The Korea Herald

Standard Chartered Korea aims to be top global bank

Jan 11, 2012

Lender changes its name to boost group’s brand imageStandard Chartered First Bank renamed itself Standard Chartered Bank on Wednesday, putting a stronger emphasis on the British group’s corporate image. “Today, SC First Bank becomes Standard Chartered Bank. This marks the start of an exciting new journey for us, as we aim to become Korea’s best international bank,” Richard Hill, chief of the Korean unit of Europe’s third-largest bank, told reporters at a news conference. “2011 was the year of tu
Life insurance firms post poor stock investment return

Jan 11, 2012

Life insurance companies reported poor performances in their stock investments through equity-linked insurance products.Equity-linked insurance products, also known as variable insurance, invest part of customers’ premiums in the stock market.According to the Korea Life Insurance Association, life insurance firms posted -12.87 percent in combined rate of return in their stock investments through the variable insurance products last year.The figure is lower than the KOSPI’s year-on-year drop of 1
Korean sovereign fund suffers loss

Jan 11, 2012

Losses blamed on KIC’s purchase of Merrill Lynch stakeKorea Investment Corporation, Korea’s sovereign wealth fund, suffered a net loss of 3.3 percent in terms of average yield last year, hurt by the turmoil in the global financial market and a massive loss linked to its investment in Merrill Lynch,
S. Korea's jobless rate drops to 3.4 pct in 2011

Jan 11, 2012

SEOUL, Jan. 11 (Yonhap) -- South Korea's jobless rate fell last year from a year earlier, but its labor markets remain tough amid worries over a slowing economic recovery, a report showed Wednesday.The jobless rate stood at 3.4 percent in 2011, down 0.3 percentage points from a year earlier, accordi
SK Group conducts partial reshuffle of management

IndustryJan 10, 2012

SK Group carried out a reshuffle and promotions on Tuesday that affected about 120 officials at the corporation’s affiliates. Group officials said it minimized the scope of the personnel change to ensure the stability of its organizations.In the top management reshuffle, Sheraton Walkerhill hotel pr
Samsung Electronics’ 2011 sales rank first in world

TechnologyJan 10, 2012

Samsung Electronics Co., the world’s largest maker of memory chips and No. 2 handset maker, posted the largest revenue among global tech firms last year on the back of strong sales of smartphones, a financial information provider said Tuesday.Samsung Electronics’ 2011 sales reached $148.6 billion when its yearly revenue was converted into the dollar, according to data compiled by FnGuide Inc. The company estimated on Friday that it posted a record operating profit of 5.2 trillion won ($4.5 billi
Seoul seeks to start beef exports: minister

Jan 10, 2012

Korea will seek to begin exporting beef within a few years as part of its efforts to help stabilize prices, the agriculture minister said Tuesday.“Considering wagyu (Japanese beef) is 1.5 times more expensive than Korean beef but that Japan still exports beef, I believe we, too, can export Korean beef,” Suh Kyu-yong, the minister of food, agriculture, forestry and fisheries, told a press briefing.Suh, however, noted it will take some time before the country can begin shipping its beef overseas.“
Korea overtakes China as world’s top shipbuilder

Jan 10, 2012

South Korea regained its status as the world’s leading shipbuilding nation in 2011 by beating its archrival China and securing deals for large, value-added vessels, data showed Tuesday.According to London-based market researcher Clarkson Research Services, South Korean shipbuilders won a combined 13.55 million compensated gross tons in new orders last year, while Chinese shipbuilders clinched a total of 9.2 million CTGs.Last year, South Korea accounted for 48.2 percent of a total of 28.11 millio
Samsung Electronics aims to exceed half of group’s total sales this year

IndustryJan 10, 2012

LAS VEGAS ― Samsung Electronics, the world’s top television maker, will make greater investments this year compared to last year, taking over half of the Samsung Group and its affiliates sales for 2012, said its chief executive on Tuesday.Choi Gee-sung, vice chairman of the group’s flagship electronics arm, said the investment sum, including the sum given to software development, is likely to go over the amount listed on its 2012 business scheme by the year’s end, considering that the firm must
Prices of daily necessities rise in December: report

Jan 10, 2012

Prices of most daily necessities in South Korea increased in December despite government efforts to fight rising inflation, a report by the state-run consumer protection watchdog showed Tuesday.The report by the Korea Consumer Agency showed that of the 102 everyday consumer necessities monitored such as sugar, cereals and detergents, prices of 70 products, or 68 percent, went up in December from a month earlier. Prices for 28 products fell or remained unchanged over the cited period, it showed.T
LG Display targets expansion into OLED displays for small devices

IndustryJan 10, 2012

LAS VEGAS ― LG Display, a major player in the international flat-screen panel market, said it intends to inject more investment into mobile organic light-emitting diode displays, according to its chief executive on Tuesday.Han Sang-beom, LG Display’s chief executive officer, said the firm has already produced a plastic OLED prototype for mobile phones which is deemed to be thinner, lighter and unbreakable, in a meeting with the Korean press held on the sidelines of the Consumer Electronics Show.
Asian woes may pose risks to Korean economy

Jan 10, 2012

China and other Asian economies are saddled with a raft of downside risks, adding to fears they may hurt the South Korean economy along with lingering eurozone debt woes, a report showed Tuesday.The report by the Korea Center for International Finance said that such risks could further undermine the global economy already buffeted by the impact from the long-standing eurozone debt crisis.According to the report, China is likely to see its economic growth rate fall by up to 1.5 percentage points
Cho You-mi named to head Leo Burnett Korea

IndustryJan 10, 2012

Leo Burnett Korea said Tuesday that it has named current general manager Cho You-mi the new managing director at the Korean branch of the world’s leading advertising company. With her recent promotion, Cho has become the first female president among the heads of the nation’s top 20 advertising companies, the company said. The 40-year-old joined Leo Burnett in 2002 and has participated in commercial productions for global and domestic companies such as P&G, McDonald’s and Pfizer Korea. “I will e
Real estate fund market grows rapidly

Jan 10, 2012

Trend expected to continue as investors diversify portfoliosKorean investors, faced with a dearth of reliable assets, are shifting their eyes toward the real estate investment funds. Local real estate funds have drawn a total of 13.2 trillion won ($11.4 billion) as of Jan. 5, up from 7 trillion won recorded in September 2008, according to the data by the Korea Finance Investment Association. The tally covers money from both public and private sector, underscoring that the trend is a reflection o
Stronger won exposed to more volatility

Jan 10, 2012

Sino-U.S. currency friction could amplify Korean currency fluctuation in 2012It has been a familiar year-end scene. Korean financial officials try to shore up the value of the nation’s currency to help local companies that settle accounts in December avoid exchange losses.In the closing days of 2008, a year when the Korean won fell sharply against the U.S. dollar amid the global financial crisis, some foreign exchange dealers in Seoul were pressed to withdraw their orders to buy the greenback.At