The Korea Herald

Antitrust regulator probes refineries

IndustryJan 20, 2011

Move prompted by Lee’s comments on oil pricesThe antitrust regulator is investigating four major oil refiners for possible price rigging and cartel activities, sources said Thursday.The probe comes amid growing government pressure on them over surging fuel prices. The Fair Trade Commission this week conducted on-site investigations of GS Caltex, S-Oil, Hyundai Oil Bank and SK Energy to see if ther
FSC fails to reduce burden on taxpayers

Jan 20, 2011

Financial groups may avoid taking on bad assets of savings banksThe government-led restructuring of savings banks may end up injecting a sizable amount of taxpayers’ money into troubled secondary financial institutions, industry watchers said. The Financial Supervisory Commission is in talks with potential investors including Woori Financial Group to arrange a sweeping rescue scheme for distressed
U.S.-China tensions may grow again

WorldJan 20, 2011

WASHINGTON (AP) ― Despite the pomp, pageantry and vows of cooperation, tensions between the United States and China are likely to grow, not shrink, after President Barack Obama’s summit meeting with Chinese President Hu Jintao.While the United States struggles with near-chronic unemployment and a continuing housing crisis, China was the first major economy to power out of the global downturn and r
Korea mulls easing rules for hedge funds

Jan 20, 2011

Korea’s financial regulator is considering loosening regulations over private equity funds, a move that may open the gates to local hedge funds. The country’s tight limits on short-selling leverage rates and types of assets allowed for investment have constrained local funds’ growth and investment targets.“The Financial Services Commission is seeking to revise the capital market law by the end of
Seoul stocks down on profit-taking

Jan 20, 2011

Korean stocks ended 0.43 percent lower on Thursday on profit-taking and worries over China’s further monetary tightening, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) declined 9.03 percent to 2,106.66, retreating from an all-time high of 2,115.69 a day earlier. Trading volume was moderate at 328.8 million shares worth 6.4
Liquidity feared to push up inflation

Jan 20, 2011

Liquidity provided by Korean financial firms reached almost 2,000 trillion won ($1.79 trillion) in November, central bank data showed Thursday, adding to growing risks of higher inflation.The country’s liquidity provided by local depository agencies totaled 1,982 trillion won in November, up 7.7 percent from the previous year, according to data from the Bank of Korea. To fight the global financial
Korea, Egypt seek oil, nuke power partnership

Jan 20, 2011

Korea will beef up cooperation with Egypt in oil, nuclear power plants and many other areas as part of efforts to enhance its economic ties with the fast-growing African country, Seoul’s top economic policymaker said Thursday.The remarks were made by Finance Minister Yoon Jeung-hyun in his meeting with his Egyptian counterpart Boutros Ghali in Cairo.The visit is part of his first overseas tour, wh
Korea‘s technology level 5.4 years behind U.S.'

IndustryJan 20, 2011

Korea’s technology level in 95 key areas is 5.4 years behind that of the United States, a government report showed Thursday.The report by the Ministry of Education, Science and Technology showed the country‘s technological prowess standing at 60.2 percent of so-called ultimate technology, or the highest possible technological level that can be reached at present with 100 percent being the highest
Mobile payments coming to Starbucks

IndustryJan 20, 2011

WASHINGTON (AFP) ― U.S. coffee chain Starbucks on Wednesday began allowing customers in its U.S. stores to keep their cash and credit cards in their wallets and pay for their drinks with mobile phones.Starbucks said the mobile payment system, which has been tested in selected cities since last year, was being expanded to the nearly 6,800 Starbucks around the country and the more than 1,000 Starbuc
China shrugs off moves to cap inflation

Jan 20, 2011

Nation's economy grew 10% in 2010, spurred by surging investmentSHANGHAI (AP) ― By the usual measures, the world’s second largest economy is doing just fine: China’s growth this year looks likely to slow only slightly. Prices appear to be moderating and shops are packed as families stock up on food and clothes for Lunar New Year festivities.But despite the upbeat holiday mood, China is struggling
House votes to repeal Obamacare

InternationalJan 20, 2011

WASHINGTON (AP) ― Republicans in the House of Representatives fulfilled a campaign promise, casting a largely symbolic vote to repeal President Barack Obama’s health care overhaul. The measure was sure to die in the Democratic-controlled Senate and faced a certain veto if it should reach the president’s desk.Nevertheless, the Wednesday vote in the House, newly under Republican control, signaled th
Tunisian leader vows ‘break’ with old regime

InternationalJan 20, 2011

Interim president promises amnesty for political prisoners and media freedomTUNIS (AFP) ― Tunisia’s interim president Wednesday promised a “total break” with the past and hailed “a revolution of dignity and liberty,” as prosecutors opened a vast inquiry against the previous leader.Investigators will look into the extensive domestic and foreign assets held by former president Zine El Abidine Ben Al
Haiti’s ‘Baby Doc’ hopes to run for presidency

InternationalJan 20, 2011

Duvalier's lawyer protests against legal moves, saying statute of limitation expiredPORT-AU-PRINCE (AFP) ― More than two decades after being ousted from power, ex-dictator Jean-Claude “Baby Doc” Duvalier aims to profit from Haiti’s turmoil to recapture the presidency, an aide said Wednesday.The news came as Duvalier’s lawyer confirmed the former leader, who returned from exile amid political uphea
Tell-tale letdown: Mystery Poe visitor fails to return

BooksJan 20, 2011

BALTIMORE (AP) ― Telltale hearts beat with anticipation during a rainy, midnight dreary and beyond, hoping the mysterious visitor to Edgar Allan Poe’s grave would return after a one-year absence.Four impostors came and went. The real one never showed. Around 5 a.m., the dozen Poe fans who were left began to wonder if the eerie ritual is indeed nevermore, so they walked to Poe’s tombstone and perfo
Anne Hathaway to play Catwoman in Batman movie

FilmJan 20, 2011

LOS ANGELES (AP) ― Anne Hathaway has clawed her way into the latest Batman movie, nabbing the role of Selina Kyle and her alter ego, Catwoman.Warner Bros. announced the casting Wednesday for Christopher Nolan’s latest film in the superhero saga, “The Dark Knight Rises.” Hathaway will appear opposite Christian Bale, who is returning as Bruce Wayne and Batman. Anne Hathaway. (AP-Yonhap News)The stud