The Korea Herald

Lotte Mart to expand China business

IndustryAug 16, 2011

HONG KONG (Yonhap News) ― Lotte Mart Co., South Korea’s third-largest discount chain store, said Tuesday it will expand its China business by 2018 in an effort to boost its presence in China’s fast-growing retail sector. The chain, run by South Korea’s largest retail conglomerate Lotte Group, said i
Korea Finance head offers to resign over Hynix sale

Aug 16, 2011

The head of policy lender Korea Finance Corp. offered to resign on Tuesday, taking responsibility for an uproar over the conditions of Hynix Semiconductor Inc.’s sale.Early last month, top mobile carrier SK Telecom and shipbuilding conglomerate STX Group submitted preliminary bids for a 15 percent s
Seoul to widen supply of Chuseok food items

Aug 16, 2011

Seoul plans to widen the supply of fruit, fish and fresh harvest products in the two weeks prior to Chuseok to control prices rising fast due to the long rainy spell, the Agriculture Ministry said. It will select 15 staple food items and allocate them evenly at major retailers and wholesale market p
Analysts forecast quick stock recovery

Aug 16, 2011

A group of analysts have predicted that the stock market, hit by the fiscal woes in Europe and the United States, will stabilize in the near future.They shared the opinion that the possibility of the U.S. economy falling into a double-dip recession is not so high.“Though the U.S. will experience a s
BC, banks team up to fight Visa

IndustryAug 16, 2011

BC Card Co. and its 11 partner banks have agreed to join hands in protest against the “anti-market policy” of Visa, the Korean company said Tuesday. A consultative body, headed by a BC executive, expressed deep regret in a statement that Visa has fined BC unilaterally for refusing to use its global
KOSPI posts biggest daily rally in 2 years

Aug 16, 2011

Local currency strengthens 0.79% to 1,070 against dollarSeoul shares took a dramatic upturn Tuesday, rising 4.83 percent to close at 1,879.87 as foreign investors buoyed by overnight gains in the U.S. turned into net buyers for the first time in 10 days. It is the biggest daily jump the benchmark KO
Korea logs trade surplus for 18th month

Aug 16, 2011

South Korea posted a trade surplus for the 18th straight month in July, fueled by strong exports of petroleum products, ships and automobiles, the customs office said Tuesday.The trade surplus came to $6.3 billion last month, up from $2.8 billion reported a month earlier, according to data by the Ko
Hyundai, Kia models named best low-cost cars to own in Australia

IndustryAug 16, 2011

Cars made by Hyundai Motor Co. and its affiliate Kia Motors Corp. have been rated as the best low-cost ownership models in Australia, raising hopes for stronger sales down the road, industry sources said Tuesday.Hyundai’s i30 hatchback family car and Starex van and Kia’s Sportage R compact sport uti
Scam fears for SNS dating

TechnologyAug 16, 2011

Some abuse dating websites as more singles flock online to find loveA 34-year-old company secretary recently kicked up a ruckus when she posted a question on a website where women chat about their love lives. The woman, who used an alias to tell of her predicament, said she had met a guy a few month
‘Consensus needed for delay of retirement age’

Social affairsAug 16, 2011

Faced with a rapidly growing population of seniors, many countries in the West have opted for a significant delay in, or an outright abolishment of, compulsory retirement based on age.Calls are growing here that Korea should follow suit to ensure a soft landing from the retirement of 7.12 million ba
Forum on smart aging set for September

Social affairsAug 16, 2011

Five government ministries and agencies will jointly organize a global forum on aging next month, which officials hope will provide a platform for information exchange and discussion on policy options for the baby boomer generation.The Global Symposium on Smart Aging will open on Sept. 1 at KINTEX,
Ensuring a soft landing for baby boomers

Social affairsAug 16, 2011

Experts advise retirement reform, efforts to create jobs for seniorsTo mark the 58th anniversary of its establishment on Aug. 15, The Korea Herald has published a series of articles on the looming retirement of Korean baby boomers and its socioeconomic impact on the nation. The following is the last
Buffett calls for more taxes on ‘mega-rich’

World BusinessAug 16, 2011

NEW YORK (AP) ― Billionaire investor Warren Buffett is calling on the “mega-rich” to pay more in taxes.Buffett said Monday in a New York Times opinion piece that he would immediately raise rates on households with taxable income of more than $1 million, and he would add an additional increase for th
Lee tapped to head new port authority

IndustryAug 16, 2011

Lee Sang-jo, president of the Korea Container Terminal Authority, has been selected as new chief of the Yeosu-Gwangyang Port Authority, the government said Sunday. Lee Sang-joThe Ministry of Finance and the Ministry of Land, Transport and Maritime Affairs reviewed three applicants for the post and p
Korea heads for Homeless WC

Social affairsAug 16, 2011

The World Cup is not just for national players. It can be a stage where homeless men around the world gather to compete and reinvigorate themselves.The South Korean team of eight homeless men will head to Paris on Thursday to participate in the 2011 Homeless World Cup, the international event that a