The Korea Herald

10 savings banks may face sanctions

Aug 22, 2011

FSS winds up inspection of 85 secondary banking institutionsFinancial regulators are expected to issue another round of sanctions against a group of savings banks after completing an intensive inquiry into the secondary banking industry.Under its policy of revamping the industry tarnished by the cor
Flood damage drives car claims to record

Aug 22, 2011

South Korean non-life insurers saw the number of monthly car claims reach a fresh high in July, due to damages triggered by the record downpours that pounded the metropolitan area last month, data showed Monday.A total of 11,362 reports on car damages were received in July, with local insurers expec
Renault Samsung staff set up new trade union

Aug 22, 2011

Workers at Renault Samsung Motors Co., the local unit of French automaker Renault SA., said Monday that they have launched a new trade union to advance the rights of members.The newly formed labor union consisting of 200 members effectively marks the first time that a union has been set up at the ca
Firms use games for marketing

IndustryAug 22, 2011

SK Telecom, LG Electronics team up with game firmsFirms are turning their eyes to the online game industry for better marketing not only in Korea but also in the overseas markets.SK Telecom, the country’s top mobile carrier, said Monday it would join hands with NHN, operator of well-known online gam
Ships emerge as S. Korea’s No. 1 export item

Aug 22, 2011

Ships have emerged as South Korea’s leading export item this year, outpacing overseas sales of other previous flagship goods such as semiconductors and automobiles, customs data showed Monday.South Korea exported $36.13 billion worth of ships during the January-July period, according to data by the
Korea sovereign risk rises, credit default swap shows

Aug 21, 2011

Investors see South Korea’s bond and stock markets still highly vulnerable to external shocks despite improved economic fundamentals, data showed on Sunday. The Korean financial markets recently flucuated far more than other markets in the wake of the global shock sparked by the downgrade of the U.S
Ssangyong E&C expands presence in Malaysia’s high-end housing

IndustryAug 21, 2011

Ssangyong Engineering and Construction Co., which has been focusing on luxury building projects in its overseas operations, is making headway in the growing market for luxury residential properties in Malaysia. Last week, the company announced that it won a $145 million contract to build two luxury
Hacking strikes Epson, Gabia

IndustryAug 21, 2011

Firms, government urged to step up efforts for better security oversightHackers have struck once again, this time at a local branch of a Japanese company to expose the personal information of up to 350,000 users amid rising concerns over hacking in the world’s most wired country. Epson Korea, the lo
Korea’s quality of life stagnant: report

Aug 21, 2011

The quality of life in Korea is one of the lowest among members of the Organization for Economic Cooperation and Development and G20 nations, a Korea Development Institute, report showed Sunday.According to the Ministry of Strategy and Finance, the KDI report on developing indexes for measurin
Hana’s KEB takeover set to shape up soon

Aug 21, 2011

Hana Financial Group Inc., South Korea’s No. 4 banking group, will be able to know whether it can buy Korea Exchange Bank as early as next month, when a Seoul court rules on a pending court case that has stalled the acquisition, sources said Sunday.Under a 4.41 trillion won ($4.07 billion) deal with
4 at Deutsche Bank indicted over stock manipulation

Aug 21, 2011

Four employees of Deutsche Bank AG and Deutsche Securities Korea have been indicted on charges of gaining unlawful profits by manipulating stock prices, the Seoul Central District Prosecutors’ Office said Sunday. Of the four, three work at Deutsche Bank’s Hong Kong branch including one executive.The
Gloomy outlook clouds Korea’s markets

Aug 21, 2011

With jittery investors struggling to glean any hint of reprieve from the deepening global financial woes, the outlook remains gloomy on international fronts, particularly Europe and the U.S., analysts said Sunday. “By now it is clear that a recession is imminent in the U.S. and Europe. A lot of inve
Gold prices in S. Korea continue to break record

Aug 21, 2011

Domestic gold prices set a fresh record high again on Saturday on increased demand for safer assets amid concerns over a slowdown in the U.S. economy and lingering debt problems in Europe, industry sources said.The retail price of 1 don (3.75 grams) of pure gold in the country stood at an all-time h
Household food spending grows fastest in 2nd quarter

Aug 21, 2011

South Korean household food expenditures grew at the fastest clip ever in the second quarter amid record-high spending on car fuel, stoked by runaway food and energy costs, data showed Sunday.Household spending on food and non-alcoholic beverages jumped 8.9 percent on-year to a monthly average of 32
Audi reveals ultra-light urban concept car

TransportAug 21, 2011

Ingolstadt, Germany (DPA) ― Audi has revealed an ultra-light concept car designed for congested urban areas combining what it says are elements of a racing car, a fun car and an urban car fitted intoa radical new idea. Audi urban conceptOrientated strictly on light weight construction the wheels are