The Korea Herald

S. Koreans' overseas travel spending hits 30-month high in Jan.

Mar 13, 2011

South Koreans' spending on overseas travel rose by the most in 30 months in January as the local economy recovered and the local currency ascended to the U.S. dollar, central bank data showed Sunday. South Koreans' expenditure on overseas travel reached US$2 billion in January, up 29.2 percent from a year earlier and marking the highest level since the $2.24 billion recorded in July 2008, acc
Korea to launch grain trading firm in April

Mar 11, 2011

By Shin Hyon-heeKorea’s government and companies will open a grain trading company in Chicago next month, speeding up efforts to ensure stable supply and cope with price swings, a source close to the matter told The Korea Herald.The state-run Korea Agro-Fisheries Trade Corp. (aT) said in January it and large local firms will launch the joint corporation this year to establish a national grain proc
Cheong Wa Dae bristles over Lee’s remarks

IndustryMar 11, 2011

Samsung Electronics chairman Lee Kun-hee is causing a stir with his remarks apparently disparaging the government’s policy performance and castigating a former prime minister’s drive for profit sharing between large and small firms.Asked to assess the Lee Myung-bak administration’s economic policies, he had said on Thursday, “I am not satisfied but still won’t give out a failing mark since the eco
Hyundai Heavy names new co-CEO

IndustryMar 11, 2011

Hyundai Heavy Industries Co., the world’s top shipbuilder, appointed Kim Oi-hyun as co-chief executive during its shareholders’ meeting on Friday.The former shipbuilding division head will replace Min Keh-sik, who had led the firm for the past 10 years. Kim Oi-hyunKim, 57, will oversee management as vice chairman and chief executive, alongside Lee Jai-seong, who became president and chief executiv
Samsung looks to enlist former top BMW designer

IndustryMar 11, 2011

Samsung Electronics is looking to hire Chris Bangle, former chief designer for BMW Group, in pursuit of more stylish products, a company official said.If the two parties reach consent, he is likely to take charge of designing mobile phones, netbooks, home appliances and other devices for Korea’s top electronics manufacturer.“Samsung has been trying to offer him an advisory job, not an exclusive co
BOE holds interest rates at 0.5%

IndustryMar 11, 2011

LONDON (AFP) ― The Bank of England on Thursday held its key interest rate at a record low 0.5 percent, where it has now stood for two years, as it balanced strong inflation against a fragile economic recovery.“The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 percent,” the central bank said in a statement after a
China inflation rate at 4.9% in February

IndustryMar 11, 2011

China’s consumer prices rose 4.9 percent in February from a year earlier, exceeding the government’s 2011 target for a fifth month.The advance was more than the 4.8 percent median forecast in a Bloomberg News survey of 22 economists. In January, the rise was 4.9 percent. The government has a 4 percent inflation target for the full year.Investors are concerned that monetary tightening to tame infla
Oil prices threaten global economy

IndustryMar 11, 2011

Pricier oil dampens consumer spending and cuts into economic growthWASHINGTON (AP) ― Higher oil prices are slowing global economic growth, and the impact is likely to spread in coming months.Oil prices helped raise the U.S. trade deficit to a seven-month high in January, when crude prices were $87.50 a barrel. Oil is now trading at more than $100 a barrel, suggesting the gap will widen in coming m
Top court finds Lone Star Korea chief guilty of stock rigging

Mar 11, 2011

South Korea's top court on Thursday found Lone Star Korea's chief guilty of manipulating the stock price of a former credit card firm, in a ruling that overturned a lower court ruling that acquitted its head in a controversial 2003 deal.Yoo Hoi-won, also known as Paul Yoo, who led Lone Star's South Korean operations, was indicted on charges of driving down the share price of Korea Exchange Bank (K
British firm begins work on furnace dust recycling plant

IndustryMar 11, 2011

A groundbreaking ceremony was held in Gyeongju on Friday for a furnace dust recycling plant that can help South Korea cut back on zinc imports and costs of burying harmful electric arc furnace dusts (EAFD). The plant, which is being built by Britain's ZincOx Resources PLC in Gyeongju, 370 kilometers southeast of Seoul, will cost around US$250 million, with two recycling facilities to go onlin
Major Korean carriers set to add overseas flights

IndustryMar 11, 2011

South Korea's two full-service carriers, Korean Air Lines Co. and Asiana Airlines Inc., said Friday that they are gearing up to increase their overseas flights to meet busy summer season demand. The two carriers plan to raise their overseas flights by a combined 165 flights per week between late this month and the end of October, they said in a statement. The plan is subject to approval by t
BOK hikes rate to curb inflation

Mar 10, 2011

Central bank governor sees high inflationary pressureKorea’s central bank raised its key interest rate for the second time in three months Thursday as it steps up efforts to control inflation.The Bank of Korea lifted its benchmark base rate to 3 percent from 2.75 percent at a monthly meeting. The rate influences a variety of borrowing costs, including those on overnight loans between financial ins
Samsung chief Lee slams profit-sharing scheme

Mar 10, 2011

Lee Kun-hee, chairman of Samsung Electronics Co., on Thursday lashed out at a recent proposal by former Prime Minister Chung Un-chan for large businesses to share their excessive profits with smaller companies.The rare attack from usually reticent Lee, 69, came as he was on his way to a monthly meeting of the executive board of the Federation of Korean Industries, the largest business lobby in Kor
Samsung, LG face off in second round of TV war

IndustryMar 10, 2011

LG calls Samsung’s bluff, proposing public demonstrationsLG on Thursday touched off a second round in the ongoing 3-D TV war by challenging Samsung to a public demonstration as tension grew between the two rivals who have been engaged in serious bashing over 3-D technology. “It is our wish to see (our) competition come out for a demonstration," said LG Display’s chief executive Kwon Young-soo in a
Ex-Minister Kang picked to head KDB Group

Mar 10, 2011

Kang Man-soo, senior presidential economic adviser and former finance minister, was recommended Thursday as the next chairman of state-run KDB Financial Group Inc.The Financial Services Commission requested President Lee Myung-bak appoint Kang to lead the group, which controls Korea Development Bank. He would double as chief of the lender.Kang, 66, will replace Min Euoo-sung, who led the state fi