The Korea Herald

POSCO’s overseas project gains momentum

IndustryFeb 1, 2011

POSCO plans to inject about $12 billion into a project to construct a new plant and develop an iron ore mine in India, which received the green light from the Indian government on Monday after years of delay.India’s Ministry of Environment and Forests gave POSCO conditional approval to go ahead with buying up land for an integrated steelworks and to continue processes for its plans for iron ore ex
Consumer prices surge 4.1% in January

IndustryFeb 1, 2011

Inflation breaks BOK ceiling again, led by 30.2% jump in fresh food pricesKorean inflation accelerated for the second straight month in January, breaching the central bank’s 4 percent ceiling and adding to the case for another increase in borrowing costs. According to the report by Statistics Korea, the country’s consumer price index surged 4.1 percent last month from a year earlier, mainly due to
KORES bids for Mongolia coal mine

IndustryFeb 1, 2011

An international consortium led by Korea Resources Corp. recently submitted a bid to develop a coal mine lot in Mongolia, the state-run resources developer said Monday.The consortium of nine Korean, two Russian and four Japanese companies seeks to obtain the right to develop the Tavan Tolgoi mine. The region has one of the world’s largest untapped deposits of coal for making steel with around 1.2
Banks’ profit jumps 41% as bad-loan ratio drops

Feb 1, 2011

Kookmin Bank, Korea’s largest lender, and local rivals posted a 41 percent jump in combined profit last quarter as widening lending margins increased interest income and provisions for bad loans fell.The 18 lenders net income climbed to 2.1 trillion won ($1.9 billion) for the three months ended Dec. 31, from 1.5 trillion won a year earlier, the Financial Supervisory Service said Tuesday in an e-ma
Netherlands supplies FMD vaccines to Korea

Feb 1, 2011

The Netherlands are providing 1 million doses of foot-and-mouth vaccine to help Korea fight its worst outbreak, its embassy said Friday.At the request of the Korean government, the European country has sent 500,000 vaccines. The remainder is due to arrive on Feb. 3. “The Netherlands expects it will contribute positively to the welfare of the animals and to disease control,” it said in an e-mailed
Unrest in Egypt feared to hit S. Korean exports

Feb 1, 2011

A prolonged anti-government protest in Egypt could deal a blow to South Korean exports to the North African state and hamper the recovery of Asia's fourth-largest economy by pushing up commodity costs, watchers said Tuesday. Thousands of protesters took to the streets of major cities in Egypt last week, demanding their president, Hosni Mubarak, to end his iron-fisted rule of 30-odd years. M
Regulator puts 10 more firms on watch list

Feb 1, 2011

South Korea's anti-trust regulator said Tuesday that it has placed 10 additional companies on its watch list that limits mutual business investments and loan guarantees. The Fair Trade Commission (FTC) said a total of 1,360 affiliates from 51 conglomerates, including Samsung, LG and Hyundai Heavy Industries were on its list as of Tuesday. The FTC said 33 firms were included as affiliates of
S. Korea's trade surplus narrows sharply in Jan.

Feb 1, 2011

South Korea's trade surplus narrowed sharply in January from the previous month as soaring crude and commodity costs overshadowed record exports, a government report showed Tuesday. The country's surplus reached $2.96 billion last month, compared with $4.08 billion in December, with exports surging 46 percent to $44.89 billion and imports gaining 32.9 percent to$41.93 billion, according to th
S. Korea's consumer prices surge 4.1 pct in Jan.

Feb 1, 2011

South Korea's consumer prices spiked in January mainly due to a rise in agricultural and energy-related product costs, adding to concerns that mounting inflationary pressure could undercut the nation's economic recovery, a government report showed Tuesday. According to the report by Statistics Korea, the country's consumer price index surged 4.1 percent last month from a year earlier. The figu
Korean investors in Egypt begin exodus

IndustryJan 31, 2011

Korean businesses and investors in Egypt are facing inevitable damage to their operations due to increasingly violent protests there, with many of them forced to stay indoors or have their family members leave the country in a hurry, a local trade body said Monday.Many companies, including Samsung, LG and Hyundai Motor, have decided to immediately bring home the families of their workers in the Ar
NPS plans to use W300b more to buy bad debts

IndustryJan 31, 2011

Korea’s national pension fund plans to spend 300 billion won ($267.3 million) down the road in order to take over bad debts from distressed commercial banks, the fund’s top manager said Monday. “The National Pension Service has recently decided to invest an additional 300 billion won in funds to buy non-performing loans as part of our alternative investment expansion,” Chairman Jun Kwang-woo said
LG Uplus back to loss in Q4 on costs

IndustryJan 31, 2011

Korea’s smallest mobile carrier, LG Uplus Corp. said Monday that it swung into the red in the fourth quarter of 2010 from one year ago, hurt by depreciation costs. Net loss stood at 49.2 billion won ($44.1 million) in the October-December period, compared with a 78.4 billion won net income a year earlier, the company said in a regulatory filing. The mobile operator said it had lost money in the th
Chip exports may reach $52.5b in 2011

IndustryJan 31, 2011

Korea’s computer chip exports are expected to reach $52.5 billion in 2011, fueled by greater overseas demand for system semiconductors, the government said Monday.The total represents a growth of 3.5 percent compared to the previous year, with outbound shipments of system semiconductors used to make products like smartphones and tablet PCs expanding 18.7 percent on-year to $19.1 billion, the Minis
China seeks maximum fine for Carrefour

IndustryJan 31, 2011

SHANGHAI (AFP) ― China price regulators are seeking to fine French retail giant Carrefour 2.5 million yuan ($380,000) ― the maximum fine for overcharging customers, state media reported Sunday.Municipal regulators fined three Carrefour stores in Shanghai and two in southwest China’s Yunnan province 500,000 yuan each on Saturday, the official Xinhua news agency reported.However, the final fine will
Korean Air faces price-fixing probe

Jan 31, 2011

The antitrust regulator is investigating Korean Air and Mongolian Airlines for possible price fixing for their services between Incheon and Ulaanbaatar, sources said Wednesday.Since October, the Fair Trade Commission has been looking into their ticket prices which are about 30 percent higher than those on routes of a similar distance, they said.Only the two airliners have been running the service