The Korea Herald

Seoul shares open higher as exporters rebound

South Korean stocks began higher on Tuesday as key exporters returned to positive territory after recent losses, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 7.55 points, or 0.39 percent, to 1,947.26 in the first 15 minutes of trading.Market bellwether Samsung Electronics rose 1.38 percent, poised to stem a four-session losing streak, while top automaker Hyundai Motor gained 1.26 percent.The local currency was trading at 1,088.6 won to the U.S. dollar as of 9:15

Jan. 29, 2013

S. Korean manufacturers' biz sentiment for Feb. hits 4-month high

South Korean manufacturers' business confidence for February rose to the highest level in four months, underscoring optimism that the incoming government will unveil economic stimulus steps, the central bank said Tuesday.The index of manufacturers' outlook on business conditions came in at 72 for February, up from 70 tallied for January, according to a monthly survey by the Bank of Korea (BOK). The index measures manufacturers' expectations for the coming month.It marked the highest level since

Jan. 29, 2013

Japan’s weak yen drive ignites currency war, deals blow to Korea

When Japan set its inflation target and declared a change in its monetary regime for a weak yen, global investors and economists took this as a sign that currency wars would soon be launched to aid the economy, especially the export sector.Japan’s weak yen policy, aimed at pulling its economy out of deflation and recession, became one of the hottest topics at the recently concluded World Economic Forum in Davos, Switzerland.Japan’s Finance Minister Taro Aso told reporters that its central bank w

Jan. 28, 2013

Samsung’s Lee owns homes worth W26b

Samsung Electronics chairman Lee Kun-hee owns the most expensive houses among the nation’s top 50 business leaders, data showed Monday. Lee owns three homes in Seoul’s Itaewon, Samseong and Seocho areas, whose combined value stood at 26.31 billion won ($24.32 million) last year, according to Chaebul.com, a conglomerate-tracking website. Lee is followed by Shin Choon-ho, chairman of food giant Nongshim Group, who has two houses together worth 8.57 billion won. The two top owners, Lee and Shin, we

IndustryJan. 28, 2013

Final preparations under way for launch of Naro space rocket

The Korea Space Launch Vehicle, the Korean-made space rocket also called Naro-1, began final preparations on Monday for its Wednesday launch. The Ministry of Education, Science and Technology announced Monday that Naro-1 had been moved to the launch pad at the Naro Space Center in Goheung, South Jeolla Province.The Naro-1 is scheduled to blast off from the Naro Space Center on Wednesday at around 4 p.m. A final rehearsal for the launch will take place Tuesday, and the preparation committee will

TechnologyJan. 28, 2013

Final preparations under way for launch of Naro space rocket

[Power Korea] LG Chem targets top global position

LG Chem is expanding in petrochemicals and electric car battery technology.Since merging with LG Daesan Petrochemicals and LG Petrochemicals in 2006 and 2007, respectively, it has vertically integrated its production system at the company.Dividing its business project scope into two different areas ― petrochemicals, and information and electronics materials that include batteries ― the firm has seen increases in sales and total market value since 2009.Total sales jumped 49 percent from 15.52 tri

IndustryJan. 28, 2013

[Power Korea] LG Chem targets top global position

[Power Korea] LG grows into full-fledged global brand

Many still remember the black-and-white Gold Star televisions manufactured in the 1960s.It was a symbol of wealth, since a large portion of middle- and lower-class families did not have the funds to buy such a costly television at the time. Instead they stuck to their old-fashioned radios ― which were also first introduced in the country by Gold Star, now LG, in 1959.LG Group was founded as Lucky Chemical Industrial Corp., now LG Chem, in Busan, South Gyeongsang Province, in 1947.Earning profits

IndustryJan. 28, 2013

Samsung Card posts massive loss in Q4

Samsung Card Co. said Monday it posted a net loss of 2.6 billion won ($2.4 million) in the fourth quarter of 2012 due to a decrease in commission income.From October through December, the nation’s No. 2 credit card firm made sales of about 7.95 billion won, down about 7.4 percent from the same period in 2011.The firm’s operating loss amounts to about 3.1 billion won, a sharp contrast to the 73 billion won operating profit posted a year earlier. A decrease in commission rates caused the loss, Sam

Jan. 28, 2013

Incheon Airport CEO offers to resign

Incheon International Airport Corp. said Monday that its CEO Lee Chae-wook has offered to resign before his official term expires in September. “He may have decided to offer an opportunity for his successor to oversee the planned expansion project of the airport from the beginning,” said an airport official. Lee, the former Asian chief of General Electric, took office to lead the nation’s main gateway in September 2008. He has been reappointed twice on his strong performance. Incheon Airport pla

IndustryJan. 28, 2013

POSCO opens English corporate blog

POSCO, the nation’s top steel giant, launched an English-language corporate blog (globalblog.posco.com) Monday to strengthen two-way communication with global stakeholders, the company said. POSCO developed the English version of Hello POSCO, the first corporate blog run in Korean from September last year, in a bid to update corporate news and activities globally and to open communication with visitors from around the globe. The steel giant also established a corporate page on Linkedin.com, a U.

IndustryJan. 28, 2013

Hyundai, Kia rank 4th in British car market

South Korea’s leading carmakers Hyundai Motor Co. and Kia Motors Corp. ranked fourth in the British automobile market last year on the back of brisk sales, industry data showed Monday.According to the data, their combined sales soared 20.9 percent on-year to 140,914 vehicles in 2011 from 116,515 units sold a year earlier.The market share of Hyundai and Kia, the flagship companies of Hyundai Motor Group, climbed one notch to fourth place with 6.89 percent, beating Germany’s BMW AG with 127,530 un

Jan. 28, 2013

Hana Financial to buy additional shares in KEB

Hana Financial Group Inc. said Monday it plans to buy an additional 40 percent stake in the Korea Exchange Bank in April by swapping shares, taking firmer control of South Korea’s No. 5 lender.Hana Financial completed the deal to buy a 51.02 percent stake in KEB from Lone Star Funds for 4.69 trillion won ($4.34 billion) in February 2012, making it Korea’s No. 3 banking group. It also bought further stakes to raise its holdings to 60 percent last year.The group said it plans to buy the remainder

IndustryJan. 28, 2013

KOTRA urged to focus on supporting SME exports

Backing her earlier pledges to foster small businesses and promote economic equality, President-elect Park Geun-hye urged the Korea Trade-Investment Promotion Agency to prioritize its support for the overseas expansion of small and medium enterprises.“Small and medium-sized companies are often discouraged from reaching out to foreign markets because of the lack of information and local expertise,” Park said during the presidential transition committee’s economic forum late on Sunday.She pointed

Jan. 28, 2013

Dong-A Pharm split-up plan passes shareholders’ meeting

Dong-A Pharmaceutical’s controversial plan to put its cash cow energy drink business Bacchus under an unlisted firm wholly owned by a new holding company passed the shareholders’ meeting on Monday.Present shareholders of 73 percent of the firm’s stake approved Dong-A’s plan to split itself into two business corporations that make prescription drugs (Dong-A ST) and over-the-counter drugs (Dong-A Pharm), and set up a holding company (Dong-A Socio Holdings) that holds a 100 percent stake in Dong-A

IndustryJan. 28, 2013

New government to revitalize sale of Woori Financial

The next chief financial regulator is expected to push forward privatization of Woori Financial Group amid lawmakers’ movement to retrieve taxpayers’ money, which was injected into the group.As Kim Seok-dong, chairman of the Financial Services Commission, recently expressed his intention to resign, the incoming Park Geun-hye administration is poised to appoint his successor as the chief regulator.Kim had maintained his position that Woori Financial should be sold through a “block deal,” under wh

Jan. 28, 2013

Weak yen to take toll on Korean exports

More than half of the top 50 export items from Korea and Japan overlapped in 2012, raising concern over a possible sharp fall in the nation’s outbound shipments amid the weakening Japanese yen, according to a research institute. The duplication rate of Korea and Japan’s top 50 export items hit a record high of 52 percent in 2012, LG Economic Research Institute, or LGERI, said based on trade data from the Korea International Trade Association. The rate started to soar in the early 2000s. In 2000,

Jan. 28, 2013

Ready, set, meet

The following is the fourth article in a series featuring support and networking systems for foreigner-owned businesses in Korea. ― Ed.Under the bright fluorescent lights of a seminar room in a quiet dental laboratory in Geumcheon, southwestern Seoul, on a Saturday afternoon, people stand in pairs with handwritten name tags hanging from their necks. The basic questions float in the air: Where are you from? What do you do? What brought you to Korea? They lead some pairs to boisterous banter, busi

Jan. 28, 2013

Media-planning agency sees growth in Korea

Marketing and advertising used to be all about the creative side, but in this fast-evolving digital world, weaving the latest technologies into an effective formula is increasingly important, according to David Holtham, chief executive of Aegis Media North Asia.“Creative is important, but it’s not everything anymore. The advertising industry is now more about how you interact with your clients,” Holtham said in an interview with The Korea Herald.“For example, when a consumer sees a television co

Jan. 28, 2013

Media-planning agency sees growth in Korea

[Newsmaker] Apple relinquishes its crown

For any reigning monarch, stumbling off the throne is painful. It’s expected to be the same for Apple Inc., the king of electronics and smartphones, which recently forfeited the crown as the world’s most valuable company. ExxonMobil has now taken over that spot as Apple has lost some $247 billion in shareholder wealth compared to its high, which pundits note exceeds the value of IBM, worth $232 billion. Last week, following its earnings announcement -- which disappointed investors despite being

TechnologyJan. 28, 2013

[Newsmaker] Apple relinquishes its crown

More U.K. women injecting fat to change look

An increasing number of women in Britain are injecting fat into their bodies to change how they look, a British cosmetic surgeon group said.According to data published by the British Association of Aesthetic Plastic Surgeons, the number of women who had undergone fat transfer procedures in the U.K. came to 2,641 in 2012, marking a 13 percent increase from the year before.BAAPS president Rajiv Grover said that people wanting to receive procedures have risen by double digits, despite the country’s

TechnologyJan. 28, 2013

More U.K. women injecting fat to change look