The Korea Herald

Samsung to audit financial units in wake of scandal

Jul 4, 2011

Samsung Group will audit its financial units this month, including key affiliates such as its insurance arms following a scandal at another subsidiary, industry sources said on Monday.The move would mark the first audit on the financial units since 2003. The group’s auditing team will first review the business operations of Samsung Fire & Marine Insurance later this month, before a separate audit
Foreign reserves fall for 2nd month

Jul 4, 2011

Korea’s foreign exchange reserves shrank for the second straight month in June because a weaker British pound reduced the dollar conversion value, the central bank said Monday.The country’s foreign reserves reached $304.48 billion as of the end of June, down $600 million from the previous month, according to the Bank of Korea.The reserves fell for the second straight month in June after hitting a
FTA to boost European cars’ Korean market share

Jul 4, 2011

The Korea-EU free trade pact is expected to spark price competition among European carmakers operating in Korea, which will likely boost their popularity with local consumers.Last month, most German automakers here lowered prices by 1 to 2 percent in expectation of a lower tariff on their imports with the Korea-EU FTA. Korea currently levies an 8 percent tariff on European cars but the trade pact
Korea-EU FTA opens new era for car industry

Jul 4, 2011

Auto parts makers likely to directly benefit from free trade pactKorean carmakers and auto parts makers are expected to be the main beneficiaries of the nation’s free trade agreement with the European Union, which took effect on July 1.Hyundai Motor and its affiliate Kia Motors operate a plant with an annual production capacity of 300,000 units within the EU, whose output is mostly sold around the
Boeing 787 Dreamliner launched with flight to Japan

Jul 4, 2011

TOKYO (AP) ― Boeing Co.’s long-delayed 787 completed its maiden trans-Pacific journey and landed in Japan, where the more fuel-efficient jet will undergo testing this week with All Nippon Airways in preparation for its first commercial launch.The “Dreamliner” touched down at Tokyo’s Haneda Airport from Seattle early Sunday to applause and a white “Welcome to Japan” banner held by flight attendants
KT eyes global markets through Wi-Fi partnerships

Jul 3, 2011

Telecom giant forms international taskforce on global Wi-Fi roaming serviceKT Corp., the country’s biggest fixed-line service operator, is casting an eye toward global markets on the strength of its innovative technologies.Pyo Hyun-myung, president of the mobile business unit at KT, said the company is not merely looking to do business in other countries by buying shares of overseas firms, but als
Do bloggers have too much power?

Jul 3, 2011

Case of ‘power blogger’ reveals ugly side of online punditsA total of 4,983 people staged a cyber protest against an online homemaking pundit Sunday morning, calling for an apology and compensation for her public deception. They said 46-year-old Hyun Jin-heui, running one of the nation’s most visited blogs, had arranged sales of an electronic gadget that could harm people’s health and bagged a for
Overseas sales of Galaxy S2 top 3m

Jul 3, 2011

Models show Samsung Electronics’ smartphone “Galaxy S2” in celebration of the launch of the phones in Mexico on June 30. The sales of the phones have broken the 3-million barrier. (Yonhap News)Samsung Electronics Co., the world’s second-largest maker of mobile phones, said Sunday its overseas sales of the Galaxy S2 smartphone topped the 3 million mark 55 days after its launch.More than 3 million u
KITA matches 10,000 jobseekers with work

Jul 3, 2011

The Korea International Trade Association said Sunday the number of people who found jobs through its online recruitment services has topped 10,000 in less than two years. The website, named JobTogether (http://jobtogether.net/), was opened in September 2009 as part of KITA’s campaigns to tackle labor shortages in the local trade industry and rising unemployment in Korea. As of May, 10,838 job see
Korea pension fund to pump W250b into Titleist brand

Jul 3, 2011

Korea’s state pension fund is said to inject at least 250 billion won ($234.3 million) into a Korean-led consortium for its project to buy Titleist golf brand, industry sources said Sunday.The group led by Fila Korea Ltd. struck a deal with Fortune Brands Inc. in May to take over the U.S.-based liquor firm’s golf equipment unit Acushnet for $1.23 billion. Other partners include Mirae Asset Private
HP targets iPad with new tablet

Jul 3, 2011

Jon Rubinstein, senior vice president and general manager of Hewlett-Packard Co.’s Palm business unit, holds HP’s TouchPad tablet device during the Uplinq conference in San Diego, California. (Bloomberg)NEW YORK (AFP) ― U.S. technology giant Hewlett-Packard rolled out its new TouchPad tablet computer on Friday, seeking to dethrone the dominant Apple iPad and revive its slumping fortunes.The TouchP
Embattled Samsung LCD unit absorbed into new division

Jul 1, 2011

Samsung on Friday merged Samsung’s Electronics’ embattled liquid crystal display unit into a newly created Digital Solutions division to be headed by Kwon Oh-hyun, chief executive of the company’s semiconductor business.Chang Won-kie, chief executive of the LCD unit, was removed from his post to become adviser to Kwon in a move that industry watchers saw to be a demotion criticizing Chang’s role f
Honda recalls faulty motorbikes

Jul 1, 2011

Honda Korea plans to voluntarily recall 32 units of its Shadow 750 motorcycles due to manufacturing defects that could cause engines to stall unexpectedly, the country’s Transportation Ministry said Thursday.The decision resulted from a malfunction in bank angle sensors, which are designed to turn off the engine only when the motorbikes fall onto its side, according to the manufacturer.The recall
Hynix CEO new head of chip association

Jul 1, 2011

Kwon Oh-chul, chief executive of Hynix Semiconductor, on Friday was inaugurated as the chairman of the Korea Semiconductor Industry Association. Kwon became the first executive not come from Samsung Electronics to become chairman. Kwon’s term will be until March of 2013. Kwon Oh-chul“Semiconductor demand has been sluggish on the back of a slower than expected recovery in the global economy, makin
SC First union prolongs condo strike

Jul 1, 2011

Unionized workers at SC First Bank are expected to drag out their strike for an extended period of time in opposition to the management’s push for a performance-based pay system.The dispute between the management and workers continued as about 3,000 workers went on strike for a fifth day on Friday, leading to customer concerns of a prolonged walkout.The local unit of Standard Chartered Plc is tryi