The Korea Herald

Public firms‘ labor productivity improves over past few years

South Korean public companies’ labor productivity has improved over the past few years as the government stepped up efforts to enhance competitiveness in the public sector, the finance ministry said Thursday.According to the ministry, per-capita labor productivity in state-run companies rose at an annual average of 31.6 percent from2008 through 2010, noticeably higher than the 24.9 percent average gains tallied for large private-sector businesses.The improvement was ascribed to the government‘s

Nov. 17, 2011

Nine officials to determine fate of Lone Star

The nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday, which will possibly mark a historic event.The members include FSC chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC vice chairman Choo Kyung-ho, Korea Deposit Insurance Corp. president Lee Seung-woo and Bank of Korea senior deputy Gov. Lee Ju-yeol.Kim clarified that the panel will decide on its action “according

Nov. 17, 2011

Political rumors fueling volatility in stock market

Artificial thematic grouping of shares spawns manipulation in stock marketsWith the presidential election set for next year, a growing number of Korean stocks are being linked to a slew of groundless ― often meticulously manipulated ― rumors in a way that fuels more volatility on the local bourse.Korea Exchange and brokerage data showed on Thursday that at least 60 stocks are estimated to be changing hands on the KOSPI and KOSDAQ under the category “election-themed” shares.It is no new phenomeno

Nov. 17, 2011

Political rumors fueling volatility in stock market

Seoul shares end up 1.1% on tech, refiner gains

South Korean stocks closed 1.1 percent higher on Thursday as gains of tech shares, refiners and shipbuilders propped up the market despite persisting concerns about the eurozone debt turmoil, analysts said. The local currency rose against the U.S. dollar.After trading in a tight range, the benchmark Korea Composite Stock Price Index (KOSPI) rose 20.60 points to close at 1,876.67, snapping a two-session losing streak. Trading volume was moderate at 348.7 million shares worth 4.67 trillion won ($4

Nov. 17, 2011

Uniqlo posts record daily sales at new flagship store

Japanese clothing retailer Uniqlo logged 2 billion won ($1.7 million) in a single day’s sales on Nov. 11 when it opened Asia’s largest flagship store in central Seoul. The sales figure was the highest-ever set by a fashion outlet in Korea, industry sources said Thursday. The previous record was the 460 million won that French luxury brand Chanel earned last year at a new store in southern Seoul. Uniqlo said special deals offered for the first three days of opening likely played a pivotal role in

IndustryNov. 17, 2011

Uniqlo posts record daily sales at new flagship store

Moody's cuts S. Korea's growth outlook for 2012

SEOUL, Nov. 17 (Yonhap) -- Moody's Investors Service on Thursday downgraded its forecast of South Korea's economic growth for next year, citing weakening exports and sluggish domestic demand.The global credit appraiser predicted the South Korean economy would expand 3.5-4.0 percent next year, compar

Nov. 17, 2011

‘Korea capable of more stimulus without negative rating results’

Public finance in Korea is healthy enough for the government to provide more stimulus without negative consequences for its sovereign debt rating, senior vice president of Moody’s Sovereign Risk Group for Asia said Thursday.Although Korea would remain relatively less vulnerable to the ongoing debt saga in Europe, its “modest” amount of public debt leaves Seoul more room for additional policy accommodation should growth stalls further, Tom Byrne told reporters in Seoul.“Korea has good financial g

Nov. 17, 2011

‘Korea capable of more stimulus without negative rating results’

New knowledge economy minister faces mountain of challenges

Hong Suk-woo secured support as a “man with no enemies” at the helm of the two state-run agencies but now faces hurdles surrounding knotty issues such as power supplies, fuel prices and co-prosperity between large and small firms.Hong, a former chief of the Korea Trade-Investment Promotion Agency and the Small & Medium Business Administration, was sworn in as Knowledge Economy Minister on Thursday.The swift approval of Hong’s nomination following a parliamentary hearing on Tuesday underlines a m

IndustryNov. 17, 2011

Hynix hails U.S. jury's ruling on Rambus case

Hynix Semiconductor Inc., the world's second-largest memory chipmaker, on Thursday welcomed a U.S. jury's decision to reject Rambus Inc.'s antitrust allegation against the Korean chipmaker. On Wednesday, a San Francisco jury ruled that Hynix and Micron Technology Inc., a U.S. chipmaker, did not enga

IndustryNov. 17, 2011

Women more likely to have 'broken heart syndrome'

ORLANDO, Florida (AP) _ Females are seven to nine times more likely to suffer ``broken heart syndrome,'' when sudden or prolonged stress like an emotional breakup or death causes overwhelming heart failure or heart attack-like symptoms, the first nationwide study of this finds. Usually patients reco

TechnologyNov. 17, 2011

Women more likely to have 'broken heart syndrome'

Massive lakes could lie beneath ice of Jupiter moon

A body of water as big as North America's Great Lakes could lie beneath Europa, a shining enigmatic moon of Jupiter, astronomers reported on Wednesday.(NASA)The finding -- if backed by a hoped-for unmanned robot mission -- is exciting, for water is one of the key ingredients for life.Its white

TechnologyNov. 17, 2011

Massive lakes could lie beneath ice of Jupiter moon

Facebook warns of recent wave of spam

NEW YORK (AP) _ Facebook said Wednesday that it has stopped most of the spam that has flooded many users' pages with pictures showing graphic sex and violence.The social-networking company urged its 800 million-plus users to remain vigilant to keep their accounts from being hijacked.That includes re

TechnologyNov. 17, 2011

FSC to decide on Lone Star on Friday

Financial regulators plan to unveil Friday their stance on whether to punish Lone Star Funds for stock manipulation.The Financial Services Commission said Wednesday it would hold an extraordinary meeting, composed of a nine-member panel, on Nov. 18 to discuss detailed ways to order the fund to sell most of its stake in Korea Exchange Bank.The regulator’s meeting is drawing wide interest “in terms of abusing authority or not” as the Supreme Court has yet to rule on whether the FSC should make pub

Nov. 16, 2011

Job cuts menace local industries on global slump

Korea’s IT, construction, finance and airline industries are swamped with layoffs and job reductions as global economic uncertainties stretch out. IT exporters have been losing money due to the recession in Europe and the U.S., while high oil prices and a weak Korean won against the dollar continue to weigh on air carriers. Korean Air recently decided to let go of about 100 senior employees who signed up for voluntary resignations, a program brought back after five years. The outgoing middle-man

IndustryNov. 16, 2011

Job cuts menace local industries on global slump

Hyun among top 50 business women: FT

Hyundai Group chairwoman Hyun Jeong-eun has been named one of the Financial Times’ top 50 women in world business, the only Korean who made it to the list, the British newspaper announced on Wednesday. Hyun ranked 48th on the list in recognition of her efforts to run one of the biggest conglomerates in Korea after she was unexpectedly catapulted to the top office of Hyundai when her husband, Chung Mon-hun, committed suicide in 2003. “Hyun has been a steadying force for Hyundai Group and has work

IndustryNov. 16, 2011

Korea to host 2015 World Water Forum

Korea will be host to heads of state, international organizations, academics and industry experts in the world’s largest water-related event in 2015 to address water supplies and other daunting challenges facing mankind. The government said Wednesday that Daegu and adjacent North Gyeongsang Province have been named hosts of the triennial World Water Forum, routing Scotland’s Glasgow.Launched in 1997, the forum is aimed at underscoring the significance of water as a policy agenda and devising col

IndustryNov. 16, 2011

Samsung to hire IRS expert

Samsung Electronics said Wednesday it was likely to hire a senior official from the U.S. Internal Revenue Service.A Samsung Electronics official said that the company was in talks with Victor Song, chief of the IRS Criminal Investigation, to give him a seat on Samsung’s compliance team at its U.S. unit.“It’s true that the talks are progressing on the hiring (of Victor Song), but it is yet to be finalized,” said a company spokesman. “But there is a high possibility it will be.”The official also s

IndustryNov. 16, 2011

E-Mart okayed to acquire Kim’s Club Mart

The Fair Trade Commission on Wednesday gave the green light to E-Mart, the nation’s No. 1 supermarket chain, to acquire Kim’s Club Mart’s 53 outlets.The antitrust regulator said the acquisition will have a limited impact on the existing competition of super supermarkets, or SSM. “There was less than 3 percent increase in E-Mart’s market share within the SSM sector following the acquisition,” said a FTC official.When it comes to small vendors in the neighboring business districts, the FTC also sa

IndustryNov. 16, 2011

FSS to spin off consumer protection unit

An independent watchdog aimed at strengthening the rights of financial consumers will be set up during the first half of 2012, after a decision by the Financial Services Commission on Wednesday.At the nine-member panel discussion, the FSC decided to spin off the department in charge of consumer protection from the Financial Supervisory Service, an executive arm of the FSC.FSS Gov. Kwon Hyouk-se, who took his office as the top regulator in March, finalized the move for a larger consumer protectio

Nov. 16, 2011

‘Hygienic’ spoons, chopsticks hit shelves

A company named Kitchen Idea said Wednesday it began sales of children’s spoons and chopsticks specially designed for hygiene purposes.A curve in the middle keeps the spoon head and tips of chopsticks from touching the table, preventing contact with germs and dirt. The new children’s cutlery sets made of stainless steel come in three different designs priced at 6,000 won or 7,000 won per pair. Spoon-and-chopstick sets for adults are also available.Kitchen Idea has applied for a patent for the cu

IndustryNov. 16, 2011

‘Hygienic’ spoons, chopsticks hit shelves