The Korea Herald

KORES drops bid for Australia coal producer

IndustryMar 10, 2011

A consortium led by state-run Korea Resources Corp. has dropped a bid for an Australian coal producer to focus more on other businesses, KORES said Thursday.“Coal is no longer a priority when it comes to our business. We have been concentrating more on developing other minerals such as rare earth metals and lithium lately,” a KORES official told The Korea Herald. The consortium also includes local
Hyundai firms mark founder’s memorial

IndustryMar 10, 2011

Hyundai family groups Thursday began 11 days of commemoration for the 10th anniversary of the death of founder Chung Ju-yung.The former Hyundai Group chairman is widely respected for his contribution to Korea’s emergence from a war-torn basket case to an industrial powerhouse. He died from complications brought on by pneumonia on March 21, 2001 at the age of 85 leaving behind a colossal business e
KOTRA to offer consultations to foreign firms

IndustryMar 10, 2011

State-run Korea Trade-Investment Agency said Thursday that it will offer visiting consulting services for foreign firms in the country, aiming to boost their investments. “The consulting service is expected to raise the amount of foreign direct investments in the country, as we will visit foreign firms here and try to solve their difficulties from now on,” the trade agency said. The Investment Con
Games industry to benefit from deregulation

IndustryMar 10, 2011

But industry officials complain that multiple issues still have to be dealt withAttention is focusing on what impact the revised bill to open up the game market will have on the local gaming industry.The parliamentary legislation committee passed a revised bill on game industry promotions Wednesday, following a two-year delay.According to the revision, games that are designed to be released in an
POSCO chief to head multicultural forum

IndustryMar 10, 2011

POSCO chief executive Chung Joon-yang was appointed as the co-chief of the Ministry of Gender Equality and Family’s expert forum on multicultural families, the steelmaker announced Thursday.Chung will head the forum with Chung-Ang University honorary professor Kim Yang-hee. Chung Joon-yangPOSCO said that Chung was selected as the co-chief of the forum, which consists of experts from concerned fiel
Think before you use Twitter and Facebook

IndustryMar 10, 2011

There are online and offline manuals telling you how to use Twitter and Facebook, but few tell you what not to post there. You can tell every detail of your life to your friends and family in person, but online, being so open can hurt you because it can be read by anyone, according to Forbes and the Huffington Post. This is why many people in South Korea become hesitant to use these services, as t
Samsung, LG fight for 3-D tech supremacy

IndustryMar 10, 2011

Samsung emphasizes smarter online features, LG claims brighter, clearer pictureKorea’s electronics powerhouses, Samsung and LG, are embroiled in a bitter war of words trumpeting the superiority of their 3-D TV technologies. The two top TV makers are pinning high hopes on the next-generation moving picture which promises to create lucrative revenue sources.The battle is becoming increasingly intens
BOK raises key rate to 3 pct to tame inflation

Mar 10, 2011

South Korea's central bank raised the key interest rate on Thursday by a quarter percentage point in a bid to put a lid on growing inflationary pressure sparked by rising oil and food prices. Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 3 percent, following a rate freeze in February. It marked the fourth rat
Ssangyong Motor emerges from court protection

IndustryMar 9, 2011

Ssangyong Motor Co., Korea‘s smallest automaker, emerged from bankruptcy protection Wednesday following the sale of its stake to Indian utility vehicle maker Mahindra & Mahindra Ltd., the company said in a regulatory filing.Ssangyong, previously owned by China’s Shanghai Automotive Industry Corp., has been under court protection since February 2009 when its Chinese parent abandoned it in the face
KRX OKs listing of Hana Financial‘s new shares

Mar 9, 2011

Korea’s bourse operator on Wednesday gave the green light to Hana Financial Group Inc.‘s request to list its new shares on the local bourse, a move expected to expedite the group’s takeover of the country‘s fifth-largest lender.Hana Financial’s new shares will start trading on Thursday, the Korea Exchange (KRX) said in an e-mailed statement, adding that the decision was reached upon a comprehensiv
[Herald Interview] Korea hopeful of G20 progress on global imbalance

Mar 9, 2011

The Group of 20 major economies are likely to come up with different numerical current account targets for each member nation in April to correct global trade imbalances, said Sohn Byung-doo, director general of the newly established G20 bureau at the Finance Ministry.Updating on the G20 agenda, Sohn said the G20 is on its way to delivering optimum trade surplus and deficit targets that cater for
South Korea to bolster support for exports of nuclear plants

IndustryMar 9, 2011

South Korea plans to bolster the country’s financing capabilities, aiming to back its firms with more plant-building projects overseas, the government said Wednesday. The government said it is planning to launch a task force led by the Ministry of Strategy & Finance, in collaboration with the Ministry of Knowledge Economy and financial institutions such as Financial Services Commission, Ex-Im Bank
Women get executive positions in technology firms

IndustryMar 9, 2011

In the early days of her 30-year career, Lee Young-hui, executive vice president for Korea’s telecom titan KT Corp., said that she had to challenge the norm and work hard to earn even things taken for granted by her male colleagues. “I didn’t imagine promotion was possible for women,” Lee told Yonhap News Agency in a recent interview in her office south of Seoul. “Back then, women were not even el
Starbucks’ new word-free logo debuts

IndustryMar 9, 2011

SEATTLE (AP) ― Starbucks customers saw something new Tuesday when they sipped their coffee.The Seattle-based company rolled out its new words-free logo Tuesday on all its cups. Signs also changed at a handful of stores, and the new logo will show up on more storefronts in the future.The Associated Press first reported in January that Starbucks was updating its logo and would introduce it this mont
Regulator to tighten savings bank rules

Mar 9, 2011

Korea plans to tighten supervision of savings banks after the government was forced to suspend eight lenders this year because they were unable to meet depositors’ withdrawal demands. The Financial Services Commission will stop setting favorable lending limits for savings banks that have a capital-adequacy ratio of more than 8 percent and a bad-loan ratio below 8 percent, the regulator said in a r