The Korea Herald

Seoul stocks weather Japan quake impact

Mar 14, 2011

South Korean stocks closed 0.8 percent higher on Monday as big gains by electronics and steelmakers helped offset jitters over Japan’s massive earthquake, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI advanced 15.69 points to 1,971.23 after falling as much as 1.2 percent at one point. Trading volume was moderate at 384.1 million shares, worth 9.4 trillion won (
Groupon aims for slice of Korean social commerce market

IndustryMar 14, 2011

Groupon Korea on Monday punctuated its launch on the Korean market with a monthly sales target of 10 billion won ($880 million) during the first half of this year.The goal falls behind the annual 200 billion won targeted by Ticket Monster, the nation’s top social commerce operator, but Groupon brushed aside concerns, saying its initial goal would be to create a healthy social commerce environment
Korean economy little affected by Japanese quake

Mar 14, 2011

But experts say prolonged disaster may pose threat to Korea’s exports, financial marketsThe earthquake in Japan has caused minimal impact on South Korean firms and exports though damage will inevitably escalate should the Japanese economy take longer to recover than expected, the government said Monday. The 9.0-magnitude temblor which occurred on the northeastern coast of the island nation Friday
Korean smartphone users near 10m

IndustryMar 14, 2011

The number of Korean smartphone users is approaching the 10 million threshold, company data showed Monday. SK Telecom, the country’s top mobile operator, said on Monday it has registered more than 5 million smartphone subscribers. KT Corp. secured 3.7 million users and LG Uplus Corp. followed with 1 million.The combined number topped 9.7 million, up more than 35 percent from about 7.2 million at t
Uncertainty over KEB deal hits Hana stocks

Mar 14, 2011

Hana Financial Group’s shares were weighed down by a growing uncertainty surrounding its planned acquisition of Korea Exchange Bank from U.S. Lone Star Funds.As the possibility that financial regulators will delay the finalization of whether to approve the takeover emerges, the financial group saw its stock price fall for the fourth consecutive trading session.According to the Korea Exchange, Hana
Chinese inflation threatens to worsen Korea’s price woes

Mar 14, 2011

Korea is likely to suffer faster price gains in the second half of 2011 as China’s growing inflation is feared to spill over into the country, experts said Monday.China’s consumer price index jumped 4.9 percent in January and February from a year earlier, respectively, after gaining 5.1 percent in November and 4.6 percent in December amid the country’s strong economic growth. The quickening price
iPad 2 sales may have reached 500,000: analyst

IndustryMar 14, 2011

Apple Inc. may have sold as many as 500,000 iPad 2 computers after retail outlets ran out of the tablet-style device on its debut weekend, said Piper Jaffray Cos. analyst Gene Munster. Stores run by Apple, Target Corp. and Best Buy Co. contacted by Munster’s team had sold out of the device, he said in a research note Sunday. Online orders via Apple’s website are taking up to a month for delivery,
China arrests 3,001 for product piracy

IndustryMar 14, 2011

Authorities tackle black market for fake medicines, liquor, phones and other goodsBEIJING (AP) ― Chinese authorities have arrested 3,001 people in their latest crackdown on rampant product piracy and seized fake or counterfeit medicines, liquor, mobile phones and other goods, officials said Sunday.The campaign launched in October comes as Beijing faces pressure from the United States and other tra
Tokyo shares plunge 6.18%

Mar 14, 2011

TOKYO (AFP) - Tokyo shares plummeted more than six percent Monday as investors reacted to the biggest earthquake in Japan's history, a devastating tsunami and an unfolding nuclear emergency.Shares tumbled below as the key index fell below the 10,000 point mark. The day's plunge in the Nikkei-225 was the biggest since October 2008.The Nikkei index closed down 6.18 percent, or 633.94 points, at 9,62
Quake may cost insurers $34 billion; tsunami toll yet to come

Mar 14, 2011

(Bloomberg) -- Japanese insurers and global reinsurance companies that backstop their policies may face claims of as much as 2.8 trillion yen ($34 billion) tied to last week’s earthquake, AIR Worldwide said.The top-of-range preliminary estimate, which AIR disclosed yesterday in a statement, doesn’t include damage caused by the tsunami that followed the March 11 temblor. AIR is working to quantify
Won falls on Japan quake, but stock market unscathed

Mar 14, 2011

The South Korean currency lost ground against the U.S. dollar on growing jitters over the impact of Japan's devastating earthquake and tsunami, but the local stock market remained almost unscathed, analysts said.The local currency traded at 1,131.40 won to the dollar, down 7.2 won from Friday's close, as of 2:15 p.m. as investors sought safe assets in the aftermath of the 9.0-magnitude temblor and
Seoul Motor Show to be largest ever

TransportMar 14, 2011

Annual event draws 12 Korean and 23 foreign carmakersThe upcoming Seoul Motor Show is set to be the biggest yet, with new offerings from domestic and foreign carmakers.This year’s Seoul Motor Show, to open with a media preview on March 31, will be packed with 12 domestic carmakers and 23 foreign brands.In comparison, last year’s Busan International Motor Show had only two foreign carmakers ― Lotus
Fans line up for new iPad

IndustryMar 14, 2011

SAN FRANCISCO (AP) ― The updated version of Apple Inc.’s iPad tablet computer went on sale Friday afternoon, and was greeted by the now-familiar lines of buyers outside Apple stores.The Cupertino company opened online sales of the iPad 2 at 4 a.m. Eastern time, well before they became available in East Coast stores at 5 p.m. They were set to go on sale nationwide at the same hour, local time.Apple
Quake clouds Seoul market with uncertainty

Mar 13, 2011

Financial authorities foresee limited impact on stocks and foreign exchangesThe worst earthquake in Japanese history has increased fears of a dip in the South Korean market, which is already fragile because of Middle Eastern unrest and price volatility.A 9.0-magnitude quake slammed the country’s northeast coast on Friday, killing more than 10,000 people, sending tsunami fears across the Pacific, a
Korea wins major UAE oil deal

Mar 13, 2011

South Korea clinched a landmark oil field development deal in Abu Dhabi, in the United Arab Emirates on Sunday during President Lee Myung-bak’s visit to the Arab nation, raising hopes for the nation bolstering its energy security. The set of agreements includes a memorandum of understanding which guarantees Korea to participate in the production of at least 1 billion barrels of crude oil from the