The Korea Herald

Firms develop ‘socially responsible’ products

IndustryOct 16, 2011

Maeil, CJ, Amore Pacific make special products for minorities as part of CSRChung Hye-jin discovered her baby daughter had phenylketonuria, or PKU, 12 years ago. The rare disease affects only one in 60,000 babies here. In order to avoid damage to the brain, people with PKU should adhere to a strict
Korea to send mobile alerts in case of power shortage

IndustryOct 16, 2011

South Korea’s state-run power company said Sunday that it will send mobile text messages to the public in the event of low electricity reserves in a bid to swiftly alert people to potential power outages.The move comes one month after the country was caught off guard by one of the worst power cuts i
Banks’ overseas earnings double in H1

Oct 16, 2011

South Korean lenders saw their combined net profit from overseas operations grow more than two-fold in the first half from a year earlier on the back of increased interest income, the financial regulator said Sunday.Net income by 131 overseas units and branches managed by 11 local banks reached $429
Global efforts on eurozone crisis to help stock market

Oct 16, 2011

South Korean shares are expected to gain some ground this week as the international community moves to resolve the eurozone crisis, analysts said Saturday.The forecast comes as the benchmark KOSPI closed at 1,835.40 on Friday, up 75.63 points, or 4.3 percent, from a week earlier. The index had risen
Credit card firms to cut fees under pressure

Oct 16, 2011

Credit card firms plan to lower transactions fees by 0.2 percent in a reluctant response to merchants decrying the “unfair” fees.The plan to cut transaction fees is part of a broader reform to woo merchants after complaints led the financial regulator to consider allowing businesses to reject credit
G20 to strengthen financial safety net

Oct 16, 2011

Seoul split on need for currency swapThe Paris meeting of the world’s leading economies this weekend was a step forward in improving the financial safety net protecting the market from destabilizing capital movements, Finance Minister Bahk Jae-wan said. The G20 finance chiefs agreed to allow the Int
Hyundai adds cheapest car to India lineup to challenge Suzuki

TransportOct 16, 2011

Hyundai Motor Co., poised to earn the most profit among Asian carmakers this year, will step up its campaign to weaken Suzuki Motor Corp.’s loosening grip on India’s automobile market with a new hatchback.The Seoul-based company on Thursday introduced the Eon, its cheapest model in India so far, wit
Garuda targets Korean travelers

IndustryOct 16, 2011

Indonesian airline adds new flights, hires Korean flight attendantsJAKARTA ― Garuda Indonesia, after years of concentration on safety improvements, is preparing to aggressively target Korean passengers, adding new flights and hiring Korean flight attendants. “Korea is a prospective market for us. Bu
Regional twists keep GM designs global: Welburn

TransportOct 16, 2011

DETROIT ― General Motors Corp. may be renowned for its mass scale of production across 140 countries, but little is known of its ability to differentiate designs across regions. GM designs are found in all regions, but there are unique twists in Korea, China, Thailand and India to suit local driving
U.S. retail sales rise strongly led by autos

World BusinessOct 16, 2011

WASHINGTON (AP) ― U.S. consumers stepped up their spending on retail goods in September, a hopeful sign for the sluggish economy.They spent more on autos, clothing and furniture last month to boost retail sales 1.1 percent, the Commerce Department said Friday. It was the largest gain in seven months
Lines for iPhone turn into Jobs memorials

World BusinessOct 16, 2011

NEW YORK (AP) ― It wasn’t just the latest iPhone that drew people to Apple stores Friday. Many consumers waited in lines for hours ― sometimes enduring chilly temperatures and overnight thunderstorms ― to remember Steve Jobs, Apple’s visionary who died last week. The company’s first iPhone release s
U.S. runs $1.3 trillion budget deficit in 2011

Oct 16, 2011

WASHINGTON (AP) ― The government ran a $1.3 trillion deficit for the budget year that ended last month, the third straight year it has operated more than $1 trillion in the red.The 2011 budget deficit was the second highest on record. It’s slightly ahead of the previous budget year’s $1.29 trillion
Colombia trade deal worries small farmers

World NewsOct 16, 2011

CAJICA, Colombia (AP) ― Colombia’s president calls a free trade pact finally approved by the U.S. Congress a commercial milestone that will build export muscle, but many of the country’s small farmers fear for their livelihoods.Some worry that imports of less expensive, subsidized U.S. goods could d
G20 considers boosting IMF role in eurozone

Oct 16, 2011

World’s leading economies ask IMF to draw up ways to help stem eurozone crisis as Italy, Spain strugglePARIS (AP) ― The finance chiefs of the world’s leading economies opened the door Saturday for the International Monetary Fund to play a bigger role in fighting the eurozone’s escalating debt troubl
NXP head Shin wins highest sports honor

PeopleOct 16, 2011

Shin Bark-jae, chairman of NXP Semiconductors Korea, has received a top award from the Korean government in recognition of his contribution to the development of Korean sports, company officials said Friday. Minister of Culture, Sports and Tourism Choe Kwang-shik presented the award at a ceremony at