The Korea Herald

Lotte Mart to expand China business

IndustryAug 16, 2011

HONG KONG (Yonhap News) ― Lotte Mart Co., South Korea’s third-largest discount chain store, said Tuesday it will expand its China business by 2018 in an effort to boost its presence in China’s fast-growing retail sector. The chain, run by South Korea’s largest retail conglomerate Lotte Group, said i
Korea Finance head offers to resign over Hynix sale

Aug 16, 2011

The head of policy lender Korea Finance Corp. offered to resign on Tuesday, taking responsibility for an uproar over the conditions of Hynix Semiconductor Inc.’s sale.Early last month, top mobile carrier SK Telecom and shipbuilding conglomerate STX Group submitted preliminary bids for a 15 percent s
Seoul to widen supply of Chuseok food items

Aug 16, 2011

Seoul plans to widen the supply of fruit, fish and fresh harvest products in the two weeks prior to Chuseok to control prices rising fast due to the long rainy spell, the Agriculture Ministry said. It will select 15 staple food items and allocate them evenly at major retailers and wholesale market p
Analysts forecast quick stock recovery

Aug 16, 2011

A group of analysts have predicted that the stock market, hit by the fiscal woes in Europe and the United States, will stabilize in the near future.They shared the opinion that the possibility of the U.S. economy falling into a double-dip recession is not so high.“Though the U.S. will experience a s
BC, banks team up to fight Visa

IndustryAug 16, 2011

BC Card Co. and its 11 partner banks have agreed to join hands in protest against the “anti-market policy” of Visa, the Korean company said Tuesday. A consultative body, headed by a BC executive, expressed deep regret in a statement that Visa has fined BC unilaterally for refusing to use its global
KOSPI posts biggest daily rally in 2 years

Aug 16, 2011

Local currency strengthens 0.79% to 1,070 against dollarSeoul shares took a dramatic upturn Tuesday, rising 4.83 percent to close at 1,879.87 as foreign investors buoyed by overnight gains in the U.S. turned into net buyers for the first time in 10 days. It is the biggest daily jump the benchmark KO
Korea logs trade surplus for 18th month

Aug 16, 2011

South Korea posted a trade surplus for the 18th straight month in July, fueled by strong exports of petroleum products, ships and automobiles, the customs office said Tuesday.The trade surplus came to $6.3 billion last month, up from $2.8 billion reported a month earlier, according to data by the Ko
Hyundai, Kia models named best low-cost cars to own in Australia

IndustryAug 16, 2011

Cars made by Hyundai Motor Co. and its affiliate Kia Motors Corp. have been rated as the best low-cost ownership models in Australia, raising hopes for stronger sales down the road, industry sources said Tuesday.Hyundai’s i30 hatchback family car and Starex van and Kia’s Sportage R compact sport uti
Scam fears for SNS dating

TechnologyAug 16, 2011

Some abuse dating websites as more singles flock online to find loveA 34-year-old company secretary recently kicked up a ruckus when she posted a question on a website where women chat about their love lives. The woman, who used an alias to tell of her predicament, said she had met a guy a few month
Lee tapped to head new port authority

IndustryAug 16, 2011

Lee Sang-jo, president of the Korea Container Terminal Authority, has been selected as new chief of the Yeosu-Gwangyang Port Authority, the government said Sunday. Lee Sang-joThe Ministry of Finance and the Ministry of Land, Transport and Maritime Affairs reviewed three applicants for the post and p
Farmers, producers agree on raw milk price hike

IndustryAug 16, 2011

Dairy farmers and milk producers reached a long delayed agreement Tuesday on a hike in the price of raw milk, a move feared to make milk products more expensive and add to inflationary pressure. (Yonhap News)The agreement, effective immediately from Tuesday, calls for raising the average price of ra
Youngsters growing tired of social media

TechnologyAug 16, 2011

Youngsters are growing tired of social networking services including Facebook, You Tube and Twitter, according to a survey. In research conducted by marketing company Gartner, the frequency of total visits to those websites is ever-decreasing, while one out of four users between 18 and 29 said the o
Google's patent play: $12.5b for Motorola Mobility

IndustryAug 16, 2011

SAN FRANCISCO (AP) -- It may be boldest move yet by a company known for being audacious: Google is spending $12.5 billion to buy Motorola Mobility. But the big prize isn't Motorola's lineup of cellphones, computer tablets and cable set-top boxes. A Motorola Mobility Xoom tablet is shown at Google he
Europe accounts for half of foreign selling in Korea

Aug 15, 2011

Fitch, S&P to visit Seoul for yearly assessmentForeign investors pulled investments worth about 5 trillion won ($4.6 billion) out of Korea’s stock market over the past two weeks amid the fiscal woes in Europe and the United States.Funds from Europe accounted for more than 50 percent of the capital o
More SMEs warm to shared growth

IndustryAug 15, 2011

The number of small and medium sized enterprises positively rating the government-led shared growth drive has almost doubled since the introduction of a comprehensive plan last year, the Ministry of Knowledge Economy said Monday.The government implemented a comprehensive plan for supporting shared g