The Korea Herald

Cho honored by Asia Society

IndustryMar 29, 2012

Korean Air chief executive Cho Yang-ho has been named “Asian business leader” for 2012 by Asia Society Southern California, the country’s largest carrier said Thursday.The non-profit organization picked Cho, 63, for his contribution to the regional economy as chairman of Hanjin Group, the parent company of Korean Air, the company said in a statement.Hanjin owns and is currently redeveloping the historic Wilshire Grand Hotel in downtown Los Angeles into a tower complex. The conglomerate has also
Manufacturers expect better business conditions in 2nd quarter

Mar 29, 2012

Korean companies expect market conditions to perk up in the manufacturing sector over the next three months after a nine-month slump, data showed Thursday.According to a survey of 508 local firms conducted by the Ministry of Knowledge Economy and the Korea Institute for Industrial Economics and Trade, the rosy outlook is based on signs of economic recovery in the U.S. and high expectations for the Korea-U.S. free trade agreement. Manufacturers’ earnings in the first three months of this year dip
GM Korea to recall Alpheon sedans for headlight problem

TransportMar 29, 2012

GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., is voluntarily recalling its Alpheon sedans for headlight problems, the transportation ministry said Thursday.The 12,747 entry-level luxury cars subject to the recall were manufactured between April 30, 2010 and March 5 this year, according to the Ministry of Land, Transport and Maritime Affairs.Vehicles subject to the recall are the 2.4-liter gasoline and hybrid models as well as those powered by a 3.0-liter engine.The mi
Korea to slap duties on PET film imports

Mar 29, 2012

South Korea’s trade commission said Thursday it has decided to extend anti-dumping tariffs on Chinese and Indian wrapping film for three more years to protect local manufacturers.The decision by the Korea Trade Commission calls for anti-dumping duties of 5.87-25.32 percent to be levied on polyethylene-terephthalate film made by the two Asian countries.The latest move comes after Seoul imposed anti-dumping duties of 5.67-25.32 percent on PET films from the same countries since October 2008.“The l
Korea returns to current account surplus in Feb.

Mar 29, 2012

South Korea’s current account balance shifted back into the black in February from a deficit a month earlier on solid exports of key products, the central bank said Thursday.The current account surplus reached $640 million last month, compared with a $970 million shortfall in the previous month, according to the Bank of Korea. The February figure, however, was lower than a $1.13 billion surplus a year earlier.In January, the country ran a current account deficit for the first time in two years.
Business sentiment turns negative in April

Mar 29, 2012

South Korea’s business sentiment for April fell from a month earlier due to unfavorable overseas trade conditions and concerns over high domestic household debt, a poll showed Thursday.The monthly business survey index for the upcoming month came in at 98.4, down from 106.1 tallied for March, according to the Federation of Korean Industries, the lobbying group of the country’s large businesses.A BSI reading below the break-even 100 mark means pessimists outnumber optimists. The poll surveyed the
Asset managers’ earnings plummet by 30 percent

Mar 29, 2012

Asset managers in South Korea saw their earnings shrink almost 30 percent in the first nine months of fiscal 2010 as mutual fund investors increased fund redemption amid market volatility, the financial watchdog said Thursday.The combined net profit of 82 asset managers operating in the country came to 219 billion won ($192 million) in the April-December period, compared with 310 billion won a year earlier, according to the Financial Supervisory Service.The earnings slump came as rising fund red
Korean Air advertisements win consumer awards

IndustryMar 29, 2012

Korean Air’s advertising campaign was selected by consumers for having the best television and magazine ads. The airliner on Thursday received awards in the two sections in the annual “Good Ads Selected by Consumers” award ceremony hosted by the Korea Advertisers’ Association and the Ministry of Culture, Sports and Tourism. Korean Air’s commercial highlighting the beauty of the Korean landscape and culture, which was first aired in July, won the top award for television ads.The air carrier’s adv
Chinese buy paper iPads for ancestor worship

TechnologyMar 29, 2012

Paper replicas of Apple's iPad and iPhone are selling like hot cakes in China this year as millions prepare to honour their ancestors in an age-old annual festival that has taken on a modern twist.Tomb Sweeping Day, which falls on April 4 this year, sees families remember their ancestors by laying o
Zuckerberg's China trip sparks Facebook frenzy

TechnologyMar 29, 2012

The sight of a vacationing Mark Zuckerberg in Shanghai has sparked a frenzy of online speculation over the possibility Facebook might return to China, even though the site remains firmly blocked.Excited Chinese bloggers posted photographs of the Facebook founder and his girlfriend at an Apple store
S. Korea logs current account surplus in Feb.

Mar 29, 2012

South Korea posted a current account surplus in February on the back of solid exports, the central bank said Thursday.The current account surplus reached US$640 million last month, shifting from a shortfall of $970 million the previous month, according to the Bank of Korea (BOK). The figure compares
Stroller importers charge twice as much in Korea

IndustryMar 28, 2012

Koreans’ fever for luxury goods has been spreading rapidly to children’s products. Now a growing number of young parents want to show off their parenting ― and lifestyle ― with pricey baby strollers, especially those from Europe and the U.S.A survey Wednesday, however, found that local importers of foreign brand strollers have taken advantage of the luxury trend in parenting, almost doubling selling prices in Korea compared to the prices in their original countries. According to Consumers Korea,
KCS plans 10 new rural duty-free shops to be run by small companies

Mar 28, 2012

The Korea Customs Service said on Thursday that it has put out a public notice on the policy changes aimed at favoring small enterprises over conglomerates in running duty-free shops for foreign tourists.Under the revised rules, the KCS will allow only small and medium enterprises and provincial public companies to compete for future licenses to open duty-free shops in cities that serve only foreign nationals.The move comes as the government takes steps to protect smaller firms and balance the m
Major hospitals to use more Korean-made equipment

IndustryMar 28, 2012

Korea’s hospitals and medical equipment producers joined forces on Wednesday to help the local health care industry, which faces increased competition from overseas following free trade pacts.The Ministry of Knowledge Economy brought together chiefs of the country’s eight major hospitals and executives from eight medical device manufacturers including Samsung Medison and LG Electronics.The gathering was aimed at scaling up the use of Korean-made products in hospitals here, inciting private inves
Samsung C&T joins $5 billion carbon-capture project in Britain

IndustryMar 28, 2012

Samsung C&T Corp., a South Korean trading firm, said Wednesday it has inked a deal to join a $5 billion project to build a coal-powered plant and a carbon capture and storage facility in Britain.Under the joint development agreement with London-based 2Co Energy Ltd., Samsung C&T will build a 900 megawatt coal gasification plant and a carbon capture and storage facility at Stainforth in South Yorkshire.The agreement allows Samsung C&T to own 15 percent of the so-called Don Valley Power project, a