The Korea Herald

KT&G market share nears 60%

Jul 11, 2011

KT&G Corp. said Monday that its share in the local market has risen for the second quarter in a row to nearly 60 percent, thanks to robust sales of its new products and price hikes by rival tobacco firms. Korea’s top cigarette manufacturer said its 55.7 percent stake in the fourth quarter last year climbed to 58 percent in the first quarter this year, then to 59.8 percent in the second quarter. It
Porsche supercar seen reviving sales

Jul 11, 2011

A Porsche 911 GT2 RS automobile is released to the media on Friday. (Bloomberg)Porsche AG may develop a supercar positioned higher than the 911 GT2 RS to broaden its line-up and sustain growth as orders cool from record deliveries last year. The car could be combined with additional variants of the Cayman and Boxster as well as extended-wheelbase and convertible versions of the Panamera four-door
Aussie firms whinge about carbon tax

Jul 11, 2011

Australia’s largest airline says the tax will cost as much as $123 million in 2013Macarthur Coal Ltd., BlueScope Steel Ltd., and Virgin Blue Holdings Ltd. led declines in Australian trading Monday after the government unveiled the country’s first levy on greenhouse-gas emissions. Polluters will pay AU$23 ($24.74) per metric ton of carbon emissions, Prime Minister Julia Gillard said Sunday in Canbe
HC Petrochem begins works to triple capacity

Jul 10, 2011

Industry and government officials including Hyundai Oilbank CEO Kwon Oh-gap (sixth from left) and Cosmo Oil CEO Kimura Yaichi (fifth from left) take part in the groundbreaking ceremony for HC Petrochem’s new plant in Daesan, South Chungcheong Province, Friday. (Hyundai Oilbank)HC Petrochem, a joint venture between Hyundai Oilbank Co. and Japan’s Cosmo Oil Co., began work on a new plant that will t
LG’s Cinema 3-D TV ...certified as full HD

Jul 10, 2011

LG Electronics’ Cinema 3-D TV was certified as full HD in 3-D mode by VDE, one of Europe’s largest technical and scientific international associations, the Seoul-based company said on Sunday. “This latest certification proves beyond all doubt that LG’s Cinema 3-D TVs, which already provide the most comfortable 3-D viewing experience, deliver 3-D in full HD,” said Havis Kwon, President and CEO of L
Korean outside directors ...make dubious watchdogs

Jul 10, 2011

Some draw as much as 97 million won for 10 days of workOutside directors at Korean companies may not be fulfilling their roles despite their handsome salaries.According to the data local firms submitted to the Financial Supervisory Service, some firms paid their outside directors as much as 9.7 million won ($9,200) for each day they spent attending company functions. Outside directors were made a
Deep-pocketed luxury brands skimpy on ...donations

Jul 10, 2011

Louis Vuitton and other global luxury goods makers saw their profits soar in South Korea in the last decade but remained reluctant to make social contributions, their financial statements showed Sunday.Louis Vuitton Korea Ltd., a unit of the world’s largest luxury goods maker LVMH Moet Hennessy Louis Vuitton SA, posted higher net profit growth than any other luxury goods maker in South Korea, acco
Woongjin Coway enjoys boon from national health trend

Jul 10, 2011

Woongjin Coway Co., already the industry leader in water and air purifiers, is enjoying a second bloom. The Seoul-based company logged sales of 1.51 trillion won ($1.43 billion) and 228.8 billion won of operating profits last year, marking the 12th consecutive year of record-high sales.“In May, we reached record-high sales in just a month. We are entering our second heyday,” Woongjin Coway CEO H
EU law firms poised to enter Korea

Jul 10, 2011

Local practices forced to sharpen edge, but experts say legal fees won’t necessarily fallArmed with money and reputation, major European law firms are eyeing the South Korean market gradually opening up with the EU-FTA that came into effect on July 1. Globally renowned firms such as DLA Piper ― the world’s third-largest law firm ― along with Clifford Chance and Allen & Overy are among those lookin
Hyundai launches new Sonata turbo with upgraded performance

Jul 10, 2011

SEOUL, July 10 (Yonhap) -- South Korea's leading automaker Hyundai Motor Co. said Sunday that it has launched a new Sonata turbo model with upgraded performance and competitive options designed to meet consumer demands.The new model of the top selling mid-size sedan has a 2.0-liter gasoline direct injection (GDi) engine that produces a maximum horsepower of 271 and 37.2 kilogram-meters of torque.
BAT Korea cuts price of ‘Dunhill SWITCH’

Jul 8, 2011

British American Tobacco Korea said it reduced the price of the superpremium “Dunhill SWITCH” by 200 won to 2,800 won ($2.60) from Friday.BAT Korea reportedly said the company took the action in consideration of consumers’ burden on the price of the cigarettes.The company introduced the new brand with “RELOC” inner wrapping on the local market on June 7. (cheesuk@heraldm.com)
KCC officials in U.S. for Apple, Google probe

Jul 8, 2011

The Korea Communications Commission said Friday it has dispatched a group of officials to the headquarters of Apple Inc. and Google Inc. in the U.S. for its ongoing probe over location data storage.The investigation committee, which consists of six experts from the KCC and the Korea Internet & Security Agency, will overhaul how the two tech giants utilize resources stored in their servers until Ju
From doctor, IT whiz to educator

Jul 8, 2011

Ahn Cheol-soo has polled as one of the figures young Koreans most look up to.(Ahn Hoon/The Korea Herald)Ahn committed to planting entrepreneurship in young hopefulsBehind Korea’s leadership in the high-tech world are a number of business innovators, technology wizards and far-sighted investors.Ahn Cheol-soo leads the pack with his success, acumen and a dramatic life story that combined to make him
Consumer demand for white wine soars in H1

Jul 8, 2011

(MCT)SEOUL, (Yonhap) -- South Korean demand for white wine jumped in the first half of the year as consumers sought more diversity in their preferred brands, a leading local wine retailer said Friday.Winenara Co. said 17 white wine brands were included among the top 100 best sellers at its nationwide stores in the January-June period, compared with just five a year earlier. The company sold 330,00
U.S. antitrust crackdown costs Korean firms $1.6b

Jul 7, 2011

Korean antitrust regulator advises firms to be prudentKorean companies in the United States have paid about 1.7 trillion won ($1.6 billion) in fines for price-fixing and four out of the top 10 highest-paying companies were from Korea, a ranking official of the state-run antitrust regulator said Wednesday.The Fair Trade Commission on Wednesday explained the business environment of the U.S. on collu