The Korea Herald

Online press firm to unveil more suspected offshore tax evaders

Jun 9, 2013

An independent online press company said Sunday it plans to unveil the list of 30 more South Koreans who are suspected of setting up shell companies in offshore tax havens to evade taxes.Since late May, the Korea Center for Investigative Journalism has released names of 18 high-profile South Koreans, including a son of a former president, who set up paper companies in tax haven regions for alleged tax evasion or stashing away slush funds.“We’ve identified additional names of 30 suspected Koreans
POSCO ranks 5th in global crude steel output in 2012

Jun 9, 2013

POSCO, South Korea’s biggest steelmaker, became the world’s fifth-largest crude steel producer in 2012, dropping by one notch from a year ago, data showed Saturday. According to data by World Steel Association, India’s ArcelorMittal retained its top ranking with 93.6 million tons of crude steel, followed by Japan’s Nippon Steel & Sumitomo Metal Corp. with 47.9 million tons. POSCO’s crude steel production came to 39.9 million tons last year, down from 39.1 million tons in 2011, it said. POSCO’s d
21 firms seek to be listed on new venture-driven market

Jun 9, 2013

South Korea’s bourse operator said Friday it has received applications from 21 firms wishing to be listed on the new Korea New Exchange market catering to smaller industry players.The Korea Exchange said 10 brokerage houses, which were selected as authorized supervisors in March to evaluate and supervise firms to be listed on the envisioned market, handed in the list of candidates on Friday. Slated to open on July 1, the KONEX market aims to foster growth of small and mid-sized firms, and add to
Stock assets of chaebol heads decrease nearly 7%

Jun 9, 2013

Stock assets owned by heads of South Korea’s top-10 conglomerates, or chaebol, have shrunk by nearly 7 percent this year due to the prolonged stock market slump, an online media site reported Sunday.According to Chaebul.com, shares owned by the chairpersons of the nation’s 10 largest conglomerates, excluding public corporations, were worth 25.6 trillion won ($22.91 billion) as of Friday, down 6.6 percent, or 1.8 trillion won, from the beginning of the year.Lee Kun-hee, the chairman of Samsung El
Shares likely to rebound late this week

Jun 9, 2013

South Korean stocks are expected to gain ground late this week after moving sideways early in the week before the central banks of South Korea and Japan hold their respective rate-setting meetings, analysts said. The benchmark Korea Composite Stock Price Index closed on Friday at 1,923.85, down 3.85 percent from 2,001.05 a week ago. Analysts said that if the Bank of Korea confirms its policy to boost up the ailing economy at its June rate-setting meeting slated for Thursday, the KOSPI will botto
Exports, trade surplus in tech products hit record highs

Jun 9, 2013

South Korea’s exports of tech products and its IT-related trade surplus rose to record highs in May as global demand for Korea’s smartphones and semiconductors remained firm, government data showed Sunday.Korea’s exports in tech products amounted to a record $15.15 billion last month, up 17.2 percent from a year earlier, according to data by the Ministry of Science, ICT and Future Planning and the trade ministry.The country’s trade surplus in the tech sector also hit an all-time high of $8.27 bi
Bibigo at the vanguard of hansik’s globalization

IndustryJun 9, 2013

Chief of CJ’s hansik brand calls for stronger government support to promote Korean food
SM5 TCE boasts more efficient power

TransportJun 9, 2013

Carmakers are devoting considerable resources today to engine downsizing and coaxing more power from fewer cylinders. In Korea where most local brands have yet to fully embrace the downsizing trend, Renault Samsung Motors aims to take the lead with the newly launched SM5 TCE. In its response to the push for efficient power, the Korean unit of France-based Renault Group has recently adopted a 1.6-liter engine in its best-selling midsize sedan SM5. It is the first time that a Korean carmaker has i
BMW unveils 3 Series Gran Turismo

TransportJun 9, 2013

BMW Korea said Friday that the 3 Series Gran Turismo would be sold in Korea starting July 1 following its Asian premiere at Seoul Motor Show in March. The BMW 3 Series Gran Turismo is a coupe-like four-door hatchback that is a split between a sedan and a wagon. Two models ― the new 320d Gran Turismo and the new 320d Gran Turismo Luxury ― are scheduled to hit the market next month. The high-riding sedans, similar in stance and style to the 5 Series Gran Turismo, feature a higher seating position
Patent office opens service center in New York

Jun 9, 2013

Amid the growing importance of intellectual property, the Korean Intellectual Property Office opened a special office in New York in an aim to help Korean companies respond to intellectual property protection issues overseas.The KIPO, jointly with the Korea Trade-Investment Promotion Agency, held the opening ceremony of a new Intellectual Property Desk, or IP-Desk in New York on Friday.Since 2006, the office has been running the IP-Desk system to provide Korean firms with intellectual property i
POSCO ranks 5th in global crude steel output in 2012

IndustryJun 8, 2013

POSCO, South Korea's biggest steelmaker, became the world's fifth-largest crude steel producer in 2012, dropping by one notch from a year ago, data showed Saturday.According to data by World Steel Association (WSA), India's ArcelorMittal retained its top ranking with 93.6 million tons of crude steel, followed by Japan's Nippon Steel & Sumitomo Metal Corp. with 47.9 million tons.POSOCO's crude steel production came to 39.9 million tons last year, down from 39.1 million tons in 2011, it said.POSCO
No tolerance on nuke corruption: P.M.

IndustryJun 7, 2013

In an attempt to appease the public’s anxiety and fury over corruption within the nuclear power business, the government pledged a “zero-tolerance response” to all those who were involved in the scheme.“We will track down all acts of irregularity and make sure that those who are found to be responsible face the due legal punishment,” Prime Minister Chung Hong-won said in a press briefing held at the Central Government Complex on Friday.The government’s three-step countermeasure plans will first
STX Pan Ocean files for court receivership

IndustryJun 7, 2013

STX Pan Ocean Co., the shipping unit of cash-strapped STX Group, said Friday that it filed for court receivership, dealing a further blow to the shipbuilding and shipping conglomerate which is currently facing a cash shortage.STX Group, the 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors.“We have faced a liquidity crisis due to mounting debts and losses that stem from falli
Woori sale open to foreigners: FSC head

Jun 7, 2013

The sale of Woori Finance Holdings is open to foreign investors as well, Korea’s top financial regulator said Friday, amid the government’s stern move to wrap up the long-pending privatization of the country’s largest banking group.Shin Je-yoon, the chairman of the Financial Services Commission, stressed that there is “no discrimination against foreign banks” concerning the sale.“We’ll announce the plan (of Woori sale) at the end of this month, and (we) don’t have any intention to discriminate (
Lee says it’s time to raise class, value of Samsung’s business

IndustryJun 7, 2013

Lee Kun-hee, chairman of Samsung Electronics, on Friday issued words of thanks to Samsung employees to mark the 20th anniversary of his “New Management Initiative,” and also reminded them it was time to take Samsung to the next level. “We have steadfastly walked this path with the vision of becoming the world’s best company, and now, your passion and dedication has put us at the global pinnacle,” Lee said in his message. “But if the past 20 years were spent achieving the great formation from qu