Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Korean retailers' sentiment falls for Q3
South Korean retailers' confidence for the third quarter fell slightly due to persistent concerns about sluggish economic growth, a poll showed Wednesday.The retail business survey index came to 103 for the July-September period, down from 105 tallied for the last quarter, according to the survey of 943 retailers by the Korea Chamber of Commerce and Industry (KCCI).Despite the dip, the index has r
July 4, 2012
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Industrial sector opposes electricity price hike
Korea’s industrial community on Tuesday raised its voice against a recent government move to raise electricity prices, arguing that a hike will place greater burdens on companies.“An increase in the electricity rate is a huge burden for the entire industry, including small and mid-size firms as they face an economic slowdown,” Lim Sang-hyuk from the Federation of Korean Industries said in a forum. The FKI is the country’s biggest business lobbying group.“There still is controversy over the calcu
July 3, 2012
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Siemens Korea aims to double its sales by 2016
Siemens Korea chairman and CEO Kim Jong-kap said that the company aims to double its sales to about 3.6 trillion won (about $3.26 billion) in five years, stressing that its high rate of growth will continue.“The goal is not so ambitious for Siemens,” Kim said in a press conference on Tuesday organized to review his first year as the CEO. “Achieving 15 percent of sales growth over five years will suffice to double the sales.”The automatic solution company is gearing up to increase investment in s
July 3, 2012
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Seoul shares up 0.87 percent on stimulus hopes
South Korean stocks closed 0.87 percent higher Tuesday as weak economic data from major economies spurred expectations that policymakers may move toward stimulus measures, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16.17 points to 1,867.82. Trading volume was moderate at 340.8 million shares worth 4.67 trillion won
July 3, 2012
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S. Korea's domestic demand forecast to remain sluggish in H2: think tank
South Korea's domestic demand is expected to remain sluggish in the second half of the year due to stagnant economic growth, a private think tank said Tuesday.In its second-half outlook, the Hyundai Research Institute said that domestic consumption is likely to be very static in the July-December period, which could require stimulus measures to ensure the economy makes a soft landing.The think tank noted that a slump in consumption and investment, and worsening real purchasing power will dampen
July 3, 2012
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Seoul shares open higher on tech gains
South Korean stocks got off to a strong start on Tuesday as tech heavyweights, including Samsung Electronics, posted firm gains, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 13.86 points, or 0.75 percent, to 1,865.51 in the first 15 minutes of trading. Samsung Electronics climbed 1.02 percent after falling more than 2 percent in the previous session due to a U.S. co
July 3, 2012
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Kim stresses World Bank's role in 'pivotal' global economic situation
Dr. Jim Yong Kim, the new head of the World Bank, said Monday that his institution will endeavor to help boost prosperity and eradicate poverty worldwide.Meeting the press formally for the first time since the start of his five-year tenure, Kim said he assumed the presidency of the World Bank "at a pivotal moment for the global economy."He said the Washington-based organization is the "most import
July 3, 2012
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S. Korea's foreign reserves rebound in June
South Korea's foreign reserves rebounded in June from the previous month as investment profit gained and a weaker dollar raised the conversion value of non-dollar assets, the central bank said Tuesday.The country's foreign reserves reached $312.38 billion as of the end of June, up $1.51 billion from the previous month, according to the Bank of Korea (BOK).The foreign reserves in May retreated afte
July 3, 2012
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Korea’s 2013 budget request grows 6.5%
Korea’s government ministries and agencies requested a 6.5 percent hike in their budget for next year as they want to spend more on education, welfare and national defense, the Finance Ministry said Monday.The request made by 51 government ministries and state agencies seek to spend a combined 346.6 trillion won ($303.1 billion) for next year, compared with 325.4 trillion won in the 2012 budget, according to the ministry.The rise is attributed to a 10.1 percent increase in money being asked to s
July 2, 2012
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SKT, Kia forge marketing ties
SK Telecom has formed strategic marketing ties with Kia Motors for customers of both companies to enjoy greater cross-benefits.Korea’s biggest mobile carrier said that the partnership includes offering 4G Long Term Evolution smartphone users to receive a discount for the purchase and maintenance of Kia automobiles.For instance, SK Telecom’s LTE customers can get a discount of up to 200,000 won when buying a car from Korea’s second-largest automaker, the telecom company said.Both companies will i
July 2, 2012
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Korea mulls using Iranian oil tankers to resume crude imports
Korea is considering accepting Iran’s proposal to supply oil to Seoul using its own oil tankers, a government source said Monday, after oil imports from Tehran were halted due to the European Union’s ban on insuring Iranian oil shipments. Iran has proposed that South Korean oil refiners use Tehran’s own oil tankers, a move that would allow them to receive crude shipments without concerns over insurance guarantees, the source said on the condition of anonymity. “Korean oil refiners and the Irania
July 2, 2012
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3M Korea promotes Shin to general manager
3M Korea has promoted director Shin Yong-sook, former manager of the consumer and office markets, as new manager of the corporate marketing and public affairs division on Sunday. CMPA oversees the company’s public relations, strategic planning, business development and marketing.After graduating from Sogang University, Shin joined 3M Korea in 1988, where she was the sales and marketing manager for various consumer products. A student of the Six Sigma business management strategy, she was until r
July 2, 2012
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BAT Korea picks Guy Meldrum as new CEO
British American Tobacco Korea announced Monday the appointment of Guy Meldrum as its new chief executive officer. Meldrum, who most recently served as the marketing director of British American Tobacco’s Russian branch, will replace BAT Korea’s current CEO, Stephan Liechti. This will be Meldrum’s second stint in Korea. He previously served as the marketing director for BAT Korea from September 2008 to May 2011, where he played an instrumental role in helping expand the company’s market share, a
July 2, 2012
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Delta Air Lines works to satisfy high expectations of Korean customers
Korea-Taiwan division chief says Korean market is important for its high volume of business travelersDelta Air Lines executive Raymond Chang admits that the average Korean customer nowadays is one tough cookie to please. “We sometimes joke that the Korean customer these days is even more demanding than the Japanese. Sometimes,” Chang said in an interview with The Korea Herald in Seoul last week. But according to Chang, who is approaching his third anniversary this month as the general manager of
July 2, 2012
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Seoul shares down 0.13 pct on downbeat data
South Korean stocks slipped 0.13 percent on Monday as renewed optimism over the eurozone debt crisis faded amid concerns over downbeat economic data and second-quarter earnings, analysts said. The local currency fell against the U.S. dollar.After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) fell 2.36 points to close at 1,851.65, stemming a two-session winning streak. Tra
July 2, 2012
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Top 10 conglomerates' earnings seen to have slipped in H1
Most of South Korea's 10 largest conglomerates are estimated to have suffered a drop in their earnings in the first half of the year from a year earlier amid economic woes and declining demand in advanced economies, data showed Monday.With the exception of Samsung and Hyundai Motor Group, eight of the top 10 conglomerates saw their first-half business results worsen, according to data from financi
July 2, 2012
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Seoul shares open higher following EU summit
South Korean stocks began higher on Monday as a set of measures reached at a recent European Union (EU) summit relieved investors' worries, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.32 percent, or 6.02 points, to 1,860.03 in the first 15 minutes of trading.On Friday, EU leaders agreed on several short-term steps to bolster their monetary union and save debt-ri
July 2, 2012
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Korea’s Iranian oil imports nearly halve in May
Korea’s imports of Iranian oil fell nearly half in May from the previous month as local refiners moved to switch their suppliers in the face of international sanctions against Tehran, industry data showed Sunday.Korea imported 3.96 million barrels of Iranian crude in May, down 47.3 percent from 7.52 million barrels in April, according to the data compiled by the Korea National Oil Corp. It is the lowest monthly tally since October 2010 when the country bought 3.72 million barrels of oil from Ira
July 1, 2012
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Korea’s trade surplus widens to $4.96b
South Korea’s trade surplus rose to a 21-month high in June as overseas demand for South Korean products grew while the country’s imports shrank, the government said Sunday.The country’s trade balance came to $4.96 billion in the black last month, up from a $2.4 billion surplus tallied in May, according to the Ministry of Knowledge Economy.Exports rose 1.3 percent from a year earlier to $47.35 billion in June, ending a three-month losing streak. Imports, on the other hand, shrank 5.4 percent on-
July 1, 2012
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S. Korea's females to outnumber males from 2015
The number of females in South Korea is expected to exceed that of males starting in 2015 due mainly to the country's rapidly aging population, government data showed Sunday.According to the data by Statistics Korea, the number of women in South Korea will likely reach 25.31 million in 2015, slightly surpassing the male population of 25.30 million.The female population is projected to continue to
July 1, 2012