The Korea Herald

SK Group disposes of stake in securities unit

Jun 28, 2011

SK Group sold its 24-million-share stake in SK Securities Co. in a block deal on Tuesday, a move seen as a measure to preclude penalties for breaking the fair trade law. The shares owned by SKC Inc., the group’s industrial film-making affiliate, account for 7.73 percent of the total and were traded at 1,920 won ($1.77) each, about 10 percent down from Monday’s closing price. Samsung Asset Manageme
CJ picked preferred bidder for Korea Express

Jun 28, 2011

Samsung denies involvement in bidding process CJ Group on Tuesday was selected as the preferred bidder in the controversial race for acquiring a sizeable stake in logistics company Korea Express. If all goes smoothly, the food-to-entertainment conglomerate will be on its way to achieving its long-term goal of creating Asia’s largest logistics company by 2015. Korea Express is likely to fetch up
CJ, Samsung locked in unlikely feud

Jun 27, 2011

CJ Group claims Samsung affiliates conspired to acquire Korea Express; Lotte gives up on bidCJ Group said it will retaliate against what it claimed was Samsung Group’s deliberate act of betrayal regarding the bidding for Korea Express, the nation’s top logistics company.CJ is to take legal action against Samsung Securities for breaking off a sales advisory contract after being privy to critical in
POSCO chief to head engineering academy

Jun 27, 2011

POSCO chief executive Chung Joon-yang was appointed the new president of the National Academy of Engineering of Korea at the organization’s general meeting on Monday.Chung replaces Kim Doh-yeon who will now head the National Science and Technology Commission. Chung Joon-yang. (POSCO)The POSCO chief executive has been a full member of the National Academy of Engineering of Korea since 2008, and wil
Google, Apple top picks for Korean job seekers

Jun 27, 2011

(AP-Yonhap News)Google Inc. and Apple Inc. are the two most sought-after foreign companies among South Korean job applicants, a market survey showed Monday, pointing to their popularity here.According to the latest survey of 1,428 job seekers by SaraminHR Co., 16.7 percent of the respondents selected Google Korea as the most desired company to work at among foreign firms, citing the company’s corp
Number of Chinese firms here triples in decade

Jun 27, 2011

The number of Chinese firms making inroads into the local market has climbed almost three-fold over the past decade, reflecting its expanding presence as Korea’s No. 1 trading partner and the world’s second-largest economy, tax authorities said Monday.The National Tax Service said the number of companies headquartered in mainland China reached 620 as of the end of 2009, up from 225 in 1999. Combin
Shin Ramyun Black fined for false ads

Jun 27, 2011

NongShim, the country’s largest instant noodle maker, was fined 155 million won ($143,022) for deceptive advertising of its latest product, Shin Ramyun Black, the corporate watchdog said Monday.The Fair Trade Commission called the company’s description of the item as an “ideal product meeting the nutrition ratio” misleading and ordered them to fix the advertisement.“Some food manufacturers, of lat
KT to pursue 3W, LTE as next technologies

Jun 27, 2011

Company banking on early 4G network provision along with November launch of LTE serviceKT Corp. said Monday it was aiming to meet the fast-rising demand for wireless data usage by equipping itself with fourth generation wireless broadband and Long Term Evolution technologies.The country’s biggest fixed-line service operator said it would begin servicing the nation’s capital with its 4G LTE network
Illegal corporate perks back in spotlight

Jun 26, 2011

SK, ex-tax official under probe over suspected kickbacksNew light was shed on the problematic practice of former civil servants’ perks on the discovery that an ex-executive at the National Tax Service received sizeable paychecks from local companies.Lee Hee-wan, formerly head of the tax office’s investigative unit is suspected of receiving 3 billion won ($2.7 million) from SK Group’s affiliates fo
Samsung Electronics wins 2 British consumer awards

Jun 26, 2011

Samsung Electronics announced Sunday that it has been named the best manufacturer for portable media and home audio-visual products by U.K.-based “Which?” Magazine. Samsung outstripped other finalists ― Panasonic Corp. and Sony Corp. ― in the “Best Home Audio-Visual Brand” category. “Samsung has a strong presence across many of our product areas we cover,” the judges said. “Its innovation and atte
Seoul bourse expected to gain ground

Jun 26, 2011

South Korea’s stock market is expected to continue its upward movement this week as investor worries over high energy prices may ease and outlooks for major economies could improve, analysts said Saturday.Still, anxiety remains that the debt crisis in Greece might hurt investor sentiment significantly and reverse the market course, they noted.The country’s key stock index, the KOSPI, gained 2.89 p
S-Oil gets new home in Mapo, Seoul

Jun 26, 2011

S-Oil Corp. begins operating out of its new office in Mapo, Seoul, on Monday. This is the first time the company, which previously rented offices in the 63 City building in Yeouido, has set up headquarters in its own building since its establishment in 1976. S-Oil’s new office in Mapo, Seoul. (S-Oil)According to the company, the new building was designed to resemble the square-sailed boat used dur
Work starts on second Incheon Airport terminal

Jun 26, 2011

Work has started on the third phase of the Incheon International Airport expansion plan that will fuel growth of the key Northeast Asian transportation hub, the Incheon International Airport Corp. (IIAC) said Sunday.The state-operated corporation said that it picked blueprints for the airport’s second passenger terminal drawn up by a consortium led by Heerim Architects and Planners Co.It said the
Samsung Electronics may face penalty for obstruction: FTC

Jun 26, 2011

Samsung Electronics may be penalized for obstructing an investigation by the Fair Trade Commission.Sources from the antitrust watchdog said the agency is considering penalties over an incident in March when employees of Samsung Electronics’ Suwon plant barred the commission’s investigators from entering the facility.The investigators had been dispatched to monitor the manufacturing price of mobile
Hyundai, Kia rank No. 1 in U.S. for mid-size cars

Jun 26, 2011

Combined market share of mid-sized sedans made by Hyundai Motor Co. and its sister company Kia Motors Corp. ranked first in the United States last month, industry sources said Sunday.Sources said sales of Hyundai’s popular Sonata sedan reached 22,754 units in May, while Kia sold 7,401 Optima sedans in the one month period. This pushed up market share of the two models to 19.0 percent of all mid-si