The Korea Herald

[Newsmaker] Lee takes helm of Woori Financial

May 23, 2013

The new leadership of Woori Financial Group, which is expected to take the initiative in privatizing the state-funded firm, will take over in the coming weeks.The group’s personnel affairs committee said Thursday that it nominated incumbent bank unit CEO Lee Soon-woo as the new chairman.At a news briefing, nominee Lee clarified that he would not always adhere to the past sale project of a block deal for the taxpayers’ money-injected financial group.He clarified that the group ― in coordination w
GS hires 2,500 contract workers as regular staff

IndustryMay 23, 2013

Conglomerate responds to government’ semphasis on corporate social responsibility
Samsung’s Galaxy S4 sales top 10 million

TechnologyMay 23, 2013

Samsung Electronics Co., the world’s top smartphone maker, said Thursday that global sales of its Galaxy S4 smartphones have surpassed the 10 million mark since its release in late April.The milestone comes 20 days faster than its predecessor, the Galaxy S3. It took seven months and five months respectively for the Galaxy S and Galaxy S2 to reach the milestone, Samsung said.Samsung said it has released the device in 60 countries, and plans to expand sales of the latest of its Galaxy smartphone l
LG Display keeps lead in large LCD panel market

IndustryMay 23, 2013

South Korean display giant LG Display Co. kept its dominant position in the market for liquid crystal display panels that are 9.1 inches or larger in the first quarter, data showed Thursday.Shipments by LG Display reached 44.6 million units in the January-March period, accounting for 27.2 percent of a total 164 million units shipped globally, according to the data by market researcher DisplaySearch. The large LCD panels are usually used for computer monitors, laptop computer screens and TVs.LG D
SK Telecom opens mobile library for the blind

IndustryMay 23, 2013

SK Telecom said Thursday it would open its mobile voice content service to all visually impaired users of smartphones irrespective of their mobile carriers.The mobile library application, jointly developed by SK Telecom and the Korea Blind Union, offers an audio service that reads books, news, magazines and useful information for the blind.The app has been available for only SK Telecom users so far, but will be open to users of other carriers as well.Any smartphone user can download the app from
All-new Lincoln MKZ launches in style

IndustryMay 23, 2013

The all-new Lincoln MKZ made its Asian debut in Korea on Thursday with Ford Sales and Service Korea saying at the vehicle’s launch in trendy Cheongdam-dong that it would set new standards for premium sedans.“A robust market response is anticipated for the all-new Lincoln MKZ, which will set the new standard for premium sedans for our era,” said Jung Jae-hee, president and CEO of Ford Korea. Fitted with a standard 2.0-liter, four-cylinder EcoBoost engine delivering the performance of a 3.5-liter
Daewoo International to start sales of gas to China

May 23, 2013

Daewoo International, a trading arm of POSCO, said Thursday it would start sales of natural gas, which will be produced from June in its two offshore gas blocks in Myanmar, to China. The company has explored natural gas in the A1 and A3 offshore blocks, Kyauk Phyu, Myanmar, since 2000 with a 51 percent stake. The produced gas will be sold to the China National Petroleum Corporation and the gas will be transferred to inland China from Myanmar through a 800km-long pipeline, which will be completed
LS to supply equipment, parts for HVDC project

IndustryMay 23, 2013

LS Industrial Systems Co., a leading South Korean manufacturer of electric components, said Thursday that it will provide equipment and parts for the country’s ambitious high-voltage direct current project.Last year, state-run Korea Electric Power Corp. set up a joint venture with Alstom to secure the French power equipment maker’s HVDC technology, a top-tier power transmission technology.The joint venture will carry out the HVDC project aimed at stabilizing power supply and demand in the countr
Volkswagen’s Polo hatchback sells briskly in Korea

IndustryMay 23, 2013

Volkswagen Korea, the local importer of Germany’s Volkswagen Group, said Thursday it has sold more than 300 units of the Polo hatchback in less than a month after its debut in South Korea.Volkswagen Korea introduced its latest model in South Korea on April 25 to broaden its hatchback portfolio.The brisk sales are expected to help the importer achieve its goal of selling 2,000 units of the 1.6-liter Polo hatchback by the end of this year.A Volkswagen Korea official attributed the popularity to th
Hyundai Mipo bags $300m in orders for ships

IndustryMay 23, 2013

Hyundai Mipo Dockyard Co., a South Korean shipbuilder, said Thursday that it has recently clinched a combined $300 million worth of orders to build 10 vessels, including seven chemical carriers.Hyundai Mipo, a unit of the country’s leading shipbuilder Hyundai Heavy Industries Co., did not give specifics on the terms of the deals and reveal the names of the buyers.In March, the shipbuilder also secured a massive shipbuilding deal valued at 315 billion won to construct four vessels as well.Hyundai
Korea seeks to host more regional offices

IndustryMay 23, 2013

Ministry set to implement package of incentives to draw multinational companies to Korea
Won falls 1.3% against dollar on Fed exit woes

May 23, 2013

The South Korean currency fell 1.3 percent against the U.S. dollar on Thursday as remarks by the head of the Federal Reserve on possible reductions in bond purchases spurred demand for the greenback, dealers said.The local currency closed at 1,128.70 won per the greenback, down 14.70 won from Wednesday’s close.It marked the weakest level since April 12 when the Korean won hit 1,129.10 against the dollar. It also was the sharpest daily fall since May 10.Market watchers said that the dollar gained
Korea seeks to balance books by 2017

IndustryMay 23, 2013

South Korea will try to balance its books in 2017, the country’s top economic policymaker said Thursday, as Asia’s fourth-largest economy runs a budget deficit for an economic recovery.The National Assembly passed a 17.3 trillion won ($15.8 billion) extra budget earlier this month to revitalize the economy amid lackluster exports and weak domestic demand.In March, the government slashed its growth outlook for this year to 2.3 percent from the 3 percent predicted in December.“We plan to balance t
Banks’ foreign exchange turnover hits 4-year high

IndustryMay 23, 2013

Foreign exchange turnover by banks in South Korea grew by the most since the 2008 global financial crisis in the first quarter on foreigners’ bond investment and exporters’ sale of FX forward deals, the central bank said Thursday.The daily foreign exchange turnover averaged $49.2 billion in the January-March period, up 14.7 percent from three months earlier, according to the Bank of Korea.The first-quarter data marked the largest volume since $50.6 billion in the third quarter of 2008.The BOK sa
Household credit dips most in 4 years in Q1

IndustryMay 23, 2013

South Korea’s household credit declined by the largest amount in four years in the first quarter as card spending remained sluggish amid the economic slowdown, the central bank said Thursday.Household credit totaled 961.6 trillion won ($856.5 billion) as of the end of March, down 2.2 trillion won from three months earlier, according to the Bank of Korea.In the fourth quarter, household credit rose 23.1 trillion won on-quarter to a record high 963.8 trillion won. The on-year growth of household c