The Korea Herald

LG aims for two-digit growth in home appliances this year

IndustryJan 12, 2012

LAS VEGAS ― An executive at LG Electronics said the company plans to record two-digit growth in home appliances this year and gain product leadership in smart appliances. “We reached a two-digit growth rate last year and we expect to do so again this year,” said Shin Moon-bum, executive vice president of the firm’s home appliances division. “The most important strategy that should be pursued by...
HanmiGlobal acquires environmental consulting firm

IndustryJan 12, 2012

HanmiGlobal Co., a Korean construction management firm, has agreed to take over local environmental consulting provider Ecosian Co. to shore up its charge into the fledgling industry, officials said Thursday. Under a deal signed Tuesday, HanmiGlobal and its chairman Kim Jong-hoon each will buy a 30 percent share in unlisted Ecosian for 2 billion won ($1.73 million). Ecosian chief executive Eun J...
Hyundai Motor chief pledges support for Yeosu Expo

IndustryJan 12, 2012

Chairman Chung says the event will be the best-ever marine expo Hyundai Motor Group chairman Chung Mong-koo on Thursday pledged continued support for the 2012 Yeosu Expo during his visit to the southern coastal town four months ahead of the fair’s opening. Hyundai Motor, one of the biggest sponsors of the expo, will provide cars for the three-month-long expo that kicks off on May 12 and open an...
Citigroup CEO to visit Korea early next month

Jan 12, 2012

Pandit may meet with regulatory officials to discuss investment Citigroup Inc. chief executive Vikram Pandit plans to visit Seoul early next month as part of the global investment bank’s expansion policy in Asia, a source said Thursday. “On the occasion of the U.S.-based financial group’s 200th anniversary of its foundation, CEO Pandit will pay a visit to Korea and several other Asian countries...
Samsung, LG fined for fixing prices of home appliances

IndustryJan 12, 2012

The state-run antitrust watchdog said Thursday that it has fined local electronics rivals Samsung and LG for fixing the prices of key home appliances. Samsung was fined 25.81 billion won ($22.28 million) and LG 18.83 billion won, according to the Fair Trade Commission. As part of the regulator’s leniency program for first and second declarers, one of the companies will be exempt from the fines,...
Shares rise 1.03% on eased eurozone fears

Jan 12, 2012

South Korean stocks closed 1.03 percent higher on Thursday as investors snapped up shares on eased eurozone debt woes and signs of moderate U.S. economic growth, analysts said. The local currency inched up against the U.S. dollar. The benchmark KOSPI gained 19.02 points to 1,864.57. Trading volume was heavy at 470.8 million shares worth 5.31 trillion won ($4.57 billion) with gainers outstripping...
Foreign direct investment inflows up 4.6% in 2011

Jan 12, 2012

Foreign investment in Korea grew a healthy 4.6 percent last year as an inflow of capital from rich countries sharply rose despite persistent uncertainties in the global economy. Foreign direct investment was $13.67 billion last year, up from $13.07 billion in 2010, the Ministry of Knowledge Economy said Thursday. The spike mainly resulted from robust investments by the European Union, the U.S. ...
Hyundai Motor tops U.S. brand loyalty survey

IndustryJan 12, 2012

Hyundai Motor Co. topped customer loyalty in the U.S. car market with the highest repurchase rate in 2011, a survey by the country’s biggest consumer research company J. D. Power said Thursday. Hyundai Motor released a statement detailing the survey from J. D. Power and said it surpassed the customer loyalty of BMW, Mercedes Benz, Lexus and other brands with a repurchase rate of 64 percent. Ford...
Minister stresses ongoing campaign to tackle school violence

Social affairsJan 12, 2012

Lee urges preventive education, active response; vows to step up college reforms The start of 2012 was hectic for Education Minister Lee Ju-ho, after a spate of student suicides widely blamed on school bullying. Determined to root out recurrent school violence, Lee pledged to make sweeping changes to how schools and society deal with it. For the past few weeks, he has been busy collecting ideas...
Chairman of suspended savings bank commits suicide

Social affairsJan 12, 2012

The chairman of a suspended savings bank died early Thursday of an apparent suicide after being summoned by prosecutors investigating irregularities at several troubled savings banks. Ace Mutual Savings Bank chairman Kim Hak-heon lost consciousness in a hotel room in southern Seoul after taking sleeping pills earlier in the day, prosecutors said. He was rushed to a nearby hospital, where he was ...
Ex-KBS chief cleared of embezzlement charges

Social affairsJan 12, 2012

The Supreme Court on Thursday upheld a lower court’s judgment and cleared a former chief of the state-run Korean Broadcasting System of breach-of-trust charges. The final ruling cleared Jung Yun-joo of charges he caused nearly 190 billion won ($164 million) in losses for the state broadcasting firm by withdrawing a tax-dispute suit that could have given the firm a massive tax refund. Prosecutor...
N.K. says Kim Jong-il’s body to lie in mausoleum

North KoreaJan 12, 2012

North Korea said Thursday the body of late leader Kim Jong-il will lie in state permanently at a mausoleum and his February birthday will be instituted as the “Day of the Shining Star.” The North also said it will erect Kim’s statue and portraits and build towers across the country in what could be an attempt to strengthen his personality cult and justify the dynastic power succession of his son...
Eldest brother casts doubts on new N. Korean leader’s grip on power

North KoreaJan 12, 2012

TOKYO (Yonhap News) -- The eldest brother of North Korea’s new leader Kim Jong-un has expressed doubts about his half-sibling’s hold on power, anticipating the ruling elite to extend their influence over the communist country, a Japanese newspaper said Thursday. Kim Jong-nam told the Tokyo Shimbun in an e-mail sent on Jan. 3 that he has “doubts about how a young successor with some two years (of...
Hackers target soldiers

DefenseJan 12, 2012

South Korean military officials are being targeted by hackers using e-mails with North Korea-related attached files. According to local news reports, South Korean military officials have been receiving e-mails containing attached files with titles related to North Korea or Seoul-Washington relations. One e-mail contains a file with a title that suggests it is an analysis of North Korea’s New Ye...
P.M. Kim visits Middle East amid Iran crisis

Foreign affairsJan 12, 2012

China, Japan quickly move to secure alternative oil suppliers in case of oil embargo on Iran Prime Minister Kim Hwang-sik left the country Thursday to visit Oman and the United Arab Emirates on a trip that will last until Thursday, as Korea seeks alternatives to Iranian oil. The government is reportedly reviewing plans to reduce oil imports from Iran to 2010 levels while seeking an exemption fo...