimped out and stayed away. Lawmakers are right to obj
[Lee Jae-min] Jurisdiction over captured pirates

ViewpointsJan 25, 2011

Last Friday’s rescue of the 21 crew members of Samho Jewelry in the Gulf of Aden was successfully completed against all odds. Korea’s swift action was rather unexpected given that it has preferred low-profile negotiations in previous hostage takings abroad. The Korean naval commando team is now holding five pirates in custody. The successful rescue operation will definitely force future pirates to