The Korea Herald

Samsung, Hyundai dominate 2012 earnings

IndustryDec 10, 2012

Other major groups see profitability worsen amid global uncertainty
MAN Truck head elected as new head of ECCK

IndustryDec 10, 2012

The European Chamber of Commerce in Korea has elected Thilo Halter, chief executive of MAN Truck & Bus Korea, as its new chairman. Halter will be flanked by a pair of co-vice chairmen that include BMW Korea’s chief finance officer and vice president Hans-Christian Baertels. Formerly the EU Chamber of Commerce, the organization underwent a complete overhaul in September to register as a nonprofit organization with the Ministry of Knowledge and Economy. Halter, as the new chairman, has pledged to
Foreigners should not expect ‘freebies’

Dec 10, 2012

Korea Business Central community fills in gaps on doing business locally, creator says
Lee takes helm of KT Cultural Foundation

Dec 10, 2012

Mobile carrier KT said Monday that its executive vice president Lee Gil-joo was named the chairman of KT Cultural Foundation.Having served in KT’s public communications unit for 27 years, Lee, 57, took office as the foundation’s chairman on the same day. The communications expert will significantly expand the foundation’s scope of public communications, KT said. “I will make the most of my experience in communications at KT to promote the foundation’s values, and ultimately to set a milestone to
Korea's trade volume tops $1 tln for 2nd year

IndustryDec 10, 2012

Korea's exports and imports exceeded $1 trillion on Monday, breaching the $1-trillion mark for the second consecutive year, the government said."The trade volume came to over $1 trillion as of 11:06 this morning," Kwon Pyung-oh, a spokesman for the Ministry of Knowledge Economy, told reporters.Exports have so far amounted to $512.8 billion with imports coming to about $487.2 billion as of Monday, according to the ministry.The country's trade volume topped $1 trillion for the first time in its hi
Apple Maps glitch could be deadly: Australian police

TechnologyDec 10, 2012

Australian police Monday warned motorists about using the map system on new Apple iPhones after rescuing several people left stranded in the wilderness, saying the errors could prove deadly.Victoria state police said drivers were sent “off the beaten track” in recent weeks while attempting to get to the inland town of Mildura, being directed instead to the middle of a national park.“Police are extremely concerned as there is no water supply within the park and temperatures can reach as high as 4
Manufacturing sector at its worst in three years

Dec 9, 2012

SMEs’ production growth turns negative for first time since 2009
Insurers at risk as sales hit record low

Dec 9, 2012

Insurance policy sales volume fell to its lowest-ever level this year as the prolonged economic slump has prompted people to skimp on preparing against near-future risks.If the interest rate drops by another 1 percentage point or more, life insurers as well as small and medium-sized nonlife insurers are bound to see losses starting 2015, the Korea Insurance Research Institute warned. Financial Service Commission chief Kim Seok-dong compared the insurance companies to “a train heading towards a c
Trade in 2013 sees mixed outlook

Dec 9, 2012

Experts say diversification of export markets needed to maintain growth
Korean firms fined W3.3tr for cartels

IndustryDec 9, 2012

Korean enterprises have paid more than 3 trillion won ($2.8 billion won) in antitrust fines in foreign markets over the past 16 years.According to the Fair Trade Commission, foreign antitrust regulators have imposed on Korean businesses, such as LG Electronics and Samsung SDI, fines totaling 3.31 trillion won for fixing product prices through methods such as cartel practices.The violation of the competition law was the most serious in the United States in terms of fines. The U.S. regulator has f
Shinhan Financial shares with community under Christmas tree

Dec 9, 2012

Shinhan Financial Group unfolded a series of volunteer programs on Thursday and Friday at Cheonggye Plaza, downtown Seoul, to support neighbors in need.Organized together with the Korea National Council of Social Welfare and the Community Chest of Korea, the two-day charity event, held for the second time since last year, consisted of kimchi-making, sweater-knitting, and sending Christmas postcards with UNICEF under a large Christmas tree set up at the downtown plaza. About 200 Shinhan Financial
Korea attracts $160m investment from U.S.

IndustryDec 9, 2012

Mutual benefits from FTA will expand further, Minister Hong says
Financial firms face bumpy road amid low growth

Dec 9, 2012

South Korea’s financial firms are expected to fare poorly next year and possibly for some years to come as the economy is experiencing a low-growth trend with a low-rate policy, the financial regulator said Sunday.The Financial Supervisory Service forecast that financial companies here will likely underperform in 2013, with a substantial number of players to swing losses in the following years should the low-growth and low-rate pattern continue.“The financial sector grew at 6 percent in 2010 and
Shares likely to inch up this week

Dec 9, 2012

South Korean stocks are likely to edge up this week on hopes that the United States could reach a compromise to avert the fiscal cliff of automatic tax hikes and spending cuts.South Korea’s key stock index, the KOSPI, finished at 1,957.45 on Friday, up 1.27 percent from a week earlier, as a management reshuffle in Samsung Group, South Korea’s biggest family-owned conglomerate, generated optimism and China reaffirmed its stance of stable economic growth.Local investors, in addition, are likely to
SKT sees sharp rise in iPhone 5 subscribers

Dec 9, 2012

South Korea’s top mobile carrier SK Telecom Co. saw the net number of subscribers sharply rise on the first day that Apple Inc.’s iPhone 5 made its debut in Korea, industry data showed Sunday.Apple’s iPhone 5 made its belated debut in South Korea on Friday with SK Telecom Co. and KT Corp., Korea’s two biggest mobile carriers, kicking off the release of the first iPhone that runs on the Long Term Evolution network.SK Telecom lured a net 9,555 subscribers on Friday while its rivals KT Corp. and LG