The Korea Herald

JTI Korea introduces MEVIUS LSS Lights

Jul 24, 2013

Japan Tobacco International Korea, the local branch of the tobacco manufacturer, released its new product MEVIUS LSS Lights, which contains 6 milligrams of tar, on Wednesday. Company officials said the technology used in the product would reduce the smell of smoke in the air while keeping the taste smooth.“Our promise is to continue to deliver cigarettes and packs in touch with the latest product innovations and consumer trends. MEVIUS LSS is another example of how this unique international bran
GM Korea reaches wage deal with union

Jul 24, 2013

GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., reached a tentative wage deal with its union after days of partial strikes, a company official said Wednesday.The agreement calls for a hike of 92,000 won ($82) in basic salaries and 10 million won in a lump-sum incentive payment and performance-related bonus, said GM Korea spokesman Kim Byeong-soo.Kim said some 14,000 unionized workers are set to vote on the tentative agreement on Thursday and Friday, adding the deal coul
[Graphic News] Lotto winnings remain unclaimed

Jul 23, 2013

According to data released by the Korea Lottery Commission, unclaimed lottery prize money from 2009 to July 15 in 2013 amounted to 178 billion won. The fifth prize of 5,000 won took up about 61 percent of the unclaimed money. Winners have 12 months to claim their winnings. (Unit: billion won)
KT&G releases The One summer limited edition

Jul 23, 2013

KT&G announced Tuesday the release of its summer limited edition of The One, which uses charcoal-coated paper. Company officials said it is the first cigarettes in Korea that adopt low-ignition propensity, also known as the “blue band.”Charcoal-coated papers help prevent cigarettes from getting soggy or dry especially during the summer, the company said.The company said it has worked on developing the technology independently for the past three years and has finished the patent application proce
KOGAS appoints new CEO

Jul 23, 2013

Korea Gas Corp. said Tuesday that it has appointed Jang Seok-hyo, former director of resources at the state-run company, as its new CEO.He will replace Choo Kang-soo, who resigned in May.Jang, who graduated from Inha University and earned his master’s degree in management at the University of Minnesota, has served various posts since he joined KOGAS in 1983. It is the first time since the corporation was founded 30 years ago that KOGAS has appointed a CEO from inside the company. By Kim Joo-hyun
Plastic card spending growth slows in June

Jul 23, 2013

South Korea's plastic card spending maintained a stagnant growth in June as card holders continued to hold back their purchasing amid the economic slowdown, a trade association said Tuesday.Purchases made with plastic cards totaled 44.5 trillion won (US$39.7 billion) last month, up 4.1 percent from 42.7 trillion won tallied a year earlier, according to the data by the Credit Finance Association (CREFIA).The country's card spending growth sank to an all-time low in February, growing 3.4 percent o
Gov't to finalize stance soon on home acquisition tax issue: sources

Jul 22, 2013

The government said Monday it will finalize its stance on when and how to lower the acquisition tax rates for home purchases by the end of August as part of efforts to stimulate the prolonged slump in the local property market."Consultation is under way among ministries and agencies on the premise that the government will lower the acquisition tax rates in order to normalize the housing market," the finance ministry said in a press release jointly unveiled by the land and transportation ministry
Korean pop culture pushes up IPR income overseas

Jul 21, 2013

The high popularity of South Korean pop culture has helped the country earn more money in its intellectual property rights (IPR) from abroad last year from a year ago, data showed Sunday. According to data by the Bank of Korea, South Korean companies associated with Korean pop culture earned US$800 million in royalties from IPRs overseas in 2012, up 17.6 percent or $120 million from $680 million in the previous year. The figure represented 23.3 percent of South Korea's overall IPR income fro
Sales of foreign bottled water on the wane

Jul 21, 2013

The popularity of foreign bottled water appears to be waning in South Korea, apparently affected by the protracted economic slump, industry data released on Sunday indicated. According to local retailers, their sales of imported bottled water began to decline last year and have experienced a two-digit fall this year. Market leader E-Mart said its sales of foreign bottled water sank 9.3 percent in the first half, with the monthly decrease rate standing at 4.8 percent in January, 9.1 percent in
S. Korea's overseas travelers top record 7 million in H1

Jul 21, 2013

The number of South Korea's overseas tourists topped 7 million in the first half for the first time, official data showed Sunday.The Korea Tourism Organization said a record 7.23 million South Korean residents traveled overseas in the January-June period, up 9.6 percent from 6.59 million a year earlier.The state-run organization explained that a growing leisure boom among locals has contributed to the rapid increase in overseas departures.Notably, the number of South Korean visitors to Japan jum
Korea to require seat belt for all passengers

Jul 19, 2013

All passengers will be required to wear seat belts at all times starting in 2015, the government said Friday, as part of measures aimed at improving the country’s road safety.Currently, only drivers and front seat passengers are required to wear seat belts with back seat passengers only required to fasten safety belts when on expressways.Starting from 2015, all passengers will be required to wear their seat belts on any type of road, the Ministry of Land, Infrastructure and Transport said in a p
[Graphic News] Summer food and beverage prices

Jul 18, 2013

According to Statistics Korea, food and beverage prices surged 1.6 percent in June from a year earlier, outpacing the 1.0 percent increase in overall consumer prices. Officials speculate that the extended heat wave may have contributed to the growth.
Taekwan prospers in China

Jul 18, 2013

It has not been easy for Korean food and distribution companies to find success in China due to their Chinese rivals’ fast growth. However, Taekwan, a Korean food distribution company that entered the Chinese market 20 years ago, is prospering there thanks to its strategy focusing on customers.The company imports products from Korea’s large food makers such as Nongshim, CJ and Dongsuh, and distributes through Chinese channels. It achieved exports worth 37 billion won ($32 million) last year with
Minister urges firms to join shale gas rush

Jul 18, 2013

SEJONG (Yonhap News) ― The commerce minister called on the country’s energy firms to actively take part in the global development of shale gas, a new and inexpensive source of energy that may reshape the global energy market once fully developed.“We must quickly set up a strategic plan to join the global efforts develop shale gas when considering the impact the development of shale gas in the North American region will have on our petrochemical firms,” Yoon Sang-jick, the minister of trade, indu
U.K. arboretums offer specialized education programs

Jul 18, 2013

The role of arboretums and botanical gardens has altered. Until recently, arboretums have combined display, collection, research and education.Botanical gardens in foreign countries have put much importance on educational programs, developing them not only for ordinary visitors, but also for experts.Education is one of the important roles arboretums play, teaching people the relationships between plants and humans. It also helps arboretums preserve endangered plants. Moreover, people can learn h