The Korea Herald

Korea cuts outlook for 2012 economy

Dec 12, 2011

GDP outlook for 2012 lowered to 3.7%, inflation projected to ease to 3.2% The government slashed its growth forecast for this year and next, backing off from its ambitious growth plan due to weakening consumption and persistent risk stemming from slumps in major economies, the Finance Ministry said Monday. In a downbeat assessment of Asia’s fourth-largest economy, it said the economy will grow ...
Discount gas stations face setback

IndustryDec 12, 2011

Korea’s plan to launch discount gas stations hit a fresh snag as the government has again failed to strike a bargain with refiners over the prices of petrol supplies last week. The project was initiated in July as a key mechanism for the government’s battle against sky high fuel prices, and calls for converting about 10 percent of the country’s gas stations, about 1,300 outlets, into discount ve...
Hyundai Motor chief stresses internal strength

TransportDec 12, 2011

Hyundai Motor Group chairman Chung Mong-koo called for heads of overseas corporations to prioritize enhancing internal stability amid the unfavorable global market conditions. His remarks come during a meeting of overseas corporations’ presidents from countries such as the U.S., China and India with the Hyundai-Kia staff at their headquarters in Seoul. Chung was quoted by a Hyundai executive as...
Banks’ ratings rise despite EU woes

Dec 12, 2011

Korea’s commercial banks recently saw their credit ratings raised while many big foreign banks suffered downgrades by three global rating agencies. According to the Korea Center for International Finance, six Korean banks recently enjoyed upgraded credit ratings or more positive outlooks from the rating firms. In July, Standard & Poor’s raised its rating of Shinhan Bank and Hana Bank by one not...
Hyundai Group withdraws from fourth telecom bid

IndustryDec 12, 2011

Hyundai Group said Monday that it has decided to withdraw bid to participate in the competition to select the country’s fourth telecom project. Hyundai Group’s affiliate Hyundai Ubiquitous and Information Technology said it is withdrawing from the IST consortium, indicating it will take out its investment sum of 35 billion won ($30.4 million). “We were planning to inject about 35 billion won be...
Seoul shares rise 1.33% on EU deal

Dec 12, 2011

South Korean stocks closed 1.33 percent higher on Monday as investors were emboldened by hopes that a new EU fiscal treaty may help solve the eurozone debt crisis, analysts said. The local currency fell against the U.S. dollar. The benchmark KOSPI gained 25.01 points to 1,899.76. Trading volume was moderate at 404.2 million shares worth 5.28 trillion won ($4.61 billion) with gainers outpacing lo...
Watchdog to look into mutual home loans by cooperative funds

Dec 12, 2011

South Korea’s financial watchdog said Monday it will look into whether local mutual cooperative funds followed rules on home loan extension as household debt has been on the rise, led by non-bank institutions. The Financial Supervisory Service said it plans to launch a field inspection into branches of the National Agricultural Cooperative Federation, or Nonghyup, and National Credit Union Feder...
Private pension market to expand by 34% this year

Dec 12, 2011

The country’s private pension market is on course to expand by about 34 percent this year as more are joining the retirement market in one of the world’s fastest-aging societies, industry sources said Monday. The retirement and personal pension market is forecast to exceed 250 trillion won ($218 billion) by the end of this year, up from 187 trillion won last year, sources said. The flock to the...
Less than half of S. Korean firms see export gains in 2012: poll

Dec 12, 2011

Less than half of South Korean exporters predicted their overseas shipments will expand in 2012 amid lingering concerns of global economic slowdown, a survey showed Monday. According to a survey conducted by the Korea Chamber of Commerce and Industries, 44.2 percent of 502 exporting companies said next year’s business will exceed figures for this year. The poll also showed 43.8 percent expected...
New policy measures may not reverse downward pressure in 2012

Dec 12, 2011

Worsening external conditions, faltering domestic consumption cloud the outlook further When an illness spreads too far, few kinds of medicine can bring it back under control. The implication of the newly unveiled economic policy blueprints fits this scenario, unfortunately, as the impact is seen as severely limited, if not altogether ineffective. The Finance Ministry’s set of plans, announced...
S-Oil CEO receives top industrial award

IndustryDec 12, 2011

S-Oil chief executive Ahmed A. Subaey received a top industrial award at the annual Trade Day ceremony Monday for the company’s steady exports of petrochemicals and large-scale investments. At the 48th Trade Day ceremony, the Korean government awarded 785 people for general merit in helping improve Korea’s trade balances, and another 31 for special merit in helping the country reach $1 trillion ...
SK fosters social enterprises, helps create jobs

IndustryDec 12, 2011

SK founded eight social enterprises including four school foundations and is supporting 62 others. The Happy School Foundations run after-school programs for schools in Seoul, Daegu, and Busan, and is preparing to do so in Ulsan next year. SK also funded the Happy Library Foundation in cooperation with the Culture Ministry and the provincial government of Gyeonggi to support existing libraries ...
Samsung retains top spot in global monitor market

TechnologyDec 12, 2011

Samsung Electronics Co., the world’s largest maker of flat-screen TVs and liquid crystal display panels, said Monday that it has maintained its status as the top monitor supplier with a 15.5 percent market share in the third quarter, thanks to strong demand for upper-end products. Citing data released by International Data Corporation, Samsung said its sales of monitors rose more than 10 percent...
LG Chem sues SK unit over electric car battery technology

IndustryDec 12, 2011

LG Chem said Monday that it filed a lawsuit against SK Innovation on Friday, claiming it copied LG’s key proprietary battery separator technology for electric cars. The company said it took legal action after finding out that SK is in the stage of testing its battery for electric vehicles, which uses LG Chem’s technology, called the Safety Reinforced Separator. “We have filed the lawsuit not on...
U.S. envoy looks to Yeosu Expo

IndustryDec 12, 2011

New U.S. Ambassador to Korea Sung Kim said Monday that U.S. participation in the 2012 Yeosu Expo was another important example of its deepening partnership with South Korea. “Our relationship is more than a security partnership and encompasses many different areas like trade, people-to-people ties and, excitingly, more and more cooperation on issues of mutual concern,” Kim said. The ambassador ...