The Korea Herald

Production in Gaeseong park rises

Despite little progress in inter-Korean relations, production in North Korea’s Gaeseong Industrial Complex, which houses South Korean factories is increasing, data showed.According to a report released by the Unification Ministry in Seoul, production in the first half of this year in the GIC located in the border city of Gaeseong soared 23 percent from the same period last year.The number of North Korean workers in the industrial park, which amounted to 46,194 in January last year, rose to 51,31

Aug. 21, 2012

Chinese firms say technology level on par with Korea

About 40 percent of Chinese companies in Korea believe that Chinese technology has enhanced enough to stand shoulder-to-shoulder with Korean technology, according to a survey released on Tuesday.The survey was conducted by the state-run Korea Trade-Investment Promotion Agency, which interviewed 502 Chinese companies doing business in Korea and 320 Korean companies doing business in China from July 19 to July 31.The majority, or about 66.6 percent, of Korean firms in China responded that Korean t

Aug. 21, 2012

Home prices continue to tumble

Morgan Stanley says downswing will continue for six to 12 monthsApartment prices in the Seoul metropolitan area fell to 10 percent below what they were just before the global financial crisis in 2008, signaling a protracted housing market slump, according to government data.Prices of new apartments plunged some 30 percent in four years and housing transactions plummeted as fewer people moved home, said the report from the Land Ministry released on Tuesday.Despite an increase in the overall popul

Aug. 21, 2012

China 10 years from now and Korea’s corporate response

As China speeds up industrial upgrading, Korea will face more competition in all sectorsThe world’s most populous country, China has set expanding domestic demand as a core engine for mid- to long-term economic growth. To facilitate higher consumption, the government is seeking to improve the distribution of wealth. Major initiatives include urbanization, higher worker wages and social welfare improvements. Urbanization and national land development planning are the main factors in the developme

Aug. 21, 2012

China 10 years from now and Korea’s corporate response

Air passenger traffic rises to new high

Korea’s international air passenger traffic jumped to a new monthly high in July due to a sharp rise in visitors from Japan and China, the governmenty said on Monday.The number of international air passengers to and from Korea surged to 4.34 million last month, up 10.2 percent from the same period last year, according to the Ministry of Land, Transport and Maritime Affairs.“International airline passengers increased greatly in July due to an increase in the number of South Koreans going overseas

Aug. 20, 2012

Minister urges business to raise hiring, investment

Business leaders in Korea need to step up investment and hiring to help boost the domestic economy, the top economic policymaker said Monday, as the country struggles with prolonged market uncertainty from eurozone debt problems and possible global slowdowns.“As a result of slower-than-expected global economic recovery from the slump and its impact on our economic situation, exports and domestic demand, the two growth engines (for Korea), are not fully cranking up,” Finance Minister Bahk Jae-wan

Aug. 20, 2012

Graduates of Ewha, HUFS, Korea strong force in foreign firms’ HR staff

Ewha Womans University graduates made up the largest number of human resources staff at foreign companies in Korea, a recent survey showed.Korea Foreign Company Employee’s Human Network, a non-profit organization founded in 1999, recently looked at 1,026 employees who work in the HR divisions of foreign companies and are members of the network.KOFEN, an internet-based recruitment service specializing in foreign companies, said the survey showed that those who attended Seoul-based four-year colle

Aug. 20, 2012

Graduates of Ewha, HUFS, Korea strong force in foreign firms’ HR staff

Foreign luxury brands donate little despite booming sales

Some wire home 90 percent of profits while making zero charity donationsFailing to bear corporate social responsibility ethics among foreign luxury brands has prompted criticism from both consumers and the business community. The Financial Supervisory Service and online conglomerate tracker chaebul.com released financial reports in August of foreign luxury brands’ operating in Korea. Foreign luxury brands saw a large-scale increase in sales by about 270 percent, from 1.42 trillion won ($1.25 bil

Aug. 20, 2012

Foreign luxury brands donate little despite booming sales

Bill calls for disclosure of tycoons’ pay

Top executives of listed companies including chaebol chiefs may have to disclose their income under a recently submitted bill as the political drive for “economic democratization” gains momentum.Rep. Rhee Mok-hee of the Democratic United Party and nine other lawmakers submitted a revised bill that requires listed firms to make public the compensation of each board member and the standards by which the wage was calculated.Following similar bills that were laid out in the 17th and 18th National As

Aug. 19, 2012

Half of Koreans say they are poor

Only 1.9% respond they belong to high-income bracketA survey by a local think tank showed that about half of Koreans classified themselves as members of the low-income class with little expectation for advancing to higher strata.In the poll of 1,011 adults across the nation, 50.1 percent said they belong to the low-income bracket, more than triple the actual share announced by the government, Hyundai Research Institute reported on Sunday. Statistics Korea said last year that low-income household

Aug. 19, 2012

Seoul shares down 0.58 percent on tech loss

Korean stocks slipped 0.58 percent on Friday, led by a sharp fall in tech shares, analysts said. The local currency edged down against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.37 points to 1,946.54. Trading volume was moderate at 368.3 million shares worth 4.7 trillion won ($4.1 billion), with decliners outnumbering gainers 406 to 390."A slump in Samsung Elec

Aug. 17, 2012

Seoul shares turn lower after strong start

Korean stocks turned lower following a high opening on Friday as institutional and retail investors opted to offload their shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.26 points, or 0.17 percent, to 1,954.65 in the first 15 minutes of trading.Techs led the decline with market bellwether Samsung Electronics slumping 1.93 percent. Some major exporters, however

Aug. 17, 2012

Jobless rate falls to 3.1% in July

Korea’s jobless rate fell from a month earlier in July due to a rise in new jobs offered, especially for young people, according to a government report on Thursday.Statistics Korea said the jobless rate hit 3.1 percent in July, down from 3.2 percent in June. It also said the growth in the number of employed persons increased by 1.3 percent compared to the previous month.In July, 470,000 new jobs were added in the market, compared with some 365,000 new jobs in the previous month, officials said.T

Aug. 16, 2012

EUCCK undecided over shutdown

The European Union Chamber of Commerce in Korea has remained undecided over whether it will close in response to the fine imposed by the Korean government for failing to report and pay income generated from its in-house magazine ad sales.The EUCCK said it has so far paid 1.9 billion won out of the 4.5 billion won ($4.0 million) fine to the tax authorities. The organization is currently divided over whether to take legal action over the National Tax Service’s penalty. One of the options is closin

Aug. 16, 2012

S. Korea, Australia agree on swift conclusion of free trade talks

South Korea and Australia have agreed to swiftly conclude negotiations on forging a bilateral free trade agreement, Seoul's foreign ministry said Thursday. The agreement was reached at a meeting earlier in the day between South Korean Foreign Minister Kim Sung-hwan, who is on a two-day visit to Australia, and Australian Trade Minister Craig Emerson, ministry officials said. Kim and Emerson "reache

Aug. 16, 2012

Seoul shares close flat as investors take breather

Korean stocks closed almost flat on Thursday as investors stepped to the sidelines following a holiday and recent steep gains, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.95 points, or 0.05 percent, to 1,957.91. Trading volume was moderate at 426.1 million shares worth 4 trillion won ($3.5 billion), with gainers

Aug. 16, 2012

Seoul shares open lower on auto falls

Korean stocks got off to a weak start on Thursday due mainly to falls in the auto sector, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 2.49 points, or 0.13 percent, to 1,954.47 in the first 15 minutes of trading.Key automakers led the decline, with top player Hyundai Motor declining 0.8 percent and its smaller affiliate Kia Motors losing 1.15 percent.Kumho Tire, Ko

Aug. 16, 2012

Korea's jobless rate falls to 3.1 percent in July

Korea's jobless rate edged down from a month earlier in July thanks to a rise in new jobs, especially for the young, a government report showed Thursday.The jobless rate came to 3.1 percent last month, down from 3.2 percent in June, according to the monthly report by Statistics Korea. The July figure also marks a drop of 0.2 percentage points from the same month last year.The drop was led by 470,0

Aug. 16, 2012

Unionists at Kumho Tire to stage indefinite strike

The union at Kumho Tire, South Korea's second-biggest tire maker, said Wednesday that it has decided to stage an indefinite walkout after no headway was reached on a wage deal with management.The strike, scheduled to start Thursday, comes just two days after the union ended a month-long partial walkout by 3,100 workers to iron out wage and other outstanding differences.Sources said that some gain

Aug. 15, 2012

Concerns of global food crisis raised

Korea seeks measures to prevent food price risesConcerns are rising that the world may face a food crisis due to rising grain prices caused by drought and heat waves in the United States and Russia.According to the U.N. Food & Agriculture Organization, its Cereal Price Index averaged 260 points in July, up 38 points (17 percent) from June and only 14 points below its all-time high (in nominal terms) of 274 points registered in April 2008. The severe deterioration of maize crop prospects in the U

Aug. 15, 2012