The Korea Herald

Daewoo International gears up for gas project in Myanmar

IndustryOct 3, 2011

Daewoo International Corp. said Sunday it has begun infrastructure work for a gas project in Myanmar after completing drilling and production tests.The Korean resources developer will establish seabed platforms, onshore terminals and pipelines at two offshore fields in the Southeast Asian country in
Samsung proposes deal to Apple in Australia

IndustryOct 3, 2011

Samsung Electronics Co. made a proposal to Apple Inc. to resolve their patent dispute in Australia regarding touch-screen technology, a Sydney court was told Sept. 30. Samsung lawyer David Catterns didn’t give details about the proposal, and Apple will need time to consider it, Apple lawyer Steven B
GM Korea launches Malibu midsized sedan

TransportOct 3, 2011

GM Chevrolet’s new model, the Malibu, will debut in Korea on Tuesday, GM Korea officials said Monday. A live stream for the launch will be available online, they added.The introduction of the Malibu comes six months after the company’s announcement that the new model will go into production at the B
Firms struggle with shrinking cash reserves

Oct 3, 2011

Local lenders tighten loans, hurting smaller companiesCash flow is slowing at a growing number of Korean firms, both big and small, sending a fresh warning signal to policymakers faced with greater economic uncertainties at home and abroad. Industry data from the Korea Listed Companies Association,
Global slowdown, weak earnings dog economy

IndustryOct 3, 2011

Weak demand from overseas and continued stock exodus to bring current account down furtherAn increasingly worse outlook for Korea’s major trading partners is throwing more doubt on the debt and inflation-saddled economy.Analysts expect the current account surplus to continue shrinking as demand drop
Korea’s CDS premium jumps in Sept.

Oct 3, 2011

The cost of insuring South Korea’s sovereign debt against default spiked more than 90 basis points in September from a month earlier amid the European debt crisis, data showed Sunday.According to the data by the Korea Center for International Finance, the credit default swap (CDS) premium on South K
Seoul to inject $1.1b into resources development

Oct 3, 2011

South Korea plans to increase its spending on the development and purchase of overseas mines by nearly 10 percent next year to significantly boost its energy self sufficiency, the government said.According to the Ministry of Knowledge Economy, the government is requesting 1.31 trillion won ($1.1 bil
Chinese holidaymakers flood Korea

IndustryOct 2, 2011

Chinese tourists are pouring into the country with the start of the mainland’s National Day Golden Week, raising Korea’s hopes for a chance to bolster its tourism revenues. With more than 70,000 Chinese visitors expected to visit this week ― a 20-percent increase from last year ― the state-run Korea
LGE 3-D TV named best brand by U.S. magazine

IndustryOct 2, 2011

A 3-D TV set made by South Korea’s LG Electronics Inc. has been selected as this year’s best model for its clear picture and vivid color, a U.S. online computer magazine said Sunday.According to PC World, which has 5 million subscribers, LG’s 47-inch Cinema 3D TV, or LG Infinia 47LW6500, ranked firs
Ssangyong E&C signs deal for condos in Vietnam

IndustryOct 2, 2011

Ssangyong Engineering and Construction Co. announced Sunday that it has won a $57.8 million contract to build part of a condominium complex in Vietnam.Under the contract, issued by a subsidiary of the Singaporean real estate developer Keppel Land, Ssangyong E&C will build three of the 12 residential
HSBC may soon clarify banking closure rumors

Oct 2, 2011

HSBC Holdings’ Korean branch is likely to clarify rumors that it is planning to shut down retail banking operations here soon.According to reports that first came out late September, HSBC has drawn up plans to pull out of Korea’s retail banking market and began the process of selling related assets,
Irregular trading in derivatives on the rise

Oct 2, 2011

Unfair practices in the local derivatives market have become more frequent, according to a report from an opposition party lawmaker. In his report for the National Assembly’s audit of Korea Exchange, Rep. Yu Won-il of Creative Korea Party said that irregular trading of derivative products has surged
Samsung sees light ahead despite downturn

IndustryOct 2, 2011

Electronics maker says will get through crisis on combined efforts with suppliersRecovery does not seem to be in the cards for the global economy, but Samsung remained upbeat and pledged to continue working with its partners to come back with a vengeance when the markets pull through the current cri
Volkswagen, GM lead 7.8% growth in August European car sales

TransportOct 2, 2011

Volkswagen AG, General Motors Co. and Ford Motor Co. led the first increase in European car sales in four months, helped by new models ordered earlier this year.Registrations rose 7.8 percent to 787,435 vehicles from 730,646 units a year earlier, the Brussels-based European Automobile Manufacturers
Mercedes adds C-Class coupe to U.S. line to top BMW

TransportOct 2, 2011

Daimler AG’s Mercedes-Benz, seeking to become the top-selling luxury brand in the U.S., added a two-door compact C-Class to its lineup to attract younger buyers from Bayerische Motoren Werke AG’s BMW.The C-Class coupe, which arrived at dealerships this month, may boost sales of the nameplate by as m