The Korea Herald

Is the owner always right for LG?

IndustryMar 22, 2011

New technology and teamwork expected to revive LGEIt was with a sense of grim determination that Koo Bon-joon took the helm of LG Electronics last year, tasked with the daunting mission of reviving the former glory days of the floundering electronics-maker.Koo, as a member of LG’s owner family, was under close scrutiny from market watchers who were naturally suspicious of just how much of a better
Sony halts some TV, camera production

IndustryMar 22, 2011

Sony Corp., Japan’s largest exporter of consumer electronics, halted factories that make televisions and cameras, citing difficulties procuring components and materials following the March 11 earthquake. The company suspended operations at 5 plants in central and southern Japan, including in the Aichi and Oita prefectures, starting Tuesday until the end of this month, the Tokyo-based electronics m
Vice president of Woori Bank tapped as new head

Mar 22, 2011

Woori Finance Holdings Co., South Korea's No. 2 banking group, said Tuesday it picked the vice president of Woori Bank as the new chief executive officer of the group's flagship banking unit. The state-run financial services company said its seven-member special president selection committee selected Lee Soon-woo, 61, to lead South Korea's second-largest lender for three years. Woori Bank is c
Korean retailers to halt imports of Japanese food

IndustryMar 22, 2011

Korean retailers said Monday that they have decided to suspend imports of foods and products from Japan due to growing consumer concern over their possible contamination with radiation released from an earthquake-damaged nuclear power plant.Lotte Mart Co., Korea’s third-largest discount store chain, said it will not sell pollack which have mainly been imported from Japan, starting Tuesday.“Though
Disasters will not have long-term effect on Japanese economy, Buffett says

IndustryMar 22, 2011

DAEGU ― The disasters that struck Japan will not change the economic prospects of the country, Berkshire Hathaway Inc. chief executive Warren Buffett said Monday.Speaking at a press conference held on the sidelines of the groundbreaking ceremony for TaeguTec’s second plant in Daegu, Buffett said that while such adversity leaves effects, they would temporary and limited in the long term.TeaguTec is
Lee lauds Buffett for his donation activity

IndustryMar 21, 2011

President Lee Myung-bak said Monday that Warren Buffett's continued donations have inspired many Korean firms to rethink their social responsibility. "(Your activity) has become a good example for companies in Korea and has aroused a lot of discussions on corporations' social responsibility," Lee said in a 45-minute meeting with the well-known American investor at the presidential office Cheong
KNOC buys stake in U.S. oil field

IndustryMar 21, 2011

State-run Korea National Oil Corp. has purchased a 23.67 percent stake in a U.S. oil field from Anadarko Petroleum Corp. for US$1.55 billion, the government said Monday. The shale oil field in the Maverick Basin region in Texas near the U.S.-Mexico border is estimated to hold 491 million barrels of oil equivalent, said the Ministry of Knowledge Economy, adding that KNOC will secure 116 million B
Korea secures 1.7m barrels of overseas oil

IndustryMar 21, 2011

South Korea has inked two oil deals in the United States and Kazakhstan meant to boost the country’s energy security. The state-run Korea National Oil Corp. has bought a stake in an unconventional oil field in Texas from Anadarko Petroleum Corp., the Ministry of Knowledge Economy said Monday.The firm now holds a 23.7 percent-stake in the shale oil field for which it paid $1.5 million and expects t
South Korea, Peru sign free trade agreement

Mar 21, 2011

South Korea formally signed a free trade agreement with Peru on Monday which would broaden its access to the Latin American country’s vast natural resources and fast-growing consumer market. The pact was inked by the two countries’ trade ministers, Kim Jong-hoon and Eduardo Ferreyros, in Seoul two years after they launched negotiations in March 2009. A preliminary deal was made last November. It i
KOGAS develops biggest LNG tank

IndustryMar 21, 2011

Korea’s state-run Korea Gas Corp. said Monday that it has developed a design technology for the world’s largest liquefied natural gas tank. The tank has a storage capacity of 270,000 kiloliters, up 35 percent compared with that of the largest existing tank, helping reduce the construction cost per LNG tank by 23.5 billion won ($20.9 million), KOGAS said in a statement. The company said it is consi
Korean financial sector awaits 2nd ‘big bang’

Mar 21, 2011

With President Lee Myung-bak’s appointment of a new government financial regulator earlier this year, reform is once again a serious topic in Korea’s one-step-forward, two-steps-back financial services industry.“The most revolutionary area (of reform) will be the introduction of hedge funds,” said Ernst J. Lee, spokesperson for the Financial Services Commission, echoing recent pronouncements by hi
Small firms urged to improve competitiveness

Mar 21, 2011

Small and medium enterprises must take the lead in promoting balanced growth between large companies and their subcontractors, the commerce minister said Monday.In a meeting with heads of smaller companies, Knowledge Economy Minister Choi Joong-kyung said that in order for Korea’s economy to make the next leap forward, SMEs that largely act as subcontractors to conglomerates must become more globa
Korea needs stronger won to tame inflation: experts

Mar 21, 2011

Korea needs to engineer the local currency’s ascent against the U.S. dollar rather than raise interest rates to contain inflation more effectively, experts said Monday.The government, however, remains opposed to the idea, saying the currency issue should be approached in a broader context as it could have far-reaching ramifications over the overall economy.The argument comes as Korea’s inflation l
[News Focus] FSC pressed to settle Lone Star issue

Mar 21, 2011

Regulator likely to face criticism whether or not it supports own decisionThe market is focusing on the issue of whether financial regulators will endorse Hana Financial Group’s plan to acquire Korea Exchange Bank from Lone Star Funds in the coming weeks.The issue is gaining more interest after the Financial Services Commission declined to make a clear ruling on whether Lone Star has been eligible
Hyundai Motor posts big sales gain in China

IndustryMar 21, 2011

Hyundai Motor Co., Korea’s largest automaker, saw a great boost to its sales in China last month, becoming the third best-selling brand in the world’s largest market for automobiles, company officials said Monday.The company sold 50,717 vehicles in China last month, up 36.7 percent from the same period last year.The figure represents a near 30 percent drop from a month earlier when the company sol