The Korea Herald

SK Group signs MOU with Dogus Grubu

IndustryJun 4, 2012

SK Group chairman Chey Tae-won and Dogus Grubu chairman Ferit Sahenk signed an MOU on Monday for a strategic partnership, in Istanbul, Turkey. (SK Group)
KOSPI nosedives to below 1,800

Jun 4, 2012

Concerns are rising over Korea’s economy as last week’s dismal economic data from the U.S. and China heightened fears of a global slowdown.Korean stocks plunged and the won weakened on Monday, while officials said the deepening European fiscal crisis is also adding woes to the worsening economic conditions.The benchmark Korea Composite Stock Price Index opened low at 1,782.58 points on Monday, down 51.93 points from the previous close, tumbling below the 1,800 mark for the first time since May 2
Euro crisis may have greatest impact since Depression: FSC chief

Jun 4, 2012

Kim Seok-dong, chairman of the Financial Services Commission, said Monday the European fiscal crisis is having the greatest economic impact since the Great Depression.“The fiscal crisis that started in Greece in October 2009 has spread from Europe’s marginal states to central nations, and to the banking sector. We are now seeing heightened concerns of a banking crisis in Spain,” Kim said in a meeting of senior FSC officials.Kim stressed that a banking crisis in Spain, an economy five times the s
LG 3-D TV gets top innovation award in Europe

IndustryJun 4, 2012

LG Electronics said Monday that it received the most innovative brand award for its Cinema 3-D smart television at a recent event in Cologne, Germany.The company said it received the award for three models among this year’s TV lineup in the home entertainment video sector at the Plus X Awards held at the New Yorker ― Dock.One in the German city.The three models won high points from the judging panel, composed of 130 people, in innovation, quality, design, convenience, functionality and eco-frien
BAT Korea launches Dunhill Switch Black

IndustryJun 4, 2012

British American Tobacco has released the spearmint-flavored “Dunhill Switch Black” in the local market.“The new product offers consumers the choice to appreciate the smooth taste of Dunhill, followed by a sweet and minty spearmint flavor, which is distinct from regular menthol cigarettes,” a company spokesman said.He added the premium feel of Dunhill is driven in part by the black packaging which is highlighted also by blue to connote the refreshing aftertaste.The stylish packaging is marked by
POSCO pledges better protection of minorities

IndustryJun 4, 2012

POSCO said Monday that it has further strengthened its protection of human rights and environmental values in a recent revision to the company’s codes of ethics. As part of the revision, which took effect on Saturday, the world’s fourth-largest steelmaker added new rules banning all discrimination based on race, nationality, marriage and sexual orientation.It was the first time a Korean company has included a ban on discrimination against sexual minorities in its corporate codes of ethics, accor
Hyundai, Kia to launch four new models in second half

TransportJun 4, 2012

Upgraded Sorento R, Equus, K3, Tucson ix to debut in second halfHyundai Motor and Kia Motors will continue to push for releases of new vehicle models during the latter half of this year, following their strategies in the first half.They will collectively launch at least four new models ― the Sorento R, Equus, Tucson ix, and K3, according to executives of the affiliated automakers.As their first event for the second half, Kia Motors is poised to unveil the facelift model of the Sorento R, the com
South Africa backs out of partnership with Korea’s KT

TechnologyJun 4, 2012

JOHANNESBURG (AFP) ― South Africa’s fixed line operator Telkom announced that plans for a partnership with South Korea’s telecom operator KT will not go ahead after Pretoria decided not to back it.The two last year opened talks on a “strategic venture” that would have given KT Corporation a 20 percent stake in Telkom.Telkom said in a statement on Friday it had been informed by the Communications Minister Dina Pule that cabinet had this week “taken the decision not to support the transaction as p
KOTRA holds biz forum for large Chinese delegation

Jun 4, 2012

The Korea Trade-Investment Promotion Agency hosted a business forum in Seoul on Monday for a Chinese delegation, including officials and businesspersons from Sichuan province.The agency held the meeting because the province located in southwest China is the core of the Chinese government’s agenda to develop its western territory, KOTRA said. Recently Hyundai Motor, Lotte Department Store, Woori Bank and Hyundai Merchant Marine Co. decided to invest in Sichuan. The largest ever business informati
Political-risk insurer of the World Bank to open Seoul office

IndustryJun 4, 2012

A World Bank Group agency providing insurance, including political risk coverage, in developing countries will open a special office in Seoul as early as September, the Ministry of Knowledge Economy said Monday. The Korean government and the Washington-based Multilateral Investment Guarantee Agency tentatively agreed to the Seoul opening, which could become a permanent office after three years of operation, officials added. The MIGA promotes foreign direct investment into developing countries by
LTE main battleground for handset makers

IndustryJun 4, 2012

Samsung still No. 1, LG swings back to second placeWith more than half of Koreans already owning a smartphone, the three major handset manufacturers have fully joined the race to roll out handsets running on the Long Term Evolution networks.Samsung Electronics, the world’s top smartphone maker, announced Monday that it sold up to 930,000 units of LTE handsets in Korea as of May. The figure enabled the country’s IT behemoth to maintain its top position here ― an estimated 61.2 percent of the loca
Global investors cut Korea stock holdings

Jun 4, 2012

Global funds reduced ownership of South Korean stocks by the most since August last month while boosting holdings of local-currency bonds as Europe’s debt crisis spurred demand for the safest assets.International investors, led by funds in the U.K., Luxembourg and France, reduced ownership of equities by 3.4 trillion won ($2.9 billion), the Financial Supervisory Service said in an e-mailed statement on Monday.Their holdings were 367.8 trillion won at the end of May, accounting for 31.4 percent o
S. Korean, Chinese firms encroach upon Taiwan’s LED makers’ turf

TechnologyJun 4, 2012

HONG KONG (Yonhap News) ― Taiwan’s light-emitting diode industry is facing stiff competition from South Korean and Chinese rivals due to greater efforts by the two competitors to develop the sector, a Taiwanese industry report said Monday.Taiwan’s Photonics Industry & Technology Development Association said Taiwan should not overlook the rapid development of the LED industry in South Korea and China.“Mainland China has been expanding the scale of its industrial base with government subsidies and
Proposal to cut big discount stores’ opening hours sparks backlash

IndustryJun 4, 2012

Consumers frustrated; large stores call it a death sentenceDouble-income couples and the retail industry are perplexed by a revised bill recently proposed by the Democratic United Party to close large discount stores from 9 p.m. to 10 a.m. and also three to four times a month. “I was not happy to hear that, especially the part about discount stores having to close more than three times a month,” said 30-year-old office worker Jang Jae-hyuk, whose wife also works. “We don’t go to traditional mark
Mun In-ki named head of Curexo’s U.S. subsidiary

Jun 4, 2012

Curexo, a manufacturer of a surgical system using robots, announced Sunday that it has appointed Mun In-ki as the new president and CEO of its American subsidiary company, CTC. Mun previously served as vice president for research technology at the Hospital Corp. of America, or HCA. Mun holds a Ph.D. from Cornell University and worked at the Miami Heart Institute (now known as the Florida Heart Institute) and the Aventura Hospital and Medical Center in Aventura, Florida, among others. According t