The Korea Herald

Citibank Korea to raise M&A financing

Jan 30, 2012

Citibank Korea plans to actively support Korean enterprises seeking mergers and acquisitions in overseas markets this year.“In a bid to make Korean firms hold opportunity to take over many M&A targets, we seek to enhance financing to them abroad,” a Citibank executive said Monday.He said there are many M&A chances in overseas markets in the wake of the global economic slowdown.For the support, he said the bank “is poised to open the “Korea Desk,” a financial network of Citibank Korea, in three o
Economy to bottom out in Q1: Bahk

Jan 30, 2012

Economic growth is likely to be the weakest in the first three months of this year as external uncertainties will peak in the period, Finance Minister Bahk Jae-wan said Monday. “Growth uncertainties are seen to be significant in the first quarter. The risk from the European debt crisis is likely to ease in the second and third quarters,” Bahk told reporters at a news conference.Bahk’s projection comes amid signs of faltering growth. The economy grew 0.4 percent, the least in two years in the Oct
Kim breaks Korean equestrian record in Florida

IndustryJan 30, 2012

Kim Dong-seon, gold medalist of team equestrian dressage at the Guangzhou Asian Games in 2010, broke the record for Korean contestants at the WC Sunshine Challenge/World Dressage Masters in West Palm Beach, Florida.Kim, third son of Hanwha Group chairman Kim Seung-youn, scored 65.022 points in the grand prix special of WC Sunshin Challenge held Jan. 26-29, placing third.Kim broke the Korean record set by Suh Jung-kyun in 1988. Kim had placed fourth with a score of 64.689 points in the GCDA Opene
Quarter of households suffer 'absolute poverty' in 5 years

Jan 30, 2012

More than one out of four South Korean households have suffered "absolute poverty" in the past five years with over one third also facing relative difficulties making ends meet, a report showed Monday.According to the report by the Korea Institute for Health and Social Affairs, 27 percent of some 5,
Korea's current account surplus hits $3.96 billion in Dec.

Jan 30, 2012

South Korea posted a current account surplus for the 22nd month in December, but the surplus narrowed from the previous month as the service account turned negative due to tourism-related shortfalls, the central bank said Monday. The current account surplus reached US$3.96 billion in December, down
Korea Herald iPad app combines news, education

TechnologyJan 29, 2012

The Korea Herald has recently introduced a new application for the iPad, joining the drive to produce digital news customized for the rapidly growing number of tablet users.The latest mobile version of the country’s leading English daily also offers a multimedia tool for learning and practicing English through news. Harnessing rapidly developing media technologies, the company has been stepping up efforts to provide a variety of multimedia-rich content and improved user experiences.Its news cont
Herald strengthens mobile news offering

TechnologyJan 29, 2012

New iPad app latest in efforts to provide multimedia-rich content, better user experiencesSmart phones and tablet PCs have dramatically changed the features of the news industry. A host of media companies around the world have jumped into the digital market to secure a footing in the massive shift toward online and mobile news.The tablet PC market led by Apple and Samsung Electronics is more important for newspapers. While smartphones are restricted by small screens, tablets boast bigger screen
Commerce minister to address AMCHAM

Jan 29, 2012

Knowledge Economy Minister Hong Suk-woo will speak about the Korean economy at a luncheon meeting organized by the American Chamber of Commerce in Korea on Jan. 31.After his speech, Hong will field questions from participants in the event that will take place at the Grand Hyatt hotel from noon to 2 p.m.The networking event, which is also open to the press, is 72,000 won for members and 92,000 won for nonmembers at the door. A 10,000 won discount applies to guests who register before noon on Jan.
Criticism escalates over SNS censorship

IndustryJan 29, 2012

Criticism is escalating over censorship of online social networking sites in Korea after Twitter’s announcement that it will enable certain countries to withhold content if it goes against their law.“Twitter has changed my life over the past year and it was an extraordinary tool that I wanted to thank,” said a Twitter user named Kim Yeo-jin on Sunday. “It’s just sad news for me to hear that Twitter has decided to censor tweets upon specific requests from a country and as a result, I’ve decided t
Asia driving force for Lufthansa Cargo

IndustryJan 29, 2012

Lufthansa Cargo, a German global cargo airline, plans to expand its presence in Korea and China, forecasting that more than 50 percent of its business will be made in Asia soon. “Forty-seven percent of our business is in Asia and growing,” chairman and CEO of Lufthansa Cargo Karl Ulrich Garnadt told The Korea Herald on Saturday. “Very soon it will be 50 percent. China is the most important market at 20 percent out of the total 100 percent.“We will see air cargo traffic grow by 4.5 percent (world
Hana’s forthcoming acquisition of KEB meets challenges

Jan 29, 2012

Lender is set to emerge as second-largest financial group by total assetsFriday’s decision by the financial regulator to allow Hana Financial Group take over Korea Exchange Bank is set to impact the financial market in general and the credit card sector in particular, with Hana still to resolve a thorny integration issue. The Financial Services Commission approved Hana’s bid to buy KEB from Lone Star Funds for 3.92 trillion won ($3.5 billion), allowing the U.S.-based fund to exit its eight-year
Traditional markets losing vitality amid slow sales

IndustryJan 29, 2012

Customers turn to department stores, supermarket chainsSai Sachiko, a Tokyo-based school teacher, includes Namdaemun Market in her “must-see routes” whenever she visits Seoul. “In addition to their quality products, people there, especially middle-aged female merchants, are always energetic and stimulate me in a good way,” she said. “The atmosphere is totally different from Japanese markets. I can feel warmth and affection unique to Korean traditional markets.”Many foreign tourists pick the chea
Trade minister stresses need for FTA with China

Jan 29, 2012

DAVOS, Switzerland (Yonhap News) ― Korea’s trade minister stressed the need to sign a free trade agreement with China, as the deal will help Seoul attain its goal of becoming a global free trade hub and lure more foreign investment.“As Korea has FTA deals with the U.S. and the European Union, it would be a right move to clinch additional FTAs with China and Japan,” Bark Tae-ho, the country’s new trade minister, said in an interview with Yonhap news agency here on Saturday.“There might be little
Shares likely to settle this week

Jan 29, 2012

Korean stocks are expected to lose momentum next week, weighed down by the pessimistic U.S. economic index and credit downgrades of eurozone countries, analysts said Saturday.The benchmark KOSPI inched up 0.8 percent to close at 1,964.83 on Friday on strong foreign buying buoyed by positive corporate earnings and the U.S. Fed’s low-rate pledge. The key index has spiked nearly 100 points over the previous two weeks.World’s largest memory chip maker Samsung Electronics posted 13.7 trillion won ($1
Hyundai Mobis net rises, Daewoo E&C turns positive

Jan 29, 2012

Hyundai Mobis Co., Korea’s largest auto parts maker, said Friday that its net earnings rose 11.5 percent in 2011 from a year earlier on brisk sales of auto parts amid record sales by local automakers.Net profits came to 3 trillion won ($2.7 billion) last year from 2.7 trillion won in 2010, the company said in a regulatory filing. Sales also rose 18.7 percent on-year to 26.3 trillion won from a year ago, and operating profit gained 6.7 percent to total 2.7 trillion won, the company said.In the me