The Korea Herald

French ports ready for Korean investment

Mar 19, 2012

Transportation minister says France is natural gateway to European marketThe French transportation minister expressed hope that Korea will invest in his country’s ports, citing their strategic location for European markets and the reform of port authorities to improve their productivity. Speaking at a news conference in Seoul on Saturday, Minister Thierry Mariani said France boasts a strategic and unparalleled location at the heart of Europe, and offers access to major European platforms located
Ways to transform Korean companies into global leaders

Mar 19, 2012

A foreign expert on leadership underscored that Korean companies seeking to expand into the world market should improve their global leadership readiness and transform their leaders into effective global leaders.“Companies need to break down the current mold, while not changing Korean people into something that they are not, but you want to help people open up their leadership bottlenecks,” said Heartware Group’s Korea unit chief leadership officer Willy Linssen. Heartware Group provides managem
Minister calls for fool-proof nuclear safety

Mar 19, 2012

Knowledge Economy Minister Hong Suk-woo on Monday inspected the Wolseong nuclear power plant and the low and intermediate-level radioactive waste disposal site in Gyeongju, North Gyeongsang Province, as part of a safety checkup a year after the Fukushima nuclear accident.At the Wolseong plant, Hong checked on the emergency diesel power generator and urged staff to take extra caution for safe operation to prevent accidents like the power outage in Gori-1 unit last month.The trip comes just days a
Korea’s stock market increasingly in sync with global markets: report

Mar 19, 2012

The correlation between the KOSPI and the global financial markets has been strengthening in a way that undermines overall market stability, a report has said. According to a report issued by the Korea Institute of Finance, a state-run think tank, the country’s main bourse moved increasingly in tandem with other major markets such as S&P500 and MSCI indexes. Based on an analysis of the daily and weekly changes at major indexes, the report said what is called “market synchronization” increased af
Banks strive for concessions in Asia

Mar 19, 2012

Consultation with foreign regulators emerges as key task for successKorean banks have been in competition to win eased regulations from overseas financial regulators as they tap emerging markets.Their main targets include East, Southeast and South Asian countries.“We are developing financial products which will come under deregulation from regulatory authorities in China, Vietnam and Brazil,” a senior executive at Korea Exchange Bank said.He said KEB is mapping out strategies to regain competiti
Himart chairman summoned over alleged tax evasion

IndustryMar 19, 2012

Prosecutors summoned the chairman of Himart Co., a major South Korean home appliance retailer, on Monday for questioning on the charges of capital flight and tax evasion.Sun Jong-koo is accused of stashing personal assets and company funds overseas as well as using irregular methods to transfer weal
French ports ready for Korean investment

Mar 19, 2012

Transportation minister says France is natural gateway to European marketThe French transportation minister expressed hope that Korea will invest in his country’s ports, citing their strategic location for European markets and the reform of port authorities to improve their productivity. Speaking at a news conference in Seoul on Saturday, Minister Thierry Mariani said France boasts a strategic and unparalleled location at the heart of Europe, and offers access to major European platforms located
Apple to make announcement on huge cash holdings

TechnologyMar 19, 2012

Apple scheduled an announcement Monday on plans for its huge cash balance, estimated to be at least $97 billion from sales of its hugely successful gadgets like the iPad and iPhone.An Apple statement said chief executive Tim Cook and chief financial officer Peter Oppenheimer would hold a conference
Samsung fined for hindering antitrust investigation

IndustryMar 18, 2012

The Fair Trade Commission said Sunday that it fined Samsung Electronics and two of its executive officers a combined 400 million won ($355,000) for hindering an investigation by antitrust regulators. The fines are the highest-ever imposed for such an offense, the nation’s antitrust watchdog said. Last March the FTC raided Samsung’s Suwon plant in Gyeonggi Province as part of an investigation into the pricing policy of local handset makers. However, security officials there delayed the entry of a
Samsung head names legal team for inheritance suit

IndustryMar 18, 2012

Samsung chairman Lee Kun-hee announced six lawyers who will represent him in the ongoing inheritance battle with his older siblings as soon as he returned from an overseas trip last week.On Friday, Samsung Group unveiled the chairman’s team of lawyers from three different law firms ― Bae, Kim and Lee LLC, Shin and Kim and The ONE ― on the same day its chairman returned to Seoul from his trip to Hawaii.Many observers believe that chairman Lee met with his older sister Lee In-hee, who is the Hanso
Experts from Pacific nations discuss nuclear safety, security in Busan

Mar 18, 2012

About 800 policymakers, academics and industrial experts from countries around the Pacific region gathered in Busan Sunday to discuss ways to enhance the safety and security of nuclear power use through Friday.Twelve member states of the Pacific Nuclear Council have taken turns to host the biennial Pacific Basin Nuclear Conference since 1976 to promote the peaceful use of nuclear energy.The 18th PBNC, themed “Sustaining Nuclear Energy through Enhanced Safety and Security,” is hosted by the Korea
SKT’s global forum on next-generation networks

IndustryMar 18, 2012

SK Telecom said Sunday that it will hold a five-day conference in Seoul to discuss next-generation mobile networks with 13 other global mobile service providers beginning on Monday.Organizer SKT, the country’s top mobile carrier, said the meeting will be held in two different sessions ― an operating committee meeting and partner forum ― with about 20 mobile makers participating from around the world.The theme of the conference will be the successful development and commercialization of the fourt
16.2% of people on mortgages house poor

Mar 18, 2012

64 percent of house poor wish to sell off homes to pay off debtsAn increasing number of people are falling short of cash because most of their money is tied up in their homes, becoming house poor.In a survey of 2,000 families with mortgages in the Seoul area and five other metropolises, 16.2 percent were found to be house poor, KB Financial Group’s Management Research Institute said on Sunday.These house poor families were spending more than 30 percent of their income to pay back the principal a
Banking sector faces little impact from KORUS FTA

Mar 18, 2012

Regulator says only minor regulatory changes will take place to enable U.S. financial firms offer services in KoreaThe financial industry will see a limited impact from the trade pact between Korea and the U.S., with only minor regulatory changes to take place enabling U.S. financial firms to offer services here, the Financial Services Commission said. “There were only a few barriers left in the market even before the free trade agreement,” a FSC official said.“Major changes include allowing cro
High oil prices feared to dent S. Korean economy: experts

Mar 18, 2012

A recent surge in international crude prices and their high volatility are likely to make a dent in the economy of South Korea that relies entirely on imports for its oil needs, market sources said Sunday.With oil prices soaring due to heightened geopolitical risks stemming from the international standoff over Iran’s nuclear program, the ratio of South Korea’s oil imports bill to its gross domestic product is expected to hit a record high this year, having an immense negative impact on Asia’s fo