The Korea Herald

Samsung posts highest sales of 154 trillion won in 2010

IndustryJan 28, 2011

Samsung Electronics announced Friday that its total sales and operating profit for last year climbed to a record high, reaching more than 154 trillion won ($138.2 billion) and 17 trillion won, respectively, buoyed by increased sales of memory chips and mobiles.The country’s top electronics manufacturer said it posted 154.63 trillion won in total sales and 17.3 trillion won in operating profit, sur
Eximbank raises 40b yen via bond issuance

Jan 28, 2011

The state-run Export-Import Bank of Korea said Friday it has raised 40 billion Japanese yen ($484 million) by selling bonds in Japan to provide trade finance.The so-called “Uridashi” bonds mature in four years and carry a fixed interest rate of 1.05 percent, the bank said in a statement.Uridashi bonds are debts denominated in a non-Japanese foreign currency sold directly to Japanese retail investo
SM5 sedan taps European market

Jan 28, 2011

Renault Samsung Motors Co., the South Korean unit of French automaker Renault SA, said Friday it has introduced its mid-size passenger vehicle, the SM5, to the European market.The vehicle, known as the Latitude in overseas markets, is currently sold in some 30 countries throughout the world.“Through these SM5 exports, Renault Samsung Motors will fulfill its role as the Asian hub of the Renault-Nis
Overseas money transfer reaches almost $10b in 2010

Jan 28, 2011

Money remittances to foreign countries, including foreign workers’ income transfers, jumped last year to nearly $10 billion (11.2 trillion won) amid the economic recovery, central bank data showed Friday.Total money flowing to foreign countries reached $9.97 billion last year, up 31 percent from the previous year, according to the Bank of Korea.Among total remittances, payment of income to foreign
Hynix to increase line-up of premium chips to 70%

IndustryJan 28, 2011

Hynix Semiconductor Inc., the world’s second-biggest computer memory chipmaker, said it would focus more on producing premium products in the non-PC sector this year in a bid to widen the gap with other follow-up firms on the global stage.Kwon Oh-chul, chief executive of Hynix, said in a press conference late Thursday that the premium product line-up will account for about 70 percent of sales in 2
Woori, Shinhan in search of new chairmen

Jan 28, 2011

Two of the nation’s three major financial groups are to choose their next chairmen in about a month.Woori Financial Group’s incumbent chairman Lee Pal-seung will see his term end in March and Shinhan Financial Group currently maintains an interim chairman system due to the recent internal feud among executives.Woori Financial launched a committee Friday, which will recommend the list of several ca
Kia posts record revenue, profit on sales

IndustryJan 28, 2011

Kia Motors Corp. saw its sales and profits reach an all-time high in 2010, fueled by massive improvements in sales seen both at home and abroad.The carmaker Friday reported yearly sales of 23.26 trillion won ($20.88 billion) and operating profit of 1.68 trillion won, up respectively 26.3 percent and 46.8 percent from a year earlier.Over the corresponding period, the company’s net profits jumped 55
Verizon buys cloud provider Terremark

BusinessJan 28, 2011

Verizon Communications Inc., the second-largest U.S. phone carrier, has agreed to buy cloud-provider Terremark Worldwide Inc. for $1.4 billion as it expands services that allow corporate customers store data and programs offsite. The cash deal, which values Terremark at $19 a share, represents a 35 percent premium over the company’s closing share price. Verizon plans to complete its offer later th
Seoul shares end 0.34 pct lower on Japan rating cut

Jan 28, 2011

South Korean stocks closed 0.34 percent lower on Friday as investor sentiment was dampened by the downgrade of Japan's credit rating by Standard & Poor's, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 7.14 points to 2,107.87, snapping a four-day run of gains.Trading volume was moderate at 347.8 million shares wo
Samsung's Q4 operating profit down 12.4 pct

IndustryJan 28, 2011

Samsung Electronics shares surpassed the 1,000,000 won mark on Jan. 19 in an intraday trading. (Yonhap News)Samsung Electronics Co., the world's largest maker of computer memory chips, said Friday that its fourth-quarter operating profit fell 12.4 percent from a year ago as weak demand for TVs battered flat-screen panel prices. Operating profit stood at 3.01 trillion won ($2.7 billion) in the
KT swings to profit in Q4 on iPhone sales

IndustryJan 28, 2011

South Korea's biggest telecom company KT Corp. said Friday that it returned to the black in the fourth quarter of 2010 from a net loss a year earlier, helped by brisk sales of Apple Inc.'s iPhone. Net profit reached 105.1 billion won ($94.3 million) in the October-December period, compared with a net loss of 430.5 billion won one year earlier, it said in a regulatory filing. The loss in the
POSCO steps up resources development

IndustryJan 27, 2011

Steelmaker boosts magnesium capabilities in its diversification driveAs magnesium alloys emerge as next-generation material for vehicles, POSCO, the world’s fourth-largest steelmaker, is betting on the metal to fuel the next stage of its drive to become an all-round materials developer.While the market for magnesium alloys remains relatively small, such materials have become key candidates for use
Business sentiment turns negative for Feb.

Jan 27, 2011

Korea’s business sentiment for February turned negative for the first time in 17 months amid rising prices of imported raw materials and signs of rate hikes, a poll showed Thursday.The Business Survey Index (BSI) for February came in at 98.0, compared with 101.4 in January, according to the Federation of Korean Industries, the largest industry lobby in Korea.The BSI reading has stayed above 100 si
Creditors to pick Korea Express managers

Jan 27, 2011

The state-run Korea Development Bank, main creditor of Korea Express, said Thursday that it will pick two arrangers next month to find a new owner for the country’s top logistics company.Creditors are seeking to sell over 35 percent of their total 47.9 percent stake in Korea Express, held by Daewoo Engineering & Construction Co. and Asiana Airlines Inc., the airline unit of liquidity-squeezed Kumh
Seoul shares up on global recovery hopes

Jan 27, 2011

Korean stocks closed 0.22 percent higher on Thursday as investor sentiment was lifted by the U.S. Federal Reserve’s vow to keep its bond-buying program to support an economic recovery, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 4.55 points to 2,115.01, the fourth straight session of gains.Trading volume was moderate at 347.