The Korea Herald

Lexus GS ― a great family car

TransportFeb 17, 2013

The Korea Herald, in cooperation with carmakers, offers a test-driving experience to executive officials at Korean or multinational companies and ranking diplomats here. The opinion above is the author’s own. For any inquiry into this column, please contact jylee@heraldcorp.com. ― Ed. My daily routine requires me to drive to many different places in Seoul, all at different times of the day, and I must say that I feel much safer and my commute seems quicker and more practical in this marvelous Le
More savings banks may face shutdown: sources

Feb 17, 2013

More savings banks in South Korea are feared to face bankruptcies this year as continued losses wiped out their capital, industry sources said Sunday. According to the Financial Supervisory Service and industry sources, four out of 16 savings banks reported that their capital base was fully impaired last year and six more players suffered capital erosion last year. Of the ten savings banks, two players were already suspended and one is set to sell shares to boost their capital base, accordin
Imports of luxury items hit record high

Feb 17, 2013

Department stores introduce more premium watch brands on rising demand
Facebook said to work with FBI on malware attack investigation

TechnologyFeb 16, 2013

Feb. 16 (Bloomberg) -- Facebook Inc., operator of the largest social network with more than 1 billion members, is working with the U.S. Federal Bureau of Investigation to probe a malware attack, people with knowledge of the matter said. Facebook said yesterday that it was subjected to a “sophisticated attack” by hackers last month, without saying where the attack originated. Investigators haven’t found any evidence that user data was compromised, Menlo Park, California- based Facebook said on it
Seoul shares expected to zigzag in tight range

Feb 16, 2013

SEOUL (Yonhap) -- South Korean stocks are expected to bounce between small rises and falls next week, paring gains from a nine-week high rally, amid continuing jitters over a weaker yen and U.S. spending cuts, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 30.28 points, or 1.55 percent, to 1,981.18 on Friday, the biggest weekly gain since Dec. 14 last year. The statement from developed nations on Tuesday warning about Tokyo's competitive currency devaluation part
S.Korean casino company targets wealthy Chinese

Feb 15, 2013

Grand Korea Leisure Co. (GKL), the South Korean operator of a casino business for foreign tourists, will beef up its marketing activities to attract China's wealthy customers, company officials said Friday.GKL, which operates three casinos in Seoul and Busan under the brand name Seven Luck, has increased the number of marketing personnel for Chinese VIP gamblers, or high rollers, from 29 to 60.In the fourth quarter of last year, GKL saw the drop amount, which is the total amount of money and mar
China takes up one-fifth of Hankook Tire revenue

IndustryFeb 15, 2013

Hankook Tire Co., South Korea’s leading tire maker, said Friday its Chinese sales account for nearly 18 percent of its total revenue, fueled by strong demand in the world’s largest auto market.Hankook Tire’s sales in China topped 1 trillion won (US$942 million) last year on rising demand for new tires among car owners, according to the company.Its market share in China is steady at 15 percent, competing closely with The Goodyear Tire & Rubber Co. for the second-largest tire seller. Michelin Grou
Dongbu completes Daewoo Electronics takeover

IndustryFeb 15, 2013

South Korean conglomerate Dongbu Group on Friday completed its acquisition of Daewoo Electronics Corp. and tapped a new chief for the country’s third-largest home appliance maker.Following a board meeting and a shareholder’s meeting on Thursday, the group said it has nominated Lee Jai-hyong, the vice chairman of Dongbu Lightec Co. and Dongbu LED Co., as the new head of Daewoo Electronics.Daewoo Electronics CEO Lee Sung will remain in the company as its chief operating officer, according to the g
FSC suspends operations of Seoul, Youngnam banks

Feb 15, 2013

Two more savings banks were added to the list of entities whose operations were suspended.The Financial Services Commission on Friday said it has decided to halt the operations of Seoul and Youngnam banks. However, the repercussions of the move are not expected to be severe, since following the move, the contracts from these two banks will be moved to two other banks, respectively, and will be operating under different names ―Yejoo and Yesol ― starting next week.These two banks were established
Public braces for higher bus fares

Feb 15, 2013

Fees for intercity and express buses to go up next month
Korean Air may buy stake in Czech Airlines

IndustryFeb 15, 2013

Korean Air, the nation’s biggest airline, is considering a bid for a stake in Czech Airlines to strengthen its presence in Europe, company officials said Friday.The carrier plans to reach a final decision after completing due diligence on the Czech Republic’s flag carrier later this month, said the officials, who wished to remain anonymous.This marks the first attempt of a domestic airliner to seek a stake in a foreign counterpart. If realized, the acquisition of the 44 percent stake would not i
Public firms face more duties, less red tape

IndustryFeb 15, 2013

Energy companies urged to slash debt, airport operators to expand overseas
Samsung chief’s brother appeals verdict

IndustryFeb 15, 2013

Lee Maeng-hee, the eldest brother of Samsung Electronics Chairman Lee Kun-hee, appealed a lower court verdict on Friday, court officials said, starting the second round of a legal battle between the estranged brothers over their inheritance.The Seoul Central District Court earlier this month ruled in favor of the chairman in inheritance lawsuits filed by his siblings. The siblings were demanding more than 4 trillion won (US$3.6 billion) in stakes in Samsung Group units.With the ruling, the count
Optimus L series’ sales top 15 million

TechnologyFeb 15, 2013

LG Electronics Inc. said Friday it has sold more than 15 million units globally of its third-generation “Optimus L” phones.LG has sold more than 15 million units of the L3, L5, L7 and L9 models since first releasing the L3 model in March last year, the company said in a press release.The L series, noted for its rectangular design and third-generation connectivity, has been launched in 50 countries in Asia, Europe and the Americas.LG plans to promote a follow-up series of the line-up in countries
BlackBerry may mull exit from Korea: sources

IndustryFeb 15, 2013

BlackBerry, a Canadian smartphone maker, may pull out of the South Korean market in the first half of this year due to sluggish sales, industry sources said Friday.Speculation arose of BlackBerry's possible exit from South Korea following its recent announcement that it plans not to unveil new products in Japan. Industry analysts took it as a move by BlackBerry to leave from South Korea and other countries in the region.Canadian-based Research in Motion (RIM) changed its name to BlackBerry in Ja