The Korea Herald

Carmakers seek tie-ups with IT giants

TransportMay 10, 2012

Partnerships include Hyundai-Samsung, Kia-SKT and Renault-POSCO ICTCarmakers are signing business tie-ups with information and communication technology giants amid growing demand for high-end auto components.Among them are Kia Motors-SK Telecom and Renault Samsung Motors-POSCO ICT. Hyundai Motor and Samsung Electronics have reportedly been in talks for an alliance.Renault Samsung said Thursday that it signed a memorandum of understanding on establishing infrastructure for commercializing electri
Shares down on European debt woes

May 10, 2012

South Korean stocks closed 0.27 percent lower Thursday as election results renewed European debt concerns and caused U.S. stocks to fall in overnight trading, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 5.36 points to 1,944.93, in the second straight session of decline.Trading volume was light at 404 million shares worth 4.36 trillion won ($4.29 billion), with losers outpacing gainers 431 to 389.U.S. stocks, which exert considerable influence on the KO
Willstech offers energy management solutions

TechnologyMay 10, 2012

Willstech, a privately held Korean tech firm, will provide enterprise energy management software in Korea.The company said in a press release that it has secured a contract with Joulex to launch the private U.S. firm’s energy management system services for Korean businesses.Joulex’s software allows companies to save and efficiently manage energy from the use of various network-connected IT devices, Willstech said.It added that Joulex’s smart energy manager systems can help save up to 40 to 60 pe
Korea Trademark Association, EUCCK oppose ‘plain packaging’

IndustryMay 10, 2012

The Intellectual Property Centre at the European Union Chamber of Commerce in Korea expressed deep concern over the New Zealand government’s decision to prohibit the use of trademarks and logos on tobacco packaging. “We would like to call for a careful consideration of the potentially harmful consequences of such a measure,” the center said in a statement. “The IP Center at EUCCK strongly advocates for the full enjoyment and protection of trademarks and other registered intellectual property in
Saudi Arabia to ease rules for Korean builders

IndustryMay 10, 2012

Korea and Saudi Arabia have agreed to exempt Korean builders from business restrictions for them to enter the 70 trillion won ($60 billion) housing market of the Middle Eastern country, officials said Thursday. Land, Transport and Maritime Affairs Minister Kwon Do-yeop met Saudi Arabia’s Housing Minister Shuwaish Al-Duwaihi in Seoul on the day to confirm the agreement tentatively made during summit talks in February. Despite their strong presence globally, Korean construction firms have not been
Korea, Chile sign forestry agreement

IndustryMay 10, 2012

Accord expected to help diversify Korea’s wood importsSouth Korea and Chile signed on Wednesday a memorandum of understanding on cooperation in forestry, in commemoration of their 50th year of diplomatic ties. Korea Forestry Service’s Minister Lee Don-koo and Chile’s Agriculture Minister Luis Mayol signed the MOU at Grand Hilton Hotel in Hongeun-dong, central Seoul. The pact promises cooperation in forestry including development and investment in forestry resources, manufacture and trade of fore
‘Inventive’ attractions in store for Expo visitors

May 10, 2012

As the Yeosu Expo kicks off this weekend, foreign delegations, tourists or even local visitors may wonder what they should see.Wonder no further. As the Expo organizing committee has said numerous times, just relax and let the hundreds of guides and officials take you to attractions and pavilions where you can learn about the present and future industry and technology of marine and green science.If you are still concerned, perhaps some of these suggestions can help ease the burden. First, the Ex
Expo a boon for South Jeolla, governor says

May 10, 2012

Park says easing traffic jams in Yeosu is key to expo’s successThe Expo 2012 Yeosu has been an opportunity to expand infrastructure in the underdeveloped southern coastal area and could make the region a Northeast Asian center of marine tourism. Themed “Living Ocean and Coast,” the 93-day world fair will help people recognize the potential of the ocean as the future source of food and energy, said Park Joon-yung, governor of South Jeolla Province.“The Expo is one of the world’s three major inter
‘Yeosu ready to greet visitors from around the world’

May 10, 2012

Chief organizer Kang assures fun, convenience at three-month world fair opening SaturdayThe Expo 2012 Yeosu is finally set to kick off Saturday in the southern coastal town after years of preparation by the organizing committee and central and local governments.In addition to the KTX bullet train and cruise ships from Japan and China, new high-speed roads and bridges connecting Yeosu to the Seoul metropolitan area, South Gyeongsang Province and the western part of South Jeolla Province have been
Elevator security officials donate talents

IndustryMay 10, 2012

Korea Elevator Safety Institute did volunteer work on Wednesday at Suwon Bohun Nursing Home in Gyeonggi Province. KESI announced on Thursday that 30 of its employees, including chief Gong Chang-seok, visited the nursing home for the event “We are all happy if elevators are healthy.” The group checked the security of the elevators installed at the nursing home and gave foot massages to the patients, took them for walks and served food. KESI also provided financial support. “The paradigm of volun
World’s priciest bike? Or world’s slowest sports car

TechnologyMay 10, 2012

Fahrradi Farfall FFX speeds … at 16 km per hourFrom outside, it is a dream car; aerodynamic smooth design, fiery red body, and gullwing doors that flap up, getting speed maniacs readying themselves for a hypersonic ride.That is, until someone hops in and find out they have to pedal their way at tedious 16 kilometers per hour.‘The Fahrradi Farfall FFX,’ the world’s most expensive bicycle, looks just like 1 million pound ($1.6 million) Ferrari FXX. But one tiny difference is the absence of the sta
BOK freezes key rate for 11th month in May

May 10, 2012

South Korea's central bank on Thursday left the key interest rate unchanged for the 11th straight month in May, as persistent European debt concerns and the weak pace of domestic economic growth challenge policymakers. Bank of Korea Gov. Kim Choong-soo and his fellow policymakers froze the benchmark 7-day repo rate at 3.25 percent for this month, as widely expected. The decision was in line with t
U.S.-made cars still unpopular under FTA

TransportMay 9, 2012

U.S. automakers are still posting sagging car sales in Korea despite the free trade agreement between the two countries that took effect two months ago.Three U.S. companies ― General Motors, Chrysler and Ford Motor ― grabbed only 6.1 percent of the nation’s import car market with combined sales of 656 units in April.While their market share has stayed below 10 percent among import brands over the past few years, the three players have been pinning hopes on the Korea-U.S. FTA, implemented on Marc
Samsung testing expansion of flexible working hours

IndustryMay 9, 2012

Samsung Electronics said Wednesday it is currently testing a new work system which allows its employees to stay on the job for only four hours during one of the five working days.The flagship unit of the country’s biggest conglomerate introduced the system for the first time last month in some departments such as the Digital Media and Communications research and development center in Suwon and the semiconductor research center in Hwaseong, Gyeonggi Province.“We decided to give it a grace period
Lotte Beverage sued over safety of water in popular soju

IndustryMay 9, 2012

A businessman has filed a complaint with the prosecution against Lotte Chilsung Beverage over the safety of the regenerated alkaline water it uses to make soju.Kim Mun-jae, CEO of Chafko, an eco-friendly material producer, said on Wednesday that he sued the liquor manufacturer for violating the food hygiene law by using regenerated alkaline water in Cheoumcheoreom, the brand’s popular soju. Lotte Chilsung Beverage has been using the water, which has a lower acidity level than natural water, as t