The Korea Herald

Imported beef market widens

IndustryJul 21, 2011

Imported red meat from Australia, the United States and Europe is enjoying a fast-increasing market share in Korea, benefiting from the huge loss of livestock here after the worst-ever foot-and-mouth disease outbreak in the past year.And competition in the imported beef market is set to become fiercer as Canada will soon resume its beef exports to Korea.Beef and pork from Australia and the United
Seoul shares slip 0.46% on foreign selling

Jul 21, 2011

South Korean stocks ended 0.46 percent lower on Thursday, as foreign investors continued to sell amid persistent concerns related to the U.S. debt ceiling issue and the eurozone debt crisis, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index retreated 9.91 points to 2,145.04. Trading volume was moderate at 358.6 million shares worth 7.
Manufacturers post net cash outflow in 2010

Jul 21, 2011

South Korean manufacturing companies chalked up a net cash outflow in 2010 as they revved up capital spending and securities investments, the central bank said Thursday.According to a survey of 6,778 manufacturers by the Bank of Korea, their average net cash outflow came to 248 million won ($235,000) last year, a turnaround from a net inflow of 1.01 billion won the previous year.“Last year, local
Parents spy on their children via social networking sites

TechnologyJul 21, 2011

More than 55 percent of parents snoop on what their children are doing through social networking systems, the Daily Mail reported.According to the research conducted by computing company Bullguard Internet Security, about 40 percent of parents monitor their children’s status updates and posts on their wall.Social networking systems such as Facebook, MySpace and Twitter have become widely popular w
Renault Samsung to have new CEO

IndustryJul 21, 2011

The Renault Group will appoint Francois Provost, the French carmaker’s deputy managing director in Russia, to head Renault Samsung Motors on Sept. 1, an official at Renault Samsung Motors said Thursday.Provost will replace Renault Samsung’s current CEO Jean-Marie Hurtiger, who took the Seoul office in May 2006.“Renault Samsung will have new leader effective Sept. 1. Francois Provost will transfer
Tax agency investigates power bloggers

TechnologyJul 21, 2011

The National Tax Service said on Thursday it has requested the country’s major Internet portals such as Naver and Daum to provide personal information about some 1,300 influential bloggers.The tax agency’s move comes as a growing number of local bloggers with a large pool of readers get enmeshed in money-for-article scandals. Recently, a high-profile blogger who belongs to the country’s largest po
Seoul to end antidumping tariffs on Chinese pigments

Jul 21, 2011

South Korea may end its six-year antidumping measures against Chinese pigments as their prices have risen enough to pose little threat to local competitors, Seoul's trade commission said Thursday.The decision to end the antidumping tariffs on Chinese anatase titanium dioxide used in paint and plastic goods was reached at a meeting of the Korea Trade Commission (KTC) on Wednesday.South Korea began
S. Korea in dilemma over U.S. stalemate in FTA ratification

Jul 21, 2011

With skepticism spreading about the possibility of the U.S. government securing ratification of a free trade pact with South Korea this summer, South Korean officials expressed concern Wednesday over major diplomatic and political fallout at home.The Lee Myung-bak administration has eagerly awaited the passage of the free trade agreement (FTA) bill before the U.S. Congress goes into recess on Aug.
Busan Savings Bank draws fresh suspicion for shady land deals

Jul 20, 2011

A ruling party lawmaker on Wednesday disclosed fresh allegations of embezzlement involving Busan Savings Bank, insisting that the corruption-ridden lender bought real estate along the southwest coast for inflated prices that were up to 10 times more expensive than the market value.Rep. Ko Sung-doug of the Grand National Party (GNP) said the Busan-based institution, which was suspended in February
SC First Bank sues labor union leader

Jul 20, 2011

SC First Bank sues labor union leaderSC First Bank filed a complaint against its labor union leader on Wednesday with the police on charges of defamation, according to bank sources.The bank claimed that labor union leader Kim Jae-yool damaged the bank’s image by distributing leaflets making accusations about management to the public, the sources said.In its statement, the union criticized the bank
South Korea unveils new light airplane

IndustryJul 20, 2011

The first locally developed civilian aircraft completed its maiden flight at Korea Aerospace Industries in Sacheon, South Gyeongsang Province on Wednesday.Once the project is completed, and necessary certifications are granted for the vehicle, Korea will become the world’s 28th country to have developed civilian aircraft using indigenous technologies. The first locally developed civilian aircraft
Samsung betting big on Galaxy Tab 10.1

IndustryJul 20, 2011

Samsung Electronics appeared to be full of confidence as it launched its second-generation tablet PC, the Galaxy Tab 10.1 in Korea on Wednesday at the company’s headquarters in southern Seoul. Shin Jong-kyun, chief of the global electronics company’s mobile business unit, pledged to sell more than five times more tablets than last year, despite the first Galaxy Tab not having sold as well as Samsu
SKT board members OK platform spin-off

IndustryJul 20, 2011

SK Telecom said Wednesday its board members agreed to spin off its platform unit, most likely headed by platform business president Seo Jin-woo, during a board meeting earlier on Tuesday. Seo Jin-wooCompany officials said the board members approved the spin off to boost the project expertise and strengthen the competitiveness of related projects through efficient distribution of the business reso
SK Communications releases new mobile messenger service

IndustryJul 20, 2011

SK Communications said Wednesday it launched a new mobile messenger service called “NateOn talk” for Android-powered smartphones, claiming it aims to garner up to 10 million users by the year end.SK Communications, operator of the country’s popular social networking site Cyworld, said the new mobile messenger will feature short messaging and mobile voice over Internet protocol services, along with
Miele to strengthen dominance in upscale household appliances

IndustryJul 20, 2011

Miele International, a German manufacturer of high-end home appliances, said Wednesday that it will keep its premium pricing strategy despite expectations that the company could lower product prices here following the Korea-EU free trade agreement. Markus Miele (Miele Korea)“We also do not consider any dramatic price increase for now, even though raw material costs have soared recently,” Markus M