The Korea Herald

KOMIPO offers light of hope in Indonesia

Jul 31, 2013

Korea Midland Power Co., a state-run power supplier, and Friends, an international non-profit organization, conducted charitable events for the people of Waingapu, the largest town on Sumba island, East Nusa Tenggara, Indonesia. KOMIPO CEO Choi Pyeong-rak and Friends group chairman Kim Eun-ho donated 440 semi-permanent solar rechargeable LED lanterns and provided volunteer medical services through the week of July 20-27.Sumba island is an underdeveloped region with only 5-15 percent of its elect
Seoul shares down 0.16 pct on U.S. policy woes

Jul 31, 2013

South Korean stocks closed 0.16 percent lower Wednesday as market uncertainties grew before the release of minutes from this week's Federal Reserve policy meeting, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.02 points to close at 1,914.03. Trading volume was moderate at 379.3 million shares worth 4.02 trillion won ($3.58 billion), with gainers outpacing losers 468 to 343.Analysts said Seoul shares traded lower as investors continued to take a wait-and-see approac
Regulator to impose new capital rules on bank holding firms

Jul 31, 2013

Bank holding companies in South Korea will be required to comply with revised global capital rules from December as part of efforts to beef up their financial health in line with international standards, the financial regulator said Wednesday.The Financial Services Commission (FSC), the country's top financial regulator, will impose the Basel III capital requirements on local bank holding firms as of Dec. 1, according to the watchdog. The Basel III refers to a set of the latest regulatory rules
Broadway's 'Spider-Man' musical seeks a new hero

Jul 31, 2013

The hit Broadway musical “Spider-Man: Turn Off the Dark” is losing its longtime superhero but producers are holding open casting calls for anyone who wants to don the red and blue suit.Reeve Carney, who has been playing the musical's title character and his alter ego Peter Parker since the show began previews in late 2010, will leave Sept. 15 and two casting calls will be held next month to find his replacement, as well as a future actress to play Mary Jane.The casting calls will be in New York
Seoul shares down 0.15 pct in late morning trade

Jul 31, 2013

South Korean stocks traded 0.15 percent lower late Wednesday morning, led by losses in techs and carmakers.The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.91 points to 1,914.14 as of 11:20 a.m.Tech shares continued to trade lower, with Samsung Electronics falling 0.62 percent and LG Electronics losing 0.55 percent.Samsung SDI, a local plasma display panel maker, decreased 0.6 percent.Hyundai Motor, the country's top carmaker, lost 1.26 percent and its auto parts affiliate Hyundai
Seoul shares open lower ahead of economic data releases

Jul 31, 2013

South Korean stocks opened a tad lower Wednesday as investors took a wait-and-see approach on advanced countries' July economic data slated to be announced this week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.81 points, or 0.15 percent, to 1,914.24 in the first 15 minutes of trading.Tech shares traded lower, with market behemoth Samsung Electronics falling 0.31 percent and its domestic rival LG Electronics losing 0.41 percent. Flat panel maker LG Display shed 0
KONEX posts sluggish growth since launch: data

Jul 31, 2013

South Korea's new venture-driven stock market has posted stagnant growth since its launch earlier this month, data showed Wednesday, as its low trading volume has dented investors' sentiment.The Korea New Exchange (KONEX) market saw its market capitalization reach 497.3 billion won ($446.6 million) Tuesday, a tad higher than 468.8 billion won tallied on July 1, the Korea Exchange (KRX) data showed.The KONEX market was officially launched earlier this month to foster the growth of young venture f
Woori Finance's sale value estimated at 5.4 tln won: regulator

Jul 31, 2013

The deal to sell state-run Woori Finance Holdings Co. is estimated to fetch at least 5.42 trillion won ($4.85 billion), the financial regulator said Wednesday, amid the government's push to wrap up the long-pending privatization of the banking giant. The Financial Services Commission (FSC), the country's top financial regulator in charge of the Woori sale, said the estimated value has grown by 1.9 trillion won from the figure it came up with a year earlier. The latest sale value was estimated ba
Savings banks' net losses nearly halve in 2012

Jul 31, 2013

South Korean savings banks saw their net losses nearly halve in fiscal 2012 from a year earlier, as they reduced loss reserves upon the stringent restructuring after a whirl of bankruptcies, the financial regulator said Wednesday. The combined net loss of 91 savings banks here came in at 880.3 billion won ($791.9 million) between July 2012 and June this year, down 45.9 percent from the 1.7 trillion-won net loss logged in the previous fiscal year, according to the Financial Supervisory Service (F
Firms urge normalization of Gaeseong industrial complex

IndustryJul 30, 2013

Representatives from more than 100 South Korean companies running factories in the Gaeseong industrial complex Tuesday urged the South and North Korean governments to resume talks for an early normalization of the factory park.At the end of a hurriedly-convened meeting in Yeouido, central Seoul, the companies also called on South and North Korea to allow them to dispatch their factory managers to the industrial park to check on the production facilities.The statement came a day after the South K
Debates loom over how to handle digital legacy

TechnologyJul 30, 2013

As South Koreans are generating more digital footprints thanks to the country’s powerful digital infrastructure, managing one’s online legacy following death is becoming a thorny issue for family members and online service providers. Digital legacy refers to personal data including texts, pictures and video clips that a user leaves behind in cyberspace. “We remove a deceased user’s ID on request of a bereaved family but the surviving members cannot access other personal data including passwords,
Woori Financial to kick off brokerage unit sale

Jul 30, 2013

The state-funded Woori Financial Group will convene a board of directors’ meeting on Wednesday to support policymakers’ plan to sell Woori Investment & Securities.After the board meeting, the nation’s largest financial group ― which holds a 38.85 percent stake in Woori Investment ― is scheduled to make an official announcement in August on the sale of the stock brokerage unit.Though the government has the authority to sell Woori Bank and provincial lenders, the brokerage unit sale is to be initi
Korea’s current account surplus hits record

Jul 30, 2013

Korea maintained a current account surplus for 17 straight months in June, and hit a record high for the first half of this year, the Bank of Korea reported on Tuesday.The current account, the broadest measure of trade, recorded a surplus of $7.24 billion in June.Although June’s surplus was less than the $8.64 billion from the previous month, Korea managed to maintain a positive streak thanks to brisk exports of IT and electronic products.Exports to Korea’s top trading partners such as China, th
Public enterprises to increase investment in second half

Jul 30, 2013

Korea’s state-owned enterprises plan to increase investments of about 510 billion won ($458.5 million) for infrastructure and energy development projects in the second half of this year, the government said Tuesday.The 14 public enterprises are budgeted to spend 53.4 trillion won this year, including 1 trillion won allocated from supplementary spending.Public enterprises invested about 40 percent of the 1 trillion won in the first half of this year.The increase in public investment comes as the
Hanwha Life’s child insurance gains popularity

BusinessJul 30, 2013

Hanwha Life Insurance Co. is celebrating the rise in popularity of its new lifelong insurance that is selling at record speed.Launched in April, Hanwha sold about 25,000 “Mom to Mom Child Insurance” plans in the first two months, which is an unusually high sales record for child insurance here. “Typical child insurance expires before kids reach 30, and they must extend the contract or get new health insurance as adults,” a Hanwha Life Insurance official said.“But it can be difficult for people w