The Korea Herald

BMW, Mercedes, Audi widen target market

TransportNov 22, 2012

German premium brands set to wage battles in Korea’s compact car segment
Samsung chief meets Swiss IOC member

IndustryNov 22, 2012

Samsung Electronics chairman Lee Kun-hee met with Patrick Baumann, a Swiss International Olympic Committee member, at his residence in Hannam-dong, central Seoul, on Wednesday, said Samsung Group officials.They shared opinions on the direction for future development involving international sports events such as the Olympics in the meeting, the officials said.Baumann, secretary general of the global basketball organization FIBA, is an expert in the international sports community who became a memb
Seoul shares gain 0.82 percent on Greece optimism

Nov 22, 2012

South Korean stocks climbed 0.82 percent Thursday as optimism for a Greece bailout deal grew after eurozone finance ministers agreed to reschedule a meeting early next week, analysts said. The local currency lost against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.46 points to close at 1,899.50. Trading volume was moderate at 408.2 million shares worth 3.69 trillion won ($3.41 billion) with gainers outnumbering losers 438 to 362."Expectations that the eurozon
FTC opposes presidential candidates' chaebol reform plans

Nov 22, 2012

The head of South Korea's antitrust watchdog voiced his opposition Thursday to some measures being pushed by presidential candidates to reform the country's large conglomerates, known as chaebol.The three major candidates have called for an overhaul of sprawling conglomerates under the name of "economic democratization" in what critics say is meant to curry favor with voters ahead of the Dec. 19 presidential election.Fair Trade Commission Chairman Kim Dong-soo cautioned against imposing a ceilin
Over 70 percent of foreign residents in S. Korea employed: report

IndustryNov 22, 2012

More than seven of every 10 foreign residents in South Korea are currently employed with nearly half of them working in the manufacturing industry, a government report showed Thursday.According to the report released by Statistics Korea, there were a little more than 1.11 million foreigners aged 15 years or more with work permits in South Korea as of the end of June.Of that total, some 791,000 were employed, posting an overall employment rate of 71 percent at the time of the country‘s first surv
Seoul shares start higher on U.S. gains

Nov 22, 2012

South Korean stocks opened higher Thursday as investor sentiment got a boost from overnight gains on Wall Street following improved jobs data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 15.25 points, or 0.81 percent, to trade at 1,899.29 in the first 15 minutes of trading.Shares gathered ground across the board, with market bellwether Samsung Electronics increasing 1.08 percent and top steelmaker POSCO adding 0.81 percent. No. 2 carmaker Kia Motors edged up 0.3
Korea's exports on growing trend in Nov.: data

Nov 22, 2012

South Korea's exports are likely to gain ground in November, weathering the global economic slowdown and the local currency's ascent to the U.S. dollar, data showed Thursday.The value of Korea's outbound shipments reached US$28.2 billion during the first 20 days of this month, up 1.7 percent from a year earlier, according to estimates by the finance ministry and the state-run customs agency.The uptrend comes after South Korea's exports grew 1.1 percent in October from a year earlier, the first o
Shares slip on renewed Greece woes

Nov 21, 2012

South Korean stocks shed 0.32 percent Wednesday as eurozone leaders’ failure to sort out a Greece aid plan unnerved investor sentiment, analysts said. The local currency lost ground against the U.S. dollar. After opening higher, the benchmark Korea Composite Stock Price Index retreated 6.14 points to close at 1,884.04, snapping a two-day rally. Trading volume was moderate at 371.6 million shares worth 3.90 trillion won ($3.59 billion), with losers outstripping gainers 545 to 271. “Uncertainties
Samsung C&T as prime bidder for Turkey hospital

Nov 21, 2012

A consortium led by Samsung C&T Corp., the construction and trading arm of South Korea’s Samsung Group, has been selected as a preferred bidder for a $750 million project to build a large hospital in Turkey, a Samsung official said Wednesday.The order placed by Turkey’s government calls for the construction of a 540,000-square-meter hospital in the southeastern Turkish city of Gaziantep, according to the official.The South Korean builder is expected to win a portion worth $180 million out of the
Korea Exchange to launch new stock index next week

Nov 21, 2012

South Korea’s stock market operator, the Korea Exchange, said Wednesday it will introduce a new stock index to provide reliable data to investors seeking safer and profitable investments.The index, dubbed the S&P/KRX Dynamic Asset Exchange Index and based on the KOSPI 200 Index and 10-year U.S. Treasuries, is scheduled to be launched at the first trading session of next week, the KRX said. It will be presented from 9:01 a.m. to 3:00 p.m., with the base standing at 1,000.000, it added.The KOSPI 2
Hyundai Motor tops Australian customer satisfaction survey

IndustryNov 21, 2012

Hyundai Motor has recently topped the automotive section of the 2012 Canstar Blue, Australia’s leading customer satisfaction survey across industries, the carmaker said Wednesday. The survey, conducted by a local market research firm Colmar Brunton, questioned 7,500 Australian customers who have purchased a new car over the past three years. Among the seven categories surveyed, Hyundai won a maximum five-star score in overall satisfaction, reliability, value for money and after-sales service. Th
KB Financial bolsters Chinese operations

Nov 21, 2012

KB opens Chinese arm, launching full-fledged drive into Asia's biggest market
BOK chief urges firms to boost investment, jobs

Nov 21, 2012

South Korea’s top central banker called for local companies Wednesday to expand investment and create more jobs in a bid to help the economy recover from a prolonged slowdown.Bank of Korea Gov. Kim Choong-soo said in a meeting with six heads of large firms that companies are facing tough business conditions amid the global downturn, but they should play a key role in helping the Korean economy pull out of the longstanding slowdown.“It may be difficult for companies to make investments under such
Car exports to Africa soar on rising demand

Nov 21, 2012

Shipments of South Korean vehicles to African countries rose sharply in the first nine months of the year thanks to rising demand with the region’s political situations stabilized, a trade association said Wednesday.According to the Korean Automobile Manufacturers Association, a total of 146,976 cars were exported to Africa through September this year, up 21.4 percent from 121,030 units shipped to the region last year.However, car exports to Asian countries plunged 18.2 percent on-year to 129,07
Samsung Card demands more commission from Costco

IndustryNov 21, 2012

Samsung Card, the local credit card exclusively used at Costco Wholesale, has demanded higher commission from Costco, industry sources said on Wednesday.Samsung reportedly demanded Costco to double the commission rate to up to 1.9 percent from the current 0.7 percent. The rate imposed on Costco had been significantly lower than the industry average, which is about 1.6 percent, according to the Financial Services Commission. Aside from Costco, Samsung Card notified its decision to raise rates for