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BAT Korea cuts price of ‘Dunhill SWITCH’

IndustryJul 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)
Korea-EU FTA to put Seoul at public health crossroads

Jul 8, 2011

Friedrich-Wilhelm GausePharmaceuticals might not have been the most discussed sector before the Korea-European Union Free Trade Agreement came into effect from July 1. However, it is forecast to have a huge influence on public health since the deal is deeply connected to drug pricing of original drugs and will eventually affect national health insurance finance. “It will be a great opportunity for
Apple files complaint against Samsung

IndustryJul 7, 2011

Apple Inc. has filed a complaint with the U.S. International Trade Commission to block U.S. sales of Samsung Electronics Co.’s smartphones and tablet PCs, escalating the legal tussle between the two mobile giants. Apple’s ITC filing comes less than one week after Samsung filed a similar complaint with the federal agency, seeking to block Apple from importing the iPhone, iPad and iPod Touch product
Hyundai Heavy says it will not bid for Hynix

Jul 6, 2011

Hyundai Heavy Industries Co., the world’s leading shipbuilder, said Wednesday it will not bid for a stake in Hynix Semiconductor Inc., raising speculation that creditors may fail again to sell the world’s second-largest computer memory chipmaker.Hyundai Heavy had been regarded as the sole potential investor for the 15 percent stake up for sale.“We decided not to submit a bid for Hynix Semiconducto
Samsung forecast to log lower Q2 profit on weak panels, TVs

Jul 6, 2011

Samsung Electronics Co. will likely report lower-than-expected earnings for the second quarter, hit by flagging demand for TVs and slumping display prices, analysts said Wednesday. Samsung, Asia’s largest maker of smartphones, TVs, chips and display panels, is estimated to have earned 3.35 trillion won ($3.14 billion) in the April-June period, compared with 4.28 trillion won a year earlier, accord
Banks, brokerages face limited impact from Korea-EU FTA

Jul 6, 2011

Korea’s financial industry is to face limited impact from the Free Trade Agreement with the European Union as there are few barriers in market access. On the other hand, the insurance industry is expected to benefit from the overall increase of trade.The Korea-EU FTA, which took effect July 1, is pushing banks, insurance companies, asset managers and other financial institutions in both economies
The evolving innovation landscape

Jul 6, 2011

WIPO Director General Francis GurryInnovation is a central driver of economic growth, development and better jobs. It is the key for firms to successfully compete in the global marketplace. Innovation provides the answer to numerous economic and social challenges, whether financial crisis recovery, climate change or the fight against deadly diseases. It is the source of improvements in the quality
Public forum on FTA on Thursday

Jul 5, 2011

A conference on economic opportunities and challenges arising from the Korea-EU FTA which came into effect on July 1 will take place in Seoul on Thursday.The conference, taking place at the Koreana Hotel from 2 p.m., will also examine the current economic crisis in Europe and economic development in Korea. The event is being jointly hosted by the Center for Free Enterprise, a Seoul-based free mark
Watchdog approves merger between 2 liquor giants

Jul 5, 2011

South Korea's antitrust watchdog on Tuesday approved the merger between Hite Brewery Co. and Jinro Co., saying the liquor giants' business consolidation will not hamper market competition. Hite Brewery is the country's dominant beer maker, and Jinro is the leader in the market of soju, a Korean distilled beverage made from rice and other starches. Jinro was taken over by Hite Brewery in 2005.
GM Korea unionists go on partial strike

Jul 5, 2011

Union workers at GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., staged a partial strike on Tuesday after wage negotiations with management broke down, the carmaker said. Unionized employees at the company's Incheon, Gunsan and Changwon factories stopped work for about three hours from 1:50 p.m., after holding a similar work stoppage the previous day, GM Korea said. G
’Non-tariff barriers still limit Korea’s energy sectors’

Jul 5, 2011

Alstom Korea CEOBarry HoweThe Korea-EU Free Trade Agreement will benefit Korean and European firms in the energy sector, but many non-tariff barriers still limit market access, president of Alstom Korea Barry Howe said.“The FTA will obviously benefit countries because it brings down tariff barriers, so what is imported should be at a lower cost, no matter which way it is going, but in my own indus
EU trade pact to boost Korean manufacturing

Jul 5, 2011

With the Korea-EU Free Trade Agreement now in effect, Korea’s manufacturing sector is set for a significant rise in exports to the region.The pact, formally signed in October, went into effect on July 1. As a result, tariffs placed on 11,261 items produced in Korea and 9,842 items produced in the EU will be removed over seven years.According to a report compiled by 10 think-tanks, including the Ko
Top chaebol see affiliates mushroom

Jul 5, 2011

The number of affiliates of South Korea’s 15 largest chaebol has increased about 65 percent over the past four years, as the family-run conglomerates have aggressively expanded their territory in the construction and real estate industries, a report showed Tuesday. Companies affiliated with the top 15 conglomerates numbered 778 as of April, jumping from 306 four years ago, according to the report
Most retailers to cut prices of EU imports on FTA

Jul 4, 2011

More than 60 percent of Korean retailers plan to lower prices of imports from the European Union following the implementation of a bilateral free trade deal, a poll showed Monday.According to the survey of 619 retailers, wholesalers and manufacturers by the Korea Chamber of Commerce and Industry, 61.3 percent of the retailers said that they will reduce prices of EU imports to reflect the decrease
Controversy brews over dividends for Lone Star

Jul 4, 2011

The move by Korea Exchange Bank to offer a record interim dividend to its biggest shareholder Lone Star Funds is sparking concerns about long-term growth for Korea’s No. 5 lender, market watchers said.KEB’s board decided on Friday to pay out a quarterly dividend worth of 1,510 won ($1.42) per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion won.Lone Star h