The Korea Herald

Corporate executives getting younger

Apr 25, 2011

Average executive at Korea’s top 100 companies is 52.5 years old, 4 years younger than in 2006Corporate top brass are getting younger by the year, with the average age of executives at Korea’s top 100 companies surveyed at 52.5 years last year, having shed almost four years since 2006.Five years earlier, the average executive was 55.9 years old. Monday’s figures from the Korea Listed Companies Ass
Income polarization deepens

Apr 25, 2011

Income inequality widened over the past decade, with the gains among the top 20 percent rising by more than half while those of the poorest 20 percent more than halved, the tax agency said Monday.Taxable income reported by the wealthiest 20 percent stood at an average of 90 million won ($83,210) in 2009, up 55 percent from 1999 when the figure was 58 million won, the National Tax Services said. Ga
LG Uplus launches app that locates local discounts

IndustryApr 25, 2011

LG Uplus said Monday it recently launched a location-based social shopping service which enables people to save points or take part in events while they shop in its listed stores.Having launched the service named “Ding dong” last Monday, it is currently offering it in 1,000 locations in Seoul, including at The Face Shop, Beautiplex and some coffee shops and restaurants, said Ro Se-yong, senior vic
FSS admits savings bank info leak

Apr 25, 2011

The Financial Supervisory Service is facing allegations that it failed to prevent its internal information from being leaked concerning the regulatory policies on savings banks.Among the allegations are that several customers of Busan Savings Bank withdrew large deposits a day before regulators suspended operations of the distressed bank in February.It has been alleged that key staffers of Busan S
Soured construction loans threaten banks

Apr 25, 2011

Five major banks see overdue project finance loans hit W3.3trTroubled soured loans issued to the construction sector, which have already dealt serious blows to some savings banks, may also threaten the financial soundness of commercial banks.Savings banks saw defaults on their troubled construction-related financing loans ―known as PF loans ― sharply driven up by the property market slump that sta
Minister stresses need for nuclear safety

Apr 25, 2011

South Korea needs to strengthen its nuclear reactor safety protocol to ensure there are no problems with its atomic power production, the commerce minister said Monday.The remarks come amid growing concern over the safety of atomic energy after the disastrous earthquake in Japan damaged reactors at the Fukushima nuclear power plant, prompting radiation leaks. Knowledge Economy Minister Choi Joong-
Hyundai Motor Group basks in growth streak

IndustryApr 25, 2011

Hyundai Motor, Kia, Mobis post record sales with share prices soaringThe share prices of Hyundai Motor Group’s three automotive companies have reached new highs on an almost daily basis in recent months, but experts say there is still room to grow. Share prices of the “Hyundai Three” ― Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. ― have risen at an unprecedented rate over the past yea
Automakers unveil local China brands

IndustryApr 25, 2011

Global carmakers adopt China-specific brands seen as tool to wrest technology from abroadSHANGHAI (AP) ― Some of the new Chinese cars unveiled at this week’s Shanghai Auto Show are affordable for millions of buyers ― a happy development for Beijing that might prove costly for the global automakers producing them.General Motors Co. unveiled the 630 sedan, the first model from its new Baojun badge d
Sony ‘rebuilding’ PlayStation Network after outage

IndustryApr 25, 2011

NEW YORK (AP) ― Sony Corp. said it is rebuilding its PlayStation Network to bring it back online after an “external intrusion” caused it to suspend the service.The company said it turned off the service, which lets gamers connect in live play, so that it could strengthen its network infrastructure. Qriocity ― the company’s online entertainment platform ― was also affected.“Though this task is time
State regulator launches query on Apple

IndustryApr 25, 2011

The state media regulator said Monday it launched an investigation against Apple Inc. over its collection of information of its smartphone users in Korea.The Korea Communications Commission said it requested Apple to promptly answer a questionnaire and return it by “the earliest date.”State authorities asked the company to clarify the duration and regularity of the location information storing on
Kia Motors posts record sales in Q1

Apr 25, 2011

Kia Motors Corp., South Korea's second-largest automaker, set a new quarterly sales record in the first three months of the year amid growing overseas demand for its vehicles, the company said Monday.According to data released by Kia Motors, the company sold 565,355 vehicles in the first quarter, up 20.2 percent from the same period last year. Domestic sales came to 125,631 units with exports risi
SK chairman suffers investment loss of over W100b

IndustryApr 24, 2011

The chief of SK Group, a South Korean conglomerate, has suffered a loss of more than 100 billion won ($92.5 million) from futures investment, sources said Saturday.The National Tax Service, the country’s tax agency, found that Chey Tae-won had invested in the futures, but lost most of his money, according to the sources. The tax agency launched tax probes into the group’s key affiliates, such as S
Hyundai Motor Group reaches new high in U.S. midsized market

IndustryApr 24, 2011

Hyundai Motor Group’s share of the United States’ market for midsized sedans for the first quarter of the year rose to a record high, industry data showed Sunday.According to industry data, 66,554 units of Hyundai Motor Co.’s Sonata and Kia Motors Corp.’s K5, known as the Optima in overseas markets, were sold in the U.S. during the first three months of the year, giving the companies’ a combined m
Struggling chaebol take out loans on stocks

IndustryApr 24, 2011

Owners of top industrial companies took out loans against their own shareholdingsOwners of some of the nation’s top “chaebol” industrial groups have obtained loans from creditors by offering nearly all of their own company stocks as collateral, data from the Financial Supervisory Service and online corporate sources showed on Sunday.Almost 80 percent of Dongbu Group Chairman Kim Jun-ki’s 15.41 mil
30 groups see debts surge 51% in 3 years

Apr 24, 2011

Combined debts of Samsung, Hyundai Motor grow by 89 trillion wonThe nation’s 30 biggest business groups saw their combined debts snowball over the past three years, which could undermine their financial soundness, the Fair Trade Commission said on Sunday.According to the antitrust regulator, debts held by the top 30 groups came to 1.03 quadrillion won ($925 billion) as of March 2011, up 51.2 perce