The Korea Herald

S. Korea to prepare action plans on FTA with Japan, China

Dec 20, 2011

South Korea will map out its action plans on a free trade agreement with China and Japan before the heads of state from the three Northeast Asian countries meet in May, the Finance Ministry said Tuesday. “Based on consultations with China and Japan and the results of the joint study (which was recently completed), we will prepare our action plans before the summit talks,” the finance ministry said in a press release. Detailed timetables, a negotiation road map and other preparations will be incl
Jeju, Nongshim in dispute over bottled water sales

IndustryDec 20, 2011

Major foods company Nongshim on Tuesday hinted at legal action against Jeju Island for canceling their contract over the sales of Samdasoo, the nation’s No. 1 bottled water produced in the southernmost island. Jeju Special Self-governing Province Development Corp. said Monday that as its contract with Nongshim expires on March 14, it would find a new partner to continue the business. The province-run corporation considers, among other things, distributing the water products directly at major sal
Hyundai Group head to visit North Korea for tribute

IndustryDec 20, 2011

Hyundai Group chairwoman Hyun Jeong-eun plans to visit North Korea to pay a tribute to the late North Korean leader Kim Jong-il, company officials said on Tuesday.The plan was revealed as the South Korean government decided to allow her family members to visit the North for the tribute to Kim.The officials said the group will finalize the chairwoman’s visit schedule after having consultations with the Ministry of Unification. Earlier in the day, Hyun expressed her condolences over the death of t
History indicates limited impact on bourse

Dec 20, 2011

Goldman Sachs sees N.K.’s transition unlikely to hurt southern economySouth Korea’s financial markets are expected to get back to normal after a setback on Monday following the death of North Korean leader Kim Jong-il, analysts said on Tuesday. The KOSPI’s historical patterns indicate that the latest shock will not have a serious impact on the index, while risk signals such as credit default swap premiums remain stable. Foreign investors haven’t shifted their stance drastically on the local bour
Top two private lenders face suspension

Dec 20, 2011

The nation’s two largest private lenders face suspension for allegedly charging some borrowers illegal interest rates, officials said on Tuesday.Gangnam Ward Office of Seoul, which has investigated these practices in coordination with the Financial Supervisory Service, said Tuesday that it would halt the operations of Rush N Cash and Sanwa Money soon.The private loan industry’s No. 1 player Rush N Cash and No. 2 player Sanwa Money have been suspected of violating the upper ceiling of 39 percent
Economy to grow 3.4% in 2012: think tank

Dec 20, 2011

South Korea‘s economy will likely grow 3.4 percent in 2012, down from 3.8 percent growth projected for this year, as global economic uncertainties affect exports, a private think tank said Tuesday. In its outlook for next year, LG Economic Research Institute said sluggish growth in industrialized economies is expected to hurt demand for durable goods and related parts. Such developments can directly impact the country’s outbound shipments.The institute said there may be some improvements in dome
Korea seeks river restoration tech exports

IndustryDec 20, 2011

The government’s multi-billion-dollar efforts to revamp the country’s major river basins are about to bear some fruit as it nears a deal with foreign partners to transfer related technology.The Lee Myung-bak administration has been ratcheting up its ambitions to export its much-touted recipe for refurbishing waterways and wetlands as a means to offset simmering criticism over the feasibility of the costly project and its potential side effects on wildlife conservation.The government is expecting
Hyundai E&C devoted to co-prosperity with suppliers

IndustryDec 20, 2011

Korea’s biggest builder expands low-interest loans and technology development for subcontractorsHyundai Engineering & Construction, Korea’s largest builder, is expanding its campaigns to prop up smaller partners and suppliers as it strives to build a level playing field in Asia’s fourth-largest economy.Co-prosperity has been a keyword for corporate management over the past year as the government pushes for fair trade and healthy competition between conglomerates and small and medium businesses.
KOGAS receives top award for development of human resources

IndustryDec 20, 2011

Korea Gas Corporation received a presidential honor for human resource development at the annual Korea National Quality Award ceremony last week. Companies and persons who have greatly contributed toward improving quality, reducing costs and raising productivity in industry have been awarded at the ceremony hosted by the Ministry of Knowledge Economy and the Korean Standards Association each year since 1975. About 1,700 people including Prime Minister Kim Hwang-sik, chief of the parliamentary co
KT leads 14-member consortium to build undersea optical cable

IndustryDec 20, 2011

KT Corp., the country’s biggest fixed-line service operator, signed a contract with 13 telecoms on Tuesday to form an international consortium that will build a high-speed underwater optical fiber cable that connects nine Asian countries.KT, together with overseas telecom firms including NTT Communications in Japan and Chunghwa Telecom in Taiwan, will construct 10,000 kilometer-long optical cable called the “Asia Pacific Gateway,” according to KT officials.The underwater communications cable, wh
Foreign firms unfazed by N.K. leader’s death

IndustryDec 20, 2011

Business as usual seems to be the consensus from foreign businesses and chambers of commerce in South Korea over the announcement of North Korean leader Kim Jong-il’s death on Monday.North Korea’s secretive leader died of a heart attack on Saturday sparking concerns both at home and abroad.“At the moment, the events and the way things are going to roll out will not affect business,” said Rob Edwards, chairman of the British Chamber of Commerce in Korea.The American Chamber of Commerce expressed
Port security tightened in wake of Kim’s death

IndustryDec 20, 2011

Airlines concerned about passenger cuts from China, JapanThe government tightened security in airports and seaports Tuesday, a day after the announcement of the death of North Korean leader Kim Jong-il, while the airline industry fears a possible drop in passengers. The Korea Customs Service ordered affiliate agencies to “thoroughly examine goods coming in from countries with a large terrorist presence including socialist nations and countries whose nationals have been caught for attempting to b
Saudi prince invests $300 million in Twitter

TechnologyDec 20, 2011

DUBAI, United Arab Emirates (AP) _ Saudi billionaire Prince Alwaleed bin Talal and his investment company said Monday they are investing a combined $300 million into Twitter, increasing the microblogging site's cash cushion as its user base expands.Alwaleed's joint investment with his Kingdom Holdin
Kim death to have limited impact on financial markets: official

Dec 20, 2011

The sudden death of North Korean leader Kim Jong-il will likely have a limited impact on South Korea's financial markets, a senior finance ministry official said Tuesday, citing relatively stable overnight offshore market situations.South Korea's stock and currency markets tumbled on Monday, sparked
Factories running as usual in Gaeseong industrial park

Dec 19, 2011

Inter-Korean cooperation expected to expand if Western-educated Kim’s son takes powerNews of North Korean leader Kim Jong-il’s death had no immediate impact on the joint industrial park just north of the inter-Korean border Monday, but observers are wary of temporary setbacks in production during the official mourning period.Once Kim’s Swiss-educated heir Jong-un firms up his control over the government, however, inter-Korean trade and economic collaboration are expected to expand in the long te