The Korea Herald

BOK cuts 2012 growth forecast to 3.7 percent

Dec 9, 2011

The Bank of Korea on Friday dimmed the country’s growth forecast for next year to 3.7 percent, down from its earlier estimate of 4.6 percent, citing uncertainty from Europe’s debt situation as lingering risks for the export-reliant economy.The downward revision narrowed gaps in the mid- to-high 3 percent range at private think tanks, in a sign that Asia’s fourth largest economy will grow at a slower pace than this year under sluggish global trade sentiment and weak domestic demand.The central ba
Hyundai, Kia top Russian car market

Dec 9, 2011

1.6-liter Gamma engine selected for the ‘Best 10 Engines’ list by U.S. auto mediaHyundai Motor and its affiliate Kia Motors became the No. 1 and No. 2 foreign carmakers, respectively, in Russian markets in November, according to industrial data.Hyundai posted sales of 17,283 units in Russia last month, maintaining the No. 1 position for the third consecutive month, according to the Association of European Businesses.Kia ranked second with sales of 15,115 units, overtaking GM Chevrolet with sales
FTC deliberating Google’s merger deal with Motorola

IndustryDec 9, 2011

Korea’s antitrust regulator said Friday that it had launched a deliberation on U.S. search giant Google’s recent acquisition of Motorola Mobility, to decide whether the merger would undermine market competition. The California-based company filed on Tuesday for Korean clearance to complete the $12.5 billion deal announced in August, according to the Fair Trade Commission. “The purchase is expected to affect the nation’s smartphone market, including local handset makers Samsung and LG,” said Lee
Shares sink 1.97% on eurozone fears

Dec 9, 2011

South Korean stocks fell 1.97 percent on Friday as investor sentiment was dampened by uncertainties over the eurozone debt crisis and a grim economic growth forecast, analysts said. The local currency declined against the U.S. dollar.The benchmark KOSPI lost 37.64 points to 1,874.75, sinking below the 1,900 point level for the first time since it finished at 1,847.51 on Nov. 30. Trading volume was moderate at 367.9 million shares worth 5.07 trillion won ($4.42 billion) with losers leading gainer
Samsung permitted to roll out Galaxy Tab in Australia

IndustryDec 9, 2011

Samsung wins legal battle in Australia, but fails to ban sales of iPhone 4S in FranceSamsung Electronics will be rolling out its Galaxy Tab 10.1 in Australia in time for the holiday season as its High Court rejected Apple’s request on Friday to extend the sales ban on Samsung’s tablet PCs.The three-
KT’s LTE network faces hurdle

IndustryDec 8, 2011

The high-speed fourth-generation network service appears to be literally a “long-term evolution” for KT Corp., the nation’s No. 2 telecom carrier. KT was scheduled to halt its second-generation mobile service and to announce the beginning of the long-awaited LTE service at a press conference on Thursday. A Seoul court, however, scuppered KT’s plan on Wednesday, saying “Irreversible damages are expected to the remaining 2G users.”Under a plan to start the faster LTE service in the 1.8 GHz band th
Korea, China, Japan to hold final FTA study meet

IndustryDec 8, 2011

South Korea, China and Japan will hold their final joint study meeting next week on the feasibility of a free trade agreement between the three Northeast Asian countries, the Trade Ministry in Seoul said Thursday.The meeting, the seventh of its kind, will be held in Pyeongchang, some 180 kilometers east of Seoul, from Wednesday to Friday, according to the ministry. During the meeting, the three nations will discuss a draft covering commodities trade and other issues, such as service and investme
Seoul, Tokyo stock exchanges to start cross-trading next year

Dec 8, 2011

Korea’s stock market operator said Thursday it has signed a preliminary agreement with its Japanese counterpart to begin cross-trading of listed stocks as early as next year, a move that is expected to speed up trading time and lower costs for investors in both countries.Through the deal, the Korea Exchange and Tokyo Stock Exchange will push for cross-trading between the bourses in addition to the listing of exchange-traded fund and derivatives products, the KRX said in a press conference.A cros
Samsung sees record sales of flat-screen TVs

IndustryDec 8, 2011

Samsung Electronics Co., the world’s largest TV supplier, said Thursday it set a new record in monthly flat-screen TV sales in November, thanks to a demand spike during the holiday season in the United States. The company sold 5.7 million units of TVs in global markets last month, it said in a statement.The monthly sales record was largely driven by robust demand in the United States during the Thanksgiving holidays, Samsung said. The company saw more than a 40 percent surge in TV sales on Black
Conglomerates expect exports to drop in 2012

Dec 8, 2011

South Korean conglomerates expect export conditions to worsen in 2012 mainly due to eurozone debt woes and a U.S. economic slowdown, a poll showed Thursday.The Federation of Korean Industries survey showed that of 22 major businesses polled, 15, or 68.2 percent, expected next year’s export environment to be less favorable than in 2011.The data also showed that 63.6 percent of the conglomerates, including Samsung, Hyundai Motor Co., LG and SK, are bracing for financing-related difficulties in the
SK Group eyes new Chinese oil refinery

IndustryDec 8, 2011

HONG KONG (Yonhap News) ― South Korea’s SK Group is considering starting an oil refinery project in southern China, officials said Thursday, a move that would expand the company’s business in the world’s No. 2 economy.The city of Qinzhou is a potential site of the project, and located near the Pearl River Delta, the main hub of China’s economic growth. The city also established a Free Trade Port Area, which was approved by the State Council in May 2008 as a state-level free trade port area. The
Yuhan-Kimberly, a model of joint venture success

IndustryDec 8, 2011

Company leads innovation and fosters human resourcesAt a crowded hypermarket in Beijing, the shelves for diapers are filled with Huggies products.Even though their maker Kimberly-Clark has a Chinese branch, all the premium diapers sold in China are produced by Korea-based Yuhan-Kimberly at its Daejeon factory, some 160 kilometers south of Seoul. Yuhan-Kimberly is a joint venture established in 1970 between Korean company Yuhan Corp. and U.S.-based Kimberly-Clark Corp., that entered China’s premi
Yuhan-Kimberly, a proven model of joint venture success

IndustryDec 8, 2011

The company sees more business opportunities in ChinaAt a crowded hypermarket in Beijing, the shelves for diapers are filled with Huggies products.Even though their maker Kimberly-Clark has a Chinese branch, all the premium diapers sold in China are produced by Korea-based Yuhan-Kimberly at its Daejeon factory, some 160 kilometers south of Seoul. Yuhan-Kimberly is a joint venture established in 1970 between Korean company Yuhan Corp. and U.S.-based Kimberly-Clark Corp., that entered China’s prem
Innovation center helping research and engineering

IndustryDec 8, 2011

Yuhan-Kimberly has established its Innovation Center, aiming to implement the company’s core values -- challenge and creativity.The center at Jukjeon, Gyeonggi Province, which opened Oct. 27, is helping the company maximize efficiency in research and engineering.The company said it will increase the number of research and engineering specialists to 72 from the current 50 by 2015.The company had traditionally operated six departments -- “baby & child care,” “family care,” “senior care,” “feminine
IBK to offer lowest lending rates: CEO

Dec 8, 2011

Industrial Bank of Korea CEO Cho Joon-hee unveiled his business policy to lower the maximum interest rate on loans to below 10 percent next year.Under the CEO’s commitment, the state-run bank is poised to provide the lowest lending rates in the local commercial banking sector.“We are pushing for the loan rate cut as households and enterprises are expected to suffer a heavier financial burden amid gloomy predictions over the 2012 economy,” Cho told reporters.To make up for curtailed profit from t