The Korea Herald

Korea's global competitiveness ranking holds steady for 2012: report

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 (IMD), South Korea ranked 22nd in competitiveness among the 59 countries surveyed.IMD is a Switzerland-based
Presidential citation for S-Oil chief

IndustryMay 30, 2012

S-Oil will be awarded a presidential citation in recognition of its preventive operations against oil tanker accidents and environmental damage, the company said on Wednesday. The award ceremony will be held at the 17th World Ocean Day festival to be held at the Yeosu Expo 2012 on Thursday, company officials said. The company will be the first refinery firm to be given a presidential citation. S-Oil said that it has abided by the agreement presented by the Ministry of Land, Transport and Maritim
Businesses pledge to save electricity

IndustryMay 30, 2012

The business sector said Wednesday that it would carry out a full-fledged to save electricity to support the government’s recent policy toward energy conservation.About 140,000 member firms of the Korea Chamber of Commerce and Industry will participate in the electricity-saving campaign, KCCI vice chairman Lee Dong-keun said at a news briefing.“Our members save large amounts of electricity, benchmarking the case of Japan,” he said.To prevent power shortages during the summer, the government rece
EU investment in Korea surges 60.5 percent after FTA: report

May 30, 2012

Inbound investments from the European Union to South Korea surged 60.5 percent after the free trade pact went into effect last year, a government report showed Wednesday.The finance ministry report tallied for the last three quarters showed foreign direct investment from Europe reaching $3.56 billion from July of last year through the end of March. In the same period, overall FDI that arrived in the country contracted 0.8 percent on-year to $10.65 billion.The free trade agreement between South K
Major business lobbies call on Assembly to vitalize economy

IndustryMay 30, 2012

The nation’s five major business lobbies urged lawmakers for the 19th National Assembly, which was inaugurated Wednesday, make efforts to boost the economy.Chiefs of the five organizations in the business sector held a congratulatory reception for both ruling and opposition lawmakers, whose terms run through May 2016, in Yeouido, Seoul. “We hope that the 19th National Assembly will lead the integration and development of society,” said Huh Chang-soo, chairman of the Federation of Korean Industri
Amore Pacific aims to join global top 7 by 2020

IndustryMay 30, 2012

New facility in Osan will be jumpoff for transformation into global cosmetics company, says CEO OSAN, Gyeonggi Province ― Amore Pacific, Korea’s largest cosmetics maker, said Wednesday it plans to nearly triple its annual sales to 11 trillion won ($9.35 billion), including 5 trillion won from overseas, by 2020 through aggressive global expansion and improved supply chain management. “We aim to grow into one of the world’s top seven cosmetic companies by 2020,” Amore Pacific’s chief executive Suh
Court battle begins over Lee’s Samsung inheritance

IndustryMay 30, 2012

The inheritance fight between Samsung Electronics chairman Lee Kun-hee and his siblings officially began on Wednesday with their lawyers attending a court session on the day.The legal teams of both sides were set to meet for a hearing with a judge present at the Seoul Central District Court.“I had many worries ahead of the trial as the issue was getting bigger,” said Judge Seo Chang-won. “We will
Banks’ daily FX turnover rises 4% in Q1

May 30, 2012

Foreign exchange turnover by banks in South Korea rose 4 percent in the first quarter from three months earlier due to increased stock transactions and bond purchases by foreign investors, the central bank said Wednesday.The daily foreign exchange turnover averaged $45.9 billion in the January-March period, compared with $44.2 billion three months earlier, according to the Bank of Korea.“The modest increase was helped by more foreign investors buying and selling local stocks and bonds in the thr
Current account shrinks to $1.78b in April

May 30, 2012

South Korea’s current account surplus shrank in April from the previous month mainly due to a drop in exports, the central bank said Wednesday.The current account surplus reached $1.78 billion last month, down from $2.97 billion in March, according to the Bank of Korea. The figure is larger than the $1.28 billion surplus tallied a year earlier and marks the third month in a row that the current account balance has stayed in positive territory. Asia’s fourth-largest economy logged a surplus of $1
Shares decline on eurozone, China concerns

May 30, 2012

South Korean stocks fell 0.27 percent Wednesday on lingering fiscal uncertainties in eurozone economies and worries over China’s sluggish growth, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 5.05 points to 1,844.86, snapping a three-day gaining streak.Trading volume was light at 397 million shares worth 5.07 trillion won ($4.31 billion), with losers outpacing gainers 517 to 313.“Worries surrounding Greece’s default have le
High-priced electronic kettles no different in quality: survey

IndustryMay 30, 2012

A survey found Wednesday that some import electronic kettles marketed here were up to 4.6 times more expensive despite having no apparent difference in product quality from domestic ones. Korea Consumer Agency, a leading consumer advocacy group, surveyed 18 electronic kettle models of Korean and overseas makers as part of the Fair Trade Commission’s consumer price information program. According to the survey, Tefal’s KO410 model priced at 63,700 won ($54) was 4.6 times more expensive than the 13
Shares decline on eurozone, China concerns

May 30, 2012

South Korean stocks fell 0.27 percent Wednesday on lingering fiscal uncertainties in eurozone economies and worries over China’s sluggish growth, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 5.05 points to 1,844.86, snapping a three-day gaining streak.Trading volume was light at 397 million shares worth 5.07 trillion won ($4.31 billion), with losers outpacing gainers 517 to 313.“Worries surrounding Greece’s default have le
Retailers to adopt paperless receipts

IndustryMay 30, 2012

The nation’s major retailers will dispense with paper receipts as they plan to complete a new mobile checkout system by the end of this year, the Ministry of Knowledge Economy said Wednesday. Shinsegae Department Store, the nation’s No. 2 retailer, is the first to adopt the system at its Jukjeon, Gyeonggi Province, branch where the digital receipts will replace paper stubs starting Thursday. Shinsegae Group, which developed the e-receipt system with the support of the government, will extend the
Red Hat to support Korean financial firms’ migration to open-source platforms

TechnologyMay 30, 2012

Top business-to-business software firm eyes expansion in handling large data setsWhen people generally think of open-source platforms in Korea, Google’s Android immediately comes to mind due to the wide use of smartphones and tablet PCs in the business-to-consumer space.But in the business-to-business world, U.S.-headquartered Red Hat provides the world’s leading open-source operating systems for enterprises’ data-processing servers.Working “behind the scenes,” it’s unknown to the general publi
New SK service unclogs mobile traffic

IndustryMay 30, 2012

Gangnam in southern Seoul is one of the busiest districts in the city, and that means slower traffic ― including on mobile phones. Given the Korean trait of always being in a hurry and wanting information quickly, this can be a source of frustration.SK Telecom, the country’s largest telecommunications company, is offering a test-version of multicarrier network services in the district to relieve this problem, which is expected to increase as 4G long term evolution grows.Backed by SK Telecom’s tw