The Korea Herald

GM’s Rocha seeks halt to strikes

IndustryJul 8, 2013

GM Korea’s chief executive Sergio Rocha recently asked employees to refrain from further labor activity for the sake of productivity and the company’s future.“Further labor conflict and productivity loss would have an irreversible effect on our future,” Rocha said in an email addressed to all 17,000 GM workers on July 3.He also said the automaker understood their frustration, as the reality that GM faces was a cause for concern. “I realize that sharing my knowledge of our company’s reality is o
KCCI chairman offers resignation

Jul 8, 2013

Sohn Kyung-shik, chairman of the Korea Chamber of Commerce and Industry, expressed his willingness to resign from the post, chamber officials said Monday.Chairman Sohn delivered his intention to a group of chamber leaders, saying it is difficult for him to carry on his duty as he must devote himself to managing CJ Group, the officials said.Sohn is co-chairman of CJ Group, along with Lee Jay-hyun, who was arrested last week on charges of embezzlement and tax evasion. Sohn currently leads CJ Group
Government to inject W6.4tr into corporate bond market

Jul 8, 2013

The government said Monday it will provide liquidity worth 6.4 trillion won ($5.6 billion) to help local companies raise funds through selling corporate bonds, as the prolonged slump in corporate financing has stifled firms with a cash squeeze amid the slowing economy. The government will have state-run financial institutions buy bonds issued by local companies with lower credit ratings and provide them with a government guarantee so they can be sold with less borrowing costs, according to the F
Foreign firms want Gaeseong to reopen

IndustryJul 8, 2013

Almost 7 out of 10 foreign companies here say they want to see the normalization of the Gaeseong industrial park, the Korean Chamber of Commerce said Monday. The park, in the aftermath of worsening inter-Korean ties, has been closed for three months.Companies with manufacturing plants in Gaeseong have been hit hard by the closure.The survey was conducted by the chamber on 300 foreign companies. Up to 66.2 percent said the park should be “normalized.”Overall, they seemed to perceive the industria
Korea’s first computer museum to open on Jeju

TechnologyJul 8, 2013

Nexon Computer Museum highlights 40 years of innovation in PCs and gaming
Korea, Switzerland to cooperate on creative economy

Jul 8, 2013

Minister of Science, ICT and Future Planning Choi Mun-kee met with Johann Schneider-Ammann, the head of Switzerland’s Federal Department of Economic Affairs, Education and Research, on Monday to discuss Korea’s creative economy initiative. Welcoming the 25 delegates from the Alpine nation, Minister Choi sought much advice from them. “I would like to learn the know-how of maintaining stable economic growth despite the sluggish world economy and even outperforming those in other European nations,”
Hyundai Heavy to raise ship prices as Chinese yards falter

IndustryJul 8, 2013

Hyundai Heavy Industries Co., the world’s biggest shipbuilder, plans to raise prices as demand for fuel-efficient vessels helps it skirt the global supply glut hurting Chinese yards.Orders may exceed this year’s target of $11.3 billion, with about 60 percent of that already met, Ka Sam-hyun, executive vice president in charge of ship sales, said in a July 3 interview. The Ulsan, South Korea-based company plans to raise prices in the second half, he said.“The big focus right now is on fuel effici
Seoul shares fall 0.9 pct on Samsung losses

Jul 8, 2013

South Korean stocks closed nearly 1 percent lower Monday, driven by a steep decline in Samsung Electronics Co., following the company's disappointing earnings estimates for the second quarter release last week, analysts said.The local currency sharply fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) finished down 16.46 points to 1,816.85. Trading volume was light at 299.5 million shares worth 3.48 trillion won (US$3.05 billion) with decliners far outstripping
Namyang Dairy to face prosecutors’ investigation

IndustryJul 8, 2013

FTC fines dairy product maker W12.3b for abusive business practices
Seoul shares down 1.25 pct in late-morning trade

Jul 8, 2013

South Korean stocks traded 1.25 percent lower late Monday morning, led by a sharp fall in shares of Samsung Electronics, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) declined 22.88 points to 1,810.43 as of 11:20 a.m.Top-listed tech heavyweight Samsung Electronics plunged more than 4 percent, with SK hynix dipping 2.6 percent. In contrast, Hyundai Heavy Industries, the world's No. 1 shipyard, climbed 3.6 percent. The local currency was changing hands at 1,151.75 won agai
S. Korea's ranking rises to 34th in gold reserves

Jul 8, 2013

South Korea ranked 34th in gold holdings last month, marking its highest ranking ever, as its central bank has purchased the precious metal to diversify its foreign exchange reserves, data showed Monday.South Korea's gold holdings reached 104.4 tons valued at $4.79 billion as of end-June, accounting for 1.5 percent of the country's total FX reserves of $326.44 billion, according to the Bank of Korea (BOK).The BOK bought 20 tons of gold in February, following its previous four rounds of purchases
Sales of LTE smartphones to triple this year: data

IndustryJul 8, 2013

Global sales of smartphones that run on the so-called long-term evolution (LTE) network are expected to almost triple this year from a year earlier, data showed Monday.According to the data compiled by research firm Strategic Analysis Inc., a total of 270 million smartphones running on the LTE network will be sold this year, accounting for 29 percent of total smartphone shipment around the globe.Last year, a total of 92 million LTE smartphones were sold, garnering a 13.1 percent share in the glo
Seoul shares turn higher after weak start

Jul 8, 2013

South Korean stocks turned higher after a weak start Monday, as widening auto gains offset losses of top-cap Samsung Electronics Co., analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 3.07 points, or 0.17 percent, to 1,836.38 in the first 15 minutes of trading. Leading carmaker Hyundai Motor soared 1.2 percent, with its smaller affiliate Kia Motors climbing 1.5 percent. But Samsung Electronics lost nearly 1.4 percent. The local currency was trading at 1,149.75 won
[Graphic News] Students’ top dream companies

Jul 7, 2013

According to a survey conducted by Incruit, an online job portal, Samsung Electronics topped the list of companies at which university students would like to work most after graduation. It surveyed 747 university students across the nation.
[Newsmaker] Asiana apologizes over deadly jet crash

IndustryJul 7, 2013

Asiana Airlines on Sunday apologized over the deadly jet crash that killed at least two people and injured more than 180 others in San Francisco over the weekend. The Boeing 777 passenger jet traveling from Seoul crashed while landing Saturday at San Francisco International Airport, smashed into pieces and caught fire. “I sincerely apologize to the public for the crash landing,” Asiana Airlines CEO Yoon Young-doo said Sunday during a press conference at the company’s headquarters in western Seou