The Korea Herald

Ex-STX vice chairman named City Airport CEO

Mar 29, 2013

Lee Jong-cheol, 60, the former vice chairman of STX Group, the nation’s fourth-largest shipbuilder, was named as CEO of City Airport, Logis & Travel, the Korea International Trade Association said Friday.Lee joined Pumyang Ocean Shipping, the former body of STX PanOcean, in 1979 and rose to the vice chairman post of the group in 2004. He also served as chairman of the Korean Rowing Association and the Korea Shipowners’ Association.“CALT has been seeking to cut down on the logistics costs for sma
Shares gain on stimulus plan

Mar 29, 2013

South Korean stocks rose 0.57 percent Friday as investors were buoyed by the government’s economic stimulus plan, including a possible extra budget, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 11.37 points to close at 2,004.89. Trading volume was moderate at 333.5 million shares worth 3.43 trillion won ($3.08 billion) with gainers outnumbering decliners 528 to 280. “The fact that the government has also decided to p
Renault Samsung inks MOU for electric cars

CompaniesMar 29, 2013

Renault Samsung Motors Co., the South Korean unit of French automaker Renault S.A., said Friday that it has signed a memorandum of understanding with the country’s Environment Ministry and six other companies to promote the use of electric cars.Under the deal, Renault Samsung will develop an electric car and sell it below 45 million won. The Environment Ministry, in return, will provide subsidies to companies and public offices that buy electric cars.Renault Samsung and the government will work
Sale of STX’s shipping unit ruptures

IndustryMar 29, 2013

The sale of STX Pan Ocean Co. fell through on Friday as no potential bidders expressed their interest in South Korea’s leading bulk carrier, raising the possibility that the shipping line may be taken over by a state-run policy lender.According to industry sources, no potential bidders have submitted letters of intent for STX Pan Ocean as of Friday.South Korean shipbuilding and shipping conglomerate STX has been seeking to sell its key affiliate STX Pan Ocean as part of efforts to improve its fi
Shinhan backs compassionate finance

BusinessMar 29, 2013

When Han Dong-woo took office as chairman of Shinhan Financial Group two years ago, his main concern was how to turn the company into one with sustainable growth in the global financial industry characterized by firms’ fast rises and falls.He found the answer by setting humanitarian finance as its core business philosophy and “planting the DNA of compassionate finance” into Shinhan employees.He created the slogan “compassionate finance,” meaning warm, customer-based professionalism in finance, t
Korea launches debt relief fund

Mar 29, 2013

The Park Geun-hye government launched Friday a state fund aimed at rescheduling heavy borrowers’ debt programs to help them out of debt.Prime Minister Chung Hong-won and financial leaders including Financial Services Commission chairman Shin Je-yoon and Financial Supervisory Service Gov. Choi Soo-hyun attended the launch held at the state-run debt monitoring agency Korea Asset Management Co. in Seoul.The establishment of the “National Happiness Fund” was one of Park’s core election pledges made
ITC’s initial ruling in favor of Apple

IndustryMar 29, 2013

The International Trade Commission in Washington recently ruled in its initial determination that Samsung Electronics infringed four of its rival Apple Inc.’s patents, sources said Friday.Although the document filed earlier this week was labeled confidential, it is widely believed that Thomas Pender, administrative law judge at the ITC, was most likely to have ruled that Samsung had violated four Apple patents, including one for the design of the iPhone.The same administrative judge had said on
Customs office to search out hidden tax revenues

Mar 29, 2013

The Korea Customs Service pledged to tighten its grip on smuggling, tax evasion and illegal foreign exchange trading in step with the Park Geun-hye administration’s policy direction.“The KCS will back the government’s economic and welfare policies by securing the necessary tax revenues,” said new KCS Commissioner Baek Un-chan on Friday. This was one of the first official remarks on the agency’s policy made by the new customs chief since he took office on March 18.The office also kicked off a spe
Seoul warns against ‘fiscal cliff’ risk

Mar 29, 2013

The Seoul government said its revenue this year will fall about 12 trillion won ($10.8 billion) short of an earlier estimate due to slowing economic growth, and warned that this could lead to a possible “fiscal cliff” situation similar to that of the U.S. in the second half of this year. “Drastic government spending cuts amid a prolonged period of low growth and a weak base for economic recovery could cause the economy to crash in the latter half of this year,” top presidential aide for economic
Seoul shares gain 0.57 pct on gov't stimulus

BusinessMar 29, 2013

South Korean stocks rose 0.57 percent Friday as investors were buoyed by the government's economic stimulus plan, including a possible extra budget, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 11.37 points to close at 2,004.89. Trading volume was moderate at 333.5 million shares worth 3.43 trillion won (US$3.08 billion) with gainers outnumbering decliners 528 to 280. "The fact that the government has also de
Seoul shares up 0.78 pct in late-morning trade

BusinessMar 29, 2013

South Korean stocks traded 0.78 percent higher late Friday morning, buoyed by gains in brokerage houses and foodmakers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) soared 15.45 points to 2,008.97 as of 11:20 a.m.Leading brokerage firm Woori Investment & Securities Co. surged 3.5 percent, with local major foodmaker Nongshim climbing 3.8 percent. In contrast, autos and heavy industries trended in negative territory, with Hyundai Heavy Industries, the world's largest ship
Seoul shares open higher on gov't stimulus plan

Mar 29, 2013

South Korean stocks got off to a strong start Friday as investor sentiment was cheered by the government's economic stimulus unveiled the previous day, which included a possible extra budget worth 10 trillion won (US$89.8 billion), analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16.31 points, or 0.82 percent, to 2,009.83 in the first 15 minutes of trading. Shares gathered ground across the board, with builders and brokerage houses leading the rise. No. 1 player Hyun
S. Korea's industrial output drops 0.8 pct on-month in Feb.

Mar 29, 2013

South Korea's industrial output shrank for the second straight month in February, intensifying worries that industrial activities might be slowing due to toughened economic conditions, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries dropped 0.8 percent last month from a month earlier. It is the second straight on-month contraction following a revised 1.2 percent fall in January.The output also
Korea lowers growth forecast to 2.3 percent

Mar 28, 2013

The Ministry of Strategy and Finance has revised down its growth estimate this year on fears that the global economy could continue to be weighed down by sluggish demand.The ministry on Thursday projected 2.3 percent growth in 2013, down from its initial forecast of 3 percent announced last year, as exports slowed and private consumption and facilities investment continued to show weak performance.Unveiling the new government’s economic policy direction, Finance Minister Hyun Oh-seok said it wou
[Photo News] Need a job

Mar 28, 2013