SK Group said Monday its seven manufacturing units’ combined exports set a record high of $14.1 billion in the first quarter of this year, thanks to robust sales of petrochemical products. With the share of exports in sales exceeding 70 percent for the first time, the group said it has successfully turned into an export-driven conglomerate after a decade of efforts. Sales of the seven affiliates ― SK Innovation, SK Energy, SK Global Chemical, SK Lubricants, SKC, SK Chemicals and SK Hynix ― neare

IndustryMay 7, 2012

Exor, an Italy-based investment holding company, has proposed Lee Jay-yong, president and chief operating officer of Samsung Electronics to be its board’s independent director. Lee is the only son of Lee Kun-hee, the owner of Korea’s largest conglomerate Samsung Group. Exor, meanwhile, is controlled by the Agnelli Family. Exor, whose portfolio includes Fiat and Chrysler, said in a press release on May 4 that it has filed candidates, including Lee, for the board of directors to its shareholders f

IndustryMay 7, 2012

FSS calls for depositors of under 50 million won not to withdraw money from savings banksNo massive deposit withdrawals have been spotted at the regional affiliates of the four suspended mutual savings banks, officials at the Financial Supervisory Service said on Monday. The suspended banks include Solomon, Korea, Mirae and Hanju. A total of 34.4 billion won ($10.3 million) was withdrawn as of 3 p.m. on Monday at Busan Solomon and Gwangju Solomon, subsidiaries of the Solomon Savings Bank, the na

May 7, 2012

Graeme Toft has taken office as the new CEO of the world’s major coffee brand Nestle Korea, the company said on Monday. Toft had gained experience through his career as the representative director of Nestle Pacific Islands, the coffeemaker said. After entering Nestle Korea through the marketing department, the new CEO took over sales and marketing operation in Japan, Singapore and Malaysia. In 2010 he was dubbed the representative director of the company’s Pacific Islands operation.  The company

May 7, 2012

ThyssenKrupp Elevator Korea said on Monday that the company has named Park Yang-chun as its new CEO. The elevator company briefly convened a board of trustees last month to approve the appointment. Park then took up the post and began his work as CEO.For the past 20 years, Park has built up his career in Hyundai Heavy Industries, LG Industrial Systems and Otis Elevator Korea. Park is an expert in strategic planning and overseas operation, according to the company. Park said that he was pleased t

May 7, 2012

Janssen Korea has said that it will offer scholarships to children suffering from mental disorders. The medical firm signed an agreement last week with an organization for children’s welfare to operate supporting funds worth about 190 million won ($166,700) to help mentally ill children. Over the past 24 years, Janssen Korea had been running a scholarship for economically needy children, aiding a total of 3,300 students with 3.3 billion won.  After Korea extended its government-paid compulsory e

May 7, 2012

Major automotive supplier also focuses on invention of new products, cost cutting innovationsMajor auto parts supplier Bosch is seeking to diversify its products and increase investments in Korea.“The need in Korea from the customer side is engine management systems,” Robert Bosch Korea president and CEO Hermann Kaess told The Korea Herald. “What we do with every innovation is to produce parts that consume less fuel, less emissions, that is the game.” Bosch’s Korean operation is driven by its au

May 7, 2012

Seohee Construction said Monday that it has recently named architect Kim Sang-kyung as it new president. Kim, 59, earned a bachelor’s degree in architecture at Yonsei University and two master’s degrees at Seoul National University and University of Texas in Austin. He also earned a Ph.D. in architecture from University of Pennsylvania. The former professor at Kyung Hee University has diverse experiences in architecture, urban development and project management across all types of building proje

IndustryMay 7, 2012

This is not an average Korean gym. It is a rubber mat-filled room, with neatly organized Olympic bars, medicine balls, dumbbells and kettle balls along the perimeter. In the center of this room, where exercise machines would typically be, is a still warm puddle of sweat and tears from the last group of students.This is a CrossFit gym in Gangnam, where people of all shapes and sizes put themselves through a grueling regimen to achieve not only a better-looking body but a healthier one.The CrossFi

TechnologyMay 7, 2012

Korean firm to unveil Internet-enabled TV set on Android platformLG Electronics plans to roll out its new Google TV for the U.S. market on May 17, strengthening its alliance with the U.S.-based software giant, according to an LG executive.Ro Seog-ho, executive vice president of the firm’s TV business unit, said it will finish producing the 47-inch and 55-inch 3-D capable TV sets running on Google’s upgraded Android platform 2.0 next week and have it ready for U.S. consumers in the week of May 21

IndustryMay 7, 2012

An iPhone app that claims to be able to quantify “ugliness” has become a big hit around the world, according to news reports.“Ugly Meter” analyzes the details of human faces and rates their appearances from 1 to 10, along with nasty comments.Upon release, it was an immediate success, topping the Chinese iPhone charts for three weeks, and making $80,000 in a single day after being mentioned on the Howard Stern radio show in the United States.To anyone seeking judgment, the cheeky app dishes out v

TechnologyMay 7, 2012