The Korea Herald

Asiana links up with Chinese schools for underprivileged

IndustryAug 8, 2012

This is the first in a series of articles featuring companies’ social contribution activities at home and abroad. ―Ed. Asiana Airlines, the Korean air carrier with the most routes to China, has started a social contribution program this year supporting underdeveloped schools in the country’s suburban areas. On July 10, a team consisting of Asiana officials and members of the Korea International Cooperation Agency arrived at a small school in the city of Dalian Wafangdian in Liaoning Province, no
Heat waves push up vegetable prices

Aug 8, 2012

More than 830,000 farm animals die since July 20 amid scorching heatPrices of green-leaf vegetables shot up as unusually high temperatures continued for the third week, killing acres of crops and hundreds of thousands of livestock.The supply of vegetables normally rises during summer, but harvests are slow this year as green-leaf veggies increasingly shrivel up with temperatures hovering over 35 degrees Celsius. “Prices of leafy vegetables are rising sharply as many of them withered to death in
Seoul likely to resume oil imports from Iran

IndustryAug 8, 2012

Korea is likely to resume the import of Iranian oil from mid-September as Iran pledges to insure shipments of its oil for foreign tankers following the European Union’s insurance ban. Korea has suspended imports of Iranian oil since June 25, after the EU decided to stop insurance contracts on tankers carrying Iranian crude in protest against the country’s nuclear programs. “Iranian officials and Korean refiners are discussing ways to ship crude oil via Iran’s fleet. There is some progress in the
SK Platform opens Hoppin to other telecom users

TechnologyAug 8, 2012

SK Planet will allow users or subscribers of other telecom network services operated by KT and LG Uplus to access SK’s media platform and see a variety of entertainment content.The mobile platform operating subsidiary of SK Telecom said the media platform named “Hoppin” will open beginning Aug. 8 to such users who can enjoy video on demand, television shows and movies, as well as other free programs such as news and comedies.Consumers can watch them not only on smartphones, but also on their per
NCsoft posts loss in Q2

IndustryAug 8, 2012

NCsoft said Wednesday that it recorded an operating loss of 7.6 billion won ($6.73 million) in the second quarter, going into the red for the first time since 2006.In a regulatory filing, the company said that its net loss also reached 7.3 billion won, while its sales figure totaled up to 146.8 billion won, down about 12 percent from the same period last year.The firm’s quarterly sales went up 34 percent thanks to its steadily popular online game “Lineage” and its increase in royalties from over
Korea’s auto exports forecast to lose steam in H2

Aug 8, 2012

South Korea’s exports of automobiles are expected to lose steam in the second half of the year on contracted demand in Europe and increased competition from foreign carmakers, a report said Wednesday.According to the report compiled by the Korea Automotive Research Institute, South Korea is forecast to export 1.68 million units of cars in the July-December period, up 4.3 percent from a year earlier. In the first six months of the year, car exports increased 10.4 percent on-year to 1.7 million un
Seoul calls France’s stance on Korean autos groundless

Aug 8, 2012

Korea on Wednesday dismissed as groundless France’s claim that its domestic auto market has been hit by a surge in imports of Korean vehicles.Last month, France made a request to the European Commission, the executive body of the European Union, that Korean autos be on a prior surveillance list, which could trigger a safeguard measure against imports from Korea in the worst case scenario. The commission is set to announce early next month whether to accept France’s claim. “We analyzed auto trade
Banks’ household loan growth hits 4-month low in July

Aug 8, 2012

Korean banks’ household loans grew at the slowest pace in four months in July as the growth of mortgage lending eased amid a tepid property market, the central bank said Wednesday.Local banks’ household loans, including home-backed and credit loans, amounted to 457.8 trillion won ($405.9 billion) as of the end of July, up 695.3 billion won from the previous month, according to the Bank of Korea.The July growth contrasted with a 1.3 trillion won expansion in June and marked the slowest expansion
LG Uplus launches smart foreign education service

TechnologyAug 8, 2012

LG Uplus, the smallest of Korea’s three telecom companies, has formed an alliance with foreign language education service providers to launch smart education services in foreign languages via Long Term Evolution.With partnerships with Korea’s YBM Sisa, Edubox and SDA, Uplus will kick off the service in September, featuring native speakers and teachers through its fast and real-time LTE networks, the telecom company said.The foreign language program will be offered in English, Japanese and Chines
Financial sector braces for blackouts

Aug 8, 2012

Most banks ready emergency backup system and staffMajor banks and brokerage houses are preparing against possible power blackouts as electricity consumption soars due to high temperatures.Unexpected power outages struck Seoul and many other parts of the country in September last year, raising concerns that similar accidents may recur at times of high electricity demand. The Korea Power Exchange issued a power shortage alert Tuesday after the nation’s electricity reserve dropped to below 4,000 me
Shares rise on stimulus hopes

Aug 8, 2012

Korean stocks closed up 0.87 percent Wednesday as investor sentiment got a boost from heightened optimism over stimulus efforts in the United States and Europe, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 16.43 points to finish at 1,903.23, extending its winning streak to a third consecutive session and restoring the 1,900 mark in seven weeks. Trading volume was moderate at 477.2 million shares worth 5.34 trillion won
Korea focuses on expanding tax revenue without rate hikes

Aug 8, 2012

Government plans to raise 1.7 trillion won in additional tax revenue by 2021The government turned its focus for its tax revision bill on expanding the overall tax revenue base by finding hidden income sources and streamlining related laws rather than hiking tax rates, the finance minister said Wednesday.“Our tax bill this time is focused on legalizing (hidden) tax sources, expanding the overall revenue base, which is deemed to be less transparent than other advanced countries, and reducing the s
Samsung, LG unveil VoLTE smartphones

TechnologyAug 8, 2012

Samsung Electronics Co. and LG Electronics Inc. said Wednesday they have released smartphones that support the voice over Long-Term Evolution service.The release comes in line with the start of commercialized VoLTE services by local mobile carriers SK Telecom Co. and LG Uplus Corp.The VoLTE service, which offers voice calls through the fourth-generation LTE networks, enables clearer quality and faster connection than services on the existing third-generation network. Previously, LTE networks sup
Global gaming exhibition to feature online blockbusters

TechnologyAug 8, 2012

Nexon, Blizzard will showcase new games at gamescom to open next week in GermanyGamescom, one of the world’s largest game premieres, is gearing up to feature new innovations in the sectors of mobile games, online games, console and PC games when it kicks off next Wednesday in Cologne, Germany.Scheduled for a five-day run, big name game firms like Nexon Europe, Blizzard Entertainment, Capcom, Electronics Arts and KONAMI will take part in the games exhibition, one of the top three such shows in th
Seoul shares rise 0.87 percent on stimulus hopes

Aug 8, 2012

South Korean stocks closed up 0.87 percent Wednesday as investor sentiment got a boost from heightened optimism over stimulus efforts in the United States and Europe, analysts said. The local currency inched up against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.43 points to finish at 1,903.23, extending its winning streak to a third consecutive session and rest