The Korea Herald

China says manufacturing slows in May

IndustryJun 1, 2011

China’s manufacturing expanded at the slowest pace in nine months in May as the government extended a campaign to cool inflation and the property market, a survey of companies indicated. The Purchasing Managers’ Index was at 52 from 52.9 in April, the China Federation of Logistics and Purchasing said in an emailed statement. The number was higher than the median forecast of 51.6 in a Bloomberg New
Millionaires control 39% of the world's wealth

Jun 1, 2011

More than 1 million millionaires live in China, their ranks swollen last year by economic growth, savings and a strengthening currency, according to a Boston Consulting Group survey. Millionaire households jumped 31 percent to 1.11 million in 2010 from the previous year, a BCG Global Wealth Survey released Tuesday showed. That puts China in third place for millionaire households, behind the 5.22 m
S. Korea's consumer prices grow 4.1 pct in May

Jun 1, 2011

SEOUL, June 1 (Yonhap) -- South Korea's consumer prices grew at a slower pace in May, but they were still quite higher than the government's inflation target, raising concerns that price hikes still remain a drag on the nation's economic recovery, a report showed Wednesday.According to the report by Statistics Korea, the country's consumer price index rose 4.1 percent last month from a year earlie
Jobs to unveil Apple software innovations

TechnologyJun 1, 2011

A man wait outside an Apple Store in Beijing, capital of China, May 6, 2011. (Xinhua-Younhap News)SAN FRANCISCO, May 31, 2011 (AFP) - Ailing chief executive Steve Jobs returns next week from sick leave to unveil Apple's latest generation of software, the firm announced Tuesday.The 56-year-old cancer survivor will present Apple's new operating system, dubbed "Lion," at a developers conference in Sa
HSBC, Credit Agricole rapped for irregularities

May 31, 2011

Royal Bank of Scotland also faces sanction from financial regulatorFinancial regulators have taken punitive actions against two European bank branches for their irregular trading of derivatives and plan to reprimand another Europe-based bank operating in Seoul.In a statement Tuesday, the Financial Supervisory Service said it has issued a warning against the Seoul branch of HSBC Holdings plc and Cr
Smaller gold rings: solution to surging prices

May 31, 2011

Korea is poised to stimulate the market for solid gold rings as the popularity of the traditional first-birthday gift has slackened in the face of skyrocketing commodities prices, the Ministry of Knowledge Economy said Tuesday. Gold prices per “don,” a Korean measure equivalent to 3.75 grams, have surged more than four-fold in six years to roughly 230,000 won ($213), the ministry said in a stateme
Samsung, LG to jointly develop thin-film solar cells

IndustryMay 31, 2011

Samsung Electronics Co. and LG Electronics Inc. will take part in a government-private research program to develop next-generation thin-film solar cells, officials said Tuesday.The program is one of the five research and development efforts to be pursued by the government and private sector up until 2013 at a cost of 700 billion won ($648 million), the Ministry of Knowledge Economy said.Samsung an
Merck seeks Korean partners for growth and diversification

IndustryMay 31, 2011

Merck Korea, the local unit of German-based Merck KGaA, is looking to broaden ties with Korean companies to spearhead new technologies for future growth, its president Juergen Koenig said Tuesday. The world’s oldest pharmaceutical and chemical group has been expanding its sphere into new fields such as electronics, biotechnology and renewable energy in recent years. As part of its growth strategy,
Hyundai Heavy Q1 figures soar on ship, equipment sales

IndustryMay 31, 2011

Hyundai Heavy Industries Co.’s first quarter revenues jumped 70.1 percent from a year ago buoyed by rising ship and construction equipment sales, the company said Monday.According to the regulatory filing, Hyundai Heavy posted first quarter sales of 12.7 trillion won ($11.8 billion), up 70.1 percent from the same period last year.The company’s operating profits for the period came in at about 1.71
China’s Baitong to invest $70 million in Jeju resort

May 31, 2011

The China-based real estate developer Baitong Group will invest $70 million in a resort complex development project on the South Korean island of Jeju.According to the Ministry of Knowledge Economy, Baitong Group plans to build condominiums on the southern island that will be sold to Chinese consumers. The Chinese company’s intentions were confirmed at an event held on the sidelines of a conferenc
SKT spins off platform unit

IndustryMay 31, 2011

SK Telecom, the country’s top mobile carrier, announced Tuesday it would split its platform division and create a new platform subsidiary, which will be in charge of non-mobile businesses, as early as October.“The company has made the decision to build a new subsidiary to form business operation structures and business cultures that are a good fit to the two separate telecom and platform sectors,”
African nations learn standardization from LG

IndustryMay 31, 2011

LG Electronics, the flagship unit of LG Group, is passing down its know-how for standardizing technology to African nations to help bolster growth in the region, the Seoul-based company said.The African Organization for Standardization and the chiefs of technology standardization at eight other African countries gathered at the standardization test lab in LG Electronics’ research and development c
Major retailers face probe over commission charges

May 31, 2011

The Korea Federation of Small and Medium Businesses has launched a probe into major retailers including Lotte, Hyundai and Shinsegae over alleged anticompetitive practices such as imposing unfairly high commission fees on dealers, it said Tuesday.The non-profit organization will investigate whether merchants selling their products through major retailers are being bullied with commission fees far
Industrial output grows 6.9% in April

May 31, 2011

Korea’s industrial output continued to grow in April, but its expansion pace slowed, raising concerns the nation’s economic recovery may be losing momentum, a government report showed Tuesday.According to the report by Statistics Korea, production in the mining and manufacturing industries rose 6.9 percent last month from a year earlier, decelerating from a revised 9 percent growth in March.On-yea
Interest burden on household debt remains high

May 31, 2011

The interest payment burden on household debt has reached 480,000 won ($447) per head annually, the Bank of Korea said, revealing the exceedingly high level of loans and credit card bills taken up by the private sector.The figure from this March is the second-highest level after it reached a record high of 485,838 won for the one-year period ending last March.The central bank said private loans fr