The Korea Herald

7 more savings banks suspended

Sept 18, 2011

Major players including Tomato, Jeil fail to meet capital adequacy ratioThe financial regulator on Sunday suspended the operation of seven more savings banks that failed to meet the capital adequacy ratio set by the International Bank of Settlements, including major players Tomato and Jeil. Sixteen
Hyundai Heavy denies report on Nigerian shipyard plans

IndustrySept 18, 2011

Hyundai Heavy Industries Co. on Sunday denied reports that it will be building a shipyard in Nigeria.On Friday, Reuters reported that Hyundai Heavy will be investing $7 billion to build a shipyard in the African country, quoting the company’s chief executive Lee Jai-seong.The company, however, said
Local industries brace for exchange rate impact

Sept 18, 2011

Local industries were seen bracing for the impact from the recent surge in the Korean won against the U.S. dollar exchange rate amid lingering concerns of a debt crisis in the European region.On Friday, the local currency ended at 1,112.5 won against the greenback, with the exchange rate stabilizing
Dismal growth prospects abroad likely to squeeze Korean economy

Sept 18, 2011

The government has been pushed to lower growth projections for the Korean economy as debt in Europe and dismal growth prospects in the U.S. are expected to set back exports and consumer spending this year and next.The latest data shows that shrinking consumer demand and depressed business sentiment
Loan defaults on the rise

Sept 18, 2011

The number of loan defaults in Korea reached 1.09 million as of June, up 19.5 percent from six months earlier, credit data showed on Sunday. According to Nice Information Service, the number of people who failed to pay back loans they got from local lenders and financial firms rose by 179,000 in the
Sony eyes opportunities in smartphone boom

IndustrySept 18, 2011

TOKYO ― The smart device craze is no stranger to IT companies, many of which are eager to replicate the success of Apple, and Sony Corp. is no exception in how acutely aware it is of the potential these new gadgets hold.“The penetration of smartphones and tablets in the market is driving the demand
Higher volatility spurs speculative trades

Sept 18, 2011

Hot money on currency market and risky bets on derivatives on the riseWith the local stock market riding a wave of volatility in recent weeks, speculative transactions have increased at an alarming pace, the country’s financial regulators warned on Sunday. Although it is often difficult to distingui
Volkswagen, GM lead 7.8% growth in Aug. Europe car sales

TransportSept 18, 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
Ferrari is recession proof as ultra-luxury car sells out

TransportSept 18, 2011

Maserati SpA’s new sport-utility vehicle was one of the most sought-after models at the Frankfurt car show last week and Ferrari SpA predicted record sales as executives said ultra-luxury remains recession-proof.“If you go to the Ferrari stand, there aren’t any customers worried about the recession,
Volvo Korea disguising who owns it?

TransportSept 18, 2011

Volvo Cars Korea has been providing consumers with outdated information over the automaker’s ownership structure on its website for about a year.Though China-based Zhejiang Geely Holding Group completed acquisition of Swedish-founded Volvo Cars from U.S.-based Ford Motor in the third quarter of 2010
Government suspends 7 savings banks

Sept 18, 2011

The financial regulator on Sunday suspended operation of seven more savings banks that have failed to meet capital adequacy ratio set by the International Bank of Settlements, including major players Tomato and Jeil. A total of 16 savings banks have been suspended so far this year.“We decided t
KT in talks to buy Enswers to bolster cloud computing

TechnologySept 18, 2011

South Korean telecom titan KT Corp. is moving to buy Enswers Inc., a Seoul-based video search technology provider, to prop up its cloud computing business, industry sources said Sunday. The deal could fetch Enswers as much as 40 billion won ($36 million), the sources said, all speaking on the condit
Alleged renegade UBS trader had luxury lifestyle

Sept 17, 2011

LONDON (AP) — Educated at an exclusive school in a picturesque patch of English countryside, Ghana-born trader Kweku Adoboli was known to neighbors as a polite and well dressed young man who mixed grueling hours in London's financial district with a lavish social life in the capital's nightspo
Sales of Europe luxury goods up after FTA

IndustrySept 16, 2011

European fashion brands are enjoying increased demand here after a free trade pact between Korea and the EU took effect on July 1, industry sources said Friday.French brand Louis Vuitton logged 91.2 billion won ($82.6 million) between July 1 and Sept. 14, up 16.9 percent from 78 billion won a year e
Minister hints at blackout compensation

Sept 16, 2011

Disputes are rising over compensation after an unprecedented power failure swept the nation on Thursday. Seoul and many other parts of Korea suffered serial power cuts after a sudden hike in electricity consumption. Unlike large companies with an independent power operating system, smaller businesse