The Korea Herald

Futuristic cars to hit Busan Motor Show

TransportMay 11, 2012

Four models to be unveiled in the biennial event for first time in AsiaThe sixth Busan International Motor Show, which will kick off on May 24, will feature futuristic concept cars with state-of-the-art technologies, carmakers said Friday.Some of the concept cars ― prototypes that give consumers a peek at future designs ― will be showcased for the first time in Asia via the 11-day auto fair at the BEXCO in Busan, they said.Hyundai Motor will unveil several futuristic models, such as the HND-7/He
Yeosu Expo offers eye-catching events, performances

May 11, 2012

YEOSU, South Jeolla Province -- The Expo 2012 Yeosu has arranged several eye-catching events and performances throughout it’s run. During the three-month Expo, various concerts, street performances, water shows and other cultural spectacles performed by artists from here and abroad will be staged. The organizers said the Expo offers about 90 cultural events and performances every day until the maritime festival ends on Aug. 12Big Star ShowThe Big Star Show happens every weekend and includes per
IT services make Expo convenient

May 11, 2012

YEOSU, South Jeolla Province ― The Yeosu Expo organizing committee is looking to technology to make visitors feel comfortable during their visit. Committee officials said they plan to provide a multitude of cutting-edge IT-generated accommodations unprecedented by any pervious international events of a similar scale. They said that smartphone apps, automatic reservation kiosks and radio frequency identification chips will make things easier and quicker for visitors time, while maximizing the fun
Company pavilions open arms to visitors

IndustryMay 11, 2012

Seven Korean conglomerates run pavilions with distinctive themes, featuresDomestic large companies are getting busy to introduce their pavilions to the visitors as the Yeosu Expo is scheduled to kick off on Saturday.Seven major companies in Korea ― Hyundai Motor, POSCO, SK Telecom, Samsung, LG, GS Caltex and Lotte ― have completed their pavilions to open it up for visitors of Expo 2012 Yeosu, which runs from May 12-Aug. 12.The firms will hold briefings for VIP guests to explain the highlights o
S. Korea to keep tightened quaratine checks on U.S. beef

IndustryMay 11, 2012

South Korea will maintain its tightened quarantine inspections regime on U.S. beef but take no steps to halt imports despite the recent discovery of a mad cow case in the United States, the farm ministry said Friday.The Ministry for Food, Agriculture, Forestry and Fisheries said a nine-person inspection team that checked various cattle and meat packing facilities in the United States concluded the
Seoul shares fall 1.43% on lack of leads

May 11, 2012

South Korean stocks closed 1.43 percent lower Friday on lack of upward momentum and growing European debt concerns, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 27.80 points to 1,917.13, in its third straight session of decline.Trading volume was moderate at 522 million shares worth 4.32 trillion won (US$3.76 billion
S. Korea, Peru to expand industrial, energy cooperation

May 11, 2012

South Korea and Peru agreed to explore ways to expand industrial and energy cooperation that can benefit both countries, the government said Friday. In a meeting between Knowledge Economy Minister Hong Suk-woo and Jose Luis Silva Martinot, Peru's minister of Foreign Trade and Tourism, the two sides exchanged views on how best to achieve the "comprehensive strategic partnership" arrangement anno
Class action suit against Apple over iPod

TechnologyMay 11, 2012

Millions of iPod owners may be surprised to learn they're suing Apple, industry analysts said.A lawsuit against Apple by RealNetworks, which developed the Real Player app and the Harmony music service, has been given class-action status U.S. District Court for the Northern District of California, Mashable reported Thursday.Consumers who purchased iPod devices between Sept. 12, 2006, and March 31,
Housing regulations eased in three rich Seoul districts

May 10, 2012

Package of measures aims to boost sagging property marketThe government announced Thursday that it would lift restrictions on housing transactions in three up-market Seoul districts ― Gangnam, Seocho and Songpa ― in an effort to stimulate the nation’s real estate market.The latest package of measures ― the 17th under the current Lee Myung-bak administration ― removes the last of the nation’s “speculation zones.”In 2003, the most coveted residential area in Seoul was designated an “overheated spe
Dongbu, Homeplus ‘poor’ on shared growth

IndustryMay 10, 2012

Five more companies rated at bottom on shared-growth indexSeven big enterprises paid relatively little attention to “shared growth” with subcontractors, according an index released on Thursday by the presidential panel on shared growth.They were Dongbu Corp., Hanjin Heavy Industries & Construction, Hyundai Mipo Dockyard, Homeplus, Hyosung, LG Uplus Corp. and STX Offshore & Shipbuilding, according to the Commission of Shared Growth for Large and Small Companies.In the commission’s first unveiling
Korea to grow 3.2% in 2012: KERI

May 10, 2012

South Korea’s economy is expected to grow 3.2 percent in 2012 in the face of persistent eurozone woes and uncertainties surrounding the U.S. and Chinese markets, a local think tank said Wednesday.The prediction made by the Korea Economic Research Institute is lower than the government’s official growth target of 3.7 percent set for this year, and 3.5 percent growth forecast made by the country’s central bank. The research arm of the Federation of Korean Industries, the leading business lobby, ad
EU woes grip global, Korean economies: Minister Bahk

May 10, 2012

Growing concern over Europe’s debt problems is fueling global market uncertainties that are affecting South Korea’s economy, a senior economic policymaker said Thursday.In a weekly meeting of top economic officials, Finance Minister Bahk Jae-wan said political developments in some European countries are exerting a negative impact on the international financial market. “Developments are raising market volatility and influencing foreign exchange rates,” he said. He added that a slowdown in China’s
Samsung buys U.S. cloud service provider mSpot

TechnologyMay 10, 2012

Samsung Electronics Co., the world’s largest mobile phone and memory chip manufacturer, said Thursday that it has acquired a U.S. cloud service provider to strengthen its mobile entertainment business.Samsung said it has taken over California-based mSpot Inc. that provides music, movies and radio content to mobile users. The U.S. company located in Palo Alto also has ties with many major telecommunication service providers in the United States that could benefit Samsung.Samsung said that it has
BOK freezes key rate for 11th month in a row

May 10, 2012

The Bank of Korea on Thursday froze the benchmark interest rate for May for the 11th consecutive month, as widely expected, citing persistent fiscal woes in Europe and slow economic recovery at home. The BOK monetary policy committee unanimously agreed to keep the key seven-day repurchase rate unchanged at 3.25 percent, BOK governor Kim Choong-soo said. The decision came as the pace of Korea’s economic growth weakened, with consumption and investment dipping while exports maintained sound levels
Samsung to launch ‘premium’ OLED TV in second half

IndustryMay 10, 2012

Company executive says OLED TV will be priced at over $9,458Samsung Electronics said Thursday it will launch the 55-inch premium OLED in Korea in the latter half of this year, pricing it at over 10.8 million won (about $9,500).In an event dubbed “2012 Samsung Premium TV Showcase,” the company said it will roll out the premium organic light-emitting diode TV set here and then release it in the U.S. and Europe.“We will launch the OLED TV here within this year,” said Kim Hyun-suk, executive vice pr