The Korea Herald

Chinese vice premier vows support for Hyundai Motor operations

Jun 28, 2012

Chinese Vice Premier Wang Qishan promised to provide support to Hyundai Motor when he met with group chairman Chung Mong-koo on Thursday, company officials said. The Chinese leader had a meeting with chairman Chung at the Hyundai Pavilion at the Expo 2012 Yeosu. The Chinese official visited the Expo site to celebrate the Chinese national day, 48 days after the exposition opened.“As this year marks the 20th anniversary of the diplomatic relations between China and Korea, we expect Hyundai Motor G
Newly acquired LG unit to develop next-generation fuel cell technology

TechnologyJun 28, 2012

LG Group announced Thursday that it will jump into the fuel cell technology business, which it considers to be the next-generation energy source.The conglomerate said that it invested a total of $45 million to acquire a 51 percent stake in an affiliate of Rolls-Royce Fuel Cell Systems, a firm that has been key for fuel cell development.With its majority stake in the Ohio-based firm, it will be newly named LG Fuel Cell Systems and it will target commercializing its own fuel cell technology for po
Korean technology firms to use Olympics to promote products

IndustryJun 28, 2012

Korea’s representative technology firms such as Samsung and LG Electronics are eager to use the upcoming London Olympics opening on July 27 as a chance to showcase their tech prowess.LG Electronics said Thursday that it will provide a live broadcast as well as the highlights of the Summer Olympic Games throughout the event when consumers of its Cinema 3-D Smart televisions get connected through a TV app. The London Olympics ends on Aug. 12.“Not only will people be able to see the Games live in 3
LG Display seeks shared growth with five suppliers

TechnologyJun 28, 2012

LG Display, Korea’s display manufacturing giant, said Thursday that it has expanded partnerships with its five suppliers to further share profit and technical know-how in line with the country’s move to promote shared growth.The five subcontractors LG Display has sought to boost benefit-sharing with are Exax, a chemical and electronics materials maker; Heesung Metal, a metal and materials company; Glonix, a display glass materials maker; Dong Yang Industrial, a plastic materials maker; and Oh Su
Current account surplus hits 6-month high in May

Jun 28, 2012

South Korea’s current account surplus hit a six-month high in May due mainly to a fall in dividend payouts to foreign investors, the central bank said Thursday.The current account surplus reached $3.61 billion in May, up from a revised $1.73 billion the previous month, according to the Bank of Korea. The current account is the broadest measure of cross-border trade.The May data marked the largest surplus since the $4.56 billion in November 2011 and the current account remained in the black for t
Seoul to offer incentives to banks to raise foreign currency savings

Jun 28, 2012

The government will provide incentives to banks that expand foreign currency deposits in a bid to reduce damage from possible capital flights in case of financial market instability, the Bank of Korea said Thursday.Korean banks and local branches of foreign banks held $37.3 billion in foreign currency savings, or about three percent of total deposits, as of April. The proportion is much lower compared to Taiwan (10 percent) which has a similar economic structure.For companies and individuals in
SKT wins award for innovative femtocell

TechnologyJun 28, 2012

SK Telecom, Korea’s largest mobile carrier, won recognition at a ceremony held in London Wednesday for having and commercializing femtocell technology and services.At the Small Cell Industry Awards hosted by the Small Cell Forum, SK Telecom received an innovative award for its femtocell, which allows mobile phone users to remain connected in small and limited spaces via broadband networks.SK Telecom’s partners Contela, a Korean wireless solution firm, and Mindspeed Technologies, a U.S.-based sem
Banks to run pre-debt workouts for potential credit delinquents

Jun 28, 2012

The nation’s financial watchdog plans to have banks run pre-workout programs to help out potential credit delinquents. The Financial Supervisory Service announced on Thursday it recently discussed with local bankers in charge of loans running a joint pre-workout program with local banks. The key is to lower loan rates depending on the debtor’s ability to repay and enable them to pay back the principal through divided payments during a long-term period, FSS officials said. The plan will focus on
Shares end almost flat despite upbeat U.S. data

Jun 28, 2012

Korean stocks closed almost unchanged Thursday as nagging eurozone concerns offset improved U.S. economic data, analysts said. The local currency rose against the U.S. dollar.The Korea Composite Stock Price Index gained 1.53 points, or 0.08 percent, to finish at 1,819.18. Trading volume was light at 305 million shares worth 3.10 trillion won ($2.68 billion) with losers just outpacing gainers 398 to 383.“Investors sat on the sidelines amid a lack of upward momentum,” said Kim Joo-young, an analys
The subtle art of brand management

Jun 28, 2012

When we examine the original meaning behind the term “brand,” it often refers to a company’s collective efforts in distinguishing a new product from its competitors, via methods such as naming, symbolism and design. But its use nowadays is not limited solely to the business world. Rather, it’s become a catchphrase, used in all walks of society. A local university in Seoul, for example, has adopted a motto which roughly translates to, “A factory where I can develop my brand.” The term is used dur
Prudential Life Insurance cherishes trust

Jun 28, 2012

Prudential Life Insurance Co. of Korea’s vision is “to become the most trusted company.” The insurer values honesty and ethics above size or profit. Behind the ideal to become the most trusted life insurance company is Prudential’s philosophy “the man of brotherhood and love of family,” and the mission “to help customers achieve financial prosperity and peace of mind.” Since its establishment in Korea in 1989, Prudential Life Insurance has accomplished many firsts for the Korean life insurance i
Singapore Airlines: Innovation trendsetter

Jun 28, 2012

Winning the most airline industry awards worldwide, Singapore Airlines’ reputation as the industry trendsetter and innovative market leader is built on firm ground. Besides global master chefs’ selection of gourmet in-flight meals, the company offers business applications, enabling passengers to do office work on board ― even without a laptop ― by accessing files from a USB flash drive and using a remote control equipped with a QWERTY keyboard.Singapore Airlines boasts high efficiency and safety
KB’s GOLD&WISE remains leader in private banking

IndustryJun 28, 2012

KB Kookmin Bank’s private banking brand GOLD&WISE has been a market leader ever since it was launched 10 years ago based on the principles of trust, professionalism and the clients’ interest.With the nation’s largest private banking sales network and client base, GOLD&WISE has shown exceptional private banking products, risk management systems, private banking expertise and advisory and marketing service. Using the vast network of KB Financial Group, it has strengthened product support, expanded
Samsung’s Galaxy S2 readies for 30m sales mark

IndustryJun 28, 2012

Samsung Electronics’ Galaxy S2, which served as its flagship smartphone until the release of Galaxy S3, is getting ready to hit the 30-million mark in total sales worldwide.The world’s top smartphone maker said recently that it sold more than 28 million units of the Galaxy S2, surpassing its former model Galaxy S’ 24 million units.“The two figures put together ― about 50 million units ― is twice the size of last year’s smartphone market in the country,” said a Samsung official.Since rolling out
Truly good bank: IBK upholds slogan with community activities

Jun 28, 2012

As the top commercial bank for small and mid-sized businesses in Korea, IBK operates under the slogan “a truly good bank,” and has especially sought in recent years to uphold this motto via activities that give back to the community. According to the company’s latest annual report, IBK used over 6 percent of its net income for social contribution activities in 2011, and even received a presidential commendation from the Korean government last year in recognition of these efforts. The bank, which