The Korea Herald

KHNP chief resigns over safety of nuclear plants

IndustryApr 16, 2012

Korea Hydro & Nuclear Power Co. chief executive Kim Jong-shin stepped down on Monday amid simmering criticism over recent power outages and cover-up attempts an atomic plant. His resignation will be accepted by Cheong Wa Dae and the selection process for his successor will be under way soon, Knowledge Economy Minister Hong Suk-woo said. “I’ll try naming his successor quickly so as not to create a vacuum in the company’s operations,” Hong told reporters at a meeting. The country’s sole nuclear pl
FTC probes HP, Oracle, IBM: reports

Apr 16, 2012

The Korean units of multinational IT giants HP, Oracle and IBM are under investigation by the Fair Trade Commission, the country’s anti-trust agency, for alleged unfair business practices, according to news reports here.The FTC recently sent its investigators to HP Korea’s headquarters in the financial district of Yeouido to look into the suspicions. Oracle and IBM have also been investigated, the reports said.The FTC declined to comment. HP, Oracle and IBM could not be reached for comment.Indus
KT&G market share grows 4.8% in Q1

IndustryApr 16, 2012

KT&G Corp. posted growth of 4.8 percent in its market share during the first quarter, a record-high over the past decade.The local company captured 62.1 percent of the nation’s tobacco market in the first quarter, compared to 57.3 percent in the fourth quarter of last year.The figure of 4.8 percent is the highest in 14 years since KT&G posted 6.4 percent growth during the first quarter of 1998, when Korea was hit by the Asian financial crisis.The company sold about 633.2 million packs in the fir
Korean firms bearish on investment in 2012: poll

Apr 16, 2012

South Korean companies are bearish on increasing investments this year mainly because they see few viable growth opportunities, a poll conducted by the country’s largest economic organization showed Monday.The Korea Chamber of Commerce and Industry survey carried out on 1,026 local companies showed the investment sentiment index standing at 35.8 in the first half and reaching 49.2 in the July-December period.The two readings are below the break-even 50 mark for the index. A reading above 50 and
Shares fall on China slowdown

Apr 16, 2012

South Korean stocks closed 0.81 percent lower Monday on persistent eurozone concerns and China’s economic slowdown, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 16.28 points to close at 1,992.63. Trading volume was moderate at 445 million shares worth 3.84 trillion won ($3.37 billion), with losers outpacing gainers 470 to 343.The drop came after the bellwether stock market index regained the psychologically important 2,000-point mark on Friday.“Eurozone
Import price rises hit 2-year low in March: Bank of Korea

Apr 16, 2012

South Korea’s import prices rose at their slowest clip in two years last month mainly due to a low base of comparison, the central bank said Monday.In local currency terms, import prices gained 3.5 percent on-year in March, slowing from a 5.2 percent on-year gain in February, according to the Bank of Korea.Last month’s figure marks the lowest on-year gain since March 2010, when import prices contracted 4.3 percent from a year earlier, the central bank said.The slowdown in the growth of import pr
China’s loosening grip on yuan may bring in positive effects: analysts

Apr 16, 2012

China’s expansion of the trading band for the yuan will likely generate positive effects such as greater investment of Korean firms in the Chinese market, analysts said on Monday. China began to allow the currency to move up and down by as much as 1 percent on a daily basis, up from 0.5 percent, from Monday. The move attracted keen attention as the country has long been under pressure to loosen its tight grip on the yuan. “As a result of the expansion of the trading band, the Chinese currency wi
Trading of Himart shares suspended

Apr 16, 2012

The Korea Exchange, the country’s bourse operator, suspended trading of Himart shares on Monday over alleged embezzlement and corporate malpractice by the head of the home appliance retailer. According to the KRX, Himart chairman Sun Jong-koo engaged in embezzlement and other irregularities amounting to about 259 billion won ($227 million), or 18.1 percent of the company’s total paid-in capital. Citing the stock market regulations, the KRX halted the trading of Himart shares at 1:59 p.m.As the s
Seoul conference to pave way for establishment of AEO programs worldwide

Apr 16, 2012

Dear participants,It is a great pleasure for me to welcome you all to this WCO Global AEO Conference with the theme “AEO, the way towards secure and competitive growth” which is taking place in Seoul, the Republic of Korea’s beautiful capital city.Indeed, the WCO is proud to be hosting this conference in partnership with the Korea Customs Service this year which is particularly significant as the organization and its 177 members are celebrating the WCO’s 60th anniversary.2012 is also the year th
Farmers’ guild seek to boost ...bokbunja food, beverages exports

IndustryApr 16, 2012

Farmers in North Jeolla Province are stepping up efforts to spur exports of food and beverages made with “bokbunja,” a wild blackberry indigenous to the region, to carve out a niche market and foster the local economy.The Jebba Food & Beverages Corp. was launched in early 2011 to spearhead their campaign, representing bokbunja growers in Gochang, Sunchang and Jeongeup in the country’s southwest. The wild fruit has been a major part of the region’s agriculture since its residents first started cu
Korea vows to play leading role in global trade flow

IndustryApr 16, 2012

Customs chief says Authorized Economic Operator program will boost national competitivenessKorea’s top customs official said the nation will play a leading role in spreading the new trade initiative of the Authorized Economic Operator program and encourage countries to seek mutual partnerships for better efficient customs procedures.Korea Customs Service Commissioner Joo Yung-sup revealed the plan during an interview with The Korea Herald ahead of the opening of the first global conference on th
KRX suspends Himart trading over chairman's corruption

Apr 16, 2012

The Korea Exchange, the country’s bourse operator, suspended trading of Himart shares on Monday over alleged embezzlement and corporate malpractice by the head of the home appliance retailer. Himart chairman Sun Jong-koo arrives at Seoul Central District Prosecutors` Office on March 27. (Yonhap News)According to the KRX, Himart chairman Sun Jong-koo engaged in embezzlement and other irregularitie
Customs leaders to seek partnership at Seoul AEO conference

IndustryApr 16, 2012

The WCO Global AEO Conference will begin its three-day run on Tuesday at Sheraton Walkerhill Hotel in Seoul, jointly hosted by the Korea Customs Service and the World Customs Organization. It will be the largest-ever gathering on the Authorized Economic Operator program, with some 800 guests including WCO secretary general Kunio Mikuriya in attendance. Since the 9/11 terrorist attack in 2001, the global customs administration has focused on balancing the AEO’s two main goals: improving the effic
Bokbunja gains popularity for potential health, beauty benefits

IndustryApr 16, 2012

Bokbunja, a Korean wild black raspberry, has for decades been widely consumed by local residents around the country. Its popularity has been increasing in recent years due to its supposed antioxidant, anticancer and beauty effects. The market for bokbunja-based food and beverages has grown nearly five-fold in seven years to about 200 billion won last year, according to the Jebba Food & Beverages Corp., a guild of bokbunja growers in North Jeolla Province. The fruit contains four times as much an
Korea’s exports to stay weak in Q2: poll

Apr 16, 2012

South Korea’s exports are expected to remain in the doldrums in the second quarter of the year on global jitters stemming from the eurozone debt crisis, a poll showed Monday.The leading indicator index for exports came in at 51.7 for the April-June period, up a mere 0.1 point from three months earlier, according to the survey taken jointly by the Korea Trade-Investment Promotion Agency and Samsung Economic Research Institute.The survey was conducted on 2,156 foreign buyers of South Korean produc