The Korea Herald

Samsung Electronics to spend over W10tr on R&D this year

Aug 30, 2011

Samsung Electronics Co., the world’s largest memory chipmaker, may spend over 10 trillion won ($9.3 billion) on research and development this year as part of efforts to enhance its global competitiveness, sources said Tuesday.In the first half, the company’s R&D expenditures totaled 4.98 trillion wo
Smaller firms to get W19.4tr in financial support

Aug 30, 2011

The government will provide 19.4 trillion won ($18.06 billion) in loans and other financial support for small and medium enterprises as part of its efforts to stabilize the livelihoods of ordinary people ahead of the Chuseok holiday, the finance ministry said Tuesday.Under the plan, which was approv
Korea could lower growth outlook for this year: minister

Aug 29, 2011

South Korea could revise downward its growth outlook for this year, the nation's top economic policymaker hinted Monday, citing lingering uncertainties at home and abroad."Overall, there are downside risks (on growth)," Finance Minister Bahk Jae-wan told a forum held in central Seoul. "We stick to o
S. Korea's current account surplus hits 9-month high in July

Aug 29, 2011

South Korea's current account surplus increased to the highest level in nine months in July as exports hit a record high even amid global economic uncertainty, the central bank said Monday.The current account surplus reached US$4.94 billion in July, more than doubling from a revised $2.03 billion th
POSCO to open Silicon Valley-style ideas marketplace

Aug 25, 2011

POSCO, the country’s leading steel producer, said Thursday it would create an Idea Marketplace for venture firms to trade business concepts to help small and medium enterprises.The marketplace mirrors a mechanism widely used in Silicon Valley, where startup hopefuls pitch ideas to potential investor
Chung family touts 20 years of kinship

Aug 25, 2011

The Chung family organization, led by Rep. Chung Mong-joon, celebrated the 20th anniversary of its foundation on Thursday in Seoul.Started in 1991 by Chung Ju-yung, the deceased founder of Hyundai Group, the organization aims at boosting kinship among the people with surname Chung and runs 16 local
Korean builders brace for post-Gadhafi boom

Aug 24, 2011

Korean engineering and construction firms are ratcheting up their ambitions in Libya as the waning days of a six-month civil war signal new business opportunities in the North African country. Colonel Moammar Gadhafi’s fate remains uncertain and rebel forces face a long slog to stabilize the country
Japan Credit Rating Cut to Aa3 by Moody's

Aug 24, 2011

Japan’s sovereign-credit rating was lowered by Moody’s Investors Service, which cited “weak” prospects for economic growth that will make it difficult for the government to rein in the world’s largest public debt burden. Moody’s lowered the grade by one step to Aa3, with a stable outlook, it said in
Exports to Libya plummet 88 percent

Aug 23, 2011

Korea’s exports to Libya dove nearly 88 percent between January and July in the wake of a civil war that has pummeled the North African economy, a report showed Tuesday.According to the Korea International Trade Association, Korean exporters shipped a mere $119 million worth of goods to Libya in the
Flood damage drives car claims to record

Aug 22, 2011

South Korean non-life insurers saw the number of monthly car claims reach a fresh high in July, due to damages triggered by the record downpours that pounded the metropolitan area last month, data showed Monday.A total of 11,362 reports on car damages were received in July, with local insurers expec
Renault Samsung staff set up new trade union

Aug 22, 2011

Workers at Renault Samsung Motors Co., the local unit of French automaker Renault SA., said Monday that they have launched a new trade union to advance the rights of members.The newly formed labor union consisting of 200 members effectively marks the first time that a union has been set up at the ca
Ships emerge as S. Korea’s No. 1 export item

Aug 22, 2011

Ships have emerged as South Korea’s leading export item this year, outpacing overseas sales of other previous flagship goods such as semiconductors and automobiles, customs data showed Monday.South Korea exported $36.13 billion worth of ships during the January-July period, according to data by the
Korea’s quality of life stagnant: report

Aug 21, 2011

The quality of life in Korea is one of the lowest among members of the Organization for Economic Cooperation and Development and G20 nations, a Korea Development Institute, report showed Sunday.According to the Ministry of Strategy and Finance, the KDI report on developing indexes for measurin
Korean banks temporarily halt household lending

Aug 18, 2011

South Korea's major banks said Thursday that they temporarily suspended the extension of fresh household loans in a bid to join the regulator's efforts to curb excessive growth of household debt.Local banks, including Shinhan and Hana, said they have begun to halt extending fresh home loans, includi
Country’s first bandwidth auction takes place

Aug 17, 2011

The Korea Communications Commission on Wednesday held the country’s first wireless broadband spectrum auction, participated by all three mobile carriers, with the bidding scheduled to continue Thursday.Two leading mobile carriers, SK Telecom and KT Corp., competed to take home the 1.8 gigahertz radi