The Korea Herald

GM Korea recalls nearly 100,000 cars worldwide

TransportOct 20, 2011

GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., is recalling nearly 100,000 cars globally for a faulty fuel hose in its certain model year diesel that could cause leaks and the vehicle to come to a sudden halt, the Seoul government said Thursday.In South Korea alone, 32,618
Korea’s business environment ranks 8th in 2011

Oct 20, 2011

South Korea’s global ranking for its business-friendly environment leapt this year thanks to government streamlining of regulations, catapulting the country into the top 10 for the first time, a report showed Thursday. “Doing Business 2011,” an annual report prepared by the World Bank, ranked South
Hyundai Motor unveils revamped i30 hatchback

TransportOct 20, 2011

Hyundai Motor Co., the country’s largest automaker, will begin selling a revamped version of its i30 compact car this week to help the vehicle better compete against cars such as the Volkswagen Golf, the company said Thursday.Hyundai Motor said it aims to sell 215,000 units of the i30 hatchback next
Design Korea explores trends and future of design

IndustryOct 20, 2011

High school students take pictures of a wooden miniature of a concept car during their visit to Design Korea on Thursday. (Kim Myung-sub/The Korea Herald)Exhibits include breathing system for firefighters, LED desk lampThe ninth annual Design Korea event is under way at the COEX exhibition center i
Regulator poised to curb big bank dividends

Oct 20, 2011

South Korea’s financial regulator is moving to draw up measures to put a lid on local banks’ excessive dividend payouts that have caused a public outcry, officials said Thursday.“Measures are on the drawing board to require banks to cut the amount of profits available for dividends,” said an officia
World TV market set to stagnate in 2011

IndustryOct 20, 2011

The global television market is forecast to stagnate this year due to contracted demand in North America and Europe, an industry report showed Thursday.Total global shipments of TVs will likely hold steady at 248 million units this year, according to market researcher DisplaySearch. Liquid crystal d
Korean, French nuke agencies hold public acceptance forum

IndustryOct 20, 2011

A seminar hosted by the Korea Nuclear Energy Promotion Agency and the French Atomic Agency on increasing public acceptance of nuclear power plants will take place Friday at the National Assembly.At the seminar, experts from the nuclear industry and media as well as research professionals are to disc
Japan currency swap to bolster won: report

Oct 20, 2011

Experts call for government to sign more currency swaps with the U.S., ChinaThe expanded currency swap between South Korea and Japan is likely to bolster the value of the Korean won and help reduce its volatility, local brokerages said Thursday. Korea and Japan announced on Wednesday their agreement
Seoul to require price tags on all mobile phones

Oct 20, 2011

South Korea plans to require all mobile phone vendors to put price tags on their products in an effort to inform buyers of the exact fair price, the government said Thursday.Under a new government decree, the open price system will take effect from the beginning of next year and even cover home shop
S-Oil sets petrochemicals milestone

IndustryOct 20, 2011

Newly opened plant has world’s largest production capacity for para-xylene S-Oil’s newly expanded Onsan Plant in Ulsan was officially opened on Thursday in a ceremony attended by top industry and government officials including President Lee Myung-bak and Khalid Al-Falih, president
Samsung denies decision on iPhone 4S suit

TechnologyOct 20, 2011

Samsung Electronics Co. on Thursday said nothing had been decided over whether to file a preliminary injunction against Apple’s iPhone 4S in South Korea, amid intensifying speculation that a sales ban is likely.If implemented, such a ban would likely have a huge impact on the local handset market. T
Bank CEOs pledge to cut fees

Oct 20, 2011

Chief executives in the banking industry are moving to reach a consensus on slashing service fees on customer transactions amid mounting public anger over so-called corporate greed.The move comes after a group of citizens has been holding a series of rallies against financial companies, criticized f
Seoul shares end 2.74% lower on Europe’s woes

Oct 20, 2011

South Korean stocks closed 2.74 percent lower Thursday as investor sentiment was chilled by nagging concerns about the eurozone sovereign crisis, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index declined 50.83 points to close at 1,805.09.
KOTRA, KOGAS strike deal with IDB on more natural gas import

Oct 20, 2011

The Korea Trade-Investment Promotion Agency and the Korea Gas Corp. signed a memorandum of understanding with the Inter-America Development Bank to better access natural gas abundant in the Latin American region, Luis Albert Moreno, president of IDB said Thursday in Seoul. “Korea Gas Corp. probably
Government to introduce travel passes for foreigners

Oct 20, 2011

South Korea will sell new multiple-ride transit passes from December to foreigners visiting the capital area for their convenience, the government announced on Wednesday.The plan was part of a set of measures jointly announced by the Prime Minister’s Office and the Ministry of Land, Transport and Ma