The Korea Herald

Hana Financial chief takes office

Mar 26, 2012

Former Hana Bank CEO Kim Jung-tai took office as chairman of Hana Financial Group on Monday.The 60-year-old figure has been working for Hana Financial and its flagship unit Hana Bank for 20 years since its foundation in 1992. His term is three years until 2015 as the second chairman of the group.The new chief will take on the role of integrating the corporate cultures of Hana Bank and Korea Exchange Bank, which was acquired by the group this month, over the next few years.After serving as an exe
‘Safety priority in radioactive waste treatment’

IndustryMar 26, 2012

Safe handling of radioactive waste, which is hazardous to most forms of life and the environment, is essential for countries that depend heavily on nuclear energy. Following a recommendation by the International Atomic Energy Agency, the Korea Radioactive Waste Management Corp. was launched in 2009 to transport, store, treat and dispose of radioactive waste, build and manage radioactive waste disposal facilities, and conduct related research and development.The KRMC is scheduled to complete the
‘New reactor design will boost Korea’s competitiveness’

IndustryMar 26, 2012

Spurred by its robust drive to export nuclear plant technology, Korea will be rolling out a next-generation reactor that is safer, better performing, built faster and more cost-effective next year, the industry’s top expert said. The new model, named APR+, is a brainchild of the government’s “Nu-Tech 2015” package initiated in 2006, aiming to secure technological independence and shake off any lingering barriers to exports by the end of 2015. Succeeding the APR1400 currently in operation, the AP
‘Korea in need of more top-notch nuclear professionals’

IndustryMar 26, 2012

More nations will consider building nuclear power plants, says scholarKorea is running far short of high-skilled manpower for industrial use of nuclear energy, said Park Goon-cherl, president of the KEPCO International Nuclear Graduate School which opened early this month in Ulsan. The nascent school established and funded by the Korea Electric Power Corp. and four other public power-related companies recruited 61 freshmen for this year, 29 of whom are overseas students recommended by their gove
EU’s export growth to Korea outpaced import gain: report

Mar 26, 2012

The European Union’s export growth to South Korea from 2000 through 2010 outpaced its import gain as Asia’s fourth-largest economy moved to diversify its import sources, a report showed Monday.The report by Statistics Korea said the 27-member EU shipped a combined 27.98 billion euros ($37.15 billion) worth of goods to South Korea in 2010, a 67 percent gain from 10 years earlier when it exported 16.74 billion euros.In the same period, the world’s largest economic bloc’s imports from South Korea r
Samsung C&T aims to become a global total solutions provider

IndustryMar 26, 2012

Company pushes for value chain upgrade and expansion into overseas marketsSamsung C&T Corp., a listed construction arm of the Samsung Group, is pushing ahead with a set of measures to turn itself into a global total solutions provider. The company, established in 1938, is expanding its coverage into feasibility surveying, engineering, procurement, construction and operation and management. The expansion of the value chain, Samsung said, is aimed at detecting and developing fresh business opportu
Regulators go all out to curb household debt

Mar 26, 2012

Financial regulators are poised to launch a full-fledged probe into banks’ lending practices amid snowballing household debt in close coordination with the Bank of Korea.Financial Supervisory Service Gov. Kwon Hyouk-se expressed his resolve for the joint inspection amid the critical level of the debt held by households at a press conference on Monday.“I believe the household debt issue cannot be resolved through only regulations by financial authorities,” he said. “While the FSS takes countermea
Outgoing CEO of S-Oil calls for cooperation to curb oil prices

IndustryMar 26, 2012

Ahmed Subaey, outgoing chief executive of S-Oil Corp., said the Korean government and the private sector should work together to stabilize oil prices.“Unlike gold or copper, oil is not just a commercial commodity. Crude oil has several dimensions -- environmental, geopolitical and social,” Subaey told reporters on Monday, three days after his term ended as the refiner’s CEO. “Oil prices are too high now and they are driven not by supply and demand, but by geopolitical fears. If we can bring the
CJ going global with ‘quick’ bibimbap

IndustryMar 26, 2012

Local food giant CJ Group hopes to expand its international reach with the iconic Korean cuisine bibimbap, a steamed rice dish mixed with assorted vegetables and meat.CJ, which launched bibimbap restaurant chain Bibigo in May 2010, said it plans to increase the number of overseas Bibigo locations from the current three to 17 within the year. Bibigo, which was envisioned as a global brand from its beginnings, has a total of 10 stores now, including branches in Los Angeles, Beijing and Singapore.
FTC toughens rule on public disclosure by conglomerates

Mar 26, 2012

Korea’s trade watchdog said on Monday that conglomerates should publicly disclose major contracts they award to their affiliates, starting from April. The Fair Trade Commission said any contract with a value that exceeds 5 billion won ($4.4 million) should be approved by a board of directors in advance and the details should be filed with the Korea Exchange in the form of a public disclosure. The strengthened regulation targets conglomerates that tend to maintain an interlocking structure of spr
SK sees ‘big leap’ with Hynix

IndustryMar 26, 2012

Chairman Chey aims high with synergy with the world’s No. 2 chipmakerICHEON, Gyeonggi Province -- SK Group chairman Chey Tae-won on Monday showed confidence that the nation’s third-largest conglomerate can produce synergy with the newly acquired chipmaker SK Hynix, formerly Hynix Semiconductor. “Through Hynix, SK Group will strengthen competitiveness in technologies, not just in the semiconductor sector, and earn more credibility globally,” said Chey, who is also the co-CEO of SK Hynix, during t
Leaders have business agendas too

IndustryMar 26, 2012

Some world leaders are making the most of their attendance at the Nuclear Security Summit as an opportunity to cement business ties with Korea. On Monday, leaders from Chile, Finland, Nigeria, New Zealand, Thailand and Britain opened a business forum, discussed economic cooperation with business chiefs from Korea, or visited Korean companies.On the sidelines of their leaders’ brisk business activities, some foreign governments inked agreements with their Korean counterparts on economic cooperati
Korea, Mexico build highway for patent applications

Mar 26, 2012

Korea and Mexico signed an agreement to accelerate the examination of patent applications, the Korean Intellectual Property Office said on Monday. The Patent Prosecution Highway allows applicants who have successfully obtained a patent from the Korean office pursue an accelerated patent examination in Mexico, or vice versa. The national office said the deal will cut the period between application and grant from an average of three and a half years to a month. “KIPO Commissioner Lee Soo-won and h
New Zealand P.M. says firms’ survival depends on Korea FTA

Mar 26, 2012

New Zealand’s prime minister on Monday expressed hope that a free trade agreement between his country and Korea will be concluded soon.After a meeting with members of New Zealand Chamber of Commerce in Seoul, Prime Minister John Key told The Korea Herald that without a free trade agreement, his country’s companies would eventually be priced out of the Korean market. The New Zealand leader came to Korea to attend the Nuclear Security Summit that began its two-day run in Seoul on Monday.Key added
Daewoo launches volunteer corps

IndustryMar 26, 2012

Daewoo International Corp., a Korean trading house, said Sunday it had launched a volunteer corps to support the education of underprivileged children as part of its social contribution efforts.Its employees will provide free English classes at children centers in Seoul and the metropolitan area and host other educational events every month, the company said.In a separate program, Daewoo said it also created a youth volunteer group consisting of the children of its employees. Its 26 members plan