The Korea Herald

World’s most expensive apartments sold in London

Jan 21, 2011

One Hyde Park is the world's most expensive residential apartment. (Bloomberg)The world’s most expensive residential apartments at One Hyde Park have been officially put on the auction block by property duo the Candy brothers.Nick and Christian Candy claim to have sold over 55 of the 86 luxury apartment properties. On the opening ceremony around 5,000 gold balloons were released from the roof at t
GM Daewoo begins production of new MPV Orlando

IndustryJan 21, 2011

GM Daewoo Auto & Technology, the South Korean unit of U.S. automaker General Motors Co., said Friday it began producing its new compact multi-purpose vehicle (MPV), the Chevrolet Orlando. The vehicle will be produced at the GM Daewoo plant in Gunsan, 270 kilometers southwest of Seoul. The Orlando is scheduled to be launched here next month as the first of seven Chevrolet vehicles set to be intro
Man arrested for extorting money from Samsung Electronics

IndustryJan 21, 2011

Samsung Electonics 3D booth at CES in 2011. (Bloomberg)A Seoul man has been arrested on charges of extorting a large sum from Samsung Electronics after intentionally destroying a Samsung cellphone last year, police said Thursday.The 29-year-old man, identified only as Lee, is accused of distorting a compensation of 5 million won (US$4,500) from Samsung Electronics after intentionally destroying hi
Daewoo cars history as GM Korea switches to Chevrolet

IndustryJan 20, 2011

The Korean unit of General Motors plans to remove the badge of “Daewoo” from its company name and new domestic releases as it seeks to improve image and boost sales. GM Daewoo Auto and Technology Co. announced Thursday it will change its name to GM Korea Company and replace the GM Daewoo brand with the Chevrolet brand.“The actions we are about to take will take the company to a stronger, sustainab
Facebook agrees to improve data protection for Koreans

IndustryJan 20, 2011

The state media regulator Korea Communications Commission said Thursday that the U.S.-based social networking site Facebook agreed to improve its individual information protection measures for Korean users.The KCC said that Facebook stated that it will devise separate measures which follow the country’s information and telecommunications law by the end of March.The event takes place after the stat
KT targets W20.5tr in sales

IndustryJan 20, 2011

Carrier to invest 3 trillion won to boost service quality, global presenceKT Corp. said Thursday it plans to record 20.5 trillion won ($18 billion) in sales and spend 3 trillion won in investments this year to boost its service quality and step up its presence in global markets.KT, the exclusively provider of Apple’s iPhone in Korea, also said that it aims to reach 30 trillion won in sales by 2015
Antitrust regulator probes refineries

IndustryJan 20, 2011

Move prompted by Lee’s comments on oil pricesThe antitrust regulator is investigating four major oil refiners for possible price rigging and cartel activities, sources said Thursday.The probe comes amid growing government pressure on them over surging fuel prices. The Fair Trade Commission this week conducted on-site investigations of GS Caltex, S-Oil, Hyundai Oil Bank and SK Energy to see if ther
FSC fails to reduce burden on taxpayers

Jan 20, 2011

Financial groups may avoid taking on bad assets of savings banksThe government-led restructuring of savings banks may end up injecting a sizable amount of taxpayers’ money into troubled secondary financial institutions, industry watchers said. The Financial Supervisory Commission is in talks with potential investors including Woori Financial Group to arrange a sweeping rescue scheme for distressed
Korea mulls easing rules for hedge funds

Jan 20, 2011

Korea’s financial regulator is considering loosening regulations over private equity funds, a move that may open the gates to local hedge funds. The country’s tight limits on short-selling leverage rates and types of assets allowed for investment have constrained local funds’ growth and investment targets.“The Financial Services Commission is seeking to revise the capital market law by the end of
Seoul stocks down on profit-taking

Jan 20, 2011

Korean stocks ended 0.43 percent lower on Thursday on profit-taking and worries over China’s further monetary tightening, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) declined 9.03 percent to 2,106.66, retreating from an all-time high of 2,115.69 a day earlier. Trading volume was moderate at 328.8 million shares worth 6.4
Liquidity feared to push up inflation

Jan 20, 2011

Liquidity provided by Korean financial firms reached almost 2,000 trillion won ($1.79 trillion) in November, central bank data showed Thursday, adding to growing risks of higher inflation.The country’s liquidity provided by local depository agencies totaled 1,982 trillion won in November, up 7.7 percent from the previous year, according to data from the Bank of Korea. To fight the global financial
Korea, Egypt seek oil, nuke power partnership

Jan 20, 2011

Korea will beef up cooperation with Egypt in oil, nuclear power plants and many other areas as part of efforts to enhance its economic ties with the fast-growing African country, Seoul’s top economic policymaker said Thursday.The remarks were made by Finance Minister Yoon Jeung-hyun in his meeting with his Egyptian counterpart Boutros Ghali in Cairo.The visit is part of his first overseas tour, wh
Korea‘s technology level 5.4 years behind U.S.'

IndustryJan 20, 2011

Korea’s technology level in 95 key areas is 5.4 years behind that of the United States, a government report showed Thursday.The report by the Ministry of Education, Science and Technology showed the country‘s technological prowess standing at 60.2 percent of so-called ultimate technology, or the highest possible technological level that can be reached at present with 100 percent being the highest
Mobile payments coming to Starbucks

IndustryJan 20, 2011

WASHINGTON (AFP) ― U.S. coffee chain Starbucks on Wednesday began allowing customers in its U.S. stores to keep their cash and credit cards in their wallets and pay for their drinks with mobile phones.Starbucks said the mobile payment system, which has been tested in selected cities since last year, was being expanded to the nearly 6,800 Starbucks around the country and the more than 1,000 Starbuc
China shrugs off moves to cap inflation

Jan 20, 2011

Nation's economy grew 10% in 2010, spurred by surging investmentSHANGHAI (AP) ― By the usual measures, the world’s second largest economy is doing just fine: China’s growth this year looks likely to slow only slightly. Prices appear to be moderating and shops are packed as families stock up on food and clothes for Lunar New Year festivities.But despite the upbeat holiday mood, China is struggling