The Korea Herald

Growth momentum likely to slow in manufacturing sector

Dec 30, 2011

IT products, automobiles expected to see moderate growth despite continued global economic slump Korea’s major industries have a bleak outlook for next year, with the exception of semiconductors, general machinery and display panels, thanks to a delayed recovery of the global economy. A slump in demand from advanced economies, Korean manufacturers’ key markets, will slacken export growth of IT ...
Kakao Talk aims to be global messenger

Dec 30, 2011

Starting with Japan, firm moves to expand service in U.S., Mideast Kakao Talk, the country’s top mobile messenger, will expand its service in overseas markets, hoping to become a real-time global service platform, its chief executive said. With the number of Kakao Talk users surpassing the 30 million mark in November, the company is eyeing other markets like Japan, the U.S. and the Middle East ...
LG Display’s China factory workers end strike

Dec 29, 2011

HONG KONG ― LG Display Co., the world’s second-largest display maker, said Thursday that workers at a factory it owns in China have ended a strike and will return to work soon. On Monday, some thousands of workers went on strike at LG Display’s factory in the eastern Chinese city of Nanjing, asking for an increase in their year-end compensation. The company’s Beijing office said the labor union...
Over 10,000 builders blacklisted: ministry

Dec 29, 2011

Nearly three out of 10 builders were found to be disqualified for corporate registration in a government survey aimed at restructuring the overcrowded construction sector. Out of some 39,553 builders inspected in the three months through Dec. 16, 10,964 firms including paper companies failed to meet the requirements for registration, could not be located or refused the state survey, the Land Min...
Hyundai Group drops all suits against Hyundai Motor

Dec 29, 2011

Hyundai Group said Thursday it decided to drop the lawsuit it filed against Hyundai Motor Group, bringing an end to the legal battle that was staged following the carmaker’s takeover of Hyundai Engineering and Construction. One of the dropped complaints was about Hyundai Group’s accusations that an executive of Hyundai Motor Group spread false facts about Hyundai Group during the bidding process...
Woongjin, Hanwha, STX fined W6b

Dec 29, 2011

The nation’s antitrust watchdog said on Thursday it slapped the three chaebol Woongjin, Hanwha and STX with fines totaling more than 6 billion won for concentrating orders to affiliate companies. A fine of 3.43 billion won ($2.97 million) was imposed on Woongjin, 1.48 billion won on Hanwha and 1.13 billion on STX for giving out orders to subsidiaries with low earnings, the Fair Trade Commission ...
First discount gas station opens, controversy lingers

Dec 29, 2011

Korea’s first independent discount gas station was launched Thursday after a months-long tug of war between the government and major refiners that has stirred controversy over state intervention in petrol prices. The much-touted outlet in Yongin on the outskirts of Seoul is a byproduct of the government’s ambitious drive to contain sky-high fuel prices and take apart four major refiners’ tight c...
LG Display China factory workers end strike

Dec 29, 2011

LG Display Co., the world's second-largest display maker, said Thursday that workers at a factory it owns in China have ended a strike and will return to work soon. On Monday, some thousands of workers went on strike at LG Display's factory in the eastern Chinese city of Nanjing, asking for an increase in their year-end compensation. The company's Beijing office said the labor union had decided...
SK vice chairman arrested on embezzlement charges

Dec 29, 2011

SEOUL, Dec. 29 (Yonhap) -- A Seoul court issued an arrest warrant for SK Group's vice chairman on Thursday on charges of embezzling a massive amount of group funds, possibly in collusion with his elder brother. The Seoul Central District Court issued the warrant to arrest Chey Jae-won, 48, on charges of misappropriating about 100 billion won (US$87 million) from SK affiliates to make up for futu...
Subway pass available for foreign tourists

Dec 28, 2011

The government said it began issuing special subway passes on Wednesday for foreign tourists in efforts to facilitate their use of public transportation. With the new services, travelers can buy passes available for a certain period of time ― one, two, three, five or seven days ― at tourism information centers at Incheon airport. Prices range from 10,000 won ($8.60) for a one-day ticket to 59,50...
Pricing may be key to IKEA’s success in Korea

Dec 28, 2011

World’s top home furnishing maker moves to open first store here in about 2 years The eagerly awaited opening of an IKEA store on the outskirts of Seoul has many consumers excited but apprehensive about pricing, and domestic rivals bracing for tight competition. The Swedish home furnishing giant said Tuesday it bought a site in Gwangmyeong, a satellite city southwest of Seoul, for its first sto...
LG joins hands with Walt Disney for 3-D content

Dec 28, 2011

LG Electronics said Wednesday it signed an agreement with Walt Disney Co. on Wednesday to use the firm’s 3-D content for TV viewers in Seoul. The local electronics company said the 3-D version of “The Lion King,” expected to be released here on Thursday, will also be featured for LG’s 3-D Smart TV simultaneously. Other Disney animated films like “Toy Story,” “Toy Story 2,” “Bolt” and “The Nightm...
Taekwang Industrial to produce carbon fiber

Dec 28, 2011

Taekwang Industrial Co., a South Korean chemical fiber company, said Wednesday that it will begin commercial production of carbon fiber starting in March of next year for the first time in South Korea. The company developed the polyacrylonitrile-based carbon fiber in 2009 and has commenced construction for the high-end material in the Ulsan industrial complex on the southeastern coast of the cou...
Dream Pharma works on superbug treatment

Dec 28, 2011

Dream Pharma Corp., a Korean drug maker, will develop new treatment for superbugs to cater to soaring demand for drugs against the fatal bacteria. The Hanwha-affiliate said Wednesday it clinched a deal with LegoChem Biosciences Inc. for joint research and commercialization of the bioventure’s novel product. The drug candidate known as LCB01-0371 has been proven superior to Pfizer Inc. Zyvox in ...
‘BlackBerry won’t lose out in Korean market’

Dec 28, 2011

RIM Korea aims to continue this year’s sales momentum to strengthen presence here A growing number of Koreans may be tiring of the fierce rivalry between Samsung Electronics’ Galaxy and Apple’s iPhone here. Amid the cutthroat competition to dominate the small but crucial Korean market, Research In Motion enjoyed a boom in its BlackBerry sales this year. "Korean customers are very smart and ...