The Korea Herald

Diet Pepsi quietly changes sweetener

IndustryDec 17, 2012

Diet Pepsi is quietly changing its sweetener ahead of a major rebranding of the soft drink set for next month.The change comes as PepsiCo Inc. looks to reinvigorate its namesake brands after losing market share to Coca-Cola Co. in recent years.Cans of Diet Pepsi around the country now list a mix of two artificial sweeteners, a pairing that is commonly found in newer diet sodas. Previously, Diet Pepsi used only aspartame, which is sensitive to heat and breaks down more easily.This summer, PepsiCo
Stocks likely to face correction this week

Dec 16, 2012

South Korean stocks are predicted to undergo correction this week as they had risen too much in the short term last week, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,995.04 on Friday, up 1.92 percent from a week earlier.The KOSPI moved in a tight range earlier this week as investors sat on their hands ahead of the U.S. Federal Reserve’s policy-setting Federal Open Market Committee meeting.North Korea’s long-range rocket launch in the middle of the week al
Bank holding firms to face tougher times in 2013

Dec 16, 2012

South Korea’s major financial holding companies are expected to fare worse in 2013 than this year due mainly to a decline in interest income amid persistent low interest rates, a financial information provider said Sunday.The combined net income of the four major bank holding companies ― KB Financial Group Inc., Woori Finance Holdings Co., Shinhan Financial Group and Hana Financial Group ― is predicted to reach 7.32 trillion won ($6.82 billion) next year, down 9.5 percent from this year’s estima
Wine sales outpace soju sales for first time

IndustryDec 16, 2012

Sales of wine at local discount chains outstripped those of soju for the first time, data showed Sunday, mirroring a changing trend in South Korea’s drinking culture.Wine sales surpassed those of the local alcoholic drink by 4.6 percent this year, according to the data by Lotte Mart, a discount chain arm of retail giant Lotte. Last year, sales of wine lagged behind those of soju by roughly 6 percent.Wine sales stood at around 25 percent of soju sales in the first half in the early 2000s, but jum
Lottery sales exceed limit cap for 2nd year

IndustryDec 16, 2012

Lottery sales in South Korea surpassed an annual government-set limit for the second straight year as more people bought tickets amid an economic recession, data showed Sunday.Sales of lottery tickets totaled 2.91 trillion won ($2.71 billion) in the January-November period, exceeding the 2.87 trillion won ceiling recommended by the National Gambling Control Commission, according to the data by government agencies.If the trend continues, this year’s lottery sales are expected to surpass 3 trillio
Household debt rises at unsustainable rate

Dec 16, 2012

South Korea’s household debt has been rising at a faster rate than its economic growth, data showed Sunday, raising concern it could put the economy in jeopardy unless proper measures are taken.According to the data by the Bank of Korea, South Korea’s household credit totaled 937.5 trillion won ($873 billion) as of the end of September, up 5.6 percent from a year earlier.Household credit refers to credit purchases and loans for households extended by financial institutions, including commercial
Power shortage offers banks opportunity

Dec 16, 2012

Power shortages in the wintertime pose a risk to the nation’s energy security, but they also create business opportunities for banks, which seek a new sources of growth as interest rates stay low. Industry sources said South Korean banks’ top priority at year-end was to find new areas of growth amid deteriorating profitability. Korean banks, which depend heavily on the profits from loan-to-deposit interest differences, have been losing money as the protracted economic downturn has kept loan inte
KEB becomes first Korean bank to open branch in Abu Dhabi

Dec 16, 2012

Korea Exchange Bank opened a branch in Abu Dhabi, UAE, last week, the first time a Korean financial firm has done so in the Middle Eastern city.The bank said in a statement that the Abu Dhabi branch was an extension of the overseas marketing plans of KEB president and CEO Yun Yong-ro. “KEB Abu Dhabi is expected to play a key role in developing the economy of the UAE and supporting Korean companies to advance into countries with great potential such as (those in) Africa,” said Yun during a speech
U.S., U.K. oppose Internet supervision

TechnologyDec 16, 2012

The International Telecoms Union, the United Nations’ agency for information and communications technology, failed to draw consensus on bringing each country’s Internet regulations under the international community’s control. As Internet traffic has far surpassed telephone use, regulatory powers ― including taxation of cross-border cyber traffic, censorship and network neutrality ― have become key issues.The ITU hosted this year’s World Conference on International Telecommunications in Dubai bet
Unlocked iPhones could fuel fee competition

IndustryDec 16, 2012

The release of the iPhone 5 as unlocked and contract-free form is being eyed as to whether it will stir up competition in the market of mobile virtual network operators, which offer more affordable wireless payment plans.Apple’s iPhone 5 handsets, without any kind of contract with mobile carriers, went on sale in Korea on Friday.“As Korea decided to implement a system that enables consumers to pick their own handset and mobile carrier as well as mobile payment scheme starting this year, Apple ha
U.S. upgrades investigation into Ford Motor pedal problem

TransportDec 16, 2012

An investigation into complaints that loose floor mats in some Ford Motor Co. Fusion, Lincoln MKZ and Mercury Milan cars may jam accelerator pedals was upgraded by U.S. regulators. The National Highway Traffic Safety Administration, which regulates auto safety, today said it intensified a probe opened in May 2010 to an engineering analysis after receiving 52 complaints. The investigation covers about 480,000 cars from model years 2008 to 2010, NHTSA said today on its website. Accelerator pedals
German firms lag in customer satisfaction

TransportDec 16, 2012

Poll shows sales ranking does not match level of consumer satisfaction
New SM5 keeps Renault Samsung plant busier

IndustryDec 16, 2012

Manufacturing chief says ‘Rogue’ could pave way for company to produce Nissan vehicles
ASEIC drives eco-innovation for Asian SMEs

IndustryDec 16, 2012

The ASEM SMEs Eco-Innovation Center, established by South Korea’s Small and Medium Business Administration in 2011 to promote eco-innovation in the ASEM member countries, has offered its eco-business consulting services for small and medium enterprises in Asia for the past two years. Behind the drive is ASEIC’s belief that SMEs play a critical role as dynamic developers and adopters of eco-innovation in the global economy. According to the OECD, eco-innovation is defined as innovation that resul
Korean, Chinese SMEs discuss green partnerships

IndustryDec 16, 2012

Korean and Chinese SMEs discussed ways to expand bilateral green partnerships in a forum on Nov. 29 in Qingdao, Shandong province, China. The forum, hosted by ASEIC, was held after the Chinese government pledged to invest in projects that would move it toward a green economy in July.According to China’s green road map, China will invest more than 2 trillion yuan ($315 billion) over the next five years into opportunities in the country’s burgeoning energy-saving sector. Under the road map, China