The Korea Herald

Cyberwar may be slowing entire Internet

TechnologyMar 28, 2013

　　LONDON -- A cyberbattle between a European spam-fighting group and a Dutch Web host may be the biggest public Internet battle in history, experts say.　Spam-fighting organization Spamhaus, with offices in London and Geneva, works with email providers around the globe to block spam from entering inboxes.　It has been in a battle in the last week with Dutch website hosting company Cyberbunker after adding it to its spam “blacklist,” CNET reported Wednesday.　Cyberbunker has based its business on a
Savings bank depositors to sue KDIC

Mar 28, 2013

The state-controlled Korea Deposit Insurance Corp. is facing a lawsuit from a group of consumers who suffered losses on locked deposits in the wake of the 2011-12 savings bank woes, industry sources said Thursday.A great number of consumers were unable to withdraw their deposits as financial authorities suspended operations of 26 mutual savings banks from January 2011 to February 2013.The disgruntled depositors for the 26 secondary banks nationwide are poised to file a joint claim against the KD
Seoul shares down 0.3 pct in late-morning trade

BusinessMar 28, 2013

South Korean stocks traded 0.3 percent lower late Thursday morning, led by losses in large-cap tech firms and banks, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.96 points to 1,987.48 as of 11:20 a.m.LG Electronics, South Korea's major home appliance maker, fell 1.5 percent, with the state-run Industrial Bank of Korea retreating 2 percent. In contrast, autos and utilities gained ground, with No. 1 player Hyundai Motor rising 0.5 percent and state-run electricity
Seoul shares open lower on Cyprus woes

BusinessMar 28, 2013

South Korean stocks got off to a weak start Thursday as worries grew over a possible spillover effect of the Cyprus bailout that may hurt the troubled eurozone, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped1.55 points, or 0.08 percent, to 1,991.89 in the first 15 minutes of trading. Blue-chip exporters and financial companies drove down the shares, with tech heavyweight Samsung Electronics falling 0.3 percent and No. 1 lender by assets Woori Finance Holdings losi
KDB Financial chief offers to resign

Mar 28, 2013

The head of South Korea's state-run KDB Financial Group Co. has offered to resign, its officials said Thursday, amid growing pressure from the government for a big reshuffle of major banking chiefs. Kang Man-soo, the chairman of KDB Financial Group and its banking unit Korea Development Bank, has already tendered his resignation to the government, soon after President Park Geun-hye named the new chairman of the Financial Services Commission (FSC), the country's top regulator, according to people
S. Korea's current account surplus widens in Feb.

Mar 28, 2013

South Korea's current account surplus widened in February from the previous month as imports declined faster than exports, and a deficit of the service account narrowed, the central bank said Thursday.The current account surplus reached US$2.71 billion in February, up from a revised $2.33 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The February gain was the largest since November, marking the 13th straight mo
Fair Trade Commission investigates controversial rive project

Mar 27, 2013

The Fair Trade Commission on Wednesday launched an investigation into five construction companies on allegations that they colluded in a controversial project to refurbish the nation's major rivers pushed under the Lee Myung-bak administration.Those included were Doosan E&C, Hanjin Heavy Industries and Construction Co., Samwhan Corp., Hall Engineering & Construction Corp. and Kyeryong Construction, which joined a consortium to earn the river project. Earlier in the day, investigators were dispa
S. Korea to unveil economic stimulus

Mar 27, 2013

The Park Geun-hye government is set to introduce its first package of economic measures aimed at boosting jobs and the sustainability of small and medium enterprises.The Ministry of Strategy and Finance headed by Deputy Prime Minister Hyun Oh-seok is set to reveal to the public its stimulus plans on Thursday after a last-minute check with President Park, whose priority is improving job growth in the country entering a low-growth period.A ministry official said Thursday’s announcement would show
[Graphic News] Consumers’ optimism about economy grows

Mar 27, 2013

Consumers’ expectations for economic recovery in March marked the highest in 10 months, the Bank of Korea said on Wednesday. The BOK’s data showed that the consumer sentiment index hit a record-high 104 in March, a two-point increase from a month ago. A CSI over 100 means that consumers have a positive view of the country’s economic status. Additionally, the consumer sentiment for expenditure reached as high as 109, implying that consumers find themselves capable of spending more money in the fu
Ministers to speak on new government’s economic policies

Mar 27, 2013

Korea Herald forum for foreign executives slated for April 18
KOIMA calls for support for import biz

Mar 27, 2013

As the world’s eighth-largest trading country, Korea now needs to acquire a balanced view on trade and appreciate the significance of imports, said the new president of the Korea Importers Association.“Imports take up almost half of the country’s total trading volume, which has exceeded the $1 trillion level for the past consecutive years,” said Shinn Tae-yong.“Korea’s trade perspective is still focused on exports only and imports are considered a negative factor, which cuts down on the trade su
KNOC discovers ‘significant amount’ of oil in Iraq

Mar 27, 2013

The state-run Korea National Oil Corp. has discovered a “significant amount” of oil in Hawler oil field, northern Iraq, where it has a 15 percent stake, the company said Wednesday. Switzerland’s Oryx Petroleum has a 65 percent stake in the block, while the Kurdish local government holds the remaining 20 percent. The KNOC did not disclose an estimate for the oil reserves in the block, saying a more comprehensive study was required for such figures.But it added that a drill stem test had yielded a
KAI signs $400m supply deal with Airbus

IndustryMar 27, 2013

State-run Korea Aerospace Industries said Wednesday it won a 460 billion won ($400 million) deal to provide aircraft parts for Airbus’ A321 by 2025.“With a recent surge in A321 sales, demand for related parts is also soaring. We have succeeded in winning the deal due to our superior prowess and quality control,” said a KAI official. The KAI is the nation’s sole aircraft maker that has joined hands with global companies such as Airbus and Boeing. It aims to secure orders worth 6.2 trillion won th
Shares up on stimulus hopes

Mar 27, 2013

South Korean stocks closed 0.49 percent higher Wednesday on the back of the government’s envisioned measures to boost its economy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 9.74 points to 1993.44. Trading volume was moderate at 339 million shares worth 3.76 trillion won ($3.39 billion), with decliners outnumbering gainers 406 to 296.“The stock market gathered ground as investors’ sentiment got a boost from the governme
BASF to move regional HQs to Seoul

IndustryMar 27, 2013

Siemens agrees to invest in power generation engineering here