The Korea Herald

Korea gets first early warning aircraft

DefenseAug 1, 2011

‘Peace Eye’ expected to bolster military reconnaissance capabilitiesThe first early warning and control aircraft, which will significantly bolster South Korea’s reconnaissance capabilities, arrived at an Air Force base in Gimhae, South Gyeongsang Province, Monday.Developed by the U.S. defense giant
S. Korea, Indonesia to begin research on fighter jet

DefenseAug 1, 2011

South Korea and Indonesia will begin their joint technological research to develop new fighter jets on Tuesday in accordance with their agreement signed in April, officials at the state acquisition agency said Monday.They will open the combined research and development center on a 2,700-square-meter
Should casinos allow Koreans?

Aug 1, 2011

With all but one of the country’s casinos foreigner-only ...Gambling and the lawGambling in Korea is in principle illegal, falling under articles 246 and 247 of the Criminal Act. There are exceptions to these laws, however, including the two national lotteries Lotto and Toto, horse, motor and cycle
SK E&S absorbs LNG affiliate

IndustryAug 1, 2011

SK E&S Co., Korea’s top city gas provider, said on Monday it has absorbed and merged with K-Power, its power-generation affiliate, to boost their liquefied natural gas business. The merger took effect on Monday. Parent company SK Holdings, the country’s No. 3 conglomerate, now holds a 94.13-percent
LG Display may try to increase capital

IndustryAug 1, 2011

Despite its recent decision to drastically cut investment, LG Display, the world’s leading LCD-maker, will have a hard time fending off a paid-in-capital increase, according to industry sources.“Everything will weigh on how the company finishes the year, because at the end of the year, the chances a
Doosan chairman emphasizes quality over quantity

IndustryAug 1, 2011

Doosan Group chairman Park Yong-hyun on Monday said the company must focus on qualitative growth.In a message posted on the company’s intranet to mark its 115th anniversary, Park said that the company should now focus on qualitative growth and that it should continue trying harder despite its achiev
Hana Financial, bank unit under tough probe

Aug 1, 2011

FSS says scrutiny includes banking unit’s lending to Lone StarThe Financial Supervisory Service is probing Hana Financial Group and Hana Bank over several key issues including their loans totaling 1.5 trillion won ($1.42 billion) to U.S.-based Lone Star Funds, officials said on Monday.The other issu
Hyundai-Kia, Ssangyong sales jump in July

IndustryAug 1, 2011

Ssangyong Motor Co., South Korea’s smallest automaker, said Monday its sales surged 46.1 percent to a monthly high in July, fueled by strong exports and domestic demand.The company sold a record 10,763 vehicles last month, compared with 7,369 units a year earlier. Domestic sales rose 28 percent on-y
Tax revenues hit record high last year

Aug 1, 2011

Tax revenues hit a record high last year as income and corporate taxes increased amid improving economic conditions, government data showed Monday. The National Tax Service said that it collected a total of 166.15 trillion won ($157.9 billion) last year, compared with 154.33 trillion won tallied a y
Consumer prices jump 4.7% in July amid inflation concerns

Aug 1, 2011

South Korea’s consumer prices jumped 4.7 percent in July from a year earlier, staying above the government’s target inflation rate of 4 percent for the seventh month in a row amid growing worries over its impact on the overall economy.The year-on-year figure in July marked a bigger jump than the 4.4
Daewoo Securities launches English stock trade program

Aug 1, 2011

Daewoo Securities said on Monday it has launched an English-language online home trading system targeting foreign investors interested in the Korean stock market.The new trading software named “Qway ENG” allows foreign investors to handle trades of Korean stocks, KOSPI200 futures and options, aided
IBK seeks to boost assets by 64 percent by 2015

Aug 1, 2011

In the long-term, the bank said it would solidify its market position as a comprehensive financial services provider.The state-run Industrial Bank of Korea said Monday it aims to boost its assets to 300 trillion won ($285 billion) and secure as many as 1 million corporate clients by 2015.IBK said th
BOK sees continued inflationary pressure

Aug 1, 2011

South Korea’s inflationary pressure is unlikely to lose steam during the remainder of the year, the top central banker said Monday, pointing to the country’s uphill battle to curb inflation.“The annual growth rate of consumer prices will slow starting in September due mainly to high price levels a y
Financial industry’s growth hits 6-year low

Aug 1, 2011

Growth of the South Korean financial industry hit a six-year low in the first half due mainly to the struggling savings bank sector and insurers’ poor track records, data showed Monday.The local financial industry expanded 1.6 percent on-year in the January-June period, the slowest gain since a 0.2
Big companies join power-saving drive

IndustryAug 1, 2011

Corporations seek consulting services to conserve energy, cut costsThese days, SK Group’s headquarters in downtown Seoul starts making ice at 11 p.m. The ice produced overnight cools the building the next day. The “thermal energy storage” system helps the group reduce its peak electricity costs for