The Korea Herald

20% of ‘Buffett tax’ payers salaried workers

IndustryJan 3, 2012

About 65,600 people with more than W300 million yearly income to be affected by new tax High-paid salaried workers would make up only 20 percent of those paying the “Buffett tax,” while the others are expected to be payers of comprehensive income or capital gains tax, a government report found Tuesday. The National Assembly on Saturday passed a controversial bill raising income taxes for the rich. The tax is named for American billionaire Warren Buffett, who has suggested that those in his incom
Korean banks to expand presence in Asia

Jan 3, 2012

Major lenders look beyond China, Southeast Asia for growth in 2012Korea’s four major commercial banks plan to expand their business networks in Asia’s emerging markets this year.In particular, their 2012 targets include countries in central and Southern Asia as well as those in Southeast Asia, China and Japan.“Aside from markets like China, Vietnam and Singapore, the banking industry began actively tapping Kazakhstan, India and Bangladesh,” a local banker said.But he stressed that banks will sti
Tax agency to intensify probe into big firms, wealthy individuals

Jan 3, 2012

SEOUL, Jan. 3 (Yonhap) -- South Korea's tax agency said Tuesday it will beef up its investigation into large companies and wealthy citizens this year, in a bid to toughen its crackdown on tax evasion and expand the nation's overall tax revenue base. The National Tax Service (NTS) plans to intensify
Retailers hail Year of the Black Dragon

IndustryJan 2, 2012

Dragons all over from wine and leather bags to underwearThe Chinese zodiac is always the favorite sales promotion theme for local retailers and hotels at the beginning of each year.2012 is the Year of the Black Dragon, which makes the most auspicious animal of the zodiac and symbol of the emperor sound even more powerful and mystifying. In the Chinese zodiac, combinations of 10 heavenly stems and 12 earthly branches, or animal signs, create a sexagenary cycle which makes the Year of the Black Dr
Hyundai Heavy targets $30.6b orders this year

Jan 2, 2012

Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Monday that it is aiming to win $30.6 billion worth of orders this year, up nearly 20 percent from last year.The shipyard said it is also targeting sales of 27.54 trillion won this year, compared with last year’s 25.2 trillion won.Hyundai Heavy said its shipbuilding orders jumped 48 percent on-year to $25.5 billion in 2011, helped by growths of its shipbuilding and offshore plants businesses.The recent rise in vessel orders an
Tycoons lay out goals, plans for 2012

IndustryJan 2, 2012

Business leaders pledge to turn crisis into opportunityChiefs of major conglomerates laid out their New Year’s goals and plans for their businesses on the first day of work this year.Samsung Group chairman Lee Kun-hee said the country’s biggest conglomerate should think outside the box and place more emphasis on new projects, new products and new technologies in his New Year’s message on Monday.Lee said the group’s competitiveness not only comes from its people and technologies but also from soc
Hyundai, Kia set sales goal of 7 million units

TransportJan 2, 2012

Hyundai Motor Group has set its sales target for this year at 7 million, chairman Chung Mong-koo said Monday.In a New Year’s message to his staff, Chung said the automotive group raised its 2012 sales target by 400,000 vehicles from its sales of 6.6 million units in 2011.In a bid to achieve the 7 million target for Hyundai-Kia vehicles, he said, the group has to keep up with fast-changing global trends by setting up an organized cooperation system for better communication among production facili
Seoul shares inch up 0.03% on tech gains

Jan 2, 2012

Korean stocks edged up 0.03 percent Monday, boosted by gains in tech firms on more positive signs of the U.S. economy, but the gain was limited due to lingering European debt woes, analysts said. On the first trading session of the year, the benchmark KOSPI rose 0.63 points to 1,826.37.Trading volume was moderate at 317.3 million shares worth 3.3 trillion won ($2.85 billion), with losers outnumbering gainers 334 to 487.The local currency ended at 1,155.8 won to the greenback, down 4 won from Thu
KDB, Woori to revitalize sale projects

Jan 2, 2012

KB Financial to seek M&As if necessary; Eximbank to push for bank name changeKDB Financial Group chairman Kang Man-soo and Woori Financial Group chairman Lee Pal-seung have clarified their resolve to privatize the state-funded groups.In his New Year message to KDB Financial staff, Kang said the group will “expand global networks” to become a leading bank in Asia and “revitalize the plan to sell shares” held by the government.This year’s business policy of KDB Financial is drawing wide interest ―
KT aims for 4 million LTE subscribers

IndustryJan 2, 2012

KT Corp. will launch the long-awaited Long Term Evolution service on Tuesday, rekindling competition for faster smartphone services among local telecom carriers. KT said it aims to secure 4 million LTE subscribers within the year by completing nationwide coverage in 84 cities by April, the same level of coverage as market leader SK Telecom, which started the service in July.“The company’s LTE launch has been delayed for more than a month. Despite our late start, we will introduce a more complete
Korean automakers see sharp sales growth in 2011

TransportJan 2, 2012

Korean automakers announced on Monday that their 2011 sales jumped on solid demand overseas, despite the gloom that hit other sectors because of problems in the eurozone. Hyundai Motor Co., Korea’s leading automaker, said Monday that its 2011 sales increased 12.3 percent from a year earlier, propelled mainly by strong overseas demand for its vehicles. The carmaker said it sold more than 4.05 million vehicles overall last year, up from 3.60 million units in 2010. Domestic sales also moved up 3.6
W2.9tr added to farmers’ FTA support budget

Jan 2, 2012

The government will provide an additional 2.9 trillion won ($2.5 billion) in support to cushion the impact of the Korea-U.S. Free Trade Agreement on farmers and fishermen.The Finance Ministry plans to make an additional outlay of 2 trillion won in direct financing on top of another 0.9 trillion won in tax benefits for the industry that stand to lose competitiveness with the inflow of cheaper goods under the reduced tariffs.Support for agriculture will now total 54 trillion won until 2017, includ
‘Social responsibility’ rises as new keyword for Samsung

IndustryJan 2, 2012

Samsung chairman highlights gaining public’s trust, thinking outside the boxSamsung Group chairman Lee Kun-hee said the country’s largest conglomerate will concentrate on corporate social responsibility in 2012 at its New Year’s greeting at the Shilla Hotel in Seoul on Monday.“We will take full social responsibility as the nation’s representative firm,” he said, adding that the group’s competitiveness not only comes from its people and technologies but also from society’s trust.With this year’s
Industry magnates lay out New Year’s plans

IndustryJan 2, 2012

Business leaders pledge to turn crisis into opportunityChiefs of major conglomerates laid out their New Year’s goals and plans for their businesses on the first day of work this year.Samsung Group chairman Lee Kun-hee said the country’s biggest conglomerate should think outside the box and place more emphasis on new projects, new products and new technologies in his New Year’s message on Monday.Lee said the group’s competitiveness not only comes from its people and technologies but also from soc
Hyundai Group chief calls for preparedness for N. Korean business

IndustryJan 2, 2012

The chairwoman of Hyundai Group said Monday that her company needs to be well prepared for resuming its stalled North Korean business in 2012 in the aftermath of the death of the communist state’s leader last month.Hyundai Asan Corp., the inter-Korean business arm of Hyundai Group, has operated the tour program to the North’s scenic Mount Kumgang for a decade. However, South Korea halted the tour program in 2008 following the shooting death of a South Korean tourist at the resort.Hopes are high