The Korea Herald

Coca-Cola introduces ‘eco-friendly’ pouches for drink

IndustryJul 8, 2012

Coca-Cola has announced that the company will start selling drinks in eco-friendly packaging as a low-cost alternative to cans and bottles.The biodegradable bags were inspired by South American consumers who have their bottles of Coca-Cola pored into plastic bags so that they do not have to pay a deposit on the returnable glass bottles.The company noticed this trend, which originated in El Salvador, and decided to make their own to recover branding. The plastic bag keeps the iconic bottle shape
Samsung to post record Q2 profit of W6.7 trillion

TechnologyJul 6, 2012

Mobile business continues to contribute to growth, analysts saySamsung Electronics, the world’s biggest chip and smartphone maker, is expected to post record earnings in the second quarter of this year.The company estimated that its operating profit will reach about 6.7 trillion won ($5.9 billion) in the months between April and June, up about 79 percent from 3.75 trillion won a year ago. It is likely to post sales of approximately 47 trillion won, up 19 percent from 39.4 trillion won, according
Samsung Asia’s most valued tech brand

TechnologyJul 6, 2012

Samsung Electronics, the world’s biggest chip and smartphone maker, has become Asian consumers’ most valued brand, surpassing long-time favorite Sony and Samsung’s closest smartphone rival Apple.Citing a survey of 4,800 people in 12 Asian countries by research firm Nielsen and magazine Campaign Asia-Pacific, U.S. broadcaster CNBC reported that Samsung Electronics has climbed to the top this year, from second place in branding last year. “The brand’s focus on high visibility marketing and adverti
Lotte Shopping buys Hi-mart

IndustryJul 6, 2012

Lotte Shopping Co., the flagship affiliate of retail-oriented conglomerate Lotte Group, said Friday it reached a deal to buy electronics appliance retailer Hi-mart Co. for 1.24 trillion won ($1.09 billion).The stock purchase agreement calls for the takeover of a 65.25 percent stake in the electronics retailer currently owned by Eugene Corp., Hi Consortium and former Hi-mart CEO Sun Jong-koo, Lotte said in a regulatory filing.The company added it is paying an average of 81,026 won for the 15.4 mi
Korea to sell 2tr won in Treasury bills in July

Jul 6, 2012

Korea plans to sell 2 trillion won ($1.76 billion) worth of Treasury bills in July to shore up government coffers, the Finance Ministry said Friday. Treasury bills are intended to raise money so the government can cope with short-term financial shortfalls. Such bonds generally mature in less than one year, with those to be sold this month to come due in 63 days.South Korea resumed issuing Treasury bills for the first time in five years in 2011 when it sold a total of 11.7 trillion won worth of s
Korean Air voted for best passenger service

Jul 6, 2012

Korean Air has ranked at the top in the best passenger service of the Global Customer Satisfaction Competency Index for eight consecutive years, the nation’s flag-carrier said on Friday.Company officials said it won the prize thanks to its efforts to innovate in-flight services and focus on customer satisfaction.The annual index is done by Japan Management Association Consultants Inc. JMAC is a multinational consultant group which evaluates customer’s satisfaction on services and products throug
Kumho Tires cuts 13,339 tons of emissions

Jul 6, 2012

Kumho Tires Co., reported Friday that it has gained official recognition for having reduced a total of 13,339 tons of greenhouse gas emissions for the past five years through replacing production facilities and renewable energies.The greenhouse gas reduction plan for the company, which was launched by Korea Energy Management Corp. in 2005, was devised in response to the United Nations Framework Convention on Climate Change. Kumho Tires, ever since becoming the first to participate in the greenho
‘Full-fledged economic recovery being delayed’

Jul 6, 2012

Korea’s economy is rebounding at a slower-than-expected pace amid deepening uncertainties from the eurozone debt problems and possible worldwide slowdowns, the country’s top economic policymaker said Friday.“It is tough to predict how economic situations will play out in the second half but one thing seems to be certain and that is full-fledged economic recovery is being delayed,” Finance Minister Bahk Jae-wan told a press conference with foreign journalists in central Seoul.His remarks come a w
Shares down despite stimulus salvo

Jul 6, 2012

Korean stocks closed 0.92 percent lower on Friday as investors showed muted response to a set of stimulus measures by central banks, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 17.29 points to 1,858.2. Trading volume was moderate at 335.7 million shares worth 3.6 trillion won ($3.2 billion), with decliners outnumbering gainers 496 to 309.“The rate cuts by the European Central Bank and China’s central bank did little to boost
Korea, Taiwan begin talks on investment guarantee pact

Jul 6, 2012

Korea and Taiwan recently began talks for a Bilateral Investment Treaty, their first move toward economic cooperation since the two countries severed diplomatic ties 20 years ago.The two sides met on June 21 in Taiwan to exchange views on the treaty to guarantee investment in each other’s country at Taipei’s request, Korean Trade Ministry officials said Friday. Actual negotiations are slated to begin in October in Seoul. BITs grant investments made by an investor of one contracting state in the
POSCO consortium to build power plant in Mongolia

IndustryJul 6, 2012

A multinational consortium, led by Korea’s POSCO Energy, has been named a preferred bidder to operate a large-scale combined heat and power plant in Mongolia, company officials said Friday. The power unit of POSCO participated in the consortium as the largest shareholder with a 30 percent stake, together with France’s GDF Suez, Japan’s Sojitz Corporation and Mongolia’s Newcom Group.The planned cogeneration power plant with an electricity capacity of 450 megawatts will be located near Ulaanbaatar
36 large firms put under debt workout

Jul 6, 2012

Thirty-six large companies including 17 builders will have to either undergo a debt workout program or be forced out of the market, the Financial Supervisory Service said Friday, citing the results of an annual evaluation by creditors.Creditor banks assessed the credit risks of 1,806 companies that borrowed 50 billion won or more from financial institutions, and blacklisted 36 of them into grades C and D. Fifteen of them, including five construction companies, a shipbuilder, two semiconductor ma
Korea, China to negotiate sensitive agricultural, industrial items separately

Jul 6, 2012

Reaching free trade agreement will be harder than expected, says Seoul’s negotiatorKorea and China have confirmed their basic positions on the bilateral free trade agreement, but have yet to reach an agreement on key issues such as the level of tariff concessions and the choice of sensitive and ultra-sensitive items. The two countries had earlier agreed to carry out the FTA negotiations in two stages, the first of which will be settling the sizes of baskets for general, sensitive and ultra-sensi
Lotte Shopping buys Himart for 1.24 tln won

IndustryJul 6, 2012

Lotte Shopping Co., the flagship affiliate of retail-oriented conglomerate Lotte Group, said Friday it reached a deal to buy electronics appliance retailer Himart Co. for 1.24 trillion won (US$1.09 billion).The stock purchase agreement calls for the takeover of a 65.25 percent stake in the electronics retailer currently owned by Eugene Corp., Hi Consortium and former Himart CEO Sun Jong-koo, Lotte
Seoul shares open lower despite EU, China stimulus

Jul 6, 2012

South Korean stocks opened lower Friday, as investors were unmoved by the European and Chinese timulus measures taken overnight, analysts said.The Korea Composite Stock Price Index (KOSPI) dipped 4.31 oints, or 0.23 percent to 1,871.18 in the first 15 minutes of trading.Tech blue chips and financials drove the shares down, with arket behemoth Samsung Electronics losing 0.34 percent and No. 2 ender