The Korea Herald

Pricing may be key to IKEA’s success in Korea

World’s top home furnishing maker moves to open first store here in about 2 yearsThe 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 store in Korea.The store is expected to open in about two years on the 78,198 square-meter site near Gwangm

IndustryDec. 28, 2011

Pricing may be key to IKEA’s success in Korea

LG joins hands with Walt Disney for 3-D content

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 Nightmare before Christmas” will also be shown as 3-D content for the company’s smart TV. They will be availa

IndustryDec. 28, 2011

Korea’s real wages fall this year on high inflation

Korea’s inflation-adjusted average wage declined this year as income grew at a slower pace than in 2010, while inflation rose sharply, data showed Wednesday.Korean worker’s real wage averaged 2.72 million won ($2,350) in the January-September period, down 3.49 percent from a year earlier, according to calculations based on data from the central bank, the labor ministry and the state-run statistics agency. Last year, the real wage grew 3.8 percent as the economy expanded 6.2 percent.The real wage

Dec. 28, 2011

Seoul shares drop 0.92% on high-dividend shares

South Korean stocks finished 0.92 percent lower Wednesday as investors cut high-dividend shares on the expiry of their dividends, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI dropped 16.9 points to 1,825.12, extending a losing streak to a third session. Trading volume was moderate at 374 million shares worth 3.26 trillion won ($2.81 billion) with losers leading gainers 499 to 317.“Institutional investors were net sellers and high-dividend shares, such as

Dec. 28, 2011

Korea’s economy at risk of destabilizing factors: minister

Korea needs to stay vigilant against any developments next year as its economy is expected to face many “destabilizing factors” that could weigh on its recovery and growth, the nation’s top economic policymaker said Wednesday.“Economic conditions at home and abroad are expected to be tough next year at a time when the eurozone fiscal debt crisis, major elections and North Korea variables remain in place as destabilizing factors,” Finance Minister Bahk Jae-wan said during a crisis management meet

Dec. 28, 2011

Taekwang Industrial to produce carbon fiber

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 country.The plant will start commercial operation in March next year with an annual capacity of 1,500 tons

IndustryDec. 28, 2011

Dream Pharma works on superbug treatment

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 treating superbugs, which are resistant to nearly all existing antibiotics, Dream Pharma said.Clinical tr

IndustryDec. 28, 2011

Brokerages see possible Jan. upturn

Korean brokerages said Wednesday the local stock market is likely to gain in January helped by renewed optimism over the U.S. and Chinese economy. “Expectations are building upon the possibility that the U.S. economy would manage to pull off sustainable growth next year,” said Hong Soon-pyo, analyst Daishin Securities. Despite the gloomy factors that plagued investors this year, the U.S. market is poised to benefit from improved manufacturing indicators, better outlooks for jobs and the housing

Dec. 28, 2011

Korea bracing for fiercer competition under FTAs

South Korea will likely face a markedly changed business environment next year as it is poised to enforce a long-standing free trade agreement with the U.S. that would open up its market and eventually lead to gloves-off competition down the road.The country signed the deal, known as the KORUS FTA, in 2007 but had to wait for years until late November for parliamentary approval due to objections from opposition lawmakers and civic groups. The U.S. Congress approved the pact in October, paving th

Dec. 28, 2011

‘BlackBerry won’t lose out in Korean market’

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 demanding. They look for something special and distinctive and with BlackBerry they would get that," Norm L

IndustryDec. 28, 2011

‘BlackBerry won’t lose out in Korean market’

Foreign firms say they too help those in need

In this time of giving, not only Korean conglomerates, but also some foreign companies and their chambers here are eager to engage in charitable activities.Countering the local media’s criticism of their “lackluster giving,” members of the foreign business community said they do help those in need.“We do a lot of charitable activities but we don’t receive a lot attention, and then we get a lot of criticism that companies are not giving back, which is not true,” said American Chamber of Commerce

Dec. 28, 2011

Foreign firms say they too help those in need

Strike may hit LG Display-Apple ties

But LG Display sees little impact of China factory strike on supply of display panels for iPad 3Concerns are rising that the strike at LG Display’s factory in China may deal a blow to its supply of LCD panels to Apple if the labor dispute is prolonged, industry sources said on Wednesday.About 8,000 Chinese workers at the company’s Nanjing plant have been staging a strike, demanding fair incomes compared to their Korean colleagues, as well as year-end incentives.The strikers attempted to engage i

IndustryDec. 28, 2011

Study points to origin of syphilis

ATLANTA, Dec. 20 (UPI) -- A study has confirmed syphilis did not exist in Europe before Columbus made his 1492 voyage, and it came back with his crew, researchers say.Anthropologists at Emory University say they re-analyzed European skeletons that some previous researchers said proved syphilis exist

TechnologyDec. 28, 2011

Samsung, LCD makers agree to pay $538.6 million to settle antitrust claims

Sharp Corp., Samsung Electronics Co. and five other makers of liquid crystal display panels used in computers and televisions agreed to pay $538.6 million to settle antitrust claims by indirect purchasers. Earlier this month, the panel makers agreed to pay $388 million to settle price-fixing cl

IndustryDec. 28, 2011

Starbucks wins Kraft appeal over coffee deal

IndustryDec. 27, 2011

IKEA secures site to enter Korean market

Swedish home furnishing giant IKEA said Tuesday it bought a building site in Gwangmyeong, a satellite city of Seoul, as part of preparations for the opening of a store in two to three years. “I am very happy to announce that IKEA took a historical step today in investing in one of Asia’s most dynamic lifestyle markets,” Korea chief Patrick Schuerpf said in a statement.“We see this as a great partnership opportunity with the government of Gwangmyeong city, and we are looking forward to enabling K

IndustryDec. 27, 2011

8,000 Chinese workers strike at LG Display’s Nanjing plant

About 8,000 Chinese workers at LG Display’s Nanjing plant are staging a strike, calling for “fair treatment” from management, according to China’s largest portal site on Tuesday.Sina.com said the strikers took to streets on Monday and now are in talks with management to settle the labor dispute. LG Display, the world’s leading LCD maker, has three module manufacturing plants in China with the other two located in Guangzhou and Yantai.The strike started after the Chinese workers claimed that they

IndustryDec. 27, 2011

8,000 Chinese workers strike at LG Display’s Nanjing plant

KDB to acquire HSBC Korea unit soon: Kang

KDB Financial Group has reportedly made a preliminary contract with HSBC to take over the U.K.-based bank’s retail operations in Seoul.Group chairman Kang Man-soo told reporters Tuesday that the two parties have already concluded a memorandum of understanding.Over the past few months, the state-run group’s flagship unit, Korea Development Bank, has been striving to acquire 11 retail branches of HSBC Korea.Kang had vowed to buy a local bank as part of efforts to privatize the group and beef up it

Dec. 27, 2011

Achieving brand credibility from customers

Satisfaction with products and brand confidence affect customer loyaltyBrand loyalty can be defined as customers’ repeated behavior of buying certain brands’ products. And this is the final goal of brand management. But this raises a question: What are the factors to decide customer loyalty?To understand it, we first have to look at the procedure of how consumers purchase products. Before deciding what to buy, customers ask their friends and families about the product they have in mind. Once the

IndustryDec. 27, 2011

Banyan, luxury in city’s heart

Banyan Tree Club & Spa Seoul is the first hotel the Banyan Tree Group has built in the heart of the city. The group, which operates hotels and resorts in more than 20 countries around the world, built the hotel at the foot of Seoul’s Mount Namsan last year, envisioning an “urban resort.” Home to a high-end social community of Korea, the mountain area presents a feeling of exclusiveness to those who visit the hotel. Offering an incomparable and unforgettable view of Mount Namsan and the surroundi

IndustryDec. 27, 2011