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Ambassador calls for continued Korean investment

Oct 30, 2011

Few countries are as far from South Korea as Argentina, but that hasn’t deterred its embassy here.The Argentine Embassy last week held a dinner to honor the most successful Korean investors in Argentina and introduce the country’s business prospects to investors looking to expand into a region that has seen strong growth throughout the global downturn.“We are a very large country and we want to emphasize the role of small and medium size enterprises,” said Argentine Ambassador Carlos Alberto Arg
Korea, Turkey cement ties through adversity

Oct 30, 2011

New Turkish envoy talks about FTA, nuclear issue and local cuisinesAbout a week ago, Koreans heard the tragic news that one of their closest friends, Turkey, had been struck by a 7.2 magnitude earthquake near the eastern city of Van, killing over 530 people.“It was a very tragic event, unfortunately we lost many people,” said Turkish Ambassador Naci Saribas to The Korea Herald.As soon as the news broke, the Korean government offered assistance. A few days later, Turkey accepted foreign aid to he
Texas starts unwanted tradition

More sportsOct 30, 2011

ST. LOUIS (AP) ― Losses like these create reputations. Debacles like this take decades to overcome ― if ever.Twice within a strike of winning their first World Series title, the Texas Rangers came up short both times.“You study all year long, get straight A’s and then you have to pass the one test to pass the course,” Colby Lewis said. “We didn’t pass each time.”In a year of unprecedented collapses, the Rangers saved the worst for last.A night after they were a pitch from winning the first title
Man City stays clear of United

SoccerOct 30, 2011

LONDON (AP) ― Manchester City beat Wolverhampton 3-1 and stayed five points ahead of Manchester United at the top of the Premier League on Saturday. Chelsea lost ground on the leaders with a 5-3 defeat against visiting Arsenal in which Robin van Persie had a hat trick.City overcame a second-half red card for Vincent Kompany in its victory, and defending champion United won 1-0 at Everton. Everton, which lost a League Cup game against Chelsea that went to extra time less than 72 hours earlier, lo
Magic number down to one

BaseballOct 30, 2011

Samsung Lions look to close out SK Wyverns in Korean SeriesLast season, the SK Wyverns were almost unstoppable, completing an amazing four-game sweep against the Samsung Lions that October to win the Korean Series. This year, however, the season-ending showdown is a completely different story as the Incheon-based Wyverns have lost three of four games to the Lions’ unmatchable bullpen. The visiting Lions showed their supremacy again with a 8-4 rout of the Wyverns at Incheon Munhak Stadium on Satu
Stocks likely to gain this week but eurozone jitters remain

Oct 30, 2011

The South Korean stock market is expected to continue to gain ground this week but uncertainties from the eurozone debt problems will limit investor sentiment, analysts said Saturday.The benchmark KOSPI closed at 1,929.48 on Friday, up 91.1 points or 4.96 percent from a week earlier. The index was boosted on reports that European leaders reached an agreement on plans to recapitalize banks.Foreigners led the rally by scooping up shares worth 1.7 trillion won ($1.54 billion), while retail investor
Ningbo Baoxin inks cooperation deal with LGE

IndustryOct 30, 2011

HONG KONG (Yonhap News) -- Ningbo Baoxin Stainless Steel Co., a Chinese steelmaker, said Friday that it has signed a business cooperation agreement with South Korea’s LG Electronics Co., in a bid to boost their competitiveness in the global market.Under the deal, Ningbo Baoxin Stainless Steel and LG Electronics will strategically cooperate in developing new products and enhance their common vision and interests, the Chinese stainless steelmaker said. Also, the deal calls for Ningbo Baoxin to sup
SK Group supports social enterprises

IndustryOct 30, 2011

U.N. chief Ban praises conglomerate as spearhead of social contributionLike most Korean conglomerates, SK Group has been placing increasing emphasis on corporate social responsibility programs in recent years.While most have chosen to do their part through donations, SK Group has focused its efforts on social enterprises under the guidance of chairman Chey Tae-won.According to SK Group officials, Chey believes that simple donations have limited efficacy in solving social problems and that social
SK Group seeks efficient mutual growth

IndustryOct 30, 2011

Large and small companies need to break out of the traditional boundaries of the contractor-subcontractor relationship to bring about shared-growth, SK Group chairman Chey Tae-won said Friday.Chey and the heads of major SK Group firms including SKC and SK Networks met with the CEOs of 70 SK Group subcontractors to discuss means to bring about shared growth at a conference in Yongin, Gyeonggi Province.According to SK Group officials, chief executives of SK Group subsidiaries were included in the
Daelim Industrial inks $1.22b power plant deal in Saudi Arabia

IndustryOct 30, 2011

Daelim Industrial Co., a South Korean builder, said Sunday that it has signed a $1.22 billion deal to build a power plant in Saudi Arabia.Under the deal with state-controlled Saudi Electricity Co., Daelim Industrial will build the combined-cycle plant by September 2014, the company said.The power plant, with a capacity of 1,200 megawatts, will be built in Shoaiba, some 120 kilometers south of Jeddah.Daelim will design, build and operate the plant, it added.The SEC’s power plant project is aimed
Central bank warns of foreign capital outflows

Oct 30, 2011

South Korea’s central bank warned Sunday that foreign capital could flee the country if eurozone debt woes spread into a banking crisis and the U.S. economy sharply slows.“As uncertainty in global financial markets rises, there is a possibility that foreign capital flows will become unstable,” the Bank of Korea said in its semi-annual financial stability report.“In particular, if the eurozone debt crisis hit the region’s banks, thereby accelerating their deleveraging, and the U.S. economy fast c
Shinsegae Group chief’s Twitter account hacked

IndustryOct 30, 2011

Shinsegae Group vice chairman Chung Yong-jin’s Twitter account appears to have been hacked by an unknown entity. The hacker sent commercial tweets and spam messages to more than 119,000 of Chung’s followers and even changed the account ID to “@Acaiberry56” from “@yjchung68.”The vice chairman was not aware of the incident until he checked his account the next day on Oct. 29, according to news reports.About an hour after Chung’s explanation, an anonymous Twitter user joined the website again with
Business sentiment falls for November

Oct 30, 2011

South Korea’s business sentiment for November fell from a month earlier due to growing global double-dip recession concerns, a poll showed Sunday.The monthly business survey index for the upcoming month came in at 96.4, down five points from the 101.4 forecast for October, according to the survey by the Federation of Korean Industries, the lobbying group of the country’s large businesses.The figure marks the second lowest BSI number this year after the 96.3 reading tallied for September, and the
Hanwha to operate leisure resort in China

IndustryOct 30, 2011

Hanwha China is to go into the hot-spring resort business in China in collaboration with a local company, Hanwha Group announced Sunday.Hanwha China is the Korean conglomerate’s subsidiary in charge of its operations in China.According to the conglomerate, Hanwha China signed a memorandum of understanding with China’s Yida Group to establish a joint venture for building and operating a leisure resort compound within the Longmen complex in Dalian, Liaoning Province. The Longmen complex is a 265-s
Hyundai, Kia to see sales top 7m next year

Oct 30, 2011

Hyundai Motor Co. and its affiliate Kia Motors Corp. are likely to see their combined sales exceed 7 million units next year on the back of improved brand images, production quality and increased capacity, analysts said Sunday.For this year, South Korea’s top duo of carmakers expect to sell a combined 6.5 million units with Hyundai Motor posting sales of 4 million units. But they warned last week that they may face increased competition with foreign rivals and unfavorable business conditions dow