The Korea Herald

LS Cable & System improves daily lives

First, I would like to give special thanks to the judges for offering LS Cable & System a grand prize for The Korea Herald Advertising Award.LS Cable & System is a leading provider of electricity supply equipment and infrastructure for communication, which are crucial foundations to modern industries. As one of the top 3 global cable companies, we hold the world’s best technology in the industry through the development of submarine cables and high temperature superconducting cables. Both product

IndustryOct. 31, 2011

KB Financial Group embraces change in ad

It is a great honor for KB Financial Group to be honored by the 12th Korea Herald Advertising Awards, organized by the country’s biggest English-language daily newspaper. The ad that has been recognized at the annual awards captures the honors KB Financial Group has secured and the group’s corporate symbol in a manner that stresses its resolve to remain at the top in the financial industry in Korea. At the same time, the ad showcases the group’s push for transparent and sound management to bette

Oct. 31, 2011

KB Financial Group embraces change in ad

Tetra Pak seeks sustainable growth through innovation

Swedish company calls Korea a small but fast-growing market for dairy productsPARMA/MODENA, Italy -- Speaking at the World Dairy Summit on Oct. 16 in this Italian city of Parma, Dennis Jonsson, president and CEO of Tetra Pak, pinpointed three key factors that have transformed the global dairy industry over the past 60 years.He said the world population has almost tripled; consumers have higher expectations about health and well-being; and they have become more environmentally conscious. “These

IndustryOct. 31, 2011

Tetra Pak seeks sustainable growth through innovation

Hyundai Heavy, Asan Medical team up for hospital robotics

Hyundai Heavy Industries Co. and Asan Medical Center will collaborate in developing medical robots and equipment.The agreement to collaborate in the field was signed in Seoul on Monday.“Medical robots are essential for providing the best medical services, and (the company) plans to expand their application to brain and spine surgery in the future to become a world leader in medical robotics,” Hyundai Heavy Industries senior executive vice president and CEO Kim Oi-hyun said at the signing ceremon

IndustryOct. 31, 2011

Hyundai Heavy, Asan Medical team up for hospital robotics

STX Offshore to participate in Canadian ship project

South Korea’s STX Offshore & Shipbuilding Co. said Monday its Canadian unit will participate in an Ottawa government-led 36 trillion won ($32.7 billion) project to build a large fleet of ships.STX Canada Marine Inc. will sign a formal contract with Canada’s Seaspan Corp. to jointly build non-combat ships including support ships, ice breakers and sea exploration vessels, STX Offshore & Shipbuilding said.The construction of the non-combat vessels is estimated to be worth 9 trillion won, but STX Of

Oct. 31, 2011

Koreans’ Internet banking use up 1.4% in Q3

The use of Internet banking in South Korea accelerated in the third quarter from three months earlier as more people conducted financial transactions online, the central bank said Monday.Online banking transactions reached an average of 38.7 million per day in the July-September period, up 1.4 percent from the previous quarter, according to the Bank of Korea.The third-quarter data valued at 32 trillion won ($29.1 billion) quickened from a 0.8 percent expansion tallied in the second quarter. The

Oct. 31, 2011

Manufacturing sentiment drops to more than 2-year low

South Korean manufacturers’ business confidence for November fell to an over 2-year low as dimmer global economic prospects heightened uncertainty, the central bank said Monday.The index of manufacturers’ outlook on business conditions reached 82 for November, down from 86 tallied for October, according to the Bank of Korea. The index measures manufacturers’ expectations for the coming month.The November outlook marked the lowest level since the index came in at 80 for August 2009.A reading belo

Oct. 31, 2011

Credit card spending jumps in first half

Proportion of credit card purchases to household spending surpasses 60%Korea’s credit card spending jumped nearly 10 percent on-year to 261.7 trillion won ($237.5 billion) in the first half of this year, data showed Monday, amid concerns that a credit card bubble might be in the offing again. The latest data from credit card companies suggests that the total spending through plastic would top 500 trillion won by year-end. The figure was 493.8 trillion won last year, and 622 trillion won in 2002,

Oct. 31, 2011

Credit card spending jumps in first half

Minister rebuffs DP’s claims on ISD

Renegotiating the Korea-U.S. Free Trade Agreement is impossible and the investor-state dispute or ISD settlement clause is a long-standing international practice, Trade Minister Kim Jong-hoon said Monday, rejecting the opposition parties’ call for the clause to be removed from the accord.Speaking on a local radio station, Kim said Korea has been including ISD settlement clauses in agreements with other nations since 1976 and that the clause has not proved damaging to Korea since.The “ISD clause

Oct. 31, 2011

Hyundai, Kia No. 2 in China

Hyundai Motor and its affiliate Kia Motors ranked No. 2 in sales of small vehicles in China during the first nine months of 2011, automotive data showed.It said the two carmakers saw their ranking climb by four notches on a year-on-year basis by grabbing 10.9 percent of the Chinese market. They placed sixth during the same period last year.The data showed that Hyundai-Kia sold a combined 162,472 units in the compact car segment between January and September.The companies saw their sales jump 52.

MobilityOct. 31, 2011

Korean innovation more than ‘fast following’: GfK

Research firm expands operations here with new custom unitOver the last couple years Korea Inc. has been caught up in a fierce debate over its capability to spearhead the kaleidoscopic global market for technology rather than remain a copycat.While going-global firms such as Samsung, LG and Hyundai Motor enjoy their ever-expanding clout across continents, vocal critics including Ahn Cheol-soo pointed to their fundamental lack of innovation and creativity that give birth to products that customer

IndustryOct. 31, 2011

Korean innovation more than ‘fast following’: GfK

Samsung to pursue bold M&A

Tech giant vice chairman urges workers to be daring, open-mindedSamsung Electronics vice chairman Choi Gee-sung said Monday that the company must proceed with bold mergers for new growth engines, concentrating on fresh projects such as health care.In a ceremony organized to celebrate its 42nd anniversary, Choi urged its employees to open up to voices and resources within and outside of the company. He also suggested they need a daring mind for challenges that go beyond stereotypes.“Let’s harness

IndustryOct. 31, 2011

Seoul shares drop 1.06 percent on institutional profit-taking

South Korean stocks finished 1.06 percent lower Monday as institutional investors reduced shares in banks and manufacturers after their gains last week, analysts said.The local currency fell against the U.S. dollar. Snapping a three-day winning streak, the benchmark KOSPI lost 20.45 points to 1,909.03.Trading volume was moderate at 387 million shares worth 6.3 trillion won ($5.71 billion) with losers leading gainers 535 to 291. “Investors locked in profit after short-term surges,” said Lee Jae-m

Oct. 31, 2011

SK fined for ownership of financial unit

The Fair Trade Commission said Monday that it has imposed 5.08 billion won ($4.59 million) in fines on SK Group for violating a law banning a holding company from possessing a financial unit. Under the current antitrust law, a holding company with 100 billion won or more in assets is not allowed to own a financial affiliate. When SK turned into a holding company in March 2007, the group’s trading arm SK Networks should have dumped its 22.7 percent share of SK Securities, its “daughter company.”

IndustryOct. 31, 2011

Government unveils measures to support renewable energy industry

South Korea announced a package of measures Monday to support the renewable energy industry, pledging to expand export financing for companies, boost investment in research and development and relax regulations.The Presidential Committee on Green Growth unveiled the measures during a meeting presided over by President Lee Myung-bak, saying South Korea should increase government support for the sector to strengthen its position in the global renewable energy industry.Under the plan, the governmen

Oct. 31, 2011

Brokerages under pressure to cut fees

Financial authorities are considering instructing securities firms to slash service fees, including those on transactions for stocks and equity funds.Over the past five years, the local brokerage sector has enjoyed huge gains ranging between 6 trillion won ($5.2 billion) and 9 trillion won per annum by charging financial consumers a variety of fees.“We plan to review the service charge structure of the overall brokerage sector. Then, we will map out guidelines (to cut the fees),” said an officia

Oct. 31, 2011

Ssangyong E&C creates Singapore’s new symbol

Ssangyong Engineering & Construction would like to express deep gratitude to the judging committee and officials at The Korea Herald for this award.Commemorating the 34th anniversary of its establishment, Ssangyong is the No. 1 builder in terms of overseas premium construction, having built structures including the Raffles City Complex, the tallest hotel in the world as recorded in the Guinness Book of World Records; the Jumeirah Emirates Tower and Grand Hyatt Dubai, two of Dubai’s top three hot

IndustryOct. 31, 2011

Ssangyong E&C creates Singapore’s new symbol

SNU researchers transplant pig’s pancreas to monkey

A group of doctors here has successfully transplanted parts of a pig’s pancreas to a monkey, opening the way for new treatments for diabetes in people.Professor Park Sung-heo of Seoul National University College of Medicine and his team said Monday they transplanted the islets of Langerhans, a region of the pancreas, of a number of pigs to eight monkeys, of which four have survived for more than six months without complications. “It is rare even among the same species to experience no noticeable

Social AffairsOct. 31, 2011

SNU researchers transplant pig’s pancreas to monkey

‘Angry Birds’ creator will open its first retail stores in China this year

Rovio Entertainment Oy, the creator of the “Angry Birds” mobile-phone games, will open its first retail stores this year in China, its fastest-growing market. The company aims to hit $100 million in retail sales in China in the first year of store operations, Chief Marketing Officer Peter Vesterback

IndustryOct. 31, 2011

‘Angry Birds’ creator will open its first retail stores in China this year

Korean TV makers nab 50 pct of U.S. market share

SEOUL, Oct. 31 (Yonhap) -- Samsung Electronics Co. and LG Electronics Inc. clinched a combined 50 percent share of the U.S. TV market in the July-September period, an industry report showed Monday, thanks to strong demand for their premium TVs with 3D features and Web connectivity. It marked t

TechnologyOct. 31, 2011