The Korea Herald

Telecom regulator to censor SNS, mobile apps

IndustryDec 1, 2011

Telecom authorities plan to censor social networking services and mobile apps starting as early as next Wednesday, the Korea Communications Committee said Thursday.A review committee at the state-run telecom regulator on Thursday discussed a revised bill to set up a new team responsible for examining offensive and immoral content in new media. The revision also contains separate teams to monitor terrestrial radio stations and general programming channels that were newly launched on Thursday.Howe
Shares soar 3.72 percent on acts by central banks

Dec 1, 2011

South Korean shares closed up 3.72 percent on Thursday, encouraged by developments in the eurozone crisis, including the cut in borrowing costs by major central banks, and overnight rallies on Wall Street. Seoul’s main index, the KOSPI, closed up 68.67 points to 1,916.18. The tech-packed KOSDAQ ended up 3.52 points, or 0.71 percent, to 496.33. The rally of the local bourse, as with other Asian markets, reflected the optimism induced by the lowering of borrowing costs Wednesday by the central ban
Samsung chief rules out promotion of heir apparent

IndustryDec 1, 2011

Chairman Lee pledges to make active investments next yearSamsung Electronics chairman Lee Kun-hee said Thursday his heir apparent and the company’s chief operating officer Jae-yong, and daughter and Cheil Industries’ No. 2 Seo-hyun will not be promoted in the group’s new management lineup set to be announced soon.“The position and role of Lee Jae-yong will remain unchanged and the same goes for Lee Seo-hyun,” he said in a meeting with reporters ahead of the group’s annual award ceremony held at
Exports of makgeolli set to top $50 million in 2011

IndustryDec 1, 2011

This year’s exports of makgeolli, a traditional Korean rice wine, are set to surpass $50 million for the first time on a sharp rise in demand from Japan and China.According to the Korea Customs Service, 37,027 tons of makgeolli worth $45.29 million were exported in the 10 months to October, ab
Korea‘s industrial output grows 6.2% in Oct.

Nov 30, 2011

South Korea’s industrial output continued to grow in October from a year earlier, despite persistent global uncertainties caused by eurozone woes and problems facing advanced industrialized economies, a government report showed Wednesday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 6.2 percent last month from a year earlier. The October figure represents the 28th consecutive on-year expansion since July 2009. However, industrial outp
Montreal mayor seeks Korean involvement in design forums

Nov 30, 2011

Montreal Mayor Gerald Tremblay has expressed hope for Korean companies and communities’ participation in two design conferences to be hosted by the Canadian city in May.Tremblay recently visited Seoul to invite Korea’s design and related business communities to the UNESCO City of Design forum and the C2 conference of designers and business leaders from around the world.“The C2 conference is an approach to changing the business model of companies so that they realize that creativity can become an
Hyundai chief named best automotive CEO in Asia

TransportNov 30, 2011

Hyundai Motor chairman Chung Mong-koo was selected as Asia’s best automobile industry leader by the U.S.-based publication Automotive News on Wednesday.In this year’s list of auto industry “All-Stars,” Automotive News selected Chung as the top CEO among Asian firms for his part in increasing Hyundai Motor’s presence in the global market.He grabbed the top post for the second consecutive year, beating chief executives of Japanese carmakers.The list names top CEOs and executives from the automotiv
LG Electronics promotes TV chief in reshuffle

IndustryNov 30, 2011

Tech giant plans to create new chief operating officer position next yearLG Electronics announced Wednesday it promoted 43 executives in its year-end reshuffle, including TV chief Kwon Hee-won to president of the company’s home entertainment unit.The promotions, approved by the board committee, include one president, one executive vice president, 11 senior vice presidents and 30 vice presidents, according to LG officials.The group’s flagship unit also created a new chief operating officer positi
Hi Mart feud ends with leadership deal

IndustryNov 30, 2011

Hi Mart and its major shareholder Eugene Corp. reached an 11th-hour compromise Wednesday on the new leadership of the nation’s largest electronics appliance retailer, ending a week of feuding over the control of management.During a general meeting in the morning shareholders approved an agreement calling for the so-called “dual-CEO” system in which both Hi Mart CEO Sun Jong-koo and Eugene CEO Yu Kyung-sun control the retailer.Industry sources said that Sun and Yu had no choice but to strike a de
Korea develops unmanned tiltrotor aircraft

IndustryNov 30, 2011

Korea on Wednesday unveiled its first unmanned tiltrotor aircraft, capable of vertical takeoff and landing as well as high-speed navigation.The Ministry of Knowledge Economy and the Korea Aerospace Research Institute disclosed the new “smart” aircraft at the aerospace center in Goheung, South Jeolla Province.The state-funded aerospace think tank is negotiating with government agencies for commercial use of the vehicle. “We have just completed the research and development program, and are in talk
Foreigners raise their holdings despite turmoil

Nov 30, 2011

Korean firms’ solid earnings help local bourse retain foreign capitalForeign investors increased their holdings of Korean shares despite the continued turbulence in financial markets around the world, data showed Wednesday.According to Korea Exchange and Korea Financial Investment Association, foreign holdings reached 32.86 percent as of Nov. 28, slightly up from 32.14 percent at the end of July when the global financial turmoil was yet to have an impact on the local bourse. In August, concerns
Hana in talks with Lone Star to cut KEB price: report

Nov 30, 2011

Hana Financial Group has reportedly been striving to ask Lone Star Funds to agree on lowering the takeover price of Korea Exchange Bank.The alleged price negotiation between Hana Financial and the U.S.-based equity fund comes after the Financial Services Commission instructed the financial group to submit a revised application for the deal.Though Hana Financial applied for the FSC’s regulatory approval in acquiring a 51.02 percent stake in KEB from Lone Star one year ago, the regulator has yet t
Kumho Asiana, Kumho Petrochemical complete split

IndustryNov 30, 2011

Kumho Asiana Group, led by chairman Park Sam-koo, was set to complete on Wednesday its legal separation from Kumho Petrochemical Group headed by his brother Chan-koo.Park Sam-koo and his son Se-chang began the block sale of all of their shares in Kumho Petrochemical worth 409 billion won Tuesday evening through Daewoo Securities and Nomura Securities, Kumho officials said. A discount rate of 6.95 percent was applied on Tuesday’s closing price of 165,500 won per share, making the sale price 154,0
Shares down on U.S. banks, China worries

Nov 30, 2011

South Korean stocks finished 0.49 percent lower on Wednesday as investor sentiment was dented by outlook cuts on U.S. banks and concerns about Chinese manufacturing data, analysts said. The local currency climbed against the U.S. dollar. Snapping a two-day gaining streak, the benchmark Korea Composite Stock Price Index fell 9.01 points to 1,847.51.Trading volume was moderate at 329 million shares worth 6.41 trillion won ($5.61 billion) with loser leading gainers 456 to 375.“It is not a big decli
KCC upping pressure to resume HD broadcasts

IndustryNov 30, 2011

The Korea Communications Commission said on Wednesday that it is considering sanctioning terrestrial broadcasters and cable TV operators over the unprecedented halt of high definition broadcasting. Cable TV operators stopped airing the programs by terrestrial broadcasters MBC, KBS and SBS in high definition on Monday, forcing some 7.7 million viewers to watch lower-quality public broadcasts. With their talks on retransmission fees being stalled for more than a week, the KCC plans to meet represe