The Korea Herald

Koreans agonize over spiraling cost of rent

Jan 26, 2011

Hong Jun-ho is busy preparing to move out of the home his family has lived in for the past two years in southern Seoul. With the lease on his riverside apartment about to expire, the 34-year-old English teacher feels quite lucky to have found a new home in northern Seoul. It is affordable, located near his new school and also near his in-laws’ house.But without such luck, he could have been in ser
Samsung Electronics to hire more workers in China

IndustryJan 26, 2011

HONG KONG (Yonhap News) -- Korean tech behemoth Samsung Electronics Co. is expected to hire more employees in China in an effort to enhance its display production there, company officials said Wednesday.Samsung Electronics plans to hire dozens of professionals for process manufacturing, quality management and production management of its liquid crystal display (LCD) production facilities in China,
Bentley introduces new Series 51 models

IndustryJan 26, 2011

Bentley Korea, the local importer of British automaker Bentley Motors Ltd., on Wednesday introduced the latest models of Bentley’s super luxury sedan, the Continental Flying Spur, in Korea.The new Flying Spur Series 51 come in two trims ― the Flying Spur and the Flying Spur Speed ― both equipped with a V12, 6.0-liter engine that produces a maximum horsepower of 600.The Continental Flying Spur has
Yahoo’s earnings double despite ebbing revenue

IndustryJan 26, 2011

SAN FRANCISCO (AP) ― Yahoo Inc.’s fourth-quarter earnings more than doubled, but the Internet company’s sagging revenue showed that it is still lagging in the high-stakes race for online advertising.The results announced Tuesday illuminated why many investors are wondering if Yahoo CEO Carol Bartz is the right person for the job as she enters the second half of a four-year contract she signed in
S. Korea's labor productivity ranks low among OECD nations: report

Jan 26, 2011

South Korea's labor productivity ranked relatively low among the member nations of the Organization for Economic Cooperation and Development last year, a report showed Wednesday.Labor productivity per worker in South Korea totaled US$56,374 last year, ranking 23rd among 31 OECD member countries, according to the report offered by the Ministry of Knowledge and Economy.Labor productivity is measured
One-man biz start-ups rise on mobile boom: data

Jan 26, 2011

The number of one-man businesses in South Korea sharply expanded in 2010 on the back of the country's rapidly growing mobile content market, data showed Wednesday. The rise came on the heels of a smartphone boom that hit South Korea last year following the release of Apple Inc.'s iPhone and Samsung Electronics Co.'s Galaxy S smartphone. There are an estimated 7 million smartphone users in the c
Hyundai Capital bonds garner keen investor interest

IndustryJan 25, 2011

Overseas investors have shown a keen interest in new bonds issued by Hyundai Capital Service Inc., a financial unit of South Korea's Hyundai Motor Group, financial sources here said Tuesday. Hyundai Capital Services successfully raised US$700 million byselling bonds maturing in five-and-a-half years. The bonds carry aninterest rate of 245 basis points above U.S. government debts. Bookr
Three banking groups likely to bid for Samhwa

Jan 25, 2011

Three banking groups, including top financial firm Woori Finance Holdings Co., have expressed their intention to buy an ailing savings bank, a state insurance agency that arranges the deal and sources said Tuesday. On Jan. 14, the financial regulator suspended mid-sized SamhwaMutual Savings Bank for six months as it failed to meet regulatorycapital requirements. State-run Korea Deposit Insu
Korea develops most advanced wireless tech

TechnologyJan 25, 2011

Korean researchers Tuesday unveiled the most advanced wireless network technology, boosting potential for the country to lead the future telecommunications market.The state-run Electronics and Telecommunications Research Institute in Daejeon demonstrated the Long Term Evolution-Advanced technology which is 40 times faster than the current third-generation wireless network.“It is meaningful that we
Toyota remains world’s largest automaker

IndustryJan 25, 2011

Japanese company sells 8.4m cars in 2010 despite recallsTOKYO (AFP) ― Toyota said Monday its group sales in 2010 rose, enabling the firm to narrowly retain its title as the world’s biggest automaker despite a global safety crisis that damaged its brand image.But analysts warn that after a year that saw the recall of millions of vehicles, a wave of lawsuits and record fines, the company is likely to soon surrender that lead as it battles to regain consumer trust overseas.In 2008 Toyota ended Gene
World jobless rate stays at record high: ILO

IndustryJan 25, 2011

GENEVA (AFP) ― The International Labor Organization warned that the global economic recovery was not translating into jobs as world unemployment remained at a record 205 million for 2010.“Despite a sharp rebound in economic growth for many countries, official global unemployment stood at 205 million in 2010, essentially unchanged from 2009, and 27.6 million more than on the eve of the global econo
Korea Line files for receivership after rates plunge

IndustryJan 25, 2011

Korea Line Corp., Korea’s second-largest operator of dry-bulk ships, filed for receivership after rates tumbled to the lowest in almost two years because of a global oversupply of vessels. The filing was made at the Seoul Central District Court on Tuesday, the company said in a regulatory statement. It didn’t say how large its debts were. Seven calls to the Seoul-based company, including to its me
Olympus launches new hybrid camera

IndustryJan 25, 2011

Olympus Korea launched a new hybrid camera PEN E-PL2 on Tuesday, calling it the new “killer item” for this year.The product, coming between a DSLR and a compact camera, features a classic design and an upgraded art filter that enables people to add touches of soft focus, dramatic tone and art frames to the photos, according to company officials. Models present Olympus’ new hybrid camera PEN E-PL2
KEPCO opens electric vehicle charging stations on highway

IndustryJan 25, 2011

Korea Electric Power Corp. said Tuesday that it has established electric vehicle charging stations on a highway, a first time for the nation. The six new charging stations are located at rest areas on Jungbu Expressway near Icheon, Eumseong and Ochang ― both northbound and southbound, the firm said. Another was launched at the KEPCO Research Institute in Daejeon. A total of 12 charging machines a
LG CNS to join with Japan’s SBI Group

IndustryJan 25, 2011

LG CNS will become the first South Korean firm to forge a cross-border partnership with a Japanese financial company to provide IT services, the Seoul-based company said Tuesday.With Japan’s SBI Group, LG CNS said it would be forming a joint entity called SBI-LG Systems that would handle all of the IT services related to SBI, a top Japanese financial company with assets worth 13 trillion won ($11.