The Korea Herald

Sales of diesel, hybrid cars soar

Aug 30, 2012

As if reacting to the continued economic slump, more Korean drivers are turning to more fuel-efficient cars with diesel, hybrid or LPG engines.A report from the Korea Automobile Manufacturers Association shows that consumers’ preference for such vehicles rather than gasoline-powered sedans and sports utility cars is increasing.Car industry observers said the increasing cost of fuel seems to be leading drivers to prioritize fuel efficiency. Gasoline prices in Korea have been hovering around 2,000
Confectioner Orion eyes W1tr sales in China

IndustryAug 30, 2012

HONG KONG (Yonhap News) ― Orion Corp., South Korea’s second-largest confectionery company, expects to see its China sales rise 43 percent to reach 1 trillion won ($880 million) in 2012, driven by rising income levels in the world’s most populous country, company officials said Thursday.The company’s operating profit will likely rise to about 100 billion won this year, compared with an operating income of 69 billion won last year, it said.Orion’s strong performance in China stems largely from the
20s cut out clothes, 40s entertainment

Aug 30, 2012

Research shows how different generations cope with bad economyFashion-conscious young people in their 20s spent less on clothing to survive the prolonged economic slump, suggested recent research. Hana―SK Card said on Thursday that the credit card use of consumers in their 20s steadily decreased since the fourth quarter last year. The card company analyzed the consuming trend of its customers during the past year. This year marks the first time that clothing purchases have dropped from the top 1
Fruit prices expected to soar after typhoon

IndustryAug 30, 2012

Fruit prices are likely to soar as many apples and pears dropped from their trees due to Typhoon Bolaven which hit the nation this week. Another typhoon also on the way, Tembin, may make matters even worse. Insurance payouts to be given to the affected farms are expected to reach 80 billion won ($70.5 million), NongHyup Property and Casualty Insurance said on Thursday. Nonghyup analyzed the financial loss of 9,424 hectares of orchards throughout the nation that were harmed due to the typhoon. Th
Hyundai Motor agrees on wage hikes, work system

Aug 30, 2012

The management and labor union of South Korea’s leading automaker Hyundai Motor Co. on Thursday reached a temporary agreement on wake hikes and shorter working hours after months of negotiations.The agreement calls for introducing a two-shift daytime work system. It also includes a wage hike of 98,000 won ($87), or 5.4 percent, with additional bonuses.The new working system will start from March next year, according to the agreement. The company changed the system for the first time in 45 years.
Hyundai Heavy to set up center for former sex slaves

IndustryAug 30, 2012

Hyundai Heavy Industries said Thursday it has donated 1 billion won ($880,000) to set up a “healing center” for former sex slaves who were forcibly taken by the Japanese army into sex slavery during World War II. The center, tentatively named the “House for Healing and Peace,” will offer diverse welfare programs for the remaining 60 victims of Japan’s wartime sex crimes here as well as history education for visitors, the company said. Starting with the first case of Kim Hak-soon in 1991, a total
Daewoo E&C supports African ambitions

Aug 30, 2012

Following is the fifth in a series of articles about major companies’ social contribution activities at home and abroad. ― Ed.For Daewoo Engineering and Construction Co., its corporate social responsibility activities in Africa are all about sharing with humanity beyond race and nationality.Having proceeded with construction deals in local communities of multiple continents for decades, the construction company has employed a variety of community service projects and aid programs to enhance the
BMW to build mammoth driving center in Korea

TransportAug 30, 2012

Korea becomes first Asian country to have such a BMW facilityBMW Group Korea announced Thursday that it will build a large-scale driving center on Yeongjong Island, where Incheon International Airport is located, by 2014.This will mark the fourth driving center of Munich-based BMW Group, following two in Germany and one in the United States.The import automobile brand plans to pour 70 billion won ($61.9 million) into construction of the BWM Group Driving Center on a site of 250,000 square meters
Legislation underway to prohibit sale of energy drinks in school zones　

IndustryAug 30, 2012

Fast-growing energy drink industry meets growing pressure over health risks　The local market for energy drinks which contain large amounts of caffeine has grown remarkably over the past two years, but is expected to face regulations due to health risks.Rep. Choi Dong-ic of the main opposition Democratic United Party is gathering fellow lawmakers’ support to submit a revised bill next month to ban the sale of energy drinks near schools to limit children’s access to the caffeinated beverages which
Samsung wows crowd with new Galaxy Note 2, Galaxy Camera

IndustryAug 30, 2012

Firm becomes world’s first to roll out Windows 8 handsetSamsung Electronics on Thursday featured the new 5.5-inch Galaxy Note 2 as well as a new device called Galaxy Camera at its mobile unpack event ahead of the IFA electronics trade show in Berlin. The world’s top smartphone maker also wowed the crowd of about 1,500 people by introducing its new “ATIV” lineup of smart PC, tablets and smartphones
Samsung unveils Galaxy Note 2

TechnologyAug 30, 2012

Samsung Electronics Co., the world‘s top smartphone maker, on Thursday unveiled its latest Android platform-based Galaxy Note 2 at an European trade fair, grabbing the spotlight ahead of rival Apple Inc.’s new iPhone release.Samsung debuted the Galaxy Note 2 at the IFA trade show inBerlin on Wednesday (local time), with plans to release its latest “phablet” model in October. The phablet, a cross between a smartphone and a tablet computer, features larger displays than smartphones but are more po
Korean investments in overseas securities fall in Q2

Aug 30, 2012

South Korean investments in overseas securities fell for the first time in three quarters in the second quarter as the eurozone debt crisis hit share prices, the central bank said Thursday.Institutional investors' investments in foreign stocks, bonds and so-called Korean Paper reached an outstanding $54.44 billion as of the end of June, down $2.2 billion from three months earlier, according to the
Seoul shares open lower on blue-chip losses

Aug 30, 2012

South Korean stocks got off to a weak start Thursday, dented by losses in blue chips, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.04 points, or 0.62 percent, to 1,916.50 in the first 15 minutes of trading. Large-cap shares dipped across the board, with market bellwether Samsung Electronics sinking 1.06 percent and No. 1 automaker Hyundai Motor sliding 1.02 percen
Korea submits FTA with Turkey to parliament for ratification

Aug 29, 2012

South Korea's government on Wednesday submitted a free trade deal with Turkey to the National Assembly for ratification, the final step needed for Seoul to put the pact into effect, the trade ministry said.After nearly two years of negotiations, South Korea and Turkey signed the free trade agreement on manufactured goods on Aug. 1.The two countries plan to hold further talks this year to conclude
Asset deflation clouds Korean economy

Aug 29, 2012

Falling prices of property, stocks deal blow on consumptionFears of an asset deflation are casting a shadow over the Korean economy as prices of real estate and stocks continue their downward streaks.Murky outlooks on the recovery of asset prices dampen consumption and investment in the long term, which in turn pulls down asset prices further. The value of real estate, which takes up about 80 percent of assets owned by Korean households, has been dropping over the past four years.Apartment price