The Korea Herald

Firms may rethink U.S. biz strategies

Aug 10, 2011

Companies looking for signs of prolonged recession in Europe, U.S.Large Korean companies struggled to appear unfazed but many, especially those dependent on overseas sales, seemed to be rethinking their business strategies in the aftermath of a financial shock stemming from the U.S.Hyundai Motor is
Ministry upping price pressure on refiners

IndustryAug 10, 2011

The government is stepping up pressure on local refiners to lower fuel prices as it recently demanded they disclose their supply prices to individual gas stations. Industry sources said Wednesday that the Ministry of Knowledge Economy has been analyzing the accounting records of some 180 gas station
Hyundai to develop compact battery powered cars in 2014

IndustryAug 10, 2011

Korean automakers have set out to develop midsized electric vehicles in a government project to roll out cheaper, eco-friendly and better-performing cars in 2014.A consortium led by Hyundai Motor Co., the country’s top car manufacturer, has signed a deal with the Ministry of Knowledge Economy to est
Milk crisis looms amid stalled price talks

IndustryAug 10, 2011

Dairy farmers halted the raw milk supply again on Wednesday, with price talks stalled without agreement. Industry sources predicted that a milk crisis is imminent, saying that current milk reserves would reach their limits within one or two days. Representatives of the government, milk manufacturers
Neowiz Games’ earnings hit record

IndustryAug 10, 2011

Neowiz Games Corp., a Korean online game publisher, again broke its highest quarterly earnings record in the second quarter, recording 167.7 billion won ($155.26 million) in sales, up 13 percent from last quarter.The company also posted 26.3 billion won in operating profit and 13.4 billion won in ne
Shinhan targets younger customers

Aug 10, 2011

Shinhan Bank, under the customer-oriented management policies of CEO Suh Jin-won, has been diversifying its financial products.The commercial bank’s couple-customized products offer higher interest rates to those who register as couples through the lender’s smartphone application.Shinhan has release
Online associations protest Apple’s in-app purchase fees

IndustryAug 10, 2011

Industrial action has been taken against Apple Inc.’s in-app purchase policy, with groups in Korea protesting the procedure which mandates customers and mobile app developers use its payment tool at its App Store.The Korea Internet Corporations Association, joined by the Korea Mobile Internet Busine
KEB’s Q2 net jumps more than eightfold

Aug 10, 2011

Korea Exchange Bank, South Korea’s No. 5 lender, said Wednesday that its second-quarter earnings jumped more than eight times from a year earlier on a one-off profit from the sale of a stake in a local builder and improved interest margins.Net income amounted to 1.13 trillion won ($1.05 billion) in
Money supply growth hits 7-year low

Aug 10, 2011

South Korea’s money supply grew at the slowest pace in more than seven years in June as liquidity offered by the government decreased despite brisk bank lending, the central bank said Wednesday.The country’s M2, a narrow measure of its money supply, reached 1,697.2 trillion won ($1.57 trillion) in J
Baby boomers reliant on state pension plan

IndustryAug 10, 2011

Experts call for more aggressive pension managementTo mark the 58th anniversary of its establishment on Aug. 15, The Korea Herald is publishing a series of articles on the looming retirement of Korean baby boomers and its socioeconomic impact on the nation. The following is the fourth of the eight-p
Baby boomers looking to diversify real estate-heavy retirement savings

Aug 10, 2011

For Korea’s baby boomer generation, post-retirement plans usually revolve around real estate investments. But this longstanding strategy, which relied solely on a continuously booming housing market, is being reconsidered as apartment prices remain in a protracted slump. Baby boomers here, many
China’s trade surplus surges to $31.5b

IndustryAug 10, 2011

China’s trade surplus surged to $31.5 billion in July, the highest level in more than two years, as exports rose to a record level. Outbound shipments climbed 20.4 percent from a year earlier, compared with the 17 percent median forecast in a Bloomberg News survey of 25 economists. Imports climbed 2
Apple world’s most valuable U.S. firm

IndustryAug 10, 2011

NEW YORK (AP) ― Apple briefly surpassed Exxon Mobil on Tuesday as the nation’s most valuable company.The iPhone and iPad maker had the lead for much of the afternoon before its stock closed just behind Exxon’s. The two companies are so close that Apple is likely to keep the top spot soon.Apple Inc.’
Spain rejects need for rescue, bonds strengthen

World BusinessAug 10, 2011

MADRID (AFP) ― Spain rejected outright Tuesday any need for a rescue to avert a sovereign debt crisis even as European Central Bank intervention halted a market attack on its bonds.Fears that the major European economies of Spain and Italy could be the next dominoes of a widening eurozone debt crisi
Regulator sues Goldman over risky mortgages

World BusinessAug 10, 2011

LOS ANGELES (AP) ― The U.S. regulator of credit unions on Tuesday sued Goldman Sachs & Co. for more than $491 million in damages over losses incurred by two failed credit unions that purchased mortgage-backed securities underwritten by the investment bank.The complaint filed by the National Credit U