The Korea Herald

Hyundai to invest $1 billion in automotive material development

IndustryApr 29, 2013

Hyundai Motor Group on Monday announced a new investment plan worth 1.12 trillion won ($1 billion) as part of its efforts to elevate its competitiveness in next-generation automotive material development. The Korean auto giant, which owns the Hyundai and Kia brands, said it would build two factories that produce specialty steel and high-quality iron powder ― the two key materials used in vehicle engines and transmissions. The latest investment plan, the carmaker said, comes as a growing number o
BASF to set up R&D center for electronic materials in Korea

IndustryApr 29, 2013

BASF, the world’s largest chemical company, said Monday it would build a regional research and development center for electronic materials in Korea, a month after announcing it would move its Asia-Pacific headquarters for electronic materials business to Seoul.“The regional R&D center will be BASF’s first electronic materials R&D center in Korea and will serve the Asian region,” Shin Woo-sung, managing director of BASF Korea, said in a press conference.“When it comes to where to invest, there ar
Shinhan Financial reports weak first-quarter earnings

Apr 29, 2013

Shinhan Financial Group announced a 483.3 billion won ($436.6 million) net profit during the first quarter of this year. It was a 41.8 percent drop from a year earlier and a 54.8 percent increase from a quarter earlier.The quarterly operating profit fell 10.1 percent from the previous quarter due to the increase in loan losses, Shinhan said. The overall weak quarterly performance occurred among Shinhan’s bank sectors, which almost halved to 341.5 billion won from a year ago, with the group holdi
Seniors seeking part-time jobs surge in 2012

TechnologyApr 29, 2013

The number of job seekers aged 50 and above surged in 2012 from five years earlier, data showed Monday, as more baby boomers apparently seek new career opportunities after retirement.According to the data compiled by Alba.co.kr, a Seoul-based online job portal, the number of members aged 50 and above came to 20,831 in 2012, rising nearly eight-fold from 2,730 tallied in 2007.The number of members in their 20s and 30s advanced two-fold and four-fold over the cited period, respectively, the compan
Savings banks’ seized properties put up for auction

Apr 29, 2013

Expensive and rare goods once owned by South Korean savings banks were put up for a public auction on Monday as part of a liquidation process after they underwent a whirl of bankruptcies two years ago. The state-run Korea Deposit Insurance Corp. put up some 600 high-value items for auction that were seized from 26 savings banks that became insolvent between 2011-2012, according to the debt clearer.Such assets include real estate, expensive golf club memberships and foreign luxury cars whose appr
Woori offers new overseas stock trading service

Apr 29, 2013

Woori Investment & Securities Co. has launched its “Octo Global Installment-type Service,” which it touts as the fastest and easiest trading overseas stock service of its kind. The securities house has introduced the automatic trading service amid rising domestic popularity of trading overseas stocks and overseas exchange-traded funds.Exchange-traded funds, or ETFs, are a security that tracks an index, commodity or asset vehicles like an index fund, while trading on stock exchanges like a stock.
Current account surplus hits 4-month high in March

Apr 29, 2013

South Korea’s current account surplus widened to a four-month high in March as exports gained ground despite the yen’s weakness and the service account improved, the central bank said Monday.The current account surplus reached $4.98 billion in March, up from $2.71 billion the previous month, according to the Bank of Korea. The current account is the broadest measure of cross-border trade.The March reading was the largest since November last year, marking the 14th straight month of a surplus run.
NPS eyeing overseas assets for higher returns

Apr 29, 2013

The National Pension Service, the country’s pension fund operator, is gearing up to boost its overseas portfolio by increasing its investments in the global capital markets and alternative assets.Its move to further expand its overseas holdings comes as it seeks higher returns through diversification amid an increasing number of pension earners as Korea’s population rapidly ages.Its investments in stocks and bonds not only in advanced markets but also in emerging markets will be able to help the
FTC launches probe into Mercedes-Benz Korea dealer

Apr 29, 2013

South Korea’s antitrust watchdog has launched a probe into the largest dealer of Mercedes-Benz Korea, one of the major foreign car importers in South Korea, an industry official said Monday.The Fair Trade Commission carried out a written inquiry of Hansung Motor on whether the largest dealer and the second-largest shareholder of Mercedes-Benz Korea took unfair profits and disadvantaged other dealers of Mercedes-Benz Korea, the official said.Hansung Motor’s competitors have complained that they h
Law firms, foreign financial firms may face external audits

Apr 29, 2013

Regulators to expand accounting oversight to raise transparency, increase tax revenue
LGE begins sale of curved OLED TVs, first in the world

TechnologyApr 29, 2013

LG Electronics said on Monday that it will begin accepting pre-orders for its 55-inch curved OLED TVs in Korea to once again show that it intends to stay ahead of Samsung Electronics in terms of OLED technology. The announcement marks the first time that a Korean company, including Samsung, has commercialized both flat screen and curved OLED TVs. The flat screen OLED TVs have started to ship to local customers in February.Over 1,400 LG retail stores here have started to take orders on this day,
Seoul shares inch down on foreign selloff

Apr 29, 2013

South Korean stocks slid 0.2 percent Monday on foreign selling spurred by worse-than-expected quarterly growth in the United States, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 3.86 points to close at 1,940.70. Trading volume was light at 260.8 million shares worth 3.59 trillion won (US$3.23 billion) with losers outstripping gainers 426 to 374. "Investors stayed on the sidelines as there were no leads to drive u
SK Hynix to supply Samsung as early as June

TechnologyApr 29, 2013

SK Hynix chips to fill 20 percent of Samsung’s mobile demands
LG rolls out world's first curved OLED TV on home turf

TechnologyApr 29, 2013

Home appliance giant LG Electronics Inc. Monday released organic light-emitting diode (OLED) TVs with curved displays in South Korea for the first time in the world, staying ahead of a growing competition for the next-generation TV market. The revolutionary model with a 55-inch curved screen is seen to help LG widen a gap with its rival Samsung Electronics Co. and other global TV makers in the race for the burgeoning market, market watchers said. Usually, the images, when they are viewed on
Seoul shares down 0.36 pct late-morning trade

Apr 29, 2013

South Korean stocks traded 0.36 percent lower late Monday morning, led by losses in shippers an builders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 7.04 points to 1,937.52 as of 11:20 a.m. Hanjin Shipping plunged nearly 8 percent, with logistics firm Hyundai Glovis falling 2.7 percent, as concerns over global economic recovery worsened on lower-than-expected first-quarter growth rate of the United States. No. 1 builder Hyundai Engineering & Construction l