The Korea Herald

Islamic bond bill faces lawmakers’ opposition

The government faces an uphill battle to legislate tax benefits for Islamic bond investors at a parliamentary session starting Friday amid sturdy objections from opposition politicians and churches.The Finance Ministry is pushing for a bill on Islamic bonds, or sukuk, that would grant tax exemption on profits earned by bondholders in a bid to widen Korea’s access to increasing Middle Eastern oil m

Feb. 17, 2011

Rhee named ADB’s chief economist

Asian Development Bank appointed Korea’s former financial regulator Rhee Chang-yong as its new chief economist, the bank said Thursday.Rhee, a Korean national, was the vice chairman of the Financial Services Commission and chairman of the Securities & Futures Commission, and has over 20 years experience as an economist, financial advisor and academic, according to the bank. (Bloomberg)

Feb. 17, 2011

Most Koreans not ready for retirement: poll

Only 9 percent of Koreans believe they are financially prepared to retire, a survey showed.The figure is significantly lower than the world average of 30 percent ― 34 percent for Europeans and 32.5 percent for North Americans ― research firm Nielsen Company said.The poll also showed that nearly 40 percent of Koreans are expected to retire before turning 60 years old. The company surveyed 26,000 pe

IndustryFeb. 17, 2011

KITA to step up support for small exporters, service firms

Chairman SaKong calls for need to foster services industry, FTAsThe Korea International Trade Association will boost support for small and medium exporters and the services sector to help the country achieve $1 trillion trade this year, its chairman SaKong Il said Thursday.“The Korean trade industry achieved a notable result last year despite the sluggish global economy. We have become the world’s

IndustryFeb. 17, 2011

KITA to step up support for small exporters, service firms

Samsung launches new 3-D smart TVs

Says firm’s next-generation 3-D focus will move from programming to servicesSamsung Electronics, the world’s No. 1 flat-screen television maker, plans to release a new series of full high-definition 3-D smart TVs, upping the ante in its rivalry with LG Electronics.Yoon Boo-keun, president of its visual display business, said Thursday that it will present the new television sets on Friday, changing

IndustryFeb. 17, 2011

BMW launches all-new X3 in S. Korea

BMW Korea has unveiled new X3 (Yonhap News)BMW Korea has unveiled new X3 (Yonhap News)BMW Korea has unveiled new X3 (Yonhap News)BMW Korea, the South Korean unit of German automaker BMW Group, on Thursday introduced the latest version of the BMW X3 in South Korea.BMW Korea said the New X3 is a "sport activity vehicle" that offers the comfort and driving experience of a sedan, but is perfect for of

MobilityFeb. 17, 2011

Samsung launches new 3D smart TV line

Samsung Electronics Co., the world's largest flat-screen TV maker, said Thursday it released a new line of full HD smart 3D televisions that help viewers get better access to online content and use social networking services. The smart TV line, which comes in 46-inch and 55-inch, is part of Samsung's attempt to grab a larger share of the blooming smart TV market. Samsung aims to sell 12 millio

TechnologyFeb. 17, 2011

S. Korean watchdog suspends 2 savings banks

South Korea's financial regulator on Thursday suspended operations of the country's biggest savings bank and one of its affiliates due to capital shortages triggered by mounting insolvent construction project financing (PF) loans. The Financial Services Commission (FSC) said it suspended Busan Savings Bank, the top savings bank by assets based in the port city of Busan, and its affiliate Daeje

Feb. 17, 2011

S. Korean watchdog suspends 2 savings banks

HTC may offer larger tablets to rival Apple, Samsung, CEO says

HTC Corp. may introduce larger tablet computers than the 7-inch screen “Flyer” device that the Taiwanese company unveiled Tuesday to challenge the dominance of Apple Inc.’s iPad. “We’re working on several form factors,” HTC Chief Executive Officer Peter Chou said on the sidelines at an industry conference in Barcelona Tuesday when asked whether the company may offer bigger tablets. Sales from tabl

IndustryFeb. 17, 2011

HTC may offer larger tablets to rival Apple, Samsung, CEO says

Seoul shares open higher on U.S. economic optimism

South Korean stocks started higher on Thursday as investor sentiment got a boost from Wall Street gains sparked by growing optimism about the U.S. economic recovery, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 11.36 points, or 0.57 percent, to trade at 2,000.47 in the first 15 minutes of trading. Tech shares were in focus with market leader Samsung Electr

Feb. 17, 2011

Obama wants FTAs with Korea, Colombia, Panama ratified this year: Geithner

WASHINGTON (Yonhap) -- The Obama administration is committed to pass through Congress pending free trade deals with South Korea, Panama and Colombia this year, Treasury Secretary Timothy Geithner said Wednesday. "We would like to pass all of them, alongside trade adjustment assistance, and we want to do it this year," Geithner told a Senate Finance Committee hearing. "They're overwhelmingly i

Feb. 17, 2011

New recruits build bonds at company boot camps

New workers learn teamwork and living as part of the firm at induction programsLike many who join large companies in South Korea, Cho Duk-hyun’s career at Daeyang Shipping began with a two-month induction program.While such programs are often associated with tight schedules that begin at the crack of dawn and continue late into the night, and sometimes include activities with little relation to wo

IndustryFeb. 16, 2011

New recruits build bonds at company boot camps

Korea to develop key bullet train components

Korea will seek to acquire technology for indigenously manufacturing electric car line systems used to provide power to its bullet trains, the government said Wednesday.The Ministry of Land, Transport and Maritime Affairs said work to develop special metal components and nuts that can permit 25,000 volts of electricity to flow constantly from overhanging wires to a fast moving train should be deve

IndustryFeb. 16, 2011

Samsung updates bada mobile platform

BARCELONA (Yonhap News) ― Samsung Electronics Co., the world’s second-largest maker of mobile phones, said Wednesday that it has released the updated version of bada, the company’s proprietary mobile operating system.Samsung added a multitasking feature and mobile payment technology called Near Field Communication and voice recognition functions to the second generation of its mobile software, bad

TechnologyFeb. 16, 2011

GM Daewoo unveils all-new Chevrolet Aveo

GM Daewoo Auto & Technology, the Korean unit of U.S. carmaker General Motors Co., on Wednesday revealed its new small passenger car, the Chevrolet Aveo, in Korea.“The all-new Chevrolet Aveo is a fun to drive car with a confident attitude and a big heart,” said Mike Arcamone, president GM Daewoo.“Its bold exterior styling exudes attitude while its big heart is readily apparent with the most spaciou

IndustryFeb. 16, 2011

GM Daewoo unveils all-new Chevrolet Aveo

LGE reveals next generation 3-D TVs

LG Electronics on Wednesday unveiled its first 3-D television using film-type patterned retarder panels that it claimed have effectively eliminated problems with the current 3-D technology. The Seoul-based electronics firm said in a press conference that the current shutter glass panels have serious limitations such as flickering and cross talk ― blurry ghosting images ― that viewers have persiste

IndustryFeb. 16, 2011

Hyundai Heavy honored for excellent designs

Hyundai Heavy Industries won awards at the 2011 Design Award of the Federal Republic of Germany, the world’s largest shipbuilding firm said Wednesday.The winning products were two types of HiMSEN medium speed marine diesel engine and ship monitoring system ACONIS-DS (advanced control & integration system), the firm said.The HiMSEN engine is an environmentally friendly model which boasts higher out

IndustryFeb. 16, 2011

Samsung, LG bet on solar energy devices

The country’s top electronics makers are attempting to make big investments in solar energy projects, designating them as a new future growth engine.At the EXPO Solar 2011 at the KINTEX in Gyeonggi Province on Tuesday, local electronics giants Samsung and LG Electronics both featured advanced solar modules which they claim are “highly efficient.”The event takes place as major firms have pledged ea

IndustryFeb. 16, 2011

Unemployment rate drops to 3.8% in Jan.

Korea’s jobless rate fell in January from a year earlier as the non-farm private sector expanded recruitment amid the economic recovery, a government report showed Wednesday.The jobless rate was 3.8 percent last month, down from 5 percent from a year earlier, according to the report by Statistics Korea. But it was up from the previous month’s 3.5 percent.The number of working people stood at 23.19

Feb. 16, 2011

Hana Financial CEO, Hana Bank cautioned

The Financial Supervisory Service reprimanded Hana Financial Group president & CEO Kim Jong-yeol and the group’s banking unit for irregularities on Wednesday.The regulator said it issued a “caution” against Kim, who had served for Hana Bank as CEO, for being careless about the bank’s investment in U.S. stocks and bonds in 2008. Kim Jong-yeolSeveral staffers of the bank were also subject to regulat

Feb. 16, 2011