The Korea Herald

[Graphic News] Music digitalization bodes well for K-pop

IndustryApr 2, 2013

The music industry reported global sales growth last year for the first time since 1999 on rising online sales, prompting analysts to paint a rosy picture for the K-pop industry.The increase, 0.3 percent, was minimal, and the total revenue of $16.5 billion was nothing comparable to its peak of $38 billion over a decade ago, figures reported by the International Federation of the Phonographic Industry showed.But the digital revolution, which appeared to be killing the music industry with rampant
Korea’s heavy reliance on trade persists

Apr 2, 2013

Trade continued to surpass 100 percent of Korea’s gross national income for the third straight year, making the country vulnerable to external macroeconomic factors.Trade in proportion to GNI, the total value of income generated by Korean nationals domestically and abroad, stood at 112.7 percent in 2012, similar to 112.9 percent in 2011, according to data by the Bank of Korea and the Ministry of Trade, Industry and Energy.In 2010, the ratio reached over 105 percent.This led to Korea becoming the
Banks slash deposit rates below 3%

Apr 2, 2013

Lenders strive to attract big borrowers, while depositors lose popularity
Hyundai Rotem wins 1 trillion won deal in India

IndustryApr 2, 2013

Hyundai Rotem, a local train maker affiliated with Hyundai Motor Group, said Tuesday that it recently won India’s largest-ever train project worth about 1 trillion won ($900 million). The company is to deliver a total of 636 trains by 2017 to the state-run Delhi Metro Rail Corporation for the city’s two new subway lines, Nos. 7 and 8. The competition to win the lucrative deal was fierce, with global big names such as Canada’s Bombardier, France’s Alstom and Germany’s Siemens heating up the race.
Ssangyong escapes capital impairment

IndustryApr 2, 2013

Ssangyong Engineering & Construction narrowly escaped total capital impairment status but should improve its financial condition by the end of the second quarter to avoid shutdown by the local stock market, company officials said Tuesday.The troubled builder said through a public announcement on Monday that it submitted a report to the nation’s stock trader Korea Exchange, proving that it was bailed out of its capital impairment.Boosted by the creditors’ debt-to-equity swap program, the company’
ICT Ministry opens first global forum

TechnologyApr 2, 2013

The Ministry of Science, ICT and Future Planning said Tuesday that it held its first international meeting in preparation for the plenipotentiary conference of the International Telecommunication Union in Busan in 2014.The meeting, attended by 100 representatives from 38 member countries in the Asia-Pacific region, was the initial step to gain global ICT leadership, according to ministry officials. It was also recorded to be the first global gathering organized since the launching of the new min
Hyundai Oilbank tops in operating profit

IndustryApr 2, 2013

Hyundai Oilbank, the nation’s fourth-largest oil refinery, was the best performer among its competitors in the first quarter of this year, data from the Financial Supervisory Service said Tuesday. According to the data, operating profit of Hyundai Oilbank, an affiliate of Hyundai Heavy Industries, fell 43.3 percent to 307 billion won ($269 million) from the same period a year ago. At a glance, the company seems to be seeing an earnings shock, but three other top oil refineries ― SK Innovation, G
Foreign residents eligible for debt relief program

Apr 2, 2013

Foreigners and multicultural families residing in South Korea are likely to become eligible to receive the same benefits as South Korean citizens under the government’s new debt restructuring program, an official at the nation’s financial regulator said Tuesday.“The National Happiness Fund wouldn’t reject applicants based on nationality,” said an official at the Financial Services Commission, adding that, “our program will not discriminate against foreign debtors simply because of their country
Foreigners’ stock purchase peaks in March

Apr 2, 2013

Overseas investors’ net buying of shares of KOSDAQ-listed companies recorded an 8-moth high in March the Korea Exchange said Tuesday. Foreigners’ net purchase of KOSDAQ shares continued for three consecutive months, from January to March 2013, the public stock exchange’s data showed. The foreigners’ net purchase particularly shot up between January and February, from 26 billion won ($23.4 million) to 348.7 billion won. Both the new government’s expanded subsidiary budget for small and medium exp
Samsung Corning dividends beat net profit

IndustryApr 2, 2013

Samsung Corning Precision Materials handed out stock dividends that were almost double the net profit of the company last year, industry sources said this week.In 2012, the maker of display and electronics materials recorded an annual net profit of 1.35 trillion won, down by almost 40 percent from the previous year. Sales were at 3.2 trillion won, down approximately 30 percent on-year. Despite the sluggish performance, shareholder dividends for last year stood at 2.1 trillion won, double the net
Russian transport project led by RZD seeks Korean investors

IndustryApr 2, 2013

55 major transportation hubs to be built in Moscow offer business chance for Korean companies
HR management in low-growth period

Apr 2, 2013

Concerns are rising that low global economic growth will persist for a long time. Even if a lengthy trough does not materialize, a robust rebound cannot be expected soon. Under these circumstances, corporate management is under heavy pressure to keep costs in check, raise productivity and secure new growth engines. For Korean companies, where labor productivity is just 49 percent of that of the U.S., these tasks are especially challenging. To succeed, they will need to reshape how they handle th
Companies battle to be brides’ best buy this spring

Apr 2, 2013

Couples prioritize price and trendiness in selecting home appliances, furniture for their first home
KOMIPO opens 2nd school in Indonesia

IndustryApr 2, 2013

Korea Midland Power Co., the state-run power generator, opened the second elementary school in the Grobogan region of Java Island, Indonesia, last Thursday as part of its global citizenship efforts, the company said in a press release. Consisting of one wing each for elementary and kindergarten pupils, the new KOMIPO school is equipped with modern conveniences and facilities. The total budget for the project amounted to 320 million won ($287,511), which was financed equally by KOMIPO and KOICA’s
AmorePacific scales up social aid programs

IndustryApr 2, 2013

AmorePacific, one of the nation’s leading cosmetics companies, has renewed its website, “Make up your life,” to bolster its efforts for social contribution. The newly launched website will combine all the contributory campaigns being carried out by up to 10 or more of the company’s different cosmetic brands, and also will be open to all who seek to participate in such activities. Customers who want to take part in the firm’s volunteering campaigns, for instance, can do so via the site, AmorePaci