The Korea Herald

Samsung C&T sees growth in Singapore

Aug 8, 2013

Samsung C&T, the construction and trading affiliate of Samsung Group, is seeing rapid growth in Singapore.The Korean builder has secured a solid position in the Southeast Asian country since it entered the construction market there in 1992, company officials said.As of July, the company was implementing 17 projects in Singapore worth around $5 billion.Samsung C&T already successfully completed several construction projects in the country, one of which was to build underground tunnels for the Mar
Over 4 million people to see tax burden increase next year

Aug 8, 2013

More than 4 million salaried workers in South Korea will see their tax burden increase next year as the government is pushing to overhaul its tax code aimed at broadening its tax revenue base and raising sufficient money to meet growing fiscal demand.The government will also impose taxes on earnings by monks, priests and other religious leaders starting in 2015, putting an end to a years-old controversy over the issue.These are part of measures included in the 2013 tax code overhaul proposal tha
Naver to exit real estate business

Aug 7, 2013

The nation’s online portal giant Naver bowed to mounting public pressure and announced on Wednesday that it would withdraw from the real-estate business.Naver, the nation’s largest search engine operator, had been criticized for having expanded its business to online information services markets including shopping and real estate.In particular, the company’s real estate information service, which was launched in 2009, was accused of dealing a serious blow to online real estate agencies that prov
Samsung Electronics sees its assets top W200tr

Aug 7, 2013

Assets held by Samsung Electronics Co., South Korea’s top conglomerate by market cap, topped 200 trillion won ($180 billion) as of end-June this year mainly due to its stellar business performance, data showed on Wednesday.Samsung’s assets reached 203.76 trillion won at the end of June, up 12.92 trillion won from three months earlier. The end-June figure is also up 37.46 trillion won from a year earlier, according to its financial statement.Samsung Electronics, the world‘s top maker of memory ch
Duty-free shops not allowed at arrival terminals

Aug 7, 2013

Deputy PM urges economic ministers to follow through on policy implementation
[Graphic News] China boosts land purchases in Korea

Aug 6, 2013

Chinese investors are buying more and more stocks, bonds and real estate in South Korea. According to government officials, Chinese investors purchased a total of 1.08 million square meters of land worth 355.8 billion won ($319.5 million) in South Korea last year.
Ministry looking into milk firms’ push to raise prices

Aug 6, 2013

The government has launched an evaluation into major milk makers‘ push to raise their product prices, worrying that such price hikes could make other milk-based goods more expensive and eventually drive up the overall inflationary pressure, government sources said Tuesday.The move comes as Seoul Milk and Maeil Dairies will raise their milk prices on Thursday and Friday by 250 won ($0.23) per liter.The country’s major milk producers claim that 106 won is linked with increased raw milk prices, whi
Sales at department stores shrink 2.1% in July

Aug 6, 2013

Sales at South Korea’s department stores were forecast to have contracted about 2 percent in July, preliminary data showed Tuesday, raising worries that private-sector spending still remains weak.According to the data provided by the finance ministry, sales at department stores were estimated to have shrunk 2.1 percent on-year in July, a sharp turnaround from June‘s 4.1 percent growth.Sales at discount chains were also projected to have dropped by 5.2 percent over the same period. In June, sales
[Graphic News] Singers earn more than other celebrities

Aug 5, 2013

According to a report submitted by the National Tax Service to Rep. An Min-suk, singers, earning 52.55 million won ($46,700) last year, topped the list of average incomes among celebrities. Actors and actresses made an average 41.34 million won while athletes earned 29.85 million won, and models 13.1 million won.
Electricity shortages expected to reach peak this week

Aug 5, 2013

With the end of the prolonged rainy season and arrival of midsummer heat, the nation’s electricity shortage is expected to reach its peak from late this week to early next week.A heat wave is set to hit the peninsula from Thursday, after which the country’s electricity reserves may fall under the critical level, according to the Korea Power Exchange on Monday.“The backup electricity level will remain stable in the early half of this week, as most of the highly energy-consuming companies are curr
S. Korea's FX reserves hit record high in July

Aug 5, 2013

South Korea's foreign-exchange reserves rose to a record high in July following the largest fall in 13 months in June as a weaker U.S. dollar raised the conversion value of non-dollar assets, the central bank said Monday.The country's foreign reserves reached US$329.71 billion as of end-July, up $3.27 billion from the previous month, according to the Bank of Korea (BOK).The FX reserves fell by $1.66 billion in June, the largest monthly decline since May 2012, due mainly to repayment of maturing
Global recovery fuels rosier outlook for Korean economy

Aug 4, 2013

Production rebound in U.S., China, Europe to boost Korean exports
Government under fire for soaring ‘jeonse’ prices

Aug 4, 2013

The government’s move to raise the ceiling for loans exclusively for “jeonse” is facing criticism for its potential negative effect on mounting household debt. Jeonse is a rental system under which tenants put up a lump-sum deposit for rent, instead of monthly rental fee. Property owners either invest the jeonse deposit or collect interest on the sum through their bank. Jeonse rental costs have soared particularly in Seoul due to a supply shortage as people delay making home purchases due to fal
Korea’s exports to ASEAN markets fall in July

Aug 4, 2013

South Korea’s exports to emerging countries in Asia dropped in July from a year earlier, data showed Sunday, casting clouds over the export-reliant country‘s economy down the road.South Korea’s exports to the members of the Association of Southeast Asian Nations, which include Indonesia, Vietnam and Thailand, shed 5.4 percent on-year in July, the Korea International Trade Association data showed.The figure marked the lowest tally since a 25.7 percent on-year drop in August 2009, the data also sh
Philip Morris unveils Marlboro Fresh summer lineup

Aug 4, 2013

Philip Morris Korea said Sunday that it would put the summer edition of its Marlboro Fresh lineup on sale for five weeks starting Monday. The summer edition carries a new design in black, with a twist to the classic Marlboro Chevron-shaped logo, adding a vibrant mirror-like surface that reflects light. The Marlboro Fresh lineup comes in four menthol flavors: Marlboro Ice Blast, Marlboro Ice Blast One, Marlboro White Fresh and Marlboro Black Fresh. Marlboro Ice Blast and Marlboro Ice Blast One ha