The Korea Herald

The troubled flight of the ‘Green Hornet’ to screen

FilmJan 14, 2011

What’s the buzz on “The Green Hornet”? Enough to make Michel Gondry as mad as one. After the director of the new action-comedy about a masked crime fighter, a cool car and a high-kicking sidekick saw fans stampeding out of the movie’s Q&A panel at Comic-Con International this summer, Gondry lit into them with a vengeance not unlike that of the hero himself.“Their values are Fascistic,” he seethed
Regulator suspends Samhwa Savings Bank

Jan 14, 2011

More face suspension, M&AsThe Financial Services Commission has launched a massive restructuring of the secondary banking sector, halting operations of a leading savings bank Friday.The financial watchdog suspended the main business of Samhwa Savings Bank, headquartered in southern Seoul, for six months until Jul. 13 for its poorly-performed financial statements.Samhwa saw its debt come to 50.4 bi
U.S. opens door to N.K. engagement

PoliticsJan 14, 2011

Gates warns Pyongyang to renounce hostilityU.S. Defense Secretary Robert Gates said Friday that “diplomatic engagement” with North Korea, starting with direct inter-Korean dialogue, is possible as a next step to deal with the belligerent communist state.“With regard to next steps on North Korea, diplomatic engagement is possible, starting with direct engagement between DPRK (North Korea) and the S
Koreans face deportation from Philippines: report

Social affairsJan 14, 2011

Seven Koreans operating English training centers in the Philippines are likely to be deported for violating local immigration law, according to local media reports. The Seoul government has requested Manila for a humanitarian approach to the case, but observers say the Filipino authorities will adopt strict measures against to set an example. According to the Ministry of Foreign Affairs and Trade,
Refiners wary of political pressure to cut oil prices

IndustryJan 14, 2011

Following Lee comments, officials move to rein in petroleum pricesThe presidential office and the antitrust regulatory body are poised to turn up the heat on major oil refiners in a drive to tame inflationary pressures.President Lee Myung-bak said Thursday that the prices of petroleum products need to be “carefully analyzed” to determine whether they are at “reasonable levels.”In addition, the Fai
Credit union accused of bribing lawmakers

PoliticsJan 14, 2011

State prosecutors have launched a probe into allegations that the National Credit Union Federation of Korea provided tens of millions of won to lawmakers as it lobbied for legislation to ease its lending rules.The prosecution has already searched the office of the credit union for evidence, Yonhap News reported Friday, citing sources in the prosecution and the credit union.The probe on the credit
Korean fishing boat trespassed into Japanese waters

PoliticsJan 14, 2011

The captain of a South Korean fishing boat admitted that his vessel trespassed into Japanese waters near South Korea’s easternmost islets of Dokdo, Seoul’s foreign ministry said Friday.An overnight joint investigation by the two countries’ maritime police found that the 29-ton “33 Ssangyong” did not engage in illegal fishing within the Japanese exclusive economic zone.“The South Korean Coast Guard
Real Madrid fight back in stormy Spanish Cup derby

SoccerJan 14, 2011

MADRID (AFP) ― Real Madrid fought back from a goal down to defeat city rivals Atletico 3-1 in the first leg of the Spanish Cup quarter-finals Thursday.Atletico were ahead after just seven minutes at the Santiago Bernabeu when Uruguayan striker Diego Forlan was on target following a bright burst from Sergio Aguero which was ended by goalkeeper Iker Casillas’ clumsy challenge.But Sergio Ramos powere
Phelps returns to Texas

More sportsJan 14, 2011

AUSTIN, Texas (AFP) ― U.S. Olympic hero Michael Phelps returns to the competition pool for the first time since late August when he races in the Austin Grand Prix long course meeting that starts here Friday.USA Swimming said Phelps was slated to compete in the three-day event, the second of seven events in the domestic Grand Prix series.Ryan Lochte, who earned six short course world titles and se
Clijsters to play Li in Sydney final

More sportsJan 14, 2011

SYDNEY (AFP) ― Two-time champion Kim Clijsters will play China’s Li Na in the final of the Sydney International after a marathon three-set victory on Thursday.Clijsters struggled early in the heat before storming home in a final set tiebreaker to overcome unseeded Russian Alisa Kleybanova, 4-6, 6-3, 7-6 (7/1) in 2hr 39min.The Belgian third seed will now take on Li, who earlier wore down Serbian qu
Hyundai Motor signs deal on Hyundai E&C

IndustryJan 14, 2011

Hyundai Motor Group signed a memorandum of understanding with creditors of Hyundai Engineering and Construction to take over the nation’s largest builder Friday.The MOU between the creditors, including Korea Exchange Bank, and the automobile giant is said to carry all the conditions found in that with Hyundai Group, which has been deprived of preferred bidder status due to its dubious funding plan
Sugar makers face antitrust investigation

Jan 14, 2011

The Fair Trade Commission has launched an investigation into the nation’s three major sugar manufacturers to see if they are implicated in irregular practices in pricing products, sources said Friday. The antitrust probe is aimed at examining their profit margins, distribution costs and other related factors to determine whether companies mark up prices too much, according to industry sources. Giv
[Editorial] Immigration

EditorialJan 14, 2011

Korea was designated an “aging society” in 2000, the year in which those aged 65 or older accounted for more than 7 percent of its total population for the first time. The demographic group, which grew to 10.7 percent in 2009, is projected to break though the 14 percent mark in 2018, pushing Korea into an “aged society.”The transition from an aging society to an aged society, which is accelerating
[Editorial] Rate raise

EditorialJan 14, 2011

Nothing is more appropriate than the “better late than never” idiom in evaluating the central bank’s latest rate increase.As the global financial crisis was setting in three years ago, the Bank of Korea slashed its benchmark rate on several occasions ― from 5.25 percent in August in 2008 to a historic low of 2 percent in February 2009. But it took post-crisis action at a snail’s pace, despite warn
A look back away from Haiti’s cloudy future

ViewpointsJan 14, 2011

Wednesday was a solemn and sorrowful day for everyone in Haiti and for all those who lost friends and loved ones on Jan. 12, 2010. The unsparing earthquake that struck one year ago killed 300,000 people, an unfathomable toll in a country so small.The 7.0-magnitude shock represents one of the greatest catastrophes of modern times. One year later, a debate rages over Haiti’s future, but today it is