The Korea Herald

SK Group chief seeks to create network of social enterprises

Jun 19, 2012

SK Group chairman Chey Tae-won said he will establish “Global Action Hub,” a private, international network of social enterprises, as part of his efforts to reinvigorate those companies.The business tycoon revealed the plan during his speech at the Rio Plus 20 Corporate Sustainability Forum in Brazil on Monday.The establishment is aimed at enabling social enterprises to become self-sustainable. “Social enterprise is the most efficient model for conglomerates like SK to support social values,” Ch
LG Electronics forms smart TV consortium

TechnologyJun 19, 2012

LG Electronics has formed a business alliance with foreign television makers in an effort to promote smart TVs worldwide.Korea’s second biggest consumer electronics company has forged partnerships with TP Vision, the Netherlands/Taiwanese TV maker, and Japan-based Sharp.The consortium, named the “Smart TV Alliance,” to be headed by LG Electronics executive Kwon Bong-suk, is the first of its kind in the global TV industry.“We expect this partnership to further boost the smart TV ecosystem, while
KB Financial wins award for corporate governance

Jun 19, 2012

KB Financial Group has been chosen as the No. 1 local company for corporate governance for 2012 by the Corporate Governance Service.The CGS named the nine best companies in corporate governance on Tuesday, and KB Financial topped the list, outperforming the 2011 champion POSCO and 2011’s second-best player KT&G.The yearly assessment by the private research institute monitoring corporate activities includes sectors such as governance, social responsibility and the environment.In particular, KB Fi
Stocks end flat on Spain jitters

Jun 19, 2012

South Korean stocks closed effectively unchanged Tuesday as troubles in Spain’s bonds market offset Greece’s upbeat election results, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up 0.06 points to close at 1,891.77. Trading volume was light at 362 million shares worth 3.44 trillion won ($2.97 billion), with losers outpacing gainers 440 to 371.“Spain’s surging borrowing costs clearly showed that relief over Greece’s electio
KEB sells five-year bonds worth $700m

Jun 19, 2012

Korea Exchange Bank said on Tuesday it successfully issued bonds worth $700 million to foreign investors in its biggest dollar-denominated offering despite growing uncertainties stemming from the European fiscal crisis.In its first attempt to issue global bonds since it was acquired by Hana Financial Group in February, KEB sold 3.125 percent, five-year notes at a relative yield of 255 basis points more than similar-maturity U.S. Treasuries.KEB initially offered a yield of 275 basis points higher
Shinhan raises W56.4b fund to create jobs

Jun 19, 2012

Shinhan Financial Group raised 56.4 billion won ($48.7 million) for the JOB S.O.S. II project, which saves up installments for those who found work at small or medium-sized companies and provides funds to such companies to encourage employment. The financial group has been showing particular interest in making social contributions. It was the first local bank to publish a report on social duties in 2005. It has been conducting many charity events, making donations and raising funds for social ca
Industrial electricity sales rise 4.2% in May

Jun 19, 2012

The growth of electricity consumption by South Korea’s industrial sector rose 4.2 percent on-year in May due mainly to export gains in energy intensive industries, the government said Tuesday.Sales of industrial electricity moved up to 21.53 billion kilowatt-hours last month from 20.67 billion kilowatt-hours reached a year earlier, according to the Ministry of Knowledge Economy. The gain marks a slowdown from an 8.5 percent on-year increase tallied in May 2011, although numbers accelerated from
Kyobo Life Insurance rated ‘AAA’ for sixth year

IndustryJun 19, 2012

Kyobo Life Insurance was given an “AAA” credit rating by NICE, one of the top three South Korean credit rating agencies, for the sixth consecutive year. The insurance company announced on Tuesday that it received the top grade in NICE’s Insurer Financial Strength Rating. The IFSR is an overall assessment of an insurer’s financial health, profitability and risk management skills, it noted. The “AAA” grade signifies that it is unlikely that its financial strength will drop due to environmental cha
NCsoft to cut up to 800 workers, move seen as a pre-merger step

IndustryJun 19, 2012

Firm plans to give 6-12 month salaries for laid-off workersNCsoft said Tuesday that it will lay off up to 800 people this month, a plan announced shortly after Nexon acquired the largest stake of its rival online game firm.The company notified its employees on the same day that it will run a “small but strong and effective” organization with plans to provide compensation programs for the laid-off workers.NCsoft plans on offering six- to 12-month salaries as compensation to those leaving the com
Hyundai seeks Samsung’s support for car semiconductors

IndustryJun 19, 2012

Automaker officials foresee alliance after developing their own technologiesChances are growing in the automotive industry that Hyundai Motor could eventually be backed by factories of Samsung Electronics for its car-oriented semiconductor business in about a year.Officials of the two big companies have seemingly not ruled out the feasibility of their comprehensive partnership for what industry analysts call a lucrative car-semiconductor business.Hyundai Motor executives appear to be more positi
Why companies should stay young

Jun 19, 2012

Koreans have recently begun using a buzzword called “9988.” This refers to living healthily until the age of 99. These days, an “upgraded” version called “9988234” is popular, which means living lively until 99, ailing for only two or three days before death. The average lifespan of Korean people is about 80. However, people wish to live longer in good health. Increasingly many senior citizens live younger than their age both in terms of their body and mind. There are even new terms referring to
Seoul stocks end flat on Spain jitters

Jun 19, 2012

South Korean stocks closed effectively unchanged Tuesday as troubles in Spain's bonds market offset Greece's upbeat election results, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.06 points to close at 1,891.77. Trading volume was light at 362 million shares worth 3.44 trillion won (US$2.97 billion), with losers
Model files lawsuit against Abercrombie & Fitch

IndustryJun 19, 2012

A former employee of Abercrombie & Fitch has filed a lawsuit claiming he was forced to conduct sexual acts at a photo shoot in order to look more “relaxed.”Benjamine Bowers claims that the casting director of the retailer sent him to a modeling agent, Brian Hilburn, who made him take off his clothes and pleasure himself in front of the camera.Bowers is filing the suit for $1 million, British media reported Sunday. At the photo shoot, which allegedly took place June 17, 2011, Hilburn persuaded
Samsonite pulls bags from HK amid safety scare

IndustryJun 19, 2012

Samsonite International SA pulled its ``Tokyo Chic'' line of luggage from Hong Kong stores on Monday after a local consumer group reported finding high levels of compounds linked to cancer in the handles, although the company insisted the bags were safe.The Hong Kong Consumer Council said last week it found that the side handles on three Samsonite suitcases had higher levels of polycyclic aromatic
Microsoft unveils 'Surface' tablet in iPad challenge

TechnologyJun 19, 2012

Microsoft on Monday unveiled a Surface tablet computer as the technology titan steps in with its own hardware to take on Apple's market-ruling iPads.Microsoft chief executive Steve Ballmer described the iPad challenger as a tablet that "works and plays" when he showed it off at a press event in Los Angeles.Surface is also the name of table and poster-sized touch screen computers that Microsoft ha