The Korea Herald

LG Electronics releases new all-in-one computer

IndustryJul 23, 2012

LG Electronics released its new all-in-one personal computer on Monday to meet the rising demand for the category in the local market.Dubbed the “V720 Series,” the all-in-one computer ― which plays the role of PC, small-size 3-D television and monitor ― comes with a separate remote control for the TV, its officials said.The product enables people to watch TV with a remote control without booting up the computer, said LG officials. They can also use the “picture in picture” function to watch TV w
KT starts test service for world’s first VoLTE

TechnologyJul 23, 2012

KT, Korea’s second-largest mobile carrier, said Monday that it has launched a pilot service of Voice over Long Term Evolution for the first time in the world.Some 300 workers and college students will be given the chance to test KT’s high-definition VoLTE in Korea.The concept of HD VoLTE is similar to Voice over Internet Protocol telephone service, which uses Internet broadband lines to transmit voice data, whereas VoLTE transmit data via LTE networks, an industry source said.Also, VoLTE allows
Big companies brace for financial difficulties

IndustryJul 23, 2012

Cash flow problems hit conglomerate-based exporters on global factors such as euro crisisMore and more large-sized companies are facing risks of deterioration in financial soundness, mostly hit by external factors like the eurozone debt crisis.Among them are SK Telecom, SK Hynix, LG Display, LG Uplus, LG Innotek, LG International Corp., Cheil Industries, CJ CheilJedang Corp., Hanwha Chemical, Hyundai Hysco, Hyundai Merchant Marine and Doosan Heavy Industries, according to FnGuide, a financial in
Seoul shares fall on renewed eurozone worries

Jul 23, 2012

South Korean stocks closed 1.84 percent lower Monday as Spain’s call for a rescue fund spurred a new wave of fears that the eurozone debt crisis is deepening, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 33.48 points to finish at 1,789.45. Trading volume was moderate at 491.3 million shares worth 3.55 trillion won ($ 310.5 million), with decliners far outstripping gainers 676 to 155.“Investors are unnerved by Spain because
Auditor asks FSS to boost rate oversight

Jul 23, 2012

Korea’s national auditor asked the country’s financial regulator to strengthen supervision of banks after finding that they did not pass on central bank interest-rate cuts sufficiently to borrowers.Lenders “unreasonably” charged extra yields, undermining the Bank of Korea’s policy rate cuts since 2008 and burdening companies and households, the Board of Audit and Inspection of Korea said in a statement on its website. The auditor said it advised the Financial Supervisory Service governor to come
BOK faces probe over cyber censorship

Jul 23, 2012

Some lawmakers are set to pound on the Bank of Korea for allegedly tracing the IP addresses of employees who badmouthed executives including Governor Kim Choong-soo on the bank’s internal online message board.The BOK had sought to hunt down staff members who wrote critically of the governor’s remarks during an internal meeting and the exceptional working conditions for Deputy Governor Kim Jun-il, and take legal action against them.The central bank took issue with two more postings that contained
Food imports from U.S. fall despite FTA

Jul 23, 2012

Korea’s imports of agriculture products and food from the United States dropped in the second quarter despite the start of their free trade agreement, a trade organization said Monday.Shipments of agriculture and food products from the United States to the country came to some $1.91 billion in the April-June period, down 16.8 percent from the same period last year, according to the Korea Agro-Fisheries & Food Trade Corp. Imports in January and February increased 0.9 percent and 5.2 percent on-ye
KRA to breed 100,000 horses

IndustryJul 23, 2012

The state-run organization in charge of horseracing announced on Monday plans to step up as both a company engaged in social contributions and as a leader in the horse and leisure industry until 2022, the centennial year of South Korea’s horseracing history. To meet the goal, the Korea Racing Authority revealed four targets to reach by 2022: to develop the industry into a 1.3 trillion won ($1.14 billion) market; to make 30 percent of its profits in non-racing businesses; to breed 100,000 horses;
Korean firms to engage in Olympic marketing

Jul 23, 2012

The Korea Chamber of Commerce and Industry said Monday that six out of every 10 big firms are expecting extra demand to occur during the London Summer Olympic season.In a recent survey of the country’s 100 largest companies, about 35 percent said they plan to launch marketing activities related to the Summer Olympics, higher participation than the Korea-Japan joint World Cup in 2002 and the Beijing Olympics in 2008 which recorded 19.7 percent and 27.3 percent, respectively.When asked how they ex
JPMorgan downplays possibility of rate fixing

Jul 23, 2012

HONG KONG (Yonhap News) ― Global investment bank JPMorgan on Monday played down the possibility of South Korean financial firms’ rigging of interest rates on certificates of deposit, saying they may have had limited benefits from it.Korea’s Fair Trade Commission launched last week a probe into Kookmin Bank, the country’s largest lender, and eight other banks as well as 10 major brokerages over alleged CD rate rigging. JPMorgan said in a report that banks and brokers would have a limited benefit
KCS finds Nintendo piracy worth W100b

IndustryJul 23, 2012

The Korea Customs Service announced on Monday it had referred about 25 people who illegally copied Nintendo computer games and illegal cartridges to prosecutors for investigation. The alleged violators of the copyright law, unearthed by the KCS, include 15 online shopping mall managers who sold over 90,000 pirated games of the Japanese game company and also illegally produced cartridges. The pirated goods are worth at least 100 billion won ($87.2 million), according to the KCS. The illegal cartr
Philips Lighting names new branch chief

Jul 23, 2012

Philips Electronics Korea, a subsidiary of the Dutch multinational company Royal Philips Electronics, has appointed Kim Il-gon as the new chief of its lighting branch. He is set to take office on Sept. 1. The Korean subsidiary of the Dutch electronics firm expressed confidence in its selection, and said that Kim’s proven track record in the LED industry will help contribute to the overall growth of the company, especially towards the development of new lighting technologies. The sector is expect
JTI Korea releases ‘capsule’ type cigarette

Jul 23, 2012

JTI Korea, a local division of the international tobacco-maker Japan Tobacco Inc., has announced the release of a new type of “capsule” cigarette. Called “Mild Seven Option,” this is the first time the company has applied a capsule design to a cigarette. The new design allows capsules inside the cigarette filter to “pop,” and helps the product maintain its menthol taste, according to a company spokesperson. “We will constantly try to improve the expertise and design of our products in order to p
KAA, AustCham to host Sundowners’ party

Jul 23, 2012

The Korean Australian Alumni and the Australian Chamber of Commerce in Korea will host a joint “Sundowners” party on July 26.It will take place at the Mixology Bar, located in Cheongdam-dong, southern Seoul. Guests will be able to enjoy cocktails and get a chance to win lucky draw prizes, including those from JW Marriott Hotel Seoul and Pieroth Wines. The dress code is smart casual. Please call (02) 2010-8832 for more information.(renee@heraldm.com)
SIWA’s working women’s networking event

BusinessJul 23, 2012

The Seoul International Women’s Association, or SIWA, will hold its latest monthly meeting on Wednesday.Members and non-members will convene at Pier 8 in Itaewon, for a night of drinks, networking and dinner. Dinner will feature Japanese appetizers, and vegetarian options will be available. For more information, please visit www.siwapage.com. (renee@heraldm.com)