The Korea Herald

Korea strives to work ‘smarter’

IndustryJun 10, 2011

Mobile devices, flextime, telecommuting boost workplace efficiency, flexibility“Work smarter, not harder.” This catchphrase has finally caught on in Korean companies as they pursue better ways of working to fit this all-connected world.An increasing number of businesses are embracing the “smart work” policy including flextime, telecommuting, remote work, virtual meetings and freer office environme
BOK hikes rate to 3.25 percent in inflation fight

Jun 10, 2011

Central bank expects 3.9% inflation and 4.5% growth this yearThe Bank of Korea on Friday raised its benchmark interest rate by a quarter percentage point to 3.25 percent, surprising the market that expected another rate freeze to accommodate slowing exports and surging debt burdens on households. The monetary policy committee at the central bank lifted the seven day repurchase rate for the third t
Watchdog to toughen antitrust probe on 56 major conglomerates

IndustryJun 10, 2011

The Fair Trade Commission plans to tighten its investigation of the country’s 56 largest companies to see whether they have engaged in anticompetitive practices, officials said Friday.The decision was made based on reports and tips the watchdog received on the conglomerates’ ongoing irregularities, such as forcing price cuts and signing unfair deals, they added.Subject to the government’s mutual g
Hyundai joins European automakers association

IndustryJun 10, 2011

Hyundai Motor Co., Korea’s top automaker, has become a full member of an industry lobby of European carmakers, a move which company officials said would help boost Hyundai’s image and sales in the region.Hyundai announced Friday that the company became the 17th member of the European Automobile Manufacturers’ Association, better known as the ACEA. A sales employee (left) explains car specification
Short-term stagflation looms large: economists

IndustryJun 10, 2011

Finance minister urges all-out efforts to curb pricesThe government’s inflation fight appears to be losing its grip on energy, service and staple food prices set to rise further on uncertainties abroad.The inter-ministerial efforts to fight food inflation such as cutting food tariff and increasing crop supplies in the past few months have largely been offset by increase in import costs.Public util
Seoul is 5th most costly city in Asia

Jun 10, 2011

Seoul is the 5th most expensive city in Asia, according to a research “Cost of Living in Asia.”Conducted by ECA International, a global HR solution company, the data showed that the cost of living is highest in Tokyo. The other three cities pricier than Seoul were also in Japan -- Nagoya, Yokohama, and Kobe.The research is conducted twice a year, where the criteria are focused on consumer goods li
Apple eases rules on iPad, iPhone subscriptions

TechnologyJun 10, 2011

SAN FRANCISCO (AP) -- Apple has eased the subscription policies for its hot-selling iPad and iPhone in a move that should help newspaper and magazine publishers make more money from mobile devices.The change will make it easier for publishers to sell subscriptions for the devices outside Apple's online store.That's important to publishers because they have to give Apple 30 percent of the revenue f
Hackers steal Citibank card data

TechnologyJun 10, 2011

NEW YORK (AP) -– About 200,000 Citibank credit card customers in North America have had their names, account numbers and email addresses stolen by hackers who broke into Citi's online account site.Citigroup Inc. said it discovered that account information for about 1 percent of its credit card customers had been viewed by hackers. Citi has more than 21 million credit card customers in North Americ
BOK hikes key rate to 3.25% on inflation risk

Jun 10, 2011

Korea's central bank raised the key interest rate by a quarter percentage point on Friday following a two-month freeze, resuming its monetary tightening to curb persistent inflationary pressure.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 3.25 for June.The June rate hike, which marked the third increase this y
Woman gets 152 Facebook friends tattooed

TechnologyJun 10, 2011

A woman from the Netherlands has engraved 152 of her online friends on her arm.While some criticize that friendships within the world-famous social network are just temporary, the woman proved that they can be far more permanent.After the tattoos were done, she posted a video clip on YouTube. In the video’s description, she wrote: “These are not all my friends. Just the people I care most about. I
Hyundai Motor halts Asan plant operation following suicide

TransportJun 9, 2011

Hyundai Motor Co. was forced to halt output at one of its plants in South Korea Thursday after unionized workers talked off their job after one of their colleagues committed suicide, the company and union said.Assembly workers laid down tools at Hyundai's plant in Asan, about 100 kilometers southwest of Seoul, from 2:30 p.m., claiming that one of their leaders committed suicide earlier in the day
Korea to support hydrogen steelmaking

IndustryJun 9, 2011

The government will provide 150 billion won ($138 million) in support of developing the hydrogen reduction steel-making method, the Ministry of Knowledge Economy revealed Thursday.The funds, which the ministry estimates will cover 54 percent of development costs, will be provided from 2012 if the studies under way now show the project to be feasible, the ministry said. In hydrogen reduction steel
Diageo to host bartending contest

IndustryJun 9, 2011

Diageo Korea, the local unit of the U.K.-based drinks group, said it will hold the regional final of its international bartending competition in Seoul on June 21. Since January, about 200 Koreans have been vying for a ticket to the annual World Class 2011 slated for July 11-14 in New Delhi, India, the host said. The final will bring together 10 qualifiers from four heats. The local contestants wil
KEPCO to honor scholars for research

IndustryJun 9, 2011

Korea Electric Power Corp. said on Thursday it plans to award a prize to two Seoul National University scholars for their achievement in the local energy industry. Kim Tai-yoo and Park Jong-keun became the first winners for the KEPCO Research Grand Prix, which the state-run utility launched this year to commemorate the 50th anniversary of its foundation. Kim was selected for “his outstanding resea
SKT ties up with Nautilus Hyosung

IndustryJun 9, 2011

SK Telecom said Thursday it signed an agreement with Nautilus Hyosung Inc. to work together on the mobile carrier’s smart finance business project.The country’s leading mobile carrier said that it formed a partnership with Korea’ top automatic teller machine company to build smart branches.Smart branch is a mini branch service that uses SKT’s information and communication technology to offer vario