The Korea Herald

Daewoo International buys Indonesia palm oil firm

IndustrySept 8, 2011

Daewoo International Corp., the country’s largest grain trader, announced Thursday it has acquired an 85 percent stake in an Indonesian palm oil producer, upping the ante for its overseas agricultural business.Through the 57 billion won ($53 million) deal with PT. Bio Inti Agrindo, Daewoo plans to c
Suicide top cause of death for under 40s

Sept 8, 2011

Suicide was the main cause of death for Koreans aged 40 or younger in the past year, followed by accidents and cancer, Statistics Korea said Thursday. The government agency report said the country’s suicide rate was the highest among member nations of the Organization for Economic Cooperation and De
SK E&C ships world’s largest crude column

IndustrySept 8, 2011

The crude column produced by SK Engineering and Construction Co. sits on board the Dutch ship that will carry it to the United Arab Emirates at an Ulsan port on Wednesday. (SK E&C)SK Engineering and Construction Co. announced Thursday that it shipped the largest ever crude column to the United Arab
New rules to prop up small SI firms

IndustrySept 8, 2011

Korea considers banning corporate affiliates from public projectsThe government is considering banning system integration companies affiliated with conglomerates from competing for public sector SI projects for fear of stamping out the smaller players, the Ministry of Knowledge Economy said on Thurs
Foreign luxury brands slow to ‘give back’

IndustrySept 8, 2011

Foreign luxury brands have seen their sales in Korea almost triple in recent years but they were stingy in giving back to society, research found Thursday. The Korea sales of the top 15 foreign high-end brands jumped from 1.42 trillion won ($1.32 billion) in 2005 to 3.87 trillion won last year, said
Korea puts off plan to raise limit on duty free shopping

IndustrySept 8, 2011

The nation’s customs agency on Thursday again put off raising the limit on the duty free allowance for travelers coming from overseas, citing economic uncertainties inside and outside of the country. Under the current law, Korean travelers are required to report their overseas purchases in excess of
Daewoo’s capital plan may cause problem

Sept 8, 2011

Daewoo Securities Co.’s plan for a big capital increase is feared to dent its share price as the move is unlikely to do much to boost its earnings and competitive edge, analysts said Thursday, downgrading their price targets on the company.Daewoo Securities, South Korea’s No. 2 brokerage by market c
Markets notice little of Bahk’s inflation fight

Sept 8, 2011

Three months into his term as the country’s finance minister, Bahk Jae-wan’s efforts to tame inflation and stabilize the market have received little notice in an economy at risk of excessive debt at home and abroad. And economic indicators spell trouble for Bahk. Coming into office on June 2, he pri
FSS bows to banks on fees cut

Sept 8, 2011

Financial regulators have postponed instructing banks to slash service fees on transactions via automated teller machines due to complaints from the banking sector, sources said.The Financial Supervisory Service had planned to announce the policy to force banks to cut service fees on money transfers
[News Focus] 3-D display technology to meet transition era

IndustrySept 8, 2011

A model showcases a 27 inch “Cinema 3-D TV” in Seoul on Thursday. (LGE)Samsung likely to go LG way in 3-DThe information and technology industry is a rapidly changing one where the hottest trend of yesterday becomes an old one and gets replaced by another even before one realizes it.In the midst of
Hyundai launches new fuel-efficient Accent ‘Blue Saver’

TransportSept 8, 2011

South Korea’s largest carmaker Hyundai Motor Co. on Thursday launched its new fuel-efficient Accent subcompact model on the domestic market. The new “Blue Saver” model of the popular small-sized car can run 17.7 kilometers on a liter of gasoline compared to 16.7 kilometers for the conventional 1.6-l
[Herald Interview] Standards body keen on Korea’s smart grids

IndustrySept 8, 2011

Korea’s growing technological prowess and the business community’s brisk participation in standardization works will help expand global markets for smart grids, executives of the Institute of Electrical & Electronics Engineers’ Standards Association said.The standards body is a unit within the IEEE,
Personal data of 800,000 Samsung Card customers may have been leaked

IndustrySept 8, 2011

Samsung Card Co., South Korea's leading card firm, is suspected of having come under an online security breach that could have leaked about 800,000 customers' personal data, sources said Thursday.Samsung Card has asked the police to investigate an employee regarding the suspected leakage of customer
Global luxury brands stingy on donations in Korea: data

IndustrySept 8, 2011

Global luxury goods makers have raked in huge profits in South Korea over the past few years on the back of surging demand, but they have not been generous in making social contributions, data showed Thursday.The combined revenue of 15 global luxury makers in South Korea, including a local unit of t
Korea scraps tax cut plans for firms, rich

Sept 7, 2011

Officials stress securing tax revenue, fiscal balance to ward off external risksThe government on Thursday decided to scrap plans to cut corporate tax rates for conglomerates, compromising following calls for fiscal balance and more spending on the poor.In a meeting to discuss tax revisions for the