The Korea Herald

Samsung plans to widen gap with rivals in TV sales this year

IndustryJan 12, 2012

Firm targets 15% TV growth, 49.45 million flat-panel TV setLAS VEGAS ― Samsung Electronics expects to widen the gap in television sales with its rivals this year while targeting 15 percent growth from last year, said the head of its digital media and communications.Yoon Boo-keun, who oversees the television and digital appliance divisions at the world’s top technology firm, told reporters the company expects to sell 49.45 million flat-panel TVs, up from 43 million in 2011.“This year’s strategy f
LG aims for two-digit growth in home appliances this year

IndustryJan 12, 2012

LAS VEGAS ― An executive at LG Electronics said the company plans to record two-digit growth in home appliances this year and gain product leadership in smart appliances.“We reached a two-digit growth rate last year and we expect to do so again this year,” said Shin Moon-bum, executive vice president of the firm’s home appliances division. “The most important strategy that should be pursued by LG is gaining product leadership. With the design, product planning and the necessary research and deve
HanmiGlobal acquires environmental consulting firm

IndustryJan 12, 2012

HanmiGlobal Co., a Korean construction management firm, has agreed to take over local environmental consulting provider Ecosian Co. to shore up its charge into the fledgling industry, officials said Thursday.Under a deal signed Tuesday, HanmiGlobal and its chairman Kim Jong-hoon each will buy a 30 percent share in unlisted Ecosian for 2 billion won ($1.73 million). Ecosian chief executive Eun Jong-hwan will retain the remainder.Launched in 2001, Seoul-based Ecosian has consulted for a slew of pu
Hyundai Motor chief pledges support for Yeosu Expo

IndustryJan 12, 2012

Chairman Chung says the event will be the best-ever marine expoHyundai Motor Group chairman Chung Mong-koo on Thursday pledged continued support for the 2012 Yeosu Expo during his visit to the southern coastal town four months ahead of the fair’s opening. Hyundai Motor, one of the biggest sponsors of the expo, will provide cars for the three-month-long expo that kicks off on May 12 and open an exhibition hall spanning some 1,398 square meters.The automaker has been promoting the expo through tel
Citigroup CEO to visit Korea early next month

Jan 12, 2012

Pandit may meet with regulatory officials to discuss investmentCitigroup Inc. chief executive Vikram Pandit plans to visit Seoul early next month as part of the global investment bank’s expansion policy in Asia, a source said Thursday. “On the occasion of the U.S.-based financial group’s 200th anniversary of its foundation, CEO Pandit will pay a visit to Korea and several other Asian countries in early February,” the source said.While his coming trip is seemingly focused on the group’s expanding
Samsung, LG fined for fixing prices of home appliances

IndustryJan 12, 2012

The state-run antitrust watchdog said Thursday that it has fined local electronics rivals Samsung and LG for fixing the prices of key home appliances. Samsung was fined 25.81 billion won ($22.28 million) and LG 18.83 billion won, according to the Fair Trade Commission. As part of the regulator’s leniency program for first and second declarers, one of the companies will be exempt from the fines, while the other will get 50 percent cuts. The FTC said its investigation started after a voluntary rep
Shares rise 1.03% on eased eurozone fears

Jan 12, 2012

South Korean stocks closed 1.03 percent higher on Thursday as investors snapped up shares on eased eurozone debt woes and signs of moderate U.S. economic growth, analysts said. The local currency inched up against the U.S. dollar.The benchmark KOSPI gained 19.02 points to 1,864.57. Trading volume was heavy at 470.8 million shares worth 5.31 trillion won ($4.57 billion) with gainers outstripping decliners 477 to 338.“Despite lingering uncertainty, investors got a little relief from U.S. markets,”
Foreign direct investment inflows up 4.6% in 2011

Jan 12, 2012

Foreign investment in Korea grew a healthy 4.6 percent last year as an inflow of capital from rich countries sharply rose despite persistent uncertainties in the global economy.Foreign direct investment was $13.67 billion last year, up from $13.07 billion in 2010, the Ministry of Knowledge Economy said Thursday. The spike mainly resulted from robust investments by the European Union, the U.S. and Japan, which shot up 33.6 percent year-on-year to nearly $9.7 billion in 2011.EU nations together in
Hyundai Motor tops U.S. brand loyalty survey

IndustryJan 12, 2012

Hyundai Motor Co. topped customer loyalty in the U.S. car market with the highest repurchase rate in 2011, a survey by the country’s biggest consumer research company J. D. Power said Thursday.Hyundai Motor released a statement detailing the survey from J. D. Power and said it surpassed the customer loyalty of BMW, Mercedes Benz, Lexus and other brands with a repurchase rate of 64 percent. Ford and Honda tied with 60 percent each, followed by Kia and BMW with 59 percent each.The survey was condu
Samsung, LG fined for fixing prices

IndustryJan 12, 2012

South Korea's antitrust watchdog on Thursday fined two major electronics makers including Samsung Electronics Co. a combined 44.64 billion won ($38.5 million) for fixing prices of their major home appliance products. (Yonhap News)Samsung Electronics and LG Electronics Inc. were fined 25.81 billion w
FDA halts orange juice imports for test

IndustryJan 12, 2012

The U.S. has temporarily halted shipments of imported orange juice from all countries while they’re being tested, and said it will destroy or ban products containing even low levels from a banned fungicide. If levels of the chemical, carbendazim, are found to be below trace amounts, the products may
Samsung eyes 15% growth in TV sales this year

TechnologyJan 12, 2012

(Yonhap News)Samsung Electronics Co., South Korea's tech behemoth, said Thursday it aims to increase its sales of televisions by around 15 percent this year by boosting its entire lineup of TVs.Yoon Boo-keun, president of Samsung's TV business, was quoted as saying at a consumer electronics show in
Hana Financial CEO to quit

Jan 11, 2012

Hana Financial Group president & CEO Kim Jong-yeol expressed his intent to resign on Wednesday, even though his term was not to expire until the end of February.The sudden resignation of the group’s No. 2 figure is drawing interest as the financial group has been striving to acquire Korea Exchange Bank from Lone Star Funds.Kim was quoted by a news provider as saying that he “does not want to be a hurdle for the realization of the KEB takeover deal.”There is a possibility that the relations betwe
Silver industry, Asia, Arab world keywords for next ten years

IndustryJan 11, 2012

Korea should swiftly draft measures to meet surging demand from the aging population and deep-pocketed Arab and Asian consumers to sustain growth for the next 10 years, a trade association urged Wednesday. Over the next decade, the growing elderly population will be a significant factor driving the market around the world and create niche products, the Korea International Trade Association said in a report. The United Nations forecasts the number of people aged 65 or older will rise from 530 mil
Korean firms expect difficult financial situation in Q1: poll

Jan 11, 2012

South Korea’s businesses are bracing for unfavorable financial conditions in the first quarter of this year, mainly due to sluggish economic growth and falling sales and profits, a poll showed Wednesday.The survey of 500 companies by the Korea Chamber of Commerce and Industry showed the business survey index on corporate finance dropping to 79 for the January-March period from 92 three months earlier.It is the lowest reading since the organization started taking the poll in the third quarter of