The Korea Herald

POSCO to acquire Southeast Asia’s largest stainless steel maker

Jul 7, 2011

POSCO announced Thursday that it signed a share purchase agreement to acquire controlling stakes in the Thai stainless steel maker ThaiNox. ThaiNox is Southeast Asia’s largest stainless steel maker and currently produces about 240,000 metric tons of cold rolled stainless steel on an annual basis. POSCO currently holds a 15 percent stake in the company, and the latest deal will see the steel gia...
Samsung Electronics’ Q2 earnings fall 26.1%

Jul 7, 2011

Source: Samsung Electronics (Yonhap News) Samsung Electronics on Thursday was on par with market forecasts with the announcement that its tentative second quarter operating profit stood at 3.7 trillion won ($3.4 billion), down 26.1 percent from the previous year. Sales rose 2.93 percent from the second quarter of 2010 to reach 39 trillion won to record a 5.43 percent increase from the first qua...
KRIHS, World Bank sign deal for urban development

Jul 7, 2011

Korea Research Institute for Human Settlements President Park Yang-ho (right) and the World Bank Group’s manager of the urban development unit Abha Joshi-Ghani, after signing an agreement to exchange resources on sustainable urbanization. (KRIHS) The Korea Research Institute for Human Settlements, a state-run think tank, said Thursday it has forged an agreement with the World Bank Group to share...
FTA to cut cosmetics, medical prices

Jul 7, 2011

Competition is set to become intense between cosmetics and medical equipment firms in Korea and the European Union after the two regions’ free trade agreement came into effect on July 1. Though it will take up to seven years until all the tariffs are eliminated, Korean manufacturers are stoking fears that cheaper European products will erode their competitiveness in the market. European leaders...
‘Apple to unveil new iPhone in third quarter’

Jul 7, 2011

Shoppers enter the Apple Inc. Store on Fifth Avenue in New York. (Bloomberg) NEW YORK (AFP) ― Apple plans to launch its next-generation iPhone during the third quarter of the year, The Wall Street Journal reported on Wednesday. The newspaper, citing “people familiar with the situation,” said Apple has placed orders for key components to used in the new version of the iPhone and that it would be...
Auto industry on hiring spree in U.S.

Jul 7, 2011

In two years since brush with death, auto industry has added jobs faster than rest of economy DETROIT (AP) ― Volkswagen opened a plant in Tennessee last month with 2,000 workers. Honda is hiring 1,000 in Indiana to meet demand for its best-selling Civic. General Motors is looking for 2,500 in Detroit to build the Chevy Volt. Two years after the end of the Great Recession, the auto industry is h...
LG Electronics cuts smartphone target by 20 pct

Jul 7, 2011

LG Electronics Inc., the world's third-largest maker of mobile phones, said Thursday that it expects to sell 24 million smartphones this year, 20 percent fewer than its earlier target, as competition in the lucrative handset market intensifies. The reduced sales target may complicate LG's efforts to revive its money-losing mobile business, which is expected to report a fifth straight quarterly l...
SKT, STX bid for Hynix

Jul 7, 2011

SK Telecom and STX Group have submitted letters of intent to acquire Hynix Semiconductor. Friday marked the deadline for a sale broker’s receiving LOIs for a 15 percent stake, whose value ranges between 2.34 trillion won ($2.18 billion) between 2.74 trillion won, in the world’s 2nd-largest semiconductor firm. According to industry sources, SK Telecom has the strong willingness that it “would no...
Three global firms bid for E-Mart Chinese operations

Jul 7, 2011

By Cho Ji-hyun Three well-known global companies are taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As. Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take over E-Mart’s Shanghai operations and that the play...
Corporate Korea efforts for PyeongChang paid off

Jul 7, 2011

The collective effort from the local corporate sector played a pivotal role in giving PyeongChang its long-coveted wish of hosting the 2018 Winter Olympics. ####Caption IOC member and Samsung Group chief Lee Kun-hee (front) and Bid Committee and Hanjin Group chairman Cho Yang-ho visit the Durban Riverside Hotel on Monday, where the Korean delegation is staying to promote PyeongChang’s bid to ho...
SK Group’s Chey family hit by series of scandals

Jul 6, 2011

A member of SK Group’s Chey family is once again under the scrutiny of the investigative authorities, adding to the growing list of suspect goings on at the country’s third largest conglomerate. In the latest investigation involving a member of the Chey family, prosecutors have banned vice chairman Chey Jae-won from leaving the country as they look into the allegation that he has slush funds amo...
KT expands campaign for mutual growth with vendors

Jul 6, 2011

KT Corp. chairman Lee Seok-chae (third from left) and IT firms’ executives attend a ceremony to vow mutual growth in Seoul on Wednesday. (KT) KT Corp., the nation’s largest fixed-line carrier, on Wednesday offered support and encouragement for its vendors at a forum it held for IT sector executives. KT said it would provide up to 1,000 free patents to its partner firms to help them offer better...
Hyundai Steel bets on excavator parts

Jul 6, 2011

Continuous tracks. (Hyundai Steel) Hyundai Steel is upping the ante in its earth-moving equipment parts business as it seeks to meet surging demand for excavators in emerging markets. Korea’s second-largest steel mill said Wednesday it plans to pour 94.4 billion won ($88.6 million) this year alongside its suppliers into a project to establish facilities for components such as continuous tracks,...
Twitter said to be valued at $7 billion

Jul 6, 2011

Twitter Inc. logos are displayed on computer screens. (Bloomberg) Twitter Inc., the microblogging site that lets users post 140-character messages, is raising funding that values the startup at about $7 billion, said a person with knowledge of the matter. The San Francisco-based company is in talks with investors to receive hundreds of millions of dollars, said the person, who asked not to be n...
3 global firms eye E-Mart’s units in China

Jul 6, 2011

Wal-Mart, Tesco, Ren Ren Le to be likely bidders: source Three well-known global companies have been taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As. Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take ove...