The Korea Herald

Fitch raises Korea’s outlook to ‘positive’

Kia Motors Corp. vehicles bound for export are driven into a car carrier ship at the port in Mokpo. (Bloomberg)Fitch Ratings on Monday raised Korea’s sovereign credit outlook to “positive” from “stable” and kept it’s A+ rating amid signs of improving economic fundamentals, sources said. The country’

Nov. 7, 2011

Fitch raises Korea’s outlook to ‘positive’

Korea still faces high level of inflation: minister

South Korea is still facing a high level of inflation despite easing price hikes in recent months, the top economic policymaker said Monday, calling for more efforts to tackle structural problems to guarantee longer-term price stability.“The overall inflation level remains high and the real burden that ordinary people are feeling in their life has yet to be reduced significantly,” Finance Minister Bahk Jae-wan told an anti-inflation meeting.South Korea’s consumer prices rose 3.9 percent last mon

Nov. 7, 2011

Shares drop 0.48% on Europe woes

South Korean stocks finished 0.48 percent lower on Monday as investor sentiment was hurt by lingering uncertainty about the European debt situation, analysts said. The local currency fell against the U.S. dollar.After opening 4.54 points higher, the benchmark KOSPI lost 9.31 points to 1,919.1. Trading volume was moderate at 342.9 million shares worth 1.09 trillion won ($957.8 million) with losers slightly leading gainers 415 to 400.“Europe’s sovereign debt issue still exerts great influence on t

Nov. 7, 2011

Fitch raises Korea’s outlook to ‘positive’

Fitch Ratings on Monday raised Korea’s sovereign credit outlook to “positive” from “stable” and kept it’s A+ rating amid signs of improving economic fundamentals, sources said. The country’s sovereign credit fundamentals regained ground in terms of fiscal prudence, a strong sovereign balance sheet and foreign exchange liquidity, the sources close to the matter said.“Korea’s economic fundamentals are stronger than it was during the global financial crisis three years ago and the country has an ex

Nov. 7, 2011

KEB union to protest regulator, Lone Star

About 5,000 unionized workers of Korea Exchange Bank are scheduled to hold a day-long rally in Yeouido, Seoul on Tuesday, demanding financial regulators take punitive action against Lone Star Funds.Their planned gathering has been regarded as a strike amid the situation under which Lone Star, convicted of manipulating stocks of KEB’s credit affiliate, may leave the country with huge gains.The KEB union is also criticizing the Financial Services Commission for having been negligent in probing sha

Nov. 7, 2011

Forum stresses entrepreneurship, startups

Entrepreneurship Week 2011 conference opens alongside events held in 118 countriesThe country’s leading entrepreneurs, academics and economic experts emphasized on Monday the need to instill young talent with entrepreneurship and underpin startups as economic drivers in an era of innovation. About 500 businesspeople, scholars and public officials joined the International Conference on Global Entrepreneurship, which was held in Seoul by the country’s five largest business organizations to mark En

Nov. 7, 2011

Forum stresses entrepreneurship, startups

Google chief vows support for Internet start-ups in Korea

Schmidt meets with President Lee, IT firms’ chiefs on cooperation in ’smart era’Google chairman Eric Schmidt pledged to support Internet startups in Korea and create a K-pop-only channel on YouTube in the world’s most popular search engine.Schmidt, who currently serves as the board executive chairman of Google, disclosed the pledges during his meeting with President Lee Myung-bak at Cheong Wa Dae on Monday, presidential officials said.The two leaders also shared the view that Google and Korea’s

IndustryNov. 7, 2011

FTC probes shoemakers for exaggerated ads

Korea’s Fair Trade Commission launched a probe into major footwear makers including Reebok, Ellesse and New Balance over ads allegedly exaggerating the shoes’ therapeutic benefits.According to the local press on Monday, the FTC has embarked on a comprehensive investigation of 11 shoemakers in Korea to check whether they put out exaggerated ads. “The FTC is currently collecting marketing, sales and product data from local shoemakers,” an industry source was quoted as saying. The crackdown comes a

IndustryNov. 7, 2011

Malibu trails competitors in price, performance

GM Korea launched its sales of the Malibu, a midsize sedan of Chevrolet series, in the local market a week ago.Though the company is pinning hope on the Malibu for its goal to grab more than 10 percent of the Korean market, data showed that the sedan fell behind the similar sedans of major competitors in terms of fuel efficiency, engine performance and price competitiveness.According to each company’s data for sales at dealerships, the gasoline-fueled Malibu with an engine capacity of 2.0 liters

MobilityNov. 7, 2011

Uncertainty boosts short-term capital

Despite low rates, time deposits at banks rise sharply in OctoberThe growing uncertainties in the global financial market has resulted in a sharp rise in Korea’s short-term capital seeking new investment channels, data showed on Monday. The increased liquidity, which is yet to be invested in appropriate vehicles, comes together with a ballooning of time deposits at major banks despite low interest rates. The twin growth of short-terms funds and outstanding term deposits underscores the dearth of

Nov. 7, 2011

Korea may be model for ‘Capitalism 4.0’: Kaletsky

In his book “Capitalism 4.0,” prominent journalist/economist Anatole Kaletsky predicts a sea change in the relationship between government and the market.The fourth stage of capitalism, he argues, is being created by a new form of collaboration that transcends both unbridled capitalism and state interventionism. The “birth of a new economy” would also mean a new era of healthy growth for emerging powers like South Korea, he said. “For Korea, it’s going to be an opportunity,” Kaletsky, editor-at-

Nov. 7, 2011

Korea may be model for ‘Capitalism 4.0’: Kaletsky

Cyworld starts global services in 7 languages

Cyworld has launched global services in seven languages on Monday amid the soaring popularity of Facebook in Korea. This is the second try for the homegrown social networking service with 23 million registered local members to go global following its failed attempt in 2005. “We failed because we tried to localize our services. But this time we aim to introduce a unique Cyworld platform for foreign users,” said Joo Hyung-chul, president and CEO of SK Communications, the operator. The CEO stressed

IndustryNov. 7, 2011

SK to build lubricant factory in Spain

SK Lubricant will build a lubricant base oil plant in Spain in collaboration with the Spanish oil firm Repsol YPF, SK Group announced Monday.According to the conglomerate, an SK Group delegation led by chairman Chey Tae-won met with Repsol chairman Antonio Brufau Niubo in Madrid on Friday and signed a letter of intent to build a base oil plant and to collaborate in other areas.Aside from the plant, the SK Group and Repsol officials also agreed to seek opportunities for collaboration in other rel

IndustryNov. 7, 2011

Rare near-Earth asteroid fly-by set for Tuesday

A massive asteroid will make a rare fly-by Tuesday, and although it poses no danger of crashing to Earth, US scientists said this week they are eager for a closer look. This image made from radar data taken in April 2010 by the Arecibo Radar Telescope in Puerto Rico and provided by NASA/Cornell/Arec

TechnologyNov. 7, 2011

Rare near-Earth asteroid fly-by set for Tuesday

Hyundai Group joins consortium to set up new mobile carrier

Hyundai Group, a South Korean family-run conglomerate, has joined a consortium to launch a new mobile carrier in the country, company and industry sources said Monday.Hyundai affiliates such as Hyundai Securities Co. and Hyundai U&I will invest roughly 180 billion won (US$161 million) in the Interne

TechnologyNov. 7, 2011

Smallpox vaccine extends life in cancer trial

TechnologyNov. 7, 2011

KT third-quarter net dips 41 percent

South Korea's telecom titan KT Corp. said Monday that its third-quarter earnings dropped 41 percent from one year ago due mainly to currency loss and a decreased number of subscribers for mobile handsets and Internet services. Net profit reached 256 billion won (US$229 million) in the July-September

IndustryNov. 7, 2011

Samsung, Google gain in Apple patent fight

Motorola’s win against Apple in Germany means rosy outlook for AndroidA German court’s recent decision to ban the sale of Apple products in Germany dealt a blow to the U.S. tech giant, while offering a positive outlook for Google’s Android alliance.Munich-based patent expert Florian Mueller said that the Mannheim Regional Court in Germany on Friday barred Apple from selling any mobile devices infringing on two Motorola Mobility patents in the country ― the single largest market in Europe.The cou

IndustryNov. 6, 2011

Asiana set to raise its fleet to 88 by 2015

Asiana Airlines Inc., South Korea’s No. 2 carrier, plans to raise its fleet to 88 by 2015 to meet growing demand for long-range routes and become a major global player, a company executive said.“Our long-term goal is to become the 10th biggest air carrier in the world in terms of operating margin,” said Kim Ebae, Asiana’s senior vice president for strategic planning, said in a session at the Association of Asia Pacific Airlines conference held in Seoul.“To achieve the goal, we will expand our si

IndustryNov. 6, 2011

Mobile ad market growing strong

Smartphone users exposed to 1,000 ads per monthWith the number of smartphone users in Korea on the rise, the mobile ad market is expanding amid signs of a broader shift in the advertising industry toward portable devices.While conventional ad markets for newspapers, magazines and TVs remain sluggish, smartphone users here are now exposed to 1,000 ads per month, promising new territory for advertisers and media firms. The number of Korean smartphone users recently topped 20 million, largely spark

TechnologyNov. 6, 2011