The Korea Herald

Kumho Asiana chief a Weihai honorary citizen

Jun 1, 2012

Kumho Asiana Group announced on Friday that its chairman Park Sam-koo was named honorary citizen of Weihai, China. Weihai presented Park a certificate of honorary citizenship in recognition of his contribution to enhancing the city’s economy and strengthening ties between Korea and Weihai as the head of Korea-China Friendship Association. Kumho Asiana Group runs a hotel and a golf resort in Weihai, helping attract tourists to the Chinese harbor city, the company said. Currently, Asiana Airlines
Woori Financial warns legal action against name-stealing lenders

Jun 1, 2012

Woori Financial Group said Friday it would take stern legal action against illegal money lenders that use the name “Woori.”The nation’s largest financial group by assets last month filed criminal charges against an illegal lender that used Woori’s name and logo for violation of trademark laws to the Seoul Central Prosecutors’ Office.The unregistered lender which had been running its business through a website set up under the name “Woori Financial” shut down the website after the financial group
Korea’s consumer inflation holds steady at 2.5% in May

Jun 1, 2012

South Korea’s consumer prices grew at the same pace in May compared to a year earlier amid the government’s push to tame inflationary pressure, a report showed Friday.According to the report by Statistics Korea, the country’s consumer price index rose 2.5 percent in May from a year earlier, unchanged from a 2.5 percent gain tallied in April. The index rose 0.2 percent from a month ago.May’s reading marks the third month in a row that inflation stood in the 2 percent range, down from 4 percent gr
Shares fall on Europe woes

Jun 1, 2012

South Korean stocks fell 0.49 percent Friday as investor sentiment was dampened by persistent European Union’s fiscal uncertainties, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gave up 8.96 points, to 1,834.51. Trading volume was light at 322 million shares worth 3.48 trillion won ($2.95 billion), with losers outpacing gainers 478 to 351.The local currency finished at 1,177.7 won to the U.S. greenback, up 2.6 won from Thursday’s
Samsung sells over 50m Galaxy S, S2 phones

IndustryJun 1, 2012

Firm aims to solidify smartphone lead with new mobile platformSamsung Electronics said Friday that the firm had sold more than 50 million units of its flagship smartphones Galaxy S and Galaxy S2 in the global market.The world’s top smartphone maker said the sales of its Galaxy S and Galaxy S2 topped 24 million and 28 million units, respectively, as of June 1. Over 7 million units of the firm’s 5.3-inch display Galaxy Note have also been rolled out globally, it added.Samsung has been striving to
Major builders face sanctions for collusion on river projects

IndustryJun 1, 2012

The antitrust regulator is set to take disciplinary action against a group of major builders for cartel activities during their participation in the Lee Myung-bak administration-led project to refurbish the country’s four major rivers.The Fair Trade Commission is considering fines for about 20 construction companies and filing a complaint with the prosecution against some executives of several large firms.It is alleged that some of the 20 companies took the initiative in bidding-price rigging or
Ho-Am Foundation awards corporate excellence

IndustryJun 1, 2012

Five people received awards from the Ho-Am Foundation in Seoul on Friday, at an event attended by 550 people including Samsung Electronics chairman Lee Kun-hee.At the event marking its 22nd anniversary, the prizes were given to Kim Min-hyong in the field of science, Hyeon Taeg-hwan in engineering, Jung Jae-ung in medicine, Chin Un-suk in arts and Lee Dong-han in community service.The awardees each received 300 million won ($265,000) in prize money and pure gold medals. “Talented people are the d
Carmakers see domestic sales inch up

TransportJun 1, 2012

Five players strive to attract consumers at home amid ongoing weak demandAutomakers saw their vehicle sales at home inch up in May on a year-on-year basis after several months of weak domestic demand.Hyundai Motor said Friday that it posted sales of 58,050 units in the local market, up 0.6 percent from 57,694 units a year earlier.It was the first time the nation’s largest automaker reported an increase in year-on-year sales at home since last February.Excluding February, Hyundai Motor’s domestic
Facebook introduces ‘promoted posts’

IndustryJun 1, 2012

Facebook has launched a new service called promoted posts which guarantees exposure of posts at a cost.The feature, recently being tested in New Zealand, was officially introduced Thursday on the Facebook site.“Promoted posts help increase the people you reach for any eligible post,” said a Facebook staffer on the video. “It’s an easy and fast way to reach more of the people that Like your page and your friends.”The cost of the promoted posts ranges from $5 ensuring 700 views to $20 reaching 2
S. Korea's trade surplus widens to US$2.4 bln in May

Jun 1, 2012

South Korea's trade surplus widened slightly in May from the previous month as exports shrank at a slower pace than imports, a government report showed Friday.The country's trade balance was US$2.4 billion in the black last month, up from the $2.1 billion surplus tallied in April, according to the report by the Ministry of Knowledge Economy. Last month marked the fourth month in a row that the cou
Korea faced with W342tr pension liability

May 31, 2012

National debt is estimated to surpass 774 trillion won when it includes liabilities on pensions provided to former and incumbent civil servants and soldiers, according to a government report.Among the debt, pension liability turned out to be 342 trillion won. It takes into account a calculated amount of pension that should be given to civil servants, soldiers and current workers in their retirement. The figure grew 36 percent from last year and took up 27.6 percent of the GDP. The Finance Minist
Google Korea faces stern antitrust sanction

IndustryMay 31, 2012

The Fair Trade Commission investigated Google Korea this week by sending its inspectors to the headquarters, marking the fourth antitrust investigation including a raid last September.While the regulator’s raid on Google’s Korean unit in southern Seoul was the result of a joint-complaint by local Internet portals it is alleged the U.S.-based tech giant hindered the FTC from conducting an ordinary probe.The allegation of obstructing civil servants’ on-the-spot investigation could yield an intensi
Hyundai downplays reports about anti-rust coating

IndustryMay 31, 2012

Hyundai Motor Group on Thursday downplayed news reports that the Korean auto giant had discriminated against local consumers by providing zinc coatings only to vehicles sold for overseas markets. Hyundai, which owns Hyundai Motor and Kia Motors, said that it has adopted the protective coating on more than 70 percent of cars sold here since late 2006, a similar level as that of the U.S. and Europe. “We have applied the zinc coatings to more than 70 percent of medium-sized cars such as Sonata and
Volkswagen to recall 1,100 cars here over fuel filters

TransportMay 31, 2012

German automaker Volkswagen AG will recall 1,111 units of its popular CC four-door sedan and Tiguan compact sport utility vehicle to repair faulty fuel filters, the South Korean government said Thursday.Subject to the recall are 729 2.0-liter turbo diesel CCs produced between March 31 and Aug. 25 of last year and sold through Volkswagen’s local distributor. In addition, 382 Tiguans with the same engine made from March 25 through Sept. 20 will be recalled, the Ministry of Land, Transport and Mari
Korea’s global competitiveness ranking holds steady for 2012

May 31, 2012

South Korea’s global competitiveness ranking remains unchanged in 2012 from a year earlier despite persistent economic uncertainties, an international institute said Thursday.According to the 2012 World Competitiveness Yearbook unveiled by the International Management Development Institute, South Korea ranked 22nd in competitiveness among the 59 countries surveyed.IMD is a Switzerland-based institute that releases competitiveness rankings every year based on countries’ economic achievements, inf