The Korea Herald

Samsung SDI, LG Electronics fined by EU for TV tube cartel

IndustryDec 6, 2012

South Korea's LG Electronics and Samsung SDI are among the companies fined a record total of 1.47 billion euros ($1.9 billion) by the European Union antitrust regulator over price-rigging of television cathode ray tubes, authorities said Wednesday. The European Commission fined LG Electronics 295.6 million euros and Samsung SDI 150.8 million euros, for fixing prices of now-obsolete cathode ray tubes with five other international firms over roughly a decade. The watchdog imposed the biggest penal
S. Korea's economic growth hits over 3-year low in Q3

Dec 6, 2012

The South Korean economy grew at the slowest pace in more than three years in the third quarter on faltering facility investment, the central bank said Thursday, raising chances that the full-year growth will likely miss the bank's 2.4 percent estimate.South Korea's gross domestic product (GDP), the broadest measure of economic performance, grew a revised 0.1 percent in the July-September period from three months earlier, down from a previous estimate of 0.2 percent, according to the Bank of Kor
Samsung promotes heir-apparent to vice chairman

IndustryDec 5, 2012

Samsung Group said it promoted Samsung Electronics chief operating officer Lee Jay-yong to vice chairman of the group’s flagship in its yearly personnel reshuffle of group CEOs on Wednesday.The promotion of Lee, the only son of Samsung Electronics chairman Lee Kun-hee, has widely been predicted in the market amid the ongoing power transition process in the nation’s largest conglomerate. In a statement, the group said the 44-year-old nominee “has made great contributions to the sectors of smartph
Cash payment on decline

Dec 5, 2012

Card usage, whether credit or debit, is on the rise to replace cash as Korea’s main payment method. It is no longer rare to find people live their daily lives without cash. A recent survey of 1,000 card holders on their preferred payment method, conducted by the Korea Consumer Agency, found that credit cards are the most preferred, followed by debit cards and cash. If credit or debit card usage are combined, 9 out of 10 prefer to pay with plastic. As the nation’s financial authority plans to int
[Newsmaker] Samsung heir one step closer to succession

IndustryDec 5, 2012

Samsung’s heir-apparent Lee Jay-yong has taken the next crucial step toward inheriting the Samsung empire. His promotion to vice chairman of Samsung Electronics was widely expected, as the younger Lee has quickly gone through a number of high-ranking posts in recent years, including the position of president. Explaining the move, a Samsung press release said the junior Lee was “recognized for his leadership in building Samsung into one of the world’s most loved brands and creating shareholder va
S-Oil’s ‘Hero Support Program’ cheers firefighters

IndustryDec 5, 2012

S-Oil, one of top three oil refineries in Korea, has strengthened socially responsible activities for its sustainable future. S-Oil takes a strategic approach to CSR activities. It developed the integrated CSR program, dubbed the “sunshine sharing campaign,” by adopting sharing as one of its core corporate values. Under the campaign, the company runs three support programs for heroes, the environment and local community. One major target of the “hero support program” is firefighters who are wil
Samsung to launch LTE smartphone in Russian market

Dec 5, 2012

Samsung Electronics Co., the world’s top smartphone maker, said Wednesday it plans to roll out a smartphone that runs on the fourth-generation long-term evolution for the first time in the Russian market.The Galaxy S3 LTE is scheduled to go on sale starting on Dec. 10 in 17 major cities via MegaFon, Russia’s second-largest mobile carrier, Samsung said in a press release.MegaFon, which first introduced a commercial LTE service in Russia in May, has been moving to set up a network for the fastest
Goldman expects 3.4% growth for Korea in 2013

Dec 5, 2012

Goldman Sachs projected that the Korean economy will grow by 3.4 percent next year as exports pick up on global recovery and low oil prices support consumption.The investment bank’s outlook for the KOSPI in 2013 is between 2,000 and 2,450 points (2,300 as baseline), with electronics, autos, steel and banks among the highest-performing sectors. The nation’s construction sector will also show a mild recovery after three years of contraction and the Korean won will gradually appreciate after weakne
Pakistan signs pacts with Korean firms

Dec 5, 2012

Visiting president meets Korean officials and business leaders
Import cars log record monthly sales in Nov.

IndustryDec 5, 2012

Import car sales in Korea reached an all-time high in November. The Korea Automobile Import and Distributors Association reported on Wednesday that new registrations rose to 12,470 in November, a 35.1 percent increase from a year ago. The accumulated number of vehicles sold was 120,195 in the first 11 months this year, up 23.7 percent from last year’s 97,158 units, the lobby group for foreign carmakers here said. BMW continued strong sales with 2,703 new registrations, followed by Volkswagen wit
Shares close higher on foreign buying

Dec 5, 2012

South Korean stocks closed 0.61 percent higher Wednesday, boosted by foreign buying, despite persistent U.S. budget woes, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index finished up 11.86 points to 1,947.04. Trading volume was moderate at 481.5 million shares worth 4.03 trillion won ($3.73 billion) with losers outpacing gainers 442 to 363. “The main index recently showed a modest relief rally after an urgent Greek bailout issue was
Hill to serve second term as SC Korea chief

Dec 5, 2012

Richard Hill, chief executive of Standard Chartered Korea and Standard Chartered Bank Korea, was reelected by both firms’ board of directors on Wednesday to serve a second consecutive term as the head of the holding company and the bank.His second three-year term will begin on Dec. 17, SC Bank said.Having started his career in Korea as executive vice president, chief financial officer and head of strategy of SC First Bank in January 2008, Hill became president and CEO of SC Korea and SC Bank Kor
KB Financial to make final call on ING Life takeover

Dec 5, 2012

KB Financial lowers acquisition price to win approval from board of directors
New KTX-Sancheon trains mark 100 accident-free days

IndustryDec 5, 2012

Korail, the state-run railroad operator, said Wednesday that its five KTX-Sancheon bullet trains have been in operation without accident for 100 consecutive days as of Dec. 2. The KTX-Sancheon, the successor to the French-made KTX, is the nation’s first high-speed train developed and manufactured with Korea’s own technology. Korail said it plans to present a certificate to the manufacturer, Hyundai Rotem, on Friday for the train’s accident-free record. Korail started operating the first 19 KTX-S
Mobile game spices up working women’s lives

TechnologyDec 5, 2012

As the smartphone has become a necessity regardless of gender, mobile games have successfully pegged the female gaming culture now prevalent among working women. “In the past when online games were dominant, excellent female gamers would be stigmatized as game-addicted hermits,” said NHN Hangame spokesman Hwang Hyun-don, saying that female gamers had unfairly suffered from a negative, androgynous image. “Nowadays, all men and women can play games without damaging their personal image and style.”