The Korea Herald

Emissions reduction efforts by major companies

IndustryDec 7, 2011

The government plans mandatory targets of carbon emissions for five energy-intensive industries ― steel, electronics, petrochemicals, cement and refining. The sectors account for about 88 percent of the total emissions reduction under the program. By company, POSCO tops the list, followed by Samsung Electronics, LG Display, Hyundai Steel, Samsung Mobile Display, Ssangyong Cement Industrial, LG C...
Korea Inc. strives to shoulder climate change burden

IndustryDec 7, 2011

Firms implement emissions-cutting measures, but lack concrete long-term framework Korea is poised to blaze a trail in action against climate change by imposing mandatory emission cut targets on large companies and institutions beginning next year. The much-touted policy, however, faces a rough ride with the affected firms by and large still lacking concrete plans, organization and resolve. In ...
Korea aims to be global marine sports hub

IndustryDec 7, 2011

South Korea plans to build more international marinas in a move to promote marine sports here and also help create new jobs in the industry, the government said Wednesday. Under the plan, announced by the Ministry of Land, Transport and Maritime Affairs, the government will first simplify its regulations for the industry to help boost investment. In addition, the government will expand the numb...
Bank holding firms’ capital ratio slips in Q3

Dec 7, 2011

The capital adequacy ratio of South Korean bank holding companies fell in the third quarter, due to an increase in risk-weighted assets such as equities and loans, the financial regulator said Wednesday. The average capital adequacy ratio of nine local bank holding companies, including top player Woori Finance Holdings Co., stood at 13.54 percent as of the end of September, down 0.24 percentage ...
Money supply growth hits 8-month high in Oct.

Dec 7, 2011

The growth of South Korea‘s money supply rose to an eight-month high in October as bank lending remained brisk and the current account surplus widened, the central bank said Wednesday. South Korea’s M2, a narrow measure of the money supply, amounted to 1,742.6 trillion won ($1.5 trillion) in October, up 4.4 percent from a year earlier, according to the Bank of Korea. In October, M2 growth quick...
Banks‘ household loans grow slower in Nov.

Dec 7, 2011

South Korean banks’ household loans grew at a slower pace in November than the previous month as mortgage loan growth eased, affected by the government‘s efforts to curb household debts, the central bank said Wednesday. Local banks’ household loans, including home-backed and credit loans, reached 453.2 trillion won ($402 billion) as of the end of November, up 1.4 trillion won from the previous m...
Nearly half of local firms fail 2011 targets: poll

IndustryDec 7, 2011

Nearly half of South Korean companies are unlikely to meet their 2011 targets for sales and operating profit amid growing global economic uncertainties, a survey showed Wednesday. According to the poll by the Korea Chamber of Commerce and Industry, 44.7 percent of 309 surveyed companies said that it is impossible to achieve their sales and operating profit targets for the year. Only 12.9 percen...
Korea Inc. strives to shoulder climate change burden

IndustryDec 7, 2011

Firms implement emissions-cutting measures, still lack concrete long-term framework Korea is poised to blaze a trail in action against climate change by imposing mandatory emission cut targets on large companies and institutions beginning next year. The much-touted policy, however, faces a rough ride with the affected firms by and large still lacking concrete plans, organization and resolve. I...
Seoul Global Center drops lingerie show after complaints

IndustryDec 7, 2011

Seoul Global Center has canceled an underwear show at an entrepreneurs’ showcase after complaints about a lingerie show held at another business event. A dispute erupted after a post titled “Sex and business in Korea ― a returning fashion?” appeared Nov. 22 on Korea Business Central, an online community focused on doing business in Korea. The post by Mary Jane Liddicoat, a businesswoman in Kore...
Hyundai Accent tops Chinese customer poll

TransportDec 7, 2011

Hyundai’s Accent sedan ranked first in the small sedan segment in the Chinese market, customer satisfaction survey showed Wednesday. This was the first time that Hyundai topped the list in a product rating for satisfaction among Chinese consumers, which was conducted by U.S.-based J.D. Power and Associates. The Accent, dubbed Verna in China, garnered 854 points out of a maximum 1,000 in the pol...
Pantech exits workout program

IndustryDec 7, 2011

Creditors to Pantech Co. agreed to end a debt workout program for the nation’s third-largest handset maker on Wednesday, one day after its CEO Park Byeong-yeop offered to resign. In an urgent press conference on Tuesday, Park said that he would step down from his post on Dec. 31, citing health problems. He didn’t show up at his office on Wednesday. “We have no idea for now how the graduation fr...
Kwon, Choi to co-lead Samsung flagship

IndustryDec 7, 2011

Samsung Group promoted Samsung Electronics’ device solutions chief Kwon Oh-hyun to company vice chairman in a management reshuffle at its affiliates Wednesday. Kwon’s promotion demonstrates chairman Lee Kun-hee’s intention to lead the electronic giant under a “two-top system” in which top management roles will be shared by two powerful vice chairmen, Samsung officials said. Kwon, who was previo...
New jobs expected to halve next year

IndustryDec 7, 2011

Between 240,000 and 300,000 jobs expected to be created next year The number of newly employed workers is expected to nearly halve next year in Korea as the recession triggered by the fiscal crises in Europe stretches on, local think tanks and brokerages said. Sluggish employment growth, especially in the manufacturing sector, could lead to a reduction in consumption, hurting the economy and th...
Foreign ownership of Korean state bonds hits a record 16%

Dec 7, 2011

Foreign investors have been raising their holdings in Korean government bonds, data showed on Wednesday, amid mixed reactions about its impact on the Korean economy. According to data from the Financial Supervisory Service and the Korea Financial Investment Association, the amount of listed government bonds owned by foreign investors reached 63.06 trillion won ($55.9 billion) at the end of Novem...
Outstanding loans by private lenders surge

Dec 7, 2011

Private lenders saw their outstanding loans snowball by more than 1 trillion won ($877 million) in the first six months of the year. Outstanding loans extended by private lenders reached 8.63 trillion won at the end of June, up 14.2 percent from 7.56 trillion won at the end of December 2010, according to the Financial Supervisory Service. The number of borrowers in the industry also increased b...