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Korean food firms flooded with orders from Japan

IndustryMar 25, 2011

Women walk down an aisle where seaweed is displayed at a store in Seoul on Thursday. (Kim Myung-sub/The Korea Herald)Korean food makers have been swamped with orders for bottled water and instant noodles from Japan following radiation leaks from an earthquake-damaged nuclear power plant, the companies said Thursday.The flood of orders comes as concerns over the safety of food and drinking water ar
Seoul shares rebound on foreign buying

Mar 24, 2011

Korean stocks ended 1.22 percent higher on Thursday as foreign investors sharply increased their holdings on reviving appetite for riskier assets, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 24.6 points to 2,036.78. Trading volume was light at 290.3 million shares worth 6.56 trillion won ($5.8 billion), with gaine
Korea’s labor productivity growth slows in Q4

Mar 24, 2011

Growth in Korea’s labor productivity in the manufacturing sector slowed in the fourth quarter of 2010 due to weaker private consumption and business investments, a government report showed Thursday.According to the report by the Ministry of Knowledge Economy, the labor productivity index in the three month period gained just 3.3 percent on-year to 137.0, marking the third straight quarter of slowe
Seoul examines China FTA benefits: minister

Mar 24, 2011

Korea’s top trade official said Thursday that the government is carefully looking into the impact of a free trade deal with China on Asia’s fourth-largest economy as there are divided views on benefits.“We are cautiously examining the impact of a free trade deal with China on our economy,” Korean Trade Minister Kim Jong-hoon said in a meeting with business leaders. Kim said there are opinions that
Mortgages make up 66% of household loans

Mar 24, 2011

Home-backed loans amount to 284.5tr won, set to grow furtherThe proportion of mortgage loans to total household lending hit a record high level in the fourth quarter of last year amid monetary easing, central bank data showed Thursday.Home-backed loans extended by local banks reached 284.5 trillion won ($253.3 billion) as of the end of 2010, accounting for 65.9 percent of an outstanding 431.5 tril
Childbirth grows over 10%

IndustryMar 23, 2011

Childbirth in Korea grew over 10 percent in January from a year earlier as improving economic conditions encouraged couples to have more babies, a government report showed Wednesday.According to the report by Statistics Korea, the number of babies born in January stood at 47,500, up 10.7 percent, or about 4,600 from the same month a year earlier. The January figure marked the 11th consecutive on-y
Energy costs to face upward pressure: minister

IndustryMar 23, 2011

Japan’s earthquake will likely exert upward pressure on energy prices over the short term as the disaster, along with unrest in Arab countries, increases market volatility, the finance minister said Wednesday.“The massive earthquake in Japan is expected to disrupt supply and demand of major energy resources over the short haul, possibly causing price fluctuations,” Finance Minister Yoon Jeung-hyun
Shinhan Financial head vows to repair image

IndustryMar 23, 2011

Shinhan Financial Group Co.’s new chairman vowed Wednesday to make all-out efforts to restore its tainted image and regain shareholder trust following last year’s high-profile management feud.Han Dong-woo was inaugurated as the chairman of Shinan Financial, replacing Ryoo Shee-yul, who had served as the acting chief of the country’s third-largest banking group by assets since October.“I will use e
Tariff-free import quotas to be raised for livestock

IndustryMar 23, 2011

South Korea, battling outbreaks of foot-and-mouth disease and bird flu, will increase tariff-free import quotas of breeding pigs, chickens for breeding and seed corn to ease a shortage and stabilize prices.The government boosted the quotas for breeding pigs to 5,000 from 1,850 head and to 661,000 from 461,000 for breeding chickens, the Ministry of Strategy and Finance said Wednesday. The measures
Hyundai Heavy opposes HMM share sale plan

IndustryMar 23, 2011

Hyundai Merchant Marine Co., the biggest unit of Korea’s Hyundai Group, jumped the most in almost four months in Seoul trading as opposition to a share sale plan prompted speculation it may be a takeover target.The shipping line rose by the daily limit of 15 percent limit, the biggest climb since Nov. 30, to close at 33,250 won in Seoul. The stock was the second-best performer on the KOSPI index W
Loan rules to hurt home sales

Mar 23, 2011

Reinstating debt-to-income caps may further weaken property marketKorea’s plans to reinstate mortgage lending limits that were temporarily scrapped in August to spur property transactions may lead to a further decline in the real estate market. Korean banks will resume restrictions on the amount of loans homebuyers can get as a proportion of their annual income starting in April, the government sa
LG Display threatens to sue Samsung over 4-letter insult

IndustryMar 23, 2011

Increasingly ugly bickering between Korea’s two electronics giants over 3-D TV technology now looks set to turn into a court battle.LG Display recently requested Samsung Electronics to confirm news reports that a senior Samsung executive publicly insulted LG engineers using a profanity. LG 3-D TVLG Display supplies display panels to LG Electronics. They been engaged in a heated war of words with
Japanese fishery imports drop

IndustryMar 22, 2011

Korean imports of Japanese fishery products have dropped in the past week due to consumer concerns over their possible contamination with radiation and disruptions in supply in the neighboring country, the customs office said Tuesday.Before the 9.0-magnitude quake struck Japan on March 11, Korea’s daily weekday imports of fishery products from the country averaged $3.4 million, according to the Ko
Property slump hits mid-sized builders

IndustryMar 22, 2011

Korea’s mid-size builders have been dogged by severe financial problems due to a prolonged slump in the local housing market, a trade association said Tuesday. Over a quarter of the top 100 local builders, including LIG E&C Co., were put under a workout program or court receivership as of Tuesday, according to the Construction Association of Korea.The biggest reason for their cash shortages is a p
Woori Bank’s No. 2 man tapped as new head

Mar 22, 2011

Woori Finance Holdings Co., Korea’s No. 2 banking group, said Tuesday it picked Lee Soon-woo, executive vice president of Woori Bank, as the new chief executive officer of the group’s flagship banking unit.The state-run financial services company said its seven-member special president selection committee selected Lee Soon-woo, 61, to lead Korea’s second-largest lender for three years.Woori Bank i