The Korea Herald

Hanwha to ax subsidiaries in ‘small business areas’

IndustryOct 6, 2011

Hanwha Group announced on Thursday that it has selected seven projects aimed at facilitating mutual growth with smaller companies.According to the group, the core of its mutual growth model is divided into three themes ―shared-growth, environment and welfare. Projects concerning supporting suppliers
FSC to order Lone Star to sell KEB shares

Oct 6, 2011

Regulator says sale terms will be decided laterThe Financial Services Commission said Thursday that it is considering ordering Lone Star Funds to sell a 41.02 percent of its total 51.02 percent stake in Korea Exchange Bank.The regulator’s policy comes shortly after the Seoul High Court ruled that th
Samsung mourns loss of Steve Jobs, 'great entrepreneur'

IndustryOct 6, 2011

SEOUL, Oct. 6 (Yonhap) -- Samsung Electronics Co. expressed Thursday its condolences over the death of Steve Jobs, describing the late Apple Inc. founder as a great entrepreneur with innovative spirit who pioneered revolutionary changes in the technology industry. Choi Gee-sung, the chief executive
Biz body urges paradigm shift for higher economic growth

Oct 5, 2011

South Korea must transform itself from a “fast follower” to “a first mover” in order to achieve sustainable growth and become a global economic power, the country‘s top business group said Wednesday.In a gathering to mark its 50th anniversary, the Federation of Korean Industries said past growth str
Fiscal deficit narrows in first 7 months

IndustryOct 5, 2011

South Korea’s fiscal deficit narrowed during the first seven months of this year as the government is seeking to achieve a balanced budget amid worries that fiscal debt could weigh on the nation’s growth potential, the Finance Ministry said Wednesday.According to the ministry, the nation’s fiscal de
SK unit ordered to pay W4b for info leak

IndustryOct 5, 2011

A Seoul court on Tuesday ordered SK Broadband Co., a high-speed Internet service provider, to pay a total of 4 billion won ($3.35 million) in compensation to its customers for leaking their personal information as concerns about Internet privacy grow in the world’s most wired nation.“SK Broadband ha
Forum opens to champion life-changing designs

IndustryOct 5, 2011

Design gurus from across the globe are poised to share their expertise and vision at the two-day iDEA Herald Design Forum that opened on Wednesday. The forum is the first of its kind here devoted to industrial design and will offer a chance for discussion on the look of future designs and how the co
Samsung steps up Tab patent fight in Europe

IndustryOct 5, 2011

Korean company moves to invalidate iPad design rightsSamsung Electronics Co. is moving to invalidate Apple Inc.’s iPad design rights in Europe in a move to resume selling its own tablet computers in the European market.According to Samsung Electronics, the company filed an application for the annulm
South Korea aims to be at forefront of the green revolution

IndustryOct 5, 2011

By Yoav CerralboThe threat of climate change requires an urgent response, according to many politicians, but it also offers opportunities for economic growth as new industries are slowly developed.Yet a country’s carbon footprint goes hand-in-hand with its economic development, just as with Korea du
Bahk warns against excessive sell-offs

Oct 5, 2011

Finance minister convenes first crisis management meeting in 10 monthsFinance Minister Bahk Jae-wan on Wednesday warned the market against fear-driven investment, calling it an “overreaction” threatening the favorable fundamentals of the economy.Addressing the first crisis management meeting in 10 m
Hyundai Motor kicks off R&D show

TransportOct 5, 2011

Hyundai Motor and its affiliate Kia Motors kicked off an event Wednesday that will present auto parts producers the opportunity to compare technologies among vehicles made by global carmakers.The event, dubbed “R&D Motor Show,” will exhibit 25 vehicles from Hyundai-Kia and 85 of their competitors ve
Tech firms to shore up vocational schools

IndustryOct 5, 2011

Companies at the country’s 16 technology complexes plan to support high-class vocational schools as part of the government’s efforts to perk up technical secondary education.The Korea Technopark Association signed an agreement on Wednesday with the country’s 21 “Meister” high schools to provide stud
Retail giants tighten belts amid economic uncertainty

IndustryOct 5, 2011

Local retailers have started belt-tightening measures amid heightened economic uncertainty and toughened government regulation, industry sources said Wednesday. Lotte Group allegedly implemented a belt-tightening policy since last week centered on its retail subsidies such as Lotte Department Store,
Seoul shares fall below 1,700

Oct 5, 2011

The KOSPI fell below 1,700 amid the news that Moody’s downgraded Italy’s sovereign rating by three notches, losing for the second consecutive session.The nation’s benchmark index lost 39.67 points, or 2.33 percent, to close at 1,666.52 on the Korea Exchange.Big companies such as Hyundai Motor and Hy
5 more firms placed on FTC watch list

Oct 5, 2011

Korea’s antitrust watchdog said Tuesday it has placed five more companies on a watch list that limits mutual investments and loan guarantees.The Fair Trade Commission said the number of corporate affiliates on its list stood at 1,605 from 55 business groups as of Saturday, compared with 1,600 last m