The Korea Herald

High oil prices to dent S. Korean economy

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 st
Artist admits to shortcuts in show about Apple

TechnologyMar 17, 2012

CHICAGO (AP) _ An artist admitted to taking shortcuts in crafting an often harrowing tale about Apple Inc.'s operations in China after the veracity of his one-man theatrical show was challenged by a public radio program that had based a broadcast on his work. But writer Mike
Korea to inspect emergency generators at nuclear plants

Mar 17, 2012

South Korea will inspect emergency diesel generators at all of the country's nuclear plants between March 19 to 30th, according to a statement on the Ministry of Knowledge Economy's website on Saturday.The inspection comes after the announcement that the emergency diesel generator at the halted Kori
‘Iraq ready to supply oil to Korea’

Mar 16, 2012

Iraq has promised to provide crude oil to Korea if U.S-led sanctions against Iran disrupt the global supply of the critical resource, the Seoul government said on Friday.The Ministry of Knowledge Economy said the understanding was reached at a Thursday meeting between Vice Energy Minister Cho Seok and Iraq’s Deputy Prime Minister for Energy Hussain al-Shahristani in Baghdad.“The senior official commented that if Seoul has trouble importing oil and requests assistance, Iraq can give priority to s
Shares down on profit-taking

Mar 16, 2012

Korean stocks ended 0.46 percent lower on Friday as investors opted to take profits from recent gains, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 9.32 points to close at 2,034.44. Trading volume was moderate at 441 million shares worth 5.1 trillion won ($4.53 billion), with decliners outnumbering gainers 451 to 363.“Market uncertainties abated, but there are no positive factors to help upward momentum continue at the moment
Samsung Electronics approves LCD spin-off

IndustryMar 16, 2012

Shareholders approve second term of POSCO CEO Chung and KT chairman Lee Shareholders of Samsung Electronics on Friday approved the spin-off of the company’s liquid-crystal display business, which will launch as a new entity tentatively called Samsung Display Co. on April 1.Samsung said that Park Dong-gun, executive vice president of LCD businesses, was named to lead the firm with initial funding of 750 billion won ($670 million) at the annual meeting of shareholders.The LCD spin-off, sources say
Hyundai’s Elantra car of the year in South Africa

TransportMar 16, 2012

Hyundai Motor Co.’s Elantra won the Car of the Year prize of the 2012 annual competition of the South African Guild of Motoring Journalists on Wednesday, the company said Friday.After a two-day evaluation of the finalists, Hyundai’s medium luxury sedan was named the SAGMJ and WesBank’s choice of the year. This year is the first a Korean model has won the prize. “We are extremely proud of the recognition that a world-class product such as the Hyundai Elantra has received from the South African Gu
Hyundai Motor heir takes steel unit post

TransportMar 16, 2012

Hyundai Motor vice chairman Chung Eui-sun will take on a vice chairman post at Hyundai Steel.Chung was appointed as vice chairman in charge of product quality at the non-automotive affiliate of Hyundai Motor on Friday.The heir apparent of Hyundai Motor Group chairman Chung Mong-koo has now four titles including Kia Motors president & CEO and Hyundai Mobis vice chairman.“While Hyundai Steel vice chairman and CEO Park Seung-ha will still take the initiative in overall management of the company, vi
Mitsubishi cars come back to Korean market

TransportMar 16, 2012

Mitsubishi Motors Corp. resumed its vehicle sales in Korea by unveiling two models.The Japanese carmaker reentered the local market on Friday after a hiatus of about a year by signing an exclusive dealership contract with CXC Motors.CXC Motors was established by Hanjin Group founder’s grandson Henry Cho in 2011.Mitsubishi and CXC unveiled compact crossover RVR and pick-up truck L200 during the unveiling event at the KINTEX in Ilsan, Gyeonggi Province.CXC Motors is poised to open large showrooms
Apple stock tops $600 day before new iPad release

TechnologyMar 16, 2012

Apple Inc.'s stock touched $600 for the first time, the day before the company's latest iPad goes on sale.The stock reached $600.01 just after the market opened. It lost those gains and closed down $4.02, or 0.7 percent, at $585.56.Apple is the world's most valuable company, with a market capitaliza
Government to get first shipment of direct sugar imports

Mar 16, 2012

The first shipment of sugar imported directly by the government will arrive in Korea next week that could help stabilize the commodity‘s price here, a state corporation said Friday.The Korea Agro-Fisheries & Food Trade Corp. said 2,000 tons of sugar imports will arrive at the southeastern port of Busan on Monday to be sold at low prices to processed food manufacturers such as confectionery companies and bakeries. The shipment is part of the 10,000 tons of sugar the government bought from Thailan
U.S. FTA to benefit small companies

Mar 16, 2012

AMCHAM chief says free trade will broaden alliance to economyThis is the fourth of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. The chairman of the American Chamber of Commerce in Korea hailed the Korea-U.S. Free Trade Agreement that went into effect this week as an opportunity to expand their alliance to the economy.“It will also add a third economic pillar to the already strong political and military
Korea-U.S. FTA expected to boost exports of Korean IT, automobile products

Mar 16, 2012

The Korea-U.S. Free Trade Agreement, which came into effect Thursday, is expected to benefit the country’s information and technology industry as well as the automobile parts market, analysts said.Analysts here said Korea-made IT products such as televisions, smartphones and premium digital appliance items would grab a bigger share in the U.S. market with the eased trade conditions.“Looking at the trade pact in a positive light, electronic goods made in Korea could have long-term competitiveness
KEB CEO targets wealthy Koreans in U.S.

Mar 16, 2012

Bank also plans to open branches in South AmericaKorea Exchange Bank CEO Yun Yong-ro unveiled his global business strategy to focus on the private banking sector and attract wealthy Koreans residing in the U.S.“We are considering reentering the (retail banking) market in the western and eastern part
‘Exporters should perk up marketing in U.S.’

Mar 15, 2012

Minister Hong wants to be remembered for fostering SMEs into larger, stronger companies, benefit sharingThis is the third of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. Knowledge Economy Minister Hong Suk-woo called for aggressive marketing from Korean exporters, in addition to price cuts to maximize the effect of the Korea-U.S. Free Trade Agreement that took effect Thursday. “Companies could make the