The Korea Herald

Toyota Korea CEO named honorary chief of Seoul Zoo

IndustryJul 3, 2013

Toyota Motor Korea said Wednesday that its CEO Tommy Nakabayashi has recently been named the first honorary chief of Seoul Grand Park Zoo in Gwacheon, Gyeonggi Province. According to company officials, the Korean chief of Toyota will carry out activities regarding the protection of wild animals and improving customer services at the zoo for the next year. In February last year, Toyota Korea officially pledged to support the zoo’s activities aimed at conserving wild animals in danger of extinctio
JTI to hold senior writing competition

Jul 3, 2013

Japan Tobacco International announced on Wednesday that it will hold its fourth national writing competition for senior citizens in Korea.This year’s literary contest awards great works in two literary genres ― poetry and essay ― with the theme “elderly lives of wisdom.” The annual JTI Elderly Literary Award was first held in 2010 to proliferate the “new senior culture” of creativity and independence. The application period runs from Aug. 1 through Oct. 15, with the results to be announced Nov.
Going green with dome houses

Jul 3, 2013

Eco-friendliness is becoming an important trend in the construction industry. World Dome House Co. CEO Shin Jong-ho has come into the limelight for his company’s dome-shaped “passive houses,” which help keep warmth in and maintain the temperature.“The dome-shaped structure blocks the outside air but makes the inside air flow well and circulate, therefore homeowners can save on air conditioning and heating costs,” said CEO Shin. Along with the structure, the materials the company uses help keep t
Faster network draws ‘phablet war’

TechnologyJul 3, 2013

As the world’s top two smartphone makers, Samsung Electronics and Apple Inc., continue to vie for a larger share of the global mobile device market, the next battle is expected to focus on “phablets,” according to industry officials.With the commercialization of the LTE-Advanced network ― which can provide up to double the connection speed of the existing Long Term Evolution technology ― the two electronics giants are expected to release their latest handheld devices built for the faster network
Is TSMC’s tech good enough for Apple?

TechnologyJul 3, 2013

Experts skeptical over whether Taiwanese foundry can meet Apple’s standards
Seoul shares close 1.64 pct lower on weak yen

Jul 3, 2013

South Korean stocks closed 1.64 percent lower Wednesday as the Japanese currency resumed its downtrend against the greenback, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 30.36 points, or 1.64 percent, to close at 1,824.66. Trading volume was moderate at 399.8 million shares worth 3.65 trillion won (US$3.19 billion) with losers outpacing gainers 633 to 195. Analysts said the decline came as the yen-dollar exchang
Samsung, SK Hynix signs cross-licensing deal

TechnologyJul 3, 2013

Samsung Electronics and SK Hynix, the world’s top two memory chip makers, on Wednesday said they have signed a cross-licensing deal, significantly reducing the possibility of intellectual property feuds between the two.The contract, which reportedly had been in progress for a couple of years, will allow them to share technology on semiconductors for an unspecified amount of time so they can spend more time and effort on technological advancement. The pair also will be able to form a united front
Seoul shares down 0.93 pct in late-morning trade

Jul 3, 2013

South Korean stocks traded 0.93 percent lower late Wednesday morning as the Japanese yen resumed its downtrend, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 17.22 points to 1,837.80 as of 11:20 a.m.Tech blue chips led the market decline, with leading Samsung Electronics losing 1.72 percent and its rival LG Electronics moving down 2.73 percent.Builders also traded lower, with Hyundai Engineering & Construction falling 2.11 percent and Daewoo Engineering & Constructio
Seoul shares open higher on shipbuilders, techs

Jul 3, 2013

South Korean stocks opened higher Wednesday on gains in shipbuilders and technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.79 points, or 0.15 percent, to 1,857.81 in the first 15 minutes of trading.Shipbuilders gathered ground, with Samsung Heavy Industries advancing 0.56 percent and Daewoo Shipbuilding & Marine Engineering moving up 0.39 percent. Leading carmaker Hyundai Motor added 0.7 percent.Tech shares mostly traded bullish, with SK hynix climb
S. Korea's FX reserves fall by most in 13 months in June

Jul 3, 2013

South Korea's foreign exchange reserves fell by the largest amount in 13 months in June due to repayment of maturing currency stabilization bonds and a stronger U.S. dollar, the central bank said Wednesday.The country's foreign reserves reached US$326.44 billion as of end-June, down $1.66 billion from a month ago, according to the Bank of Korea (BOK).The FX reserves fell by the most since May last year when they declined by $5.97 billion. The June data also marked the lowest level since November
S. Korean farmers hold massive rally against FTA with China

Jul 2, 2013

Thousands of South Korean farmers and fishermen rallied Tuesday to oppose a potential free trade deal with China as the two countries kicked off a new round of negotiations to tear down trade barriers between two of Asia's biggest economies.An estimated 3,200 protesters from across the country attended the rally in front of the BEXCO convention center, a few kilometers from the negotiation venue in this southeastern port city of Busan.The organizers put the number of participants at about 6,000.
LG to discuss business cooperation with BMW

IndustryJul 2, 2013

MUNICH, Germany ― LG Group executives including LG Electronics' chief Koo Bon-joon are planning to meet BMW officials on the carmaker’s home turf in Munich, sources said. Flanked by the heads of LG’s European offices, this group of top LG officials will reportedly sit down for a face-to-face with executives from BMW headquarters on Thursday in a bid to supply LG’s automobile-related parts to the premium German carmaker. The situation recalls when Samsung Group’s heir apparent Lee Jay-yong previo
[Graphic News] Korea’s trade balance in H1

Jul 2, 2013

Korea’s exports dropped for the first time in four months in June, indicating that the nation still faces external economic uncertainty amid the global slowdown. (Source: The Trade Ministry)
Korea softens chaebol regulations

IndustryJul 2, 2013

National Assembly passes revised bill of transactions between conglomerates and subsidiaries
Hyundai Motor chief to donate W100 billion

IndustryJul 2, 2013

Hyundai Motor Group said Tuesday that chairman Chung Mong-koo plans to donate roughly 100 billion won ($90 million) out of his own pocket to offer more benefits to young, talented students from underprivileged families.According to the Korean auto giant, Chung plans to sell off all his 20 percent shares in Hyundai Innocean, the carmaker’s advertising unit, to donate to the Chung Mong-koo Foundation, a charitable foundation that he funds. Industry watchers say that the unlisted stocks Chung owns