Major Korean firms’ hiring to edge down in 2012: poll

Major Korean companies are forecast to cut their hiring of new employees only slightly next year despite increasing economic uncertainties and a possible slowdown, a poll showed Sunday.According to the survey by the Korea Chamber of Commerce and Industry, 262 companies plan to hire a combined 28,412 people in 2012, down a mere 1.3 percent, or 365, from this year.The survey covered the country’s top 500 companies by sales, of which 325 responded, the KCCI said.“Despite all the negative economic f

Dec. 25, 2011

Dividends to foreigners to top W9tr

Investors may demand bigger payments next year for losses from eurozone debt crisisForeign investors are expected to reap more than 9 trillion won ($8 billion) in dividends on the South Korean bourse this year, data showed Sunday. In contrast, Korean investors are likely to see their dividend income from foreign firms standing at less than 4 trillion won, illustrating the widening gap that raises the issue of lopsided dividend payout involving foreign investors. According to the Bank of Korea, o

Dec. 25, 2011

Volvo’s new plug-in-hybrid available late 2012

STOCKHOLM (DPA) ― Volvo is planning to extend its model line-up with a V60 Plug-in-Hybrid that will be available as a limited edition late next year, according to the manufacturer.The Pure Limited Version, with a production run of 1,000 units,will be available in Europe starting at 57,000 euros ($74,300), some 5,000 euros higher than for the basic diesel version.Among the standard features are the paint work in “electric silver”with high-gloss black elements, aero dynamically formed 17-inch allo

MobilityDec. 25, 2011

Foreign exchange reserves hit new high

 

Dec. 25, 2011

Targeted cyber attacks to rise further -- Symantec

 

TechnologyDec. 25, 2011

France to pay for removal of risky breast implants

PARIS (AP) -- France took a costly and unprecedented leap Friday in offering to pay for 30,000 women to have their breast implants removed because of mounting fears the products could rupture and leak cheap, industrial-grade silicone into the body.Tens of thousands of other women elsewhere in Europe

TechnologyDec. 25, 2011

Apple unlikely to win German ban on Samsung Galaxy 10.1N

Apple Inc. is unlikely to win a ban on sales of Samsung Electronics Co.’s Galaxy 10.1N tablet computer, a modified version introduced after sales of the original tablet were blocked, a German court said.The Dusseldorf court that banned sales of the Galaxy 10.1 on Sept. 9 is unlikely to grant Apple an injunction against the Galaxy 10.1N, presiding judge Johanna Brueckner-Hofmann said at a hearing Thursday. Samsung has changed the device’s design sufficiently to distance it from the iPad, she said

TechnologyDec. 23, 2011

Hanjin Group’s shipping unit selling shares of affiliates

Hanjin Shipping said Friday it sold off its entire stake in Hanjin Group’s de facto holding company Jungseok Enterprise Ltd., raising speculation over the shipping firm’s possible separation from the conglomerate.Hanjin Shipping has been selling its shares in major affiliates of Hanjin Group such as Hanjin Travel, which holds a 22.26-percent stake in Jungseok Enterprise.After selling a 14-percent stake in Hanjin Travel for 12 billion won earlier this month, Hanjin Shipping sold a 2.22-percent st

IndustryDec. 23, 2011

Ministry, BOK share need to reduce market volatility

South Korea should reduce currency market volatility and expand trade-related financing in order to help local exporters better cope with toughening overseas business conditions, the Finance Ministry and the central bank said Friday.The view was shared at a monthly meeting between the ministry and the Bank of Korea on the nation’s macroeconomic policy direction. They have held the monthly meetings since July.“We shared the view that policy authorities need to work to improve export conditions fo

Dec. 23, 2011

Forex market faces bumpy road ahead

Korea’s foreign exchange market is expected to undergo a tough first quarter in 2012 as the Korean won is likely to weaken amid lingering eurozone woes and a current account deficit, market watchers said Friday.Global uncertainties stemming from Europe’s debt crisis and a U.S. economic slowdown weighed on the local currency this year.After strengthening to a yearly high of 1,050 won to the U.S. dollar on July 27, the won depreciated 12.2 percent to a yearly low of 1,196 won on Sept. 26.Experts s

Dec. 23, 2011

Orion to expand production facilities in China

HONG KONG (Yonhap News) -- Orion Corp., South Korea‘s second-largest confectionery company, will expand its production facilities in China to meet growing demand there, company officials said Friday.China now accounts for more than 80 percent of the company’s overseas sales, thanks to the robust growth of confectionery sales in the world‘s No. 2 economy.The company, best-known for its hallmark “Choco Pie,” will increase its production lines in China from the current 46 to 150 by 2015. Of that 15

IndustryDec. 23, 2011

Regulator approves 12 homegrown hedge funds

Korea’s financial regulator said Friday it has given the green light to the establishment of the country’s first 12 homegrown hedge funds, a move designed to nurture the sector.A total of nine local asset managers, including Mirae Asset Global Investments Co. and Shinhan BNP Paribas Asset Management Co., will manage funds worth around 150 billion won ($130 million), according to the Financial Services Commission.Five securities firms, including top-tier players Daewoo Securities Co. and Samsung

Dec. 23, 2011

Moody’s: Korea’s credit rating outlook remains stable

HONG KONG (Yonhap News) ― Global credit appraiser Moody’s Investors Service said Thursday that the outlook for South Korea’s credit rating remains stable despite the death of North Korean leader Kim Jong-il. Kim ruled the communist nation for 17 years after inheriting power from his father and died of a heart attack on Saturday. He ruled with an iron fist and pursued nuclear weapons programs during his regime.Moody’s released a report on South Korea saying geopolitical risks will not constrain t

Dec. 23, 2011