The Korea Herald

Escalating N.K. threats may sway stocks and currency markets

Mar 8, 2013

Investors seen to be taking wait-and-see attitude after U.N. sanction against Pyongyang
Park gets third term as head of Korea-China Friendship Association

IndustryMar 8, 2013

Kumho Asiana Group chairman Park Sam-koo will lead the Korea-China Friendship Association for a third term, the business group said in a statement Friday.During a periodical gathering of KCFA in downtown Seoul on Saturday, Park’s four-year term as chief of the association for promotion of bilateral relations was extended until 2016, the group said.After being initially recommended to the post in 2005, the Kumho chairman has led the association for another four years from 2009 to 2012.The associa
Price hike likely to accelerate drop in smoking rate

Mar 8, 2013

South Korea's smoking rate has steadily declined over the years, indicating that a large price increase currently sought by the government may help significantly cut the rate, government and market sources said Friday.According to the health ministry and the statistics service, the amount of money spent on tobacco by each household of more than two persons came to an average of 18,351 won (US$16.91) per month last year, or 0.75 percent of the average income of such households.The proportion drop
British court rejects Samsung patent claim against Apple

TechnologyMar 7, 2013

A British court Thursday rejected a claim by Samsung Electronics that Apple stole its technology, in the latest round of a global legal battle over patents between the smartphone giants.The district court in London ruled that Samsung has no rights over technology that transfers data over the third-generation mobile network, which has been adopted by some of Apple's smartphones, according to Samsung officials.Similar lawsuits were heard in Japan, the United States and South Korea, with the Japane
Korea strong-arms retailers in war against inflation

IndustryMar 7, 2013

The government summoned executives from three major discount franchises on Thursday to discuss how to improve the distribution system and stabilize prices of manufactured goods.Executives of E-mart, Homeplus and Lotte Mart met with officials at the Ministry of Knowledge Economy at a time when the public is voicing concerns over rising gasoline prices and public utility fees.“We asked the retailers about the factors affecting the pricing of manufactured goods such as the distribution system and p
Experts warn of legal risk of Kakao rumors

TechnologyMar 7, 2013

Kakao Talk, a mobile messenger highly popular among smartphone users in South Korea, might come off as a closed, private platform that you could safely share critical comments about others with your friends. Think twice: Such comments could get you to real legal trouble. In a recent court ruling, a Korean man who spread rumors to nine people on his Kakao Talk messenger list during the 19th general election was fined 5 million won ($4,600) for violating the Public Official Election Act.In another
[Photo News] Hyundai's new SUV

TransportMar 7, 2013
Soured mortgage loan ratio reaches six-year high at banks

Mar 7, 2013

Commercial banks saw the delinquency rate on loans collateralized by apartments climb to the highest level in more than six years, regulatory data showed Thursday.According to the Financial Supervisory Service, the delinquent mortgage loan ratio was 0.94 percent in January, compared with 0.74 percent a month earlier and 0.69 percent a year earlier.Rising sharply to 0.94 percent, last recorded in October 2012, it marked the highest rate in 76 months since the sourced loan ratio reached 1.03 perce
CJ taps former airport chief as vice chairman

IndustryMar 7, 2013

CJ Korea Express said on Thursday it tapped Lee Chae-wook, 67, former chief executive of Incheon International Airport Corp., as vice chairman of the entity born through a merger with CJ GLS. The logistics company made the decision with less than a month left to finalize the deal between the two firms scheduled for April 1. The choice came as a surprise, as many had predicted the CEO of CJ Corp. for the job. Lee started his career at Samsung Corp., moving on to head GE’s medical service operatio
Imported car sales jump 14.8% in Feb.

Mar 7, 2013

Sales of imported vehicles in South Korea jumped 14.8 percent in February from a year earlier, a trade association said Thursday, amid slumping sales of local cars.A total 10,556 units of foreign brand cars were sold here last month, compared with 9,196 units sold a year earlier, according to the Korea Automobile Importers and Distributors Association.The sales figure marked a stark contrast to a 12.5 percent drop in sales of domestic cars in February when the five local carmakers sold a total o
POSCO appoints first female overseas head

Mar 7, 2013

POSCO, Korea’s largest steelmaker, said Thursday that it has appointed Liang Ho-young as its first female executive, to head the company’s overseas subsidiary Qingdao Pohang Stainless Steel in China.Liang, who was in charge of sales of hot-rolled stainless steel in Korea, was promoted to the job of overseeing POSCO’s Qingdao unit due to her fluency in Chinese and long-standing experience in overseas marketing of stainless steel.The Korean steel giant also promoted another female executive Choi E
GM Korea to offer new cars after accidents

IndustryMar 7, 2013

GM Korea CEO Sergio Rocha unveiled a surprise sales program in which the automaker will offer customers new cars if they get into a car accident within three years of their purchase.His pledge came during his remarks at a media conference to celebrate the second anniversary of the introduction of the Chevrolet brand.While GM Korea has pushed the releases of new lineups over the past few years, the CEO’s commitment means that the company will prioritize customer services. If the customer is less
U.S. fiscal gridlock weighs on global economy: ministry

Mar 7, 2013

SEJONG (Yonhap News) ― The gridlock surrounding deficit reduction and other fiscal issues in the United States continues to serve as a downside risk to the global economy, the finance ministry here said Thursday.The U.S. Congress and political leaders have been in a stalemate over how to resolve their deficit reduction problems. A failure to reach a compromise led to the automatic across-the-board budget cuts known in the market as a “sequester.”A failure in passing a budget this month could res
Domestic banks have few women at the top

Mar 7, 2013

The number of female employees at domestic banks is nearly equal that of their male peers, but only a few reach high-ranking positions, according to banks and news reports. The reports said about 48.8 percent of workers at six major domestic banks were female but only 4.4 percent of bank executives were women.Even at Hana Bank, Korea Exchange Bank and Industrial Bank of Korea ― whose proportion of female employees exceeded 50 percent ― female executives were scarce, fueling concerns that gender
Samsung, Sharp tie-up ‘win-win’: analysts

IndustryMar 7, 2013

Through alliance, Korean firm can secure stable LCD panel supply line while rival can improve financial status