The Korea Herald

More than 100 senior Korean Air workers let go

IndustryNov 13, 2011

Korean Air said Sunday it had dismissed more than 100 senior employees in its volunteer retirement scheme aimed at cutting costs and streamlining operations.The country’s largest carrier brought the program back in five years as it combats eroding profitability in the face of soaring fuel prices and currency issues.The program targets workers who are 40 years old or older and have served for at least 15 years, the company said, but excludes flight attendants and those at overseas units.Although
Card sales competition resurges despite warning

Nov 13, 2011

Samsung, Hyundai, Shinhan in campaign to attract more customersCredit card companies are fighting another marketing war despite financial regulators’ warnings against signing up too many customers.The industry’s big three ― Shinhan Card, Hyundai Card and Samsung Card ― have taken the initiative in the issuance competition. Other companies, such as KB Kookmin, Lotte and Hana-SK, are set to follow the move. In particular, Samsung Card, the third-largest issuer, has been aggressive in developing ne
Nongshim launches new instant rice noodles

IndustryNov 13, 2011

Nongshim, the nation’s leading food maker, has produced a diverse range of instant rice noodle products since 2010 when the company’s Noksan factory was completed in Busan. Rice noodles, unlike flour-based noodles, make consumers feel full despite being low in calories. They are also a digestible, light food that can be enjoyed by all age groups. The noodles, produced in the new factory line, are unprecedented, the company said. By applying Korea’s traditional food to instant noodles, Nongshim h
Hyundai Motor unveils all-new Genesis Coupe

TransportNov 13, 2011

Hyundai Motor Co., South Korea’s largest automaker, on Sunday unveiled its all-new premium Genesis sports coupe that features more power, a dynamic exterior and passenger comfort.The vehicle, which shares the same external dimensions with the older model launched in October 2008, has a large radiator grill, aggressive head lamps and rear light combinations with liberal use of light emitting diode lights.The car, shown for the first time at the Korea International Circuit in Yeongam, South Jeolla
Hyundai, Kia set milestone in U.S. exports

TransportNov 13, 2011

Hyundai Motor Co. and its affiliate Kia Motors Corp. saw their cumulative sales in the U.S. surpass 10 million units as of October.In the North American market, Hyundai Motor sold about 7.13 million units over the past 25 years and Kia Motors’ sales came to about 3.68 million units over 17 years.Hyundai, which was established in 1967 and experienced first exported of the Pony sedan in 1976 to Ecuador, finally entered the U.S. market in 1986.The company has actively expanded its presence there wi
Mercedes dealer names new CEO

TransportNov 13, 2011

Han Sung Motor, the official Mercedes-Benz dealer in Korea, announced Friday that it will name Ulf Ausprung as its new chief executive.The new CEO’s 18 years of experience in automobile industry, which mainly focuses on sales and marketing, were decisive factors for him to be selected, the company said in a statement.His experiences encompass working in a variety of regions including China, where he worked as a senior manager at a local deaer for six years. The CEO also spent few years in the Mi
Apple not to outdo Samsung in Q4 smartphone sales: report

TechnologyNov 13, 2011

Apple Inc. may find it difficult to overtake Samsung Electronics Co. as the top global smartphone vendor in the fourth quarter of this year, a market report showed Sunday.Samsung, the world's No. 2 handset maker, dethroned Apple in the third quarter in smartphone shipments, becoming the top smartpho
Korean wave has impact on overseas product sales: poll

Nov 13, 2011

(Yonhap News)The popularity of Korean pop culture is exerting a positive influence on overseas sales of locally made products, a poll conducted by an international traders association showed Sunday.The Korea International Trade Association (KITA) said a survey conducted on 1,173 people from Japan, C
Apple customers complain software update didn’t fix battery

TechnologyNov 13, 2011

Apple Inc. customers say devices with the new iOS 5 operating system are still suffering from weak battery life, even after the company issued a software update meant to fix the malfunction. An advertisment for the Apple Inc. iPhone 4S is displayed at a Sprint Nextel Corp. store in Palo Alto, Califo
Monti tipped to lead Italy after Berlusconi quits

Nov 13, 2011

ROME (AFP) - Italy starts forming a new government Sunday after the momentous resignation of Silvio Berlusconi, with economist Mario Monti tipped as the man to lead the country through its debt crisis.In this July 17, 2002 file photo, European Union Commissioner for Competition Mario Monti speaking
Businesses target style-conscious men

IndustryNov 11, 2011

On a weekday afternoon, men populate the sixth floor of Shinsegae Department Store in Banpo-dong, southern Seoul, which has recently been renovated in a push for more male customers. Many of them shop alone or with their male friends ― a rare scene in Korea where mothers, wives or girlfriends still dominate purchases of men’s fashion.“Women used to stroll through the men’s floor on weekdays and then bring their sons or husbands on weekends for a quick purchase,” said Lee Sang-heun, a sales manag
Household finance squeezed with growing debt: report

Nov 11, 2011

A government report showed Friday a steep deterioration in household finances, citing a much faster rate of debt growth than asset increases.A joint report by the Statistics Korea, the Bank of Korea, and the Financial Supervisory Services said the average household debt expanded 12.7 percent to 52.05 million won ($46,143) for a year ending March, outgrowing the 7.5 percent expansion of total assets to 297.65 million won per household on average.People with mortgages saw a particularly tight sque
Seoul shares up 2.77% on European optimism

Nov 11, 2011

South Korean stocks finished 2.77 percent higher on Friday as investor sentiment was boosted by eased Italian debt woes, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 50.2 points to 1,863.45, rebounding from a massive 94-point fall on the previous session. Trading volume was light at 291.7 million shares worth 5.15 trillion won ($4.57 billion) with gainers leading losers 682 to 170.“The European Central Bank bought Italian b
Ex-KDB chief, execs probed over takeover

Nov 11, 2011

Prosecutors said Friday they have opened an investigation into several executives of the state-run Korea Development Bank, including former chairman Min Euoo-sung, on suspicion of incurring massive losses to the bank in a 2009 acquisition of a life insurance firm.Min and several other incumbent and former KDB executives are under suspicion of taking over Kumho Life Insurance Co. for an above-market price, inflicting losses to the bank run with taxpayers’ money, the financial sector bureau of the
SK Telecom named as preferred bidder for Hynix

TechnologyNov 11, 2011

Hynix Semiconductor Inc. shareholders on Friday named SK Telecom Co. as the preferred bidder, a day after the mobile carrier submitted a final bid for a controlling stake in the chipmaker.The stake in Hynix on the block is estimated at around 3 trillion won ($2.64 billion).Hynix shareholders had extended the bidding deadline twice to attract more bidders with STX Group pulling out of the race that resulted in a solo bid by SK Telecom. The stake sale contract will be signed on Nov. 14 after Hynix