Oil prices feared to hit Korean economy

International crude prices could jump in the second half due to mounting Middle East geopolitical risks, spelling trouble for South Korea’s struggling economy, think tanks said Monday.The Korea Center for International Finance and the Paris-based International Energy Agency said concerns are rising that a standoff over Iran’s nuclear program and the crude embargo imposed by the United States and Europe can cause oil prices to rise above the $100 per barrel mark in the coming months. Fossil fuel

Aug. 6, 2012

Brokerages cut staff numbers as financial market stagnates

Local brokerages are reducing their staff amid continued stagnation in the stock market, according to reports. Staff sizes at 63 brokerages in Korea dropped by 0.6 percent from 42,682 at the end of last year to 42,388 in the first quarter, the Financial Supervisory Service and Korea Financial Investment Association said Monday. It is the first time brokerages have reduced employees since 2009, in the wake of the collapse of Lehman Brothers Holdings. “The continued market stagnation resulted in a

Aug. 6, 2012

Korea, Vietnam announce start of FTA talks

Korea and Vietnam declared the launch of talks on a bilateral free trade agreement Monday as part of efforts to strengthen economic ties, Seoul’s Trade Ministry said.In a meeting held in Hanoi earlier in the day, South Korean Trade Minister Bark Tae-ho and his Vietnamese counterpart Vu Huy Hoang agreed to launch their free trade talks, the ministry said.Korea already has a free trade pact on merchandise with the 10-member Association of Southeast Asian Nations that took effect in 2010. Similar d

Aug. 6, 2012

Nine savings banks unlawfully controlled by major shareholders

Major shareholders of nine mutual savings banks with assets of more than 500 billion won ($444 million) were found to have interfered with management in an unlawful manner, the nation’s top financial regulator said Monday.The nine savings banks are Hyundai Swiss, Hyundai Swiss 2, Shilla, Gongpyung, Seram, Pureun, Shinana, Moa and W, the Financial Supervisory Service said.While wielding control over the secondary lenders, the major stockholders or their family members did not give any business ap

Aug. 6, 2012

AustCham Korea recruiting volunteer dancers

The Australian Chamber of Commerce in Korea, or AustCham Korea, is recruiting dancers for its upcoming Chairman’s Night on Sept. 21.This year’s theme is “Dancing Under the Stars.” The chamber is seeking nine volunteers.Each volunteer will be paired with a professional, and will learn specific choreography set to music. A total of eight lessons will be offered. For more details, please call 02-2010-8832. (renee@heraldm.com)

IndustryAug. 6, 2012

SIWA to host ‘Mingle Night’

The Seoul International Women’s Association, or SIWA, will hold a “Mingle Night” at the Grand Ambassador Seoul Hotel on Aug. 31.Members and non-members can choose from various side dishes and snacks, in addition to local beers and wines.They will also be able to enjoy a live music performance. The hotel’s bar holds a live performance every night after 8:30 p.m. according to SIWA. Please visit the official website for more information.(renee@heraldm.com)

IndustryAug. 6, 2012

French chamber organizes business trip to Mongolia

The French Korean Chamber of Commerce in Korea, in partnership with the French Chamber of Commerce and Industry in Vietnam, has organized a business delegation trip to Mongolia.According to the chamber, the trip will help interested investors, entrepreneurs, and representatives explore potential business opportunities in the landlocked central Asian country.Registration and applications must be completed by Aug. 10, according to the FKCCI website. Several options are being offered, so for more d

IndustryAug. 6, 2012

Ten big ideas about marketing to Koreans: Part Two

Idea 6 ― Korean society is role- and hierarchy-based Koreans dress and behave for the role they are in at the time. Hill climbers always wear the same style of outfit and carry the same gear. Dress code in the office is predictably formal. Even the weather ladies on TV (they’re all women!) dress in a raincoat for the camera if it’s raining outside. Furthermore, society is infused with a complex awareness of hierarchy, and this is reinforced by the Korean language which requires a speaker to subt

Aug. 6, 2012

Seoul restarts aged nuclear reactor despite safety concerns

The government decided Monday to restart an aged nuclear reactor that recently underwent months-long scrutiny over its safety, amid looming signs of a power shortage due to a record heat wave.Operation of the Reactor-1 at Gori Nuclear Power Plant in Busan was resumed earlier in the day with the reactor expected to reach its full generation capacity on Friday, according to the Ministry of Knowledge Economy."We are relieved the Gori reactor was restarted," Knowledge Economy Minister Hong Suk-woo t

Aug. 6, 2012

Coffee chains’ inconsistency makes dietary data useless

The Korea Consumer Agency released research data on Sunday on the amounts of different ingredients in coffee served in Korea, claiming cafes’ products are deceptive in volume, caffeine content and calories. The nation’s leading customer advocacy group said that despite high prices of coffee ― ranging from 3,000 won ($2.65) to 5,000 won ― the fast-growing industry offers insufficient information needed for customers to make their choices. The ten coffeehouse chains targeted in the study are nine

IndustryAug. 5, 2012

Judge denies Apple’s bid for Samsung sanctions

A federal judge on Friday denied Apple Inc.’s demands for an immediate victory in a multibillion-dollar patent trial. Apple sought the long-shot bid as punishment for Samsung Electronics Inc.’s decision to issue a controversial press release on the first day of testimony.The San Jose Mercury News reported Friday that U.S. District Judge Lucy Koh denied Apple’s request after polling the nine jurors to determine if they read media accounts based on the news release. All said they’ve abided by the

TechnologyAug. 5, 2012

1 in 4 listed firms in earnings shock: report

Korean companies suffer deficit or drop in Q2 earnings amid eurozone crisisHalf of the listed companies in South Korea that have reported second quarter earnings marked a deficit or decrease, according to a report released Sunday. About a quarter of firms seriously underperformed expectations. Among 69 companies that announced second-quarter earnings as of Friday, five marked a deficit and 29 reported a drop in operating profit, said Fn Guide, online stock information provider. Most of those who

Aug. 5, 2012