The Korea Herald

Labor dispute delays Hyundai car production

IndustryMar 25, 2011

Disagreements between Hyundai Motor Co. and its union are delaying production at the company’s Ulsan complex, causing shortages in domestic and export demand.According to the company, productivity of the plant producing small vehicles has fallen to about 33.5 percent as workers are refusing to comply with its proposal of moving some of the plant’s workers to other parts of the complex.With a signi
POSCO to invest W2.2tr in plants by 2013

IndustryMar 25, 2011

POSCO will spend 2.2 trillion won ($1.97 billion) by 2013 on building two new plants and renovating a stainless steel mill, the steelmaker announced Friday. Under the plans, approved by the company’s board of directors Friday morning, POSCO will build a new FINEX facility and a fourth plant producing steel coils at its steelworks in Pohang, North Gyeongsang Province. Developed by POSCO and put int
Korean food firms flooded with orders from Japan

IndustryMar 25, 2011

Women walk down an aisle where seaweed is displayed at a store in Seoul on Thursday. (Kim Myung-sub/The Korea Herald)Korean food makers have been swamped with orders for bottled water and instant noodles from Japan following radiation leaks from an earthquake-damaged nuclear power plant, the companies said Thursday.The flood of orders comes as concerns over the safety of food and drinking water ar
Korea’s smartphone users top 10 million

Mar 25, 2011

The state media regulator said Thursday that the number of smartphone owners here exceeded 10 million people earlier this week, surging more than twelvefold from 800,000 in 2009.The Korea Communications Commission said that a total of 10.02 million people used smartphones as of Wednesday, showing a sharp increase since the launch of Apple’s iPhone in Korea in November 2009.From 800,000 in December
LS Group firms get new English names

IndustryMar 24, 2011

LS Group’s LS Cable Ltd. announced Thursday that it had changed its name to LS Cable and System at the previous day’s shareholders meeting.LS Cable and System said that the change was approved as its previous name LS Cable did not sufficiently represent the scope of its operations.The company, the country’s largest producer of cables and wires, has been changing its business model from a supplier
Sky Life subscribers break 3 million

IndustryMar 24, 2011

Sky Life, a digital satellite broadcaster, announced Thursday that its subscriber figure had reached over 3 million as of Wednesday.Speaking at a press conference in downtown Seoul, its chief executive Lee Mong-ryong said the broadcaster will add 10 high-definition channels next month, offering a total of 85 HD channels ― at least twice the number of its rivals.Lee also said that it will offer pay
Seoul shares rebound on foreign buying

Mar 24, 2011

Korean stocks ended 1.22 percent higher on Thursday as foreign investors sharply increased their holdings on reviving appetite for riskier assets, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 24.6 points to 2,036.78. Trading volume was light at 290.3 million shares worth 6.56 trillion won ($5.8 billion), with gaine
Kia exports 10 millionth car

IndustryMar 24, 2011

Kia Motors Corp. loaded its 10 millionth vehicle to be exported at the Pyeongtaek Port in Gyeonggi Province on Thursday.The vehicle, a K5 midsized sedan, will be shipped to the U.S. “Today’s achievement was made possible by the efforts of Kia employees and the affection shown by the customers,” Kia vice chairman Lee Hyung-keun said at the ceremony marking the event.The company’s exports began with
Korea’s labor productivity growth slows in Q4

Mar 24, 2011

Growth in Korea’s labor productivity in the manufacturing sector slowed in the fourth quarter of 2010 due to weaker private consumption and business investments, a government report showed Thursday.According to the report by the Ministry of Knowledge Economy, the labor productivity index in the three month period gained just 3.3 percent on-year to 137.0, marking the third straight quarter of slowe
Seoul examines China FTA benefits: minister

Mar 24, 2011

Korea’s top trade official said Thursday that the government is carefully looking into the impact of a free trade deal with China on Asia’s fourth-largest economy as there are divided views on benefits.“We are cautiously examining the impact of a free trade deal with China on our economy,” Korean Trade Minister Kim Jong-hoon said in a meeting with business leaders. Kim said there are opinions that
Mortgages make up 66% of household loans

Mar 24, 2011

Home-backed loans amount to 284.5tr won, set to grow furtherThe proportion of mortgage loans to total household lending hit a record high level in the fourth quarter of last year amid monetary easing, central bank data showed Thursday.Home-backed loans extended by local banks reached 284.5 trillion won ($253.3 billion) as of the end of 2010, accounting for 65.9 percent of an outstanding 431.5 tril
One in seven suffered hacking: survey

IndustryMar 24, 2011

One out of every seven in the Korean online community experienced hacking last year, while one out of six said their personal information was exposed online without their consent, according to government figures on Thursday.In the corporate sector, one out of eight companies said their websites were disturbed or hacked, the Korea Communication Commission said, citing a survey it conducted on indiv
Korea strives for agricultural security

IndustryMar 24, 2011

Government, companies to establish grain trading firm, boost overseas farmingAlarmed over a surge in global food inflation, Korea is ratcheting up its efforts to safeguard against price volatility and secure a stable supply. The government and companies are joining hands to expand the country’s overseas farming bases, establish a direct import channel and modernize agricultural production and dist
BOK to raise key rate by 0.75 percentage point this year: HSBC

Mar 24, 2011

SEOUL, March 24 (Yonhap) -- South Korea's central bank is expected to hike its key interest rate by 0.75 percentage point this year to fight oil and commodity price gains, a senior economist at HSBC Holdings Plc. said Thursday. "South Korea's central bank may raise its interest rate 75 basis points further from where we are now through the course of this year," HSBC Group Chief Economist Step
Apple criticized for approving “gay conversion” app

TechnologyMar 24, 2011

Apple has been fiercely criticized for approving the “gay conversion” application which offers guidance on how a homosexual can convert to heterosexuality.The “gay cure” application, which can be used on Apple’s handheld devices, was created by a religious organization, Exodus International.According to Britain’s Daily Telegraph, the organization believes in teaching “freedom from homosexuality th