The Korea Herald

Seoul shares slip 0.72 percent after rally

Aug 13, 2012

South Korean stocks closed 0.72 percent lower on Monday as investors stepped to the sidelines following last week's five-session winning streak, analysts said.The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) dipped 13.96 points to 1,932.44. Trading volume was moderate at 348 million shares worth 3.1 trillion won ($2.7 billion), with decliners
Saudi Arabia to build women-only city

IndustryAug 13, 2012

Saudi Arabia will construct an all-female city in purpose of providing work for women, according to local news reports.The ultra-conservative kingdom’s Industrial Property Authority (Modon) reportedly will build the city in the eastern city of Hafuf. The new city is anticipated to create around 5,000 jobs in various industries.Saudi Arabia is hoping the new city will encourage more women to work without violating the country’s Islamic law of Sharia. While the law does not ban female labor, it em
Seoul shares open lower following rally

Aug 13, 2012

South Korean stocks got off to a weak start on Monday as investors took a breather after a five-session winning streak, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 5.58 points, or 0.29 percent, to 1,940.82 in the first 15 minutes of trading.Blue chips were mixed. Market bellwether Samsung Electronics slumped 1.34 percent and top steelmaker POSCO fell 0.78 percent.
Samsung, Osram settle global LED patent fight

TechnologyAug 12, 2012

Samsung Electronics Co. and Siemens AG’s Osram unit have reached a global settlement of their patent fights over light-emitting diode technology, according to a filing with a U.S. trade agency. Financial details weren’t made public in the filing dated yesterday with the U.S. International Trade Commission in Washington. The settlement ends a case that Samsung filed against Osram and that was scheduled for trial at the agency on Aug. 13. Osram’s case against Samsung went to trial last month, and
Korea’s R&D in IT, biotech on the rise

IndustryAug 12, 2012

Korea has been increasing its research and development projects in the fields of information and technology and biotechnology, spearheaded by 30 state-run agencies over the last three years, according to the National Science & Technology Commission.R&D investment in software, renewable batteries and displays accounted for 19.4 percent of the total last year, up from 18.3 percent in 2009, the commission reported on Sunday.Meanwhile, investment in the development of new drugs, and the welfare and
Yeosu Expo ends run with 8 million visitors

IndustryAug 12, 2012

The Expo 2012 Yeosu ended its 93-day run on Sunday, with the number of visitors exceeding the 8 million mark as targeted, the organizing committee said. About 1,100 guests, including United Nations Secretary-General Ban Ki-moon and Prime Minister Kim Hwang-sik, joined the closing ceremony held at the expo site in the nation’s southern costal town of Yeosu. Over the past three months, the Yeosu Expo hosted 104 participating countries, 10 international organizations including the U.N. and seven co
LG Uplus to launch food waste management service

TechnologyAug 12, 2012

LG Uplus has formed an alliance with local small and medium-size partners, including Bumin W&P, to launch a radio frequency identification (RFID)-based food waste management service, the company announced Sunday.The new “Smart Clean” service is in line with the government’s environmental policy to reduce food waste, which emits greenhouse gases, the local telecom said. The system will allow more efficient ways of managing garbage disposal by having trash bins at apartment or residential areas ch
New airport election issue again

IndustryAug 12, 2012

Land Ministry to gauge profitability of 17 airports next yearThe government has decided to study whether to construct a new airport or expand existing ones next year, possibly creating a major campaign issue ahead of December’s presidential election. According to a long-term plan on airport development announced in January last year, the Ministry of Land, Transport and Maritime Affairs is not permitted to start a new study on airport operations until 2014. The ministry, however, recently decided
Listed firms fare worse in Q2 on economic woes

Aug 12, 2012

Korean listed firms saw their net profits plunge in the second quarter despite increased sales, due to the protracted global economic slowdown, data showed Sunday.According to the Korea Listed Companies Association, the combined net profit of 80 major listed firms was estimated at 16.03 trillion won ($14.20 billion) in the second quarter, down 23.9 percent from a year earlier.Their total sales rose 6.1 percent on-year to 297.94 trillion won in the April-June period, with their operating profit f
Foreign investors rush to buy Korean shares

Aug 12, 2012

Foreign investors poured the largest amount of money into Korean shares among emerging markets in Asia over the past month as easing concerns over Europe’s debt crisis prompted them to take greater risks, a report showed Sunday.Foreigners purchased a net $3.11 billion worth of Korean stocks between July 10 and Thursday, the largest foreign net buying among six emerging markets in Asia, according to the report by Woori Investment & Securities Co.Korea was followed by India with $1.15 billion, Ind
FSS to look into non-banking sector borrowing

Aug 12, 2012

Korea’s financial watchdog said Sunday that it will look into the state of home-backed lending offered by non-banking financial institutions as part of its efforts to keep tabs on the overall surging household debts.Savings banks, insurers, credit finance firms and other non-banking financial agencies are the destination for many people seeking to borrow money after being rejected by banks due to their poor credit backgrounds.Their lending is focused on home-backed loans, which are estimated at
More than 400 financial industry workers punished

Aug 12, 2012

Over 400 officials working in South Korea’s financial industry were submitted to disciplinary action so far this year for corruption and insincerity, according to the Financial Supervisory Service. The FSS announced on Sunday that 447 workers at local banks, brokerages, insurers and credit card firms faced penalties this year as of Friday for moral hazard and basic faults such as not properly checking the customers’ real names, embezzlement of customers’ deposits, leaking information and abettin
Eximbank to support Hyundai Motor suppliers in St. Petersburg

IndustryAug 12, 2012

The Export-Import Bank of Korea said Friday that it discussed with the suppliers of Hyundai Motor Co. in Russia’s Saint Petersburg ways to support them amid the European fiscal crisis.The Korea Eximbank said it hosted a meeting with the chiefs of the local arms of Hyundai Motor and its suppliers at the carmaker’s Russian production line on Thursday.“Cooperation between large and small companies is important for an overseas production cluster to succesfully settle down,” Kim Yong-hwan, chief exec
Major insurers cut loan rates

Aug 12, 2012

Major insurers are cutting interest rates following public criticism that they are too high compared to banks. According to industry sources, Kyobo Life Insurance will reduce the ceiling on its policy loan rate of vested interest-based-insurance products from the current 13.5 percent to 10.5 percent in October. Policy loan rates will be managed at between 6.1 percent and 10.5 percent. Customers in urgent need of money often use policy loans as they enable policyholders to borrow 70 to 80 percent
BMW in China explains Europe’s best new bonds

TransportAug 12, 2012

Bayerische Motoren Werke AG’s China growth is being rewarded by investors who have pushed down relative yields on bonds sold in January by the biggest luxury carmaker more than any other new issue in Europe this year. The spread on BMW’s 1.25 billion euros ($1.5 billion) of notes due 2015 has narrowed 77 basis points since its Jan. 13 sale to 6 basis points, Bloomberg generic prices show. The 94 percent decline outpaced an 83 percent drop for the 500 million euros of 2017 notes issued the same m