The Korea Herald

Korea sends task force to investigate crash

IndustryJul 7, 2013

The government sent a task force composed of about 20 officials from the Ministry of Land, Infrastructure and Transport and Asiana Airlines to San Francisco on Sunday to investigate the cause of the crash-landing of the airliner’s Boeing 777-200ER and to develop measures to deal with the aftermath. “No exact cause of the crash has been determined, but U.S. officials have ruled out terrorism from the beginning,’’ Choi Jeong-ho, the head of the ministry’s aviation policy bureau, said in a media br
Boeing 777 has record of only minor accidents

Jul 7, 2013

Asiana Airlines’ Boeing 777-200ER jetliner that crashed at San Francisco International Airport over the weekend has been assessed as a next-generation model.The passenger jet, which was introduced in the local market in 2006 as a subordinate model of the Boeing 777 series, has also been picked as one of several aircraft that ensure a high-level of passenger safety with few technical defects.“It has been seven years since the crashed model was manufactured. A jetliner with an operating age under
EV battery makers confront slow demand

IndustryJul 7, 2013

LG Chem, Samsung SDI and SK Innovation trudge on despite high costs, low demand
KB Financial ranks 68th in world

Jul 7, 2013

KB Financial Group ranked 68th on the list of the world’s 100 largest banks by core capital, the highest spot among local lenders, the Bank of Korea said Sunday.Citing the July edition of the London-based Banker magazine, the central bank BOK said a total of six Korean banks made the world’s top 100 list as of the end of 2012. The five other financial groups were KDB, Woori, Shinhan, Hana (plus Korea Exchange Bank) and NongHyup.KB Financial saw its core capital come to $19.2 billion at the end o
Return of weak yen casts cloud over Korean exports

Jul 7, 2013

With the weak yen trend expected to continue, local think tanks are issuing a negative outlook for exports for the second half of the year.“The rise in the yen against the dollar above the psychological mark of 100 last week, again in a month, is considered a trend among market watchers, not a temporary jump,” said Chung Sung-choon from the Korea Institute for International Economic Policy.The movement toward devaluation of the yen regained steam from the end of June when the global financial ma
Big firms’ owners earn W469b in dividends via unfair practices

IndustryJul 7, 2013

Owners of South Korean conglomerates and their family members have pocketed a total of 469 billion won ($411 million) in dividends over the past five years from affiliates owned by them, industry data showed on Sunday.Family-owned conglomerates, or chaebol, have been under fire in the country for their practice of granting profitable contracts to their affiliates owned by heads’ children or relatives in a bid to avoid paying gift taxes on future transfers of wealth.Previously, laws did not regul
Shares expected to rise on abated eurozone woes

Jul 7, 2013

South Korean stocks are expected to trade higher this week as the plan by the European Central Bank to maintain its economic stimulus moves will boost investors’ sentiment, analysts said.The benchmark Korea Composite Stock Price Index closed down 22.42 points, or 1.2 percent, to 1,833.31 on Friday from the previous week.Earlier last week, the KOSPI remained flat as investors took a wait-and-see approach on the rising concerns over the Chinese economy and listed firms’ second-quarter earnings.The
Korea’s economic recovery delayed: KDI

Jul 7, 2013

SEJONG (Yonhap News) ― South Korea’s economic recovery is being delayed with domestic demand and production still weak, a state-run think tank said Sunday in its latest assessment on the country’s current economic conditions.The report unveiled by the Korea Development Institute is based on already unveiled economic statistics, including those on industrial output, exports and facility investment. “The Korean economy’s recovery is delayed amid a slowdown in production and domestic demand,” the K
State bond sales hit record high in first half

Jul 7, 2013

Sales of state bonds reached a record high in the first half of the year as the government, facing a revenue shortfall, is preparing to increase economic stimulus spending, data showed on Sunday.According to the data compiled by the Korea Financial Investment Association, state bond sales amounted to 71.85 trillion won ($62.9 billion) in the January-June period, up 18 percent from a year earlier.The first-half increase in state bond sales also marks the sharpest gain since the first half of 2009
Samsung retains top slot in NAND flash memory market

Jul 7, 2013

Samsung Electronics Co., the world’s biggest computer memory chipmaker, held on to the top position in the NAND flash memory chip market in the first quarter of the year on the back of its cutting-edge technology, data showed on Sunday.According to the data compiled by market information provider iSupply, Samsung sold NAND flash memory chips worth $2.03 billion in January-March, accounting for 38.5 percent of the global market.NAND flash memory chips are used for smartphones and other mobile dev
Great Wall aims to be next Hyundai Motor

TransportJul 7, 2013

Wang Jiangwei recalls spending last summer sweating through a month of military drills conducted by Chinese People’s Liberation Army instructors. Wang isn’t a soldier; he’s a researcher at Great Wall Motor Co. His Baoding, China-based employer is so profitable, it generates a fatter margin than any listed carmaker in the world. Behind the success is chairman Wei Jianjun, who has built China’s biggest SUV maker with a leadership style that stands out for its emphasis on discipline and frugality.
Hyundai joins race to cut prices

TransportJul 7, 2013

Hyundai Motor on Sunday announced additional price cuts to its top-selling vehicles, including its Grandeur flagship sedan, as part of efforts to maintain its market dominance amid the increased presence of import brands here. In its latest round of price cuts, Hyundai plans to reduce the price tag of the Grandeur by 1 million won ($875) from Monday, with reductions for three others ― the i40, i40 Saloon and Veloster ― to be 300,000 won each, the carmaker said. The move comes after Hyundai’s mo
Grand Cherokee gives new class to SUVs

TransportJul 7, 2013

I dislike SUVs. That’s something I’ve realized test-driving a string of cars these past few months. First of all, they are physically challenging. I have to literally clamber up behind the wheel. Another reason I don’t like them is because I feel I’m about to scrape off the hood whenever I drive into an underground car park. Third and not least, because they are usually diesels, the loud purr of their engines really gets to me.But I must say, the Grand Cherokee from Jeep was a gamechanger. They
Asiana officials due in San Francisco to deal with jet crash

IndustryJul 7, 2013

Asiana Airlines Inc., South Korea's No. 2 flag carrier, said Sunday that it will dispatch a group of personnel to handle the aftermath of a crash landing of itspassenger jet in the United States. An Asiana Airlines flight from Seoul crashed and caught fire while landing at San Francisco International Airport on Saturday, killing at least two people and injuring dozens of others. The Boeing 777 plane, which departed from Incheon International Airport west of Seoul, was carrying 291 passengers
Fire breaks out at POSCO after explosion

IndustryJul 6, 2013

A fire erupted at a POSCO plant Friday evening after what appears to be a series of explosions at a blast furnace, witnesses and authorities said. No casualties were reported.Firefighters said the flames were brought under control in an hour.Witnesses reported seeing a big flame rising over the plant with what sounded like four to five explosions at around 8:50 p.m.Some said they felt the ground shake. A number of homes nearby reported broken windows.Company officials said high-temperature slag,