The Korea Herald

Deal to boost exports of local parts, materials

IndustryOct 17, 2011

Korea’s parts makers are set to expand supplies to U.S. industrial giants Caterpillar and Applied Materials Inc., as well as Samsung Electronics as part of a government program for shared growth.The Ministry of Knowledge Economy said Monday it has signed two agreements to shore up cooperation betwee
New KEPCO head pledges to bring financial soundness

IndustryOct 17, 2011

The new chief executive of the Korea Electric Power Corp. vowed on Monday to improve the company’s financial structure as a primary goal for his three-year term.Kim Joong-kyum, a former head of Hyundai Engineering & Construction Co., took office at the state-run utility a month ago.“Financial soundn
Chung stresses partnership with Georgia government

IndustryOct 17, 2011

Hyundai Motor Group chairman Chung Mong-koo (right) greets U.S. Georgia Gov. Nathan Deal who visited the Korean carmaker’s headquarters in southern Seoul on Monday. (Hyundai Motor)Hyundai Motor Group chairman Chung Mong-koo stressed partnership with Georgia Gov. Nathan Deal in the company’s welcomin
Cash dries up at Korea’s big businesses

IndustryOct 17, 2011

Surplus cash flow halves, corporate borrowing surgesDespite repeated assurances from government officials, fears of a global recession are hurting Korea Inc. on liquidity as many large firms face worsening cash flow, data showed Monday.The annual excess cash flow forecast of 83 listed firms stood at
Prudential Korea values insurance customers’ needs

Oct 17, 2011

Prudential Life Insurance Company of Korea has been gaining consumers’ confidence by prioritizing customer needs in its product development and sales.The insurance firm pushes ahead with sales through “life planners,” while many companies heavily resort to ready-made products via sales channels such
Even peaceful unification would raise risks: S&P

Oct 17, 2011

Credit rating agency reaffirms Korea sovereign ratingCredit rating agency Standard & Poor’s projected a bleak view for the Korea in a post-reunification scenario, predicting that the government would suffer heightened policy risks even under peaceful circumstances.In its annual seminar in Seoul, the
Korean aviation market to grow rapidly in next decades: Airbus

IndustryOct 17, 2011

South Korea’s air transportation market will see robust growth in the next two decades largely due to growing demand for large-size aircraft for passenger traffic, a European aerospace company said Monday.“We foresee that the South Korean aviation market will have a demand for 382 new aircraft over
Budget airlines gear up for takeoff

IndustryOct 17, 2011

Price war heats up as low-cost carriers expand international flight servicesLee Eun-young, a 27-year-old office worker, has longed to backpack overseas since college but her tight budget kept her stuck in Seoul even after getting a job. But it was a low-cost airline that quenched her thirst for an o
Sales at supermarkets drop in September

Oct 17, 2011

Sales at South Korea’s major discount chains dropped from a year earlier last month, reflecting a worsening consumer sentiment in the wake of a possible global economic slowdown, the government said Monday.Sales at the country’s three major discount chains slipped 1.1 percent from the same period la
FSC may expedite KEB stake sale

Oct 17, 2011

Regulator could order sale at extra panel meetingThe Financial Services Commission has decided to speed up procedures to order Lone Star Funds, convicted of stock manipulation, to sell a large portion of its stake in Korea Exchange Bank.The financial regulator is likely to order the U.S. buyout fund
Suspected hacker in Hyundai Capital incident arrested in Philippines

IndustryOct 17, 2011

SEOUL, Oct. 17 (Yonhap) -- A suspected hacker wanted on suspicion of stealing customer data earlier this year from Hyundai Capital, an affiliate of South Korea's top automaker, has recently been arrested in the Philippines, police here said Monday.The 35-year-old man, identified only by his surname
Regulator begins procedure of Lone Star's KEB sale

Oct 17, 2011

SEOUL, Oct. 17 (Yonhap) -- South Korea's financial regulator on Monday took the first administrative step toward ordering U.S. private buyout firm Lone Star Funds to sell the bulk of its controlling stake in Korea Exchange Bank (KEB).The Financial Services Commission (FSC) said in an e-mailed statem
S&P to hold annual meeting in S. Korea

Oct 17, 2011

SEOUL, Oct. 17 (Yonhap) -- Global credit appraiser Standard & Poor's (S&P) will have its annual meeting with South Korean policymakers this week to assess the nation's overall economic situations and credit status, the finance ministry said Monday.A delegation led by Kim Eng Tan, S&P's senior direct
Samsung files suits against Apple in Japan, Australia

IndustryOct 17, 2011

SEOUL, Oct. 17 (Yonhap) -- Samsung Electronics Co. said Monday that it asked judges in Japan and Australia to temporarily ban sales of the iPhone 4S, accusing Apple Inc. of violating its mobile and user interface patents.In Japan, Samsung is also seeking to win a court injunction on the iPad 2
Korean firms' direct financing slips in Sept.

IndustryOct 17, 2011

SEOUL, Oct. 17 (Yonhap) -- South Korean companies' direct financing marginally declined in September from a month earlier as companies scaled back their debt sales, the financial watchdog said Monday.Local firms raised 10.4 trillion won (US$9 billion) by issuing stocks and bonds last month, down 27.