The Korea Herald

Economy grows 6.2% in 2010

Mar 30, 2011

Per capita income tops $20,000 for first time since 2007Korea’s economy grew by 6.2 percent in 2010 in the fastest expansion for eight years, the central bank said Wednesday after revising an earlier estimate of 6.1 percent.The bank also raised gross domestic product growth for 2009 to 0.3 percent from its earlier projection of 0.2 percent.The country’s gross national income, reflecting the actual
Seaweed, mask sales soar on radiation fears

IndustryMar 30, 2011

Fears of radiation from Japan have pushed up sales of masks and food such as kelp considered to help prevent poisoning, local retailers said Wednesday.Concerns over radiation have been rising during the past few days on news that traces of radioactive materials are being detected throughout the nation following a nuclear crisis in Japan.The state-run Korea Institute of Nuclear Safety confirmed Mon
Financial regulator accused of lax supervision of banking fees

Mar 30, 2011

Financial regulators have been glossing over commercial banks’ long-standing practice of charging customers irregular service fees on transactions via automated teller machines.The Financial Services Commission recently held a low-key internal meeting to map out comprehensive measures to ease the growing financial burden of low- and middle-income households.During the meeting composed of FSC senio
Renault Samsung to cut production by 20% in April

IndustryMar 30, 2011

Renault Samsung Motors Co. announced Wednesday that it will cut output by 20 percent during April due to a parts shortage caused by the disasters in Japan. Renault Samsung, which stopped extra production after working hours and Saturday production on March 18, said its sole plant in Busan has been experiencing shortages in some engines and transmission supplied by Japanese firms.Renault Samsung sa
Iran Bank requests end to restriction

Mar 30, 2011

Bank Mellat asked Korean regulators to take the company off a list of institutions whose transactions must be approved by the central bank, said Ernst Lee, a spokesman for the Financial Services Commission in Seoul.Korea last year put 102 Iranian organizations including Tehran-based Bank Mellat and 24 individuals on a list banning financial transactions without central bank approval.Yonhap News ea
Hynix doles out first cash dividend

IndustryMar 30, 2011

World’s No. 2 computer memory-chip supplier sanguine on global marketICHEON, Gyeonggi ― Hynix Semiconductor on Wednesday said it will be doling out cash dividends for the first time this year and expected more to come on the back of rosier forecasts for the memory chip market.“We expect the demand for memory chips to continue rising and as long as we continue to see profit exceeding our objectives
Rising exports testament to Renault Samsung’s growing capacity

IndustryMar 30, 2011

Renault Samsung Motors Co., the Korean arm of the French carmaker Renault S.A., is rapidly becoming a key player in Renault Nissan Alliance’s global sales operations with exports rising at an unprecedented pace. On March 25, the company celebrated more than 400,000 units exported since 2000.Established in September 2000, Renault Samsung’s exports have grown at a rate unseen among Korean carmakers
LG Group leads campaigns to support suppliers

IndustryMar 30, 2011

Chairman Koo urges affiliates to help achieve ‘shared growth’ with smaller partnersLG Group is leading the corporate sector’s campaign to buttress the competitiveness of smaller vendors and firms to help achieve a level playing field for all parties. The group’s chairman Koo Bon-moo this year proclaimed that LG would stand at the forefront of supporting mutually beneficial growth with its partner
Hong Kong opens world’s highest hotel

IndustryMar 30, 2011

HONG KONG (AFP) ― The world’s highest hotel opened its doors in Hong Kong on Tuesday, housed in the city’s tallest skyscraper and offering unrivalled panoramic views of the world famous Victoria Harbor.Towering some 490 meters above the bustling, chaotic streets of the Southern Chinese city, the Ritz-Carlton Hotel is making a grand comeback after temporarily closing in 2008.Visitors peered out of
Smartphone market to grow 50% in 2011: IDC

IndustryMar 30, 2011

WASHINGTON (AFP) ― The worldwide smartphone market will grow nearly 50 percent this year and Google’s Android will take over as the leading operating system, a technology market research firm said Tuesday.International Data Corp. said smartphone vendors are expected to ship more than 450 million smartphones in 2011 compared to 303.4 million last year.IDC said the smartphone market will grow more t
Japan crisis affecting Toyota, Honda

IndustryMar 30, 2011

Toyota restricts orders from U.S. dealers to preserve supply of some parts; Honda to cut outputDETROIT (AP) ― Shortages of auto parts from Japan are hitting North American operations at Honda and Toyota.Toyota Motor Corp. on Tuesday said it wants its U.S. car dealers to stop ordering more than 200 replacement parts made in Japan because it’s worried about running out of them. And Honda Motor Co. s
Regulator toughens card firm regulations

Mar 30, 2011

Korea’s financial regulator said Wednesday it will require credit card companies to set aside more loss reserves against credit card loans amid growing concerns over burgeoning household debts.The measures to limit credit card companies’ lending and prop up their financial health came after the sector recorded sharp growth in household loans last year. Mushrooming household debts have been cited a
BOK head calls for steady steps for household debt

Mar 30, 2011

South Korea's top central banker has stressed the need to steadily tackle growing household debt, which market watchers fear will undercut the country's economic growth momentum. South Korean household debts came to nearly 800 trillion won ($721.8 billion) as of the end of last year, which analysts say had been stoked by the country's low borrowing costs. In a dinner meeting with reporters
Renault Samsung decides to cut output by 20 pct

TransportMar 30, 2011

Renault Samsung Motors Co., the South Korean unit of French automaker Renault SA, said Wednesday it will cut its output by about 20 percent from next month due to an undersupply of parts from quake-hit Japan. The company is said to import up to 18 percent of all parts for its vehicles from Japanese suppliers, largely because of Renault's strategic alliance with Japan's Nissan Motor Co. Ren
S. Korea ranks 2nd in consumer prices hike in Feb.

Mar 30, 2011

South Korea's consumer prices grew at the second-fastest pace among member countries of the Organization for Economic Cooperation and Development (OECD) in February, data showed Wednesday. According to the data offered by the OECD, South Korea's consumer prices jumped 4.5 percent last month from a year earlier, the second steepest hike among its 34 member nations. Estonia ranked first with 5.