The Korea Herald

Foreign reserves fall for 2nd month

IndustryJul 4, 2011

Korea’s foreign exchange reserves shrank for the second straight month in June because a weaker British pound reduced the dollar conversion value, the central bank said Monday.The country’s foreign reserves reached $304.48 billion as of the end of June, down $600 million from the previous month, according to the Bank of Korea.The reserves fell for the second straight month in June after hitting a
FTA to boost European cars’ Korean market share

IndustryJul 4, 2011

The Korea-EU free trade pact is expected to spark price competition among European carmakers operating in Korea, which will likely boost their popularity with local consumers.Last month, most German automakers here lowered prices by 1 to 2 percent in expectation of a lower tariff on their imports with the Korea-EU FTA. Korea currently levies an 8 percent tariff on European cars but the trade pact
Korea-EU FTA opens new era for car industry

IndustryJul 4, 2011

Auto parts makers likely to directly benefit from free trade pactKorean carmakers and auto parts makers are expected to be the main beneficiaries of the nation’s free trade agreement with the European Union, which took effect on July 1.Hyundai Motor and its affiliate Kia Motors operate a plant with an annual production capacity of 300,000 units within the EU, whose output is mostly sold around the
Boeing 787 Dreamliner launched with flight to Japan

IndustryJul 4, 2011

TOKYO (AP) ― Boeing Co.’s long-delayed 787 completed its maiden trans-Pacific journey and landed in Japan, where the more fuel-efficient jet will undergo testing this week with All Nippon Airways in preparation for its first commercial launch.The “Dreamliner” touched down at Tokyo’s Haneda Airport from Seattle early Sunday to applause and a white “Welcome to Japan” banner held by flight attendants
Volkswagen launches new Touareg crossover SUV in S. Korea

TransportJul 4, 2011

(Yonhap News) Volkswagen Korea, the local importer of German automaker Volkswagen AG, introduced the latest version of its Touareg crossover sport utility vehicle (SUV) in South Korea on Monday. The mid-size model has a wider wheelbase compared to the older model but its weight has been brought down by a maximum 201 kilograms. It also comes with an eight-gear automatic transmission, a first for
KT eyes global markets through Wi-Fi partnerships

IndustryJul 3, 2011

Telecom giant forms international taskforce on global Wi-Fi roaming serviceKT Corp., the country’s biggest fixed-line service operator, is casting an eye toward global markets on the strength of its innovative technologies.Pyo Hyun-myung, president of the mobile business unit at KT, said the company is not merely looking to do business in other countries by buying shares of overseas firms, but als
Do bloggers have too much power?

IndustryJul 3, 2011

Case of ‘power blogger’ reveals ugly side of online punditsA total of 4,983 people staged a cyber protest against an online homemaking pundit Sunday morning, calling for an apology and compensation for her public deception. They said 46-year-old Hyun Jin-heui, running one of the nation’s most visited blogs, had arranged sales of an electronic gadget that could harm people’s health and bagged a for
Watchdog mulls stricter rules to curb currency margin trading

Jul 3, 2011

South Korea’s financial watchdog plans to draw up measures to mend the practice of handling currency margin trading in a bid to prevent retail investors from inflicting heavy losses, officials said Sunday.Margin trading allows investors to place heavy bets on currency volatilities with a relatively small amount of money. Currency margin trading can yield huge profits, but it can also inflict heavy
Controversy brews over Lone Star’s receipt of massive dividends

Jul 3, 2011

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for South Korea‘s No. 5 lender, market watchers said Sunday.KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion wo
Korea-EU FTA opens new doors to economic and cultural exchange

Jul 3, 2011

Lee Kyung-taePresident of Institute for International Trade, Korea International Trade Association2011 is a landmark year for trading companies in Korea. This is because Korea is expected to become the ninth country in the world to achieve one trillion dollars in trade volume this year. Amid the shortage of resources and technology, this accomplishment was made possible by Korea’s driven work forc
Overseas sales of Galaxy S2 top 3m

IndustryJul 3, 2011

Models show Samsung Electronics’ smartphone “Galaxy S2” in celebration of the launch of the phones in Mexico on June 30. The sales of the phones have broken the 3-million barrier. (Yonhap News)Samsung Electronics Co., the world’s second-largest maker of mobile phones, said Sunday its overseas sales of the Galaxy S2 smartphone topped the 3 million mark 55 days after its launch.More than 3 million u
Doubts grow over financial supervisory reform

Jul 3, 2011

Skepticism is growing over the performance of the Prime Minister’s Office-led task force to overhaul the nation’s financial supervisory structure.Though the task force was set up in the wake of financial regulators’ failure in oversight of savings banks, the 13-member team has not reached a consensus and has delayed unveiling its measures.The team, launched early May, said it would draw out measur
Trade deficit with Japan falls in H1

Jul 3, 2011

Korea’s trade deficit with Japan fell in the first half, compared with a year earlier mainly because exports by Asia’s fourth-largest economy benefited from Japan’s devastating quake in March, data showed Sunday.Korea’s exports to Japan rose 49.9 percent on-year to $17.7 billion in the January-June period while imports grew 11.3 percent to $32.1 billion, according to data compiled by the Ministry
Watchdog to inspect large financial firms every other year

Jul 3, 2011

Korea’s financial watchdog said Sunday it plans to inspect large local banks and insurers every other year, a change from the current annual checkups, in a bid to ease unintended burdens on financial firms.Instead, the Financial Supervisory Service is seeking to strengthen the sector-wide monitoring system and focus on issue-based inspections when potential systemic risks crop up.In the wake of th
KITA matches 10,000 jobseekers with work

IndustryJul 3, 2011

The Korea International Trade Association said Sunday the number of people who found jobs through its online recruitment services has topped 10,000 in less than two years. The website, named JobTogether (http://jobtogether.net/), was opened in September 2009 as part of KITA’s campaigns to tackle labor shortages in the local trade industry and rising unemployment in Korea. As of May, 10,838 job see