The Korea Herald

[Power Korea] KEB, living witness to ‘Miracle of Hangang River’

BusinessJul 11, 2013

Tracking the history of Korea Exchange Bank is much like scavenging through Korea’s modern economic history following the 1950-1953 Korean War. Established in 1967, KEB has contributed to the nation’s banking industry as one of the oldest banks. The bank, well known for its specialized foreign exchange marketing and corporate banking, started its second takeoff in 2012 after it was acquired by Hana Financial Group to become a sister bank of Hana Bank. Entering the 1960s, the Korean government wa
[Power Korea] Hana Financial Group eyes emerging markets

Jul 11, 2013

Fast-growing group sets trends in local market, pursues aggressive global expansion
Drone heralds new era of warfare

TechnologyJul 11, 2013

ABOARD THE USS GEORGE H.W. BUSH (AP) ― The Navy successfully landed a drone the size of a fighter jet aboard an aircraft carrier for the first time Wednesday, showcasing the military’s capability to have a computer program perform one of the most difficult tasks that a pilot is asked to do.The landing of the X-47B experimental aircraft means the Navy can move forward with its plans to develop another unmanned aircraft that will join the fleet alongside traditional airplanes to provide around-the
Park urges drastic regulatory reforms to boost economy

Jul 11, 2013

President Park Geun-hye urged her economy-related ministers to zero in on drastically reforming Korea’s regulatory system to boost business confidence and investment amid an uncertain outlook for the global economy.In a trade and investment promotion meeting presided over by the president at Cheong Wa Dae on Thursday, Park also called on regional governments and offices to work with the central government and businesses to improve the country’s investment environment.“The key point (of regulator
Seoul shares spike 3% on Bernanke remarks

Jul 11, 2013

South Korean stocks shot up nearly 3 percent Thursday as U.S. Federal Reserve Chairman Ben Bernanke's dovish comments backing the monetary easing fueled investor sentiment, analysts said. The local currency gained sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 53.44 points, or 2.93 percent, to finish at 1,877.60, the highest in 16 trading days. Trading volume was moderate at 327.3 million shares worth 3.93 trillion won (US$3.48 billion) with gaine
Seoul shares up 2.14 pct in late-morning trade

Jul 11, 2013

South Korean stocks traded 2.14 percent higher late Thursday morning, as blue-chip tech firms and steelmakers widened gains, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 38.98 points to 1,863.14 as of 11:20 a.m.Top-cap tech heavyweight Samsung Electronics surged 3.5 percent and Hyundai Steel hiked nearly 5 percent. In contrast, large-cap insurers traded in negative territory, with Samsung Life Insurance losing 0.5 percent. The local currency was changing hands a
BOK revises up 2013 growth outlook to 2.8%

Jul 11, 2013

South Korea's central bank on Thursday raised its economic growth forecast for this year to 2.8 percent from its earlier estimate of 2.6 percent as the local economy is improving, aided by fiscal and monetary stimulus. The forecast by the Bank of Korea (BOK) is higher than the government's revised growth forecast of 2.7 percent for this year. The central bank's 2014 growth projection was revised up to 4 percent from the 3.8 percent estimate made in April.The BOK's outlook revision comes as its
Banks required to beef up network systems

TechnologyJul 11, 2013

The financial regulator said Thursday it will require banks to build a two-pronged network system in a bid to avert cyber attacks after a series of online hackings into some of their websites. The Financial Services Commission (FSC), the country's top financial watchdog, said it plans to have large banks separate their network systems into two partitions -- one for internal use and the other for online use -- by next year. Under the measures, banks must split their main operating system first in
BOK freezes rate at 2.5%

Jul 11, 2013

Central bank ups 2013 economic forecast to 2.8% on global recovery
Seoul shares open higher on Bernanke remarks

Jul 11, 2013

South Korean stocks opened sharply higher Thursday, cheered by U.S. Federal Reserve Chairman Ben Bernanke's comments in support of its easy-money policy, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 24.62 points, or 1.35 percent, to 1,848.78 in the first 15 minutes of trading. Large-cap exporters pushed up the index, with market behemoth Samsung Electronics soaring 2.5 percent and steelmaker POSCO shooting up nearly 3 percent. Bernanke assuaged prevailing market
Automatic throttle faulty in crash: pilot

IndustryJul 10, 2013

A pilot’s latest testimony indicated that a mechanical problem could be to blame for the Boeing 777 passenger jet’s crash landing in San Francisco over the weekend that killed two passengers and injured 180 others on board. According to a briefing by the U.S. National Transportation Safety Board on Tuesday (Washington time), the captain of the Asiana Airlines flight told NTSB investigators that the automatic throttle system was not maintaining the speed at which he had thought it was programmed.
[Graphic News] Global smartphone shipments

Jul 10, 2013

Global shipments of high-end smartphones priced at $300 or above are likely to suffer a slowdown in the coming years, according to a report released by Hi Investment & Securities on Wednesday.
[Newsmaker] Sohn leaves KCCI to rescue CJ Group

IndustryJul 10, 2013

Korea Chamber of Commerce and Industry chairman Sohn Kyung-shik, who is also co-chairman of CJ Group, officially resigned from his KCCI post on Tuesday, explaining that he could no longer carry on have chairmanship duties due to his extensive involvement in CJ Group’s crisis-management committee. Since CJ Group chairman Lee Jay-hyun’s arrest on July 1 for allegations of embezzlement and tax evasion, Sohn ― who is Lee’s uncle on his mother’s side ― has led Korea’s largest food and entertainment c
Asiana may be kept in dark: sources

IndustryJul 10, 2013

U.S. aviation safety authorities in friction with Korean airliner
Korea to increase tax benefits for social service providers

Jul 10, 2013

Deputy Prime Minister and Finance Minister Hyun Oh-seok said Wednesday that the government will consider expanding tax benefits and policy financing to small and medium businesses operating in the social services sector.In an economic-related meeting, Hyun said that the social services sector will contribute to job growth as demand for social services such as child care and nursing for senior citizens is expected to grow.Korea aims to introduce measures to boost the sector’s value addition by fu