The Korea Herald

Sales of imported vehicles surge 35.8 pct in Jan.

TransportFeb 8, 2011

Foreign vehicle brands in South Korea saw a large boost to their sales last month, flashing a green light to their goal of selling over 100,000 cars in the local market for the first time, a local trade association said Tuesday. A total of 8,659 imported vehicles were sold here in January, up 35.8 percent from the same period last year, according to the Korea Automobile Importers and Distribu
140,000 calorie burger goes viral on YouTube

Feb 8, 2011

A video clip, entitled “The Sloppy Roethlisberger -- Epic Meal Time,” has become an Internet hit on YouTube, drawing nearly 1.5 million viewers after it was posted on Feb. 1 ahead of this year’s Super Bowl, the British Metro reported. The video features the Epic Meal Time crew introducing the 24.5 kilogram jumbo burger that includes 9 kilograms of bacon, 6 kilograms of ground beef and 5 kilograms
Public service rates up despite anti-inflation efforts

Feb 7, 2011

Prices of public services in Korea grew at the fastest pace in more than four years in January, adding to burdens in the daily lives of low- and mid-income people, data showed Monday.According to the data offered by the finance ministry and the statistics agency, the average prices of the nation’s 32 major public services, including heating gas and tap water, rose 0.9 percent last month from Decem
Stock market cap returns to $1tr level

Feb 7, 2011

Korea’s stock market capitalization returned to the $1 trillion level for the first time in three years in 2010 as an economic recovery and corporate profit gains led to strong rallies, the bourse operator said Monday.The country’s total market cap of its main board and the tech-heavy junior market reached $1.92 trillion at the end of 2010, up 30.8 percent from a year earlier, the Korea Exchange s
Korea’s foreign reserves hit new high in January

Feb 7, 2011

Korea’s foreign exchange reserves rose to a fresh high in January as a soft U.S. dollar bolstered the conversion value of assets in other currencies, the central bank said Monday.The country’s foreign reserves reached $295.96 billion as of the end of January, up $4.39 billion from the previous month, according to the Bank of Korea.The reserves rose for the second straight month in January, surpass
Regular workers hit record high in 2010

Feb 7, 2011

The number of regular workers in Korea reached an all-time high last year as businesses increased their number of longer-term workers amid rebounding economic conditions, data showed Monday.The number of workers who remained employed for a year or longer totaled 10.09 million last year, the highest since related statistics started to be compiled in 1989, according to the data provided by the finan
Seoul shares up on economic optimism

Feb 7, 2011

Korean stocks finished 0.47 percent higher on Monday, led by financial companies, as upbeat U.S. data boosted investor sentiment amid subdued trading after a national holiday, analysts said. The local currency climbed against the U.S. dollar. After rising more than 1.7 percent at one point, the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,081.74, up 9.71 points from the previous
Businesses oppose early adoption of carbon trading

IndustryFeb 7, 2011

Korea’s major economic organizations called on the government Monday to significantly postpone its plan to introduce a carbon emissions trading system in 2012, saying it could hurt the country’s industrial competitiveness.The five economic organizations, including the Federation of Korean Industries, the largest industry lobby in the country, urged the government to delay the move at least until 2
Korean venture to buy U.S. hallyu site operator

IndustryFeb 7, 2011

Korea’s video search technology provider, Enswers Inc., said Monday that it has agreed to acquire a Silicon Valley-based online company, Soompi Media LLC, to create a U.S.-based Web portal for Korean pop culture and news.Under the agreement, Enswers will introduce this month a revamped service of Soompi.com powered by its own video search technology in a bid to bring Korean dramas, music, movies a
Kia Motors posts record monthly sales in China

IndustryFeb 7, 2011

HONG KONG (Yonhap News) ― Kia Motors Corp., Korea’s second-largest automaker, posted record-high monthly sales in China last month, backed by strong demand for its sport utility vehicle, company officials said on Sunday.In January, Kia Motors sold 38,858 units of vehicles in the world’s most populous country, up 22.7 percent from a month earlier and also 13.7 percent from the same period last year
LGD eyes Poland joint venture

IndustryFeb 7, 2011

LG Display Co., the world’s second-largest maker of liquid-crystal displays, said it’s in talks with TPV Technology Ltd. to form a venture in Poland to manufacture LCD modules and televisions.The venture will help reduce production costs by making TV parts and sets in one factory, Claire Ohm, a Seoul-based spokeswoman for LG Display, said in a telephone interview Monday. LG has similar operations
BAT Korea launches Kent Boost

IndustryFeb 7, 2011

British American Tobacco Korea said Monday it has launched Kent Boost, which offers two levels of menthol in one cigarette.The product is first of this kind in the country, according to the tobacco producer. It gives consumers an extra burst of menthol when they press the capsule in the filter, the firm said. “Kent is the second-largest premium brand globally (outside of U.S. and China) sold in ov
Heated competition may cause new credit card crisis

Feb 7, 2011

Worrisome signs are resurfacing from the issue of red-hot credit card competition, reminiscent of the 2003 bad debt fiasco, prompting regulators to consider fresh restrictions.Major card issuers have been fighting a marketing war since last year, vying for a bigger slice of consumer spending as it gets on track to recovery.The competition led to sharp increases in card issuances and service loans,
Forensic experts to fight tax evasion

Feb 7, 2011

The National Tax Service will launch a forensic investigation center Tuesday to fight increasingly sophisticated tax evasion.The Forensic & Anti Tax Evasion Center will be headquartered in Seoul with regional teams working in the agency’s Daejeon, Gwangju, Daegu and Busan offices. Each team will have about 30 officials. “There are limits to the probe with our traditional enforcement tools as tax o
Entry barriers hurt Korean beer industry

IndustryFeb 7, 2011

Brewers say trade barriers must go to add color to Korean beer marketThink Korean beer. Now think of a Korean beer that’s not Hite or OB.That blank right there shows the space smaller breweries have been trying to fill in a market where the share between the big two is split nearly fifty-fifty. Many beer lovers crave diversity, finding local products “watery” and of lower quality when compared to