The Korea Herald

Big businesses come up with ‘shared growth’ plans

Mar 6, 2011

Major companies are devising plans to support their suppliers in line with a government-led campaign for “shared growth” between large and small firms.A range of companies are coming up with plans to help their smaller partners with financing, research and materials procurement despite a recent feud with the government over the profit sharing scheme. The push on big businesses to extend their prof
40 websites bombarded by cyber attacks

Mar 4, 2011

Cheong Wa Dae, USFK sites hit but no damage reportedWebsites of about 40 key South Korean institutions, including the presidential office and the Ministry of Foreign Affairs and Trade, came under cyber attack on Friday.Although there was no serious damage caused by the attack, the websites were hit bydistributed denial-of-service attacks around 10 a.m.The attacked websites included a number of gov
Industrial output rises faster than expected

Mar 3, 2011

Experts remain cautious due to oil prices, external uncertaintiesKorea’s industrial output grew faster than expected in January on strong overseas demand, with semiconductor and auto makers leading the way, official figures showed Thursday.But the government remained cautious about future economic trends, citing higher oil prices and other external factors that might serve as a drag on recovery he
Obama soon to submit Korea FTA to Congress for ratification: Clinton

Mar 3, 2011

The Obama administration will soon present the pending free trade deal with South Korea to Congress for ratification, Secretary of State Hillary Clinton said Wednesday. "I hope that that agreement will be submitted soon and acted on soon by the Congress," Clinton told a Senate Foreign Relations Committee. "I think it is very much in America's strategic and economic interests."President Barack Ob
Korea-EU FTA bill to be tabled in parliamentary committee

Mar 3, 2011

A ratification motion for the free trade agreement between South Korea and the European Union will be presented to a parliamentary committee on Thursday for approval, lawmakers said. The ruling Grand National Party aims to pass the Korea-EU FTA motion through the National Assembly Committee on Foreign Affairs, Trade and Unification next Wednesday after two days of intensive discussion at its leg
S. Korea's industrial output grows 13.7 pct in Jan.

Mar 3, 2011

South Korea's industrial output grew for the 19th straight month in January, a strong indication that the national economy is continuing to expand, a government report showed Thursday. According to the report by Statistics Korea, production in the mining and manufacturing industries rose 13.7 percent last month from the same month a year earlier. The output has increased since July 2009. Outpu
Samsung scoops 30 design awards

Mar 2, 2011

Samsung Electronics Co. announced Tuesday that it won 30 prizes, including two top honors, at an international design exhibition.The Korean electronics giant said it grabbed 30 awards at the 2011 iF Product Design Award. Organized by the International Forum Design in Hanover, Germany, since 1953, the award recognizes products for their overall design, originality and their consideration for enviro
Vizio overtakes Korean firms in N. American LCD TV market

Mar 2, 2011

Korean TV makers were overtaken by Taiwan‘s Vizio Inc. in North America’s liquid crystal display TV market last year, according to a market research firm Wednesday.Vizio sold 6.96 million LCD TVs in the United States and Canada, accounting for 18.2 percent of LCD TVs sold in the market last year, according to data from market researcher DisplaySearch. Samsung sold 6.72 million LCD TVs in 2010, cla
European buyers to increase Korean imports after FTA

Mar 2, 2011

Korean exports to the European Union are expected to register solid gains once a bilateral free trade agreement takes effect, a local trade organization said Wednesday.The Korea Trade-Investment Promotion Agency (KOTRA) said a survey of Europe’s 26 largest importers showed they will increase their purchases of Korean products by up to 15 percent once the Korea-EU FTA is enforced.The trade deal, si
Koreans forecast to be 4th richest in 2040s

Mar 2, 2011

South Korea is expected to emerge as the world’s fourth richest country in terms of purchasing power in the 2040s, according to a report by Citigroup.The country’s economic surge will be powered by its high levels of technology and human resources and would be further boosted by a possible reunification with North Korea, analysts said.According to the U.S. investment bank’s report, cited by the Ko
S. Korea's consumer prices jump 4.5 pct in Feb.

Mar 2, 2011

South Korea's consumer prices grew sharply in February mainly due to soaring food and energy-related product costs, adding to concerns that mounting inflationary pressure could undercut the nation's economic recovery, a government report showed Wednesday. According to the report by Statistics Korea, the country's consumer price index surged 4.5 percent last month from a year earlier. The figu
Conglomerates blast profit sharing scheme

Mar 1, 2011

Critics accuse former Prime Minister Chung of ignoring market economics A government-led initiative for profit sharing between large and small firms has sparked fury among conglomerates, politicians and academics who call it a “radical leftist” attempt to encroach on the free market economics.Chung Un-chan, a former prime minister who now heads the semi-official commission for “shared growth,” ann
Korea posts $2.85b trade surplus in Feb.

Mar 1, 2011

Surplus down from January but country posts record daily exports of $2.05b despite Mideast turmoilKorea posted a $2.85 billion trade surplus in February, the 13th straight month that it has recorded a favorable balance, official figures showed Tuesday.The preliminary figures marked a slight decline from the revised $2.92 billion surplus for January, the Ministry of Knowledge Economy said.Exports i
S. Korea's trade surplus reaches $2.8 bln in Feb.

Mar 1, 2011

South Korea's trade surplus reached $2.84 billion in February mainly due to solid export gains in the face of unfavorable global developments, a government report showed Tuesday. The February trade surplus marked a slight dip from the $2.92 billion tallied for January, although on a daily basis exports reached a record 2.05 billion, the report by the Ministry of Knowledge Economy said, This mark
U.S. working hard to ratify Korea FTA this spring: USTR

Mar 1, 2011

WASHINGTON -- The Obama administration is working hard to clear the pending free trade deal with South Korea through Congress this spring so as not to lag behind the European Union, which ratified a similar deal with Seoul set to take effect in July, the chief U.S. trade official has said. "The EU-Korea trade agreement is scheduled to take effect on July 1 of this year," U.S. Trade Representa