The Korea Herald

Shares gain 0.15% on Japan stimulus

Sept 19, 2012

South Korean stocks rose 0.15 percent on Wednesday as the Japanese central bank surprised the market with an asset purchase program to prevent a further slowdown, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 2.92 points to 2,007.88. Trading volume was heavy at 946.1 million shares worth 5.72 trillion won ($5.12 billion) with gainers outstripping losers 491 to 320. “Expectations for upward momentum revved up aga
Samsung, LG, Philips sued by Illinois over price fixing

TechnologySept 19, 2012

Samsung Electronics Co., LG Electronics Inc. and Philips Electronics North American Corp. were sued by Illinois over alleged price fixing, based on claims the companies inflated costs for computer monitors and televisions.Illinois Attorney General Lisa Madigan filed the suit Tuesday in state court in Chicago. The complaint, which also names Hitachi Ltd. and Toshiba Corp. among others, claims the companies agreed to fix the price of, and limit production of, cathode-ray tubes from March 1, 1995,
Samsung to scale back spending on chip business

Sept 19, 2012

Samsung Electronics Co., the world’s top memory chip maker, is likely to cut back its spending on semiconductor business next year in the face of the economic slowdown, company officials said Wednesday.“It will be difficult to make aggressive investments next year due to an economic slowdown,” Samsung’s memory business chief Jun Dong-soo told reporters, adding that Samsung is likely to take a conservative stance on investments.Jun, however, said nothing has been decided since the company is stil
Prof. Chang opposes drastic chaebol reform

Sept 19, 2012

University of Cambridge professor Chang Ha-joon expressed skepticism over politicians’ move to introduce strong regulations for big business groups under the buzzword of “economic democratization.”In his lecture for chief executives of Samsung Group subsidiaries on Wednesday, Chang said that revamping the conglomerate sector is not a prerequisite for economic democratization.Concerning calls in the market for conglomerates’ business diversification, he said, “If they had not widened the scope of
SK Hynix develops smaller, faster graphics chip

TechnologySept 19, 2012

SK Hynix, the world’s second-largest chipmaker, said it has developed the industry’s first 4-gigabite DDR3 DRAM chip for graphics using a 20 nanometer-class processing technology.The double data rate, type-three synchronous dynamic random access memory chip can process 3.6 gigabytes of data per second via 16 lines of data channels at an operating speed of 1.8 Gbps.The company also noted that, when operating at 1.35 volts, the graphics chip consumes 30 percent less power than its 30 nanometer-cla
Saudi Aramco to set up Korean branch

IndustrySept 19, 2012

The Saudi Aramco, the world’s largest oil company in terms of crude oil reserves and daily production, is considering setting up a Korean operation to expand its presence in the nation’s energy market, industry sources said Wednesday. The state-run oil company already registered its new branch named Aramco Asia Korea Ltd. in May and is currently recruiting employees. Its office will be located in the Seoul Finance Center in Gwanghwamun, central Seoul. The company, which is the largest shareholde
Kia Motors poised to export K9

IndustrySept 19, 2012

Destinations include Middle East, China and Southeast AsiaKia Motors is considering exporting the K9 sedan in the coming months, having sold the premium sedan exclusively in the local market until now.The automaker’s first export destinations will likely be the Middle East, China and Southeast Asian countries, according to company executives. The K9 will be dubbed the Quoris in overseas market.“After targeting the Asian market later this year and early next year, we will fine-tune the timing of
NPS’ stake in top firms hits record high

IndustrySept 19, 2012

Pension fund’s stake in 10 largest groups surpasses 4 percentThe National Pension Service saw its average stake in 10 major business groups’ subsidiaries, listed on the stock market, come to an all-time high of more than 4 percent.The pension fund, as a result, is expected to exercise its shareholder right in the conglomerate sector more actively, stock research analysts predicted.According to Chaebul.com, a conglomerate-tracking website, the average stake held by the NPS in 93 companies of the
‘Facebook powerful ad platform’

TechnologySept 19, 2012

New media platforms have introduced new ways for companies to advertise their brands and products in this digital age of consumerism.Facebook looks to be the most “powerful” platform for effectively communicating and interacting with millions of users worldwide, said George Foo, chief operating officer of ihub Media Group, a social networking marketing agency based in Singapore. The company, which operates in eight countries, develops content applications such as games, characters and contests f
Four-river project offers answer to global challenges

Sept 19, 2012

This article was contributed by the Korea Water Resources Corp. to mark the opening of the 2012 World River Forum in Daegu on Wednesday. ― Ed. It may be fair to say that economic growth has been given priority over environmental conservation in many parts of the world. Since 2009, the four-river restoration project has been initiated as a part of the green growth imitative developed by the Korean government. The project is targeting the main rivers ― Han, Geum, Nakdong and Yeongsan ― of the peni
Hanwha seeks global expansion in biosimilars

TechnologySept 19, 2012

CEO envisions spin-off to create biotech firmIn June 2011, Hanwha Chemical, a listed Korean chemical company, made its first landmark deal to license its newly developed biosimilar compound to Merck, a global pharmaceutical giant.Merck will be further developing the “HD203” compound by Hanwha into a drug for joint pain.Hanwha attributed this overseas deal to Paul Coleman, CEO of the chemical company’s bio business unit, whose primary responsibility includes identifying global pharmaceutical comp
SPC Group shares love, hope with community

IndustrySept 19, 2012

Following is the seventh in a series of articles featuring companies’ social contribution activities. ― Ed.SPC Group, a leading food company that runs bakery franchises such as Paris Croissant and Paris Baguette, has been making consistent efforts to support disabled children and underprivileged people.Since May this year, each SPC Group employee has donated 1,000 won per month, matched by the company for a fund, to contribute to Purme Foundation which supports disabled children. The money will
Sesame Street’s next chapter: Elmo talks back

TechnologySept 19, 2012

Elmo, Big Bird and the rest of the ``Sesame Street'' crew have always talked to kids. Now, they'll try to have a two-way conversation with their pint-sized audience using Kinect, the motion and voice-sensing controller created by Microsoft.``Kinect Sesame Street TV,'' out Tuesday, is not exactly a video game, though it runs on the Xbox 360 video game system. There are no winners and losers, no rea
Seoul shares open lower on tech losses

Sept 19, 2012

South Korean stocks got off to a weak start on Wednesday as major tech firms suffered losses, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.18 points, or 0.36 percent, to 1,997.78 in the first 15 minutes of trading.Tech blue chips led the decline, with Samsung Electronics falling 0.76 percent and its smaller rival LG Electronics declining 0.52 percent following a law
S. Korea increases budget to lure foreign investment

Sept 19, 2012

South Korea will sharply increase the budget intended to provide more support and incentives for foreign businesses interested in making investments here, the finance ministry said Wednesday.The government will set aside 300 billion won (US$268.1million) for next year, which will be used exclusively to attract foreign investment, according to the ministry. The amount is up 36.1 percent from 220.5