The Korea Herald

Korea sets sights on regional oil hub

IndustryJun 24, 2013

Korea completed the construction of the nation’s largest oil tank terminal in Yeosu, South Jeolla Province, on Monday, as part of its goal to become a Northeast Asian oil hub.As part of the goal, the state-run Korea National Oil Corp. has led oil tank terminal construction projects in Yeosu and Ulsan since 2008, both of which have leading petrochemical industrial complexes near the tank terminal sites. “The Yeosu tank terminal completed the construction in March this year of 36 tanks whose crude
Samsung, Daewoo vie for $5.6b Russian order

IndustryJun 24, 2013

Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are fiercely vying for Russia’s mammoth project to build 16 LNG carriers, industry sources said on Monday.The nation’s major shipbuilders were selected as preferred bidders for Russia’s gas carrier project scaled at $5.6 billion, according to the sources.The Yamal project is led by Russia’s largest independent natural gas producer Novatek and France-based global oil and gas supplier Total.The Korean firms gained the upper hand
European firms need right mix of skills

Jun 24, 2013

ECCK secretary-general vows to act as strong voice for European businesses in Korea
LIG Nex1 targets overseas market

IndustryJun 24, 2013

Defense equipment maker forms strong global network with about 40 countries
RE/MAX Korea to offer property consulting

IndustryJun 24, 2013

RE/MAX Korea aims to revolutionize the nation’s real estate market with its advanced consulting know-how, company officials said.The real estate consulting agency was established in May by Wide Partners Co. in Korea and RE/MAX, the world’s top property consulting company. Established in 1973, the U.S.-based real estate franchise company RE/MAX entered the Korean market in 2012. It has a wide overseas network, with more than 7,000 offices in 90 countries.“We will work on creating a new paradigm a
Ssangyong undeterred by fraud allegations

IndustryJun 24, 2013

Ssangyong Motor has once again dismissed allegations that it sought to lay off employees by rigging its financial statements in 2009. The carmaker pledged to increase its focus on continuing recent sales momentum. Some opposition lawmakers and labor groups have claimed that Ssangyong fabricated its financial statements and omitted its assets to build up artificial factors, leading to large-scale restructuring when the company was placed under court receivership four years ago. Although the court
Korea, Japan decide not to extend currency swap

Jun 24, 2013

South Korea and Japan have decided not to extend the soon-to-be-expired won-yen swap facility worth $3 billion in currency, officials said Monday.Korea's central bank said that it and its counterpart in Japan have reached a decision to end the bilateral swap line, which is due to expire on July 3.South Korea and Japan signed a swap deal worth $13 billion in 2008 to better prepare for the global financial crisis. They expanded the swap line temporarily to $70 billion in 2011. Under the deal, Seou
Seoul shares fall 1.31 pct on lingering Fed woes

Jun 24, 2013

South Korean stocks closed 1.31 percent lower Monday, as lingering angst over a gradual end of the U.S. easy-money policy continued to sap investor sentiment, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) sank 23.82 points to finish at 1,799.01. Trading volume was light at 216.6 million shares worth 3.11 trillion won ($2.69 billion) with decliners far outstripping gainers 613 to 203. "Foreigners again opted to offlo
Seoul shares down 0.61 pct in late-morning trade

Jun 24, 2013

South Korean stocks traded 0.61 percent lower late Monday morning, led by large-cap auto and tech losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.19 points to 1,811.64 as of 11:20 a.m.Kia Motors, the smaller affiliate of Hyundai Motor, shed 0.7 percent, with auto-parts maker Hyundai Mobis losing nearly 2 percent. SK hynix, a leading chipmaker, also dipped more than 2 percent. But shares of Samsung Electronics, the top-listed firm, continued to trade in posi
Seoul shares open lower on lingering policy woes

Jun 24, 2013

South Korean stocks began lower Monday as lingering policy woes from a possible end of the U.S. monetary easing dampened investor sentiment, analyst said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.32 points, or 0.46 percent to 1,814.51 in the first 15 minutes of trading. Domestic-driven shares lost ground, with top mobile carrier SK Telecom slumping more than 3 percent and state-run gas provider Korea Gas dipping nearly 3.5 percent. Top-cap Samsung Electronics bucked up gain
S. Korea, Saudi Arabia seek to boost cooperation on nuclear energy

Jun 24, 2013

South Korea and Saudi Arabia sought to boost their cooperation in nuclear energy Monday in a meeting attended by their energy ministers."The nuclear technology advanced by South Korea will be of a great help to Saudi Arabia in its project to build nuclear power plants," Seoul's Energy Minister Yoon Sang-jick said, according to the Ministry of Trade, Industry and Energy.Saudi Arabia, the world's largest supplier of petroleum, plans to build up to 16 nuclear reactors by 2032 as a way of diversifyi
Seoul to strengthen coordination with G20 to curb risks

Jun 23, 2013

Vice finance minister dismisses possibility of massive capital outflow
[Graphic News] Number of sex crimes

Jun 23, 2013

A report from Statistics Korea showed that sexual crimes including rape are increasing in Korean society.
Scoot Airlines fast rising in budget carrier market

IndustryJun 23, 2013

CEO says it focuses on medium-distance flights and leisure-oriented travelers
Samil PwC names first foreign partner

Jun 23, 2013

Daniel Fertig, 35, has been named a partner at Samil PricewaterhouseCoopers, the largest accounting service firm in Korea and part of the PwC global network. His work as partner begins on July 1.The British chartered accountant is the first foreigner to be admitted as partner of any of the big four accounting firms in Korea, the company said. Fertig transferred to Korea from PwC’s London office in 2006.His main role involves working with large Korean companies seeking to start or expand global o