The Korea Herald

Renault Group chairman to visit Seoul

IndustryJul 16, 2012

Renault Group chairman and CEO Carlos Ghosn will visit Seoul this week to unveil the group’s business policies for its Korean unit, Renault Samsung Motors said Monday.With Ghosn scheduled to hold a press conference on Friday, the event is drawing attention in the auto industry as his visit to Seoul will mark his first since February 2008.Renault Samsung, the local unit of the France-based automaker, will begin mass production of electric vehicles early next year. This September, the company will
Samsung, LG still in battle over theft of AMOLED technology

IndustryJul 16, 2012

Tech giants Samsung and LG Display have again clashed over Samsung’s claim that its rival stole its key technologies used in manufacturing large AMOLED screens.While Samsung Display strongly requested that its competitor offer an official apology and warned it will proceed with all legal methods for counteraction, LG denied its allegations, stating that it is not responsible for any of the claims.Both parties held press conferences Monday, a day after it was reported that 11 people, including a
U.S. election won’t change partnership with Korea: U.S. Chamber of Commerce

Jul 16, 2012

Thomas Donohue, president and CEO of the U.S. Chamber of Commerce, said Monday that the U.S. presidential election will not cause any changes in the Korea-U.S. economic partnership. Donohue made the remarks during his lecture on the Korea-U.S. business partnership in a joint general membership meeting co-hosted by American Chamber of Commerce in Korea and FTA Industry Alliance in central Seoul. About 250 people, including 100 AMCHAM officials and members, 100 Korean KITA officials, and FTA Indus
LG, Samsung compete on premium refrigerators

TechnologyJul 16, 2012

LG Electronics is about to duke it out with Samsung Electronics over premium large refrigerators as Korea’s second-largest consumer electronics company is gearing up to launch its new, bigger and better product.LG Electronics said Monday that it will release an all-new four-door fridge brand Dios with a 910-liter storage capacity, the world’s biggest refrigerator, next month.The company added that it will further expand in the global premium fridge markets, signaling a direct challenge against i
Seoul likely to be 11th-most visited city

Jul 16, 2012

Seoul is expected to become the 11th most visited city in the world by foreign travelers this year, according to a report released last week. MasterCard’s Global Destination Cities Index indicates that this year’s number of foreign travelers visiting Seoul will be eight million, placing the city at 11th. Seoul is expected to follow Kuala Lumpur in Malaysia with an estimate of 8.1 million foreign visitors.In the Asia-Pacific region, Bangkok is forecast to be the third most visited place, expectin
KT&G, BAT Korea release new cigarettes

Jul 16, 2012

KT&G and British American Tobacco Korea have released new products on Monday.KT&G said it has produced an apple-scented menthol cigarette named “Esse Sense Apple Mint,” which will be on sale starting Wednesday.It consists of 1.0 mg of tar and 0.1mg of nicotine per pack. The price is 2,800 won ($2.43).“Due to consumer demands for a different type of menthol cigarettes, we have come up with an apple-scented product that is high in menthol but low in tar,” a company official said.Meanwhile, BAT Kor
Hyundai unveils repair cost guarantee

IndustryJul 16, 2012

Carmaker promises 300% compensation for overcharged maintenance costsHyundai Motor, Korea’s largest carmaker, announced its new after-sales policy on Monday, upping the ante amid fierce competition with imported car brands that are expanding presence recently in the domestic car market. As part of its efforts, Hyundai unveiled a new after-sales program called the “Overcharge Assurance Program,” which allows car owners to discuss with company engineers whether they have paid reasonable prices for
KB makes bids for ING Life’s local unit

Jul 16, 2012

KB Financial Group Inc. submitted a bid Monday to acquire the local unit of global insurance giant ING Group, as the group scrambles to expand its presence in the fast-growing insurance market, industry sources said. Korea’s No. 2 banking group made its bid to buy ING Life Korea, the fourth-largest in the country by market share, in a deal worth of around 3.5 trillion won ($3.04 billion), according to sources.AIA Group, the multinational life insurer, is also believed to have submitted a bid for
U.S. beef exports to Korea decline 24%

Jul 16, 2012

WASHINGTON (Yonhap News) ― U.S. beef exports to South Korea dropped 24 percent in the first five months of 2012 from a year earlier, but the reduction is not associated with mad cow concerns, the U.S. Meat Export Federation said Sunday.The U.S. exported 51,128 tons of beef to South Korea from January till May, down 24 percent from 67,638 tons in the same period last year, it said.South Korea was the third-largest importer, following Canada and Mexico during the five months.The USMEF stressed tha
Shares up on eased concerns

Jul 16, 2012

South Korean stocks rose 0.27 percent on Monday as investor sentiment was boosted by growing expectations over a global recovery and corporate earnings forecasts, analysts said. The local currency gained ground against the U.S. dollar.The Korea Composite Stock Price Index climbed 4.9 points to finish at 1,817.79. Trading volume was light at 263.5 million shares worth 3.2 trillion won ($2.8 billion), with losers slightly outpacing gainers 408 to 407.“Investors are relieved by China’s not-so-bad e
Travelers face tougher customs checks

IndustryJul 16, 2012

Crackdown targets people bringing in high-value goodsThe Korea Customs Service will strengthen its surveillance of inbound travelers in terms of customs clearance until the end of next month.In a statement, the customs agency said it will strictly apply the customs clearance rule as the number of overseas travelers is expected to surge during the summer holiday season between late July and August.“Despite the new tax exemption, travelers are still required to report their overseas purchases in e
Household, public debts pose risks: S&P

Jul 16, 2012

Korea’s rising household and public debts could pose downside risks for its sovereign credit rating, a global credit appraiser forecast on Monday. Standard & Poor’s said the rate of Korea’s indebtedness to its disposable income has been rising, with the debt of non-banking public institutions growing rapidly since 2008.“Household debts continue to grow and it could complicate monetary policy for the central bank ... (and place it) in a difficult position to have to allow inflationary pressure, w
Hana Financial net down 54%

Jul 16, 2012

Hana Financial Group Inc., South Korea’s No. 4 banking group, said Monday its second-quarter earnings fell 54 percent from a year earlier due mainly to the absence of a one-off stake gain.Net income came to 225.1 billion won ($196.2 million) in the April-June period, compared with 489.8 billion won the previous year, said the group, which competed to buy the Korea Exchange Bank in February.Hana Financial’s net profits include KEB’s earnings results.In the second quarter of 2011, the group posted
Foreign financial firms using dividends to transfer wealth overseas

Jul 16, 2012

Foreign investment banks and asset management companies are paying huge dividends that surpass their net profits or remitting a large amount of profit to their headquarters overseas. Standard Chartered Bank Korea paid a dividend of 100 billion won ($87.1 million) this year to Standard Chartered Korea, the 100 percent shareholder of the bank. Dividend per share was 381 won. The dividend was the same amount as last year although the bank’s net profit decreased by 21 percent to about 255 billion wo
French Pavilion focuses on freshwater shortage

Jul 16, 2012

YEOSU, South Jeolla Province ― The chief architect of the French Pavilion at the 2012 Yeosu World Expo said Saturday that the world is facing a serious freshwater shortage, and demand may soon outpace supply unless ways are found to replenish this vital natural resource.“The concern is that within 50 years there will not be enough freshwater (supplies). Desalination is one of the solutions,” said David-Pierre Jalicon, the CEO of D.P.J. & Partners, Ltd. in an interview with The Korea Herald. “Fra