The Korea Herald

Sugar makers face antitrust investigation

Jan 14, 2011

The Fair Trade Commission has launched an investigation into the nation’s three major sugar manufacturers to see if they are implicated in irregular practices in pricing products, sources said Friday. The antitrust probe is aimed at examining their profit margins, distribution costs and other related factors to determine whether companies mark up prices too much, according to industry sources. Giv
Chinese women take on `Man's World' with $400,000 Maseratis

Jan 14, 2011

Beijing resident Lily Liu has always liked driving fast, and she doesn’t mind spending to indulge that passion.Liu, 44, bought a gray Porsche AG 911 Carrera S two years ago for 1.2 million yuan ($182,000) and is shopping for an Aston Martin, the sports car made famous by James Bond movies. The construction company president said she is “quite proud” of being the center of attention when she motors
Price controls expected to have limited effect

Jan 14, 2011

Seoul’s fresh plans to control inflation announced Thursday would provide only temporary relief to the market as authorities could do only so much to stabilize price volatilities aroused by overseas supplies, economists said. A pan-government task force headed by the Finance Ministry unveiled a package of action plans mobilizing all administrative power to secure supply of crops and freeze public
Watchdog halts operations of troubled savings bank

Jan 14, 2011

South Korea's financial regulator on Friday suspended operations of an embattled savings bank as it accelerates efforts to restructure the savings banks industry distressed with souring construction loans. The Financial Services Commission (FSC) said it will suspend Seoul-based Samhwa Mutual Savings Bank for six months for failing to meet regulatory capital requirements. As of the end of July
Obama gov't wants Congress to approve Korea FTA before July: Kirk

Jan 14, 2011

The Obama administration wants Congress to ratify the free-trade deal with South Korea before a similar pact between South Korea and the European Union goes into effect in July, the chief U.S. trade official said Thursday. "Our goal is to hand this agreement to Congress before the EU trade agreement goes into effect on July 1," U.S. Trade Representative Ron Kirk told a forum here. "Everything we
SKT to launch 30 smartphones this year

IndustryJan 14, 2011

Nation’s biggest mobile carrier also plans to release up to five tablet PCsSK Telecom Co., Korea’s No. 1 mobile operator, said on Thursday it plans to roll out around 30 new smartphones and up to five tablet computers this year, aiming to lead the rapidly evolving market of smart devices.Its new smartphone lineup includes LG Electronics’ Optimus 2X, Samsung Electronics’ Personal Media Phone, Motor
S. Korea's business heads vow efforts to outperform expectations

Jan 13, 2011

Heads of South Korea's largest conglomerates on Thursday vowed efforts to outperform expectations for the country's economy this year and urged an early implementation of a free trade agreement (FTA) with the United States to help achieve their goal. The ambitious plan came from the executive council of the Federation of Korean Industries (FKI), the largest industry lobby in South Korea with a m
Seoul all-out to contain prices

Jan 13, 2011

Measures include tariff cuts, crop and housing suppliesThe government plans to cut food tariffs, increase crop supplies and freeze public service costs in what it calls a “war against inflation.” A pan-government task force headed by the Finance Ministry on Thursday reported to President Lee Myung-bak a package of measures to rein in skyrocketing food, energy and home rental costs that are threate
BOK hikes rate to 2.75%

Jan 13, 2011

South Korea’s central bank unexpectedly raised the key interest rate by a quarter percentage point on Thursday as economic growth and rising raw material prices are exerting mounting inflationary pressure.Bank of Korea Governor Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 2.75 percent. It marked the third rate increase since the onset
Hyundai unveils new Grandeur

IndustryJan 13, 2011

Hyundai Motor Co., Korea’s top automaker, unveiled Thursday the long-awaited new version of its upper-end passenger vehicle, the Grandeur.The fifth-generation Grandeur, sold as the Azera in overseas markets including the United States, is the first version out in nearly five years since May 2005.“We are confident the new Grandeur will add to the class and pride of its customers as it comes with a
Hana faces delay in approval of KEB buy

Jan 13, 2011

Regulatory approval for Hana Financial Group Inc.’s acquisition of Korea Exchange Bank may come later than expected, which could push up the group’s cost for the takeover deal, sources said Thursday.Hana Financial expected to receive regulatory approval around February for its Nov. 25 contract with U.S. buyout firm Lone Star Funds to take over a 51.02 percent stake in KEB for 4.69 trillion won ($4
Portugal claims success in bond sale

Jan 13, 2011

Demand strong for bond, but bailout worries lingerLISBON (AFP) ― Portugal said it passed a key test on Wednesday with a successful bond sale but analysts were cautious, arguing that a bailout remains a real possibility to ease its debt problems ― and those of the eurozone.The government raised 1.25 billion euros ($1.6 billion), the maximum it sought, attracting strong interest and slightly lower r
POSCO looks to buy Korea Express

IndustryJan 13, 2011

Steelmaker posts record sales in 2010POSCO chief executive Chung Joon-yang said Thursday the nation’s top steelmaker is considering acquiring the country’s largest delivery service provider Korea Express Co.Kumho Asiana Group plans to sell Korea Express, which it acquired in March 2008, to stabilize the group’s financial structure.“With regards to the logistics needs arising at overseas steelworks
Samsung opens official global blog

IndustryJan 13, 2011

Samsung Group, Korea’s top conglomerate, said Thursday it has launched an English blog to boost communications with users around the world. The Samsung Village (www.samsungvillage.com) is designed to introduce the group’s history and business, and offer open forums where local and foreign visitors can share their views and opinions about news and human interest stories, the group said.“Digital med
SK Group to invest W10.5tr in 2011

IndustryJan 13, 2011

Telecom, energy giant to focus on green energy, overseas resources, new mobile technologiesSK Group said Thursday it would increase investment 30 percent this year to a record high 10.5 trillion won ($9.4 billion) to power future growth in clean energy, overseas resources and advanced mobile technologies.Korea’s third-largest conglomerate also plans to hire about 3,000 new employees, 25 percent mo