‘Balancing cultural ties’ with Thailand

BANGKOK Korea’s cultural cooperation with Thailand has far exceeded cooperation with other Southeast Asian nations in the same field, so what comes next for the two partners?

Tourism numbers are impressive on both fronts; about 1 million Koreans enjoy the land of smiles and almost 300,000 Thais visit South Korea each year.

The Korean Wave has taken Thailand by storm, with countless restaurants serving food for Korean travelers looking for a taste of home and Thais who want to enjoy something exotic.

As for entertainment, Thais cannot seem to get enough of Korean movies, dramas and singers, but there is more to come as explained by Korean Ambassador in Bangkok Chung Hae-moon.

“Some Thai movies are either being completely shot or partially shot in Korea,” he said in an interview with The Korea Herald.

One Thai film in particular that is enjoying record box office sales in Thailand is “Hello Stranger” which was produced entirely in Korea. 

“Also, (some) Thai TV dramas have been shot and produced in Korea and I think this is one area we can expand our cultural cooperation,” Chung said.

Educating the future Thai stars is another area where cultural ties have reached new heights with Thai entertainers being trained in Korea for about 2-3 years.

“With the knowledge, inspiration and technologies they learn in Korea, they can start up similar entertainment businesses in Thailand,” he said. “That is another way of balancing cultural exchanges between the two countries.”

Korean popular music, or K-pop, is a phenomenon that has been taking Asia by storm and no other place in Southeast Asia is it greatest than in Thailand. 

When any big name K-pop group or singer visits Thailand, tickets to their 40,000 seat stadium are generally sold out within 4 hours. 

“This is an enormous cultural phenomenon,” Chung said.

Hyundai E&C sale grabs investor attention

Investors appeared to be eyeing Hyundai Engineering and Construction with interest following the creditors’ announcement of the sale. 

Boosted by the rising momentum, the construction firm’s stocks shot up during daytime trading, closing at 71,200 won on the Seoul bourse, up 3.19 percent from Monday. Analysts said they expected the rally to continue. 

On Friday, Korea Exchange Bank, along with eight other financial institutions, issued an announcement of its intention to sell a 34.88 percent stake in the construction firm. 

The bidders must submit letters of intent by Oct.1. The creditors hope to select a preferred bidder by the end of December.

The pending sale of Hyundai E&C would tie up some of the last remaining loose ends at Hyundai, which underwent a wide scope of restructuring and spin-offs starting in the 1990s amid the Asian financial crisis.

Hyundai Group and its former sister company Hyundai Motor Co. will now be neck and neck in the race to get back the construction arm.

Both firms have already expressed their intention to submit a bid by the deadline set by the creditors. 

Korea considers underwater tunnels to China, Japan

The Korean government is considering building underwater tunnels with China andJapan, as a key component of an envisioned integrated East Asian transportation network. 

The Ministry of Land, Transportation and Maritime Affairs said Tuesday it commissioned the state-sponsored Korea Transport Institute last year to review the technical and economical feasibility of the projects. The results will be available by the end of the year, it added.

“We have decided to just assess the validities of the Korea-Japan and Korea-China underwater tunnels regardless of potential political or budgetary issues. There has been an active discussion in the private sector regarding them,” a land ministry official said. 

English, ballet part of Tesco bid to outdo rivals

Tesco Plc. is teaching Koreans English and ballet at its Homeplus stores as part of a campaign to become market leader there within three years. 

The classes, costing about 40,000 won ($34.46) for three months, help the grocer improve its standing in the community and win customers, said Seung-Han Lee, chief executive officer of the Korean unit, in an interview in Seoul. The 1 million pupils spend more than twice the average Homeplus customer at the stores, according to the Cheshunt, England-based retailer. 

With a 5.5 percent share of the $92 billion Korean grocery industry, Tesco trails leader Shinsegae Co.’s E-Mart in its biggest market outside the U.K., based on figures supplied by the British company. In a bid to overtake E-Mart’s 6 percent share, Lee is opening franchised convenience stores, boosting online sales and adding one Express store a week. 

Tesco’s business in the country is “still a growth stage, not a mature stage,” Lee said in an interview in Seoul last week. “We will be No. 1.” 

Industry researcher Planet Retail forecasts food spending in Korea will grow 12 percent this year and predicts total retail sales for the country of $208 billion in 2010. 

LG Chem to supply battery to Mitsubishi

LG Chem, Korea’s No.1 chemicals company, will jointly develop a lithium-ion battery system with Mitsubishi Motors Corp, the Japan’s Nikkei business dailyreported on Sunday.

The two firms hope to use the system for some small electric cars that will be launched by fiscal 2012 and new plug-in hybrids introduced in 2013, the paper said.

LG Chem declined to comment on the report. “Such an agreement is usually announced by automobile companies,” its public relations official said.

The development may lead to the first case of a Japanese automaker incorporating lithium-ion batteries made overseas.

LG Chem is supplying batteries for hybrid cars to Hyundai Motor Co. and Kia Motors Corp. and also signed electric car battery contracts with General Motors Co., Ford Motor Co., Volvo Car Corp., Chongqing Changan Automobile Co. and Eaton Corp. 

The company expects it may increase operating profit by about 19 percent this year, helped by strong demand for petrochemical products and batteries for mobile phones. 

Operating profit may be about 2.5 trillion won ($2.1 billion) in 2010, compared with 2.1 trillion won last year, the company said in July.

Net income jumped 36 percent from a year earlier to a record 645.7 billion won in the three months ended June 30, driven by Chinese consumption of materials used to make plastics. 

Sales of smart phones will boost demand for LG Chem’s batteries in the second half of this year, the company said.

No worries about Korean Grand Prix: F1 boss

With less than four weeks until Korea’s inaugural Formula One Grand Prix, the Korean International Circuit has not yet passed its final inspection, triggering speculation that the race might have to be cancelled. 

However, the F1 boss insists that he has no doubts the Yeongam circuit will be ready in time for the inaugural race on Oct. 24. 

Korea wins Women’s U17 WC title; no report from news wires

South Korea won their first World Cup title on Sunday after a thrilling penalty shoot-out victory over Japan at the U17 World Cup in Trinidad and Tobago.

The teams were tied 3-3 after 120 minutes, and again went 4-4 in the penalty shoot-out. In an extra-round penalty, Japan’s sixth kicker rattled the crossbar, and Jang Sel-gi comfortably converted the penalty to claim the country’s first ever FIFA trophy.

Hyundai seeks sales growth in Russia

MOSCOW Hyundai Motor Co. is hoping to push up sales in Russia by 27 percent to 75,000 units this year.

It is looking to strengthen its position in Russia through localization strategies, which include a new lineup of vehicles designed specifically for the market.

The company plans to produce a new small vehicle, known by the project name RBr, at its St. Petersburg plant next year. Hyundai is hoping the model will play a significant role in improving its brand image and make the most of a recovering market.

Hyundai, the third-largest imported brand in Russia, recorded a year-on-year growth rate of 15 percent for the January-to-August period.

The company’s target is significantly higher than an estimated 17 percent growth for Russia’s overall car market, Hyundai Motor CIS sales and planning director Oh Jae-woon said. The Russian car market is expected to reach 1.71 million units this year.

Russia became Europe’s second largest automotive market in 2008 with about 2.94 million automobiles sold, before sales plummeted to about 1.48 million units last year amid the global financial crisis.

As the overall market suffered, Hyundai’s sales in Russia fell to 59,200 units in 2009, from the nearly 192,000 units recorded in the previous year. Hyundai’s Russian partner for assembly of knock-down kits was also said to have been pushed to the brink of bankruptcy, resulting in a 90 percent fall in the sales of such vehicles.

‘Smart pain’ on rise among phone users

With the introduction of smartphones, people are now filling spare moments working, Web searching, blogging or playing mobile games.

However, some smartphone users may face an unexpected side effect pain in their fingers and wrist.

Lee Kyung-joon, a 37-year-old businessman, started using his iPhone a few months ago. Recently, he started feeling numbness in his palm when playing mobile games for more than 30 minutes.

“At first I thought I was affected by the electric current. However, after consultations with a doctor, I found that the long periods of cellphone usage put pressure on my wrist,” he said.

Doctors say the number of people who complain about similar symptoms has been growing recently and some severe cases develop Carpal tunnel syndrome, which used to be more common among workers on assembly lines.

Carpal tunnel syndrome occurs when the median nerve, which runs from the forearm into the hand, becomes pressed or squeezed at the wrist. The median nerve controls sensations to the palm side of the thumb and fingers, as well as impulses to some small muscles in the hand that allow the fingers and thumb to move.

EU approves FTA with Korea

BRUSSELS -- The European Union (EU) approved a free trade agreement with South Korea on Thursday, clearing the way for the accord to be signed in the near future, diplomats said.

Foreign ministers from the 27-member bloc agreed to allow the trade pact to take provisional effect on July 1, 2011, as Italy dropped its veto in return for a six-month delay to the treaty's start, they said.

South Korea and the EU are expected to sign the pact at a summit in Brussels on Oct. 6. The treaty will come into full effect once EU member states, the European Parliament and South Korea have ratified it.

The two sides initialed the free trade deal in September of last year, three months after concluding negotiations.

Last month, South Korea's Cabinet approved the accord. The pact must be ratified by South Korea's parliament, EU member states and the European Parliament.

"The European Union is the world's No.1 economic bloc and South Korea's second-largest trading partner," Seoul's trade ministry said. "The pact will bring about economic benefit more than a free trade pact signed with the U.S."

Belgian Foreign Minister Steven Vanackere, whose country holds the union's rotating presidency, said the pact "will create prosperity and jobs across Korea and also in Europe."

Last year, two-way trade totaled US$78.8 billion, with South Korea enjoying a surplus of $14.38 billion. In 2008, bilateral trade reached $98.4 billion.

Dancing toddler sweeping Youtube

GM Daewoo joins electric vehicle race

GM Daewoo Auto and Technology Co. has jumped onto the electric car bandwagon with Korea’s first full-speed compact sedan powered by a battery. 
The automaker said Sunday that it would carry out test drives of “Lacetti Premiere EV” in Seoul by the end of October to explore market demands, customer acceptance and battery range.

It was jointly developed by General Motors in a project participated by about 50 companies including LG Electronics and LG Chem. 

The vehicle’s driving range per charge is 160 kilometers, exceeding those of existing electric vehicles. It can reach 165 kph, the fastest for a vehicle of its type in Korea, the company said.

It is based on the gasoline-fueled Lacetti Premiere, GM Daewoo’s compact sedan, which is sold as the Chevrolet Cruze outside of South Korea. 

The vehicle is equipped with a 31 kilowatt battery from LG Chem that generates a maximum power of 150 kilowatts. It features a propulsion system from LG Electronics.
 

Men doing bigger share of Chuseok chores

With Chuseok a mere two days away, families are busy preparing for the festivities. But depending on your gender, that burden could fall solely on you.

Most think of holidays as a celebration in this case a festival to traditionally celebrate a good harvest over the past year. But for women, the seemingly never-ending preparations for Chuseok give them something else to look forward to: the end of the holiday season.

This is the case for most families. A typical picture of Chuseok is a scene in which the men are gathered around the television or talking over a game of cards, with the women chatting in the kitchen preparing jeon ― a Korean-style pancake with a wide variety of added ingredients.

In the past, newly-married women would dread going to their in-laws during Chuseok, for fear of the workload.

“When I first started preparing for the holidays it was really tiring. No matter how hard I worked, I didn’t see an end in sight. I worked to the point where my legs would swell up,” said No Eun-jeong, who has been married for over 20 years.

Some husbands were barred from helping their wives, for fear of repercussions from their parents.

“When we first got married, no matter how difficult the workload was, my husband never helped because he had to make sure his parents were happy. He felt that by not helping with the work, he was in fact helping me in the long run,” said Lee Sung-ok.

G20, The Rise of KOREA.avi

SKT to build airport bus Wi-Fi networks

SK Telecom said Tuesday that it will establish wireless Internet networks in transportation methods such as airport limousine buses, in an effort to ensure customers enjoy seamless Internet while preparing for their trip.

The country’s No. 1 mobile carrier said it has set up Wi-Fi networks to test the service in a single limousine bus and that it plans to offer such service on 67 different buses before the holiday season which begins on Sept. 21.

G20 to push for new world trade agreement

The World Trade Organization has an important role in the success of the upcoming G20 Summit in Seoul, President Lee Myung-bak said in the meetingwith WTO director general Pascal Lamy in Seoul on Monday.

Lamy, who came to Korea Monday, met with the president in the morning ahead of scheduled meeting with chairman of Korea’s G20 summit organizing committee SaKong Il and Trade Minister Kim Jong-hoon to discuss issues relating to the G20 Summit and those concerning the WTO including the Doha Development Agenda and resisting protectionism.

“We know that Korea has been a strong supporter for concluding the negotiations as soon as possible, and President Lee has been very vocal since the summit inWashington,” Lamy said.

“He intends to use the G20 to inject momentum into concluding the round. September and October will be months of active work in Geneva on issues that remains to be closed.”

Moody's: Korean property prices may fall further

South Korea's home prices will continue to fall after declining about 10 percent in areas around Seoul this year, Moody's Investors Service said.

"We expect that the downward correction in the housing market will continue over the short- to medium-term, as the rapid hike in prices as a result of a decade-long boom has significantly reduced affordability," Moody's said in a research note Tuesday.

 

The world’s shortest man

AP

The world’s shortest man in Colombia has entered Guiness Book of Records, AP reported. Edward Nino Hernandez is in many ways a typical 24-year-old Colombian male.

AP

 

The report says he loves to dance reggaeton, dreams of owning a car - preferably a Mercedes -- and wants to see the world.

 

What sets Nino apart is his size. He is slightly taller than a piece of carry-on luggage and weighs just 22 pounds (10 kilograms), it says.

 

AP

AP also reported that Nino has just been officially certified as the world's shortest living man by Guinness World Records, measuring 27 inches (70 centimeters).  “He hasn't grown since he was 2 years old,”his mother, Noemi Hernandez, said of the oldest of her five living children.

SM Town charms L.A.

K-pop singers, actors and actresses from the SM Entertainment agency in Korea captivated more than 15,000 fans at the “SM Town Live World Tour” concert at the Staples Center in Los Angeles on Saturday. 

The blockbuster concert featured some 40 of Korea’s biggest stars, including BoA, TVXQ, Girls’ Generation, Super Junior, f(x), SHINee, Kangta, Ara, Kim Min-jong and Lee Yeon-hee, who showcased 56 numbers. 

BoA, the 23-year-old global star who recently released her sixth Korean album“Hurricane Venus,” heated up the stage with “My Name.” SHINee’s Key, once a member of BoA’s fan club, joined BoA on stage when she sung “I Did It for Love,” from her first U.S. album. 

Girls’ Generation and Super Junior followed on stage, each showcasing hit numbers like “Run Devil Run,” “Kissing You” and “Sorry Sorry.” 

K-pop singers, actors and actresses from SM Entertainment perform at the “SM Town Live World Tour” concert in Staples Center in Los Angeles on Saturday. (Yonhap News)

Girls’ Generation’s Jessica and her younger sister Krystal from f(x) co-performed “Tik Tock” by Kesha and television stars including Kim Min-jong, Lee Yeon-hee and Ara also appeared on stage for joint performances with the singers. 

In the meantime, hollywood star Jack Nicholson made a call to ticket reservation center and purchased tickets of SM concert by himself, the Korean entertainment company.

"Nicholson showed up with his friends at the concert," SM official said.

Top-notch U.S. pop stars such as Beyonce, Usher, Justin Timberlake and Lady Gaga also performed at the Staples Center. 

“It is meaningful that Korean artists held a show here for the first time. The ticket sales list showed that only 30 percent of the audience was Korean. It is notable that non-Koreans took up nearly 70 percent of the audience,” said an official from SM Entertainment. 

“We saw potential for the success of not only SM artists but Korean artists in the U.S. market. A U.S. tour concert became a new hope for SM Town,” said Kim Young-min, president of SM Entertainment.

Started on Aug. 21 in Seoul, “SM Town Live World Tour” will continue in Shanghai on Sept. 11 then move to Tokyo.

The concerts are being filmed by PACE HD, a 3-D film shooting team which made the movie “Avatar.” Saturday’s concert marked $1.8 million (2.16 billion won) of ticket sales.

By Park Min-young  (claire@heraldm.com)

(Photos: Yonhap)

Lawmakers condemn Foreign Ministry over scandal

The employment scandal involving the foreign minister’s daughter is spilling over to other government ministries and agencies, raising a rather profound question about the fairness of Korean society, where the rich and powerful are often the subject of public criticism rather than respect. 

The Korea Herald spoke with some members of the National Assembly’s Foreign Affairs, Trade and Unification Committee about the nepotism scandal and its repercussions on President Lee Myung-bak’s "fair society" campaign. 

Rep. Hong Jung-wook of the governing Grand National Party said problems which have been growing at the Foreign Ministry for decades -- namely its closed organization and deep-rooted elitism -- have finally blown over. 

“The scandal shows how oblivious the ministry has been to public sentiment,” he said. 

FTA with Peru good for Korean carmakers, resource developers(2)

The accord marks Korea’s second free trade agreement with a Latin American country, following the Korea-Chile pact, which took effect in April 2004.

Automobile, household appliance, and heavy machinery parts makers stand to benefit the most from the deal with Peru, experts and industry groups said.

The deal comes at a time when Korean carmakers’ presence in Peru is increasing, narrowing the gap with Japanese carmakers that have dominated the market for some time.

According to the Korea International Trade Association, Korean carmakers’ share of Peru’s imported car market for the first half of the year rose to 23.6 percent from the 7.4 percent recorded for 2004.

In contrast, Japanese carmakers’ market share fell from 64.3 percent to 46 percent over the same period.