The Korea Herald

Greek finance minister pitches case to U.S., IMF

IndustryJul 26, 2011

WASHINGTON (AFP) ― Greek Finance Minister Evangelos Venizelos said Monday that U.S. support is vital for Greece, after a day of Washington meetings as Athens pushed to finalize its second massive international bailout.“The support provided by the US government is especially important for Greece, for the eurozone, for the international economy and for the global economic governance,” he told report
‘Swift U.S. debt action in global interest’

IndustryJul 26, 2011
Urban-planning expert to head GUIC

IndustryJul 26, 2011

Lee Jae-young, an urban housing and planning specialist, took office on Monday as the new president of the Gyeonggi Urban Innovation Corporation.A former chief the of the land and housing unit at the Ministry of Land, Transport and Maritime Affairs, he will orchestrate the state-funded company’s residential land development activities. Lee Jae-yongAt his inauguration ceremony in Suwon, Gyeonggi P
S. Korea to hike electricity prices by 4.9 pct next month

Jul 26, 2011

South Korea will raise electricity prices by 4.9 percent starting next month as part of its efforts to reflect rising power production costs, the commerce ministry said Tuesday.Electricity bills for household consumption will grow 2 percent from August, while those for commercial and industrial use will increase 4.1 percent and 6.1 percent, respectively, according to the Ministry of Knowledge Econ
Australian construction firms accused of abusing workers

IndustryJul 26, 2011

Some Australian construction companies based in Sydney have been accused of maltreatment of immigrant workers, labor unionists said.The Construction, Forestry, Mining and Energy Union (CFMEU) of Australia claimed they are taking advantage of foreign workers by hiring them through illegitimate procedures while paying wages below minimum level.CFMEU estimated that of 13,000 temporary foreign workers
Banks' loan default rate dips to 6-month low in June

Jul 26, 2011

South Korean banks' loan delinquency rate fell to the lowest level in six months in June due mainly to a decline in project financing loans, the financial watchdog said Tuesday.The average delinquency rate of bank loans to companies and households stood at 0.97 percent as of the end of June, down 0.33 percentage point from the previous month, according to the Financial Supervisory Service (FSS).Th
Outlook grim for top Korean IT firms

IndustryJul 25, 2011

Companies fail to lure customers due to lack of killer productsThe nation’s electronics bellwethers are unlikely to give markets the push they need, as they are expected to post lackluster earnings reports for April-June as demand lagged due to a lack of must-have products, industry sources said Monday.Samsung Electronics, the world’s largest memory-chip maker, recently said in an earnings guidanc
Doosan Heavy sees 158% rise in Q2 net

IndustryJul 25, 2011

Doosan Heavy Industries and Construction Co.’s second quarter sales came in at 1.48 trillion won ($1.4 billion), rising 21.17 percent from a year ago, the company posted in a regulatory filing on Monday.Over the same period, the company’s operating profits fell 11.68 percent to 144.5 billion won while its net profits soared 158.04 percent to come in at 158.3 billion won.Compared to the first quart
Renault Samsung starts new SM7 production

IndustryJul 25, 2011

Renault Samsung Motor Co., the South Korean unit of French automaker Renault SA, said Monday that it started mass production of its completely new SM7 luxury sedan.The carmaker said the flagship luxury car is being manufactured at its Busan plant 453 kilometers southeast of Seoul with the vehicles to reach consumers in mid August. Renault Samsung Motor Co. executives and workers applaud at a cerem
Korea to build Venetian-style floodgates

Jul 25, 2011

Korea plans to set up high-tech facilities to stave off flooding at the country’s seaports, including flap gates similar to those being built in Italy’s Venice, the government said Monday.The Ministry of Land, Transport and Maritime Affairs unveiled a package of measures to minimize the impact of natural disasters such as earthquakes, floods, typhoons and tidal waves, which are increasingly freque
People in 40s hop on smartphone bandwagon: report

Jul 25, 2011

The average age of new smartphone owners has risen, according to a recent report.A report entitled “Mobile divide in the smartphone era,” recently announced by KT’s DigiEco and the office of research affairs at Yonsei University, said that the portion of new smartphone users in their 40s has jumped to 24.7 percent in November last year, from 11.6 percent earlier in May.The percentage is higher tha
STX fined for cutting payments to contractor

IndustryJul 25, 2011

STX Offshore and Shipbuilding Co. will face punitive measures for unfairly reducing subcontracting fees to a service provider, a state-run antitrust regulator said Monday. The nation’s leading shipbuilder, based in Changwon, South Gyeongsang Province, had signed a contract with a subcontractor, identified by its initial H, since 2008 for the work of putting vessels together to be moved.For six mon
SC First chief pledges to resolve strike this week

Jul 25, 2011

Richard Hill, chief of the Korean unit of Standard Chartered, on Monday expressed his “deepest regret” for service inconvenience due to an ongoing strike and pledged his commitment to resolving the dispute over the introduction of a performance-based pay system this week.During a press conference in Seoul, Hill bowed in apology to the Korean public. The news conference was held as the bank’s labor
Strong won pressures BOK on rate policy

Jul 25, 2011

The possibility that the Korean currency will rise in value up to nearly 1,000 won against the U.S. dollar is growing with recent stronger position of the won.The dollar has slid to around 1,050 won, the cheapest level in nearly three years due mainly to the combination of a strong trade balance and policy factors. Research analysts say the won’s gain is logical. They cite three reasons in particu
Six credit card firms face FSS sanctions

Jul 25, 2011

The nation’s biggest credit card firms are expected to receive regulatory punishment for unauthorized sales activities.The Financial Supervisory Service has uncovered about 20,000 irregular cases including reckless issuance of credit cards.Since May, the regulatory agency has been probing six major credit card issuers ― Shinhan, Hyundai, KB Kookmin, Samsung, Lotte and Hana-SK ― in a bid to curb ex