The Korea Herald

Kim Yon-se

안녕하세요 Kim Yon-se 기자입니다.

Articles by Kim Yon-se

Seoul shares slip 0.41% on lack of momentum

Aug 22, 2012

South Korean stocks edged down 0.41 percent Wednesday ahead of major events in Europe and the United States in the coming weeks, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 8.03 point to close at 1,935.19. Trading volume was moderate at 418.4 million shares worth 4.04 trillion won ($3.56 billion), with losers outpacing winners 475 to 332.“There will be no big liquidity supply, corporate earnings or political events in the ne
Toyota strives to placate angry consumers

IndustryAug 21, 2012

Consumers preparing to file class action suit over fuel efficiencyToyota Motor Corp.’s Korean unit is grappling to block a possible class action suit by a group of consumers arguing that the automaker fabricated the fuel-efficiency figures of some hybrid cars.This comes as some local owners of eco-friendly vehicles from Toyota and Lexus, the premium brand of the Japanese company, are inviting similar complaints on a website for a joint litigation.The angry consumers claim that the “high fuel-ef
Firms face global patent disputes

IndustryAug 20, 2012

Korea’s business sector has faced a growing number of patent disputes with foreign enterprises as many local big players are increasing their shares in overseas markets.According to the Korean Intellectual Property Office, the business sector saw the number of international patent lawsuits surge by 80.5 percent over the past two years. In particular, Korean firms are increasingly becoming the target of patent offensives from foreign technology powerhouses.“A growing number of foreign firms have
Lackluster sales prompt Chung’s visit to U.S.

IndustryAug 20, 2012

Hyundai Motor Group chairman Chung Mong-koo is expected to call on the automotive group’s U.S. operation to map out measures against Toyota Motor’s rapid sales growth in North America.Chung has left for Los Angeles where Hyundai’s U.S. sales corporation is located. “The chairman will also visit the Alabama plant of Hyundai Motor and the Georgia plant of (affiliate) Kia Motors,” a group spokesman said Monday.“The U.S. auto market was also hit by the eurozone debt crisis. The chairman’s visit is a
Gasoline prices approach 2,000 won

IndustryAug 19, 2012

Gasoline prices continued to climb over the past month in the local market, marking an average figure of nearly 2,000 won ($1.76) per liter, with international crude oil prices spiking.According to the Korea National Oil Corp., retail gasoline prices surged to 1,980.05 won per liter on average as of Aug. 19, compared with 1,891.86 won on July 16.The nation’s gasoline prices on average had risen at a moderate pace, but accelerated from mid-July. After surpassing 1,900 won on July 24, they reached
Korean firms up stake in global TV market

Aug 19, 2012

South Korean TV makers raised their stakes in the global market in the second quarter on the back of their strong brand awareness and product lineups, a report said Sunday.According to the report compiled by market research firm DisplaySearch, South Korean TV makers such as Samsung Electronics Co. and LG Electronics Inc. sold a combined 19.82 million units in the second quarter of the year, up 2.3 percent from a year earlier.Their combined market share stood at 38.4 percent in the April-June per
Corporate failures fall to 4-month low in July

IndustryAug 19, 2012

The number of South Korean corporate bankruptcies declined to a four-month low in July due to falls in failures of manufacturers and builders, the central bank said Sunday.The number of companies that went belly-up totaled 95 in July, compared with 103 tallied in the previous month, according to the Bank of Korea.The July data marked the lowest level since the number of corporate failures hit a record low of 90 in March.Meanwhile, the number of newly established companies came in at record 7,127
China rapidly narrows industrial gap with Korea

IndustryAug 16, 2012

This is the fifth in a series of articles to mark the 20th anniversary of diplomatic ties between South Korea and China. ― Ed.The technology gap between Korea and China has narrowed over the past decade in the manufacturing industry.According to data from the Korea Institute for Industrial Economics & Trade, the technology gap in the manufacturing industry between the two countries narrowed to 3.7 years in 2011 on average, from 4.7 years in 2002.In terms of the countries’ technological levels as
Luxury goods sales surge 190% in 5 years

IndustryAug 15, 2012

Global luxury brands such as Louis Vuitton and Prada saw their sales and net profit here surge over the past five years, buoyed by brisk sales irrespective of economic conditions.Ten major luxury brands posted 1.85 trillion ($1.6 billion) in sales overall in Korea in 2011, marking 190 percent growth from 648.9 billion won in 2006, according to Chaebul.com, a website tracking Korean conglomerate owners.Further, their net profit increased by more than 300 percent from 45.7 billion won in 2006 to 1
Potential bidders for KAI to be picked

IndustryAug 15, 2012

Aircraft maker selling 42 percent of its stake; Korean Air interested in acquisitionPotential bidders for Korea Aerospace Industries will be unveiled on Thursday, while Korean Air has already expressed its willingness to take over the nation’s sole aircraft maker.A shareholders’ committee of KAI, led by the state-run Korea Finance Corp., announced last month that it would invite letters of intent to sell off their 41.75 percent stake in the company by Aug. 16.While Korean Air is poised to make b
Foreign car firms look beyond Seoul

IndustryAug 7, 2012

Regional cities see import car sales increase rapidlyForeign automakers in Korea are expanding their businesses in the nation’s major provincial cities as import vehicle sales continue to hit all-time highs.The trend follows the growing percentage of sales in big regional cities. The proportion of import car sales in Seoul among the total in the nation stood at 19.2 percent in July, down from 21.7 percent a year before.Gyeonggi Province and South Gyeongsang Province held the second and third pos
GM may produce Cadillacs in Korea

IndustryAug 6, 2012

U.S. carmaker strives to find breakthrough amid sagging sales of AlpheonGM Korea is seeking a breakthrough to boost the sluggish sales of its premium sedan Alpheon that debuted in the Korean market in 2010.One scenario could be the introduction of the Cadillac brand, also under its parent U.S.-based General Motors, like the current Chevrolet series of which several models are being produced in Korea, industry sources said.The Korean unit of GM had pinned hopes on the Alpheon in terms of sales c
Foreigners dump local stocks for 4th month

Aug 3, 2012

Foreign investors offloaded local stocks for a fourth consecutive month in July mainly due to continuing external uncertainties stemming from the debt-mired eurozone, the financial regulator said Friday.Overseas investors sold off a net 710 billion won ($627.2 million) worth of local equities last month, with their shareholdings reaching 379.9 trillion won as of the end of July, the Financial Supervisory Service said.Foreign stock ownership inched up to 31.6 percent of the market cap last month
Average monthly import car sales top 10,000

IndustryAug 3, 2012

Import car sales in the local market continued their boom last month although Korean automakers and three foreign companies that operate production factories in Korea are still suffering sluggish vehicle sales.According to the Korea Automobile Importers & Distributors Association, the nation’s import car sales exceeded 10,000 units for the fifth consecutive month.“Sales of import cars came to 10,768 units in July, up 21.5 percent from a year before,” a KAMA spokesman said on Friday. “After posti
Home prices drop for 1st time in 2 years

Aug 2, 2012

The average price of houses in South Korea dropped for the first time in two years, related data showed Thursday, offering another clear indication of the country’s struggling housing market.The average price of homes across the country dropped 0.1 percent from a month earlier in July, according to the data released by Kookmin Bank, the largest bank in South Korea. July marks the first time since July 2010 the average price of houses dropped from the previous month.The drop was partly led by a d