The Korea Herald

Facebook eclipses Twitter in Korean Web traffic

IndustryJan 11, 2011

After a year of fiery growth, micro-blogging site Twitter is seeing a sharp drop in traffic in Korea while social networking hotspot Facebook continues to grow, figures show. According to Internet market research firm KoreanClick on Monday, Twitter’s page views in the last week of 2010 fell to about 25 million from nearly 45 million three months ago. The number of unique visitors ― people who visi
Producer inflation hits 2-year high in December

Jan 10, 2011

Korea’s annual producer inflation hit a two-year high in December, central bank data showed on Monday, adding to evidence of rising consumer inflationary pressure around the region.The producer price index in December rose 5.3 percent from a year earlier, the Bank of Korea said in a statement.It marked the fastest growth since December 2008, led by food and raw material prices.The data comes after
Korea to establish grain firms in America, Asia

Jan 10, 2011

Korea plans to set up grain procurement companies in major countries such as the United States and Brazil to directly bring in agricultural products as part of its long-term effort to fend off consumer price inflation.After initially establishing a grain company in North America, the government plans to make active inroads into the markets, which include South America and Central Asia, by 2020.Acc
Korea culls 1.3m livestock to combat FMD epidemic

Jan 10, 2011

Korea has ordered the culling of 1.34 million livestock since late November to stem its severest foot-and-mouth disease outbreak in history, the government said Monday.The Ministry for Food, Agriculture, Forestry and Fisheries said quarantine officials ordered the culling of 107,500 heads of cattle, just under 1.23 million pigs and over 3,700 goats and deer on 3,300 farms in the past 40 days.The e
Low-cost carriers fare well in 2010

IndustryJan 10, 2011

Korea’s low-cost airlines showed improved performances last year thanks to a surge in demand for air travel and expanded routes, industry data showed Monday.The country’s biggest discount carrier Jeju Air Co. posted 158 billion won ($143 million) in sales last year, up 80 percent from a year earlier, data showed. It did not post its operating profit, but its operating loss came to a smaller-than-e
Seoul shares decline on Q4 earnings jitters

Jan 10, 2011

Korean stocks finished 0.26 percent lower on Monday as investors stepped to the sidelines amid jitters over fourth-quarter corporate earnings and the expiry of options later this week, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 5.39 points to 2,080.81, after setting a fresh record close of 2,086.2 on Friday. Trading volume wa
KEB union files injunction to block Hana’s deal with Lone Star

Jan 10, 2011

The labor union of Korea Exchange Bank filed a court injunction Monday to block U.S.-based Lone Star Funds’ plan to sell its controlling state in the bank to Hana Financial Group. In its filing with Seoul Central Court, the unionized workers called for KEB executives named by Lone Star, including bank CEO Larry Klane, to suspend the scheduled share selling.Lone Star signed a contract with Hana Fin
Eco-friendly crude ship built by Hyundai

IndustryJan 10, 2011

Hyundai Heavy Industries has delivered the world’s first crude oil carrier fitted with equipment for treating ballast water, the firm announced Monday. Empty vessels are balanced by ballast water, which is then emptied out when cargo is loaded at ports. This practice can transport non-indigenous organisms to waters across the world, damaging foreign ecosystems.With the International Maritime Organ
GS Group to invest W2.2tr, aim for W55tr sales

IndustryJan 10, 2011

Energy, retail giant plans to hire 2,800 new employeesGS Group plans to increase its investments 10 percent to more than 2.2 trillion won ($1.9 billion) this year to strengthen its core businesses of energy, retail and construction and expand overseas activities. Korea’s seventh largest business group said on Monday it aims to post 55 trillion won in sales, up 5.7 percent from last year. “While fo
Korea to tighten inspection of capital flows

Jan 10, 2011

Korea’s financial regulator said it plans to tighten inspections of capital flows this year to improve the soundness of its foreign-currency market.“There are persisting destabilizing factors in the global financial markets following the Group of 20 meeting, such as volatile capital movements and currency wars among major countries,” the Financial Supervisory Service said Monday in an e-mailed sta
Multinational drug makers bet on young CEOs

IndustryJan 10, 2011

Multinational drug companies are installing young and aggressive leaders to head their Korean operations in an increasingly competitive local market. Ranga Welaratne, 38, was appointed on Jan. 3 as the new head of the Korean branch of Sanofi-Pasteur, Sanofi-Aventis group’s vaccine division, becoming the latest CEO in their 30s to 40s to lead a multinational pharmaceutical firms’ Korean branch. Hav
Conglomerates sign up for Yeosu Expo facilities

IndustryJan 10, 2011

Seven conglomerates including Samsung Group, Hyundai Motors Group, and SK Group signed up to participate in the 2012 World Expo in Yeosu, its organizing committee said.Other participating business groups include LG, Lotte, Posco and GS. The fact that leading local conglomerates decided to participate in the Yeosu Expo shows that expectations for the event are very high, organizers said. The expo i
Shinsegae store tops W1tr in turnover

IndustryJan 10, 2011

Shinsegae Department Store announced Monday that its Gangnam branch became Korea’s second retail outlet to surpass the threshold of 1 trillion won ($894.1 million) in sales last year. The branch store in southern Seoul registered 1.09 trillion won in revenue, about 18 percent up from 920 billion won in 2009, the company said.Korea’s retail industry is estimated to have grown 7-8 percent in 2010 as
Korea Express eyes W2.35tr in sales

IndustryJan 10, 2011

Korea Express Co., Korea’s largest logistics firm, said Monday that it is seeking to post 2.35 trillion won ($2.09 billion) in sales this year, up around 10 percent from last year.The company is also targeting an operating income of 157 billion won in 2011.Last year, Korea Express was estimated to have logged an operating income of 130 billion won on sales of 2.16 trillion won.Major shareholders o
Samsung to reveal new phones, tablets in Feb.

Jan 10, 2011

Electronics bellwether aims to sell 60 million smartphones this yearLAS VEGAS ― Samsung Electronics plans to unveil in February its next generation of smartphones running on an upgraded operating system and a dual core processorThe new phones to be revealed at the Mobile World Congress will run on the Gingerbread operating system ― an upgraded Android platform ― with a super AMOLED plus display fo