The Korea Herald

2013 World Energy Congress agenda unveiled

Oct 11, 2012

The World Energy Council, a London-based global network of stakeholders in the energy sector, will host the 2013 World Energy Congress, the world’s premier energy gathering in Daegu on Oct. 12-17 next year.The WEC is a triennial event that provides a global platform for all stakeholders in the energy sector, including governments, businesses and media, to debate key energy issues. “The 2013 WEC in Daegu will make the council’s network and study more visible,” World Energy Council chairman Pierr
POSCO completes auto steel processing plant in China

IndustryOct 11, 2012

HONG KONG (Yonhap News) ― POSCO, South Korea’s leading steelmaker, said Thursday that it has dedicated a car steel processing plant in north eastern China as part of efforts to expand its presence in China’s steel market.The new plant in the Jilin province, initially capitalized at $165 million, will process 200,000 tons of cold and hot-rolled steel annually. The completion came about one year after POSCO and a Chinese steelmaker jointly began in August last year.In June 2011, the South Korean f
Toyota’s massive global recall may hit Korean unit again

IndustryOct 11, 2012

Recall will deal a blow to Japanese carmaker’s effort to recover image: analystsToyota Motor Korea is on alert after its Japan-based headquarters decided to recall more than 7 million vehicles in the U.S., Europe and elsewhere around the world over a faulty power-window switch.Though the carmaker’s Korean unit tried to placate local consumers stressing that the recall does not involve vehicles sold to Korean consumers, some analysts said it could hamper Toyota Motor’s effort to bounce back in th
Korea’s overseas energy development flops

Oct 11, 2012

Debts at energy-related state-run companies surge to $50 billionThe success of Korea’s overseas energy development projects, is being called into question as the debt of the top three state-owned energy-related corporations was found to be snowballing to 51 trillion won ($50 billion) as of October. The data was revealed in a report by Rep. Cho Kyong-tae from the main opposition Democratic United Party for the National Assembly’s regular audit on the Ministry of Knowledge Economy early this week.
Hyundai, Kia forecast to log record sales in Q4

TransportOct 11, 2012

South Korean automakers Hyundai Motor Co. and Kia Motors Corp. are forecast to post record sales in the final three months of the year on increased production and growing overseas demand, analysts said Thursday.“Hyundai and Kia will likely expand production in local plants by encouraging overtime work until the end of the year, with their overseas factories growing steadily,” said Lee Hyung-sil, an analyst from Shinyoung Securities Co.“Their factories will continue to operate at full capacity as
Two fresh orders boost flagging Hyundai Heavy

IndustryOct 11, 2012

Company holding out for fourth-quarter spurt of multi-billion-dollar dealsHyundai Heavy Industries, the world’s largest shipbuilder, is gaining momentum to put its shipbuilding business back on track after winning two large-scale orders worth a combined $3.5 billion. On Wednesday, the ship manufacturer announced that it won a $270 million order to build one LNG Floating Storage Regasification Unit, or FSRU, for HEGH of Norway. The onshore facility, which can transit LNG from carriers and transfe
Air France-KLM, Etihad Airways, Air Berlin form new partnership

IndustryOct 11, 2012

The Air France-KLM Group, Etihad Airways and Air Berlin recently signed new codeshare agreements to stenghten their commercial partnership. Starting on Oct. 28, the three international air carriers will offer customers more destinations and greater frequency, thanks to the mutual codeshare agreements, the companies said this week in a joint press release.On the routes between Europe and Abu Dhabi, Etihad Airways customers will be able to fly on the Amsterdam-Abu Dhabi daily flight operated by KL
‘Splitting’ passwords said security help

TechnologyOct 11, 2012

A product that scrambles and then splits users‘ passwords in two before storing them on different computer servers has been unveiled by a U.S. security firm.Network security company RSA said splitting the passwords could thwart hackers, who would gain access to only half a “randomized” password even in the case of a successful attack.The “distributed credential protection” system was announced at RSA’s annual European Conference in London, the BBC reported Wednesday.“DCP scrambles, randomizes an
BOK cuts key rate to 2.75 percent in Oct.

Oct 11, 2012

South Korea's central bank cut the key interest rate on Thursday following the second straight month of the freeze as the local economy loses steam on weaker exports and sluggish domestic demand.Bank of Korea Gov. Kim Choong-soo and his six fellow policymakers lowered the benchmark 7-day repo rate by a quarter percentage point to 2.75 percent for October, the second rate cut this year.The October
Apple iPad Mini said to be WiFi only

TechnologyOct 11, 2012

Apple's anticipated iPad Mini will likely be WiFi only, shipping without access to 3G or 4G data networks, a British newspaper is reporting.Offering mobile data would be counter to the whole point of the iPad Mini, which is seen as Apple's effort to make a much less expensive version of its popular full-size tablet to compete with lower price devices from Google and Amazon, The Guardian reported W
Seoul shares start lower on U.S. losses

Oct 11, 2012

South Korean stocks got off to a weak start Thursday as investor sentiment was dampened by overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 13.49 points, or 0.69 percent, to trade at 1934.73 in the first 15 minutes of trading.Shares lost ground across the board, with market bellwether Samsung Electronics falling 1.28 percent and chipmaker
S. Korean ranks 8th in business environment index

IndustryOct 11, 2012

South Korea has the world's eighth-best business environment, according to a survey by a renowned consulting firm.Grant Thornton International on Wednesday released the Global Dynamism Index based on its research of the business environments of 50 major nations.South Korea recorded 64.9 out of the perfect 100 points in the overall assessment of the business operating environment, economics and gro
September job figures pick up on holiday effect

Oct 10, 2012

Job figures for September rose by the biggest amount in over a decade thanks to a “holiday effect,” the government said Wednesday. The number of employees in September rose by 685,000 from the same period last year to reach slightly over 25 million. The previous record-high increase had been in March 2002, when it rose by 842,000 people. The holiday effect ― Chuseok thanksgiving holidays in September were excluded from the survey ― meant that there were more working days for the month. Temporary
POSCO E&C picked as most philanthropic builder

IndustryOct 10, 2012

POSCO Engineering and Construction said Wednesday that it has been picked as the most socially responsible builder in a recent survey conducted by a local think tank. The company received high points for its active overseas volunteering activities, ranking fourth across industries next to Yuhan Kimberly, Samsung Electronics and its parent company POSCO.The survey, conducted by the Institute for Industrial Policy Studies, questioned some 300 respondents living in the Seoul Metropolitan Area for o
Hanwha expands philanthropic activities

IndustryOct 10, 2012

Hanwha Group has launched yearly voluntary assistance activities for the underprivileged to commemorate the 60th anniversary of its foundation.“About 5,000 executives and employees from a group of business units nationwide will participate in the social contribution activities until the end of October,” Hanwha said in a statement.Under group chairman Kim Seung-youn’s initiative for social benevolence, the conglomerate has been widening the scope of philanthropic activities since 2007, according