The Korea Herald

Machinery orders drop in Japan

IndustryJun 13, 2011

Japan’s machinery orders fell for the first time in four months in April, an indication that companies are reluctant to spend after the March 11 earthquake and tsunami. Factory orders declined 3.3 percent in April from March, when they rose 1 percent, the Cabinet Office said Monday in Tokyo. Orders, an indicator of capital spending in three to six months, were projected to increase 1.7 percent, ac
Roubini says ‘Perfect Storm’ may threaten global economy

Jun 13, 2011

June 13 (Bloomberg) -- A “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said.There’s a one-in-three chance the factors will combine to stunt growth from 2013, Roubini said in a June 11 interview in Singapore. Other possible outcomes are “anemic but
SKT short of savvy in overseas markets

IndustryJun 12, 2011

Unsuccessful ventures eat into mobile carrier’s valueSK Telecom, the nation’s No.1 wireless service provider, has proved to be far from savvy when it comes to overseas ventures. After unsuccessfully knocking on the doors of numerous overseas markets including the U.S. and China for six years, the company was forced to call it a day. The failure was such that former SKT chief executive Chung Man-wo
Hyundai Heavy to build world’s 1st offshore LNG storage unit

IndustryJun 12, 2011

Hyundai Heavy Industries announced Sunday that it would build the world’s first floating storage and re-gasification unit for liquefied natural gas.A floating storage and re-gasification unit or FSRU is a vessel for storing liquefied natural gas at sea. It is connected to facilities on land by pipelines, through which re-gasified LNG is transferred.According to the company, it was awarded a $500 m
Hyundai family eyeing Hynix Semiconductor

IndustryJun 12, 2011

Hyundai powerhouses are reportedly interested in acquiring the 15 percent stake in Hynix Semiconductor that will be put up for sale later this month, financial sources said on Sunday. Among them, Hyundai Heavy Industries is seen as one of the most viable candidates, industry sources said. The biggest motivation for the company is its undying desire to gather all the Hyundai affiliates under one ro
Shares likely to be range-bound

IndustryJun 12, 2011

South Korean stocks are expected to trade in a narrow range this as investors step to the sidelines amid a lack of upward momentum and signs of a slowdown in the U.S. economy, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed last week at 2,046.67, down 3.16 percent from a week earlier.The KOSPI got off to a weak start at the beginning of the weak, as downbeat j
Korea to pull out all stops against inflation

IndustryJun 12, 2011

The government plans to make all-out efforts to stem growing inflationary pressure as South Korea faces potential difficulties in taming inflation in the second half, officials said Sunday.Finance Minister Bahk Jae-wan presided over a meeting with ministers on Friday to discuss ways to stabilize consumer prices where he suggested 22 policy steps, including the stable management of macroeconomic fa
Seoul mulls public funds to rescue savings banks

IndustryJun 12, 2011

South Korea is mulling injecting public funds to rescue ailing local savings banks in an effort to overhaul the troubled sector in the second half, sources said Sunday.The government is seeking to put seven teetering savings banks up for sale this year, whose operations have been suspended since January due to a pile-up in soured construction loans and weak capital positions.The Financial Services
Emirates passengers slam response to delay

IndustryJun 12, 2011

Emirates Airlines is in hot water over its response to a delayed flight from Incheon to Dubai.While the flight was delayed due to unforeseen circumstances, passengers for the flight complained that the company’s response was inefficient and unprofessional. According to one passenger, the company did not make a public announcement explaining the situation, and the explanations provided at the airpo
Blue House dragging feet on BOK vacancy

Jun 12, 2011

Seat on rate-setting committee has been empty for over a yearThe presidential office has failed to address filling a vacant seat at the central bank’s interest rate-setting panel for 14 months despite the growing need to fight mounting inflationary pressure.In tandem, Bank of Korea Governor Kim Choong-soo has been criticized for allegedly glossing over laws on the BOK concerning the bank’s Monetar
Hyundai Mobis wins Mitsubishi, Subaru order

TransportJun 12, 2011
Small cars to take up half of import market

TransportJun 12, 2011

Small vehicles with low engine displacement are expected to account for 50 percent of the total sales of import vehicles in South Korea as early as the third quarter.The ratio of cars with an engine capacity of less than 2.0 liters to the total number of cars sold came to 45.2 percent in May.They sold 3,969 small-sized cars ― at low and medium priced ― out of the total 8,777 units last month, acco
SK Telecom unsavvy operator in overseas markets

TechnologyJun 12, 2011

Unsuccessful ventures eat into No.1 mobile carrier’s value　SK Telecom, the nation’s No.1 wireless service provider, has proved to be far from savvy when it comes to overseas ventures. 　After unsuccessfully knocking on the doors of numerous overseas markets including the U.S. and China for six years, the company was forced to call it a day. 　The failure was such that former SKT chief executive Ch
Buffett lunch auction raises record $2.63 million for charity

Jun 12, 2011

　Warren Buffett’s annual charity lunch auction raised a record $2.63 million on the final day of the weeklong contest after the bidder who’d already won offered more cash to set the mark. 　The revised winning bid for a steakhouse meal with the 80-year-old billionaire beat by $100 the record set last year by an unidentified donor. This year’s contest is the 12th benefiting San Francisco’s Glide cha
U.S. urges Korea to press on Iran sanctions

IndustryJun 10, 2011

The United States urged South Korea to press on Iran sanctions during a meeting of senior financial officials from the two countries Friday, a Seoul official said.Undersecretary David Cohen of the U.S. Treasury Department met Deputy Minister Choi Jong-ku of the South Korean Finance Ministry at the ministry building in Gwacheon, south of Seoul.The United States, along with the International Atomic