The Korea Herald

Household loans by non-bank financial firms close to 300 trillion won

Dec 15, 2011

Korea’s non-bank financial firms rapidly increased their share in the household loan market, seeing their combined total reach nearly 300 trillion won ($259 billion) and even outpacing banks, data showed on Thursday. The non-bank financial companies refer to savings banks, credit card operators, and insurance firms, and their household loan expansion in recent months is viewed by authorities as an additional risk factor to the country’s broader household debt situation. The size of non-bank fina
Ethiopian Air joins Star Alliance

IndustryDec 15, 2011

Ethiopian Airlines has become the latest member of the Star Alliance, the world’s largest airline coalition, Asiana Airlines said Wednesday.Founded in 1945, Ethiopian Airlines is one of the fastest-growing carriers in the region. Sales neared $1.3 billion last year, serving 3.2 million passengers.The African country’s standard bearer flies to 62 international and 17 domestic destinations, connecting the continent’s East to West. It has a fleet of 48 passenger and cargo aircraft and another 35 on
Lone Star papers out after 8 years

Dec 15, 2011

FSC follows court’s ruling to publicize U.S. fund’s eligibilityThe Financial Services Commission has made public its records on Lone Star Funds from the eight years since the regulator approved the fund’s takeover of Korea Exchange Bank in 2003.On Thursday, the FSC sent related documents on Lone Star to the civic group Solidarity for Economic Reform.The documents involve the regulator’s ruling as to whether the U.S.-based fund was eligible to own KEB between September 2003 and June 2006.After a
Turkey to feature rich culture, art ...at Yeosu Expo

IndustryDec 15, 2011

Turkish Embassy said on Thursday it would showcase its cultural tradition as well as other rich aspects of the country at the forthcoming 2012 Yeosu Expo. At a press conference, Turkish Ambassador Naci Saribas outlined the plan for the expo aimed at allowing international visitors to experience aspects of Turkey including arts, culture and cuisine. Under the theme of “Land of Civilization, Connecting Seas and Continents,” the Turkey pavilion is set to highlight Turkey’s food, choreography, arts,
Province promotes ‘bokbunja’

IndustryDec 15, 2011

North Jeolla Province is striving to promote food and beverages made with “bokbunja,” a wild blackberry indigenous to the region, to carve out a niche market and boost the local economy.Bokbunja has for decades been widely consumed by Koreans due to its antioxidant, anticancer and beauty effects.The wild fruit has been an economic driver for the region since residents started cultivating it on their farms in the late 1980s. Three adjacent counties ― Gochang, some 296 kilometers south of Seoul, S
KDB targets world’s top 20 by 2020

Dec 15, 2011

State-run financial group completes acquisition of RBS Uz under global expansion strategyKorea Development Bank has set the goal of becoming one of the top 20 banks in Asia by 2015 and entering the top 20 in the world by 2020, executives said Thursday.The bank’s parent KDB Financial Group completed its takeover of the Royal Bank of Scotland Uzbekistan, or RBS Uz, in November after signing a contract in December 2010.KDB Financial Group chairman Kang Man-soo, who participated in an event to celeb
KT chairman expected to serve another term

IndustryDec 15, 2011

Committee to make final decision next month after reviewing his performanceKT chairman Lee Suk-chae is widely expected to extend his tenure as CEO at the nation’s largest fixed-line carrier, industry sources said Thursday.KT decided to form a committee to name a new CEO during a board members’ meeting Tuesday as Lee’s official term of three years expires early next year.Lee could serve a second term, sources said, considering the company’s strong performance under his leadership, especially as
President calls for front-loaded spending preparations for 2012 budget

Dec 15, 2011

South Korean President Lee Myung-bak called on the government Thursday to prepare for front-loaded spending of next year's budget to help the country overcome both domestic and foreign economic challenges.He said after receiving a policy report from the Fair Trade Commission that every effort must b
Lone Star documents disclosed in 8 years

Dec 15, 2011

FSC follows court’s ruling to publicize U.S. fund’s eligibilityThe Financial Services Commission has made public its records on Lone Star Funds in the eight years since the regulator approved the fund’s takeover of Korea Exchange Bank in 2003.On Thursday, the FSC sent related documents on Lone Star to the civic group Solidarity for Economic Reform.The documents involve the regulator’s ruling as to whether the U.S.-based fund was eligible to own KEB between September 2003 and June 2006.After a fo
Lone Star documents disclosed in 8 years

Dec 15, 2011

FSC follows court’s ruling to publicize U.S. fund’s eligibilityThe Financial Services Commission has made public its records on Lone Star Funds in the eight years since the regulator approved the fund’s takeover of Korea Exchange Bank in 2003.On Thursday, the FSC sent related documents on Lone Star
Hyundai Motor Group set to outshine Samsung Group in 2011 earnings

IndustryDec 15, 2011

South Korea's top automotive group Hyundai Motor Group is expected to post bigger earnings this year than Samsung Group, the country's biggest family-controlled conglomerate, data showed Thursday.The combined earnings of Hyundai Motor Group's eight listed affiliates are projected to reach 18.05 tril
Lotte inks MOU with L.A. on film tie-up

IndustryDec 14, 2011

Lotte Group, one of the country’s largest conglomerates, signed a deal with the City of Los Angeles on Wednesday for economic and cultural cooperation in the film industry, company officials said. Under the MOU between the group’s chairman Shin Dong-bin and Los Angeles Mayor Antonio Villaraigosa, the U.S. city will support Lotte Group’s affiliate, Lotte Cinema, to launch its first office in the city. The city of Los Angeles will also help Lotte Cinema find and set up connections within the Holly
Hyundai Heavy names new chief

IndustryDec 14, 2011

Hyundai Heavy Industries promoted the head of its construction equipment division Choe Byeong-ku to president and chief executive of the company in a regular reshuffle of executives. Born in 1951, Choe became an executive of Hyundai Heavy in 1999 and was named chief of the construction equipment division in 2009. He became senior executive vice president last year.Hyundai Heavy said its executive-level shakeup on Tuesday was focused on bolstering its electo electric systems, engine and machinery
KCCI chief speaks up against profit-sharing

IndustryDec 14, 2011

Sohn Kyung-shik, chairman of the Korea Chamber of Commerce and Industry, expressed his opposition to forcing large companies to share profits with suppliers by law.“Everyone agrees that large and small businesses must cooperate, but you can’t force (profit-sharing) by law because each company has its own situation,” Sohn said during a year-end press conference in downtown Seoul on Tuesday.“Both sides should reach an accord through dialogue. I don’t think it is impossible to come to an agreement.
Samsung Electronics restructures for next year

IndustryDec 14, 2011

Samsung Electronics said Wednesday that it has restructured its organization, dividing it into two separate units ― digital media/communications and device solutions ― for independent operations.Consumer electronics and information technology and mobile communications will be included in the digital media and communications unit, which will focus on finished goods.Yoon Boo-keun, who served as the president of Samsung’s visual display business, will lead the consumer electronics business that inc