The Korea Herald

Korea seeks global cooperation to investigate tax haven companies

Jun 7, 2013

Korean financial and tax regulators are calling for global cooperation to track and clamp down on companies or wealthy individuals suspected of hoarding unreported funds in their accounts via paper companies in tax havens.Korea’s Financial Supervisory Service Gov. Choi Soo-hyun told reporters that the regulatory body was seeking cooperation with the U.S. Financial Crimes Enforcement Network, a unit of the Department of the Treasury, to use its extensive database and share tax-related information
Lee marks new start for Samsung’s ’New Management’

TechnologyJun 7, 2013

By Kim Ji-hyunLee Kun-hee, chairman of Samsung Electronics, on Friday issued a statement thanking Samsung employees to mark the 20th anniversary of his "New Management Initiative." He also reminded them it was time to take Samsung to the next level. "Twenty years ago, we dreamed of becoming a world-class company and have been striving relentlessly to reach that goal ever since. Now, thanks to your dedication and passion, we stand tall as a leading global company," Lee said in a statement.In look
Up to 21 firms seek listing on new bourse

IndustryJun 7, 2013

From news reports Up to 21 companies wishing to be listed on the new Korea New Exchange (KONEX) market for the smaller industry players submitted their applications, the nation's bourse operator said on Friday. The Korea Exchange (KRX) said that 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.The KONEX was another effort to help foster SMEs and also expand the KRX's
Prosecution issues warrant for CJ exec

IndustryJun 7, 2013

From news reports The prosecution on Friday said it has issued an arrest warrant for a CJ Group executive for tax evasion amid the ongoing investigation in the food and entertainment conglomerate.The executive is the vice president of the Hong Kong-based animal feed subsidiary of CJ Group, CJ Global Holdings, surnamed Shin. He is seen to have played a critical role in managing and laundering a massive slush fund for the embattled CJ Group Chairman Lee Jay-hyun.The prosecution has indicated it wo
Korea's Q1 economic growth revised down to 0.8 percent

Jun 7, 2013

The South Korean economy grew slower than earlier forecast in the first quarter as consumer spending remained subdued and export growth slowed amid the yen's slide to the won, the central bank said Friday.Korea's gross domestic product (GDP), the broadest measure of economic performance, grew a revised 0.8 percent in the January-March period from three months earlier, down from a previous estimate of 0.9 percent on-quarter expansion, according to the Bank of Korea (BOK).The first-quarter reading
Foreign car brands set 2nd sales record since April

IndustryJun 6, 2013

The import automobile industry has broken its all-time sales record for the second consecutive month this year.After attaining record figures in April, foreign carmakers saw their combined sales come to a fresh high of 13,411 units in May, the Korea Automobile Importers and Distributors Association said Thursday.Data from the foreign automakers’ lobby KAIDA showed that the import brands’ May sales surpassed the April tally of 13,320 units. Their sales have continued to climb since January ― to 1
Demand for gold, W50,000 notes soaring

Jun 6, 2013

Demand for gold and 50,000 won banknotes is soaring after the Park Geun-hye government’s vow to tax the underground economy, data showed on Thursday.According to Yonhap News, which compiled data from the Bank of Korea and some financial institutions, the amount of 50,000 won banknotes in circulation as of April reached 35.52 trillion won ($31.83 billion). During the first four months of this year alone, the amount increased by 3.76 trillion won. It is almost double the increase from the same per
[Graphic News] U.S. marks record trade gap with Korea

Jun 6, 2013

The United States’ monthly trade deficit with Korea widened to a record high in April, raising the possibility that Washington may face calls for measures to supplement the year-old free trade agreement between the two countries.According to a report from the U.S. Department of Commerce, Washington imported Korean products worth $5.58 billion and exported goods worth $3.27 billion to Seoul in that month.The United States’ combined trade deficit with Korea from January to April amounted to $6.98
Samsung seeks supremacy in new businesses

IndustryJun 6, 2013

SDI secures edge in EV batteries; SDS aims to see 40 percent sales abroad
Samsung celebrates anniversary with shared growth and resolution

IndustryJun 6, 2013

Samsung on Friday celebrated the 20th anniversary of the New Management Initiative issued by Samsung Electronics chairman Lee Kun-hee to spur the company into a world-class corporation.But the way it chose to do so was in a quiet manner, choosing to hold a forum, the “Samsung Innovation Forum,” to take a look back in history, to the time of the initiative, and to give Samsung employees a chance to gather together and bond.This is why in addition to the forum, Samsung employees held a three-day w
Samsung looks to another successful 20 years

IndustryJun 6, 2013

World’s top smartphone and memory chip maker celebrates 20th anniversary of ‘Frankfurt Declaration’
STX Pan Ocean at crossroads for survival

Jun 6, 2013

Board members to choose emergency remedies like court receivership
Competition for KB Kookmin Bank presidency heats up

Jun 6, 2013

As KB Financial Group picked Lim Young-rok as its new chairman on Wednesday, attention is being paid to who will head the nation’s No. 2 bank under the financial group.KB Kookmin Bank president and CEO Min Byong-deok offered to resign from the post after running unsuccessfully for the chairmanship.Currently, KB Kookmin Card CEO Choi Gi-eui, KB Financial Group vice president Yoon Jong-kyu and KB Kookmin Bank vice president Kim Ok-chan are the strongest candidates for the top post, bank sources sa
Ex-vice finance minister tapped as NH Financial chairman

Jun 6, 2013

Nonghyup Financial Group said Thursday that the group has named former senior government official Lim Jong-ryong as its chairman.Lim’s chairmanship will go through final verification the following day at the board of directors’ meeting, the group said. Lim, 54, served as the vice minister of the Ministry of Strategy and Finance in April 2010, before leading the Prime Minister’s Office from September 2011. Despite concerns about the group’s general exclusiveness for outsiders, NongHyup Financial
Middle East market still attractive to Korean firms

Jun 6, 2013

Despite the rise of Southeast Asia, the Middle East market is still big, important and rich enough to attract Korean firms, especially medium-sized ones seeking to expand their business overseas, according to a senior partner of a top Arabic law firm.“The business potential in the United Arab Emirates is very much ongoing,” Stephen Forster, a partner at Al Tamimi, the largest and the most influential law firm in the Middle Eastern region, told The Korea Herald.The senior lawyer, who is also the