The Korea Herald

Chip exports may reach $52.5b in 2011

IndustryJan 31, 2011

Korea’s computer chip exports are expected to reach $52.5 billion in 2011, fueled by greater overseas demand for system semiconductors, the government said Monday. The total represents a growth of 3.5 percent compared to the previous year, with outbound shipments of system semiconductors used to make products like smartphones and tablet PCs expanding 18.7 percent on-year to $19.1 billion, the Mi...
China seeks maximum fine for Carrefour

IndustryJan 31, 2011

SHANGHAI (AFP) ― China price regulators are seeking to fine French retail giant Carrefour 2.5 million yuan ($380,000) ― the maximum fine for overcharging customers, state media reported Sunday. Municipal regulators fined three Carrefour stores in Shanghai and two in southwest China’s Yunnan province 500,000 yuan each on Saturday, the official Xinhua news agency reported. However, the final fine...
Korean Air faces price-fixing probe

Jan 31, 2011

The antitrust regulator is investigating Korean Air and Mongolian Airlines for possible price fixing for their services between Incheon and Ulaanbaatar, sources said Wednesday. Since October, the Fair Trade Commission has been looking into their ticket prices which are about 30 percent higher than those on routes of a similar distance, they said. Only the two airliners have been running the ser...
20 conglomerates face fines for abuse of suppliers, contractors

Jan 31, 2011

About 20 large businesses will face hefty fines for mistreating their suppliers over the next six months, Fair Trade Commission Chairman Kim Dong-soo said. The antitrust regulator has been conducting an extensive inquiry into 40 large companies since last year. In a media interview, he said about half of them were found to have been involved in wrongdoings including unfair pricing and arbitrary ...
Korea looks to investment from emerging countries

Jan 31, 2011

The government is looking to China and other cash-rich emerging countries to invest in Korea’s fast-growing energy, technology and service sectors. The Ministry of Knowledge Economy said Monday that Korea aims to draw more than $15 billion in foreign direct investment this year. It marks a 15 percent increase from a record-high $13 billion that arrived last year. To achieve the goal, the govern...
Industrial output grows 9.8% in Dec.

Jan 31, 2011

Data shows recovery on track, adds pressure for rate increase Korea’s industrial output grew for the 18th straight month in December, suggesting the economic recovery remains on track and adding to the case for the central bank to raise borrowing costs again. According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 9.8 percent last month from t...
Wrap accounts may double

Jan 31, 2011

Individually tailored equity portfolios may double in Korea this year as investors shift cash from index-tracking mutual funds, advisory firm Korea Creative Investment said. Brokerages sold $1.2 billion of products to individual investors based on Korea Creative’s stock picks within a month of the company starting business Dec. 13, Seo Jae-hyeong, chief executive officer of the Seoul-based firm,...
KEPCO narrows loss on higher prices, won

IndustryJan 31, 2011

Korea Electric Power Corp., the country’s biggest electricity producer, posted a narrower fourth-quarter loss after the government allowed power prices to increase for the first time in more than a year and a stronger won cut the cost of its foreign-currency loans. The loss shrank to 18.2 billion won ($16.2 million) in the three months ended Dec. 31 from a deficit of 336.4 billion won a year ear...
S-Oil assists scientific research

IndustryJan 31, 2011

S-Oil Corp., Korea’s third-largest oil refiner, established a scholarship foundation Monday to support science studies and research, the firm said. The S-Oil Science Prodigy and Culture Foundation will offer scholarships to outstanding science or engineering university students and fund research institutes’ projects. The firm will invest 2.1 billion won ($1.8 million) in the foundation this year...
Hyundai Heavy delivers a record 1,700th ship

IndustryJan 31, 2011

Hyundai Heavy Industries Co. has delivered its 1,700th vessel, becoming the world’s first shipyard to pass the milestone figure, the firm announced Monday. The shipyard’s 1,700th vessel, a car carrier capable of loading 8,100 vehicles, was delivered to the Seoul-based EUKOR Car Carriers Inc. EUKOR Car Carriers is one of the world’s largest shipping firms specializing in automobile transportatio...
KT’s new broadcast satellite begins operation

IndustryJan 31, 2011

Olleh-1 satellite allows high-definition images and 3-D programs KT Corp is to begin offering commercial high-definition digital images and 3-D programming services after its new broadcast satellite entered geostationary orbit earlier last month, the company said Monday. The Olleh-1 satellite has also successfully taken on the services formerly provided by broadcast and communication satellite ...
Japan industrial output gains most in 11 months

IndustryJan 31, 2011

Japan’s industrial production increased the most in 11 months in December, boosted by overseas demand that’s spurring the nation’s recovery. Factory output climbed 3.1 percent from November, when it rose 1 percent, the Trade Ministry said in Tokyo Monday. The median estimate of 29 economists surveyed by Bloomberg News was for a 2.8 percent gain. Honda Motor Co. and Nissan Motor Co. are among co...
S. Korean memory chipmakers see DRAM price rebound in Q1

TechnologyJan 31, 2011

Plunging prices of dynamic random access memory (DRAM) chips, a key component in personal computers, have hit the bottom line and will rebound soon, senior officials from Samsung Electronics Co. and Hynix Semiconductor Inc. said Monday. The remarks from Kwon Oh-hyun, president of Samsung's semiconductor division, and Kwon Oh-chul, Hynix's chief executive officer, come after DRAM devices for PCs ...
Seoul shares plunge on Egyptian unrest

Jan 31, 2011

South Korean stocks ended 1.81 percent lower on Monday as foreigners dumped shares amid growing concerns over political protests in Cairo, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 38.14 points to 2,069.73. Trading volume was moderate at 316.9 million shares worth 7.29 trillion won ($6.5 billion), with l...
Financial firms to feel limited impact from Egyptian riots: watchdog

Jan 31, 2011

Anti-government protests in Egypt will likely have a limited impact on South Korean financial companies in light of their minimal exposure to the North African country, the financial regulator said Monday. As of the end of September, domestic financial companies owned no securities of or loans to Egypt and their borrowing from the country reached only US$6 million, the Financial Supervisory Serv...