The Korea Herald

Samsung heir apparent to meet with 30 global mobile carriers

TechnologyFeb 25, 2013

BARCELONA, Spain -- Samsung heir apparent Lee Jay-yong visited the world’s biggest mobile trade show for the first time in three years and met with top executives of Korean telecoms upon his arrival.Lee, vice chairman of Samsung Electronics and the only son of chairman Lee Kun-hee, said that he has meetings lined up with 30 global mobile carriers on Monday and Tuesday on the sidelines of the Mobile World Congress. “My schedule is fully booked,” he told reporters. “I don’t even have 30 minutes of
Park reiterates push for fair market

Feb 25, 2013

The controversial policy direction toward achieving a fairer market has come under the spotlight again, as President Park Geun-hye referenced “economic democratization” during her inaugural speech Monday.The term of economic democratization, aimed at weeding out unfair practices of big enterprises, was not included in the list of five major policy goals unveiled by the Park government last week.While opposition parties and civic groups criticized Park for omitting her campaign pledge from the li
POSCO denies report on STX PanOcean takeover

IndustryFeb 25, 2013

POSCO on Monday denied news reports that it was considering taking over STX PanOcean, the country’s third-largest shipping and logistics company.“We have neither discussed the takeover, nor do we have any plan of the sort in the future,” said a POSCO official.“POSCO has no reason to take on the risk of taking over STX PanOcean.”This came in response to a report by a local economic daily that the leading steelmaker might purchase the shipping company, with the aim of expanding its subsidiaries.ST
Smartphones to beat PCs in shipment value

IndustryFeb 25, 2013

The value of worldwide shipments of smartphones are expected to dwarf that of PCs for the first time this year amid growing demand for mobile devices, data showed Monday.Global smartphone shipment value is forecast to reach $239.6 billion this year, surpassing PC shipment value estimated at $218.6 billion, according to the data by market researcher Gartner Inc. and finance industry sources.If the estimated figures are on track, it will mark the first time smartphone shipments topped PC shipments
President Park uses Hyundai’s bulletproof limo

Feb 25, 2013

President Park Geun-hye rode in a bulletproof limousine made by Hyundai Motor Co. during her inauguration on Monday, Hyundai officials said, in what could be a symbolic move that underscores Hyundai’s growing prowess.Park used the presidential limousine, a stretched version of Hyundai Motor’s flagship luxury sedan, the Equus, when she traveled to the National Assembly from the national cemetery in southern Seoul.She became the first ever South Korean president to use a locally-made bulletproof l
Households struggling to repay debt: BOK

Feb 25, 2013

Households spend up to 40 percent of monthly paychecks to pay interest plus principal on loans to local banks according to the Bank of Korea.Citing a survey of 2,119 Korean households, the Bank of Korea said about 8 percent responded that they use 40 percent of their salaries a month to repay their debt.More than 60 percent said that they are struggling to meet deadlines in repaying their loans, indicating that rising household debt needs to be urgently resolved.Household debt was the biggest sy
Builders wary after Ssangyong E&C trouble

IndustryFeb 25, 2013

Concerns about possible bankruptcies among small and medium-sized local builders are escalating after Ssangyong Engineering & Construction reportedly decided to seek a debt workout plan this week.News reports said the nation’s 13th-largest builder Ssangyong E&C, which has suffered from the market’s long slump and a resulting liquidity shortage, will request the measure to avoid a bankruptcy.The list of financially troubled companies includes mid-sized firms such as Hanil Engineering & Constructi
Carmakers to unveil new cars at Geneva motor show

TransportFeb 25, 2013

South Korean automakers plan to unveil new cars and facelifted models at a motor show in Switzerland next month in a bid to strengthen their presence in Europe, a company official said Monday.Hyundai Motor Co., South Korea’s top automaker, will unveil the facelifted model of its Tucson ix35 sports utility vehicle at the International Motor Show Geneva that is set to open on March 5 and run through March 17.Hyundai also said it will premier a seven-seat sports utility vehicle under the project na
Banks to set up more branches abroad

Feb 25, 2013

Despite the global economic slowdown, Korean banks are increasingly determined to set up more branches overseas to boost trade financing and diversify sources of profit, a report showed.The report released by the Financial Supervisory Service on Monday said that securing more foreign currency assets was the key objective of the 2013 expansion plans of banks here.Banks here opened a total of 11 branches abroad in 2012, largely in Southeast Asian countries including Vietnam, Myanmar and Indonesia.
LG targets 50% smartphone sales boost

IndustryFeb 25, 2013

Firm to release handset running on new Firefox platform this year
Samsung aims to double tablet sales in 2013

IndustryFeb 25, 2013

Firm’s mobile chief says first half to be tough, but annual growth still strong
[Power Korea] Hankook boasts smart factories

IndustryFeb 25, 2013

Hankook Tire’s Daejeon plant is one of the world’s largest tire factories in terms of production capacity. The factory was established in 1979 in order to meet the growing demand for ultra-high-performance tires globally. The facility is able to produce 24 million tires every year, making up 27 percent of the company’s total production. Despite the large size, the roles for workers are limited only to management and quality control, while cutting-edge machines and smart systems are responsible f
[Power Korea] Hankook Tire: Pride of Korean tires

IndustryFeb 25, 2013

Korea’s largest tire maker aims for global top 5 by 2015
Acuvue continues growth in Korea, its 4th-largest market

Feb 25, 2013

Success of circle lenses helps make Koreans executives at global, Asia-Pacific HQs
Imported cars, yet another target?

IndustryFeb 25, 2013

Korea has become a haven for imported cars, which make up approximately 20 percent of the local car industry in terms of sales.Once a rarity, it’s now easy to spot cars of a wide assortment of foreign brands, ranging from the more accessible BMW, Mercedes-Benz and Audi to the super-posh Porsches and Jaguars. But perhaps due to the extreme luxury they stand for, imported cars have also been a target for heavy criticism, mostly involving their prices ― most imported brands are pricier in Korea tha