The Korea Herald

Korean carmakers fly high on exports

Toyota and other Japanese car sales down more than a fifth in JuneLocal automakers led by Hyundai, Kia and SsangYong reported all-time high sales with double-digit growth in the first half, benefiting from the demand-drop for Japanese vehicles after the March earthquake.Domestic sales at Hyundai Motor Co., the industry leader, jumped 7.2 percent on-year to 344,422 units in the January-June period.

Mobility July 3, 2011

BMW widens sales of luxury cars in U.S.

Bayerische Motoren Werke AG’s BMW brand outsold Daimler AG’s Mercedes-Benz last month, expanding its lead as the top-selling luxury auto brand in the U.S. so far this year.BMW’s U.S. sales, helped by deliveries of the new 5 Series sedan and sport-utility vehicles, rose 13 percent last month to 21,637 compared with a year earlier, the Munich-based automaker said yesterday in a statement.Mercedes sa

Mobility July 3, 2011

SC First union prolongs condo strike

Unionized workers at SC First Bank are expected to drag out their strike for an extended period of time in opposition to the management’s push for a performance-based pay system.The dispute between the management and workers continued as about 3,000 workers went on strike for a fifth day on Friday, leading to customer concerns of a prolonged walkout.The local unit of Standard Chartered Plc is tryi

Industry July 1, 2011

Korea cuts growth forecast, raises inflation outlook

Finance Minister Bahk Jae-wan addresses a news conference on Thursday. (Yonhap News)Growth outlook lowered to 4.5%, inflation likely to be 4% this yearThe government has cut its growth forecast for the economy and raised the outlook for inflation this year, backing off from its ambitious growth plan due to weakening consumption and persistent price hikes. In a downbeat assessment of Asia’s fourth-

June 30, 2011

Korea cuts growth forecast, raises inflation outlook

Number of Chinese firms here triples in decade

The number of Chinese firms making inroads into the local market has climbed almost three-fold over the past decade, reflecting its expanding presence as Korea’s No. 1 trading partner and the world’s second-largest economy, tax authorities said Monday.The National Tax Service said the number of companies headquartered in mainland China reached 620 as of the end of 2009, up from 225 in 1999. Combin

Industry June 27, 2011

Shin Ramyun Black fined for false ads

NongShim, the country’s largest instant noodle maker, was fined 155 million won ($143,022) for deceptive advertising of its latest product, Shin Ramyun Black, the corporate watchdog said Monday.The Fair Trade Commission called the company’s description of the item as an “ideal product meeting the nutrition ratio” misleading and ordered them to fix the advertisement.“Some food manufacturers, of lat

Industry June 27, 2011

Jeju United striker Shin awake from 50-day coma

Jeju United striker Shin Young-rok is awake after a 50-day coma, resulting from a serious heart attack in May, Cheju Halla General Hospital announced on Jeju Island, Monday.Shin is now capable of communicating freely and will eventually be able to return to his normal life with the help of rehabilitation therapies, the hospital said. Jeju United manager Park Kyung-hoon (right) clasps hands with st

More Sports June 27, 2011

Jeju United striker Shin awake from 50-day coma

Minister vows to deregulate further to support companies

Finance Minister Bahk Jae-wan said Friday that the private sector needs to take a bigger role in the economy, vowing to create a business-friendly environment. In his first meeting with heads of the nation’s five major business lobby groups, Bahk attributed the economy’s fast recovery from the financial crisis to “jobs created, overseas investments made and taxes paid” by the private sector busine

June 24, 2011

Eximbank should focus on overseas projects: minister

Korea Eximbank should focus on long-term projects of a global scale as the key export credit agency of the country, Finance Minister Bahk Jae-wan said Thursday. Speaking at a forum organized by the state-run bank, Bahk said, “The Bank should reduce short-term products such as trade financing, which can be mainly provided by the private sector, but increase mid- to long-term financing for large-sca

June 23, 2011

Seoul to crack down on international cartels: FTC chief

Watchdog’s move comes as price-fixing, collusive wrongdoings on increaseThe Fair Trade Commission will step up efforts to crack down on international cartels, promising stern punishment for those engaged in unfair trade practices or abusing their market dominance, commission chief Kim Dong-soo said Wednesday. “A typical example of foul play in the market economy is cartels, the No. 1 enemy of the

June 22, 2011

CJ CheilJedang fined W340m for probe interference

CJ CheilJedang, Korea’s largest food company, was slapped with 340 million won ($316,000) in fines for interrupting the corporate watchdog’s probe into alleged price-fixing activities, the Fair Trade Commission said Wednesday. The fine is the largest single penalty imposed for unlawful interference in an investigation by the watchdog. The FTC said it is seeking to punish five workers at the compan

June 22, 2011

CJ CheilJedang fined W340m for probe interference

Number of centenarians almost doubles in 6 years

The number of Koreans aged 100 or more has almost doubled since 2005 under the country’s improved medical services, Statistics Korea said Tuesday.The number of centenarians numbered 1,836 in November, posting a 9.1 percent increase from 961 in 2005, the state agency reported in its census report compiled every five years.The number of females in the group, 1,580, exceeded their male counterparts,

June 21, 2011

More tariffs cut in inflation fight

Charges on imports dropped on shortage items as prices soarThe government plans to extend tariff cuts for 35 out of 46 items due to expire this month and add 14 more items to the list to ease import cost burdens on local consumers, the Finance Ministry said Tuesday.Under the plan, items such as pork, garlic, mackerel, wheat, soybean oil, sugar, and coffee will continue to enjoy lower tariffs. The

June 21, 2011

[Herald Inteview] Korean banks’ short-term external debt rising: Fitch

Credit rating agency Fitch noted the rising short-term external debt held by Korean banks in recent months, but said its portion relative to overall external debt was still sustainable.“The South Korean government has been trying to reduce the industry’s short-term external debt but the level is back on the rise,” Andrew Colquhoun, Fitch’s head of Asia Pacific sovereign ratings, said in an intervi

June 20, 2011

[Herald Inteview] Korean banks’ short-term external debt rising: Fitch

Local banks’ exposure to Greece tops $500m

Local bank’s exposure to debt-burdened Greece tops $500 billion but it poses limited impact on the local financial market even in the case of a default, financial authorities said Sunday. The Financial Supervisory Service said the bonds issued by Greek shipping companies were not so large here as of the end of March. The agency did not disclose a bank-by-bank breakdown of the figure but emphasized

June 19, 2011

Articles by 김주연