The Korea Herald

Seoul shares dive 1.7%

Aug 18, 2011

South Korean stocks sank 1.7 percent on Thursday as investors sold off tech and shipbuilder stocks following the recent rally, analysts said. The local currency lost ground against the U.S. dollar.The benchmark KOSPI slumped 32.09 points to 1,860.58, ending a two-session gaining run. Trading volume
Foreign IBs see rate freeze for rest of year

Aug 18, 2011

Major foreign investment banks are betting that South Korea’s central bank may freeze its key interest rate for the rest of the year, citing an increase in external economic uncertainties, data showed Thursday.The Bank of Korea froze the benchmark rate at 3.25 percent last week for the second straig
Hanwha E&C to build world’s largest domed arena near Manila

IndustryAug 18, 2011

Korean builder strives to become one of the world’s 100 largest construction firmsHanwha Engineering and Construction Corp. began work on the world’s largest domed arena in the Philippines on Thursday.The work for the $175 million contract, signed on Aug. 4, got underway in a ceremony attended by Ha
S. America new investment hub for Korean firms

IndustryAug 18, 2011

SK, POSCO, Hyundai Motor, LG seek resources, new markets in the regionKorea’s leading businesses are making their forays into Latin America, which has emerged as a favored destination among global investors for its growing economy, ample natural resources and robust domestic demand.SK, POSCO, Hyunda
Korean banks curb household lending

Aug 18, 2011

Commercial banks have started to reduce household lending under the policy of enhancing risk management against a possible growth in overdue loans. A client looks a details of a loan at a bank in Seoul on Thursday. (Yonhap News)Among the banks are Woori, Shinhan and the National Agricultural Coopera
Think tank unveils N. Korean court ruling ordering public execution

North KoreaAug 18, 2011

A South Korean state-run think tank on Thursday unveiled a North Korean court ruling sentencing a man to public execution, suggesting the totalitarian regime uses the punishment as part of its legal system.The Korea Institute for National Unification (KINU) said it included images of the document in
Gold brokers revel in precious metal revival

World BusinessAug 18, 2011

NEW YORK (AP) ― For what is normally a sleepy month, there are so many customers at the Gold Standard, a New York company that buys jewelry, that it feels like Christmas in August. Uncle Ben’s Pawn Shop in Cleveland has never seen a rush like this.Welcome to the new American gold rush. The price of
Kia Motors ranks 10th in China's auto market

IndustryAug 18, 2011

HONG KONG (Yonhap News) – South Korea's second-largest automaker, Kia Motors Corp., ranked 10th in terms of China's auto market share during the first seven months of this year, company officials said Thursday.Kia Motors said it sold 222,158 units of vehicles in China from January to July, up
Core wholesale inflation up most in 6 months

World BusinessAug 18, 2011

Companies paid more for wholesale goods, though inflation pressures mutedWASHINGTON (AP) ― A key measure of wholesale inflation rose in July by the most in six months.The measure, called core wholesale inflation, excludes volatile food and energy prices. It surged 0.4 percent last month.But most eco
‘Greece, Ireland, Portugal should default’

World BusinessAug 18, 2011

European politicians should let Greece, Ireland and Portugal default while taking steps to ensure Italy and Spain won’t, according to Pacific Investment Management Co.’s Neel Kashkari.“They are delaying and denying as long as possible because the medicine to actually put out this crisis tastes so ba
French, German leaders want elected eurozone chief

World BusinessAug 18, 2011

Markets cool on French, German proposals to shore up euro, including ‘economic government’BRUSSELS (AP) ― The leaders of France and Germany said Wednesday that they want the heads of the eurozone countries to elect the president of a new “economic government” who would direct regular summits to resp
‘Hallyu an asset for Korean studies’

PeopleAug 18, 2011

Prof. Sohn says language education and Korean studies must go togetherWhen Professor Sohn Ho-min started teaching at University of Hawai’i some 40 years ago, only about 30 students would sign up for its Korean classes.Meanwhile, Japanese classes were enjoying enormous popularity, having more than 1,
Hyundai Group heiress to wed next month

IndustryAug 18, 2011

Chung Ji-yi, executive vice president of Hyundai U&I and eldest daughter of Hyundai Group chairwoman Hyun Jeong-eun, is to be wed next month, industry sources said.Chung’s groom-to-be is employed at a foreign financial company in Japan and reportedly has no ties with the conglomerate community here.
Posthumous honor for ex-WHO chief Lee Jong-wook

Social affairsAug 18, 2011

The late former Director-General of the World Health Organization Lee Jong-wook received a posthumous honorary doctorate on Wednesday from Seoul National University for his contributions to the development of public health.“Lee made a tremendous contribution to the development of public health and m
Biden, Xi Jingping call for improved U.S.-China ties

World NewsAug 18, 2011

BEIJING (AP) ― Stressing the importance of personal ties, Vice President Joseph Biden sat down Thursday with his Chinese counterpart and the country’s leader-in-waiting for talks that will focus largely on U.S. economic woes.Biden was given an honor-guard welcoming ceremony before meeting Xi Jinping