The Korea Herald

Sony bets big on headphone market

IndustrySept 16, 2011

TOKYO ― Sony Corp. on Thursday said it will be releasing in November a new range of headphones, predicting that sales will soar over the next few years on the back of the smartphone craze. “With this tiny headphone driver, Sony will make a big splash this autumn,” said Katsuya Nakagawa, senior gener
Seoul to unveil list of troubled savings banks

Sept 16, 2011

Senior regulatory officials are considering the timing of the announcement of the list of debt-saddled savings banks, which will face business suspension.In particular, the officials seem extremely cautious over choosing the date as the Financial Services Commission and the Financial Supervisory Ser
Criticism rages over power cuts

IndustrySept 16, 2011

Government vows to cap peak demand, boost reservesMillions of residents and industrial workers remain outraged on Friday even after the government apologized for massive power cuts that blasted the country on Thursday, vowing not to repeat the mistake.An unseasonable heat wave forced the Korea
European luxury brands see sales hike 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
Rogue trader causes $2 billion loss at UBS

Sept 15, 2011

GENEVA (AP) — Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Police in London said they arrested a 31-year-old man in connection with the loss.Sw
KEPCO under fire for power failure

Sept 15, 2011

State-run Korea Electric Power Corp. is facing mounting criticism as it passed the buck to the Korea Power Exchange on taking responsibility for the unprecedented nationwide power outages Thursday afternoon.Residents and workers around the country suffered sudden power outages starting at around 3 p
Independent gas stations to adopt common brand

IndustrySept 15, 2011

Independent gas stations could start operating under a common brand as early as next year, the association of independent gas stations said Thursday.Independent gas stations can sell fuel produced by any of the country’s refiners, as opposed to being tied to a refiner such as GS Caltex or S-Oil.As s
Starbucks hopes instant coffee will cement dominance

IndustrySept 15, 2011

Starbucks still is a major player in the Korean market even though local coffee houses are growing rapidly, its Asia Pacific chief Jinlong Wang said Thursday. “We don’t mind if (our competitors) can do better. But we will always offer something unique and different,” he told The Korea Herald. Such c
POSCO signs deal on business in Colombia

IndustrySept 15, 2011

POSCO is poised to exploit Colombia’s iron ore and coal deposits as it ratchets up efforts to ensure steady supplies of raw materials and lay a firm footing in the fast-expanding Latin American market.The country’s top steelmaker clinched a deal on Thursday in Seoul to set up a joint venture with Bl
Conglomerates scrambling to secure cash

Sept 15, 2011

Korea’s conglomerates are scrambling to secure capital at a pace that suggests a credit crunch might be in the offing amid growing concerns over the global economy. The country’s large companies have raised about 60 trillion won ($54.6 billion) this year by issuing corporate bonds, drawing loans fro
Korea alert to possible impact of Europe crisis

Sept 15, 2011

Senior official conducts virtual intervention in won-dollar marketPolicymakers have stepped up again to minimize negative effects on the local financial markets amid the eurozone debt crisis, following their efforts in early August.Their key countermeasures included curbing steep depreciation of the
BOK denies report on OTC purchase of yuan bonds

Sept 15, 2011

South Korea’s central bank has not submitted an application to its Chinese counterpart to get approval for investment in yuan bonds traded on China’s over-the-counter market, a bank official said Thursday.The remarks came after a local daily reported Thursday that the Bank of Korea is preparing to i
Yeosu Expo nets 100 participant nations

IndustrySept 15, 2011

The number of countries confirmed to take part in next year’s international exposition in Yeosu, South Jeolla Province, has reached the target of 100, the event’s organizers announced Thursday.According to the Organizing Committee for Expo 2012 Yeosu Korea, the Philippines recently confirmed its par
Korean Air to deliver aid to Africa

IndustrySept 15, 2011

Korean Air announced Thursday that it will provide flights to deliver United Nations aid to famine-stricken regions in Africa.The carrier said that the flights are being operated as part of the U.N. World Food Program, in which it is taking part in collaboration with the Ministry of Foreign Affairs
Koreans marry later than any other Asians

IndustrySept 15, 2011

Koreans are choosing to get married later than any other Asians, statistics said. The average age of first marriage for men and women in Korea is 31.8 and 28.9, beating that of the Japanese, 28.90 and 28.8, the Finance Ministry said Thursday.“More women are choosing to get married later, or not gett