The Korea Herald

Major shake-up expected at Samsung at year’s end

Sept 26, 2011

Samsung LED, one of the industrial group’s underperforming affiliates, is expected to see many of its executives pack their bags amid speculation that the company will be merged with the semiconductor division. Among the 30 or so executives, nearly half are expected to be given the pink slip, industry sources told The Korea Herald. They said the decision was made following a recent group-wide au...
Samsung introduces two 4G smartphones in Korean market

Sept 26, 2011

Samsung Electronics Co., the world’s second-largest mobile-phone maker, released two new smartphones here on Monday as global mobile operators move to faster fourth-generation networks. Samsung is confident that sales of the two new Galaxy handsets compatible with long-term evolution technology will exceed shipments of its previous smartphones, a company representative said. “Sales of the LTE s...
Asiana resumes flights to Sendai

Sept 26, 2011

Asiana Airlines reopened the route to Japan’s Sendai Airport on Sunday. The route was suspended in March after Japan was hit by a series of natural disasters. The resumed flight will be traveling from Incheon to Sendai Airport three times a week, every Tuesday, Thursday and Friday. The March earthquake mainly affected Kanto and Tohoku regions and caused Sendai Airport to temporarily halt opera...
Osstem Implant fined for illegal rebates

Sept 26, 2011

The Fair Trade Commission said Monday that it has fined three dental equipment makers 127 million won ($106,000) for giving illegal rebates. It is the first time that the state-run antitrust regulator has found illegal marketing practices prevalent in the medical equipment market as well as in the pharmaceutical industry. The three companies were Osstem Implant, Shinhung and Neobiotech, all maj...
Online tax paying system lacks security: lawmaker

Sept 26, 2011

A lawmaker on Monday alleged that HomeTax, the government’s online tax payment system, is exposed to the threat of hacking and lacks adequate security. Currently, about 5.22 million Korean taxpayers, most of them business owners, are using the system due to benefits such as tax cuts. According to Rep. Lee Yong-sup of Democratic Party, most people run private tax management programs on their com...
Korea to become ninth in world with $1tr trade

Sept 26, 2011

Trade volume growth sets important precedent for developing nations South Korea’s trade volume reaching $1 trillion is a miracle that has significance not only for Korea but for developing countries, Korea International Trade Association chairman SaKong Il said Monday. With Korea’s trade volume, including exports and imports, expected to surpass $1 trillion won this year, Korea is set to become ...
Major reshuffling expected at Samsung at year’s end

Sept 26, 2011

Executives at Samsung LED, Samsung Mobile Display expected to pack their bags Samsung LED, one of the industrial group’s underperforming affiliates, is expected to see many of its executives pack their bags amid speculation that the company will be merged with the semiconductor division. Among the 30 or so executives, nearly half are expected to be given the pink slip, industry sources told The...
China launches gold vending machine

Sept 26, 2011

BEIJING (AFP) - China, already the world's second largest bullion consumer, has installed the country's first gold vending machine in a busy shopping district in Beijing, state media said Sunday. Shoppers in the popular Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices, the People's Daily said on its website. Each withd...
10m Galaxy S II handsets sold

Sept 25, 2011

South Korea’s Samsung Electronics, the world’s second-largest mobile phone maker after Nokia, said Sunday it had sold 10 million Galaxy S II smartphones worldwide since the device debuted in April. Sales of the new model, an upgraded version of the firm’s flagship smartphone, had doubled in two months after hitting the five-million mark in July, the company said. The new device was released loc...
LG to invest 8 trillion won in eco-friendly projects

Sept 25, 2011

LG Group said it would push green energy business forward on a strategy titled “Green New Business.” Under the plan, the country’s second-biggest conglomerate aims to generate 10 trillion won ($8.5 billion) in revenue from green business by 2015, and become a leader in the electric vehicle parts, photovoltaic, and sewage treatment sectors. LG said it will invest about 8 trillion won in green pro...
Regulator to toughen rules on inter-trading by subsidiaries

Sept 25, 2011

Companies doing business here will face tougher rules on inter-subsidiary dealings from as early as the end of December, antitrust authorities said Sunday. The Fair Trade Commission on Sunday put a revision to the antitrust law on public notice with an aim to step up its vigilance on illegal inter-affiliate trade. Currently, 217 companies should disclose the details of their in-house transactio...
Asiana sponsors Yeosu Expo

Sept 25, 2011

Asiana Airlines signed on as an official sponsor of International Exposition Yeosu Korea 2012 on Sunday. A contract making Asiana Airlines an official sponsor was signed by the company’s chief executive Yoon Young-doo and chief of the Organizing Committee for Expo 2012 Yeosu Korea Kang Dong-suk at the Asiana Airlines lounge in Incheon International Airport on Sunday. The Expo 2012 Yeosu Korea w...
Korean retailers aim to cash in on Chinese golden week

Sept 25, 2011

Korean retailers are launching promotions to target Chinese golden week, which starts Saturday. Industry sources expect that more than 2 million Chinese people will travel abroad during the seven-day holiday starting on Oct. 1, China’s national foundation day. With tens of thousands of Chinese tourists expected to visit Korea during the period, major department stores are seeking to bounce back...
KEPCO to develop measures to prevent power outage

Sept 23, 2011

Korea Electric Power Corp. will seek to introduce a regulation for controlling electricity consumption when demand spikes. At the parliamentary audit on Friday, the power company said it will push to have such a measure included in related laws in order to prevent recurrences of the nationwide power shortage on Sept. 15. KEPCO said the proposed regulation will require its customers to set targe...
Korea braces for semiconductor slump

Sept 23, 2011

Samsung chief calls for technological advancement to weather tough conditions The global semiconductor industry is far from looking fine, and this spells trouble for Korea where some of its most high-tech companies such as Samsung Electronics and Hynix Semicondutor depend on semiconductors for revenue. Mounting fears of yet another global recession are dampening the demand for electronic produc...