The Korea Herald

Chae Kyoo-joo to head MTU Aero Engines Seoul office

IndustryNov 27, 2011

MTU Aero Engines said it has opened a new sales office in Seoul and appointed Chae Kyoo-joo as representative for the unit. As chief of the MTU Aero Engines Seoul Representative Office, Chae will market the leading German engine manufacturer’s high-tech repair procedures. “We are excited to have attracted someone of Chae Kyoo-joo’s background and in-depth knowledge of the industry to this position. He worked as head of engineering for Korean Airlines for many years,” said Stefan Weingartner, pre
‘Smart’ society the norm two years after iPhone’s arrival

IndustryNov 27, 2011

“Smart” is no longer an unfamiliar word in Korea especially two years after the iPhone was introduced in the country.Since the iPhone was released on Nov. 28, 2009, unveiling what we call the smartphone for the first time, a series of smart devices ― such as tablet PCs, televisions, refrigerators and vehicles ― have been released.A number of smartphones developed by local companies Samsung Electronics and LG Electronics have also been rolling in and out of the country following the popularity of
Firms’ earnings forecasts lowered

IndustryNov 27, 2011

Estimated profits for local companies pushed down with deepening fiscal crises in Europe Major Korean companies’ earnings forecasts for next year are falling on rising economic uncertainties as fiscal crises deepen in Europe, with lowered credit ratings for Italy, Spain, Portugal and Belgium.France may be next as its debt ratio and government bond yields have reached alerting levels. The combined operating profit estimates of 132 listed companies dropped 8.89 percent from 134.8 trillion won ($11
All eyes on Samsung’s yearend reshuffle

Nov 27, 2011

Speculation mounts over promotions of Lee’s childrenEyes are turning to Samsung Group’s new management lineup as the announcement is expected to take place as early as this Friday.A number of Samsung officials said the company’s reshuffling is most likely to be conducted this week, considering that the country’s top conglomerate unveiled its new lineup on Dec. 3 following its annual award ceremony last year.This year, the group plans to hold an event to name the honorary Samsung fellows on Thurs
S. Korea’s CDS premium jumps sharply on global financial woes

Nov 27, 2011

The cost of insuring South Korea's sovereign debt against default climbed sharply in the face of global financial sector woes, data showed Sunday.The credit default swap (CDS) premium on South Korea's foreign currency bonds with five-year maturities reached 177 basis points as of Friday on the New Y
How much crazier can Black Friday shopping get?

Nov 27, 2011

NEW YORK (AP) -- Pepper-sprayed customers, smash-and-grab looters and bloody scenes in the shopping aisles. How did Black Friday devolve into this?As reports of shopping-related violence rolled in this week from Los Angeles to New York, experts say a volatile mix of desperate retailers and cutthroat
Seoul shares expected to move in tight range next week

Nov 26, 2011

South Korean shares are expected to move in a tight range next week as fiscal debt problems in Europe and the United States will continue to weigh on investor sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,776.40, down 3.3 percent from last week. This w
Hyundai Motor expands ties with Chinese car dealers

TransportNov 25, 2011

Hyundai Motor is broadening its ties with Chinese dealerships in an apparent judgment that China’s rapidly growing car market could decide the fate of the Korean automaker.The company has invited more than 50 dealers from China to introduce the Korean headquarters’ management philosophy and future development strategies in detail.The dealers from Beijing Hyundai Corp. are scheduled to visit a Hyundai Steel factory, an affiliate of the carmaker and participate in Korean cultural events until this
Seoul moves to slap new sanctions on Iran

Nov 25, 2011

Ministries are in talks on putting new sanctions on Iran for its nuclear development program, likely to include a ban on petrochemicals trade. The ministries of foreign affairs, finance, and commerce, and the Financial Supervisory Commission are reviewing the level of additional sanctions on Tehran, an official said Friday. South Korean Foreign Minister Kim Sung-hwan and U.S. Secretary of State Hillary Clinton are expected to discuss the sanctions when they meet in Busan on Wednesday. “Several g
Korea downsizes Yellow Sea FEZ

Nov 25, 2011

The government on Friday announced a 70 percent cut in the size of the Yellow Sea Free Economic Zone as it unveils measures to rejuvenate the region’s stagnant project to court foreign investment and boost local economy.Designated in 2008, the Yellow Sea FEZ is one of the country’s six tariff-free industrial areas but has been regarded as the most infeasible. Its five districts cover 55 square kilometers in Gyeonggi Province and South Chungcheong Province.Under the plan, the government said it h
Shares down on eurozone woes

Nov 25, 2011

South Korean stocks closed 1.04 percent lower on Friday as persistent concerns over the eurozone debt crisis and fears over credit downgrades spooked investors, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index slumped 18.66 points to 1,776,4. Trading volume was moderate at 301.2 million shares worth 4.16 trillion won ($3.58 billion), with decliners outnumbering gainers 592 to 238.“The lackluster results of a summit between Germany,
Korea to build facilities on Dokdo

IndustryNov 25, 2011

Plan to install sea wall, tourist facilities draws protest from JapanSouth Korea will establish a new sea wall and tourist facilities in waters off Dokdo by as early as 2016, aiming to bolster its control over the long-disputed rocky islets, officials said.The plan is the latest in a series of the government’s measures to guard against Japan’s repeated territorial claim over the islets, which it calls Takeshima. Seoul officials said the 400 billion won ($344.4 million) package aimed to galvaniz
Korea to expand preferential tariff benefits to help poor countries

Nov 25, 2011

South Korea will expand preferential tariff benefits for poorly developed countries as part of its international commitment to helping developing economies and promote global balanced growth, the Finance Ministry said Friday.The government will add 253 products from 48 poorly developed countries to the list of goods exempted from import duties starting next year, according to the ministry. It now offers such tax benefits to a total of 4,549 products.The move will raise the tax-free ratio for pro
Korea executes 27% of FTA support budget for farmers

Nov 25, 2011

South Korea has already spent about 27 percent of its budget assigned to help farmers whose business might suffer due to the influx of cheaper produce from the U.S. under the recently approved free trade agreement (FTA) between the two nations, the Finance Ministry said Friday.The ruling Grand National Party here rammed the long-pending FTA through parliament on Tuesday against fierce objection by opposition lawmakers, who claim that it favors the U.S. The accord was signed in 2007 and was modif
Samsung sells 300,000 LTE smartphones in Korea

TechnologyNov 25, 2011

Samsung Electronics Co. sold more than 300,000 units of smartphones running on long-term evolution networks, the high-speed wireless data service, in about one month of their debut, according to industry data released Friday. Since sales began on Oct. 27, Samsung’s Galaxy S2 LTE smartphone accounted for around half of South Korea’s burgeoning LTE phone market that is estimated at 600,000 units, according to data from South Korea’s three mobile operators. The data was gathered up until Nov. 22.Tw