The Korea Herald

Korea Finance head offers to resign over Hynix sale

Aug 16, 2011

The head of policy lender Korea Finance Corp. offered to resign on Tuesday, taking responsibility for an uproar over the conditions of Hynix Semiconductor Inc.’s sale.Early last month, top mobile carrier SK Telecom and shipbuilding conglomerate STX Group submitted preliminary bids for a 15 percent s
Conglomerates’ market cap slips near 20%

Aug 15, 2011

The sharp decline triggers concerns of revisit of 2008 financial crisisThe nation’s top 10 conglomerates’ market capitalization declined significantly, by about 130.46 trillion won ($120.59 billion) in the aftermath of the latest stock market volatility.The amount, tallied as of Aug.12, was roughly
Korea, China may begin FTA talks to boost exports

Aug 15, 2011

South Korea and China may start talks on a free trade agreement to increase the export of goods and services between the two countries, South Korean Trade Minister Kim Jong-hoon said. “This can be a win-win,” Kim said Aug. 13 in Manado, Indonesia, where he attended a meeting of Association of Southe
Taxi black boxes protect drivers but invade privacy

Aug 12, 2011

Local authorities and taxi operators have eagerly adopted event data recorders, commonly known as black boxes, to protect drivers involved in accidents.However, increasingly common use of such devices in taxis has also given rise to privacy issues. While automobiles are becoming increasingly tech-he
U.S. downgrade may hurt IT, auto exports: report

Aug 11, 2011

The U.S. credit rating downgrade is feared to hurt exports of South Korean-made information technology products and automobiles, a report by a private economic think tank said Wednesday.The Hyundai Research Institute report said last week’s move by Standard and Poor’s Ratings Services to cut its cre
Greek economist warns on Korea’s ‘welfare populism’

Aug 11, 2011

A prominent Greek university professor and economist has warned South Korea not to repeat his country’s economic mistakes, calling the plan to give free school meals to all students “irresponsible.”“Is it a matter of equality? Of course not. Why middle class Seoul citizens, maybe with no children, s
Firms may rethink U.S. biz strategies

Aug 10, 2011

Companies looking for signs of prolonged recession in Europe, U.S.Large Korean companies struggled to appear unfazed but many, especially those dependent on overseas sales, seemed to be rethinking their business strategies in the aftermath of a financial shock stemming from the U.S.Hyundai Motor is
S. Korea's jobless rate falls to 3.3 pct in July

Aug 10, 2011

SEOUL, Aug. 10 (Yonhap) -- South Korea's jobless rate declined in July from a year earlier as the number of jobs in the country increased, fueled by exports and expanded industrial output, a government report showed Wednesday.The jobless rate stood at 3.3 percent last month, down from 3.7 percent a
Dow soars 429 points on Fed statement

Aug 10, 2011

NEW YORK (AP) _ The Fed spoke _ and financial markets rallied.The Dow Jones industrial average surged more than 429 points, its tenth-highest point gain in history and the biggest since March 2009. It was just one day after the Dow had its worst point decline since 2008.The Federal Reserve pledged t
Coming wave of retirements may cause economic disaster for Korea

Aug 9, 2011

Experts call for measures to ensure more flexible labor markets, boost birthrateTo mark the 58th anniversary of its establishment on Aug. 15, The Korea Herald is publishing a series of articles on the looming retirement of Korean baby boomers and its socioeconomic impact on the nation. The following
Spy agency to control cyber security

Aug 8, 2011

The Korea Communications Commission on Monday unveiled its master plan for cyber security, including expanding inter-governmental cooperation and triggering more participation of private experts, to deal with the rising security threat.The commission, together with 14 other governmental agencies, ag
US downgrade 'sounds alarm bell': China state media

Aug 8, 2011

BEIJING (AFP) -- Standard & Poor's US debt downgrade was a wake-up call for the world, a commentary in a top Chinese state newspaper said Sunday, adding that Asian exporters faced special risks.Citing economist Sun Lijian, the People's Daily said Standard & Poor's Friday cut to the US' credit rating
S. Korean shares open 1.4% lower

Aug 8, 2011

SEOUL (AFP) -- South Korean shares opened down 1.40 percent Monday following last week's market turmoil and the downgrade to the United States' credit rating by Standard & Poor's.The benchmark KOSPI index was down 27.18 points at 1,916.57 at the open, but it made up ground and had declined 0.5 perce
Gloomy outlook gripping investors, policymakers

Aug 7, 2011

Fears of a new financial crisis stoked by last week’s market turmoilFor South Korea, where memories of two major financial upheavals in the late 1990s and 2008 are fresh, the dramatic nosedive of the Seoul bourse on Friday raised investor fears of a third financial crisis.The pattern was eerily fami
Bank of Korea sees no big impact from U.S. rating cut

Aug 6, 2011