The Korea Herald

Volcker rule should be ‘robust’: Oversight Council

Jan 19, 2011

Top U.S. financial regulator issues recommendations to implement controls on banksRegulators should carry out a “robust implementation” of the Volcker rule by forcing banks to wind down or sell trading desks that don’t comply with the law, the U.S. Financial Stability Oversight Council said.Government agencies should require banks to perform “quantitative analysis to detect potentially impermissib
[Editorial] Another Sejong debacle?

EditorialJan 19, 2011

The government and the ruling Grand National Party are at odds over the location of the planned International Science and Business Belt. The discord is not only creating a new fault line within the ruling camp but fueling friction among local governments keen to host the 3.5 trillion won science hub.The belt is one of the campaign pledges of President Lee Myung-bak. He promised to build the scienc
[Editorial] Investment impetus

EditorialJan 19, 2011

Korean companies’ facility investment surged in 2010 after sharply dropping for two years due to the global financial crisis. As overseas demand for their products soared, they rushed to invest in plant and equipment to ramp up production. The government’s plan to terminate a tax credit program for corporate investment starting 2011 also prompted many companies to make investment in strategic area
Chinese jet fighter highlights need for dialogue

ViewpointsJan 19, 2011

As far as stealth fighters are concerned, the Chinese prototype J-20 is perhaps too eye-attracting. On Dec. 22, 2010, photos of a taxiing test at the Chengdu Aircraft Design Institute of the fifth-generation twin-engine fighter aircraft emerged on the Internet and triggered a firestorm in the international media. On Jan. 11, hours before U.S. Defence Secretary Robert Gates met with Chinese Preside
[Eric Chaney] Euro’s Spanish showdown needs some ‘shock and awe’

ViewpointsJan 19, 2011

The major battle in the fight for the survival of the euro will be fought on Spanish soil. Greece, Ireland and soon Portugal should be regarded as skirmishes. But Spain is different, in terms of scale and solvency.If the strategy implemented by European Union policy makers is appropriate, the markets will shift their attention to other risks, such as inflation, after the decisive event has taken p
[Hu Zhengyue] China strengthening ties with Asian nations

ViewpointsJan 19, 2011

Last year saw good momentum in China’s strengthening ties with other Asian countries, as indicated by the frequent high-level exchanges and the expansion of two-way economic and trade links. The high-level exchanges greatly boosted bilateral political trust, while China remained the largest export market for Asian countries ― its imports from the rest of the region totaling $446.5 billion, up 41.1
[Kenneth Lieberthal] Hu’s visit to readjust U.S. ties

ViewpointsJan 19, 2011

President Hu Jintao’s state visit to the United States starting from Jan. 18 comes 14 months after President Barack Obama’s November 2009 visit to China. The intervening period has seen many problems in U.S.-China relations, despite progress on some fronts. President Hu’s visit will, therefore, be especially important for recalibrating the tone and direction of U.S.-China ties. The U.S.-China join
[Trudy Rubin] Two attacks on political moderation

ViewpointsJan 19, 2011

Three days before the shooting of Congresswoman Gabrielle Giffords, a courageous Pakistani politician was shot dead by one of his guards.The circumstances of the two shootings, of course, were very different. Salman Taseer had infuriated conservative Muslims by criticizing his country’s apostasy law, which prescribes death for insulting Islam. Much of Pakistan’s media made excuses for the killer,
Nine Korean films invited to Berlin International Film Festival

FilmJan 19, 2011

A total of nine Korean films, including “Night Fishing,” a short film by director Park Chan-wook shot entirely with an iPhone, and “Love, or Not,” a feature-length film starring Hyun-Bin and Im Soo-jeong, have been invited to next month’s Berlin International Film Festival.Of the nine, three films have been invited to the competition section: “Night Fishing,” “Love, or Not,” and “Broken Night.”Pa
‘Green Hornet’ director: 3-D hype will fade

FilmJan 19, 2011

Gondry prefers to use computer-generated images to enhance the narrativeJames Cameron’s 2009 film “Avatar” may be seen as legendary by many, but for French director Michel Gondry, director of the newly-released superhero flick “The Green Hornet,” the 3-D technology of “Avatar” just does not appeal.“I personally don’t like using CGI technology when shooting the characters’ faces,” Gondry told repor
Family’s podcast challenges Hollywood hitters on iTunes

TelevisionJan 19, 2011

MINNEAPOLIS ― A Plymouth, Minnesota, family with a recording studio in their basement is giving entertainment giants Nickelodeon, Universal Studios and Radio Disney serious competition for iTunes listeners.“Kid Friday,” a weekly podcast by Dave Swerdlick and his daughters, Hannah, 12, and Zoe, “almost 10,” consistently makes the top-10 list in iTunes’ Kids & Family section.“Because you are a kid i
KARA terminate contract with agency

MusicJan 19, 2011

The five-member girl group KARA announced that they will terminate their exclusive contract with their agency DSP Media, Yonhap News reported. Four members of KARA, excluding the band’s leader, made the announcement through a legal firm Wednesday.The four members said that they are deeply distressed by the agency’s misuse of power, which has forced the members to undergo unwanted activities, perso
Disgraced TV celebrity returns home to face gambling probe

Social affairsJan 19, 2011

Shin Jung-hwan, a disgraced singer-turned-television personality, returned to South Korea on Wednesday after staying abroad for five months to avoid police questioning over gambling charges, police said.The 36-year-old Shin was taken to the Seoul Metropolitan Police Agency after arriving at Gimpo International Airport in western Seoul from Japan, police said. Shin Jung-hwan answers questions of re
Number of short-time workers tops 1 mln last year

Social affairsJan 19, 2011

The number of people working less than 18 hours a week in South Korea exceeded 1 million for the first time last year, data showed Wednesday, indicating that employment conditions remained tough for many despite an economic recovery. According to the data provided by Statistics Korea, people working for 1-17 hours a week totaled 1.056 million at the end of last year, up 9.7 percent from a year e
Arrest warrant sought for Taekwang Group chairman over slush fund

Social affairsJan 19, 2011

Prosecutors have requested a warrant to arrest Taekwang Group chairman Lee Ho-jin on charges of creating a slush fund with company money, officials said Wednesday.The 49-year-old Lee is suspected of pocketing 42.4 billion won (US$38 million) of company money by padding out deals and paychecks, and causing financial damage to his company by buying affiliate companies' shares and golf clubs located