Prediction split on key rate setting

Analysts’ views were mixed on the prospect of an interest rate hike ahead of the monetary policy committee’s monthly meeting for benchmark interest rate-setting slated for Friday. This reflects the Bank of Korea’s dilemma of containing rising prices while keeping growth on track. Inflation driven by fresh food prices and commodities abroad is pressuring the central bank to raise the key rate for t

Feb. 9, 2011

Manpower: World is entering ‘Human Age’

Manpower Inc., U.S.-based employment agency, said on Jan. 27 at the World Economic Forum in Davos, Switzerland, that the world had entered a new era: The Human Age. The concept was introduced by Manpower CEO Jeffrey Joerres in his presentation “Entering the Human Age –- unleashing and leveraging human potential in the new reality” at the forum. Manpower says this new age has significant implicatio

IndustryFeb. 9, 2011

Banking groups brace for leadership change

Woori, Shinhan, KDB to select new heads in March amid looming industry consolidationVeteran bankers and former bureaucrats are jockeying in several races for top financial business posts dogged by alleged political pressure, in-house power struggles and procedural disputes.Woori Finance Holdings and Shinhan Financial Group plan to select their new heads next month. Hana and KDB groups are also set

Feb. 9, 2011

IT exports post strong gain in Jan.

Korea’s exports of IT-related products jumped 16.3 percent in January from a year earlier on strong global demand for semiconductors, displays and mobile phones, the government said Tuesday.The country shipped $12.83 billion worth of IT products abroad, marking the 15th month in a row that exports grew at a double-digit rate, the Ministry of Knowledge Economy said in a monthly report.Exports of se

IndustryFeb. 8, 2011

Toyota to recall Lexus for fuel pipes

Toyota Motor Corp., a Japanese carmaking giant, will recall 2,459 vehicles sold in Korea due to manufacturing defects that could lead to oil leakage, Seoul’s transportation ministry said Tuesday.Subject to the recall are the Lexus IS250 model produced and sold between Sept. 3, 2007 and Dec. 3, 2008, according to the Ministry of Land, Transport and Maritime Affairs. The luxury passenger cars were f

IndustryFeb. 8, 2011

International ferry users hit record high

The number of passengers using international ferry services in and out of Korea rose to a record high last year, bolstered by rebounding economic conditions, the government said Tuesday.International ferry passengers totaled 2.77 million last year, up 32.6 percent from a year earlier, according to the Ministry of Land, Transport and Maritime Affairs. The figure was the highest ever, exceeding the

IndustryFeb. 8, 2011

Cabinet OKs supplementary U.S. FTA

The Cabinet on Tuesday endorsed a supplementary agreement to the free trade deal concluded between Korea and the United States, a government spokesman said.In December, the two countries came to a final consensus on the bilateral free trade agreement after revising terms on issues such as auto tariffs and pork, paving the way for the parliamentary ratification of a pact that was originally signed

Feb. 8, 2011

EU parliamentary panel endorses Korea FTA

BRUSSELS (AFP) ― A key European parliament committee endorsed Monday a major free trade deal with Korea after securing safeguards to protect Europe’s auto makers.The International Trade Committee voted overwhelmingly, 21-4, to send the deal, hailed as the most ambitious free trade pact ever negotiated by the European Union, to the full parliament for a final vote.Doubling EU trade with Korea, the

Feb. 8, 2011

Samsung’s share in N. American cell phone market hits record

Samsung Electronics Co., the world’s second-largest mobile phone maker, maintained its lead in the North American cell phone market last year with a record share, industry data showed Tuesday. Samsung shipped 58.4 million cell phones in 2010 in the United States and Canada, claiming 30.2 percent of the handset market there, according to the data by market research firm Strategy Analytics, Inc. The

TechnologyFeb. 8, 2011

Banks eye Asian credit card markets

Korea’s banking giants are tapping China, Vietnam and other Asian countries as they wade through competition in the highly saturated local credit card market, industry watchers said Tuesday.The overseas push comes as Korean card firms have been beefing up their marketing expenses in a bid to lure more subscribers with spin-offs and new entries expected to further intensify competition to grab a bi

Feb. 8, 2011

Economy faces risks despite recent pickup

Korea‘s economy still faces many uncertainties despite its recent rebound, a government report said Tuesday, urging more efforts to achieve a “sustained” recovery by coping with lingering downside risks at home and abroad. Debt problems in advanced nations, growing inflationary pressure in emerging countries and unrest in the Middle East are cited as downside factors that could weigh on the Korean

Feb. 8, 2011

Internet banking use up 27 percent last year

The use of Internet banking in Korea rose 27 percent last year from a year earlier as more people conducted financial transactions online for convenience, the central bank said Tuesday.Online banking transactions reached 33.7 million per day on average in 2010, compared with 26.5 million the previous year, according to the Bank of Korea. The data is based on users checking financial records, trans

TechnologyFeb. 8, 2011

Kindle puts readers and friends on same page

SAN FRANCISCO (AFP) – Amazon on Monday released a preview version of a Kindle software update that puts electronic book readers on the same page with friends still clinging to ink and paper works.Page numbers in tens of thousands of Kindle digital books, including bestsellers, have been matched with those in real-world copies of the titles.“Our customers have told us they want real page numbers th

TechnologyFeb. 8, 2011

Central government to directly manage rivers

The central government plans to tighten its grip on the management of water resources nationwide in a move apparently aimed at expediting its controversial river renovation projects. The work to clean up and develop Han, Nakdong, Geum and Yeongsan rivers has been delayed by the recalcitrant provincial governments in charge of them. The Ministry of Land, Transportation and Maritime Affairs said Tue

Feb. 8, 2011