The Korea Herald

Korea to put anti-inflation, jobs on front burner

Sept 8, 2011

South Korea will put the top priority of its macroeconomic policy on taming inflation and boosting jobs as part of efforts to stabilize the livelihoods of ordinary working-class people, the Finance Ministry said Thursday.The ministry also said it will carry out its macroeconomic policy in a “flexibl
Daewoo Shipbuilding to employ, train high school graduates

IndustrySept 8, 2011

Daewoo Shipbuilding and Marine Engineering Co. announced Thursday it will set up an institute for training high school graduates.The company said that the institution, which will be headed by the company’s chief technology officer Lee Yeong-man, will put high school graduates through a four-year tra
Daewoo International buys Indonesia palm oil firm

IndustrySept 8, 2011

Daewoo International Corp., the country’s largest grain trader, announced Thursday it has acquired an 85 percent stake in an Indonesian palm oil producer, upping the ante for its overseas agricultural business.Through the 57 billion won ($53 million) deal with PT. Bio Inti Agrindo, Daewoo plans to c
Suicide top cause of death for under 40s

Sept 8, 2011

Suicide was the main cause of death for Koreans aged 40 or younger in the past year, followed by accidents and cancer, Statistics Korea said Thursday. The government agency report said the country’s suicide rate was the highest among member nations of the Organization for Economic Cooperation and De
SK E&C ships world’s largest crude column

IndustrySept 8, 2011

The crude column produced by SK Engineering and Construction Co. sits on board the Dutch ship that will carry it to the United Arab Emirates at an Ulsan port on Wednesday. (SK E&C)SK Engineering and Construction Co. announced Thursday that it shipped the largest ever crude column to the United Arab
New rules to prop up small SI firms

IndustrySept 8, 2011

Korea considers banning corporate affiliates from public projectsThe government is considering banning system integration companies affiliated with conglomerates from competing for public sector SI projects for fear of stamping out the smaller players, the Ministry of Knowledge Economy said on Thurs
Foreign luxury brands slow to ‘give back’

IndustrySept 8, 2011

Foreign luxury brands have seen their sales in Korea almost triple in recent years but they were stingy in giving back to society, research found Thursday. The Korea sales of the top 15 foreign high-end brands jumped from 1.42 trillion won ($1.32 billion) in 2005 to 3.87 trillion won last year, said
Korea puts off plan to raise limit on duty free shopping

IndustrySept 8, 2011

The nation’s customs agency on Thursday again put off raising the limit on the duty free allowance for travelers coming from overseas, citing economic uncertainties inside and outside of the country. Under the current law, Korean travelers are required to report their overseas purchases in excess of
Daewoo’s capital plan may cause problem

Sept 8, 2011

Daewoo Securities Co.’s plan for a big capital increase is feared to dent its share price as the move is unlikely to do much to boost its earnings and competitive edge, analysts said Thursday, downgrading their price targets on the company.Daewoo Securities, South Korea’s No. 2 brokerage by market c
Markets notice little of Bahk’s inflation fight

Sept 8, 2011

Three months into his term as the country’s finance minister, Bahk Jae-wan’s efforts to tame inflation and stabilize the market have received little notice in an economy at risk of excessive debt at home and abroad. And economic indicators spell trouble for Bahk. Coming into office on June 2, he pri
FSS bows to banks on fees cut

Sept 8, 2011

Financial regulators have postponed instructing banks to slash service fees on transactions via automated teller machines due to complaints from the banking sector, sources said.The Financial Supervisory Service had planned to announce the policy to force banks to cut service fees on money transfers
[News Focus] 3-D display technology to meet transition era

IndustrySept 8, 2011

A model showcases a 27 inch “Cinema 3-D TV” in Seoul on Thursday. (LGE)Samsung likely to go LG way in 3-DThe information and technology industry is a rapidly changing one where the hottest trend of yesterday becomes an old one and gets replaced by another even before one realizes it.In the midst of
Hyundai launches new fuel-efficient Accent ‘Blue Saver’

TransportSept 8, 2011

South Korea’s largest carmaker Hyundai Motor Co. on Thursday launched its new fuel-efficient Accent subcompact model on the domestic market. The new “Blue Saver” model of the popular small-sized car can run 17.7 kilometers on a liter of gasoline compared to 16.7 kilometers for the conventional 1.6-l
[Herald Interview] Standards body keen on Korea’s smart grids

IndustrySept 8, 2011

Korea’s growing technological prowess and the business community’s brisk participation in standardization works will help expand global markets for smart grids, executives of the Institute of Electrical & Electronics Engineers’ Standards Association said.The standards body is a unit within the IEEE,
IMF to slash Irish growth forecasts

World BusinessSept 8, 2011

The International Monetary Fund will cut its Irish economic growth estimate for this year and next as the outlook for its main trading partners, the euro region, U.S. and U.K. “worsened substantially.” The Washington-based fund will lower its 2011 gross domestic product forecast for the country to 0