The Korea Herald

Deal to boost exports of local parts, materials

IndustryOct 17, 2011

Korea’s parts makers are set to expand supplies to U.S. industrial giants Caterpillar and Applied Materials Inc., as well as Samsung Electronics as part of a government program for shared growth.The Ministry of Knowledge Economy said Monday it has signed two agreements to shore up cooperation betwee
New KEPCO head pledges to bring financial soundness

IndustryOct 17, 2011

The new chief executive of the Korea Electric Power Corp. vowed on Monday to improve the company’s financial structure as a primary goal for his three-year term.Kim Joong-kyum, a former head of Hyundai Engineering & Construction Co., took office at the state-run utility a month ago.“Financial soundn
Chung stresses partnership with Georgia government

IndustryOct 17, 2011

Hyundai Motor Group chairman Chung Mong-koo (right) greets U.S. Georgia Gov. Nathan Deal who visited the Korean carmaker’s headquarters in southern Seoul on Monday. (Hyundai Motor)Hyundai Motor Group chairman Chung Mong-koo stressed partnership with Georgia Gov. Nathan Deal in the company’s welcomin
Cash dries up at Korea’s big businesses

IndustryOct 17, 2011

Surplus cash flow halves, corporate borrowing surgesDespite repeated assurances from government officials, fears of a global recession are hurting Korea Inc. on liquidity as many large firms face worsening cash flow, data showed Monday.The annual excess cash flow forecast of 83 listed firms stood at
Prudential Korea values insurance customers’ needs

Oct 17, 2011

Prudential Life Insurance Company of Korea has been gaining consumers’ confidence by prioritizing customer needs in its product development and sales.The insurance firm pushes ahead with sales through “life planners,” while many companies heavily resort to ready-made products via sales channels such
Even peaceful unification would raise risks: S&P

Oct 17, 2011

Credit rating agency reaffirms Korea sovereign ratingCredit rating agency Standard & Poor’s projected a bleak view for the Korea in a post-reunification scenario, predicting that the government would suffer heightened policy risks even under peaceful circumstances.In its annual seminar in Seoul, the
Korean aviation market to grow rapidly in next decades: Airbus

IndustryOct 17, 2011

South Korea’s air transportation market will see robust growth in the next two decades largely due to growing demand for large-size aircraft for passenger traffic, a European aerospace company said Monday.“We foresee that the South Korean aviation market will have a demand for 382 new aircraft over
Budget airlines gear up for takeoff

IndustryOct 17, 2011

Price war heats up as low-cost carriers expand international flight servicesLee Eun-young, a 27-year-old office worker, has longed to backpack overseas since college but her tight budget kept her stuck in Seoul even after getting a job. But it was a low-cost airline that quenched her thirst for an o
Spain faces hard 2011 with big deficit: analysts

World BusinessOct 17, 2011

MADRID (AFP) ― Spain is on track to miss key targets for economic growth and deficit-cutting in 2011, analysts say, a grim scenario that is pounding its credit rating.Standard & Poor’s downgraded Spain’s credit rating Friday by a notch to “AA-,” a week after its rival Fitch Ratings sliced the rating
China growth may top 9 percent

World BusinessOct 17, 2011

China’s economy probably grew more than 9 percent in the third quarter, indicating the nation remains an engine of global growth even as Europe grapples with the sovereign debt crisis and the U.S. recovery falters. Gross domestic product increased 9.3 percent from a year earlier, according to the me
Hong Kong starts trading bullion in yuan

World BusinessOct 17, 2011

Hong Kong’s Chinese Gold & Silver Exchange Society, a century-old bullion bourse, will start trading gold quoted in yuan Monday, boosting the city’s status as an offshore hub for the currency. The gold product may generate as much as HK$6 billion ($770 million) in trades a day, exchange President Ha
Silicon Valley elite honor Jobs

World BusinessOct 17, 2011

PALO ALTO, California (AFP) ― Silicon Valley nobility paid tribute to revered Apple co-founder Steve Jobs on Sunday at a private memorial service held under tight security at Stanford University.Security teams from Apple and Stanford along with local police officers cordoned off the main quad on cam
Environmental budget tops 5 trillion won

Social affairsOct 17, 2011

Korea’s budget for environmental projects will exceed 5 trillion won next year for the first time, the Ministry of Environment said last week. The Ministry of Environment expects to receive 5.15 trillion won ($4.4 billion) for 2012.“The annual budget topping 5 trillion won is very meaningful for the
Four Rivers Restoration Project and the future

Social affairsOct 17, 2011

Yoo Young-sookA member of the prestigious French Academy, Erik Orsenna, in his book ‘The Future of Water,’ describes the water crisis caused by climate change in Australia, China, Africa and Southeast Asia to demonstrate the stark reality of the water crises many countries are facing and their strug
What Singapore’s rich want

World NewsOct 17, 2011

A fancy car, customized yacht or private jet might sound like just the ticket for a millionaire with bucks to burn. Not in Singapore.When it comes to investing in luxury items, Singapore’s millionaires much prefer smaller items: gems, watches and other jewelry, a new report has found.Luxury vehicles