The Korea Herald

Roubini sees double dip if oil hits $140

IndustryMar 9, 2011

Nouriel Roubini, the economist who predicted the global financial crisis, said an increase in oil prices to $140 a barrel will cause some advanced economies to slide back into recession. Underlying how fragile the global economic recovery is, Roubini said the European Central Bank may be making a mistake by raising interest rates “too soon” when debt-ridden countries on the euro region’s periphery
Finance minister sees inflation as economic drag

Mar 9, 2011

Growing inflationary pressure is adding uncertainties to South Korea's economic recovery, the nation's top economic policymaker said Wednesday, calling for the government to crank up efforts to keep prices under control. "Inflation partly stems from supply-side shocks, such as higheroil prices and supply shortages of agricultural products caused byunseasonal cold spells and the foot-and-mouth di
Seoul shares open higher on Wall Street rallies

Mar 9, 2011

South Korean stocks started higher on Wednesday as overnight gains on Wall Street lifted investor sentiment, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 0.28 percent, or 5.56 points, to 2,001.88 in the first 15 minutes of trading. A retreat in oil prices bolstered U.S. stocks on Tuesday. The Dow Jones industrial average rallied 1.03 percent and the tech-foc
Banks' capital adequacy ratio inches down in Q4

Mar 9, 2011

The capital adequacy ratio of South Korean banks edged down in the fourth quarter of 2010 from three months earlier due to their payouts of year-end stock dividends, the financial regulator said Wednesday. The average capital adequacy ratio of 18 local lenders, including top lender Kookmin Bank and Woori Bank, reached 14.6 percent as of the end of December, down 0.02 percentage point from end-Se
Foreign Ministry under fire for FTA translation errors

IndustryMar 8, 2011

The Ministry of Foreign Affairs and Trade came under fire for mistranslation of the free trade agreement with the European Union which was signed on Oct. 6, 2010.On Monday the ministry announced that it has agreed with the EU to correct yet more errors found in the Korean version of the agreement, less than two weeks after other mistakes were corrected.On Feb. 25, the ministry announced that mista
Lee urges Samsung to ensure products are competitive

IndustryMar 8, 2011

Lee Kun-hee, chairman of Samsung Electronics Co., said Tuesday that the electronics giant should produce more competitive products in order to dominate the global markets. Samsung Electronics is the world’s top maker of computer memory chips, liquid-crystal display panels and flat-screen TVs. It is also the runner-up in the semiconductor market after Intel Corp. and is the No. 2 mobile brand after
Samsung cuts price for Galaxy Tab WiFi version

IndustryMar 8, 2011

Samsung Electronics Co. will launch a WiFi-only version of the Galaxy Tab in the domestic market, which is one-third cheaper than its predecessor, the company said Tuesday. Samsung Electronics started to receive pre-orders for the WiFi-only Galaxy Tab at the price of 600,000 won ($536) this week through its online Web site and retail shops in Korea. It did not disclose the launch date.The WiFi-onl
Default rate of household loans rises in 2010

Mar 8, 2011

The delinquency rate of Korean financial companies‘ household loans gained in 2010 from a year earlier, a report showed Tuesday, adding concerns over worsening loan repayment ability.The default rate stood at 1.09 percent of their total lending as of the end of 2010, up 0.06 percentage point from end-2009, the Financial Supervisory Service said in the report to the National Assembly.Out of the tot
Exports of used cars drop in 2010: KOTRA

IndustryMar 8, 2011

Korea’s exports of used vehicles dropped in 2010 from a year earlier, a local trade body said Tuesday, despite a large boost in overseas sales of new Korean cars last year.The country shipped 239,556 pre-owned vehicles to overseas countries last year, down 9.4 percent from 264,742 units a year earlier, according to the Korea Trade-Investment Promotion Agency (KOTRA).Revenue from overseas sales of
Citigroup cuts KOSPI mid-year target

IndustryMar 8, 2011

Korea’s KOSPI Index, which posted its biggest monthly decline in two years last month, had its mid-year target cut at Citigroup Inc. on concern higher oil prices will hurt corporate profits.The mid-year estimate for the benchmark stock gauge was reduced to 2,050-2,150 from 2,200-2,300, Citigroup analysts led by Michael Chung wrote in a report dated yesterday. The brokerage increased its Brent crud
Kia China venture to enhance research

IndustryMar 8, 2011

Kia Motors Corp.’s China venture will invest about $150 million on a research and development center to produce its own brand of cars, according to the parent of the Chinese partner.The venture, Dongfeng Yueda Kia Motors Co., will start construction this year and will complete building the center by 2015, Jiangsu Yueda Group Co.’s Vice Chairman Shao Yong said in an interview in Beijing.Automakers
GS head stresses technology, mutual growth

IndustryMar 8, 2011

GS Group chairman Huh Chang-soo stressed the significance of original technology and mutual growth with suppliers on Tuesday during his visit to a GS Caltex lubricants plant in Incheon, Gyeonggi Province.“GS has been showing a strong performance overseas with its solid base in the domestic market. I believe we can become a leading global firm if we secure original technologies with which we can co
Further softening seen in domestic demand: ministry

Mar 8, 2011

Korea’s Finance Ministry said on Tuesday in a closely watched monthly report that economic uncertainty has increased globally and that domestic demand in Asia’s fourth-largest economy showed signs of softening. “Recovery in the world economy is improving but uncertainty has increased due to such factors as the political unrest in the Middle East, possible monetary policy tightening in emerging eco
Yuhan-Kimberly gets organic certification

IndustryMar 8, 2011

The Anyday feminine hygiene product brand from Yuhan-Kimberly has received eco-friendly certification for five consecutive years. The Well-being Certification, granted by Korea Management Association Registrations & Assessments Inc., recognizes a domestic product’s functionality, safety and its environmental compatibility.As well as existing Anyday products, new Anyday Organic Cotton, made wholly
Regulator to guide firms on cartel laws

Mar 8, 2011

FTC to help Korean companies act within tighter U.S., EU regulationsThe Fair Trade Commission on Tuesday cautioned local companies over increasingly tougher anti-trust regulations and surveillance in Europe and the U.S. after Korean companies were slapped with billions of dollars in fines for collusion overseas. The regulator said it will step up efforts to help Korean companies to trade within th