The Korea Herald

Seoul’s Myeong-dong becoming boon for cosmetics industry

Apr 23, 2013

According to the Ministry of Knowledge Economy, sales of three major department stores declined 4.1 percent from the previous year in January. South Korea’s economy is likely to grow at a pace of 2.8 percent in 2013. The nation’s consumer prices have risen at a slower pace and will reach 2.5 percent this year. Private consumption will continue to remain slow due to rising household debt. The growth of the country’s retail industry will be lower than the inflation rate due to the economic downtur
Make banking personal again

Apr 23, 2013

How often do you visit a bank branch? Or speak to someone from your bank on the phone? Chances are, not very often. Banking is migrating to digital channels, which raises the question of what’s going to happen to the personal relationship between banks and their customers. In an increasingly digitized world, how do we keep the “personal” in personal banking?Arguably, banks have some catching up to do. At the heart of it all, banks need to think experiences, not channels. They need to become fund
Seoul shares fall 0.4 pct on weak yen

Apr 23, 2013

South Korean stocks closed 0.4 percent lower Tuesday as foreigners became net sellers of local shares amid the weak yen, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 7.68 points to finish at 1,918.63. Trading volume was low at 253 million shares worth 3.4 trillion won (US$3.08 billion) with gainers outnumbering decliners 478 to 316. "The local stock market lost steam as the Japanese currency is anticipated to tra
Seoul shares down 0.65 pct in late-morning trade

Apr 23, 2013

South Korean stocks traded 0.65 percent lower late Tuesday morning, led by losses in techs and autos, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) moved down 12.49 points to 1,913.82 as of 11:20 a.m. Tech heavyweights lost ground, with market behemoth Samsung Electronics falling 1.06 percent, and top chipmaker SK hynix losing 0.69 percent. Leading flat panel manufacturer LG Display decreased 1.31 percent. Carmakers also traded lower, with Hyundai Motor falling 0.27
Seoul shares open lower on blue-chip losses

Apr 23, 2013

South Korean stocks opened lower on Tuesday due mainly to losses in large-cap shares of techs and builders, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.09 points, or 0.21 percent, to 1922.22 in the first 15 minutes of trading.Tech blue chips led the decline, with market behemoth Samsung Electronics falling 0.73 percent and its smaller local rival LG Electronics losing 0.22 percent. Samsung Techwin, a defense machinery firm, shed 0.15 percent.Builders also traded
NTS to expand investigations into offshore tax evaders

Apr 22, 2013

Commissioner explains tax agency’s policy goal to corporate executives
G20 approval of weaker yen to impact Korea

Apr 22, 2013

Analysts call for measures to cushion possible shocks from weaker yen
Credit delinquents start to apply for rescue fund

Apr 22, 2013

Financial authorities on Monday started to take preliminary applications for the “National Happiness Fund” recently set up to rescue individual credit defaulters.While the preliminary application process will continue until April 30, the authorities will screen applicants between May and October, said the Financial Services Commission. Eligible applicants should be in arrears for at least 180 weekdays and their debt should not exceed 100 million won ($88,500).Debtors are allowed to submit applic
Korean firms hoard W2tr in tax havens

Apr 22, 2013

Korean enterprises remitted about 2 trillion won ($1.6 billion) to tax havens such as Ireland, Luxembourg and Delaware state in the U.S. last year, data from the Bank of Korea showed Monday.A BOK official noted that the nation’s 30 major business groups including Samsung operate a combined 250 subsidiaries in tax havens.Several of the overseas units in such areas providing tax benefits are reportedly known as bogus firms with no business activities, allegedly established to raise offshore fundin
Hyundai overtakes GM Holden in Australian car market

Apr 22, 2013

Hyundai Motor Co., South Korea’s largest automaker, has overtaken GM Holden Ltd., the Australian unit of General Motors, in sales of cars in Australia for the first time in March, industry data showed Monday.Hyundai Motor maintained fourth place in sales of cars in Australia by selling a total of 8,402 units in March, up 7.6 percent from a year ago. Sales of Hyundai’s Tucson ix35 sports utility vehicle reached 1,529 in March, up 83 percent from a year ago.GM Holden trailed behind Hyundai by sell
Seoul shares gain 1.03 pct on bargain hunting

Apr 22, 2013

South Korean stocks closed 1.03 percent higher Monday as investors scooped up shares on bargain hunting, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 19.56 points to finish at 1,926.31. Trading volume was low at 254.9 million shares worth 3.6 trillion won (US$3.25 billion) with gainers outnumbering decliners 521 to 283. "The market gain came as investors scooped up undervalued shares despite the listed firms' w
Seoul shares up 0.14 pct in late-morning trade

Apr 22, 2013

South Korean stocks traded 0.14 percent higher late Monday morning, led by gains in techs and mobile carriers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.64 points to 1,909.39 as of 11:20 a.m. Tech heavyweight Samsung Electronics edged up 0.07 percent, an top chipmaker SK hynix added 0.35 percent. Leading flat panel manufacturer LG Display advanced 1.17 percent. Mobile carriers also gathered ground, with No. 1 SK Telecom rising 1.33 percent and KT moving u
Seoul shares open higher on U.S. gains

Apr 22, 2013

South Korean stocks opened higher on Monday, tracking gains on Wall Street in the previous trading session on investors' bargain hunting, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 7.37 points, or 0.39 percent, to 1914.12 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.81 percent and its smaller local rival LG Electronics rising 0.91 percent. Leading auto parts maker Hyundai Mobis ad
Savings bank victims file W900m lawsuit against KDIC

Apr 21, 2013

Bond owners who were victimized in the 2011-12 savings bank woes filed a group lawsuit against state-controlled Korea Deposit Insurance Corp. over the weekend, the Korea Finance Consumer Federation said Sunday. A total of 573 suitors submitted a class action suit against Korea Deposit Insurance Corp. to the Seoul Administrative Court, claiming severe loss on transaction-frozen deposits in the wake of the savings bank fiasco.Out of the lost 20 billion won, suitors claimed about 900 million won ($
Minister urges big companies to help with economic democratization

Apr 21, 2013

Korea’s Finance Minister Hyun Oh-seok said that large Korean companies need to run their businesses in line with the incumbent administration’s economic democratization policy.Hyun, who is also the deputy prime minister, told reporters after the Group of 20 meeting of finance leaders in Washington, D.C., on Saturday that companies that devised their management and operation plans without considering economic democratization are headed in the wrong direction.He added that companies should accept