Retailers brace for restrictions on air-conditioning

Government considers fining shops that leave air conditioners on even when doors are openLarge retail establishments are scrambling to come up with ways to fight summer heat as they face tightened government restrictions on air-conditioning starting next month.To prevent power shortages during the summer, the government unveiled last week a set of energy-saving measures that include a ban on temperatures lower than 26 degrees Celsius inside nearly 500 large buildings with an energy consumption o

IndustryMay 22, 2012

Apple's Cook top-paid U.S. CEO in 2011: report

Apple chief executive Tim Cook topped the list of the best-paid CEOs in the US in 2011 thanks to stock options that put him more than $300 million above his next rival, a Wall Street Journal survey showed Monday.Cook, who took the helm of the iPhone and iPad maker in August last year, two months before the death of founder Steve Jobs, clocked in total compensation of $378 million.Cook earned $900,

IndustryMay 22, 2012

Gas prices may surge W300 on Iran sanctions

South Korea may have to suspend Iran oil imports at the end of this monthGasoline prices in the local market are likely to climb by about 300 won ($0.26) per liter for several weeks in the wake of the European Union’s tightened sanctions on Iran, analysts said Monday.Considering the 50-liter fuel tank of an ordinary car, the situation means a surge by 15,000 won in consumer prices when a driver fills up his gasoline-empty car at a gas station.The European Union legislated rules in March to stop

IndustryMay 21, 2012

Facebook launches K-pop page

Facebook said Monday it has launched a K-pop music page to help fans of Korean pop music around the world to engage with their K-pop idols more actively. The page, provided jointly by Facebook and Korea’s largest entertainment agency SM Entertainment, will be updated with latest K-pop news and content both in Korean and English.On Monday morning at 11 a.m., Seoul time, the K-pop page delivered SM Town Concert held in Los Angeles. The page is seen at www.facebook.com/kpopmusic.(yoonmi@heraldm.com

May 21, 2012

Korea Kolmar sees robust sales growth in China

HONG KONG (Yonhap News) ― Korea Kolmar, a South Korean cosmetics research and development firm, has seen robust sales growth in China as it has steadily increased its number of Chinese clients, company officials said Monday.The company, which is known for being an original design manufacturer of cosmetics products, will likely break even in its China operations this year, largely thanks to a growing Chinese mass cosmetics market, said the officials at Korea Kolmar.Korea Kolmar’s brand awareness

IndustryMay 21, 2012

Credit card transaction firms face investigation

A group of civic organizations on Monday requested the prosecution to investigate alleged rebate provision by companies that handle credit card transactions to large retailers that accept credit cards.Because the value-added network companies pay rebates to large retailers, it is becoming difficult to cut credit card commissions for self-employed merchants, the civic groups said.The civic organizations called for a prosecutorial probe into 13 VAN firms as well as 18 credit card acceptors includi

May 21, 2012

Shares gain 0.94 percent on bargain hunting

South Korean stocks gained 0.94 percent Monday on bargain hunting of big caps following last week’s tumble triggered by the eurozone’s fiscal woes, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index picked up 16.67 points to 1,799.13, after falling sharply last week.Trading volume was moderate at 406 million shares worth 4.20 trillion won ($3.60 billion), with losers outpacing gainers 470 to 389.“A sharp drop in stock prices last week f

May 21, 2012

Korea checking Greek crisis contingency plans

South Korea is reviewing contingency plans to better insulate the country from the political and fiscal fallouts from the ongoing crisis in Greece, the country’s top economic policymaker said Monday.Finance Minister Bahk Jae-wan told a meeting of senior ministry officials that there is a pressing need to keep close tabs on developments taking place in Greece and its effects on the South Korean economy.“Seoul must re-examine its existing contingency plans and prepare for every possible developmen

May 21, 2012

Banks’ fiscal health improves: report

The loan deposit rate for South Korea’s banking institutions fell to 95.3 percent at the end of March as the government takes steps to reduce household debt, the financial regulator said Monday.The Financial Supervisory Service said all 15 local banks, including KB Kookmin Bank, Woori Bank, Shinhan Bank and Hana Bank, met the loan deposit ratio limit of less than 100 percent.The limit that must be met by the end of next month is part of Seoul’s plan announced in June 2011 to control the country’

May 21, 2012

Transparency at issue in Ssangyong E&C sale

Europe-based M+W continues to express desire to acquire builderTransparency has emerged as a point of contention surrounding the sale of Ssangyong Engineering and Construction, as the company could be handed over to an investor via a “private contract.”The possible sale of Ssangyong E&C via this sort of behind-the-scenes contract would be legitimate under the law as the state-run Korea Asset Management Corp., the builder’s biggest shareholder, has already failed to select a preferred bidder twic

IndustryMay 21, 2012