The Korea Herald

Moonbaesool blends soju with tradition, pride

IndustryMar 13, 2012

Intangible cultural heritage heir looks to international marketsSoju has long been a favorite drink of Koreans across all spectrums of society. Its crisp, bittersweet flavor and relatively low price often tempt all from the rank and file to CEOs and presidents in times of economic crisis and personal struggle. Moonbaesool Brewery Co.’s hand-made soju is one of the oldest distilled liquors here, dating back over 150 years. The traditional drink, which was first made using water from Daedong River
Financial firms’ household loans decline in January

Mar 13, 2012

Household loans offered by South Korean depository institutions dropped in January for the first time in two years, the central bank said Tuesday, amid the government’s on-going efforts to curb private debts. Household lending handled by local banks and non-bank institutions totaled 639.3 trillion won ($568.3 billion) as of the end of January, down by 3.4 trillion won from the preceding month, according to the Bank of Korea. The monthly decline was the first drop since January of 2010.Household
KIC gets $200m investment quota from China

Mar 13, 2012

HONG KONG (Yonhap News) ― South Korea’s sovereign wealth fund has received a regulated quota of $200 million to invest in China’s stock and bond markets, officials said Tuesday.Korea Investment Corp. received the investment quota from the Chinese State Administration of Foreign Exchange about three months after it was granted a license to join China’s qualified foreign institutional investor (QFII) program, a source at the company said.The company will complete its preparation for trading in Chi
Private lenders’ overdue loans surpass W600b

Mar 13, 2012

Overdue loans at Korea’s 10 largest private lenders surpassed 600 billion won ($535 million) earlier this year, data showed Tuesday, raising concerns over its impact on household debt.The amount of overdue loans at the 10 players, including market leaders A&P Financial and Sanwa Money, reached 609.9 billion won as of January, up 52.1 percent from a year earlier, according to the data by industry sources and the Financial Supervisory Service.The data also showed that the default rate of the priva
Samsung Fire stays top in insurance market

Mar 13, 2012

Samsung Fire & Marine Insurance Co. has retained its top position in South Korea’s nonlife insurance industry for fiscal year 2011, but the gap of its market share compared with its main rival has been narrowed, sources showed Tuesday. According to industry sources, Samsung Fire’s cumulative original premium stood at 12.0 trillion won ($10.7 billion) in the April 2011-January 2012 period, accounting for 26.5 percent of the market. No. 2 player Hyundai Marine & Fire Insurance Co.’s original premi
Apple says shipment of new iPad may take 2-3 weeks

TechnologyMar 13, 2012

Apple said that shipments of its new iPad to customers who order it online may take two to three weeks but that the tablet would still be available in stores on Friday.Apple, which has set March 16 as the launch date for all sales of the third-generation iPad, said online pre-orders of the device ha
BOK opens Shanghai office

Mar 12, 2012

South Korea's central bank said Monday that it opened an office in Shanghai in a bid to better monitor the Chinese markets.The Bank of Korea said the new office in Shanghai will help it get better access to Chinese market information on a real-time basis as it has recently been granted a license to
Most outside directors at big firms to be reelected

Mar 12, 2012

Lack of accountability, alleged role as lobbyists for firms put them in doubtMore than half of outside directors are set to be reelected at upcoming shareholder’s meetings for the country’s major companies, reigniting the dispute over their “neutral” position. Even new outside director positions are forecast to be filled with retirees from powerful government agencies such as the courts, tax office and prosecution, fueling concern about their roles being reduced to a conduit for lobbying betwee
BOK obtains license to invest in China

Mar 12, 2012

The Bank of Korea said on Monday it has been allowed to invest in China’s stock market. China’s State Administration of Foreign Exchange set the investment limit at up to $300 million for Korea’s central bank on Friday, an approval process for investment in the main bourse. The BOK already obtained the license from the Chinese authorities to invest in the inter-bank bond trades, which are functioning as an over-the-counter market, in January this year. The central bank said it will begin investi
Hyosung sponsors Yo-Yo Ma’s lesson for multicultural children

IndustryMar 12, 2012

Hyosung Group on Monday sponsored world-renowned cellist Yo-Yo Ma’s special class for multicultural children and invited them to his concert in Seoul.As a global sponsor of the Silk Road Ensemble with Yo-Yo Ma, Hyosung invited 50 members of an orchestra of children of multicultural families to the concert Monday evening at Seoul Arts Center.Yo-Yo Ma and the members of the Silk Road Ensemble also gave a special lesson for the young musicians earlier Monday.Hyosung had sponsored a similar class by
Korea, Qatar agree to seek joint overseas construction projects

Mar 12, 2012

Korea and Qatar have agreed to seek joint construction projects in third countries, by combining Korea’s building sector prowess with Qatar’s large national fund, the Land Ministry said Monday.The agreement was reached at a meeting in Doha between Yousef Kamal, Qatar’s minister of economy and finance, and South Korea’s Minister of Land, Transport and Maritime Affairs Kwon Do-youp.Under the agreement, Qatar will use its sovereign wealth fund to help finance overseas construction projects secured
Manufacturers hit by high oil prices: poll

Mar 12, 2012

High international oil prices have undermined Korean manufacturers by raising their production costs sharply and eating into profits, a poll showed Monday.The survey of 300 companies nationwide conducted by the Korea Chamber of Commerce and Industry showed 81.6 percent of the respondents saying they were feeling the pinch of steeper oil prices.Prices of the benchmark Dubai crude that make up roughly 80 percent of the country’s oil imports surged to $123 per barrel last Thursday from an average o
Hyundai city car gains popularity in India

TransportMar 12, 2012

Hyundai Motor’s Eon is gaining popularity in India, becoming one of the five best-selling cars in the emerging market.The automaker saw sales of the Eon, a hatchback city car, surpass 10,000 units last month for the first time since its launch in India last September.With 10,480 units, the Eon ranked fifth in sales. The top four best-selling models were Maruti Suzuki’s Alto, Swift, Dzire and Wagon R. Hyundai’s Eon features an 800cc engine, and was launched in the local market in October, with sa
Angry Birds Space unveiled with Samsung

IndustryMar 12, 2012

Samsung Electronics said Monday that it had unveiled the latest version of the global hit game Angry Birds at the South by Southwest festival in Austin, Texas, on Friday, with its official launch due on March 22.In the new installment, Angry Birds Space, developed by Finnish game studio Rovio, the birds and their arch enemies, the egg-stealing pigs, are launched into outer space. Samsung and Rovio have also teamed up to offer some exclusive levels of the version called the “Samsung Galaxy Note L
Korea reports first suspected case of avian influenza

Mar 12, 2012

A suspected case of avian influenza was reported for the first time in South Korea in nearly 10 months with test results of a more detailed examination due later in the day, the government said Monday.A suspected case was filed Sunday by a poultry farm in South Chungcheong Province where about 100 out of some 450 chickens are showing symptoms of AI, according to the Ministry for Food, Agriculture, Forestry and Fisheries.About 40 chickens at the farm have already died with an initial test on 10 c