The Korea Herald

Premium chocolate on sale for White Day

IndustryMar 8, 2012

See’s Candies Korea, a local unit of the San Francisco-based candy manufacturer, said it has launched a special offline promotion of its well-known chocolate brands to mark forthcoming White Day in the local market. See’s Candies is best known as one of the early investments bought by Warren Buffett and his Berkshire Hathaway Corp. in the early 1970s. The Korean affiliate said its chocolate and candies including Lollypops would be available at major department stores in Seoul at a special discou
Hyundai Heavy reaches milestone

IndustryMar 8, 2012

Hyundai Heavy Industries Co., Korea’s leading shipbuilder, said Thursday that the accumulated gross tonnage of ships it delivered surpassed the milestone 100 million mark, making it the first shipyard in the world to do so.The feat was achieved only 40 years after Hyundai Heavy entered the shipbuilding business in 1972, it said.Hyundai Heavy recorded 10 million gross tonnage of ships in terms of volume in 1986 and 50 million gross tonnage in 2002.So far, Hyundai Heavy has delivered a total of 1,
Korean bakeries look to expand into overseas markets

IndustryMar 8, 2012

Paris Baguette shows strong progress in China; Tous les Jours seeks success in Southeast AsiaLocal bakery chain rivals Paris Baguette and Tous les Jours are seeking to expand their international reach with their successful entry into overseas markets. Now they may avoid intense cross-street competition in Korea as they build up their global business in different regions. Paris Baguette, owned by food conglomerate SPC Group, is a big name in China where the company operates 74 stores, the first o
Banks face heavy sanctions for irregular lending

Mar 8, 2012

FSS chief says it is time for households to cut spendingThe nation’s top financial regulator has vowed stern punitive action against banks engaged in irregular lending practices.Since he took office as chief of the Financial Supervisory Service on March 27, 2011, Gov. Kwon Hyouk-se has taken the initiative in conducting intensive inquiries into major banks for alleged business irregularities.The regulator’s full-fledged probe has been focused on the allegation that banks urged many individual an
FSS chief says social responsibility required of foreign financial firms

Mar 8, 2012

The nation’s chief financial regulator said the foreign investment community needed to have a deeper engagement with charities and causes for their own business interests.“Corporate social responsibility has been a global response exiting the crisis,” Financial Supervisory Service Gov. Kwon Hyouk-se said in a recent interview with The Korea Herald.The FSS expects foreign financial institutions to contribute to the community as much as it expects from local companies, he said.He plans to comment
Banks face heavy sanctions for irregular lending

Mar 8, 2012

Chief regulator says it is time for households to cut spendingThe nation’s top financial regulator has vowed stern punitive action against banks engaged in irregular lending practices.Since he took office as chief of the Financial Supervisory Service on March 27, 2011, Gov. Kwon Hyouk-se has taken t
FSS chief says social responsibility required of foreign financial firms

Mar 8, 2012

The nation’s chief financial regulator said that foreign investment community needs to have a deeper engagement with charities and causes for their own business interests.“Corporate social responsibility has been a global response exiting the crisis,” Financial Supervisory Service Gov. Kwon Hyouk-se
Police say customer info of two major mobile carriers leaked

TechnologyMar 8, 2012

Police said Thursday that they have booked five workers of a company subcontracted by the country's two major mobile carriers for their suspected leaks of customers' personal and real-time location information in return for financial profits. The Seoul Metropolitan Police Agency said the workers, in
Income gap widens in Korea

Mar 8, 2012

Income among the poorest people in South Korea grew at a slower pace than other income earners last year, further widening the overall wealth gap between the haves and have-nots, data showed Thursday.According to the data by Statistics Korea, those in the lowest 10 percent income bracket earned less than the equivalised disposable income of 643,000 won ($572.5) last year. The richest 10 percent earned at least 3.1 million won.Based on the results, the richest income earners made 4.82 times more
Detection of radiation in Japanese fish on rise

Mar 8, 2012

Korea is more frequently finding radioactive materials in fishery products from Japan but has no immediate plans to ban imports as their levels are far below the maximum intake limits, the quarantine office said Thursday.In the first two months of the year, the country has detected traces of radioactive materials, such as cesium, in 32 separate shipments of fisheries products from Japan, according to the Animal, Plant and Fisheries Quarantine and Inspection Agency.The figure represents an over 5
Apple unveils 'new iPad' with sharper screen

IndustryMar 8, 2012

Apple gave the new iPad a bunch of new features but no new name.When it goes on sale next week in the U.S. and several other countries, it will be “the iPad” or perhaps “the new iPad” -- not “iPad 3” or “iPad HD,” as some had speculated.The new ipad (AP-Yonhap News)The new iPad unveiled Wednesday co
Hanwha Group names 5 new CEOs

IndustryMar 7, 2012

Hanwha Group said Wednesday it has appointed new chief executives of its five affiliates as part of its sweeping reshuffle aimed at reinforcing its charge into sunrise industries. The Korean conglomerate said it also promoted 102 employees to executive positions, up from 90 last year.The new commanders-in-chief are Shim Kyung-seop at the group’s industrial powder unit, Park Se-hoon at Hanwha Galleria, Han Woo-je at Hanwha Venture Capital, Lee Yul-guk at Hanwha 63 City and Kwon Hyuk-woong at Yeos
Customs agency uncovers tax evasion through oil smuggling

Mar 7, 2012

The Korea Customs Service uncovered an oil smuggling case by two distribution entities who dodged some 4.3 billion won in taxes while selling oil from Singapore, the agency said Wednesday.The tax authority arrested one and filed complaints against seven others involved in smuggling 9.45 million liters of base oil used for making lubricant, it said. The Korea Customs Service is after the other three who fled during the investigation process.“We caught a total of 11 people who smuggled unrefined o
Top conglomerates continue to add subsidiaries: FTC

IndustryMar 7, 2012

The business expansion of Korean conglomerates shows no sign of abating, with the number of their affiliated companies increasing for 10 consecutive months, according to the antitrust authorities Wednesday.According to the Fair Trade Commission, the nation’s 55 biggest companies saw the number of their affiliates grow to 1,667 this month from 1,554 in April last year since their cross-shareholdings started to face limitations. In February alone, an additional 29 companies were newly established
POSCO completes stainless steel mill in Vietnam

IndustryMar 7, 2012

POSCO said on Wednesday it completed the construction of a cold-rolled stainless steel mill in Vietnam, raising its annual production capacity in the Southeast Asian country to 235,000 tons.POSCO invested $130 million to build the new plant, which has a production capacity of 150,000 tons a year, to help meet the fast growing demand for stainless steel in the region.The Korean steelmaker in 2009 acquired Vietnam’s Asia Stainless Corp. near Ho Chi Minh, renamed it POSCO VST and expanded its facil