The Korea Herald

안녕하세요 Chung Joo-won 기자입니다.

Articles by Chung Joo-won

Business titans earn more, donate less

Jul 14, 2013

The country’s 10 largest conglomerates on average spared less in social donations despite raking in a larger net profit last year, Chaebul.com reported on Sunday. A total of seven conglomerates donated more funds for social contribution, but the remaining three gave considerably less, dragging down the average, said the portal devoted to information on top conglomerates here. The seven groups that gave more are Samsung, Hyundai Motor, LG, Lotte, POSCO, Hanjin and Hanwha. Samsung Group made the m
[Power Korea] KEB, living witness to ‘Miracle of Hangang River’

BusinessJul 11, 2013

Tracking the history of Korea Exchange Bank is much like scavenging through Korea’s modern economic history following the 1950-1953 Korean War. Established in 1967, KEB has contributed to the nation’s banking industry as one of the oldest banks. The bank, well known for its specialized foreign exchange marketing and corporate banking, started its second takeoff in 2012 after it was acquired by Hana Financial Group to become a sister bank of Hana Bank. Entering the 1960s, the Korean government wa
Big firms refuse to accept higher card fees

Jul 10, 2013

Credit card firms are facing pressure to scrap the ongoing negotiations over card transaction fees due to resistance from large retailers.The Financial Supervisory Service noted Wednesday that major credit card issuers including Shinhan, Samsung, KB Kookmin, Hyundai and Lotte are far from settling the seven-month-long service fee levels for the conglomerate sector.In December 2012, the FSS instructed the card industry to ease the burden on small and medium-sized enterprises by cutting their tran
Credit card firms scrap insurance after Asiana crash

Jul 9, 2013

Credit card companies have decided to cease offering insurance payments for death as a result of an aviation accident, according to the Financial Supervisory Service on Tuesday.Regulatory officials at the FSS said major issuers would scrap the insurance, which has been sold in coordination with insurance firms, from September. Among the firms are Shinhan Card, Hyundai Card, Samsung Card, KB Kookmin Card, Lotte Card and Hana SK Card. About 10 million consumers currently signed up for credit cards
FSS to rein in pay for top insurance, securities execs

Jul 8, 2013

The nation’s financial regulator plans to widen its investigation into the incomes of bank executives to heads of insurance and securities companies.The Financial Supervisory Service said Monday that it would launch an investigation into the annual paychecks of every single executive of insurance firm and brokerage. The investigation will take place before the turn of the year, the regulator said. The move came about two weeks after the FSS officially confirmed its decision to screen the annual
JTI to hold senior writing competition

Jul 3, 2013

Japan Tobacco International announced on Wednesday that it will hold its fourth national writing competition for senior citizens in Korea.This year’s literary contest awards great works in two literary genres ― poetry and essay ― with the theme “elderly lives of wisdom.” The annual JTI Elderly Literary Award was first held in 2010 to proliferate the “new senior culture” of creativity and independence. The application period runs from Aug. 1 through Oct. 15, with the results to be announced Nov.
KT&G to launch RAISON ice Presso

IndustryJul 1, 2013

The nation’s largest tobacco maker KT&G will launch “RAISON ice Presso,” the newest in its decade-old RAISON series, on July 3. RAISON ice Presso comes with two different flavors, the company said. Its initial coffee taste turns apple mint-fresh as the smoker pops the “ice capsule” within the cigarette.KT&G noted that the new product is reflective of the success of its predecessor, “RAISON Presso,” that it launched in July 2012, after four years of research and development. RAISON ice Presso is
Engel Machinery Korea basks in growing demand

BusinessJul 1, 2013

Following is the second in a series of articles on promising foreign-invested companies in Korea. ― Ed.PYEONGTAEK, Gyeonggi Province ― In 1862, Alexander Parkes presented the first man-made plastic at the Great International Exhibition in London. Since then, this revolutionary material has become an indispensible part of life.Every single plastic product we use ― soda bottles, plastic ware, plastic bags ― has to be heated and molded into shape. But even a small plastic injection mold for smartph
M&As, alternative investment key to growth momentum of firms, finance

Jul 1, 2013

Global economic uncertainty is growing. Japan saw the dollar pass the 100-yen mark in early May but faces a dilemma with the slowdown of the real economy and rising interest rates. China is also experiencing difficulties with provincial debt of 172 trillion won ($150.6 billion). The United States is hinting at a departure from quantitative easing even though the prospects for economic recovery remain unclear, casting gloom over the global economy. In these uncertain times, the Korean government
Mizuno launches Korean unit

IndustryJul 1, 2013

Sporting goods maker Mizuno Corp. kicked off its Korean operation in Seoul last week, the Tokyo-based company announced Monday.Mizuno Korea Ltd. noted that the launch Friday was reflective of Korea’s mounting achievements in sports, golf, baseball and soccer in particular. “We are willing to unfold an aggressive marketing strategy, with high expectancy of Korea’s growth in the sporting goods market,” Mizuno Korea wrote in a statement. Kim Chang-byeom, the chief executive of local sporting goods
Nongshim Kellogg names new chief

IndustryJul 1, 2013

Nongshim Kellogg said Monday that Kim Jin-hong, Kellogg’s regional head of Southeast Asia, was named its chief executive. Kim, 46, is an excellent brand maker who earned his position through his rich experience in supply chain, marketing and project management since he joined Kellogg in 1999, the company said. The new CEO formerly served as marketing head of Kellogg’s Japanese and Korean units. Founded in 1906, Kellogg has grown into a food manufacturer that holds about 42 percent global market
[Newsmaker] FSS under fire for overpaying employees

Jun 30, 2013

The Financial Supervisory Service, Korea’s financial regulator, is facing heat for paying excessively high annual salaries to its employees amid mounting worldwide criticism against overpaid executives in the financial sector.The controversy escalated as the FSS recently posted last year’s average annual salary of its employees. Payrolls of all state-controlled organizations are required to disclose their salaries.The financial regulator’s average annual salary in 2012 ― 92 million won ($81,000)
Korea, China see stronger coupling in indices

Jun 27, 2013

The coupling effect of equity price changes has become increasingly visible on the main bourses of Korea and China, stock research analysts reported Thursday.The two countries have seen concurrent rises and falls in their benchmark indices since June 13 on every day except one.On those days, the indices saw continued drops compared to the previous days, except June 14 and 17 when they both went up. The coupling effect is reflective of the increasing influence of the Chinese economy and stock mar
NongHyup Bank leaks customers’ info to waste collector

Jun 26, 2013

NongHyup Bank’s lax handling of customers’ private information was hit by controversy again, only three months after the March 20 hacking fiasco involving its customer database, sources said Wednesday.One of the bank’s local branches allegedly violated the regulation on the safe disposal of customer information, leaking about 10,000 customers’ personal data on June 15.The branch officials handed over the documents to secondhand dealers who collect street waste and re-sell it to recycling compani
Autoelex leads global market for brooders

BusinessJun 25, 2013

Autoelex has become the producer of the world’s largest number of small and medium-sized digital incubator models, the Korean manufacturer of poultry hatchers and brooders said. Launched in 1991, Autoelex rolled out its first digital hatcher and brooder “RCOM” in 2004. Currently the flagship RCOM series is exported to 40 countries including the U.S., Britain, Germany, Denmark and China, and distributed by about 70 local companies. The hatcher is exclusively distributed by major brooder companies