The Korea Herald

Nexon to solidify position on NCsoft stock buy

IndustryJun 11, 2012

Nexon’s move to position itself as country’s top online game firm bewilders investorsNexon has officially concreted its position as the country’s top game firm following its announcement that it took over nearly 15 percent of NCsoft’s shares last Friday.Nexon said it has acquired about 3.21 million of NCsoft’s shares for 250,000 won ($214.39) per share from the firm’s chief executive Kim Taek-jin on the same day.The move indicates that Nexon has paid up to 804.5 billion won for 14.7 percent of N
SKT, SNUH launch smart health care service pilot

Jun 11, 2012

Health Connect, a joint venture between SK Telecom and Seoul National University Hospital, launched its first pilot-version of smart healthcare service called Health-On.SK Telecom, the country’s biggest mobile carrier, said Monday that the new service allows people to periodically check the status of their health evaluated by the hospital, which will provide online and offline consulting. Users will be able to use such a service via mobile devices and the Internet, and access individual health i
Shares jump 1.71% on Spain bailout

Jun 11, 2012

South Korean stocks shot up 1.71 percent Monday after Europe’s finance ministers agreed on a bailout program for Spain over the weekend, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index spiked 31.40 points to 1,867.04. Trading volume was light at 356 million shares worth 4.21 trillion won ($3.61 billion), with gainers outpacing losers 647 to 199.“The eurozone’s decision to help Spain’s banking sector alleviated global stock market unc
FSS to delay ATM cash withdrawals to curb voice phishing scams

Jun 11, 2012

The nation’s top financial regulator said Monday it would introduce a new cash withdrawal system later this month as part of efforts to reduce the harm caused by voice phishing.Starting June 26, cash withdrawals of 3 million won or more from ATM machines will not be possible until at least 10 minutes after the money has been wired to the account, the Financial Supervisory Service said.“The new system is aimed at buying time for financial authorities to suspend the accounts of voice phishing scam
Rail, airport authorities top competitiveness list: report

Jun 11, 2012

South Korea’s public rail and airport authorities ranked top in terms of international competitiveness in 2011 for the service they offered to users, a government report showed Monday.The report by the finance ministry showed the country’s KTX bullet trains outperformed overseas rivals in timely operations according to data published by International Railway Statistics. It said the KTX, run by Korea Railroad Corp. had an on-time departure and arrival rate of 99.8 percent, beating the 99.2 percen
Hanwha Finance Network eyes retirement market

Jun 11, 2012

Hanwha Finance Network plans to enter the retirement market by providing customized one-stop services for financial customers, said Hwang Seung-jun, vice president of Hanwha Group’s Management and Planning headquarters. “The retirement market is expected to grow exponentially as baby-boomers have begun to retire in 2010,” Hwang told The Korea Herald in an email interview. “The right financial solutions are much needed for retirees in order to minimize uninvited social, economic shock as well as
SK creates W100b fund to support suppliers

IndustryJun 11, 2012

SK Group said Monday that it has created a 100 billion won ($85 million) private equity fund promoting shared growth with smaller partner companies. Unlike the group’s existing loans for suppliers, the new scheme is aimed at investing directly into competitive firms that are financial struggling, SK said. The group said that it has received funding from Korea Finance Corporation, KDB Capital, SK Securities, SK Telecom and SK Global Chemical to set up the new private equity firm.The fund, aimed a
EU Gateway Program in Korea 2012 opens in Seoul

Jun 11, 2012

A group of European companies will hold one-on-one business meetings with potential Korean clients at the InterContinental Seoul COEX on Tuesday and Wednesday, organizers said.Called the “EU Gateway Program in Korea,” the project promotes business relations between small and medium sized enterprises, or SMEs, from European Union member countries and Korean companies. The program is now in its fourth year. This year’s agenda focuses on environment and energy-related technologies, and health care
‘Policy creation key to helping startups grow’

Jun 11, 2012

A U.S. senior researcher said Monday that young entrepreneurial communities are the driving force behind net new job growth, and world governments should focus on creating start up-friendly policies in the future. Speaking on the sidelines of the APEC Start-up Conference 2012, which opened at the COEX center in southern Seoul on Monday, senior fellow for the Kauffman Foundation Jonathan Ortmans stressed the importance of governments taking a more collaborative role in helping these new and young
Air France-KLM sees Asia as source of growth

Jun 11, 2012

Understanding local audience key to growth in Korean market, executive in Seoul saysDespite the eurozone fiscal crisis, European airliners are continuing their expansion into the Asia-Pacific region, where it is still seeing some growth. China was the second largest airline market in the world last year, with an estimated 300 million travelers and revenues of approximately $57.6 billion, according to the International Air Transport Association. So it makes sense that Air France-KLM is looking to
AustCham Korea to hold rugby viewing party

Jun 11, 2012

The Australian Chamber of Commerce in Korea, or AustCham, will hold a rugby viewing party on Wednesday.It will take place at Itaewon’s 3 Alley Pub. Visitors will be able to watch the second game in the “State of Origin” series, or an annual best-of-three series between two of Australia’s rugby rivals, the Blues and the Maroons.Guests can also enjoy drinks and free food, and take part in sweepstakes. There will also be other chances to win prizes.For more information, please visit www.austchamkor
Linked Seoul organizes rooftop BBQ party

Jun 11, 2012

The networking organization Linked Seoul is offering its second annual summer rooftop barbecue party this month.On Friday, members can network and mingle with other business professionals at the Fraser Place in Uijuro, dowtown Seoul. A barbecue buffet as well as unlimited beer and wine will be offered. The event is members-only, but basic membership is free. To sign up, please visit www.linkedseoul.org.
POSCO launches panel for Park T.J. commemoration

Jun 11, 2012

POSCO said on Sunday that it has organized a committee to implement a series of commemorative works for its founder Park Tae-joon. The committee consists of 20 prominent figures including POSCO CEO Chung Joon-yang, chairwoman Lee Bae-yong of the Presidential Council on National Branding and Pohang-born author Lee Dae-hwan. The panel plans to convene a quarterly meeting to direct the commemoration-related works from 2013, after the organization changes its official title to “The POSCO Cheongam F
Producer price growth slows in May

Jun 11, 2012

South Korea’s producer price growth decelerated in May mainly due to a slowdown in the global economy, the central bank said Monday.The producer price index, a barometer of future consumer inflation, rose 1.9 percent on-year to 124.6 last month, compared with a 2.4 percent increase in April, according to the Bank of Korea. Compared to the month before, prices fell 0.6 percent, the sharpest on-month contraction since 0.8 percent minus growth reported for October 2009.The slower on-year gain last
Korea’s economy improves amid uncertainties: think tank

Jun 11, 2012

South Korea’s economy has pulled off modest gains in recent months but eurozone woes and other overseas developments are fueling uncertainties that can hurt future growth, a state-run think tank said Monday.In its monthly economic assessment report, the Korea Development Institute said that industrial and service sector outputs, private consumption, business investment and labor market conditions all improved in April compared to the previous month. The trade surplus of Asia’s fourth-largest eco