The Korea Herald

DSM Dyneema develops stronger fiber

IndustryJul 2, 2012

DSM, a global producer of fibers, has introduced a new, stronger fiber used for the production of mooring ropes for deep-sea oil and gas exploration and production.The fiber, DM 20, is a lot smaller in diameter than polyester, has high fatigue resistance and is weightless in water, the company said in a press release.With strength, stiffness and durability, DM 20 can ensure that mooring ropes have “maximum strength over a maximum lifetime, as well as faster handling and improved safety,” the com
3M Korea promotes Shin to general manager

Jul 2, 2012

3M Korea has promoted director Shin Yong-sook, former manager of the consumer and office markets, as new manager of the corporate marketing and public affairs division on Sunday. CMPA oversees the company’s public relations, strategic planning, business development and marketing.After graduating from Sogang University, Shin joined 3M Korea in 1988, where she was the sales and marketing manager for various consumer products. A student of the Six Sigma business management strategy, she was until r
BAT Korea picks Guy Meldrum as new CEO

Jul 2, 2012

British American Tobacco Korea announced Monday the appointment of Guy Meldrum as its new chief executive officer. Meldrum, who most recently served as the marketing director of British American Tobacco’s Russian branch, will replace BAT Korea’s current CEO, Stephan Liechti. This will be Meldrum’s second stint in Korea. He previously served as the marketing director for BAT Korea from September 2008 to May 2011, where he played an instrumental role in helping expand the company’s market share, a
Delta Air Lines works to satisfy high expectations of Korean customers

Jul 2, 2012

Korea-Taiwan division chief says Korean market is important for its high volume of business travelersDelta Air Lines executive Raymond Chang admits that the average Korean customer nowadays is one tough cookie to please. “We sometimes joke that the Korean customer these days is even more demanding than the Japanese. Sometimes,” Chang said in an interview with The Korea Herald in Seoul last week. But according to Chang, who is approaching his third anniversary this month as the general manager of
Dawn of Korean nuclear energy industry

IndustryJul 2, 2012

The nation’s first nuclear plant Kori-1 Nuclear Plant went under construction on March 19, 1971, in Gori, a small village that borders Ulsan and northern area of Busan. With the Kori-1 plant, Korea became Asia’s second and the world’s 21st country to possess a nuclear power plant. After almost seven years of construction that involved about 1.87 million labor units, the nuclear plant began operation from April 20, 1978. Since then Korea has constructed 20 more nuclear plants, and now generates e
Kori-1 nuclear power plant waiting for final approval to resume operation

IndustryJul 2, 2012

Experts say putting the nation’s first nuclear plant back into action will relieve power shortageControversy is growing again over resuming the operation of the nation’s oldest nuclear power plant Kori-1, which was shut down on March 13 following an abrupt power cut early this year. The Kori-1 plant, which began operation in 1978 in the northern part of Busan, had completed its scheduled life span in 2007. But it was granted a 10-year extension in 2008 after an inspection by the International At
Seoul shares down 0.13 pct on downbeat data

Jul 2, 2012

South Korean stocks slipped 0.13 percent on Monday as renewed optimism over the eurozone debt crisis faded amid concerns over downbeat economic data and second-quarter earnings, analysts said. The local currency fell against the U.S. dollar.After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) fell 2.36 points to close at 1,851.65, stemming a two-session winning streak. Tra
Apple settles Chinese iPad trademark fight: court

IndustryJul 2, 2012

U.S. technology giant Apple has paid a Chinese firm $60 million to settle a long-running dispute over the iPad trademark in China, a court said Monday.The government body overseeing trademarks has been asked to immediately recognise Apple's rights to the iPad name, the High Court of the southern province of Guangdong said on its website.Apple last week paid $60 million to settle the dispute, accor
Top 10 conglomerates' earnings seen to have slipped in H1

Jul 2, 2012

Most of South Korea's 10 largest conglomerates are estimated to have suffered a drop in their earnings in the first half of the year from a year earlier amid economic woes and declining demand in advanced economies, data showed Monday.With the exception of Samsung and Hyundai Motor Group, eight of the top 10 conglomerates saw their first-half business results worsen, according to data from financi
Seoul shares open higher following EU summit

Jul 2, 2012

South Korean stocks began higher on Monday as a set of measures reached at a recent European Union (EU) summit relieved investors' worries, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.32 percent, or 6.02 points, to 1,860.03 in the first 15 minutes of trading.On Friday, EU leaders agreed on several short-term steps to bolster their monetary union and save debt-ri
Chaebol ownership strengthened this year: FTC

IndustryJul 1, 2012

Chaebol owners’ control of management has been strengthened with an increase in conglomerate shareholdings, a government report said.The Fair Trade Commission said Sunday that the nation’s top conglomerates were still slow to reform ownership and had adopted intra-group shareholdings more actively this year. The FTC, which surveyed the nation’s 63 large companies, found that 43 conglomerate owners, especially, have expanded control through the so-called “circular shareholding” structure.Circular
SKT launches multicarrier service

TechnologyJul 1, 2012

SK Telecom, Korea’s biggest mobile carrier, said Sunday that it has officially launched its new multicarrier service as of midnight, July 1.This marks the first time for a telecom company anywhere to offer such a service, which uses two frequencies of 800 MHz and 1.8 GHz for Long Term Evolution smartphones.It allows 4G consumers to experience less mobile traffic in locations such as Gangnam in southern Seoul where people using mobile devices are densely populated.The telecom giant launched a tes
E-Mart looks to buy stores from NS Home Shopping: reports

IndustryJul 1, 2012

Discount chain store operator E-Mart is looking to acquire retail stores and a distribution center belonging to NS Home Shopping, according to media reports.The company is said to have signed a memorandum of understanding with NS and that E-Mart will begin due diligence on its counterpart’s assets next week.The acquisition price of 23 nationwide stores owned by NS is estimated to be around 50 bill
LG Uplus vows to lead LTE technology in Korea

IndustryJul 1, 2012

LG Uplus said Sunday that it would introduce five exclusive Long Term Evolution network services this year.The country’s third-largest mobile carrier said it would provide high-definition voice services as well as upgraded cloud services as the second part of its project to expand fourth generation network provision.“What defines LTE service is that it will be faster and the network will enable us to enjoy various media services, as well as offering a platform for all Internet-based services,” t
Top 100 firms’ assets total nearly W1,500tr: report

Jul 1, 2012

The top 100 companies in South Korea have collective assets of nearly 1,500 trillion won ($1.36 trillion), equaling 95 percent of the nation’s public assets, according to a report released on Sunday. Chaebul.com, an online corporate information provider, said that the 100 groups excluding state-owned or public enterprises had assets of 1,446.76 trillion won as of last year. The financial power of private companies stands shoulder-to-shoulder with that of the nation, said the report, and is expec