The Korea Herald

Visionary IT leaders embrace humanity

IndustryMar 3, 2011

Technology should be bringing people together closer: Twitter co-founderTechnology, while it often appears to be the driving force behind tidal waves of change capable of forever altering the way we live, is but a tool for enhancing humanity, Biz Stone, the co-founder of Twitter Inc., said on Thursday. “If we are to be a triumph, we are not to be a triumph of technology but a triumph of humanity,” Stone said at a session of the MBN World Economy and Future Forum. “People are basically good, and
Competition beefs up between Samsung, Apple

IndustryMar 3, 2011

Competition is beefing up between two global electronics rivals Samsung Electronics and Apple Inc. after the U.S.-based firm’s chief executive Steve Jobs singled out its competitors while launching the iPad 2 on Wednesday.“Samsung put (a tablet) out last year,” said the 56-year-old CEO in his first public appearance since taking a medical leave on Jan. 17.Then quoting Lee Young-hee, Samsung’s vice
Regulator warns against excessive bank competition

Mar 3, 2011

FSS chief blasts Shinhan for stock options given to ex-chairFinancial Supervisory Service Gov. Kim Jong-chang on Thursday issued a strong warning against excessive competition and executive compensation among commercial banks.In a meeting with bank CEOs in Seoul the nation’s chief financial regulator cautioned that banks should refrain from behavior that could destabilize their finances and furthe
Seoul shares rebound on recovery hopes

Mar 3, 2011

Korean stocks closed 2.2 percent higher on Thursday, recouping losses from earlier this week, as a series of encouraging economic data spurred strong foreign and institutional buying, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 42.42 points to 1,970.66. Trading volume was moderate at 277.2 million shares worth 5.13 t
Hyundai pushes into premium market

IndustryMar 3, 2011

Korea’s No. 1 carmaker launches i40 D-class vehicle at Geneva auto showGENEVA (AP) ― Fast-growing Hyundai may be best known for its small cars, but plans to break into the premium market with a new sedan has the big guys looking over their shoulders.The Korean automaker is not half as well known in Europe as Toyota, for example, and consumers typically associate its cars with affordability rather
Hynix seeks delay of patent trial

Mar 3, 2011

Hynix Semiconductor Inc., Micron Technology Inc. and Nanya Technology Corp. asked a federal judge in California to delay a patent-infringement trial scheduled for May 2 over claims brought by Rambus Inc. Jared Bobrow, a lawyer representing the memory-chip makers, said in a letter Wednesday to U.S. District Judge Ronald M. Whyte in San Jose, California, that the trial should be taken “off calendar”
Korea to spend W9b on renewable energy projects

IndustryMar 3, 2011

The government will set up a 9 billion won ($7.8 million) fund this year to assist local firms’ clean energy projects overseas. The government’s latest move is part of the country’s efforts to make $40 billion from exports related to renewable energy such as photovoltaic and wind power by 2015.“The global renewable energy market is projected to be highly prospective, and thus will likely push up t
Korean, Japanese firms to buy Brazilian rare metal miner

IndustryMar 3, 2011

The National Pension Service and POSCO will acquire 5 percent stakes in a Brazilian producer of a rare earth metal used in steel, oil pipes and automotive components, they said on Thursday.They will each invest 400 billion won ($356 million) to acquire 5 percent of Brazil’s Companhia Brasileira de Metalurgia e Mineracao, the world’s largest producer of the scarce mineral niobium.CBMM controls the
Korean airlines plan massive recruitment

IndustryMar 3, 2011

The country’s air carriers are planning to recruit the highest-ever number of new employees this year, thanks to their record-breaking earnings reached in 2010.Korean Air is expected to hire up to 2,700 new workers, including flight attendants, pilots and technicians, in 2011.The nation’s No. 1 local airline employed 2,300 new hires last year and 2,050 new employees in 2009.Asiana Airlines, the se
Businesses declare energy emergency

IndustryMar 3, 2011

Korea’s business community declared an “energy emergency” Thursday, pledging to implement energy conservation measures to help the country cope with high-flying oil prices.The resource-poor country relies almost entirely on imports for its oil needs, with 82 percent being imported from the Middle East.In a meeting with Knowledge Economy Minister Choi Joong-kyung in Seoul, business leaders from the
Industrial output rises faster than expected

Mar 3, 2011

Experts remain cautious due to oil prices, external uncertaintiesKorea’s industrial output grew faster than expected in January on strong overseas demand, with semiconductor and auto makers leading the way, official figures showed Thursday.But the government remained cautious about future economic trends, citing higher oil prices and other external factors that might serve as a drag on recovery he
Foreigners turn to big net stock sellers

Mar 3, 2011

Foreign investors swung to massive net selling of Korean stocks in February as mounting inflation threats and political uprisings in Arab countries put a damper on sentiment, the financial regulator said Thursday. Foreigners pulled 3.7 trillion won ($3.3 billion) of Korean shares out of the local bourse last month, compared with net buying worth 1.4 trillion in January, the Financial Supervisory S
Korea urges 3-way FTA with Japan, China

Mar 3, 2011

Korea needs to sign a three-way free trade deal with Japan and China in a bid to boost prosperity in Asia and better prepare for external shocks, a senior finance ministry official said Thursday.“Economic integration should be pursued to help the East Asian countries flexibly deal with global uncertainties and realize their co-prosperity in this region,” Vice Finance Minister Yim Jong-yong told an
BMW introduces new Mini Countryman in S. Korea

TransportMar 3, 2011

BMW Korea, the South Korean unit of German automaker BMW Group, introduced a new BMW Mini in South Korea on Thursday, also bringing to Korea BMW Mini's first sport activity vehicle (SAV). BMW Korea introduces a new BMW Mini on Thursday. (Yonhap News) The new BMW Mini Countryman series come in three trims thatinclude the first four-door, all-wheel drive Mini, the Cooper S All4. All three versio
Obama soon to submit Korea FTA to Congress for ratification: Clinton

Mar 3, 2011

The Obama administration will soon present the pending free trade deal with South Korea to Congress for ratification, Secretary of State Hillary Clinton said Wednesday. "I hope that that agreement will be submitted soon and acted on soon by the Congress," Clinton told a Senate Foreign Relations Committee. "I think it is very much in America's strategic and economic interests."President Barack Ob