The Korea Herald

LVMH to take control of Italy’s Bulgari: report

IndustryMar 7, 2011

LVMH Moet Hennessy Louis Vuitton SA, the world’s largest maker of luxury goods, will take a controlling stake in Bulgari SpA, the Financial Times reported, citing an unidentified person close to the deal. The Bulgari family will swap its 51 percent holding for a stake in LVMH in a deal to be announced Monday, the FT reported. LVMH will offer a “significant” premium to Bulgari’s market value of 2.3
S. Korea's savings rate well below OECD average: report

Mar 7, 2011

South Korea's household savings rate stayed far below the average for major economies in the world, a report showed Monday, apparently indicating that the latest economic crisis resulted in a decline in income reserved for banksavings.According to the report by the Organization for Economic Cooperation and Development (OECD), South Korea's household savings rate -- the ratio of savings to total di
DDoS attack virus wipes hard drives

Mar 6, 2011

A malicious code embedded in personal computers to attack Internet sites in Korea began to destroy hard drives of their host computers on Sunday, communication authorities said. Key government agencies and financial institutions suffered cyber assaults Friday and Saturday with minor damage caused. On Sunday, the code for the so-called “distributed denial-of-service” attacks activated an order to d
SKT to break KT’s iPhone monopoly

IndustryMar 6, 2011

SK Telecom will begin selling Apple Inc.’s iPhone on March 16, it announced Sunday, ending the exclusive distribution here by its rival KT Corp. The country’s largest mobile carrier said it will take pre-orders starting Wednesday at its T World branches and online. “We at SK Telecom are glad that we can introduce the iPhone 4 through Korea’s best network,” said Seo Jin-woo, chief of SK’s platform
LGE raises LCD TV production in China

IndustryMar 6, 2011

LG Electronics, the world’s second-largest TV manufacturer, has installed a liquid-crystal display production line at its flat-screen plant in China targeting a rapidly expanding Chinese middle class, the company said Sunday.The new facility in Shenyang, the capital of northeastern Liaoning province, began operation recently to produce about 65,000 LCD televisions per month.“It follows our strateg
Hanwha SolarOne gets new start on NASDAQ

IndustryMar 6, 2011

Hanwha SolarOne Co., a solar-products maker formerly known as Solarfun Power Holdings Co., formerly announced the change of its name and NASDAQ ticker symbol in a ceremony in New York City on Friday. Peter Xie, president and CEO of the company affiliated with Hanwha Chemical Corp., rang the closing bell to mark the completion of the company’s rebranding. The Shanghai-based company changed its name
Big businesses come up with ‘shared growth’ plans

Mar 6, 2011

Major companies are devising plans to support their suppliers in line with a government-led campaign for “shared growth” between large and small firms.A range of companies are coming up with plans to help their smaller partners with financing, research and materials procurement despite a recent feud with the government over the profit sharing scheme. The push on big businesses to extend their prof
Hyundai wins $615m drillship order

Mar 6, 2011

Noble Corp., which has ordered construction of two of the industry’s most expensive drilling rigs this year, will buy a third ultra-deepwater vessel as contractors take advantage of higher crude prices and low shipyard costs.The rig, which will be able to drill in water as deep as 12,000 feet (3,700 meters), will cost $615 million, the Geneva- based drilling contractor said. Noble ordered all thre
Food spending hits record in 2010

IndustryMar 6, 2011

Korean families’ spending on food rose to a record high last year due to surging prices of agricultural goods, government data showed Sunday. According to Statistics Korea, households’ average monthly expenditure on food came in at 602,604 won per month ($539) last year.Last year was the first time that the figure, which includes expenditure on groceries, beverages and eating out, rose above the 6
Revised savings bank rules to hit shareholders

Mar 6, 2011

New regulations mean major stakeholders face fines if banks take too many lending risksThe financial regulator plans to add new clauses to regulations on savings banks to enhance supervision and punish large shareholders for risky behavior, sources said Sunday.The Financial Supervisory Commission is rewriting rules governing the country’s embattled savings banks suffering the result of their inves
Pre-launch orders for Toyota Corolla

TransportMar 6, 2011

Toyota Korea is receiving pre-launch orders for the compact car Corolla from Monday. The Corolla, which holds the world sales record with more than 37 million units sold since the first generation Corolla was launched in 1966, will be introduced to the local market later in the month. CorollaAs part of the promotion event, the company opened a Facebook page for the vehicle, and is holding a prize
Volkswagen service campaign

TransportMar 6, 2011

Volkswagen Korea is operating a free checkup campaign for the Phaeton and Passat sedans and the sport utility vehicle Touareg until March 25.During the period, owners of the three models registered before March 2008 can have their vehicles checked free of charge, and receive 10 percent discount on charges arising from any repairs that may be required.For more information, call Volkswagen customer
Hyundai adds hatchback and diesel Accents

TransportMar 6, 2011

Hyundai Motor Co. launched the hatchback version of its subcompact Accent and added a diesel engine to the subcompact lineup on Wednesday.The new diesel engine, available in both Accent Wit and the original Accent, is a 1.6-liter engine that puts out 128 brake horsepower and manages 20 kilometers per liter of fuel with automatic transmission. With manual transmission, the vehicle manages 23.5 kilo
SK Networks launches car black box app

TransportMar 6, 2011

SK Network launched a black box application for smartphones Wednesday.The application allows smartphones to act as a black box, recording the surroundings of a vehicle. According to the company, the application allows more drivers to benefit from the functions of a black box without the additional cost of buying and installing such equipment.The application also provides the locations of SK gas st
Nissan deals for March

TransportMar 6, 2011

Nissan Korea is offering a range of special deals, and holding a special test drive event until the end of the month.During the period, the company is offering lease financing programs with the Rogue crossover utility vehicle and the Altima sedan. RogueThe program requires 35 percent of the price to be paid up front, and monthly payments of 139,000 won ($124) for the Rogue, and 149,000 won for the