The Korea Herald

Tefal still hungry for growth

IndustryNov 20, 2011

Company aims to boost Rowenta brand to the level of TefalIn the late 1990s, the French cookware and home appliance brand Tefal was preparing to show its first TV commercial for “non-stick” frying pans in Korea. The Korea Broadcast Advertising Corporation refused to approve it, saying the slogan “the pan that really doesn’t stick” was an exaggeration. Kay Paeng, then marketing manager for the brand, visited the advertising regulator’s office on a Saturday and cooked eggs without using oil in fron
Seoul shares expected to move in tight range

Nov 20, 2011

South Korean stocks are forecast to move in a tight range next week as fiscal debt problems in Europe and the United States will weigh on investor sentiment, analysts here said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,839.17 on Friday, down 1.27 percent from a week earlier.The market suffered ups and downs throughout the week, affected by news coming from the debt-ridden eurozone economy.Foreign investors sold a net 595.9 billion won ($523.2 million) worth of stocks h
POSCO develops own steel welding equipment

IndustryNov 20, 2011

POSCO has developed a steel welding machine as part of its efforts to cut costs and localize equipment, the company said Sunday.The latest welder, which will be used to sever and fuse steel plates together, is designed to offer clean sheared edges with precision and prevent corrosion during the process using lasers, officials said.The world’s fourth-largest steelmaker said it embarked on a project early last year to craft a substitute for pricey welding tools it has sourced from Germany for deca
LG Electronics readies for comeback

IndustryNov 20, 2011

LG Electronics, the world’s No. 3 handset maker, is striving to bounce back by the first half of next year with smartphones running on fourth-generation Long Term Evolution technology.On Friday, shares of LG Electronics rose 1,600 won, or 2.44 percent, from the previous day to close at 67,200 won per share. The stock price had plunged to 61,600 won when the announcement came on Nov. 3 that the company would issue new shares for the first time in six years.The main reason for issuing new shares w
FSC chief under pressure to resign

Nov 20, 2011

Light action on Lone Star expected to invite series of protestsFinancial Services Commission Chairman Kim Seok-dong will likely be under heavier pressure to resign following regulators’ allegedly lukewarm action against Lone Star Funds last Friday.A group of lawmakers are poised to call for Kim to quit as the top regulator, criticizing the FSC for not taking stern measures on the U.S.-based equity fund.A group of unionized workers in the financial sector had already said Kim should leave the po
Suzuki says it wants to end alliance with Volkswagen

TransportNov 20, 2011

Suzuki Motor Corp said Friday it was terminating itspartnership with Volkswagen AG and threatened to take the matter toan international arbitration if the German company refused to sellits 19.9-per-cent stake in its smaller Japanese partner.The two carmakers are at odds over claims by Suzuki thatVolkswagen had not granted it access to certain technologies, inbreach of a promise made in a 2009 partnership deal. Relations souredfurther after VW called Suzuki an “associate” in its annual report.“To
Toyota awaits Prius bounce as inventory recovers, oil rises

TransportNov 20, 2011

Toyota Motor Corp., the biggest seller of gasoline-electric cars, said U.S. sales of Prius will revive with increased inventory and rising oil prices.Deliveries of the Prius, the top-selling hybrid since 1997, declined 9.4 percent through October from a year ago. Competitors also stumbled. Honda Motor Co.’s Insight fell 21 percent and Ford Motor Co.’s Fusion Hybrid sedan slid 48 percent in the same period, according to Autodata Corp.“When Toyota is 70 percent of the market and we had to stop Pri
All-electric SM3 planned for 2012

TransportNov 20, 2011

Renault Samsung says state support required for cars with replaceable batteriesTheRenault Samsung Motors said Sunday that it is working to produce an all-electric version of its mid-sized SM3 sedan next year with replaceable batteries that can be exchanged at drive-in facilities.The Korean unit of the French carmaker has the goal of launching 250 “zero-emission” vehicles by December 2012 to show its commitment in clean energy vehicles, while key requirements for the plan would involve policymake
New car sales in Europe fall amid deepening economic gloom

TransportNov 20, 2011

New car registrations in Europe fell by 1.8 percent in October, the European Automobile Manufacturers’ Association said Wednesday, amid signs of deepening economic gloom across the region.The month-on-month drop brought total new registrations in the 27-member European Union down to 1.01 million vehicles, with sharp falls in the nations that have emerged at the heart of Europe’s debt crisis.This includes Italy and Spain, where new car registrations slumped by 5.5 per cent and 6.7 per cent respec
Pfeiffer hails Eastern Germany as investment venue for Korea

Nov 20, 2011

Germany Trade and Invest CEO cites subsidy, infrastructure, dedicated workersEver since German unification 20 years ago, the eastern part of the country has been clawing back the economic gap with its western counterpart.“We want a level playing field for companies in the west and the east, we want to have the same chances for people,” Michael Pfeiffer, chief executive of Germany Trade and Invest, said in an interview at a seminar aimed at highlighting the advantages of investing in the former c
Research firm: Amazon sells $199 tablet at a loss

TechnologyNov 20, 2011

NEW YORK (AP) -- Amazon.com Inc.'s Kindle Fire tablet, which started shipping this week, costs $201.70 to make, a research firm said Friday. That's $2.70 more than Amazon charges for it.The analysis by IHS indicates that Amazon is, at least initially, selling the tablet at a loss that it hopes to co
Regulator allows Lone Star to sell KEB to Hana

Nov 18, 2011

FSC paves the way for the country’s biggest banking takeover amid protestsKorea’s financial regulators on Friday paved the way for Lone Star Funds, convicted of stock manipulation, to take huge premiums from selling its stake in Korea Exchange Bank. The nine-member panel of the Financial Services Commission chose not to take stern action against the U.S.-based fund, ordering it to sell most of its KEB shares to any investor within six months. Under the decision, the fund is entitled to select an
Samsung to sell multitouch tables

TechnologyNov 18, 2011

Samsung Electronics Co., the world’s biggest supplier of TVs and liquid crystal display panels, said Friday that it has begun to receive orders in 23 countries for its multitouch table displays, as the company has recently been trying to woo corporate customers.Jointly developed with Microsoft Corp., the 40-inch display “SUR40,” a big-size table with a multitouch screen, can be installed in airports, banks, hotels and other venues, according to Samsung. The LCD screen on top of the table recogni
Dongwon to buy cannery in Senegal

IndustryNov 18, 2011

Korean food and financial conglomerate Dongwon Group said Friday it plans to take over a Senegalese cannery for $21 million as part of efforts to expand its presence in Africa and Europe.Dongwon said it will establish a new entity in the African nation after purchasing SNCDS, one of the largest canneries in Senegal.SNCDS produces 25,000 tons of canned tuna and other fishery products per year.Dongwon Group’s affiliates include Dongwon Industries Co., the world’s biggest tuna fishing company, and
SK Telecom buys 7.47% stake in Hynix

IndustryNov 18, 2011

SK Telecom Co., South Korea’s largest mobile operator, said Friday that it bought a 7.47 percent stake in Hynix Semiconductor Inc. for 1.08 trillion won ($949.32 million), a move that followed the carrier’s contract to buy the chipmaker from its creditors. SK Telecom bought 44.25 million existing shares of Hynix at a price of 24,500 won each in the after-hours trading session on Thursday, it said in a regulatory filing.On Monday, SK Telecom agreed with eight creditors of Hynix led by Korea Excha