The Korea Herald

Police raid auto parts firm to end sit-in

May 24, 2011

Yoosung labor union’s strike stops some Hyundai, Kia diesel linesThousands of riot police raided the labor strife-marred auto parts’ factory in Asan on Tuesday to end the prolonged illegal strike by unionized members, which is threatening suspension of production in the nation’s automobile industry, witnesses said.About 3,000 riot police were sent to the factory of Yoosung Enterprise Co. about 90k
SK Group to finance fund for social enterprises

May 24, 2011

SK Group, the country’s third-largest conglomerate, said Tuesday it will invest 500 million won ($457,200) in a fund to support social enterprises as part of its corporate responsibility activities. In January, the Ministry of Employment and Labor unveiled a plan for the fund, the first of its kind here, aiming to facilitate financing for social enterprises seeking to expand facilities, provide mo
Agencies upgrade Asiana credit rating

May 24, 2011

The country’s three credit rating agencies in concert lifted their ratings of corporate bonds for Asiana Airlines Inc. one notch to “BBB+” from “BBB” Tuesday, citing increased profitability and growing demand for air travel.NICE Investors Service, Korea Ratings and Korea Investors Service referred the raise to the company’s all-time high operating profit last year, success in slashing fuel expense
Hyundai Heavy adds order pickers to its industrial equipment lineup

May 24, 2011

The Ulsan-based ship and industrial equipment maker Hyundai Heavy Industries launched its first order pickers on the local market on Tuesday. Order pickers are industrial vehicles used in storage facilities to access high shelves.Order pickers are similar to fork lifts but the operator boards the vehicle in the front where the forks are located, and are able to access smaller areas than fork lifts
Seven banks to set up bad bank soon

May 24, 2011

Total contribution expected to amount to 1.23 trillion wonA bad bank, which would specialize in absorbing bad loans held by financial companies, will be set up as early as this month, banking sources said Tuesday.“The bad bank may possibly be launched by the end of this month,” a bank official said. “But the launch could be delayed into next month due to the time needed to fine-tune terms of the b
Government mulls tariffs on rice imports

May 24, 2011

The government is mulling tariffs on rice imports from next year, possibly expediting the process previously scheduled for 2015, the Agricultural Ministry said Tuesday.The early imposition of tariffs on rice imports is to reduce growing stockpiles of rice, a problem that has been deepening under the current system where Seoul has to import a specified amount of foreign rice. The Ministry of Food,
Apple faces iPad production loss of 500,000 after blast

May 24, 2011

Apple Inc. may face a production loss of 500,000 iPad 2 tablets after the explosion at Foxconn Technology Group’s plant in Chengdu, China, according to research firm IHS ISuppli. The drop in manufacturing will depend on how long the plant is closed following a May 20 explosion that killed three people and injured at least 15, according to ISuppli. The total could be even greater if the suspension
Shinsegae probed over sales of gift vouchers

May 23, 2011

The Busan Metropolitan Police Agency on Monday said it is investigating Shinsegae Department Store on allegations that its employees illegally sold gift vouchers worth billions of won to ramp up sales performances. The police have raided Seoul and Busan Centum City offices of the department store and is combing through all financial records related to the gift certificates, officials said. “It’s s
LSIS begins works on electric car component plant

May 23, 2011

LSIS Co., LS Group’s electric equipment maker, on Monday broke ground for an electric vehicle relay manufacturing plant. Electric vehicle relay is a core component of electric cars that relays electricity to the vehicle’s powertrain from the battery pack. The company plans to complete the plant located in Cheongju, North Chungcheong Province during the first quarter of the year. The company said t
STX Group launches in-house think tank

May 23, 2011

STX Group launched the think tank STX Future Institute on Monday.The organization will be headed by the group’s vice chairman Shin Chul-seak. STX Future Institute will be tasked with leading efforts to establish systemic management that is part of the company’s Vision 2020 plans, the company said.Announced at the group’s 10th anniversary event held in Dalian, China last month, Vision 2020 calls fo
Anti-drunk driving campaign launched

May 23, 2011

Pernod Ricard Korea, the local unit of the global beverages group, launched a campaign against drunk driving Monday in Seoul as part of the France-based company’s worldwide initiatives.The maker of Absolut Vodka and Ballantine’s whisky has been laying out its “smart driving” campaign here since 2007, aiming at reducing alcohol-related car accidents and promoting a sound drinking culture. This year
No. 2 makers shake up drinks industry

May 23, 2011

OB, Lotte Liquor make big gains on larger market rivals Hite, JinroNo. 2 brands of beer, soju and whisky are hot on the trail of front-runners in the Korean drinks market, industry data showed Tuesday. In the beer market, Oriental Brewery, the country’s No. 2 beer maker since 1994, made big strides in the first quarter of the year beefing up its stake to 46.6 percent by shipment volume, according
Internet bosses woo world leaders at ‘e-G8’

May 23, 2011

PARIS (AFP) ― The world’s most powerful Internet and media barons gather in Paris on Tuesday in a show of strength to leaders at the G8 summit, amid international rows over online access, copyright and regulation.Top executives from online giants like Google, Facebook and Microsoft will tout the economic potential of the Internet, which their host, French President Nicolas Sarkozy, has put on the
Creditors may delay Hynix sale into June

May 23, 2011

Creditors of Hynix Semiconductor Inc. said Monday that they may kick off the process to sell a major stake in the second-largest computer memory chipmaker next month, delaying the sale from their previous schedule. Creditors, including Korea Exchange Bank, Woori Bank and state-run Korea Finance Corp., had initially planned to start the process to sell their combined 15 percent stake in Hynix
Resources development rush boosts revenue, fund investment

May 22, 2011

Korean firms’ aggressive drive to explore overseas resources is shoring up their revenue and helping them secure a stable supply while boosting public demand for commodity investment products. Natural resources such as oil, gas and rare metals have been deemed a promising revenue source by companies including POSCO, STX and Hyundai Heavy Industries amid energy price surges. The developers are sett