The Korea Herald

End of fuel discount raises tension among refiners

IndustryJul 5, 2011

A banner advertising a 100-won discount per liter on fuel is seen at a gas station in Seoul on Sunday, three days before the scheduled end of the discount period. (Yonhap News)Tension among refiners is flaring up again with the government pressuring them to bring fuel prices back to normal rates in stages.Under pressure from the government, local refiners lowered the pump price of motor fuel by 10
Korea to foster indium, lithium exploration

Jul 5, 2011

Korea will crank up its push for exploit indium and lithium around the world by facilitating local companies’ direct investment into the two scarce metals by law, the government said Tuesday.The Ministry of Knowledge Economy said it plans to place indium, a key element of liquid crystal displays and touch-screens, on a list of 49 foreign rare metals. Lithium, used in aircraft and electric car batt
Sales forecast for KOSPI-listed firms drops

Jul 5, 2011

Revised estimate comes after reduction in government’s growth projectionThe average level of revenue KOSPI-listed firms are expected to generate in the second half of the year dropped, stock analysis said Tuesday, raising concerns over a slower economic growth on weaker consumption and waning exports.The estimation of operating profits for 115 listed companies on KOSPI for the July-December period
Foreigners sell local stocks for 2nd month

Jul 5, 2011

Foreign investors continued to offload South Korean shares for a second consecutive month in June amid jitters over the eurozone debt crisis and other economic uncertainties, the financial regulator said Tuesday.Overseas investors sold a net 918.6 billion won ($863.8 million) of local equities in June, after selling a net 2.8 trillion won in the previous month, according to the Financial Superviso
Watchdog approves merger between 2 liquor giants

Jul 5, 2011

South Korea's antitrust watchdog on Tuesday approved the merger between Hite Brewery Co. and Jinro Co., saying the liquor giants' business consolidation will not hamper market competition. Hite Brewery is the country's dominant beer maker, and Jinro is the leader in the market of soju, a Korean distilled beverage made from rice and other starches. Jinro was taken over by Hite Brewery in 2005.
GM Korea unionists go on partial strike

Jul 5, 2011

Union workers at GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., staged a partial strike on Tuesday after wage negotiations with management broke down, the carmaker said. Unionized employees at the company's Incheon, Gunsan and Changwon factories stopped work for about three hours from 1:50 p.m., after holding a similar work stoppage the previous day, GM Korea said. G
Imported auto sales jump 17.5% in June

Jul 5, 2011

Sales of imported vehicles in Korea surged 17.5 percent last month from a year earlier, helped by aggressive marketing strategies by local car dealers, a trade association said Tuesday.A total of 8,964 imported vehicles were sold here in June, compared with 7,629 units sold a year earlier, according to the Korea Automobile Importers and Distributors Association.Sales in June also represented a 2.1
Sonata hybrid No. 2 best seller in U.S.

Jul 5, 2011

The hybrid version of the Sonata sedan, made by Korea’s leading carmaker Hyundai Motor Co., ranked as the second best seller in the U.S. hybrid car market in June, industry sources said Tuesday.Sales data from Hyundai and U.S.-based automotive media showed the Sonata’s sales reached 1,422 last month compared to 4,340 for the Prius, which has effectively dominated the global hybrid car market since
’Non-tariff barriers still limit Korea’s energy sectors’

Jul 5, 2011

Alstom Korea CEOBarry HoweThe Korea-EU Free Trade Agreement will benefit Korean and European firms in the energy sector, but many non-tariff barriers still limit market access, president of Alstom Korea Barry Howe said.“The FTA will obviously benefit countries because it brings down tariff barriers, so what is imported should be at a lower cost, no matter which way it is going, but in my own indus
EU trade pact to boost Korean manufacturing

Jul 5, 2011

With the Korea-EU Free Trade Agreement now in effect, Korea’s manufacturing sector is set for a significant rise in exports to the region.The pact, formally signed in October, went into effect on July 1. As a result, tariffs placed on 11,261 items produced in Korea and 9,842 items produced in the EU will be removed over seven years.According to a report compiled by 10 think-tanks, including the Ko
KB Financial seeking to buy a life insurer

Jul 5, 2011

KB Financial Group chairman Euh Yoon-dae speaks at a press conference in Seoul on Tuesday to mark the first anniversary of his inauguration as head of the financial group. (Yonhap News)Chairman says group is interested in Woori’s brokerage unitKB Financial Group wants to take over a life insurance company in its efforts to push for M&As in the non-banking sector, its chairman said on Tuesday.Chair
Banks forecast to tighten mortgage lending in Q3

Jul 5, 2011

Korean banks are expected to tighten their grip on home-backed lending in the third quarter as the regulator’s move to curb rising household debt will lead them to be wary of extending mortgage loans, the central bank said Tuesday.An index gauging lender attitudes on mortgage loans came in at zero for the July-September period, compared with 6 tallied in the second quarter, according to a survey o
Korea’s real wages drop on inflation in Q1

Jul 5, 2011

Koreans’ real wages contracted for the first time in 18 months in the first quarter as income gains remained stagnant amid high inflation, data showed Tuesday.Korean workers’ real wages reached 2.36 million won ($2,222.3) in the January-March period, down 4.08 percent from the previous year, according to the data compiled by the labor ministry and the state-run statistics agency.The real wage, the
Top chaebol see affiliates mushroom

Jul 5, 2011

The number of affiliates of South Korea’s 15 largest chaebol has increased about 65 percent over the past four years, as the family-run conglomerates have aggressively expanded their territory in the construction and real estate industries, a report showed Tuesday. Companies affiliated with the top 15 conglomerates numbered 778 as of April, jumping from 306 four years ago, according to the report
LG Uplus on 4G fast track

IndustryJul 5, 2011

Mobile carrier aims for 10 million subscribers to take first place by 2014LG Uplus is out to grab the No. 1 slot in the nation’s telecommunications market with its launch of fourth-generation network services early this month.“This is the new beginning. It will mark the beginning of a new world that will be completely different from yesterday’s world,” Lee Sang-chul, vice chairman and CEO of LG Up