The Korea Herald

FSS tougher on banks’ overseas branches

Jan 25, 2011

The Financial Supervisory Service plans to tighten oversight of local banks’ overseas operations, diverting from its earlier position of eased regulations to encourage their making inroads into foreign markets.The watchdog unveiled this year’s key regulatory policies during its meeting with financial market leaders at the Bankers’ Club in downtown Seoul on Tuesday.Major banks, including the nation
India’s central bank might raise rates

IndustryJan 25, 2011

India’s central bank said reducing inflation is the “dominant” goal at the moment, signaling the possibility of an interest-rate increase on Tuesday. “The anti-inflationary focus of monetary policy would have to continue,” the Reserve Bank of India said in a report on Monday. “Since a lower inflation regime is essential for sustainable high growth, containing inflation becomes the dominant policy
Bank of Japan raises growth forecast

IndustryJan 25, 2011

Central bank keeps key rate between zero and 0.1%The Bank of Japan raised its growth forecasts for the year through March as strong overseas demand supports the economy. Policy makers predicted an expansion of 3.3 percent for the 2010 fiscal year, compared with the 2.1 percent estimated in October, the central bank said in a statement Tuesday in Tokyo. The BOJ also held the key interest rate betwe
30 groups unveil record-high investment plan

IndustryJan 24, 2011

Lee, CEOs agree to cooperate for 5 percent growthThe nation’s 30 largest business groups unveiled plans to invest more than 110 trillion won ($98.2 billion) and create 100,000 new jobs this year during their meeting with President Lee Myung-bak on Monday.Leaders of Samsung, Hyundai Motor and other groups said they would increase their investment to 113.2 trillion won for 2011, which will mark an a
Hiscot offers liquor gift sets for Lunar New Year

IndustryJan 24, 2011

Hiscot Co., a subsidiary of Korea’s largest liquor maker Hite-Jinro Group, offers a range of gift sets for the Feb. 3 Lunar New Year’s day, the firm said Monday.“This year’s New Year gift sets were prepared for consumers who look for practical gifts. A variety of quality gift sets will be offered at affordable prices for consumers to choose from,” Hiscot executive director Jang Byeong-seon said. T
KT&G renews Esse Golden Leaf design

IndustryJan 24, 2011

KT&G Corp., Korea’s largest tobacco manufacturer, will roll out a repackaged version of its Esse Golden Leaf product at the end of January, the firm said Monday. The cigarette packaging was created in collaboration with Najeonchilgi master Park Jae-seong, the firm said. Najeonchilgi is a traditional mother of pearl craft where colorful pieces of shellfish are inlaid on an object and then applied w
Childbirths grow for 9th month in Nov.

Jan 24, 2011

Childbirths in Korea grew for the ninth consecutive month in November as the economic recovery encouraged couples to have more babies, a report showed Monday.According to the report by Statistics Korea, the number of babies born in November was about 41,200, up 17 percent or 6,000 from the same month a year earlier. The latest figure marked the ninth consecutive on-year growth since last March. It
KB Asset wins nod for investment in China

IndustryJan 24, 2011

HONG KONG (Yonhap News) ― Korea’s KB Asset Management Co. said Monday it has obtained approval from Chinese authorities to invest up to $100 million in local securities, gaining greater access to one of the world’s most rapidly growing stock markets.The approval, granted by China’s State Administration of Foreign Exchange (SAFE) last week, will allow KB Asset Management to launch a collective inve
Korea confirms additional FMD case

Jan 24, 2011

Korea reported an additional case of foot-and-mouth disease (FMD) in the central part of the country Monday, in the midst of nationwide vaccination and quarantine efforts.The farm ministry said some cattle at a farm in Mungyeong, North Gyeongsang Province, about 220 kilometers southeast of Seoul, tested positive for the highly contagious animal disease after animals started showing symptoms over t
Seoul shares up on institutional buying

Jan 24, 2011

Korean stocks closed 0.59 percent higher on Monday as institutional investors hunted for bargains, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.24 points to 2,082.16. Trading volume was moderate at 335.1 million shares worth 6.01 trillion won ($5.37 billion), but losers outnumbered gainers 412 to 396.“Institutional
Only half of Korean firms succeed in China: poll

Jan 24, 2011

HONG KONG (Yonhap News) ― Only about half of Korean companies operating in China have turned out to be successful, despite their rush into the world’s second-largest economy, a poll showed Sunday.According to the survey on 212 Korean firms, taken by the Korea International Trade Association’s (KITA) Shanghai office, 55.7 percent of the firms assessed their business in China as “successful.” Among
Banks’ fund raising jumps due to deposit growth

Jan 24, 2011

Korean banks raised more funds last year than 2009 as risk-averse investors piled into lenders’ savings deposits, the financial regulator said Monday.Eighteen local banks’ fund raising through deposits and debt issuance expanded by a net 35.5 trillion won ($31.7 billion) last year, bringing their outstanding funds to 1,161.4 trillion won as of the end of December, the Financial Supervisory Service
Companies splurging on iPads could be sign of recovery

IndustryJan 24, 2011

NEW YORK (AP) ― The news last week that Apple’s Steve Jobs is taking a leave of absence was a big story. But something else about the company got far less attention and could be even more important to investors this year.Corporations “are adding iPads to their approved device list at an amazing rate,” Peter Oppenheimer, Apple Inc.’s chief financial officer, told analysts Tuesday. Apple’s products,
GS head stresses innovation, collaboration

IndustryJan 24, 2011

GS Group chairman Huh Chang-soo recently stressed executives’ dedication to growth and innovation as key to its ambition to become a leading global firm. Despite the good results the group has been achieving over the past few years in an unfavorable local business environment, Huh said the group should not be satisfied with its performance. GS Group chairman Huh Chang-soo “Based on the performance
SKT introduces multi-gadget content platform

IndustryJan 24, 2011

SK Telecom, the nation’s No. 1 telecom operator, launched on Monday a “numerous screen” (n-Screen) platform that allows users to access the same content from multiple devices based on cloud computing technology. The “hoppin” service allows subscribers to use media content in its server on smartphones, computers, tablet PCs and televisions through a Wi-Fi network with a one-time payment. For instan