The Korea Herald

KCC plan does little to calm net neutrality debate

TechnologyJul 18, 2012

State telecom regulator releases plan that would allow operators to limit accessNetwork neutrality has become the center of debate in Korea as the state telecom regulator last Friday released its draft plan on how to use and control communication networks.While the plan itself did not satisfy any of those involved in the debate, many say the Korea Communications Commission has given the upper hand to the country’s three telecom operators.Network neutrality refers to the principle that the Intern
Hite-Jinro launches social contribution team

Jul 18, 2012

Hite-Jinro, Korea’s leading beer and soju maker said Wednesday that it has established a social contribution team, promising to more actively engage in charity works for the underprivileged in the society.“As the top domestic brewery and liquor company, Hite-Jinro set up a social contribution team to boost contribution activities,” the company said in a statement.“The team will also develop its own programs that reflect the company’s characteristics and match with its reputation,” said a company
NPS launches volunteer group

Jul 18, 2012

The National Pension Service has launched a new volunteer group named “Pro Bono,” a company official said on Wednesday.The NPS held the launch ceremony at its headquarters in southeastern Seoul on Tuesday for the opening of “sharing bank accounts” for its staff in which funds will be raised for medical treatments for disabled children.The title “Pro Bono” comes from a Latin term meaning “for the good of the public.” It refers to distributing knowledge and public service to the citizens free of c
Seoul shares turn higher after weak start

Jul 18, 2012

South Korean stocks got off to a weak start on Wednesday but swung to positive territory on hopes for the U.S. Fed's further quantitative easing, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.44 points, or 0.02 percent, to 1,822.4 in the first 15 minutes of trading.Blue-chip exporters led the gains, with Samsung Electronics adding 1.11 percent and top automaker Hyund
S. Korea's trade surplus with EU plunges after FTA

Jul 18, 2012

South Korea's trade surplus with the European Union (EU) fell sharply after the free trade pact went into effect a year ago due to eurozone woes that hurt exports and caused a rise in imports, government data showed Wednesday.According to data by the Korea Customs Service (KCS), imports from the EU shot up 13 percent on-year to US$49 billion between July 2011 and June this year. Exports fell to $5
IMF warns global uncertainty causes headwinds for Korea

Jul 17, 2012

Rising global uncertainty and weaker external demand are causing headwinds for export-dependent economies such as South Korea, the International Monetary Fund said Monday. In its updated Global Financial Stability Report, the IMF said that conditions in regional dollar funding markets have also tightened since mid-March, although Asia appears better shielded from the euro area crisis compared to Central and Eastern Europe. “Growth in China has also slowed, weighing on markets across Asia, as wel
Korea rolls back decision to resume scientific whaling

Jul 17, 2012

Korea has decided to scrap its plan to resume whaling for scientific research, a senior government official said Tuesday, after the move sparked international criticism.Earlier this month, South Korea notified the International Whaling Commission that it planned to lift an all-out whaling ban and start catching the animal for scientific purposes only in immediate waters surrounding the Korean Peninsula. But the plan prompted an international outcry, with some countries urging Seoul to reconsider
Non-banks' delinquent borrowers grow fast

Jul 17, 2012

Delinquent borrowers from South Korean non-bank financial companies are growing at a fast clip, data showed Tuesday, raising concern over the worsening of the country's household debt problem. The number of delinquent borrowers, who are more than 30 days behind in their repayments, accounted for 5.6 percent of the entire credit card loan users as of May, up from 4.5 percent in January, according to the data from local credit appraiser NICE Information Service. The corresponding figure for financ
Nonlife insurers’ operating profit falls in 2011

Jul 17, 2012

Korean nonlife insurers saw their operating profit shrink for two straight fiscal years, largely due to hefty damage payouts from overseas businesses, the financial regulator said Tuesday. The combined insurance operating profit of 16 local nonlife insurers reached 147.6 billion won ($128.2 million) in fiscal 2011, slightly down from 155.0 billion won a year earlier, according to the Financial Supervisory Service. The tallied insurance firms close their books on March 31. Fire insurance saw thei
DTS introduces audio solution to optimize ‘smart sound’ experience

Jul 17, 2012

DTS, the U.S.-based audio technology company, has introduced a new solution that can enhance viewing and help consumers become more emotionally affected by the content they see on smart electronic products.In a press conference on Tuesday, the company’s senior vice president Geir Skaaden unveiled the “Neo2:5,” an audio solution embedded in Samsung Electronics’ premium smart TVs that can convert any two-channel audio to 5.1 surround sound, equivalent to what movie theaters offer.This system is in
LG Electronics fined for hindering antitrust probe

IndustryJul 17, 2012

The Fair Trade Commission said Tuesday that it has fined LG Electronics 85 million won ($74,000) for hindering an antitrust investigation into the company’s alleged discrimination toward non-LG dealerships in provincial areas. In March, the state-run antitrust watchdog launched an on-site investigation into LG on suspicions of offering products to its affiliate dealership Hiplaza at “unfairly” cheaper prices compared to other retail buyers. Amid a tussle between investigators and company officia
KT launches new drive for LTE

IndustryJul 17, 2012

Tech firm will not roll out 3G smartphones in second halfKT said Tuesday that it will release a new data rollover promotion plan for handsets running on the fourth-generation Long Term Evolution networks beginning in August.The promotion, which also offers 3,000 KT-to-KT voice minutes, is part of the company’s effort to secure 4 million LTE service users by the end of this year. The firm now has about 1.4 million LTE subscribers.The country’s No. 2 mobile carrier also said that it will not be in
SK Telecom shares LTE network expertise with Taiwan Mobile

TechnologyJul 17, 2012

SK Telecom said that executives from Taiwan Mobile visited the Korean company on Tuesday to benchmark its operation of Long Term Evolution technology.Three Taiwan Mobile executives, including chief technology officer Tom Koh, paid a visit to learn not only of SK Telecom’s LTE infrastructure and services, but also its smart learning, e-healthcare and security businesses. The visit came after the two sides signed a memorandum of understanding to form a strategic alliance in telecommunication conve
Import car market to grow 40% by 2014

IndustryJul 17, 2012

Foreign carmakers pledge to fulfill social responsibilityThe nation’s import car industry, which is continuously expanding, will grow by 40 percent over the next two years, the Korea Automobile Importers & Distributors Association said on Tuesday.At a news conference in Seoul to celebrate the 25th anniversary of Korea opening its automotive market to foreign players, KAIDA leaders predicted that sales of import vehicles will reach 140,000 units by 2014, from the current level of 100,000 units pe
Brokerages under probe for fixing CD rates

IndustryJul 17, 2012

The nation’s antitrust watchdog launched on Tuesday an investigation into the possible collusion among local brokerages on their certificate of deposit rates, the benchmark for borrowing costs of local banks.According to industry sources, the Fair Trade Commission dispatched investigators earlier in the day to the nation’s 10 brokerages to secure relevant computer data and documents. The securities firms included Leading Investment & Securities, Dongbu Securities, Meritz Securities, Mirae Asset