The Korea Herald

Yeosu Expo courts more than 45,000 volunteers

IndustryJul 31, 2011

Public participation in the upcoming expo in Yeosu is picking up steam as more than 45,000 have applied to volunteer, its steering committee said Sunday.The committee said it had accepted applications between April 1 and July 10 for volunteer work at the event, which will kick off May 12 in Korea’s southern port. Only 13,000 will be selected in April after document examinations, interviews and onl
Choco-Pie building ‘Pie Road’

IndustryJul 31, 2011

This is the first installment in a series that spotlights Korean products enjoyed by people abroad. ― Ed. Choco-Pie, the flagship brand of local snack maker Orion Corp., is often called a “little giant” here.It is a small round chocolate pie with a marshmallow center, which is 7 centimeters in diameter and weighs about 35 grams.Since 1974, the Choco-Pie has been enjoyed by every age group of Korea
Joint venture lifts Korea’s Bolivian lithium bid

IndustryJul 31, 2011

A Korean consortium forged an agreement with Bolivia’s state-run miner Comibol on Saturday to set up a joint venture to manufacture lithium-ion battery parts, boosting Korea’s bid to preemptively tap the vast Latin American mineral deposits.Under the deal, the Korea Resources Corp., POSCO and Comibol will form a task force next month or so to discuss details, a KORES official said. The scale of in
Growth takes a backseat before presidential vote: Morgan Stanley

Jul 31, 2011

With the presidential election slated for December 2012, the Korean administration is likely to focus on firmer fiscal policy and welfare promotions rather than growth-oriented measures in a bid to appease the low-to-mid-income group, Morgan Stanley said. In a new research report titled “2012 Election Year: Market Implications,” Morgan Stanley forecast that the Korean government will not go for an
Korea to host insurance regulators’ meeting

Jul 31, 2011

FSS predicts about 200 officials to gather in Seoul in late SeptemberKorea’s financial authorities are making their dispositions as the chair of one of the world’s three major regulatory meetings, slated for Sept. 29-Oct. 1 in Seoul. This is the first time that the nation will host the annual conference of the International Association of Insurance Supervisors, which will mark the 18th gathering s
Nissan to battle German carmakers in Korea

TransportJul 31, 2011

Japanese automaker introduces new models to attract consumersNissan is set to wage a sales battles with German automakers in Korea by aggressively marketing its Infiniti series and the Cube, a characteristic box-like model.The second-largest automaker in Japan has set the goal of making the Infiniti series become one of the top three import brands in the premium luxury segment.“We are mapping out
Mahindra sees India’s 1st cult brand aided by Ssangyong

TransportJul 31, 2011

The Actyon of Ssangyong Motor Co.At Ssangyong Motor Co., South Korea’s third-largest maker of sport utility vehicles, just about everything that could go wrong did in the past two decades. The company switched owners four times, faced bankruptcy and suffered one of the most violent strikes in modern Korean history in 2009. Workers in that clash took control of a plant for almost three months, usin
HSBC to cut more than 10,000 jobs

IndustryJul 31, 2011

LONDON (AFP) ― Global banking giant HSBC will announce this week plans to axe between 10,000 and 15,000 jobs in the coming year as part of a drastic cost-cutting drive, a report said Saturday.The bank, headquartered in London but with a major focus on Asia, will unveil the job cuts on Monday as it posts its half-year results, Britain’s Sky News television reported, without citing its sources. The
Israelis protest high cost of living

IndustryJul 31, 2011

JERUSALEM (AP) ― Tens of thousands of Israelis took to the streets nationwide on Saturday to protest rising housing prices in the largest turnout in a grass-roots movement that began two weeks ago and is demanding steps from the government to ease the burden.The protests over housing costs have tapped into wider discontent among Israelis over the high cost of living and the growing gaps between ri
GM, Ford, Toyota accept Obama’s efficiency standard

IndustryJul 31, 2011

Automakers agreed to double the fuel economy of the vehicles they sell in the U.S. to a fleetwide average of 54.5 miles per gallon by 2025, President Barack Obama said. The White House negotiated the proposal, which will take effect in 2017, with automakers including General Motors Co., Ford Motor Co. and Toyota Motor Corp. The administration proposed a 56.2 mpg requirement last month, up from a f
Moody’s says U.S. should retain top rating

IndustryJul 31, 2011

Moody’s says it now thinks U.S. will be able to keep ‘AAA’ ratingWASHINGTON (AP) ― Moody’s Investors Service said late Friday that the United States should be able to keep its “AAA” credit rating as long as Washington works out a deal that lets it continue to pay bondholders.The credit rating agency said it thinks that even if the nation’s $14.3 trillion borrowing limit isn’t raised by Tuesday’s d
Kang named Hanwha Investment CEO

Jul 31, 2011

Kang Shin-woo, chief investment officer of Korea Investment Management, has been designated as the first CEO of the merged entity between Hanwha Investment Trust Manager and Prudential Asset Management.With the appointment of the 50-year-old fund manager, Hanwha Investment is poised to revamp its management structure and has set the goal of becoming the nation’s No. 1 asset management player. Kang
Apple, Samsung overtake Nokia in smartphone market

TechnologyJul 31, 2011

HONG KONG (AFP) - Apple and Samsung have overtaken long-time leader Nokia for the top two spots in the global smartphone market, a report said Friday, underscoring the Finnish handset maker's ongoing struggles.US-based research firm Strategy Analytics said the US and Korean smartphone makers outpaced Nokia in the second quarter, with the sector posting record quarterly shipments of 110 million uni
Missing pilot took out huge insurance policies before crash

IndustryJul 31, 2011

Asiana Airlines Co. remained tight-lipped as it was revealed on Saturday that one of the two still-missing pilots of its crashed cargo plane had taken out a number of different life and property insurance policies a month before the accident.The Boeing-747 aircraft, operated by South Korea's second-largest air carrier, crashed into waters about 107 kilometers west of the southern resort island of
Apple, Samsung overtake Nokia in smartphone market

IndustryJul 29, 2011

HONG KONG, July 29, 2011 (AFP) - Apple and Samsung have overtaken long-time leader Nokia for the top two spots in the global smartphone market, a report said Friday, underscoring the Finnish handset maker's ongoing struggles.US-based research firm Strategy Analytics said the US and Korean smartphone makers outpaced Nokia in the second quarter, with the sector posting record quarterly shipments of