The Korea Herald

[Graphic News] Average smartphone now less than $300

Jun 17, 2013

The average selling price of smartphones worldwide dropped below $300 for the first time, according to data released Monday by Strategy Analytics.The average price for a smartphone in the first quarter of this year marked $299, down from $342 and $333 in the same quarter in 2011 and 2012, respectively.Aside from the fourth quarters of 2011 and 2012, the average price has been on a downward trend since early 2011.The data suggested that increasing numbers of smartphone users in China, India, Braz
[Power Korea] Incheon Airport seeks next big leap

IndustryJun 17, 2013

Incheon International Airport was named again this year the “world’s best airport” by the Airports Council International ― for the eighth time in a row. Since the non-profit association of some 1,700 global airport operators started announcing the top honor back in 1993, the Korean airport is the only one that has enjoyed such success. Despite the growing presence of Asian rivals such as Singapore and China, Incheon outperformed them again in service quality, which is evaluated by users all thro
[Power Korea] Korea aims to export airport infrastructure

Jun 17, 2013

Hope that a Korean consortium, led by the Incheon International Airport Corp., could win the first deal to build an international airport overseas this month is rising as the government is developing a package of programs to support the deal.Backed up by its global brand power, the IIAC partially exported its know-how to Russia, the Philippines, Nepal, Cambodia and Indonesia, but has not yet exported a full package deal, which includes construction of an airport, terminals and operational system
Insurers eye Asian pension markets

Jun 17, 2013

Kyobo Life chief predicts insurance firms will play significant role in aging society
Seoul set to enforce energy saving measures

Jun 17, 2013

Amid daily possibilities of a power shortage, the country will begin enforcing a set of measures this week aimed at reducing its use of electricity, the government said Monday.Starting Tuesday, all public offices will be required to maintain their indoor temperatures at 28 degrees Celsius or above, with all commercial buildings also required to keep their temperatures at 26 degrees or above, according to the Ministry of Trade, Industry and Energy.The move comes as the country was forced to shut
Saudi Arabia studies Korea’s spatial information system

Jun 17, 2013

The Ministry of Land, Infrastructure and Transport is to share its expertise in spatial information management with the Saudi Arabian government.Civil servants of the Mecca city office will be visiting Korea this week to take educational sessions on spatial information technology, according to officials on Monday.During the two-day course, the ministry will give a presentation on how to computerize information on underground facilities and to run an information platform on spatial information.“T
Gucci invites customers to ‘Artisan Corner’

IndustryJun 17, 2013

Gucci on Monday said it will operate an “Artisan Corner” at four of its stores in Korea in an effort to reach out to the public. Between June 22 and July 5, the Italian luxury brand will invite its master artisans to the stores to demonstrate how Gucci’s top totes and bags, such as the New Jackie, New Bamboo, Soho and Emily, are produced. The demonstration will exactly replicate Gucci’s leather factory in Florence, Italy, the company said. The products made through this process will be put on sa
Korean entertainment market ranks 7th in world

IndustryJun 17, 2013

The global market share of the Korean entertainment and media industry ranked seventh in the world last year, according to consulting firm PwC on Monday.Although Korea’s share stood at 2.8 percent of the world’s E&M industry with revenue of $45.1 billion, it is growing faster than those of the U.S. and Japan. Compared to the previous year, the Korean share increased 7.4 percent, while the average growth rate was 5.1 percent. Meanwhile, China and Brazil were the only countries that showed a faste
Top conglomerates’ workforce up 24.9% in 2012

Jun 17, 2013

South Korea’s top 30 conglomerates saw their employees grow 24.9 percent in 2012 from four years earlier excluding gains from merger and acquisition deals, data showed Monday.The combined number of employees at the country’s top 30 business groups came to 1.12 million last year, rising 209,899 from 842,156 tallied in 2008, according to the data by a financial information provider Chaebul.com.CJ Group, a local food and entertainment conglomerate, saw the number of its employees reach 46,271 in 20
Listed firms’ ability to repay debts improves

Jun 17, 2013

The ability of South Korean listed companies to pay back their debts improved in the first quarter of this year due mainly to an increase in operating profits, data showed Monday.The average interest coverage ratio of 569 firms listed on the main bourse came to 4.45 in the January-March period, compared to 3.83 tallied a year earlier, according to the data compiled by the Korea Exchange.The ratio, or a firm’s operating profit divided by its interest costs, measures the company’s ability to pay i
Shares down on policy woes

Jun 17, 2013

South Korean stocks fell 0.32 percent Monday as investors took a wait-and-see approach on the United States Federal Open Market Committee meeting slated for this week, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 6.14 points to close at 1,883.10. Trading volume was low at 258.6 million shares worth 3.19 trillion won ($2.83 billion) with losers outpacing gainers 594 to 221.On Thursday, the index fell below the 1,900-point ma
[Photo News] Protest against corporation-bashing bills

Jun 17, 2013
Korean employees need more balance between work and personal life

BusinessJun 17, 2013

“Facing tension-filled Korean workplace culture, management ought to lead the way to implement a new culture where workers enjoy their work.”It has been already two years since I was appointed as a general manager for Heineken Korea. The Korean alcoholic drinks industry can be also deemed one of the most dynamic and fiercely competitive markets in the world. Although it is arguably the toughest job to establish our brand in Korea, where the presence of local brands has long been immensely powerf
Rhodia grows with rising demand for high-tech tires

BusinessJun 17, 2013

CEO says Korean unit is struggling to catch up with rising global demand
Diageo appoints new Korean CEO

IndustryJun 17, 2013

Diageo, a global whiskey maker, said Monday that it has appointed Cho Kil-soo as the new chief executive of its Korean unit.He will replace Kim Jong-woo, who has held the top position since 2007.Cho previously held an executive position at Johnson & Johnson’s Asia-Pacific strategic sales division before joining the maker of the renowned Johnnie Walker and Windsor whiskey brands.He also worked at Nestle and Kellogg. (hkp@heraldcorp.com)