The Korea Herald

Hanwha Group adopts new values in drive for growth

IndustryMay 3, 2011

Hanwha Group will follow the principles of “challenge, dedication and integrity” as it seeks to innovate its operations in its drive to become a global player, the company announced Tuesday.Excluding state-run companies, Hanwha Group is the country’s 10th largest conglomerate. Hanwha Group chairman Kim Seung-youn (left) shakes hands with a representative of Hanwha employees at the ceremony declari
LG Uplus Q1 profit plunges 90% on costs

IndustryMay 3, 2011

South Korea’s smallest mobile carrier, LG Uplus Corp., said Tuesday that its first-quarter earnings tumbled 90 percent from a year ago, hit by higher costs and lower revenues from subscribers. Net income reached 57 billion won ($54 million) in the January-March period, compared with 543 billion won a year earlier, the company said in a regulatory filing.Sales fell 13 percent from one year ago to 2
Banks’ earnings inch up

May 3, 2011

South Korean banks saw their earnings inch up 1.2 percent in the first quarter from a year earlier thanks to increased interest income, the financial regulator said Tuesday.The combined net income of 18 local banks, including top player Kookmin Bank and state-run Korea Development Bank, came to 4.4 trillion won ($4.1 billion) in the January-March period, compared with 4.3 trillion won a year earli
Samsung chairman coming out of shell?

IndustryMay 3, 2011

Samsung Electronics Chairman Lee Kun-hee on Tuesday met executives of Samsung financial affiliates to discuss management issues at the company’s headquarters in southern Seoul as a part of his regular visits to the Seocho head offices. Lee, who had previous not frequented the Seocho headquarters, recently began meeting executives at Samsung affiliates, starting with key aides such as Kim Soon-taek
Seoul pushes benefit sharing for mutual growth

May 3, 2011

New scheme suggested as alternative to controversial ‘profit-sharing’ planThe government will encourage big businesses to share the benefits of cost reduction and technology development with their smaller subcontractors, as an alternative scheme after conglomerates blasted its controversial profit-sharing plan.The Ministry of Knowledge Economy said that sharing benefits would be a more viable opti
Hana Tour travel show to open May 20

IndustryMay 3, 2011

The Hana Tour International Travel Show will be held at the KINTEX exhibition center in Goyang, Gyeonggi Province from May 20 to 22.The show, organized by the country’s top travel agency Hana Tour Services Inc., will have booths displaying travel options by region and theme, the company said. Visitors browse last year’s Hana Tour International Travel Show at KINTEX in Goyang, Gyeonggi Province. (H
KEB set to decide on quarterly dividends

May 3, 2011

Korea Exchange Bank will convene a board meeting next week to determine whether to pay quarterly interim dividends, the bank said Tuesday, raising the chances of its biggest shareholder Lone Star Funds raking in profits.Board members are scheduled to meet on Monday to discuss the issue, and the potential dividend payout will be based on the bank’s first-quarter earnings due out on the same day, Ko
Major builders’ Q1 orders fall 10%

IndustryMay 3, 2011

New orders won by South Korean major builders dropped 10 percent in the first quarter from a year ago mainly due to a slump in the domestic market, a trade association said Tuesday. According to the Korea Federation of Construction Contractors, 31 builders won new orders worth 18.8 trillion won ($17.6 billion) in the January-March period, compared with 20.9 trillion won a year ago. The builders’ d
FSS, BOK probe more banks

May 3, 2011

Authorities look to stem risks from currency speculationThe nation’s financial regulator and the central bank said Tuesday they would increase the number of banks dealing with foreign currency trading, which would be subject to their ongoing joint probe.The period of their joint inquiry into the foreign exchange banks will also be extended, according to the Financial Supervisory Service and the Ba
Internet banking use rises 6.3% in Q1

TechnologyMay 3, 2011

The use of Internet banking in South Korea rose 6.3 percent in the first quarter from three months earlier as more people conducted financial transactions online, the central bank said Tuesday.Online banking transactions reached an average of 38.7 million per day in the January-March period, compared with 36.4 million the previous quarter, according to the Bank of Korea (BOK). The data is based on
SKT increases network investment to new level

IndustryMay 3, 2011

SK Telecom said Tuesday that it will invest an additional 300 billion won ($280.12 million) in network establishment this year, raising the total sum to 2.3 trillion won, up from 1.8 trillion won last year.This year’s investment portfolio, which amounts to 17.3 percent of expected sales for this year, is the largest amount ever chipped in by the country’s biggest mobile carrier. The company invest
Korea International School goes digital with MacBooks

IndustryMay 3, 2011

SEONGNAM Gyeonggi Province ― Korea International School has navigated uncharted waters by going digital to help students learn the necessary skills for college and the real world.“One to one education is using the computer to enhance to delivery of curriculum and allowing students the ability to differentiate, to learn at their own pace and own time,” said Tim Bray, a math teacher at the school wh
Hangeul domain names to debut

TechnologyMay 3, 2011

Registrations for Hangeul domain names accepted from this month amid douThe nation’s top telecommunications regulator announced Tuesday that it will begin accepting registrations for Korean-letter domain names later this month.The Korea Communications Commission said that the Korea Internet and Security Agency will be in charge of the registration process and it will first collect the preferred do
Top 10 science & technology tasks in 2011

TechnologyMay 3, 2011

Korea needs to create opportunities for growth by reinforcing link between research and FTAsThis is the 44th in a series of articles introducing the Korean government’s R&D policies. Researchers at the Science & Technology Policy Institute will explain Korea’s R&D initiatives aimed at addressing major socioeconomic problems facing the nation. ― Ed.The science and technology community is filled wit
Child millionaires get richer

May 3, 2011

The recent increases in Korean stock prices have boosted the number of child millionaires who are members of chaebol families.The number of under-12 children with assets of more than 100 million won ($95,000) totaled 87 as of April 29, according to chaebol.com, an Internet site specializing in information on family-owned conglomerates.The number increased from last year’s 79.Of them, 23 kids were