The Korea Herald

Samsung reaps record profit in saturated market

IndustryJul 26, 2013

Samsung Electronics, the world’s largest smartphone maker, reported its largest-ever quarterly earnings Friday, but a slowdown in growth momentum fueled fears of market saturation for high-end handsets. The Korean IT giant said its second-quarter operating profit surged 47.5 percent from a year ago to 9.35 trillion won ($8.4 billion), while sales during the April-June period reached 57.46 trillion won, a 20.73 percent rise. But the record figures that fell short of analysts’ estimates were dampe
[Graphic News] Fortune 500 companies

Jul 25, 2013

The number of companies from the U.S., Japan and Germany on the Fortune 500 list has been decreasing while more and more Chinese firms have made the list.Meanwhile 14 Korean companies including Samsung Electronics were included on the 2013 list, showing little change in number over the past five years.
Financial groups stuck on home turf: FSS chief

Jul 25, 2013

The chief regulatory official called for the nation’s financial industry to scrap its conventional business methods, still focused mainly on domestic consumers.Korea’s major financial firms have been excessively dependent upon interest income, said Financial Supervisory Service governor Choi Soo-hyun in his meeting with the chiefs of seven major financial groups on Thursday.“They are lagging far behind global financial groups,” Choi said. “It is necessary to drop the past operating methods and c
Hyundai picks small agency for big ad project

IndustryJul 25, 2013

Hyundai Motor Group has picked a small advertising firm “Creative Air” to develop the group’s corporate image as part of its efforts for shared growth with smaller firms, officials said Thursday. The Korean auto giant, which used to give such large-scale ad projects to its own in-house advertising agency Innocean Worldwide, announced in April it would share 65 percent of annual orders, worth 120 billion won ($101 million), with outside firms. The latest deal is worth 8 billion won.Following the
Korea faces growing risks in second half

Jul 25, 2013

Global stimulus exit, China’s slow growth could dampen Korean recovery
Pernod Ricard’s ‘Glenlivet’ wins 12 gold prizes

IndustryJul 25, 2013

Pernod Ricard SA’s single malt whisky “The Glenlivet” won 12 gold prizes in two globally recognized international whisky competitions, the company said on Thursday. The Glenlivet won seven gold medals in the International Spirits Challenge, or ISC, with its 12-year, 15-year, 18-year, 21-year and 25-year whiskies as well as with the Glenlivet Master Distiller’s Reserve and the Glenlivet Nadurra. The company takes special pride in its 18-year Glenlivet, the winner of this year’s Best In Class Awar
‘Ex-Daewoo chairman’s son owns Vietnam country club’

Jul 25, 2013

Kim Sun-yong, the second son of former Daewoo Group chairman Kim Woo-choong, was found to have purchased a country club in Vietnam through a paper company he established in an overseas tax haven, a group of journalists claimed on Thursday.The Korea Center for Investigative Journalism, locally known as Newstapa, said that the junior Kim holds a 100 percent share for the luxury Vietnamese golf course called “Van Tri Golf Club.” Former chairman Kim is known to play golf there, Newstapa added. Newst
Korean consortium wins Turkmenistan refinery order

Jul 25, 2013

A South Korean consortium has clinched a $240 million order to expand an oil refinery in Turkmenistan, industry sources said Thursday.Under the contract with Petronas Carigali, LG International Corp. and Hyundai Engineering Co. will rebuild an oil refining facility in Kiyanly on the coast of the Caspian Sea by the end of 2015.Once the facility expansion is completed, the refinery will be able to additionally process 10,000 barrels of crude oil and 35 million cubic meters of natural gas a day, th
Public firms move to disregard jobseekers’ academic records

Jul 25, 2013

Economic policymakers are considering introducing a fresh recruiting process for some state-funded agencies, which would not take previously-sought requirements, such as educational background and English proficiency test scores, into consideration.The so-called “spec-free” recruitment system has been adopted by several conglomerates that officially place little significance on applicants’ credentials in their assessment.According to officials at the Finance Ministry, the recruitment process cou
Korea to tap economic opportunities in Arctic

IndustryJul 25, 2013

The Ministry of Oceans and Fisheries unveiled on Thursday a master plan to tap economic opportunities in the Arctic, which includes developing a shipping route and natural resources in Greenland.The ministry has pushed for development of the plan since last May when Korea won permanent observer status at the Arctic Council, the international body in charge of not only environmental protection but also economic development projects in the North Pole region. The melting of ice in the Arctic is a
KB Financial offers various family-related saving products

Jul 25, 2013

As the nation’s sluggish economy continues to squeeze households KB Financial Group and its subsidiaries are aiming to promote good household saving. They suggest three KB family savings plans: “KB Wife Sarang Installment Savings,” “KB Golden Life Savings” and “Figure Queen Yuna Sarang Installment Savings II.”“These products are designed to encourage and hold together family members, the bedrock of all economies,” a KB Financial Group spokesperson said. Of the saving plans, “KB Wife Sarang Inst
Hyundai Motor Q2 profit beats estimates on China, Brazil sales

TransportJul 25, 2013

Hyundai Motor Co., South Korea’s largest carmaker, reported second-quarter profit that beat analysts’ estimates, helped by sales in China and Brazil.Net income, excluding minority interests, fell to 2.4 trillion won ($2.15 billion) from 2.45 trillion won a year earlier, the Seoul-based company said in a statement Thursday. Profit beat the 2.37 trillion won average of 15 analysts’ estimates compiled by Bloomberg. Revenue increased 5.7 percent to 23.2 trillion won.Demand for the Elantra Yuedong se
POSCO profits rise in second quarter

IndustryJul 25, 2013

Though it still faces a rough period ahead until the year’s end, the nation’s top steelmaker POSCO rebounded during the second quarter, boosted by cost reduction in the steel sector and profit growth in the non-steel sectors.The company recorded 15.6 trillion won ($14 billion) in sales, 903 billion won in operating profits, and 703 billion won in net profits during the second quarter of this year, it said through an investor relations conference on Thursday.In terms of operating profit, this was
French prime minister eyes stronger foothold for business in Korea

IndustryJul 25, 2013

French Prime Minister Jean-Marc Ayrault stressed on Thursday that Korea will act as a strategic foothold for France to expand its presence in the all-important Asian market. “We see strong growth potential in Asia. We want to find more business partners in the region,” Ayrault said at a meeting with the French-Korean business community here at a Seoul hotel. “The Korean market is expected to pave the way.”He acknowledged that France and other European countries have suffered from the prolonged f
POSCO's Q2 profit dips on weak demand, prices

IndustryJul 25, 2013

POSCO, South Korea's leading steelmaker, said Thursday that its second-quarter net profit sank 48 percent from a year earlier on weak demand and decreased prices.Net profit reached 241 billion won (US$216 million) on a consolidated basis in the April-June period, compared with a profit of 466 billion won a year earlier, the company said.Sales dipped 5.4 percent on-year to 15.6 trillion won, and operating income also dropped 30.5 percent to 903 billion won over the cited period, it said.Shares of