The Korea Herald

Hyundai to provide W10b to the poor

IndustrySept 11, 2012

The Chung Mong-koo Foundation, funded by the Hyundai Motor Group chairman, announced Tuesday a new charity program that will provide a combined 10 billion won ($8.8 million) to 20,000 low-income households from October. The new fund will focus more on those who have fallen into the dead zone in regards to government welfare programs, including senior citizens living alone, orphans, low-income multicultural families and North Korean defectors. The foundation plans to continue the support for up t
Seoul-Tokyo tension hits one of 10 Korean firms: poll

Sept 11, 2012

Slightly more then one in 10 South Korean companies that trade with Japanese businesses has suffered damage due to the recent diplomatic flare-up between the two countries, a poll showed Tuesday. According to the survey of 500 businesses trading with Japan, 12 percent said they have suffered setbacks in their commerce with Japanese firms due to deteriorated relations between the two countries, while 88 percent said they have not seen any damage. If the tension is prolonged, 64.7 percent of the c
Ensuring wine is beautiful ‘till the last drop’

IndustrySept 11, 2012

Australian family-run winemaker seeks future in KoreaBorn into the wine industry, Peter Barry tasted his first glass of wine around the age of 6. “I loved watching people taste wines, smile, and ask, ‘Where is this from?” said the Australian winemaker during an interview on Monday in southern Seoul.He started working at the wine company founded by his father Jim Barry, which the brand was named after, in 1982. His father passed away in 2002, leaving Barry the managing director and proprietor of
Costco Wholesale Korea under fire for doing business on Sunday

Sept 11, 2012

The South Korean unit of U.S. retail giant Costco Wholesale Corp. has resumed operations on Sunday at its outlets across the country, a move that local industry officials claim violates Seoul’s policy of restricting the business of large retailers.Local authorities in South Korea have prohibited large retailers from doing business on the second and fourth Sunday of every month to help protect mom-and-pop stores. South Korea’s largest retailer E-Mart and other retail chains later won injunctions
Three-way battle in duty-free market

IndustrySept 11, 2012

Shinsegae jumps into local duty-free market dominated by Lotte and ShillaA three-way race is expected as Shinsegae jumped into the local duty-free market which has been so far dominated by Lotte Group and Hotel Shilla. Shinsegae Group announced Wednesday that it had acquired an 81 percent share of Paradise Duty Free for 93 billion won ($82 million). The duty free shop is located inside Paradise Hotel in Busan Metropolitan City and is the 6th biggest in the market. The nation’s duty-free industry
KFS at vanguard of low-carbon green growth

Sept 11, 2012

Forest agency expands scope of cooperation to Latin AmericaThe Korea Forest Service leads the vanguard of the nation’s push for lowering carbon emissions and developing green industries.The KFS, in charge of forest policies, has promoted the policy of low carbon emission and green growth on the basis of its “Fifth National Forest Plan.”The 10-year plan, which was implemented in 2008, is designed to further expand the implementation of sustainable forest management in pursuit of maximizing fores
Apple’s secret message about the iPhone 5

TechnologySept 11, 2012

Apple fans have found potential clues about the new iPhone 5 just days before its launch, according to news sources. Apple’s PR team started setting up in San Francisco’s Yerba Buena center, the site for the grand launch, over the weekend. On Wednesday, CEO Tim Cook will release the product to the public. Although Apple is famous for keeping silent about their new products, eagle-eyed Apple fans seem to have found a clue in the banner outside the building. Some very eager fans played with the sh
Hollister models’ racist antics in Korea lead to termination

IndustrySept 11, 2012

Models of U.S. brand Hollister who allegedly mocked Asians in online photographs were fired, the Daily Mail and other news sources reported on Monday. Hollister recently announced on its homepage that it dismissed the models who uploaded the offensive photos online, and issued a statement of apology.“On behalf of our more than 80,000 associates around the world who cherish our core values and our culture of diversity and inclusion, we sincerely apologize for the offense caused by these unauthori
Costco Wholesale Korea under fire for doing business on Sunday

IndustrySept 11, 2012

The South Korean unit of U.S. retail giant Costco Wholesale Corp. has resumed operations on Sunday at its outlets across the country, a move that local industry officials claim violates Seoul‘s policy of restricting the business of large retailers.Local authorities in South Korea have prohibited large retailers from doing business on the second and fourth Sunday of every month to help protect mom-and-pop stores.South Korea’s largest retailer E-Mart and other retail chains later won injunctions i
Government plans W5.9tr stimulus measures

Sept 10, 2012

The government announced on Monday a stimulus package worth 5.9 trillion won ($5.23 billion) to boost lackluster domestic consumption and exports by the protracted eurozone debt crisis and a slowdown in China. The Finance Ministry said it would allocate 4.6 trillion won for this year and 1.3 trillion won for next year in its fiscal support measures.The economic support will be made mainly in the form of tax cuts to recharge sagging domestic demand, ministry officials said.The package was arrange
3rd Korean bullet train sets new speed record

IndustrySept 10, 2012

Korea’s new high-speed train HEMU-430X has recorded a speed of 354.64 kilometers per hour, the highest-ever demonstrated by trains here. The Ministry of Land, Transport and Maritime Affairs said Monday that the new record speed was set in a test carried out on Sunday at the 120-kilometer section between Busan and Daegu. The previous record was 352.4 kilometers per hour set by the French high-speed KTX back in December 2004. The ministry said Korea has now taken one step closer to connecting the
FTAs drive up wine imports from U.S., Europe

Sept 10, 2012

Korea’s imports of wines from the United States and Europe surged on free trade deals with the two major economies despite an economic slump here, industry data showed Monday.According to the data by the Korea Wines & Spirits Importers Association, imports of American wines during the January-July period rose 19.4 percent from a year earlier to $8.63 million.Wine imports from Spain and Germany jumped 19.7 percent and 19.9 percent, respectively, on-year over the same period, while the amount of i
Korea’s producer prices rebound in Aug.

Sept 10, 2012

Korea’s producer prices rebounded in August from the previous month as oil costs and agricultural product prices increased, the central bank said Monday.The producer price index, a barometer of future consumer inflation, rose 0.3 percent last month from a year earlier, compared with a 0.1 percent on-year fall in July, according to the Bank of Korea. July marked the first month in nearly three years that producer prices dropped on-year.Compared with the previous month, the index climbed 0.7 perce
Shares slip 0.25% ahead of U.S. stimulus package

Sept 10, 2012

Korean stocks edged down 0.25 percent Monday as investors sat on the sidelines before the envisioned U.S. central bank’s stimulus packages, analysts said.The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 4.88 points to 1,924.7, ending a two-session rally sparked by the European Central Bank’s bond-purchasing plan last week. Trading volume was heavy at 608.9 million shares worth 4.28 trillion won ($3.79 billion), with losers outnumbering winne
Big firms still favor former officials as outside directors

Sept 10, 2012

Affiliates of Korea’s top 10 conglomerates still prefer former government officials and ex-policymakers as outside directors, data showed Monday, amid escalating criticism of their practice.A total of 330 people served as outside directors at the 93 affiliates of the leading conglomerates as of end-June this year, down from 337 a year earlier, according to the data compiled by local research firm Chaebul.com. Of the 77 outside directors newly hired, 29, or 37.7 percent, were former government of