The Korea Herald

LG head outlines strategies to battle crisis

IndustryNov 18, 2012

Koo calls for quality goods, timely investment, developing future tech, fostering human resources
Fiat faces Brazil challenge as Hyundai threatens profit

TransportNov 18, 2012

Fiat SpA and Volkswagen AG have dominated Brazilian auto sales for years, holding the top two spots. Now, General Motors Co. and Asian rivals are gaining share in a market the European carmakers had been counting on to offset weak demand in their home region.Brazilian auto production capacity will jump 50 percent by 2014 as South Korea’s Hyundai Motor Co. and other carmakers ramp up new factories, according to Brazilian supplier organization Sindipecas. The added potential output, which comes as
Hyundai-Kia’s market share hits new high this year

TransportNov 18, 2012

Hyundai and Kia brands’ global market share posted a record high in the first three quarters this year, a market research firm said Sunday. According to the U.S.-based JD Power, the nation’s top two carmakers, both owned by Hyundai Motor Group, saw their combined market share reach 8.6 percent this year, up 0.1 percent from the same period last year. Hyundai Motor sold about 3.21 million cars to claim 5.3 percent of global car market, while Kia Motors made up 3.3 percent, selling 2.03 million ca
Hyundai Motor seeks hybrid cars’ EU market debut

TransportNov 18, 2012

Korea’s No. 1 automaker aims to lift production capacity by 250% in three years
KT chairman wins Asia business leaders award

TechnologyNov 18, 2012

KT Corp. chairman Lee Suk-chae won the 11th CNBC Asia Business Leaders Award in Bangkok, Thailand, on Friday, the mobile operator said on Sunday.The award acknowledges Asian business visionaries with strength, innovation, ingenuity, knowledge and foresight that are especially required for the leaders of today’s global economy. One of the six awardees this year, Lee won the accolade in recognition of his personal involvement in supporting and fostering the next generation of leaders. Lee has beco
Kwon ranks fifth in list of top Fortune businesspersons

TechnologyNov 18, 2012

Samsung Electronics CEO Kwon Oh-hyun was ranked fifth out of 50 CEOs in “2012 Businessperson of the Year” selected by global business magazine Fortune, followed by Google CEO Larry Page who ranked sixth. Fortune evaluated Kwon as a CEO who has successfully run the $149 billion Samsung Electronics empire since June 2012 as the head of component business. “Under Kwon, the Korean company became the second-largest chipmaker in the world. Now the new CEO has to contend with its top customer and compe
Samsung reduces facility investment for 2nd quarter in a row

TechnologyNov 18, 2012

South Korean tech behemoth Samsung Electronics Co. has scaled down its investment in production facilities for the second quarter in a row apprently in anticipation of a protracted global economic slump, industry data showed Sunday. The company spent 4.54 trillion won ($4.16 billion) on facilities for semiconductor, liquid crystal display and other products over the July-September period, the lowest level in 10 quarters since it invested 4.14 trillion won in the first quarter of 2010, accordi
Google's Android is eating Apple's lunch

TechnologyNov 18, 2012

Smartphones and tablets powered by Google's Android software are devouring the mobile gadget market, eating into Apple's turf by feeding appetites for innovation and low prices, analysts say. The Android operating system powered nearly three out of four smartphones shipped worldwide in the recently ended quarter as the mobile platform dominated the market, according to industry trackers at IDC. "Android has been one of the primary growth engines of the smartphone market since it was launche
High radiation found in Fukushima's fish

IndustryNov 18, 2012

Fish caught near Japan's Fukushima nuclear power plant have radiation levels 100 times higher than normal, officials say.Japan's Environment Ministry carried out a study that found fish caught near the plant had more radiation than fish caught elsewhere, RIA Novosti reported.The levels found ranged from 4,400 becquerels per kilogram to 11,400 becquerels per kilogram, against the maximum "safe" level of 100 becquerels per kilogram.The findings have prompted a government investigation into the phy
LG Electronics spend 6 pct of sales in research

Nov 17, 2012

South Korean handset maker LG Electronics Inc. said Saturday it spent more than 6 percent of its earnings on research and development through September of this year in a bid to develop high-end products.The company said it had allocated 2.26 trillion won (US$2.08 billion), or 6.06 percent of its sales of 37.4 trillion won earned during in the January-September period, up 1.1 percentage points from a year earlier.Market watchers said South Korea's No. 2 tech giant increased its research fund to d
Higher won dents smaller exporters' business sentiment

BusinessNov 17, 2012

Almost nine out of 10 of the country's small and medium-sized enterprises (SMEs) believe the rising local currency against the U.S. dollar will result in a weaker bottom line, data showed Saturday.According to a survey of 112 local SMEs by the Korea Federation of Small and Medium Business, 88.2 percent replied the higher won will have an adverse impact on their earnings.The local currency closed at 1,092.20 won against the greenback on Friday, remaining below the 1,100 won mark since Oct. 25, wh
Seoul shares likely to stay flat next week

Nov 17, 2012

The South Korean stock market is likely to be stagnant next week as uncertainties over the U.S. fiscal cliff continue to dent investor sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,860.83 this week, down 2.29 percent from the previous week, as shares lost ground across the board.Foreign investors went on a selling spree, unloading a net 520 billion won (US$476 million) on the main bourse, with retail investors scooping up a net 80 billion w
LG Electronics spend 6 pct of sales in research

IndustryNov 17, 2012

South Korean handset maker LG Electronics Inc. said Saturday it spent more than 6 percent of its earnings on research and development through September of this year in a bid to develop high-end products.The company said it had allocated 2.26 trillion won (US$2.08 billion), or 6.06 percent of its sales of 37.4 trillion won earned during in the January-September period, up 1.1 percentage points from a year earlier.Market watchers said South Korea's No. 2 tech giant increased its research fund to d
Household income up, spending growth tumbles

Nov 16, 2012

Annual growth of South Korean households’ monthly income picked up in the third quarter, but their spending grew at its slowest pace in more than three years amid a longstanding economic slowdown, a government report showed Friday.Households’ monthly income averaged 4.14 million won ($3,808) in the July-September period, up 6.3 percent from a year earlier, according to the report by Statistics Korea. In the second quarter, such income grew 6.2 percent from a year ago.Inflation-adjusted household
Seoul, Vienna to expand direct flight services

Nov 16, 2012

South Korea and Austria have agreed to significantly increase the number of passenger flights between the countries, Seoul’s transportation ministry said Friday, a move aimed at boosting the countries’ exchanges and lowering travel prices through competition.Currently, only South Korea’s flag carrier Korean Air operates three direct flights between Seoul and Vienna per week, according to the Ministry of Land, Transport and Maritime Affairs.In a two-day aviation meeting held in Austria earlier th