The Korea Herald

BOK could resolve household debt: Goldman Sachs

Feb 7, 2012

Moody’s says Korean banks vulnerable to eurozone debt crisisA global investment bank cited the central bank’s monetary policy as a key solution to resolving the growing worries over the record-high household debt.Goldman Sachs predicted that a soft landing of Korea’s household debt will be possible according to the Bank of Korea’s interest rate-setting.Its optimistic view could be contradictory to the prevailing anxiety in the market that household debt is a ticking time-bomb as outstanding cons
Finance chief cautious on new tax proposal on stock profit

Feb 7, 2012

Finance Minister Bahk Jae-wan said Tuesday that the government is cautious about the ruling party’s proposal to impose a new capital gains tax on profits from stock transactions, out of concern over potential negative impact on foreign investments in the local bourse. The minister made the remark at a parliamentary meeting as the ruling party is pushing to revise the current taxation system to impose taxes on stock gains and increase taxes on the wealthy as part of efforts to woo voters unhappy
Korea-EU trade volume up 3.9% after FTA

Feb 7, 2012

The trade volume between South Korea and the European Union increased 3.9 percent on-year over the six months after their bilateral free trade agreement took effect in July, the Trade Ministry said Tuesday.Korea saw its trade surplus with the world’s largest economic bloc, however, sharply narrow to $740 million from $6.92 billion over the cited period, the ministry said, without disclosing the value of bilateral trade.According to the ministry, the sharp decline in Seoul’s trade surplus with th
Shares gain on eased Greece woes

Feb 7, 2012

Korean stocks closed 0.43 percent higher Tuesday on eased concerns over Greek debt problems, analysts said. The local currency gained against the U.S. dollar.Moving in a tight range, the benchmark Korea Composite Stock Price Index gained 8.46 points to 1,981.59. Trading volume was heavy at 532.5 million shares worth 6.50 trillion won ($5.81 billion) with gainers outstripping losers 447 to 393. “Investors are taking a wait-and-see approach. Investor angst was offset by anticipation that the debt
Hana’s Kim reappointed to head Miso Foundation

Feb 7, 2012

Hana Financial Group chairman Kim Seung-yu has been reappointed to head the government-backed nationwide microfinance program for another three years, the financial holding company said Tuesday.“Chairman Kim decided to take the leadership for the microcredit institution for another three years upon a request from the government,” a Hana Financial official was quoted as saying. President Lee Myung-bak in 2010 installed his college classmate Kim as the head of Miso Foundation which runs about more
Card firms to cut rates on overdue payments

Feb 7, 2012

Companies’ decision reflects government move to cope with delinquent loansCredit card companies decided to lower the interest rates on customers’ overdue payments by a maximum of 1 percentage point.Their move comes after the Financial Supervisory Service issued a warning against reckless credit card loans with high interest rates.Major firms ― Shinhan Card, KB Kookmin Card, Samsung Card, Lotte Card and Hana SK Card ― will slash the extra rates on delinquent loans.Shinhan Card, the nation’s No. 1
Understanding climate change through Expo

Feb 7, 2012

The following article was contributed by Secretary General Kim Keun-soo of the Organizing Committee for Expo 2012 Yeosu Korea. ― Ed.On Jan. 10, the Bulletin of the Atomic Scientists announced that they were moving the minute hand of the Doomsday Clock one minute closer to midnight. It is now at only five minutes to midnight. The clock is ticking.The scientists pointed towards the possibility of nuclear war and climate change as the two major threats to the survival of humankind. The point to tak
Controversy rekindled over large retail firms’ ‘super supermakets’

IndustryFeb 7, 2012

Lotte, Shinsegae and Homeplus bid for smaller grocery chains and Hi-Mart, while small shops, traditional markets sufferAfter two years of dormancy, Korea’s major retailers are charging into the supermarket business again, prompting concerns about further damage to small vendors and traditional marketplaces that are already struggling to keep afloat. Lotte, Shinsegae and Homeplus have been looking to set up chains of so-called super-supermarkets ― shops smaller than discount outlets and larger th
Foreign outdoor brands over 50% more expensive in Korea

IndustryFeb 7, 2012

Korean consumers pay over 50 percent more on average for products of major foreign outdoor brands, a civic organization said Tuesday.According to the research by Seoul's Young Men's Christian Association (YMCA), local retail prices of 23 functional outdoor products offered by five brands -- The Nort
BOK to freeze key interest rate in Feb.: poll

Feb 7, 2012

Korea’s central bank is expected to keep its key interest rate steady for the eighth straight month in February due to persistent inflation concerns and downside risks to the domestic economy, a poll showed Tuesday. All 14 analysts forecast that the Bank of Korea will freeze the benchmark 7-day repo rate at 3.25 percent on Thursday, according to the survey by Yonhap Infomax, the financial news arm of Yonhap News Agency. Still-elevated inflationary pressure and looming external uncertainties will
3D printer creates new jaw for woman

TechnologyFeb 7, 2012

A Belgian woman is able to chew, speak and breathe normally after the implantation of a new jawbone created on a 3D printer, doctors say.The replacement jaw, created out of a fine titanium powder sculpted layer by layer by a precision laser beam, has proved a successful substitute for her own jaw al
Eximbank to support W70tr for local exporters

Feb 6, 2012

The state-run Export-Import Bank of Korea plans to support a record 70 trillion won ($63 billion) for local exporters via loans and assurances this year as part of its drive to boost trade, its chief said Monday.“Eximbank aims to provide financing and assurances worth 70 trillion won this year in a bid to help the nation’s annual trade volume exceed the $2-trillion mark,” Eximbank President and Chief Executive Officer Kim Yong-hwan told reporters.Kim’s remarks come after South Korea’s trade volu
Savings-type insurance market grows sharply

Feb 6, 2012

The size of Korea’s savings-type insurance market expanded more than 30 percent over the last two years, data showed Monday, as local insurers vied to sell such products that guarantee high commissions.Savings-type insurance, which includes annuity insurance and variable annuity insurance, refers to a policy designed to safeguard retirement income or help boost financial assets for senior citizens rather than cover health care expenditures and other costs.The savings-type insurance market in Asi
Koreans’ mobile banking use doubles in 2011

Feb 6, 2012

The use of mobile banking in South Korea more than doubled in 2011 from a year ago on the back of the ballooning local smartphone user population, the central bank said Monday.Mobile banking transactions reached an average of 7.67 million per day in 2011, growing more than two fold from 3.74 million in the previous year, according to the Bank of Korea.The daily transaction amount surged 57 percent on-year to 652.6 billion won ($587.6 million), while the number of mobile banking users jumped 50.6
Australia Chamber names 2012 board

Feb 6, 2012

Those who attended the recent Australia Chamber of Commerce general meeting had a chance to meet the newly elected board of directors.After brief welcoming remarks from interim chairman Peter Feltis, the Chamber’s patron Australian Ambassador Sam Gerovich explained the importance of the chamber to Korea-Australia relations especially in the context of 2012, when a Korean-Australian free trade agreement could become a reality.The new board of directors for this year are Feltis from Samsung Engine