The Korea Herald

‘Hygienic’ spoons, chopsticks hit shelves

IndustryNov 16, 2011

A company named Kitchen Idea said Wednesday it began sales of children’s spoons and chopsticks specially designed for hygiene purposes.A curve in the middle keeps the spoon head and tips of chopsticks from touching the table, preventing contact with germs and dirt. The new children’s cutlery sets made of stainless steel come in three different designs priced at 6,000 won or 7,000 won per pair. Spoon-and-chopstick sets for adults are also available.Kitchen Idea has applied for a patent for the cu
Seoul shares close down 1.59% on European debt woes

Nov 16, 2011

South Korean stocks finished 1.59 percent lower on Wednesday as investor sentiment was muted by the persistent debt crisis in Europe, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 30.05 points to close at 1,856.07. Trading volume was moderate at 402 million shares worth 5.58 trillion won ($4.91 billion) with losers outpacing gainers 631 to 190.“Concerns about Italy’s and Spain’s government bonds weighed on the market,” said an
Gov’t to back SMEs for research projects

IndustryNov 16, 2011

The government plans to shore up small- and mid-sized enterprises for their investment in research and development to expedite their growth and fend off the workforce exodus to large companies, officials said Wednesday.The Ministry of Knowledge Economy will boost subsidies for SMEs to 40 percent of its R&D budget by 2015 from last year’s 26 percent, said Chung Yang-ho, head of the ministry’s industrial technology policy division.Currently, the ministry spends about 4.5 trillion won ($4 billion)
Local banks’ bad debt ratio up in third quarter

Nov 16, 2011

The bad debt ratio for South Korean banks’ household loans rose in the third quarter from three months earlier as the economic slowdown and the slumping property markets spurred fresh loan delinquency, the financial watchdog said Wednesday.Local banks’ non-performing household loans accounted for 0.67 percent out of their total lending as of the end of September, up 0.11 percentage point from three months earlier, according to the Financial Supervisory Service.The bad loan ratio for bank mortgag
Sony bans Korean teens from online gaming

IndustryNov 16, 2011

Controversy surrounding the country’s game shut-down system, also known as the game curfew, is escalating as it is seemingly expanding its boundaries to console games like Sony’s PlayStation and Microsoft’s Xbox.Sony Computer Entertainment Korea said earlier this week that it will ban those under 16 from logging into their PlayStation games starting from 11 p.m. Friday to comply with the Korean regulation.“Our head office has decided to prohibit the log-in and accepting new registration of users
Korea deserves higher sovereign rating: HSBC

Nov 16, 2011

Researcher points to nation’s capability to cover external debt, ample foreign reservesCredit rating agencies should raise their sovereign credit ratings of Korea to better reflect its improved ability to finance external debt, Frederic Neumann, co-head of Asia research team at HSBC said Wednesday. Commenting on Korea having the same rating Italy at Standard & Poor’s and Fitch Ratings, the Hong Kong-based economist said the ratings shared by the two at those agencies don’t accurately reflect the
Ssangyong Motor exports to set milestone this year

TransportNov 16, 2011

Carmaker projects exports to reach 63,169 units in Jan.-Oct. periodSsangyong Motor is projected to post record export performance this year, taking the lead in the growth of overseas sales among carmakers in Korea.The company saw its exports reach 63,169 units for the first 10 months of 2011, up 61.3 percent from 39,158 units over the corresponding period a year earlier.Company executives predict that exports per annum will come to 75,000 units this year. The carmaker’s current record-high figu
The brave new world of frontier economics

Nov 16, 2011

We have entered what might be called the era of “frontier economics.” As older, easier sources of economic growth are drying up, the prospects for continued dynamism and prosperity hinge more than ever before on pioneering entrepreneurial start-ups to explore and extend the technological barrier. This puts national economies under a constant pressure to knock down artificial barriers to competition. In other words, in their search for economic growth, countries need to make their economies more
Quality of red ginseng matters most: CEO

IndustryNov 16, 2011

Sam Heung aims to become Korean pride in the global marketThe domestic market for red ginseng is estimated to reach 1.2 trillion won ($1 billion) this year, driven by its growing popularity among health-conscious Koreans. With the state-run Korea Ginseng Corp. enjoying more than 75 percent of the market, Sam Heung has been in a “David and Goliath” battle for the past 14 years. “The market has recently become a battle field for large latecomers. There has been no easy period for us,” CEO Youn Chu
Financial derivatives trades surge amid growing concern

Nov 15, 2011

Regulators scramble to draw up measures to control high-risk tradesKorea’s financial derivates market is expected to surpass 30 quadrillion won ($26.6 trillion) this year, data showed on Tuesday, amid growing concerns about huge losses inflicted on retail investors. The strong appetite for high-risk trades of futures, options and equity-linked warrants is now set to boost the total trading volume of derivates to reach 30.35 quadrillion won by the end of the year, according to the Financial Super
Delayed U.S. FTA to cause huge economic losses: official

IndustryNov 15, 2011

A delay in the parliamentary ratification of the pending free trade deal with the United States could inflict a huge economic loss on South Korea along with policy uncertainties, a ranking trade official said Tuesday.The free trade accord, known as the KORUS FTA, was signed in June 2007 and supplemented in late December of last year with minor modifications that mostly deal with the auto industry. The agreement was ratified by the U.S. Congress last month and Seoul is under mounting pressure to
Cheil, LGE, LS Ind., Samsung Electronics named innovative firms

IndustryNov 15, 2011

Four South Korean companies have been named among the world’s 100 most innovative companies, Thomson Reuters said Tuesday. The four companies are Cheil Industries Inc., LG Electronics Inc., LS Industrial Systems and Samsung Electronics Co. Only two countries in Asia, Korea and Japan, made the top 100.“Innovation is a means of growth and prosperity for companies and nations seeking to overcome sluggish economies and achieve competitive advantage,” said David Brown, president of the IP Solutions b
Airlines upbeat on Vladivostok route

IndustryNov 15, 2011

Budget airliners are upbeat about Russia’s decision to adopt an open skies policy for Vladivostok, which will allow all foreign airlines to fly there by simply notifying the authorities.Russia hopes to develop Vladivostok Airport, which is less than a two-hours flight from Incheon International Airport, into a major international hub for passengers flying between East Asia and North America via Siberia, according to Russian media reports.Seoul’s Land Ministry said it has asked the Russian govern
Korea’s exports to EU to grow steadily in 2012

IndustryNov 15, 2011

South Korean exports to the European Union are expected to rise steadily in 2012, fueled by brisk demand for automobiles and ships, a report said Tuesday.The Korea International Trade Association report said that fiscal crises in countries such as Greece, Italy, Spain and Ireland will exert negative influence, although the economic bloc as a whole may be able to pull off positive growth.“Unlike the worldwide financial crisis in 2009, the EU is expected to post growth of about 1 percent,” the ass
Hybrid car sales drop sharply in Oct.

TransportNov 15, 2011

South Korea’s hybrid vehicle sales dropped sharply in October despite high fuel prices, local industry sources said Tuesday.Consumer demand for the fuel efficient vehicles that run on both combustion engines and electric power posted a double digit slump in sales despite concerted efforts by carmakers and the government.Seoul has moved to cut taxes levied on hybrids to bolster sales, while producers have offered favorable warranties to attract consumers.Hyundai Motor Co. South Korea’s largest ca