The Korea Herald

TV shareholder eligibility questioned

IndustryJan 4, 2011

Eulji Hospital’s participation in Yonhap consortium accused of violating lawThe eligibility of a shareholder in the recently licensed Yonhap News TV has emerged as a matter in dispute.Local news media has raised the possibility that the Eulji General Hospital may have violated laws to join the tentatively named consortium led by the Yonhap news agency to get a news television license. The hospital
Showdown between Naver, eBay begins

IndustryJan 4, 2011

eBay’s removal of database from Naver’s shopping section intensifies competitionEBay Inc., the world’s largest online marketplace operator, is seeking to remove its database from the shopping section of Korea’s top portal site Naver, amid an intensifying rivalry over the nation’s rapidly expanding online shopping market.EBay, which currently owns the biggest e-commerce websites Auction and Gmarket
Kia’s market share exceeds 30%

IndustryJan 4, 2011

Kia Motors Corp.’s domestic market share exceeded 30 percent in 2010 for the first time in 15 years.According to industry data, Kia’s domestic sales in 2010 increased by 17.4 percent from the previous year to come in at about 485,000 vehicles, and pushing up the carmaker’s market share by 3.6 percentage points to 33.2 percent. While Kia held more than a 30 percent market share in the early 1990s,
Prosecutors probe former top Woori executives

Jan 4, 2011

Woori Bank filed complaints against several former executives with the prosecution last month to investigate allegations that they issued illegal loans and took kickbacks, sources said Tuesday.Among them were two former deputy CEOs of the nation’s second-largest bank in charge of loan business and trust business. The two executives resigned before the bank referred them and several staffers to the
Apple’s absence to be felt at CES

TechnologyJan 4, 2011

NEW YORK (AP) ― What do you call it when you have 120,000 people and an elephant in the room?The International Consumer Electronics Show, which kicks off this week in Las Vegas.The elephant is Apple Inc. It won’t be at the show this year, but its tablet computer, the iPad, is the most important new product for an industry that needs to once again excite consumers. Sales of the iPad have been stron
Food cost hikes alarm policymakers

Jan 4, 2011

Government to announce price control steps next weekRising consumer prices led by food and fuel costs alarmed policymakers prompting President Lee Myung-bak to declare “a war against inflation” Tuesday. The government is working on measures to stabilize prices before the country scrambles to buy food and gifts for the Feb. 3 Lunar New Year celebrations. Food companies are rushing to raise prices f
Korea Pension may form fund for resources

Jan 4, 2011

National Pension Service, Korea’s biggest investor, may set up a private equity fund with the nation’s business groups, including Samsung Group and Hyundai Motor Group, to invest in overseas resource development. SK Group, GS Group and KT Corp. may also join the plan, Kim Seok-joo, a spokesman for the pension fund, said by phone Tuesday. The timing and size of the fund have yet to be decided, he s
Korea seeks to secure more rare earths

Jan 4, 2011

Korea will seek to secure more rights to rare earth element deposits in the new year to counter moves by China to reduce its export quota for the vital resource, the government said Tuesday.The Ministry of Knowledge Economy said action must be taken to deal with potential shortfalls in supply that could have a serious industrial impact.Rare earth elements, deposits of which are centered in only a
$1.8b set aside to expand airports

Jan 4, 2011

Five-year plan seeks to meet increased demand for international flightsThe government is to invest 2.1 trillion won ($1.8 billion) to upgrade airport facilities over the next five years, the Ministry of Land, Transportation and Maritime Affairs said Tuesday. The plan includes further expanding Incheon International Airport to help cope with rising flight demand and consolidate its status as a Nort
Smart TVs, tablets stars of global gadget show

Jan 4, 2011

Smart devices and tablet computers are expected to steal this year’s largest electronics tradeshow, which kicks off Thursday in Las Vegas. “We expect smart devices to be the most central feature of this show,” said Choi Jun-hyuk, a spokesman for LG Electronics. “Now that the consumers are familiar with the smart trend, we’ll be focusing more on how to make the devices more convenient and more user
Toyota aims for Prius to become top-selling U.S. vehicle by 2020

IndustryJan 4, 2011

Toyota Motor Corp., the world’s largest maker of gasoline-electric autos, expects the Prius hybrid and related models bearing the same name to become its top-selling U.S. vehicle line by the end of the decade. “We will end the decade with Prius being the number one nameplate in the industry,” Bob Carter, Toyota’s group vice president for U.S. sales, said in a call with analysts Monday. The Camry,
China to slow yuan gain in 2011: top forecasters

Jan 4, 2011

The yuan’s appreciation may slow this year after the currency strengthened beyond 6.6 per dollar for the first time in 17 years, as China seeks to stem inflows that may fuel inflation, the most-accurate forecasters for 2010 said.The yuan will advance 4.6 percent to 6.3 per dollar, after climbing 3.6 percent in just over six months, said Yen Ping Ho, the head of Asian foreign-exchange strategy for
Tycoons outline New Year plans

IndustryJan 4, 2011

Samsung chairman pledges investment, mutual growthSamsung Electronics chairman Lee Kun-hee reiterated his commitment to aggressive investment and mutual growth with suppliers in his New Year address Monday. Lee Kun-heeIn a speech at a ceremony with about 1,200 executives in Seoul, Lee emphasized the importance of future growth engine businesses. “Ten years from now will be the challenge per
Samsung's 2011 investment likely to top 30 tln won

IndustryJan 4, 2011

Samsung Electronics Co., the world's top computer memory maker, will likely spend more than 30 trillion won ($26.67 billion) in investment this year, industry sources said Tuesday. The forecast came a day after company chairman Lee Kun-hee said that the company's investment for this year will be larger and bigger than last year's. The company earmarked 26 trillion won(US$23 billion) for investm
S. Korea's foreign reserves rebound in Dec.

Jan 4, 2011

South Korea's foreign exchange reserves rebounded in December from the previous month as a weaker U.S. dollar boosted the conversion value of assets in other currencies, the central bank said Tuesday. The country's foreign reserves reached US$291.57 billion as of the end of December, up $1.34 billion from the previous month, according to the Bank of Korea (BOK). The foreign reserves expanded b