The Korea Herald

Hyundai to add 4th plant in China

IndustryMay 10, 2013

Hyundai Motor is planning to construct a fourth plant in China, a company executive said on Friday, to bring the number of the carmaker’s plants to a total of seven with a combined capacity of 2.1 million cars. “We are considering a fourth plant in China with an annual production capacity of 300,000 units,” said Seol Young-heung, Hyundai Motor’s vice chairman for the company’s Chinese operations. Explaining the rationale behind the move, Seol said the Chinese auto industry is embarked on a path
Korea to get leg-up with rate cut, frontloading

May 10, 2013

Finance Ministry to speed up fiscal spending in first half
China's new loans exceed estimates in sign of growth support

IndustryMay 10, 2013

China's new local-currency loans exceeded estimates last month while money supply expanded at a faster pace, as policy makers maintained credit support for the economy after first-quarter growth unexpectedly slowed.Lending was 792.9 billion yuan ($129 billion) in April, the People's Bank of China said today in Beijing, compared with the median estimate of 755 billion yuan in a Bloomberg News survey. M2 money supply rose 16.1 percent from a year earlier, following March's 15.7 percent advance.Inf
Tech research firm to hold conference on 3rd platform

TechnologyMay 10, 2013

International Data Corporation Korea will hold its annual conference to deliver an informative overview on issues reshaping the information technology, telecommunications and consumer technology markets at InterContinental Seoul COEX on May 15.Under the theme “Unlocking Value from the 3rd Platform: New Buyers, Offerings and Competitors,” the IT Directions 2013 Conference will provide insight into the industry’s transition to the next-generation computer platform -- built on big-data, cloud, mobi
Seoul shares drop 1.75 pct on weak yen

May 10, 2013

South Korean stocks fell 1.75 percent Friday despite the central bank cutting its key interest rate this week as the weak yen dented investors' sentiment, analysts said.The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 34.7 points to finish at 1,944.75. Trading volume was low at 277.7 million shares worth 4.1 trillion won (US$3.74 billion) with losers outnumbering gainers 560 to 248.Analysts said the decline came as the yen-dollar exchan
S. Korea busy crafting measures to deal with impact of yen's fall

May 10, 2013

South Korea is busy crafting measures to deal with the impact of the continued descent of the Japanese yen against the dollar amid worries that its exporters will likely take the brunt of such currency risks, government officials said Friday.The move comes as the yen-dollar exchange rates earlier breached the 100 mark, raising concerns that the weak yen will take its toll on the South Korean economy whose companies have to compete with Japanese rivals in many areas on the global stage. The weak
Seoul shares open lower on profit-taking

May 10, 2013

South Korean stocks opened lower Friday as investors opted for profit-taking after the market closed bullish in the previous trading session following the central bank's rate cut, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 11.68 points, or 0.59 percent, to 1,967.77 in the first 15 minutes of trading.Shares lost ground across the board, with No. 1 carmaker Hyundai Motor losing 2.07 percent and market behemoth Samsung Electronics moving down 1.06 percent. Lead
Daum Q1 net slips 12.7 pct on ads, games

IndustryMay 10, 2013

Daum Communications Corp., the operator of South Korea's second-most visited portal, said Friday its first-quarter net profit fell almost 13 percent on a decline in its display advertising and game services.Net profit came to 20 billion won ($18.4 million) in the January-March period, compared with a profit of 23 billion won a year earlier, Daum said in a regulatory filing.Revenue rose 15.5 percent on-year to 119 billion won in the first quarter, while operating profit slumped 16.3 percent to 23
Lower-priced deals to strain Korean builders

IndustryMay 9, 2013

Korean construction companies are likely to be hurt by lower-priced deals they clinched in the Middle East in recent years, analysts said.The builders bagged a combined $112.5 billion worth orders in the Middle East between 2009 and 2011, according to data compiled by the International Contractors Association of Korea and financial companies.The move came as the builders sought to win orders in overseas markets following the 2008 global financial crisis that dealt a heavy blow to the local const
Korean won gains most among 30 currencies

May 9, 2013

The Korean won has gained the most to the U.S. dollar among 30 currencies of developed and developing economies in a month, putting financial authorities on alert against further appreciation of the won, industry sources said.The won strengthened nearly 5 percent as of Wednesday with the exchange rate falling below 1,100 won on increased volatility stemming from a weak yen driven by Japan’s aggressive monetary easing. Few restrictions governing foreign exchange transactions in the country are fu
[Graphic News] Asian cities top millionaire list

May 9, 2013

When it comes to populations of rich people, Asian cities are second to none. According to a list of cities with the most millionaires, multimillionaires and billionaires released by Wealth Insight, a London-based wealth consultancy company, six cities in Asia ranked in the top 10.Tokyo topped the list with 461,000 millionaires, or persons with more than $1 million in assets minus liabilities. New York and London came in second and third, respectively.Tokyo ranks at the top because of its popula
Namyang apology doesn’t go down well

IndustryMay 9, 2013

Suppliers including berated vendor demand sincerity, compensation
FSS monitors lenders over unfair practices

May 9, 2013

Financial regulators are set to crack down on irregular business practices committed by financial service companies to help prevent consumers from being bullied.The supervisory policy toward enhanced consumer protection comes after angry citizens recently criticized an employee of Namyang Dairy Products for verbally abusing a wholesaler in the manufacturing sector.The irregular practices in the financial sector include commercial banks allegedly demanding unreasonable conditions in loan issuance
6m stores to join boycott

May 9, 2013

The nationwide rage against Namyang Dairy Products Co., which allegedly strong-armed distributors into ordering more products, reached new heights on Thursday, as millions of independent store owners vowed to join an ongoing boycott against one of the country’s largest dairy producers.More than 150 associations of pro-small business activists and independent store owners called on Namyang to fully compensate for the “material and emotional damage it caused to the victims.” They added that some s
French chamber launches Business Women’s Club

IndustryMay 9, 2013

The French Korean Chamber of Commerce and Industry launched a Business Women’s Club in a bid to promote women’s role in the workforce through discussions to improve the work-life balance for women in Korea.FKCCI board directors Jenny Kim, a tax attorney at law firm Kim & Chang, and celebrity and businesswoman Ida Daussy launched the club which will be open to all businesswomen in Korea including those working for foreign companies.“The rate of female executives is very high among French companie