Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Housing, education costs crippling growth: McKinsey
The Korean economy is likely to underperform unless the burden of excessive education and housing costs is relieved, according to McKinsey Global Institute’s latest report.“Korea needs to reboot and make some fundamental changes to go to the next level. It’s like a high-performing Formula One racer making a much-needed pit stop to stay ahead of the rest and come out on top,” said Choi Won-sik, director and chief of McKinsey & Company’s Seoul office who co-authored the report.Titled “Beyond Korea
April 14, 2013
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Major firms dither over new facility investment
Lingering economic jitters here and abroad are holding back major conglomerates in South Korea from making new facility investment, as a weaker yen and North Korean risks have aggravated uncertainties, industry sources said Sunday.According to company officials, Samsung Electronics Co., South Korea’s tech giant, has not made a single new facility investment this year. The world’s largest mobile phone maker said it decided not to disclose its investment plan for this year, citing market uncertain
IndustryApril 14, 2013
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Bark enters second round of competition for top WTO post
Former Trade Minister Bark Tae-ho entered the second-round competition for the post of the World Trade Organization director-general, according to the Ministry of Trade, Industry and Energy.“The WTO announced on Friday that Bark passed the first-round competition for WTO’s top post with four candidates from Indonesia, Mexico, Brazil and New Zealand,” the ministry said. Four of the nine candidates from Jordan, Ghana, Kenya and Costa Rica were dropped in the first round. The WTO will select the f
IndustryApril 14, 2013
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Woori Financial chief Lee offers to resign
Woori Financial Group said Sunday that its chairman Lee Pal-seung expressed his willingness to resign before the end of his term. Lee, regarded as a close confidant of former President Lee Myung-bak, has been under pressure to step down from his high-profile post under the new government.In a statement, the outgoing chairman said he hopes that “privatization of Woori Financial would be achieved as soon as possible for the development of the nation’s financial industry.” Lee also said he did his
April 14, 2013
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BMW adds currency hedges with VW to mitigate volatility
Bayerische Motoren Werke AG and Volkswagen AG increased their currency hedging in 2012 to reduce the risk that foreign-exchange market swings would harm revenue, according to annual reports from the German carmakers. BMW, the world’s biggest maker of luxury cars, raised its protection in foreign-exchange markets by 39 percent from the previous year to 36 billion euros ($47 billion), according to the report published on March 19. Volkswagen, Europe’s biggest automaker, boosted hedges by 27 percen
MobilityApril 14, 2013
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GM outsells VW in China for 1st time in Q3
General Motors Co. outsold Volkswagen AG in China for the first time in three quarters, helped by growth in demand for Buick vehicles. Volkswagen, which unlike GM includes Hong Kong and Macau in its China figures, today reported first-quarter sales in China climbed 21 percent to about 770,000 vehicles. That’s 5.7 percent fewer than the deliveries reported by GM last week. The results give Detroit-based GM a head start as it seeks to keep its lead ― on an annual basis ― among foreign automakers i
MobilityApril 14, 2013
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A Porsche dream come true
Seoul may not be the perfect place to drive a Porsche, especially so for German car buffs who enjoy driving at face-peeling speeds on the autobahn. But Stuttgart Sports Cars CEO Michael Vetter, a German with a love for speed, says Porsche owners are creative enough to find ways to drive their cars up to their limits.“If you just drive half an hour outside the city, Korea has beautiful scenery to offer. For example, Namhansanseong (the ancient fortress) has beautiful, winding roads and views if y
MobilityApril 14, 2013
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Samsung Electronics shares may take a hit in Q2: analysts
Shares of South Korea's tech heavyweight Samsung Electronics Co. may take a hit some time before the second half of this year, stoking concerns the local stock market could reel from the fall, if realized, given the company'sbig market proportion, analysts said Sunday. Shares of the world's largest mobile phone maker closed at 1,517,000 won (US$1,342) on Friday, down 1.49 percent from the previous session, according to the Korea Exchange (KRX). The market bellwether had dropped to the 1,180,0
April 14, 2013
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Builders face big restructuring amid dim earnings outlook
Fears of a massive restructuring are again lingering in the local construction industry as leading contractors are known to have logged steep losses in the first quarter amid a protracted industry downturn, data showed Sunday. The combined operating profit of eight listed construction companies here is estimated at 197.7 billion won (US$174.9 million) for the January-March quarter, down 75.2 percent from a year ago, according to the data compiled by local corporate information tracker FnGuid
April 14, 2013
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Executive paychecks average W1.2b
Registered executives at South Korea’s top 20 conglomerates received an average of 1.22 billion won ($1 million) in annual salary in 2012, data showed Friday.CEOSCORE, a Web site that tracks conglomerates as well as financial firms and state-run companies, released the figures based on its analysis of 448 registered executives at 136 non-financial listed companies affiliated with the country’s top 20 business groups.The Web site said 77 out of 136 companies paid 1.3 billion won on average to the
IndustryApril 12, 2013
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KOSPI to reach 2,000 mark in two weeks: analysts
Korea’s benchmark KOSPI index is expected to gradually rebound toward the 2,000 mark in about two weeks, as few downside risks remain that can undermine investor sentiment in the short term, analysts said.“We expect to see a gradual rebound in share prices. I think it will be possible (for the KOSPI) to reach 2,000 in the short term of one to two weeks,” said Samsung Securities analyst Kwak Joong-bo. The KOSPI fell from 2,004.89 on March 29 and has yet to recover. He added that most negative fac
April 12, 2013
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FEZ approves tax break for Hyundai Cummins
South Korea’s free economic zone committee on Friday approved FEZ incentives for Hyundai Cummins Engine Co. that will offer various tax incentives to the joint venture for up to 15 years.Under the decision, the company will be completely exempt from the corporate tax for five years following the start of its business here, and then be given a two-year grace period during which it will have to pay only half of its corporate tax. It will also have its acquisition and property taxes exempt or reduc
IndustryApril 12, 2013
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French national indicted for share price rigging
A French national has been indicted on charges of manipulating stock prices and inflicting losses of nearly $9 million on hundreds of South Korean investors, prosecutors said Friday.According to the prosecution, the employee at the Hong Kong branch of a French investment bank is accused of rigging the price of a South Korean telecommunications company in June 2008 in a bid to block the early redemption of equity-linked securities sold to local investors.ELS refers to hybrid debt securities whose
IndustryApril 12, 2013
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Coffeehouse sales up 20 percent
Sales of major coffee franchises operating in South Korea moved up 20 percent in 2012 from a year earlier, while their operating profits dropped due to the rising competition, data showed Friday.The combined sales of the country’s six major coffeehouse chains came to 893.7 billion won ($791.2 million), compared to 743.2 billion won tallied a year earlier, according to the data by the Financial Supervisory Service.Starbucks Coffee Korea Co. posted the largest gain, with its sales advancing 31.1 p
IndustryApril 12, 2013
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Galaxy Mega unveiled in Europe
Samsung Electronics on Thursday unveiled the new smartphone Galaxy Mega, which features its largest size 6.3-inch display screen, for the European market.The world’s top mobile phone maker said the new addition to the Galaxy smartphone lineup would be rolling out in Europe and Russia beginning next month. However, it has yet to determine whether the model will be available in Korea.According to Samsung officials, the new device, which comes with dual-core mobile processors, combines the portabil
IndustryApril 12, 2013
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Galaxy S4 to get wireless charging feature
Samsung Electronics Co. is set to add a wireless charging feature to the Galaxy S4, its latest flagship device waiting to be launched later this month, a company official said.The Galaxy S4 is set to use Qi wireless technology, a standard approved by the Wireless Power Consortium for inductive electrical power transfer over distances up to 4 centimeters.Samsung Electronics is a member of the consortium on wireless charging technology, which includes over 100 manufacturers such as South Korea’s L
IndustryApril 12, 2013
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U.S., global economy likely to weigh on Korea
Korea is expected to face an uphill recovery toward the trend of 4 percent growth on lower economic prospects of the U.S., one of Korea’s top trading partners.The U.S. is expected to grow 1.7 percent this year, down from the International Monetary Fund’s initial forecast of 2 percent, according to the fund’s draft on the global economic outlook obtained by Bloomberg.The report, due to be released next week, said that the across-the-board spending cuts in the U.S., also known as the sequester, wi
April 12, 2013
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Kerry underscores alliance at AMCHAM meeting
U.S. Secretary of State John Kerry on Friday underscored the strong partnership between Korea and the U.S. in a rare meeting with the foreign business community to reassure companies that have shown rising concern for the high-strung inter-Korean ties. Adding that President Obama “does not bluff,” he stressed that the U.S. would continue to press for a peaceful resolution to the North Korean situation. Kerry also reiterated Washington’s commitment to talking Beijing into helping resolve Seoul’s
IndustryApril 12, 2013
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Seoul shares fall 1.31 pct on Q1 earnings woes
South Korean stocks closed 1.31 percent lower Friday due to the rising concerns over listed firms' first-quarter earnings, analysts said. The local currency closed flat against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) shed 25.57 points to finish at 1,924.23. Trading volume was moderate at 399.7 million shares worth 4.9 trillion won ($4.34 billion) with decliners outpacing gainers 417 to 393."The local stock market lost ground due to the rising concerns over the first
April 12, 2013
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"Libya frees S. Korean man held for spreading Christianity"
Libya has released a South Korean man two months after he was detained for allegedly being involved in Christian missionary work in the Libyan city of Benghazi, a Seoul official said Friday. The man, who is only identified by his surname Lee, was arrested on Feb. 10, along with three other foreign nationals, on suspicion of being a Christian missionary and distributing books about Christianity."Lee was released on April 11," the foreign ministry official said on the condition of anonymity. South
TechnologyApril 12, 2013