The Korea Herald

Samsung expands smart business in Vietnam, China

IndustryOct 29, 2012

Samsung Electronics, already a leading business force in most emerging nations, is determined to solidify its footing in Vietnam and China, widely regarded as two of the most significant and influential overseas markets for both Korea and the world. The company has previously invested extensively in the regions, but is expected to further expand, armed with bigger investments and incentives for both markets.Reflecting the urgency of the issue, Samsung Electronics chairman Lee Kun-hee earlier thi
Won climbs most among Asian currencies

Oct 29, 2012

Local currency expected to reach 1,080 won per dollar by year-end
NPS works to stop expats paying for no benefit

IndustryOct 29, 2012

Social security agreement lessens burden for foreign employees in Korea
Opaque, top-down system leaves some expats bitter

Oct 29, 2012

Expert says problems more common at SMEs without HR departments
Eco-innovation awareness in Asian SMEs remains low

Oct 29, 2012

A survey found that Asian SMEs have a lack of understanding of eco-innovation and more active public engagement about eco-innovation will be needed in Asia. ASEIC conducted the pilot survey in 2011 to get a better idea of the status of eco-innovation in SMEs in ASEM member countries. The pilot survey used a random sample of 1,180 SMEs across 12 ASEM member countries. The 12 ASEM member countries are China, Japan, India, Indonesia, South Korea and Vietnam in Asia and Austria, Denmark, France, Ger
ASEIC’s path to the future

Oct 29, 2012

I was very pleased to hear that Korea was selected as the host country of the secretariat for the United Nations Green Climate Fund, or GCF, which will play an important role in addressing climate change worldwide. I know that Korea still has a long way to go, but it made me very proud as being named the host of the GCF clearly indicates that Korea has become a leader in global green growth. Korea deserves credit for becoming the home to the GCF. Many sectors of the nation have been pursuing gre
Korea leads driving eco-innovation for SMEs of ASEM

Oct 29, 2012

For the past four years, Korea has made contributions to bridging between developed and developing countries in many sectors, ranging from political to business areas. Green growth is one such sector as the nation has taken a leading role globally by adopting green growth as one of its key development strategies for the first time in the world in 2009. In line with a vision for a green future, the Small and Medium Business Administration under the Ministry of Knowledge Economy has made contribut
Kyobo Life chief wins Asia insurance award

Oct 29, 2012

Kyobo Life Insurance chairman Shin Chang-jae won the top award at this year’s Asia Insurance Industry Awards in recognition for his exceptional leadership and pioneering a new life insurance culture.Shin was chosen as the “Personality of the Year” at the annual award ceremony held in Kuala Lumpur on Sunday, being the first Korean insurance company chief executive to receive the honor.“Shin has endeavored to put the company on the right track and establish a firm customer-oriented corporate cultu
Seoul shares open higher on improved U.S. data

Oct 29, 2012

South Korean stocks opened higher Monday as investor sentiment was boosted by the better-than-expected gross domestic product growth in the U.S. in the third quarter, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.58 percent, or 10.93 points, to 1,902.36 in the first 15 minutes of trading.Shares gathered ground across the board, with market bellwether Samsung Electronics Co. gaining 0.54 percent while top automaker Hyundai Motor Co. added 0.22 percent. Leading steel
Stronger won expected despite low growth

Oct 28, 2012

Market sees further appreciation of Korean currency
POSCO says talks to buy Arrium still under way

IndustryOct 28, 2012

SYDNEY (Yonhap News) ― The Australian unit of South Korea’s top steelmaker POSCO is still in talks to buy Australian miner and steelmaker Arrium Ltd., which recently rejected a takeover offer, its head said.In early October, Arrium rebuffed a takeover bid by a consortium including POSCO Australia Pty and Noble Group Ltd. valued at A$1.01 billion ($1.04 billion).“The consortium continues to have talks with Arrium,” Shin Soo-cheol, managing-director of POSCO Australia, told reporters on Friday.“We
Uljin nuclear reactor shuts down on malfunction

Oct 28, 2012

ULJIN (Yonhap News) ― A nuclear power generator in the southeast came to a halt early Sunday morning due to a problem related to its turbine control system, but no radioactive leak has been reported, its operators said.The Reactor-2 at Uljin Nuclear Power Plant in this southeastern region of the country automatically shut down at about 2:45 a.m., according to the operators. The reactor stopped after a problem was detected in a system designed to supply steam into turbines. That problem also forc
Makgeolli exports to Japan plunge amid chilled relations

IndustryOct 28, 2012

Exports of South Korea’s traditional alcoholic beverage “makgeolli” to Japan dropped sharply during the first nine months of this year, apparently affected by chilled relations between the two countries, customs data showed Sunday.South Korea exported a total of 21,743 tons of makgeolli during the January-September period, down 28.6 percent from the same time a year earlier, showed the data by the Korea Customs Service. The exports were estimated at $27.36 million, which also marked a 28 percent
Shares may gain ground this week

Oct 28, 2012

The South Korean stock market may gain ground this week, but advances are not likely to be large amid nagging concerns about the global economy, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 1,891.43 this week, down 2.7 percent from a week earlier, beset by the eurozone debt problems and weak corporate earnings results.The KOSPI fell below the 1,900-point for the first time in more than one month Friday after the central bank said that Korea’s third-quarter g
Korea to log W20tr in fiscal deficit annually

Oct 28, 2012

South Korea will post about 20 trillion won ($18.2 billion) in fiscal deficit every year until 2016, a parliamentary office said Sunday, casting doubt over the government’s push to achieve a balanced budget in a couple of years.According to data provided by the National Assembly Budget Office, South Korea will post about 18.5 trillion won in fiscal deficit next year, far higher than the government’s deficit forecast of 4.8 trillion won.The larger-than-expected shortfalls come mainly from the off