The Korea Herald

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
Kookmin Bank opens student branches

Jan 20, 2011

Kookmin Bank opened two branches to serve college students in Seoul on Thursday as it seeks to broaden its customer base.The nation’s largest bank opened the college student-only branch in Sookmyung Women’s University in Yongsan Ward and Ewha Womans University in Seodaemun Ward.Aside from basic banking services such as deposits and loans, the branches will provide customers with the opportunity to
Hyundai, Kia make early payments to suppliers

IndustryJan 20, 2011

Hyundai Motor Co. and Kia Motors Corp. announced Thursday that about 850 billion won ($760 million) owed to suppliers will be paid ahead of the due dates.The carmakers said that the payments will be made starting Jan. 26 to ease suppliers’ cash flow ahead of Seollal, or the New Year according to the lunar calendar. According to the carmakers, about 1,200 companies supplying parts and materials wil
POSCO finalizes ferrochrome deal with Indian firm

IndustryJan 20, 2011

POSCO announced Thursday that it finalized a deal to establish a joint venture producing ferrochrome with an Indian company.Ferrochrome is an alloy of chromium and iron used in stainless steel production. POSCO’s partner in the venture is Indian Metals and Ferro Alloys (IMFA), India’s biggest ferrochrome manufacturer. According to POSCO, Thursday’s deal finalizes agreements regarding a joint ventu
Meat imports to climb on foot-and-mouth cull

IndustryJan 20, 2011

Pork and beef imports by Korea, the sixth-biggest buyer of U.S. pork in 2009, may climb this year as the nation culls swine and cattle to fight its worst outbreak of foot-and-mouth disease, an industry group said. Pork imports may jump 15 percent to 20 percent from about 179,500 metric tons in 2010, said Choi Jong Sun, chairman of the Korea Meat Import Association. Beef purchases may also gain as
Etihad Airways sees rising travel demand

IndustryJan 20, 2011

Korea unit chief says emerging markets will drive growth in demandEtihad Airways, a national airline of the United Arab Emirates, is confident that the growth of the middle class in emerging markets and booming industrial projects in the Middle East will lure more travelers to the region.As one of the fastest-growing international carriers,the airline has expanded services to 66 destinations acros
3D technology, here to stay

IndustryJan 20, 2011

By Kim Ji-hyun The recent success of the Hollywood blockbuster “Avatar” triggered a stream of 3D films meaning that moviegoers are now often seen in theaters armed with special 3D glasses as well as popcorn. Reflecting the growing popularity, IT companies from home and abroad unleashed jumbo-sized 3D TVs with enthusiasm at the Consumer Electronics Show held in Las Vegas during the second week of t
GM introduces new name, brand for S. Korean unit

IndustryJan 20, 2011

Dan Akerson, Chief Executive of General Motors Co. (GM), unveils the Chevrolet Sonic at the 2011 North America International Auto Show (NAIAS) in Detroit, the United States, on Jan. 10, 2011. (Xinhua-Yonhap News)U.S.-based global automaker General Motors Co. (GM) on Thursday introduced a new name for its South Korean unit and brought internationally renowned brand Chevrolet to boost the company's
Deutsche Bank faces fraud probe

Jan 20, 2011

The Financial Supervisory Service plans to ask the prosecution to investigate Deutsche Bank AG and several individual investors for allegedly engaging in fraudulent stock trading, sources told The Korea Herald on Wednesday.The financial regulator has completed its investigation into the Germany-based investment bank’s brokerage unit in Hong Kong. It plans to refer the case to the prosecution in th