The Korea Herald

Two savings banks suspended as woes deepen

Feb 17, 2011

FSC orders 6-month business halt to Busan, Daejeon banksThe Financial Services Commission on Thursday suspended operations of two savings banks as part of its ongoing restructuring of the secondary banking sector hit by toxic construction debt.It also announced plans to provide a nearly 20 trillion won ($18 billion) credit line in support for other viable institutions. The regulator said it halted
GS chief to head FKI

IndustryFeb 17, 2011

GS Group chairman Huh Chang-soo was tapped on Thursday to head the Federation of Korean Industries, the country’s largest business organization. The FKI said its executive board and advisers unanimously nominated him as new chairman during their meeting on the day.The 62-year-old chief of the nation’s seventh largest business group had already accepted the offer, it added. Huh Chang-sooHe will su
Better biz environment eyed to lure foreign firms

Feb 17, 2011

Korea will take steps to improve its overall business environment to world-class levels by 2014 so it can better attract foreign firms and investors, a senior policymaker said Thursday.In a meeting with executives of foreign-invested companies and diplomats in Seoul, Knowledge Economy Minister Choi Joong-kyung said a “three-year foreign investors plan” will be established by March that aims to rev
Koreans move less amid property slump

Feb 17, 2011

Korea’s population mobility fell in 2010 as people were discouraged from moving amid slumping property market conditions, a government report showed Thursday.According to the report by Statistics Korea, a total of 8.23 million people changed their legal residence last year, down 3.1 percent from a year earlier. This marked the fourth consecutive year with less movement since 2007 when the mobility
Chinese shoppers struggle with spiraling prices

IndustryFeb 17, 2011

BEIJING (AP) ― Spiraling prices have made the grocery store a scary place for Chu Yun, a 27-year-old office clerk.“Prices for everything are going up and it seems it will never stop,” Chu said as she hunted for bargains in a supermarket. “I have no confidence prices can be brought under control this year. I think they will keep going up.”China’s public is struggling with a months-long surge in foo
Fed officials slightly more upbeat on economy

Feb 17, 2011

Central bank upgrades 2011 growth forecasts, but remains pessimistic on jobsWASHINGTON (AP) ― Some Federal Reserve officials last month raised the possibility of scaling back the Fed’s $600 billion Treasury bond purchase program out of fear that a strengthening economy could spur high inflation.The minutes from the Fed’s Jan. 25-26 meeting were released on the same day that the government reported
South Korea, Japan, Europe vie for Brazil bullet train project

IndustryFeb 17, 2011

The bid for Brazil’s planned $20 billion bullet train venture slated for April is shaping up to be a three-way race between South Korea, Japan and Europe, a Seoul official said Thursday.The head of the Latin American country’s transport regulator ANTT Bernardo Figueiredo said this week that at least three consortia will be competing for the right to build and run a high-speed railway in country. C
Islamic bond bill faces lawmakers’ opposition

Feb 17, 2011

The government faces an uphill battle to legislate tax benefits for Islamic bond investors at a parliamentary session starting Friday amid sturdy objections from opposition politicians and churches.The Finance Ministry is pushing for a bill on Islamic bonds, or sukuk, that would grant tax exemption on profits earned by bondholders in a bid to widen Korea’s access to increasing Middle Eastern oil m
Rhee named ADB’s chief economist

Feb 17, 2011

Asian Development Bank appointed Korea’s former financial regulator Rhee Chang-yong as its new chief economist, the bank said Thursday.Rhee, a Korean national, was the vice chairman of the Financial Services Commission and chairman of the Securities & Futures Commission, and has over 20 years experience as an economist, financial advisor and academic, according to the bank. (Bloomberg)
Most Koreans not ready for retirement: poll

IndustryFeb 17, 2011

Only 9 percent of Koreans believe they are financially prepared to retire, a survey showed.The figure is significantly lower than the world average of 30 percent ― 34 percent for Europeans and 32.5 percent for North Americans ― research firm Nielsen Company said.The poll also showed that nearly 40 percent of Koreans are expected to retire before turning 60 years old. The company surveyed 26,000 pe
KITA to step up support for small exporters, service firms

IndustryFeb 17, 2011

Chairman SaKong calls for need to foster services industry, FTAsThe Korea International Trade Association will boost support for small and medium exporters and the services sector to help the country achieve $1 trillion trade this year, its chairman SaKong Il said Thursday.“The Korean trade industry achieved a notable result last year despite the sluggish global economy. We have become the world’s
Samsung launches new 3-D smart TVs

IndustryFeb 17, 2011

Says firm’s next-generation 3-D focus will move from programming to servicesSamsung Electronics, the world’s No. 1 flat-screen television maker, plans to release a new series of full high-definition 3-D smart TVs, upping the ante in its rivalry with LG Electronics.Yoon Boo-keun, president of its visual display business, said Thursday that it will present the new television sets on Friday, changing
BMW launches all-new X3 in S. Korea

TransportFeb 17, 2011

BMW Korea has unveiled new X3 (Yonhap News)BMW Korea has unveiled new X3 (Yonhap News)BMW Korea has unveiled new X3 (Yonhap News)BMW Korea, the South Korean unit of German automaker BMW Group, on Thursday introduced the latest version of the BMW X3 in South Korea.BMW Korea said the New X3 is a "sport activity vehicle" that offers the comfort and driving experience of a sedan, but is perfect for of
Samsung launches new 3D smart TV line

TechnologyFeb 17, 2011

Samsung Electronics Co., the world's largest flat-screen TV maker, said Thursday it released a new line of full HD smart 3D televisions that help viewers get better access to online content and use social networking services. The smart TV line, which comes in 46-inch and 55-inch, is part of Samsung's attempt to grab a larger share of the blooming smart TV market. Samsung aims to sell 12 millio
S. Korean watchdog suspends 2 savings banks

Feb 17, 2011

South Korea's financial regulator on Thursday suspended operations of the country's biggest savings bank and one of its affiliates due to capital shortages triggered by mounting insolvent construction project financing (PF) loans. The Financial Services Commission (FSC) said it suspended Busan Savings Bank, the top savings bank by assets based in the port city of Busan, and its affiliate Daeje