The Korea Herald

Samsung, LG flex muscles with high technologies

TechnologyJan 13, 2012

LAS VEGAS ― The 2012 International Consumer Electronics Show showcased a wide array of gadgets over four days here from 3-D and smart televisions to tablet PCs and ultrabooks to the new Organic Light-Emitting Diodes TV.The event, organized by U.S.-based Consumer Electronics Association, was joined by 2,700 exhibitors and 140,000 people from 140 different countries from Jan. 10-13.“At CES, we’re in the world’s epicenter for the most innovative consumer electronics technology, devices and services
Korean Air picked in top 10 by Chinese

Jan 13, 2012

Korean Air Lines Co. said Friday that it has been picked as one of the best foreign carriers in a poll of Chinese consumers by an international travel magazine.The monthly Wue Lu, the Chinese edition of New York-based Travel and Leisure magazine, included South Korea’s largest flag carrier among foreign airlines “welcomed” by Chinese travelers.The announcement was made at the China Travel Award event held in Shanghai, with the airlines being picked based on reviews by ordinary consumers, travel
Finance minister warns of optimism over inflation

Jan 13, 2012

Korea should not stay optimistic about inflation situations for this year, the nation‘s finance minister said Friday, urging all government agencies to do their best to stabilize prices. “Though the central bank and many private think tanks predict that things will improve this year from last year, we cannot remain optimistic given inflation conditions at home and abroad early this year,” Finance Minister Bahk Jae-wan told a price stabilization meeting. Korea’s consumer prices jumped 4 percent l
Per-capita income to fall

Jan 13, 2012

Korea’s per-capita income for last year is expected to be lower than the government’s earlier estimate due to faster population growth, a senior Finance Ministry official said Friday.The government earlier predicted that the per-capita gross national income would range from $23,500 to $24,000 at the end of last year. It was based on the nation’s economic growth and inflation, which was projected to grow 3.8 percent and 4 percent last year.“The per-capita GNI is expected to decline to $22,500-$24
Korea eyes more petrochemical exports in 2012

IndustryJan 13, 2012

Korea‘s petrochemical companies hope to further increase their exports after they climbed to a record high last year, a local industry group said Friday.The country’s exports of petrochemical products, such as plastic and fertilizers, reached US$45.5 billion in 2011, up 27.5 percent from $35.7 billion worth of products shipped a year earlier, according to the Korea Petrochemical Industry Association.The association, however, said the growth rate this year will likely slow down significantly to a
Korea‘s import price growth hits 3-year high in 2011

Jan 13, 2012

Korea’s annual import prices rose at the fastest clip in three years primarily due to spikes in international crude oil and commodity costs, the central bank said Friday. In local currency terms, the country‘s import prices grew 13.4 percent in 2011 from one year ago, accelerating from a 5.3 percent expansion tallied in 2010, according to the Bank of Korea. Last year’s growth was the highest reached since 2008, when import prices jumped 36.2 percent from the previous year as the Korean won depre
Hyundai eyes domestic sales of 700,000 cars

TransportJan 13, 2012

Hyundai Motor Co., South Korea’s largest carmaker, said Friday that it is targeting to sell 700,000 vehicles in the domestic market this year, up 2.4 percent from 2011.Hyundai Motor, which sold 683,570 units locally last year, said competition in the domestic market is expected to be fierce this year and a free trade deal with the U.S., expected to go into effect in the next few months, could make foreign-made cars more competitive.“Imported cars are expected to compete more aggressively for dom
Samsung, LG flex muscles with high technologies

TechnologyJan 13, 2012

CES ends after featuring thousands of OLED and 3-D smart TVs, tablets, smartphones, ultrabooksLAS VEGAS -- The 2012 International Consumer Electronics Show showcased a wide array of gadgets over four days here from 3-D and smart televisions to tablet PCs and ultrabooks to the new Organic Light-Emitting Diodes TV.The event, organized by U.S.-based Consumer Electronics Association, was joined by 2,700 exhibitors and 140,000 people from 140 different countries from Jan. 10-13.“At CES, we’re in the
Top 30 business groups to invest W151.4tr this year

IndustryJan 13, 2012

The nation’s 30 largest conglomerates said on Friday they will increase investment by 12.3 percent to 151.4 trillion won ($131.5 billion) this year.They also said they will hire 123,000 new people this year, up 2.2 percent from last year, during a meeting with Knowledge Economy Minister Hong Suk-woo. Executives of the top business groups by asset value told Hong they will raise recruitment of high school graduates by 6.9 percent to 37,261 people. Large-scale investments include development of ne
Hyundai Motor files suit against union leaders

IndustryJan 13, 2012

Hyundai Motor Co. sued two union leaders on charges of illegally directing a strike at engine plants this week, demanding the carmaker compensate a union member who set himself ablaze in protest.It is highly unusual for a Korean company to take legal action against a union leadership that is less than two months old.Hyundai Motor said on Friday it filed a suit against union chief Moon Yong-moon and vice chief Kim Hong-kyu for obstruction of business to the Ulsan Dongbu Police Station.The carmake
Shares up on smooth Europe debt sales

Jan 13, 2012

Korean stocks ended 0.6 percent higher Friday, as good debt sales in Italy and Spain whetted investor sentiment with more hope for a resolution to the eurozone crisis, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark KOSPI gained 11.11 points to 1,875.68. Trading volume was moderate at 468.1 million shares worth 5.87 trillion won ($5.1 billion) with gainers outnumbering losers 432 to 384.“Spain sold twice as much debt than it wanted and that certainly came
General Motors may move Korean work to Europe: report

TransportJan 13, 2012

GM Korea CEO resigns suddenly; Buttermore assumes interim chiefGeneral Motors is considering moving car production from South Korea to Europe, the British Telegraph newspaper said Friday. The plan, yet to be confirmed, is intended to revive the troubled Opel and Vauxhall arms, the Telegraph said, adding that some Chevrolet production lines might be transferred back to Europe to bolster its production lines there.“We are not going to comment on speculation, but management, the works council and t
BOK freezes key interest rate for 7th month

Jan 13, 2012

South Korea's central bank on Friday left the key interest rate unchanged for the seventh straight month due to still-high consumer inflation even as the eurozone debt crisis is feared to dent economic growth.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers held the benchmark 7-da
Cable TV operators again threaten to stop relaying terrestrial TV programs

IndustryJan 12, 2012

The nation's cable TV system operators (SOs) took bold action on Thursday to prompt terrestrial TV networks to charge lower fees for using their programs, threatening to stop relaying both standard and high-definition programs of the terrestrial channels early next week. The SOs and thre
Farm losses from FTA with China

Jan 12, 2012

Damage to Korea’s farming industry from a free trade agreement with China may reach up to $2.8 billion, reports said Thursday, urging the Seoul government to be cautious in its FTA negotiations with China.During his trip to Beijing, President Lee Myung-bak agreed with Chinese counterpart Hu Jintao to declare the official start of negotiations for an FTA within the next month or two.A report from the Korea Institute for International Economic Policy said production by the country’s agriculture an