The Korea Herald

Amore in talks to buy French perfume brand

IndustryJul 21, 2011

Amore Pacific Corp. is considering acquiring a French luxury perfume brand, Annick Goutal, in the hope of diversifying its global portfolio, company officials said Thursday. Amore Pacific CEOSuh Kyung-baeThe nation’s largest cosmetics manufacturer, however, made it clear that nothing had been decided regarding the potential takeover. “The possible takeover will pave the way for us to go global i
LG Display fails to swing into black in Q2

IndustryJul 21, 2011

LG Display failed to swing into the black in the second quarter of this year due to sluggish market conditions but narrowed its operating deficit to 48.3 billion won ($45.6 million) from 23.9 billion won in the previous quarter.Quarterly net profit reached 21.3 billion won, up from the 115.4 billion won deficit it recorded in the first quarter, the Seoul-based display-maker said on Thursday. “We f
First Korean CEO hopes Siemens gets closer to local customers

IndustryJul 21, 2011

Siemens Korea will become a “true Korean company” that contributes to the country’s economic growth and job creation, its new and first Korean chief executive said Thursday. “I’m the first Korean CEO in the 60-year-old history of Siemens Korea. The headquarters may have thought a native would know better about the local market and respond faster to it,” Kim Jong-kap, chairman and CEO of Siemens K
Hynix’s sales edge down, but profit rises from Q1

IndustryJul 21, 2011

Hynix Semiconductor, the world’s second-largest computer memory chip maker, announced Thursday it posted 2.76 trillion won in sales and 447 billion won in operating profit for the second quarter.The figures are down from the same period last year, 16 percent in sales and 56 percent in operating profit. Net income reached 473 billion won ($449 million).“The second quarter started off with demand gr
Incheon airport to see record traffic

IndustryJul 21, 2011

More trips abroad, Japan’s disaster recovery crowds transport hubA record number of people will go through Incheon International Airport on July 30, the airport’s operators said Thursday.According to the airport’s estimates, the number of people using international and domestic flights to and from the airport on July 30 will come in at 118,547. The figure is about 2 percent higher than the previou
Korea ranks 56th in gold reserves

BusinessJul 21, 2011

South Korea ranked 56th in terms of gold holdings, one notch higher from a year earlier, but its reserves remained relatively small compared with other nations, data showed Thursday.Korea’s gold holdings came to 14.4 tons as of July this year, the 56th largest among 113 countries and organizations surveyed by the World Gold Council, an international body that offers key information about gold.Kore
No sign of dispute-end at SC First Bank

IndustryJul 21, 2011

SC First Bank and its labor union, staging the longest walkout in the industry, are increasingly under pressure to strike a deal to end the dispute after the fight resulted in its lowered credit rating and intense scrutiny from the regulator.About half of its 6,500 workforce has been on strike since June 27 to protest against the proposed introduction of a performance-based pay system. The bank wa
Hyundai Steel looks to expand Japanese contracts

IndustryJul 21, 2011

Hyundai Steel is pushing the drive to expand its presence in the Japanese market for steel plates for ships, with up to four new supply contracts looking likely to be closed during the second half of the year.The company, which began producing thick steel plates in April 2010, has been supplying thick plates to Japanese construction firms and machinery makers since September. According to the comp
KCCI chief calls for deregulation, tax cuts

IndustryJul 21, 2011

JEJU ― Korea should crank up efforts to ease regulations and cut taxes to up corporate competitiveness, said Sohn Kyung-shik, chairman of the Korea Chamber of Commerce & Industry.At a forum hosted by the country’s largest business lobby, Sohn called on the government to remain steadfast in its plan to lower corporate taxes to 20 percent from the current 22 percent starting next year. KCCI chairman
‘BRICS, U.S. difference is in ideas’

IndustryJul 21, 2011

Participants agreed that the mainstay of economic growth is leaning to emerging markets led by BRICs — Brazil, Russia, India and China — since a financial calamity in 2007.JEJU ― Leaders in the country’s business circle and academia underscored the significance of innovation and speed in surviving the rapidly changing economic environment. Around 600 business leaders, scholars and government offic
Imported beef market widens

IndustryJul 21, 2011

Imported red meat from Australia, the United States and Europe is enjoying a fast-increasing market share in Korea, benefiting from the huge loss of livestock here after the worst-ever foot-and-mouth disease outbreak in the past year.And competition in the imported beef market is set to become fiercer as Canada will soon resume its beef exports to Korea.Beef and pork from Australia and the United
Seoul shares slip 0.46% on foreign selling

Jul 21, 2011

South Korean stocks ended 0.46 percent lower on Thursday, as foreign investors continued to sell amid persistent concerns related to the U.S. debt ceiling issue and the eurozone debt crisis, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index retreated 9.91 points to 2,145.04. Trading volume was moderate at 358.6 million shares worth 7.
Manufacturers post net cash outflow in 2010

Jul 21, 2011

South Korean manufacturing companies chalked up a net cash outflow in 2010 as they revved up capital spending and securities investments, the central bank said Thursday.According to a survey of 6,778 manufacturers by the Bank of Korea, their average net cash outflow came to 248 million won ($235,000) last year, a turnaround from a net inflow of 1.01 billion won the previous year.“Last year, local
Intel and Qualcomm show changing face of computing

World BusinessJul 21, 2011

SAN FRANCISCO (AP) ― The changing face of the computer industry was on display Wednesday as two companies representing the old guard and the new issued strong results for the latest quarter.Intel, a bedrock of the PC business, and Qualcomm, a vanguard in mobile computing, showed how companies at opposite ends of the computing spectrum are adapting to a market that’s in intense upheaval. The Intel
Nokia set for fresh smartphone pain

World BusinessJul 21, 2011