The Korea Herald

Woori Bank aims for Asia’s top 10 by 2017

Jan 29, 2012

Woori Bank, the country’s largest lender by assets, aims to be in the top 10 in Asia, CEO Lee Soon-woo said at the bank’s annual meeting of executives Saturday.“This year will be a challenging one for us as the banking industry is facing major takeovers which would reshuffle the rankings of the top four. We need to be at our best to strengthen fundamentals to become a global bank,” the chief of the state-run bank told his workers. Lee’s comments follow regulator’s approval on Lone Star Fund’s sa
Korea to beef up FX liquidity conditions

Jan 29, 2012

Korea plans to set up a second line of defense for its foreign currency liquidity by prompting local state-run lenders to further secure such liquidity to brace for the eurozone debt crisis, an official said Sunday.The move came as the deepening eurozone debt crisis may squeeze local banks’ foreign currency liquidity situations.“Since late last year, the country’s four state-run lenders have scurried to secure FX liquidity,” said an official at the Financial Services Commission. The four banks m
Korea’s public debt nears W800tr

Jan 29, 2012

Analysts attribute fast rise to undertaking of numerous public infrastructure projectsKorea’s public sector debt stood at 789.4 trillion won ($702.3 billion) as of September as the government struggled to curb household borrowing, data showed on Sunday. The combined debt owed by the government and state-run enterprises marks a 9.2 percent increase from a year earlier, the Finance Ministry said. The total debt is 2.4 times the government’s 325.4 trillion won budget for this year. The figure place
U.S. firms bid to retake luxury car market

TransportJan 29, 2012

U.S. luxury cars manufacturers like Cadillac and Lincoln, respectively run by GM and Ford, are struggling to win back a share of the expanding luxury car market, largely controlled by Japanese and German automakers.These brands, which once embodied the very essence of luxury cars, saw quality decline in the years before the industry crisis, and drivers abandoned them in their droves.Now they must recover their former glory by improving entry-level models, which was not their strong suit, but whi
Automakers compete with fuel efficient cars

TransportJan 29, 2012

Korean, foreign firms strive to attract customers with new diesel line-upsCompetition to launch vehicles with high fuel efficiency has been heated in the local automobile market.Among the contenders are Korean carmakers, such as Hyundai Motor and Kia Motors, and major import brands including BMW, Mini, Volkswagen, Nissan and Chrysler.Noticeably, fuel efficient diesel-powered sedans as well as diesel-powered sport utility vehicles are gaining popularity with Korean consumers.Drivers’ priorities
Asan Nanum Foundation to send 100 volunteers overseas next month

IndustryJan 29, 2012

The Asan Nanum Foundation said Sunday that it will dispatch 500 people as youth overseas volunteers every year to take part in projects aimed at remodeling children’s education facilities located in developing countries.The first team of 100, which held its kick-off ceremony on Saturday, will be heading to five different nations ― Kenya, Ethiopia, Cambodia, Nepal and China ― beginning Feb. 13.“I’m pleased that our young people are gifted with the opportunity to go overseas and share what they ha
'We care about every worker': Apple CEO

TechnologyJan 29, 2012

WASHINGTON (AFP) -- Apple chief executive Tim Cook has responded to media reports alleging harsh working conditions in China for manufacturing employees of the popular gadget-maker.Cook, who took over as chief executive from Apple's late co-founder, Steve Jobs, addressed the reports of long hou
FSC says Hana Financial allowed to acquire KEB

Jan 27, 2012

Financial regulators endorsed the deal between Hana Financial Group and Lone Star Funds to trade shares of Korea Exchange Bank.Hana Financial has been allowed to take over KEB, which has been owned by the U.S.-based fund since 2003, the Financial Services Commission said Friday.The FSC ultimately has not accepted the opinion among a group of lawmakers and the KEB union that Lone Star has been ineligible to own the bank and the merger deal is invalid.In a statement, the regulator reaffirmed its e
Under pressure, conglomerates pull out from bakeries, cafes

IndustryJan 27, 2012

Samsung, LG, Hyundai bow to criticism over reckless expansionAmid criticism over their excessive expansion, Korea’s major corporations are relaying to withdraw from bakeries, cafes and other markets that have long been crowded with neighborhood stores. Hyundai Motor Group on Friday became the latest conglomerate to back down from its cafe business. Chung Sung-yi, the eldest daughter of chairman Chung Mong-koo, has been managing two branches of Ozen at the automaker’s headquarters in Seoul and it
Chief of telecom regulator resigns

TechnologyJan 27, 2012

Choi Si-joong, chairman of the Korea Communications Commission, offered his resignation on Friday amid surging public criticism over a string of bribery and influence-peddling scandals.“It’s time to leave and take responsibility,” Choi said at a hastily arranged news conference, referring to his aide’s alleged implication in the bribery scandal. “I hope that my departure will help the watchdog stave off prejudice and misunderstanding held by the public.” Choi, one of the closest confidants of P
Top telecom regulator steps down amid bribery scandal involving ex-aide

Jan 27, 2012

South Korea's top communications regulator resigned on Friday amid allegations that his former aide took a bribe from a businessman in return for favors.Korea Communications Commission (KCC) Chairman Choi See-joong has been under pressure to step down since suspicions arose that his aide, Jeong Yong
Samsung Life sanctioned for irregular practices

Jan 27, 2012

Regulators took disciplinary action against Samsung Life Insurance for its irregular business practices.The Financial Supervisory Service said Friday that it has decided to impose on Samsung Life 335 million won ($293,000) in fines and issue a "caution" against the company.The life insurance firm was negligent in controlling the outsourcing business for the information technology sector, the FSS said in a statement."Samsung Life also opened several cash management accounts without the consent of
Travel retail market shows no sign of abating

IndustryJan 27, 2012

Incheon Airport tops duty free sales globallyLouis Vuitton conducted an unprecedented experiment in Korea last year, opening its first airport store at Incheon International Airport. The French fashion house with 158 years of history had long refused to be situated at any airport, citing difficulties in offering the best shopping experience to its customers. The airport’s quality facilities and services aside, the luxury ambience of Korean duty free shops and the geographical proximity to the so
Confidence for Feb. manufacturing up

Jan 27, 2012

South Korean manufacturers’ business confidence for February inched up on the back of easing eurozone fears but still remained close to a more than 2-year low amid lingering uncertainties, the central bank said Friday.The index of manufacturers’ outlook on business conditions reached 81 for February, up from 79 for January, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.The figure marks a recovery from January when it hit i
Korea’s consumer sentiment hits 10-month low in Jan.

Jan 27, 2012

South Korean consumer confidence fell to its lowest level in 10 months in January as persistent public debt concerns in Europe and the standoff over Iran’s nuclear ambitions fueled economic uncertainties, the central bank said Friday. The consumer sentiment index, which gauges consumers’ overall economic outlook, living conditions and future spending, fell 1 point from the previous month to 98 for January, according to a survey by the Bank of Korea. The January figure marked the lowest level sin