The Korea Herald

[Power Korea] SK Group rises as a global conglomerate

SK, the country’s third-largest conglomerate, made its debut in the 1950s as a textile firm, but has now evolved into a corporation that covers energy as well as information technology.The corporation was called Sunkyung Textile back in 1953. Founded by former chief executive Chey Jong-kun, it was the first in Korea to export rayon textiles to Hong Kong in 1962.Since stepping into the petrochemical sector about a decade later, the corporation was taken over by the founder’s younger brother Chey

IndustryJan. 21, 2013

[Power Korea] SK Group rises as a global conglomerate

[Power Korea] SK Hynix powers up expansion under group’s wing

SK Hynix, the newest member of SK Group, had been ownerless for more than a decade. The company, which was established as Hyundai Electronics in 1983, acquired LG Semiconductor in 1999 and separated itself from Hyundai Group soon after in 2001.Since changing its name to Hynix Semiconductor, it has shown remarkable progress.On top of becoming the world’s No. 2 memory chipmaker, it launched the world’s fastest 128-megabyte graphics memory chip, called double data rate synchronous dynamic random ac

IndustryJan. 21, 2013

[Power Korea] SK Hynix powers up expansion under group’s wing

[Power Korea] SK Innovation transforming into top global energy firm

SK Innovation, the holding firm for SK Group’s oil refining and petrochemical businesses, has seen success in converting to a technology-driven global energy firm.SK Innovation was born following SK Group’s decision to spin off its petrochemical business in January 2011.Fast decision-making and nurturing of new growth engines in its petrochemical projects were expected to come to life under the new name.Formerly named SK Energy, SK Innovation was given three subsidiaries: SK Energy, SK Global Ch

IndustryJan. 21, 2013

Shares edge down on earnings woes

South Korean stocks inched down 0.05 percent Monday as investors dumped large cap shares due to a pessimistic outlook on fourth-quarter earnings, analysts said. The benchmark Korea Composite Stock Price Index shed 0.99 points to finish at 1,986.86. Trading volume was moderate at 440.75 million shares worth 3.76 trillion won ($3.54 billion) with gainers outpacing decliners 459 to 352.“The mood is quite positive in recent times. China’s fourth-quarter growth met market expectations and U.S. policy

Jan. 21, 2013

Woongjin chief vows to use his money to save holding firm

The head of Woongjin Group, a mid-size conglomerate in South Korea, has expressed his intention to contribute an unspecified amount of his personal wealth to the group’s troubled holding company in an effort to help it get back on its feet, a company official said Monday.Yoon Seok-keum, chairman of Woongjin Group, has made the decision to help Woongjin Holdings tide over a liquidity crunch, the official said. The holding company was placed under a court receivership last year, along with its con

IndustryJan. 21, 2013

Home plus publishes book on corporate history

Retailer Home plus on Monday said it has published a volume on the company’s 12-year history. Entitled, “12 Years of Home plus, the Dreams and Passion of the Great Stone Face,” the book deals mostly with the history of the company and also the management initiatives of CEO Lee Seung-han. There are also a series of illustrations to go along with the narrative, the company said via its website.Home plus was established in 1999, first as a joint venture between Samsung Group and U.K.-based Tesco, a

IndustryJan. 21, 2013

KoFC to increase financial support to SMEs

The Korea Finance Corp. plans to increase its financial support to the nation’s small and medium companies in 2013, the state-run finance promoter said on Monday in a New Year’s press conference. The state-run agency plans to assign about 7.6 trillion won, or about two-thirds of the company’s 12.2 trillion won capital for this year, to support small and medium enterprises.“We will be spending 62 percent of our total budget to support small and medium-sized companies,” said KoFC president and chi

Jan. 21, 2013

Won’s gains most against yen in 14 years

The South Korean currency’s ascent to the Japanese yen hit a 14-year high last year, the central bank said Monday, spawning concerns about its impact on Seoul’s exports.The local currency reached 1,238.3 won per 100 yen as of the end of 2012, up 19.6 percent from a year earlier, according to the Bank of Korea.The 2012 numbers marked the strongest gain since the won appreciated 21.8 percent against the Japanese yen in 1998, it added.Last year, the local currency also appreciated 7.6 percent per t

Jan. 21, 2013

Wal-Mart to close last Korean branch

Wal-Mart has decided to suspend the operations of its remaining Korean operations as of the end of this month, according to industry sources on Monday.The brand had served as the purchasing department for the U.S.-based retailer that handled the purchase of Korean products.In 2006, Wal-Mart pulled out of Korea after selling its shares and stores to E-Mart, citing a difference in corporate and social cultures that prevented the company from expanding its operations here.But it had left behind a b

IndustryJan. 21, 2013

Samsung Life blasted for lack of dividends

Samsung Life Insurance is facing public criticism for not paying dividends to policyholders, reversing its earlier promise for payouts from stock gains.The situation comes after the company sold dividend-oriented life insurance products to a large number of individuals, according to a bulletin board on the website of the Korea Finance Consumer Federation.Angry consumers stress that Samsung Life salespeople “commented on dividend payments to policyholders” during their product sales promotion act

Jan. 21, 2013

Samsung Life blasted for lack of dividends

Korean-brand cars sales jump in China this month

HONG KONG (Yonhap News) ― Sales of South Korean-brand passenger cars soared more than 30 percent in the first half of January from a month earlier, partly thanks to weaker shipments of rival Japanese brands, a market report showed Monday.During the first two weeks of January, South Korean cars sold in China numbered 6,646 units, up 31 percent from the same period a month earlier, according to the report by investment bank JPMorgan. South Korean carmakers’ market share was estimated at around 13.

MobilityJan. 21, 2013

Lottery ticket sales hit record

Korea’s lottery ticket sales hit an all-time high last year, exceeding the regulatory limit imposed by the country’s gambling watchdog for two consecutive years.Sales reached some 3.2 trillion won ($3 billion) in 2012, up about 3.4 percent from 3.08 trillion won a year earlier, according to the Lottery Commission, which is under the wing of the Ministry of Strategy and Finance, on Monday.An increase in consumer purchases of tickets for online lotteries, pension lotteries and traditional electron

Jan. 21, 2013

Seoul to set definite date for launch of Naro space rocket

South Korea will this week set a more definite date for the liftoff of its Korea Space Launch Vehicle-1 (KSLV-1), the government said Wednesday.The country's Launch Preparation Committee earlier set Jan.30-Feb. 8 as possible dates for what will be its third launch of KSLV-1, also known as Naro."The committee will be convened at 11 a.m. Thursday and select a launch date within the candidate dates after reviewing technical preparations and weather conditions," the Ministry of Education, Science an

TechnologyJan. 21, 2013

Shipbuilders eye double-digit growth

Despite the continued slump in shipbuilding orders overseas affected by the prolonged global economic downturn, the nation’s top three shipbuilders have set bold goals for winning orders in the beginning of the year, renewing their growth strategy, industry sources said. Hyundai Heavy Industries, the world’s largest shipbuilder, said it increased its order target steeply by 52.3 percent to $29.7 billion this year compared with order results in 2012. The other two shipbuilders also unveiled doubl

IndustryJan. 21, 2013

Seoul shares edge down 0.05 pct on earnings woes

South Korean stocks inched down 0.05 percent Monday as investors dumped large cap shares due to a pessimistic outlook on fourth-quarter earnings, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.99 points to finish at 1,986.86. Trading volume was moderate at 440.75 million shares worth 3.76 trillion won (US$3.54 billion) with gainers outpacing decliners 459 to 352."The mood is quite positive in recent times. Chin

Jan. 21, 2013

‘Naked’ X-ray body scanners to be withdrawn from US airports

Naked-image scanners will be removed from airports in the United States, the BBC reported.The U.S. Transportation Security Administration decided to terminate its $5 million (5.29 billion won) contract with OSI Systems after the company failed to meet the deadline for producing less-revealing passenger images. Accordingly, “naked” X-ray scanners are set to be removed by June 2013, the agency said. The TSA, however, is not stopping the use of full-body scanners. Sixty full-body scanners from L-3

TechnologyJan. 21, 2013

‘Naked’ X-ray body scanners to be withdrawn from US airports

'Engaged’ workers healthier, productive

U.S. workers who are engaged in their work and workplace are more likely than those who are not engaged to have a healthier lifestyle, a survey indicates.The Gallup Daily tracking interviews conducted January-December 2012 found engaged employees ate healthier, exercised more frequently and consumed more fruits and vegetables.The employee engagement index was based on research on actionable workplace elements with proven linkages to performance outcomes, including productivity, customer service,

TechnologyJan. 21, 2013

Cigarette sales drop on weaker demand

Sales of cigarettes in South Korea last year fell from a year earlier due mainly to an economic slowdown and widespread anti-smoking movements, industry data showed Monday.According to the data, Ministop Korea, the local operator of the Japan-based convenience chain store, saw its cigarette sales fall 7.6 percent on-year in 2012.Korea Seven Co. said cigarette sales at its 7-Eleven convenience stores dropped 4.3 percent on-year in 2012, and GS25 chains, run by local retail conglomerate GS Corp.,

IndustryJan. 21, 2013

LG to release Optimus G follow-up

South Korean handset maker LG Electronics Inc. on Monday confirmed plans to release the “Optimus G Pro,” a follow-up to its flagship smartphone “Optimus G.”The Optimus G Pro, which is likely to be launched locally in the first quarter, is set to pack a 5.5-inch full high-definition(HD) display and run on a quad-core application processor, the company said.LG said it plans to ramp up the user experience and hardware features of the Optimus G on the new device.The move comes as the handset maker i

TechnologyJan. 21, 2013

‘Quadruple helix’ found as new DNA structure: study

Scientists at Cambridge University said they have found four-stranded DNA in human cells for the first time, noting the finding might possibly relate to cancer treatment. Since the discovery of DNA structure by James Watson and Francis Crick, people have commonly thought its structure to be a double helix. However, researchers at the Cambridge’s Department of Chemistry told journal Natural Chemistry that they have captured the existence of a "quadruple helix" at their lab. The researchers named

TechnologyJan. 21, 2013

‘Quadruple helix’ found as new DNA structure: study