The Korea Herald

S. Korea's trade balance in cultural and entertainment products posts surplus

Nov 11, 2012

South Korea's trade balance in music, movies, games and other entertainment products has posted a surplus so far this year, helped by the growing popularity of Korean culture, data showed Sunday.The trade surplus involving personal, cultural and entertainment products came to $37.3 million up until the third quarter, according to the data provided by financial information provider FnGuide and the Bank of Korea.This marked a turnaround from a deficit of $218.5 million tallied during the same peri
Walmart fires iPad-throwing workers

TechnologyNov 11, 2012

Executives at Walmart say the shoe dropped for a group of employees seen on video throwing and intentionally dropping new iPads at a Kentucky store.An unspecified number of nightshift workers at the Pikeville store were shown the door after a video showing their antics hit the Internet.“As anyone can imagine, it made us wince,” a Walmart representative told NBC News. “We are also embarrassed.”On the bright side, the rep said the store had not recorded anyone returning damaged iPads they had purc
Seoul shares slip on renewed economic woes

IndustryNov 9, 2012

South Korean stocks closed 0.52 percent lower on Friday as investor sentiment was dampened by resurfacing uncertainties over the economic recovery, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 10.00 points to finish at 1,904.41. Trading volume was heavy at 628.2 million shares worth 4.74 trillion won ($4.35 billion) with decliners outpacing advancers 444 to 360.“Investors hate uncertainties. Now with the U.S. election over an
‘Anipang’ creator targets global game market

TechnologyNov 9, 2012

Lee Jung-woong, founder of mobile game developer Sundaytoz and creator of “Anipang the Quiz,” plans to plant itself firmly in the global mobile game industry. Originally, “Anipang” was a game on social network platform Cyworld. As Sundaytoz formed a partnership with mobile SNS developer Kakaotalk, it launched the mobile version of “Anipang” on July 30. “When I went to the United States lately to check out how people play games there, I found out that only half of the American players would play
11 Street opens English site

IndustryNov 9, 2012

Online shopping mall 11 Street opened its English domain to attract a larger number of foreign shoppers, the nation’s third largest e-shopping portal said Friday.The new domain displays product information, the payment process and other services in English. Expats can sign up for 11 Street using their email addresses. “We look forward to introducing excellent Korean products to our customers at home and abroad,” said an 11 Street official. “The English domain will help Korean small and medium-si
Daesung chief to co-chair global energy organization

IndustryNov 9, 2012

Kim Young-hoon, the chairman of Daesung Group, has been elected to co-lead the World Energy Council.The decision was made at the council’s Executive Assembly in Monaco on Thursday, industry sources said Friday. After serving as co-chair for three years, Kim will move on to become the chairman starting in 2016, in accordance with WEC regulations. Kim became another Korean to serve on an international organization, following in the footsteps of U.N. Secretary-General Ban Ki-moon and Kim Yong, pres
Hyundai aims to expand market share in Brazil

IndustryNov 9, 2012

Hyundai Motor is stepping up efforts to aggressively expand its presence in Brazil ― the only BRIC nation where, Korea’s largest carmaker admits, it has yet to be successful. With the recent completion of its first Latin American plant in the region, Hyundai now aims to sell 200,000 vehicles next year, becoming one of the top five carmakers in Brazil.“We have completed preparations for a new leap in Brazil. We will ramp up efforts to continue our success stories in India, China and Russia,” said
Lotte Shopping sales to improve on Hi-mart takeover

IndustryNov 9, 2012

Lotte Shopping Co., South Korea’s No. 1 retailer, is expected to fare better next year on improved sales in electronic goods following its acquisition of a local appliance retailer, analysts said Friday.The retail giant’s sales for 2013 are forecast to reach 30 trillion won ($27.4 billion), up 23 percent from this year’s estimate, according to a report released by Korea Investment & Securities Co.“Following the retailer’s acquisition of Hi-mart Co., Lotte Shopping can seek synergy among its dive
Subscribe for shirts, buy brand-name goods online

IndustryNov 9, 2012

Subscription e-commerce and private shopping clubs emerge in Korea after the boom of social commerce
BOK freezes key rate at 2.75 percent

Nov 9, 2012

The country’s central bank left the key rate untouched on Friday, reflecting a hopeful outlook on the nation’s economy based on the brisk export growth in October. As widely expected, the Bank of Korea’s Monetary Policy Committee announced that it would keep the rate frozen at 2.75 percent for November to keep tabs on the impact of the quarter-point rate cut in the previous month. The economic downturn slowed in Korea as exports, consumption and investment improved, said BOK Governor Kim Choong-
S. Korea's producer price growth hits 3-month low in Oct.

Nov 9, 2012

South Korea's producer prices grew at their slowest on-year pace in three months in October due to eased growth of oil costs and the won's ascent, the central bank said Friday.The producer price index, a barometer of future consumer inflation, inched up 0.2 percent in October from a year earlier, slowing from a 1 percent on-year gain in September, according to the Bank of Korea (BOK). The October figure marked the slowest expansion since July, when producer prices fell 0.1 percent on-year.The in
Shares sink 1.19% on profit taking

Nov 8, 2012

South Korean stocks fell 1.19 percent Thursday as investors opted to lock in part of recent gains following the outcome of the U.S. presidential poll, analysts said.The local currency lost ground against the U.S. dollar. The Korea Composite Stock Price Index retreated 23.14 points to finish at 1,914.41. Trading volume was heavy at 6.53 million shares worth 5.31 trillion won ($4.87 billion), with losers outnumbering gainers 532 to 268. “The ‘Romney shares’ such as energy and oil issues tumbled in
AmorePacific Q3 net rises 9.1 percent

Nov 8, 2012

AmorePacific Corp., South Korea’s leading cosmetics manufacturer, said Thursday its third-quarter earnings increased 9.1 percent from a year earlier on the back of increased sales.Net profit reached 69.6 billion won ($64 million) in the July-September period, compared with a profit of 63.8 billion won a year earlier, the company said in a regulatory filing. Sales rose 17.7 percent on-year to 733 billion won in the period and operating profit gained 18 percent to 90 billion won. In the first thre
Manufacturing sector growth falters in Q3

Nov 8, 2012

South Korea’s manufacturing sector growth lagged behind the service sector for the first time in 39 months in the third quarter amid the global economic slowdown, data showed Thursday. The country’s manufacturing industry grew 1.3 percent in the July-September period from a year earlier, compared with a 2.4 percent on-year advance logged by the service sector, according to data by the Bank of Korea. In the third quarter, Korea’s economy grew 1.6 percent from a year earlier and 0.2 percent from t
NHN net profit jumps 25 percent in Q3

Nov 8, 2012

NHN Corp., South Korea’s top Internet portal operator, said Thursday its third-quarter earnings soared 25 percent from a year earlier on robust advertising revenue.Net profit totaled 127 billion won ($117 million) in the July-September period, compared with a profit of 102 billion won a year earlier, the company said in a regulatory filing.Sales climbed 12.5 percent on-year to 596 billion won in the cited period, and operating profit rose 4.3 percent to 156 billion won.The surge in the third-qua