The Korea Herald

Doosan Heavy takes over water treatment firm

IndustryNov 13, 2012

Doosan Heavy Industries & Construction Co., South Korea’s leading power equipment maker, said Tuesday that it has acquired a British water treatment firm in a bid to strengthen its desalination business.Doosan Heavy did not reveal financial terms of the takeover of Enpure Ltd.Enpure, established in early 1970, provides process engineering solutions for the energy, water, solid waste, and industrial sectors, and posted sales of 100 billion won ($91.7 million) in 2011, according to Doosan Heavy.En
LG eyes Latin America LTE phone launch in Q1

IndustryNov 13, 2012

South Korean handset maker LG Electronics Inc. said Tuesday it aims to roll out long-term evolution smartphones in the Latin American market in the first quarter of 2013 as part of efforts to bolster its global LTE drive.The company, which has released LTE smartphones in major markets such as Asia, Europe and the U.S., said it plans to release the LTE devices in Brazil, Chile and Mexico in the January-March period at the earliest.The LTE smartphone line-up for the regional market has not yet bee
On-year growth of card use hits record low in August

IndustryNov 13, 2012

The on-year growth rate of credit card use in South Korea hit a record low in August as more people refrained from spending money amid the protracted economic recovery, data showed Tuesday.The value of Koreans’ credit card spending amounted to 28.5 trillion won ($26.2 billion) in August, up 2.7 percent from a year earlier, according to the data compiled by the Bank of Korea. The August growth compared with a 13.6 percent on-year expansion tallied in July and marked the slowest gain ever, it adde
Shares slip on uncertainties

Nov 13, 2012

South Korean stocks closed 0.59 percent lower Tuesday as growing uncertainties about the looming U.S. fiscal cliff and the persistent eurozone debt woes weighed heavily on the local market, analysts said. The local currency declined against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 11.17 points to close at 1,889.7. Trading volume was moderate at 486.9 million shares worth 3.86 trillion won ($3.64 billion) with decliners outnumbering advancers 609 to 214.“What investors
KT to launch data-sharing plan for users of multiple devices

IndustryNov 13, 2012

South Korean telecom titan KT Corp. said Tuesday it plans to introduce a new service and payment program to better cater to a growing number of subscribers who access different connectivity via multiple mobile devices.“The average number of smart devices owned by one person is increasing and the need to share content between the different devices is also increasing,” KT president Pyo Hyun-myung said in a media conference.“The new ‘All-IP (Internet Protocol)’ brand aims to service seamless connec
Microsoft unveils New Office with cloud computing feature

TechnologyNov 13, 2012

Microsoft Korea Inc. launched its latest suite of programs for word processing and emails for corporate use on Tuesday.New Office for home use will most likely be launched in the first quarter of 2013, two Microsoft officials told The Korea Herald.“I think nearly all the functions in New Office are new in the market,” Microsoft Korea marketing director Kang Hee-sun said, claiming that now is a significant transition period for software and devices. The Korean operation of U.S. software titan Mic
Samsung, LG sweep CES innovations awards

IndustryNov 13, 2012

The country’s IT behemoths Samsung Electronics and LG Electronics swept the innovations awards of the Consumer Electronics Show 2013, its organizers said on Tuesday.The Consumer Electronics Association, which organizes the world’s top electronics trade show, said that a total of 27 Samsung products won the CES 2013 Innovations Award, while LG brought home 10 awards.“The CES Innovations Award highlights the robust innovation within the consumer electronics industry,” said Karen Chupka, senior vic
Middle East sovereign funds seek projects with Korea

Nov 13, 2012

Officials from leading sovereign wealth funds in the Middle East said on Tuesday that they are looking for more collaborative investment projects with Korean partners. Invited by the Korea Investment-Trade Promotion Agency, or KOTRA, officials from the Investment Corporation of Dubai, the Abu Dhabi Fund for Development and the Gulf Investment Corporation joined the two-day Middle East Business Week, which launched on Tuesday in Seoul. KOTRA hosts the event annually under a different agenda to pr
U.S. fines Korean firms $1.27b for price fixing

IndustryNov 13, 2012

FTC advises companies to abstain from contacting with rivals
Confronting the challenges facing Korea’s economy

Nov 13, 2012

Korea’s economy has undergone major changes in the past decade, including a massive increase in exports to China, and an opening of its markets, as well as rapid growth in household debt, a sluggish domestic economy, and polarization between income groups and between companies. Korea urgently needs to rebalance its economy away from export dependence, while diversifying into more industries, and improving labor markets and social safety nets.ChallengesThe Korean economy faces a multitude of exte
Focus on core strengths key to survival of shipbuilder SPP

CompaniesNov 13, 2012

Company overcomes hard times with focus on mid-sized chemical, oil carriers
S. Korea's central bank likely to freeze key rate till next year: IBs

Nov 13, 2012

Global investment banks (IBs) have forecast South Korea's central bank will likely keep its key policy rate steady through the first six months of next year as the economy regains steam at a gradual pace in the second half, a report showed Tuesday. Major IBs including Goldman Sachs expect the Bank of Korea (BOK) to freeze its key rate at 2.75 percent till the first half of 2013, citing their overall outlook that protracted global jitters are less likely to further aggravate, according to the rep
Korea trails Japan, China in overseas M&A deals

Nov 12, 2012

Korean companies purchased 82 foreign firms in overseas merger and acquisition deals last year, lagging far behind Japan and China, according to an economic think tank on Monday.Samjong KPMG, a South Korean unit of the global services firm KPMG, said Japanese companies reached 453 cross-border M&A deals last year, while China bought 195 foreign firms. Analysts attributed brisk overseas M&A deals by Japan and China to Japanese companies and the Chinese government’s support to its companies, respe
FSS to have banks compensate for phishing crimes

Nov 12, 2012

South Korea’s financial watchdog is seeking ways to have banks compensate voice phishing victims. The Financial Supervisory Service said on Monday that it is reviewing related laws to reduce exemption grounds made for banks in terms of making compensation. Over 12,800 voice phishing cases were reported between January 2011 and September 2012, for damages worth over 151.6 billion won ($139.4 million). Banks, however, do not have to provide compensation as the current law simply blames the victim’
Emirates A380 turns back to Sydney following engine fault

IndustryNov 12, 2012

An Emirates Airbus A380 superjumbo made an emergency landing in Sydney shortly after takeoff on its way to Dubai following an engine fault."There was no fire, flames or smoke, however passengers may have witnessed a spark and a noise from the engine," Emirates said in a statement.The incident, which occurred yesterday with 380 passengers onboard, is being investigated, said the airline, which took delivery of its latest flagship plane yesterday.Emirates, which has ordered a total of 90 of the do