The Korea Herald

S. Korea's consumer prices grow 4.3 pct in Sept.

Oct 4, 2011

SEOUL, Oct. 4 (Yonhap) -- South Korea's consumer prices grew at a slower pace in September than a month earlier, but they still remained above the government's annual inflation target mainly due to high food and oil prices, a report showed Tuesday. According to the report by Statistics Korea, the co
Obama sends FTAs to Congress before S. Korean leader's trip

Oct 4, 2011

WASHINGTON, Oct. 3 (Yonhap) -- In a long-awaited move, U.S. President Barack Obama on Monday sent free trade agreements (FTAs) with South Korea, Colombia and Panama to Congress, pressing lawmakers to pass them promptly. Obama's action raises hopes that the ratification process will be completed
Korea to boost foreign exchange stabilization bond issuance limit

Oct 3, 2011

South Korea is set to issue more foreign exchange stabilization bonds next year, the Finance Ministry said Monday, a move that comes amid worries the ongoing financial market turmoil will likely be sustained for the time being.The government plans to set the limit for foreign currency-denominated fo
BMW to recall 380 cars for faulty wiring

Oct 3, 2011

BMW is recalling over 380 of its X5 and X6 sport utility vehicles sold in South Korea for faulty wiring that could cause a fire, the Transportation Ministry said Thursday.The wiring to the fuel-filter heater, when damp, could electrically overload the heater even when the engine is turned off, causi
Tire labeling: A game changer

IndustryOct 3, 2011

Industry expects more business opportunities from green tiresDUSSELDORF, Germany ― Germany-based specialty chemicals company LANXESS celebrates the annual “rubber day” in September. To mark 102 years of synthetic rubber, the company held a business conference in this German city on Sept. 21.The even
Airport finds banned items on 800 travelers

IndustryOct 3, 2011

Cases of airline passengers possessing goods banned in-flight, including weapons, numbered nearly 800 at South Korea’s major international airport over the past three years, a lawmaker said on Thursday.Authorities detected 795 instances in which passengers possessed such items ranging from lethal we
‘U.S. beef imports rise sixfold in four years’

TransportOct 3, 2011

South Korean imports of U.S. beef increased sixfold over the past four years, raising alarms for the domestic livestock industry, a lawmaker said Sunday.The volume of U.S. beef imports rose from 14,112 tons in 2007 to 84,821 tons last year, according to Rep. Kwon Kyung-seok of the ruling Grand Natio
‘Cars, refineries to see export boom in Q4’

IndustryOct 3, 2011

South Korea’s automobile and oil refining industries are expected to enjoy a boom in exports in the fourth quarter of this year, underpinned by growing overseas demand, a report said Monday.The country’s construction and steel industries, however, have a grimmer fourth-quarter outlook due to a slump
Korea recoups 60.6% of bailout funds

Oct 3, 2011

South Korea has recouped 60.6 percent of the public funds it injected to bail out troubled financial firms during the 1997-98 Asian financial crisis, the financial watchdog said Friday.The country had retrieved 102.2 trillion won ($87.2 billion) of a total of 168.6 trillion won in public funds as of
Asset managers’ Q1 net falls 8.3%

Oct 3, 2011

Total earnings by asset management firms in South Korea declined 8.3 percent in the first quarter of 2011 from a year earlier on money flight from mutual funds, the financial watchdog said Thursday.The combined net profits of 81 local and foreign asset managers came to 99.5 billion won ($84.3 millio
199 Koreans hold more than W5b in overseas accounts

Oct 3, 2011

A total of 199 private and corporate deposit holders in South Korea each have more than 5 billion won ($4 million) in their overseas financial accounts, data showed Monday.There were 199 cases reported for overseas financial accounts worth more than 5 billion won in June, with the reported amount to
KB chairman joins IIF board of directors

IndustryOct 3, 2011

Euh Yoon-dae, chairman and CEO of KB Financial Group, on Monday was appointed to the board of directors of the Institute of International Finance, the world’s largest industry group of financial institutions.KB said in a statement that Euh, the former head of the Presidential Council on National Bra
BOK won’t change key rate: investment banks

Oct 3, 2011

Foreign investment banks see that the Bank of Korea is unlikely to change the benchmark interest rate by the second quarter of next year. According to the new projection data, Barclays Capital, Citibank and Morgan Stanley projected that the central bank will keep steady the interest rate at 3.25 per
Lotte chairman hints at M&A of blue-chip companies

IndustryOct 3, 2011

Lotte Group chairman Shin Dong-bin recently emphasized efforts to turn the current economic crisis into an opportunity, urging executives to look for blue-chip companies for mergers and acquisitions. “This time of economic downturn could be an opportunity. We need to be more active in the M&A of hea
Korean banks set for record Q3 profits

Oct 3, 2011

Bigger margins, troubles at savings banks a boon for major banksKorean banks are expected to post a record profit in the third quarter of this year, helped by wider margins as lenders hiked loan rates but lowered deposit rates. Margin in the banking sector refers to the percentage added to a market