The Korea Herald

[Newsmaker] K-water recognized by Thailand

Despite a growing dispute over alleged flaws of the four-river restoration project here, the nation’s water control and management capability gained recognition overseas as the Korean consortium was selected as a priority negotiation partner for all 10 major water management projects being pushed by the Thai government on Tuesday. Among the bidders, Korea, Japan and China have been in a tight race for the 10 projects worth 12 trillion won ($11 billion), which is intended to advance Thailand’s in

Feb. 6, 2013

[Newsmaker] K-water recognized by Thailand

Banks’ earnings drop on low interest rates

Commercial banks’ profitability and earnings fell to their lowest since the 2009 global financial crisis due mainly to low interest rates.According to the Financial Supervisory Service, Korean banks saw their three major indices for profitability mark a three-year low in 2012.“The banking industry reported a worse performance in three indices ― return on assets (0.49 percent), return on equity (6.41 percent) and net interest margin (2.1 percent),” the FSS said in a statement.The weak profitabili

Feb. 6, 2013

Global market share of Hyundai-Kia hits record high

The global market share of South Korea’s top automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. hit a record high in 2012 as robust sales around the world offset sluggish domestic performance, a U.S. marketing firm said Wednesday.A total of 7.101 million Hyundai and Kia vehicles were delivered last year, accounting for 8.8 percent of the global market share, up 0.2 percentage points from a year earlier, according to J.D. Power and Associates. In particular, the two firms’ com

Feb. 6, 2013

Confiscated narcotics jump in 2012: data

SEJONG (Yonhap News) ― The amount of narcotics confiscated in South Korea jumped in 2012 as the nation’s crackdown efforts and international cooperation to prevent drug smuggling intensified, the customs office said Wednesday.The Korea Customs Service said in a report that it confiscated a total of 33.8 kilograms of drugs like methamphetamine and cannabis last year, up 15 percent from a year earlier.Methamphetamine, also known as philopon, came to 20.9 kilograms, an amount that could be administ

Feb. 6, 2013

N.K. firms, gov't bodies scurry to dodge possible Chinese sanctions: sources

Some North Korean companies and government-linked business bodies have devised preemptive measures to avoid possible Chinese financial sanctions to be imposed when the North carries out its threatened nuclear test, sources said Thursday. "There have been signs that North Korean trade firms and government agencies are withdrawing money from their Chinese bank accounts or changed their names to open new accounts," said one source in Beijing with knowledge on the matter. The moves started after

IndustryFeb. 6, 2013

SK names top decision-making execs

SK Group completed the new lineup of its top decision-making council called SUPEX on Wednesday in an apparent effort to minimize the management vacuum from the imprisonment of group leader Chey Tae-won.The nation’s third-largest conglomerate said it named heads of six commissions to SUPEX to take responsibility for each sector on strategy, global growth, communications, ethical business, shared growth and human resources. SUPEX had been led by Kim Chang-keun on behalf of Chey, who stepped down

IndustryFeb. 6, 2013

Seoul shares close almost flat on currency woes

South Korean stocks ended almost flat on Wednesday as the prolonged currency volatility and North Korea’s threat of a nuclear test continued to weigh down the market, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 0.1 percent, or 1.99 points, to 1,936.19. Trading volume was moderate at 342.9 million shares worth 3.5 trillion won ($3.3 billion) with gainers outpacing losers 461 to 338.“Despite the gains on Wall Street overnight,

Feb. 6, 2013

Hyundai foundation offers more benefits

Hyundai Motor’s Chung Mong-koo Foundation on Wednesday said it would expand its scope of social contribution by launching a program to offer creative educational opportunities for underprivileged households.The extracurricular clubs at the junior and high schools designated by the government to receive priority educational fund support are expected to benefit from the new program, according to the foundation organizers. Starting in March, the foundation will receive applications from these clubs

IndustryFeb. 6, 2013

Eximbank to boost project financing, SMEs

The Export-Import Bank of Korea will focus on boosting infrastructure project financing and supporting growth of small and medium enterprises this year, said Kim Yong-hwan, president of Korea Eximbank.The state-run policy bank will increase its support in financing overseas projects such as energy plants, highways, railroads, resources and other areas of construction to help Korean companies win deals and create jobs.This move comes as Korea faces tough competition from Japan and China in the in

Feb. 6, 2013

Eximbank to boost project financing, SMEs

Toyota Korea aims to sell 18,000 vehicles

Toyota Motor Korea, which saw a stunning sales recovery here last year, is eyeing another big leap in 2013. “I will never forget the year 2012,” said Tommy H. Nakabayashi, president and CEO of Toyota Motor Korea, during a press conference held at a Seoul dealership on Wednesday. “We made all-out efforts to revive sluggish car sales after the devastating earthquake in 2011. As a result, we posted a 73 percent growth in sales.” The Korean unit of the Japanese carmaker sold 10,795 Toyota cars and 4

IndustryFeb. 6, 2013

Toyota Korea aims to sell 18,000 vehicles

LG launches new Windows 8 PCs with touch features

South Korean tech giant LG Electronics Inc. said Wednesday it has released two Windows 8 “Tab-Books,” which combine a tablet with an ultrabook.The new Tab-Book Z160 line-up features 11.6-inch multi-touch displays that can be propped up to reveal a miniature keyboard underneath, according to LG Electronics.The new products are a follow-up to the H160 model, one of LG’s first Windows 8 PCs introduced in October, and run on more advanced processors than the earlier version.The model featuring Intel

TechnologyFeb. 6, 2013

Korea’s mobile ad market triples in 2012: report

South Korea’s mobile advertising market nearly tripled last year in line with the growing presence of smartphones and high-speed Internet in the country, a report showed Wednesday.The country’s mobile ad market reached 216 billion won ($198 million) in 2012, compared with 76.2 billion won the previous year, according to the report by the Korea Communications Commission. The figure represents the amount of orders local ad agencies received from their clients.Of the total, search advertising jumpe

TechnologyFeb. 6, 2013

NHN to set up new units to bolster mobile business

NHN Corp., the operator of South Korea’s top portal Naver.com, said Wednesday it plans to set up two subsidiaries as part of efforts to strengthen its mobile business.NHN said it has won board approval to inject 40 billion won ($37 million) each to “Camp Mobile” and “LINE Plus.”Under the plan, the company will hold a 100 percent stake in Camp Mobile, which will pioneer NHN’s new mobile services. NHN will also own a 40 percent stake in “LINE Plus,” which will support the company’s flagship mobile

TechnologyFeb. 6, 2013

Cash-strapped Koreans turn to IT pawn shops

Tech-savvy South Koreans are temporarily abstaining from their gadgets in exchange for almost-instant cash loans thanks to a new breed of pawn shops specializing in IT products.While traditional pawn shops that deal in everything from fur coats to wedding gifts are going out of fashion, IT pawn shops equipped with modern interiors, Websites and young staff are spreading across South Korea, one of the world’s most wired nations.Kim Moo-hyun, 42, owns one of the roughly 15 so-called IT pawn shops

TechnologyFeb. 6, 2013

Chinese handset makers pose challenge

Chinese handset makers such as Huawei and ZTE are catching up in the fast-changing smartphone industry.Huawei, a Shenzhen-based telecom equipment manufacturer that has turned its focus to consumer products in recent years, shipped some 10.8 million smartphones to surpass Nokia and Research In Motion in the fourth quarter of last year. ZTE, the second-largest telephone equipment maker in China, is also eager to boost this year’s smartphone shipments with a new lineup of premium handsets running o

TechnologyFeb. 6, 2013

U.S. trade body to make final ruling on Samsung, Apple patent suit

The final ruling in a patent suit between South Korea's Samsung Electronics and the U.S.' Apple will likely be made in August, the South Korean company said Wednesday, buying Samsung a significant amount of time to prepare for a possible ban on shipments of its products to the U.S.According to officials from Samsung, the final decision by the U.S.' International Trade Commission will be made Aug. 1, following its preliminary decision on April 1. The upcoming reviews will decide whether to uphold

BusinessFeb. 6, 2013

Researchers track mysterious creature in Russian lake

A Russian research team claimed that they have found the remains of a huge, mysterious creature in Lake Labynkyr in Siberia, perhaps finally proving the existence of the lake’s “Devil,” reported the Siberian Times. The study was conducted by the Russian Geographical Society in coordination with divers from the Russian Emergencies Ministry and scientists from Yakutsk State University. “There have been all sorts of hypotheses about what kind of creature it could be: a giant pike, a reptile or an a

TechnologyFeb. 6, 2013

Researchers track mysterious creature in Russian lake

Lunar New Year gift sets see wide price gaps

As South Korea’s biggest national holiday, Lunar New Year, fast approaches, retail stores are busy piling up gift sets. But a recent survey showed that there is a wide gap in prices, with some stores charging twice as much for the same product.The Korea Consumer Agency released its research on Wednesday comparing price ranges on 20 popular gift sets among 36 retailers including department stores, large supermarkets and online shopping malls across the nation. The country’s consumer watchdog age

Feb. 6, 2013

Lunar New Year gift sets see wide price gaps

NHN to set up new units to bolster mobile business

NHN Corp., the operator of South Korea's top portal Naver.com, said Wednesday it plans to set up two subsidiaries as part of efforts to strengthen its mobile business.NHN said it has won board approval to inject 40 billion won (US$37 million) each to "Camp Mobile" and "LINE Plus."Under the plan, the company will hold a 100 percent stake in Camp Mobile, which will pioneer NHN's new mobile services. NHN will also own a 40 percent stake in "LINE Plus," which will support the company's flagship mobi

IndustryFeb. 6, 2013

BlackBerry says thanks with a gift phone

Canadian firm BlackBerry said it would give away 12,000 special edition Z10 smartphones to application developers who stuck by the company.Formerly known as Research In Motion, BlackBerry changed its name last week as it launched two new phones, including the all touch-screen Z10. BlackBerry, once a pioneering company in the smartphone market, is now playing catch up to the likes of Apple and other companies that have eclipsed BlackBerry in sales. The new phones will be carried by Verizon Wirele

IndustryFeb. 6, 2013