The Korea Herald

GS Group must focus on Chinese operations: Huh

IndustrySept 24, 2012

GS Group chairman Huh Chang-soo wants his company to make a measured but significant leap into Chinese markets based on the technological prowess and experience it has gained from the domestic market.“GS Group must focus its core competence on managing (the company’s) Chinese business operations,” Huh said on Monday when he made an on-site visit to the Chinese operations of GS Caltex and GS Global in Suzhou, Jiangsu Province. Huh, flanked by GS Corp. vice chairman Seo Gyeong-seok and other execu
‘French firms need to be more responsive to cultural difference’

Sept 24, 2012

Cultural understanding should be sought before doing business in Korea: French chamber chiefSome Korean branches of major French luxury goods companies have come under criticism from news media here when they reported an increase in sales or net profit. The Korean branch of the world’s best-selling luxury brand Louis Vuitton S.A. reportedly raked in about 497.4 billion won ($440 million) in sales and about 44.9 billion won in net profit between 2009 and 2010. The luxury giant received a cool res
Kumho Asiana chief named honorary citizen in China

IndustrySept 24, 2012

Kumho Asiana Group chairman Park Sam-koo was conferred honorary citizenship by authorities in Nanjing, China, for his contribution to development of the region.Park has been evaluated as one of the key business leaders, who have pushed ahead with bilateral economic cooperation between Korea and China.Kumho Tire’s Nanjing plant, set up in 1994 as a joint venture with a Chinese tire manufacturer, currently produces 5 million tires every year, accounting for 14 percent of the world’s fastest-growin
SK Communications begins merger talks with Kakao Talk

TechnologySept 24, 2012

SK Communications Co., South Korea‘s third-largest Internet portal service provider, is in an early stage of merger talks with the developer of South Korea’s most prominent social network service, sources said Monday.SK Communications, which operates Cyworld, once South Korea‘s most prominent social networking service, is seeking to merge with Kakao Corp. that operates a namesake mobile messenger service, several financial sources in Hong Kong confirmed.The move could possibly lead to the format
Top 30 conglomerates‘ annual salary stands at 63 mln won

IndustrySept 24, 2012

Employees of South Korea’s leading 30 conglomerates earned an average of 63 million won last year, with Hyundai Motor Group workers topping the list, data showed Monday. Hyundai Motor Group, the nation‘s second-largest chaebol by asset, eclipsed others with 84 million won, according to the data by corporate information tracker Chaebol.com., which analyzed the annual income of under-department manager-level employees at 193 listed affiliates of the conglomerates,Hyundai Heavy Industries Group cam
Gas prices soar 2.3-fold in 14 years

IndustrySept 23, 2012

The price of gasoline sold in South Korea has more than doubled since 1997 when the country lifted restrictions on oil prices, industry data showed Sunday.According to the data compiled by the Korea National Oil Corp., the gasoline price at the pump averaged 1,929 won ($1.73) per liter last year, up 130 percent from 838 won in 1997.The price of diesel also skyrocketed over the cited period. A liter of diesel oil was 376 won in 1997 but jumped 364 percent to 1,745 won in 2011.The KNOC data showed
Private think tank cuts Korea’s growth estimate

IndustrySept 23, 2012

South Korea’s economic growth rate for 2012 is expected to slow to 2.5 percent from an earlier estimate of 3 percent due to a global economic slowdown, a private think tank said Sunday.The growth projection by the LG Economic Research Institute is much lower than the government’s 3.3 percent estimate. The central Bank of Korea expects the economy to expand 3 percent this year.The LGERI also said the South Korean economy, Asia’s fourth-largest, will likely expand 3.3 percent next year without ent
Makgeolli exports shrink 22.4%

IndustrySept 23, 2012

Overseas shipments of South Korea’s traditional rice wine, makgeolli, shrank sharply in the first eight months of the year in the midst of a deepening global slowdown, customs data showed Sunday.According to the data by the Korea Customs Service, makgeolli exports totaled US$29 million in the first eight months of the year, down 22.4 percent from a year earlier. The volume of the beverage fell 24.1 percent on-year to 22 million liters over the eight-month period.Exports of makgeolli had jumped 8
Shares expected to take recess this week

Sept 23, 2012

South Korean stocks are expected to take another breather this week, moving only in a tight range due to the lack of any major drivers to spur the market, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 2,002.37 last week, down 0.6 percent from a week earlier when the key index surged to a five-month high of 2,007.58.Foreign investors purchased a combined net 1 trillion won ($895 million) worth of shares, while institutional investors sold off a net 800 billion
Borrowings for stock investment surge

Sept 23, 2012

A growing number of small investors are investing in stocks on the secondary KOSDAQ market, particularly by applying for loans as they bet on a bullish market ahead of the Dec. 19 presidential election.According to the Financial Investment Association, stock investment-oriented outstanding loans to individuals increased by 29.8 percent over the past three months ― from 1.33 trillion won ($1.18 billion) at the end of June to 1.73 trillion won as of Sept. 20.The sort of lending means that investor
Top 10 big firms hiring fewer staff than they can afford

IndustrySept 23, 2012

Hyundai Heavy, Hyundai Motor, POSCO had the lowest employment rateKorea’s top ten companies have been slow and reluctant to hire new employees despite a sharp increase in revenue over the years, according to media reports citing data by the Financial Supervisory Service and the Korea Chamber of Commerce and Industry.The number of people employed by the top 10 in their respective sectors such as consumer electronics, automobile, steel and retail only stood at 294,652 last year, up from 222,995 in
Yongsan development plan in jeopardy

IndustrySept 23, 2012

Korea’s historic property project faces another feud among largest shareholdersKorea’s largest-ever urban development plan in Seoul is falling into further disarray as its two major shareholders clash over control of the 31-trillion won ($27 billion) project. Yongsan, located in the heart of Seoul, is planned to receive a large-scale facelift and transformation into an international business hub by 2016. The project includes the construction of the world’s second-tallest building and 22 other sk
Porsche, Daimler indicate Europe’s car crisis spreading

TransportSept 23, 2012

Daimler AG and Porsche AG provided evidence that the worst European car market in 17 years has started to spread to the luxury brands, mirroring a broader recession that has spilled from southern Europe to Germany. Stuttgart, Germany-based Daimler said yesterday that operating profit at Mercedes-Benz Cars will fall this year, lowering a previous target of matching the 2011 figure, while Porsche plans to build fewer than the 155,000 cars and sport- utility vehicles originally planned for next yea
Hyundai Motor targets Africa, Brazil markets

TransportSept 23, 2012

Indian plant takes on exports to Africa; Brazilian plant starts car productionHyundai Motor is expanding its presence in Africa and Brazil ― two of the several automobile markets with mammoth growth potential ― by diversifying export models.While the largest carmaker in Korea is making the most of its manufacturing factory in India for its vehicle exports to African nations, it launched regular operation of its Brazilian factory over the weekend.Hyundai Motor has been closely competing with Toy
Lee ranks 100 in Bloomberg rich list

IndustrySept 23, 2012

Lee Kun-hee, the chairman of Samsung Group, Korea’s largest family-run conglomerate, has been ranked 100th in the Billionaires Index by Bloomberg, a U.S. media firm.It said that Lee owns assets worth some $10 billion (11 trillion won), joining the world’s 100 wealthiest individuals for the first time. The index has been expanded to 100 from 40.Carlos Slim, the Mexican telecom magnate, remains the richest man with a $74.5 billion fortune, followed by Bill Gates, founder of Microsoft, with $64.8 b